Surgery Partners (SGRY)
Operates physician-partnered surgery centers and short-stay hospitals for planned procedures.
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Operates ambulatory surgery centers, short-stay surgical hospitals, anesthesia services, urgent care facilities, and physician practices across the United States. Revenue comes mainly from facility fees under physician and health-system partnerships, with results tied to procedure volumes, payer reimbursement, and continued physician participation.
Provides planned surgical care through a U.S. network of ambulatory surgery centers, short-stay surgical hospitals, anesthesia services, urgent care facilities, and multispecialty physician practices. The portfolio spans orthopedics and pain management, gastroenterology, ophthalmology, and general surgery.
Earns mainly facility fees covering operating rooms, recovery areas, equipment, supplies, nursing, and medications; physicians generally bill their professional fees separately. Partnerships with physicians, physician groups, and health systems combine local clinical relationships with centralized financial, marketing, payer-contracting, acquisition, and facility-development support.
Revenue depends on private-insurance and government reimbursement, favorable payer contracts, continued use by affiliated physicians who are usually not employees, and compliance with healthcare and facility-licensing rules. Operations remain concentrated in the United States and are reported within the Surgical Facilities segment.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 11, 2026 | Raymond James | Target | Target: — | Target: $18 |
| Aug 11, 2026 | RBC Capital | Reiterate | Rating: —Target: $20 | Target: $19 |
| May 6, 2026 | Jefferies | Target | Target: $15 | Target: $17 |
| Apr 20, 2026 | Jefferies | Target | Target: $16.25 | Target: $15 |
| Mar 11, 2026 | US Capital Advisors | Target | Target: — | Target: $21 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $216.7M · Total debt $4.02B · Total assets $8.05B · Shareholders' equity $1.67B
- Revenue
- $848.9M
- Operating income
- $102.1M
- Net income
- −$15.0M
No dividends on record.
| Institutions | 121.37% | 158.89M shares | |
|---|---|---|---|
| 199 holders · as of Jun 30, 2026 | |||
| Insiders | 1.88% | 2.46M shares | |
| 17 holders · as of Aug 20, 2026 | |||
| Strategic holders | 9.96% | 13.04M shares | |
| 1 holder · as of Nov 14, 2025 | |||
| Adds to | 133.21% | ||
130.92M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 133.21%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Bain Capital Investors LLCInstitution | 38.15% | 49.95M | as of Jun 30, 2026 |
BCPE Seminole Holdings II Intermediate, LPInstitution | 22.96% | 30.06M | filed Jun 17, 2025 |
Jupiter Topco LLCInstitution | 10.60% | 13.88M | as of Jun 30, 2026 |
Janus Henderson Group PLCStrategic | 9.96% | 13.04M | filed Nov 14, 2025 |
Pentwater Capital Management LPInstitution | 8.88% | 11.63M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Teresa DeLuca | director | +21,250 | $14.34 |
| Mar 12, 2026 | Jennifer Baldock | officer: Chief Admin & Dev Officer | −5,798 | $13.17 |
| Mar 16, 2026 | Jason Eric Evans | officer: Chief Executive Officer | −20,400 | $12.47 |
| Mar 16, 2026 | David T. Doherty | officer: Chief Financial Officer | −8,867 | $12.50 |
| Mar 13, 2026 | Marissa Brittenham | officer: Chief Strategy Officer | −3,657 | $12.54 |
- Tenet Healthcare
Nation's largest ASC platform via USPI; 533 centers across 37 states
- UnitedHealth Group
Largest US payer operating ~344 ASCs via Optum's SCA Health subsidiary
- HCA Healthcare
Surgery Ventures arm co-owns ~150 ASCs with 3,400+ physician partners nationally
- Community Health Systems
Hospital chain with ~36–47 satellite ASCs competing in orthopedics and GI
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Surgery Partners | $14.65 | −7.25% | $2.07B | — | 35.0 | 0.6 | +2.8% |
| Tenet Healthcare | $257.80 | −1.63% | $21.10B | 10.1 | 12.4 | 1.0 | +6.8% |
| UnitedHealth Group | $370.56 | −0.64% | $338.69B | 24.0 | 17.4 | 0.8 | +0.4% |
| HCA Healthcare | $437.43 | −0.16% | $94.85B | 14.7 | 14.3 | 1.2 | +8.7% |
| Community Health Systems | $3.03 | +0.17% | $425.8M | — | — | 0.0 | −9.8% |
| Median | 14.7 | 14.3 | 0.9 | +3.6% |