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Surgery Partners, Inc. key statistics and ratios

In fiscal 2025, Surgery Partners, Inc. had return on equity of -4.4%, an operating margin of 11.8%, debt equal to 218.1% of equity and a current ratio of 1.87. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2013Dec 20132014Dec 20142015Dec 20152016Dec 20162018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin40.3%37.0%30.3%28.3%23.1%23.1%———————
Operating margin20.5%12.6%15.1%17.2%4.4%12.9%9.8%13.6%13.6%12.0%11.2%11.8%11.4%
Net margin−3.2%−16.3%0.1%0.8%−11.6%−4.1%−6.2%−3.2%−2.2%−0.4%−5.4%−2.4%−2.6%
Free-cash-flow margin15.8%3.5%5.3%7.5%5.9%3.1%11.0%1.3%3.1%7.5%6.7%5.9%5.6%
Return on equity————−99.3%−21.3%−56.3%−11.8%−3.5%−0.6%−8.9%−4.4%−5.2%
Return on assets—−3.5%0.1%0.4%−5.9%−1.5%−2.2%−1.2%−0.9%−0.2%−2.3%−1.0%−1.1%
Asset turnover—0.220.480.520.510.380.360.390.400.400.420.410.42
Current ratio—1.901.721.941.681.321.441.761.871.711.791.871.95
Debt to equity———>999%575.4%874.7%>999%271.7%131.8%141.1%190.2%218.1%224.5%
Capital spending as % of revenue1.5%1.9%3.5%3.4%2.2%4.0%2.3%2.6%3.2%3.2%2.9%2.4%2.1%
Free cash flow ÷ net income——>999%911.1%—————————
Dividends and buybacks ÷ free cash flow0.0%22.1%0.0%0.0%1.9%0.0%0.0%——————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $8.0bn
Short-term assets $1.1bnLonger-term assets $6.9bn
What it owes, and who funded it · $2.2bn
Short-term liabilities $579mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $578m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $217m of cash against $3.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 218% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 272% to 218% over five years.
  • A year's operating cash flow covers at least 20% of debt $258m of operating cash flow against $3.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Surgery Partners, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

40 /100

Weak moat

How hard Surgery Partners's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -1.0% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 28.3%, moving by 5.1 percentage points (standard deviation) across 5 years.

  • Durability 9 / 20

    Operating margin has been a median 11.6%; its worst year was 5.5%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 131.0% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Surgery Partners, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Surgery Partners, Inc.