National Healthcare vs Surgery Partners
Surgery Partners is the larger business, with $3.31bn of revenue in fiscal 2025 against $1.52bn for National Healthcare (2.2 times as much). National Healthcare grew faster (16.1% against 6.2%). National Healthcare kept more of each dollar of sales as profit: a net margin of 7.9% against -2.4%. National Healthcare carries less debt relative to equity (3.7% against 218.1%).
| Latest fiscal year | National HealthcareNHC, 2025 | Surgery PartnersSGRY, 2025 |
|---|---|---|
| Revenue | $1.52bn | $3.31bn |
| Revenue growth | 16.1% | 6.2% |
| Net income | $120m | −$77.9m |
| Operating margin | 8.5% | 11.8% |
| Net margin | 7.9% | -2.4% |
| Return on equity | 11.7% | -4.4% |
| Free cash flow | $149m | $196m |
| Cash | $92.8m | $240m |
| Total debt | $40.0m | $3.74bn |
| Debt to equity | 3.7% | 218.1% |
| Dividend per share | $2.53 | — |
| Dividend yield | 1.3% | — |
| Share buybacks | $14.7m | — |
| Employees | — | 16,000 |
| Market value | $3.18bn | $3.03bn |
| Price vs our value range | Within our value range | — |
| Moat score | 55 (Moderate) | 40 (Weak) |
| Insider trades, 12 months | 1 buys, 23 sales | 2 buys, 12 sales |