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SGRY · Surgery Partners, Inc.

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$26.95 +0.37 (+1.39%) At close · Nov 13
Russell 2000 member Rebalance outlook locked
Market Cap
$3.53B
Shares
130.88M
Volume · Nov 13 3.14M Avg daily vol (3M) 3.93M

Price & Indicators

Drag to pan · scroll to zoom
Indicators
Price
Panels
Event markers
20d MA 50d MA 200d MA Earnings Filing Insider Congress Investor day
Close$26.95 Open$26.65 Day$26.60–26.95 52W close$11.49–26.95 Avg vol 30d5.6M Short int9.0M · 6.8% of shares · 1.1d Short vol34% Last earningsNov 9, 2026 DataJan 2020–Nov 2026 Filing10-Q · Nov 9

Up next

Next earnings call
Mar 2, 2027 Est · unconfirmed · in 15 wks
Q2 2026 earnings call transcript
call held Aug 10, 2026
Play latest call

Latest documents

2026
Nov 9
Quarterly report 10-Q FY2026 Q3, ended Sep 30
Merger sets $25.00 cash per share as quarterly revenue declines

Surgery Partners amended its merger agreement, providing $25.00 per share in cash plus a potential ticking fee. Third-quarter revenue fell 0.8% to $815.3 million and Adjusted EBITDA declined 2.7% to $132.7 million.

Revenue $815.3M ▼ 0.8% Net loss $21.1M Diluted EPS -$0.16
Read from the MD&A section
4 source passages
On the terms and subject to the conditions of the Amended Merger Agreement, at the Effective Time of the Merger, each issued and outstanding share of Company common stock as of immediately prior to the Effective Time (other than certain excluded shares, including the Rollover Shares) will be converted into the Per Share Consideration of $25.00 in cash, without interest. The Merger Agreement Amendment further provides in the event the requisite Company stockholder approval has been obtained but the Merger has not occurred by March 1, 2027, the Company’s stockholders (other than certain excluded shares, including shares held by rollover stockholders) will receive additional monthly Ticking Fee cash payments, which payments will be paid in equal monthly installments in arrears at a rate equal to 10% per annum on the $25.00 per share merger consideration. Total revenues for the third quarter of 2026 decreased (0.8)% to $815.3 million from $821.5 million in the third quarter of 2025. For the third quarter of 2026, Adjusted EBITDA decreased 2.7% to $132.7 million compared to $136.4 million for the same period in 2025. Open the document at this passage
Nov 9
Proxy statement DEFA14A
Amended HealthSpan deal valued at up to approximately $6.0 billion

Board reaffirmed Surgery Partners’ amended HealthSpan Partners deal, valued at up to approximately $6.0 billion, after rejecting a competing proposal over closing and regulatory risks. The transaction is expected to close in the first quarter of 2027.

5 source passages
HealthSpan Partners will now acquire Surgery Partners in an all-cash transaction valued at an enterprise value of up to approximately $6.0 billion. Our Board of Directors reaffirms its recommendation in support of the acquisition by HealthSpan Partners and the HealthSpan Partners merger agreement, as amended, remains in full effect. Notably, the third party proposal would be expected to take materially longer to close than the amended HealthSpan proposal, or may not close, which reduces the value of the proposed consideration to our stockholders. Additionally, our Board of Directors and the Special Committee considered the regulatory risk and complexity of a deal with the third party compared with HealthSpan Partners. The transaction is still expected to close in the first quarter of 2027, subject to the approval of Surgery Partners stockholders, the receipt of regulatory approvals and satisfaction of other customary closing conditions. Open the document at this passage
Nov 9
Proxy statement DEFA14A
HealthSpan acquisition valued at up to $6.0 billion

Surgery Partners amended its merger agreement after an unsolicited competing proposal, with HealthSpan Partners acquiring it in an all-cash transaction valued at an enterprise value of up to approximately $6.0 billion; closing remains expected in the first quarter of 2027.

3 source passages
The amendment follows Surgery Partners’ receipt of an unsolicited competing proposal from a third party. HealthSpan Partners will now acquire Surgery Partners in an all-cash transaction valued at an enterprise value of up to approximately $6.0 billion. The transaction is still expected to close in the first quarter of 2027, subject to the approval of Surgery Partners stockholders, the receipt of regulatory approvals and satisfaction of other customary closing conditions. Open the document at this passage
Nov 9
Current report 8-K
HealthSpan merger consideration rises to $25.00 per share

Surgery Partners amended its merger agreement with HealthSpan Partners, increasing cash consideration to $25.00 per share and enterprise value to up to approximately $6.0 billion. Third-quarter revenue was $815.3 million, down (0.8)%, while Adjusted EBITDA was $132.7 million.

Financial results
3 source passages
On November 9, 2026, Surgery Partners announced an amendment to its previously announced merger agreement with HealthSpan Partners, following Surgery Partners’ receipt of an unsolicited competing proposal from a third party. The amendment increases the merger consideration to $25.00 per share in cash, representing an enterprise value of up to approximately $6.0 billion. Revenues for the third quarter of 2026 decreased (0.8)% to $815.3 million compared to $821.5 million for the third quarter of 2025. For the third quarter of 2026, the Company’s Adjusted EBITDA was $132.7 million, compared to $136.4 million for the same period in 2025. Open the document at this passage
Nov 9
Proxy statement DEFA14A
Merger Consideration Raised to $25.00 Per Share

Surgery Partners amended its HealthSpan Partners merger agreement to increase cash consideration to $25.00 per share. If closing occurs after March 1, 2027, holders may receive additional monthly payments at 10% per annum, capped at $1.61 per share.

Read from the first part of this long document
3 source passages
Surgery Partners and HealthSpan Partners Announce Amended Merger Agreement, Following Receipt of Unsolicited Proposal If the transaction closes after March 1, 2027, up to an additional $1.61 per share in cash in Ticking Fees depending on the closing date The amendment to the HealthSpan Partners merger agreement increases the merger consideration to $25.00 per share in cash and further provides that the Company’s stockholders (other than affiliates of Bain Capital Private Equity (“Bain Capital”)) will receive additional monthly cash payments (the “Ticking Fee”) in the event the requisite Company stockholder approval has been obtained but the merger between HealthSpan Partners and Surgery Partners has not occurred by March 1, 2027, which payments will be paid in equal monthly installments in arrears at a rate equal to 10% per annum on the $25.00 per share merger consideration, among other updates (the “Amended HealthSpan Proposal”). Open the document at this passage
All documents

Metrics snapshot

Useful current figures from the complete screener profile.

Revenue (TTM)
$3.36B
Trailing 12 months
Net income (TTM)
−$87.00M
Trailing 12 months
Revenue growth YoY
-0.8%
Year over year
Operating margin
10.8%
Trailing 12 months
P / E (TTM)
—
Trailing earnings
FCF yield
5.7%
TTM · current market cap
Return on invested capital
—
Trailing 12 months
Net cash
−$2.70B
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
+1.3%
Year over year · more shares
Price change (1Y)
+76.0%
Trailing year
Short interest
6.8%
Latest settlement · 1.1 days to cover
View all 125 metrics

Quarterly results

Revenue Net income Net loss
▲17.5% $864.40M −$108.50M '24 Q4* ▲8.2% $776.00M −$37.70M '25 Q1 ▲8.4% $826.20M −$2.50M '25 Q2 ▲6.6% $821.50M −$22.70M '25 Q3 ▲2.4% $885.00M −$15.00M '25 Q4* ▲4.5% $810.90M −$35.90M '26 Q1 ▲2.7% $848.90M −$15.00M '26 Q2 LATEST ▼0.8% $815.30M −$21.10M '26 Q3

* Q4 derived as the full year minus Q1 to Q3.

Equibles Rating

blended score · not investment advice
Overall
Buy
SellHoldBuy
Technical Buy Momentum Very Strong Sentiment Neutral Fundamentals Excellent Quant / Vol High
Market backdrop VIX 19.3 · elevated Equity put/call 0.63
Technical
price trend
Buy
50 / 200-day cross No cross
Price vs 200-day avg +79%
above
Price vs 50-day avg +56%
above
RSI (14) 90
overbought
MACD trend Positive
52-week position 100%
near high
Volume (OBV) Confirms
volume backs price
Momentum
relative strength
Very Strong
1-month return +84%
trailing
6-month return +100%
trailing
YTD return +74%
this year
Relative strength +100%
vs S&P · 6-mo
Sentiment
smart money
Neutral
Trend (MA cross) No cross
50d $17 › 200d $15 — 50d above 200d
Institutional flow Distributing
160 of 192 funds reported for Sep 30 · net -2.4M sh shares · +25 new
Insider flow Accumulating
Net +$161.2K over 90 days · 0% sells
Short interest Falling
6.84% of shares out · ▼ -37.5% MoM · 1.1 days cover
Volume signal Normal
Volume near normal
Institution breadth Steady
192 holders — mid 3-yr range
Squeeze score 57
elevated · 0–100
Fundamentals
Excellent
Revenue growth +19%
Y/Y
EPS growth +54%
Y/Y
Free cash flow $195.6M
Buyback $200.0M
authorized
Balance sheet $3.5B
net debt
Quant / Vol
risk profile
High
Volatility 67%
annualized · 1-yr
Max drawdown −34%
past year
ATR 2.8%
of price · 14-day

Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.

Guidance & track record

Beat or met 4 of last 5
Latest guidance · from the Earnings Call filed Aug 10, 2026
Revenue · full year 2026 Maintained $3.35B – $3.45B
May 5, 2026 $3.35B – $3.45B changed to Aug 10, 2026 $3.35B – $3.45B
prior FY $3.31B midpoint +2.8% Y/Y
Adjusted EBITDA · full year 2026 Non-GAAP at least $530M
Previous outlook earlier release · from the Earnings Call filed May 5, 2026

Still-open targets the latest release did not restate under the same label.

Adjusted EBITDA · full-year 2026 at least $530M
Prior guidance period ended · from the 8-K filed Aug 10, 2026
Adjusted EBITDA · Third Quarter 2026 25.75% – 26.25%
Guided vs delivered · last 5 settled
Revenue full year 2025
guided $3.28B – $3.3B
$3.31B Beat +0.6%
Revenues 2024
guided at least $3.08B
$3.11B In line
Revenue full year 2023
guided $2.75B
$2.74B Miss −0.2%
Revenue 2022
guided $2.5B – $2.55B
$2.54B In line

Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.

Technicals

trend & momentum for long-term holders Buy
1 · 2 · 4
50 / 200-day cross
No cross Neutral
Price vs 200-day avg
+79% Bullish
Price vs 50-day avg
+56% Bullish
RSI (14)
90 Bearish
MACD trend
Positive Bullish
52-week position
100% Bullish
Volume (OBV)
Confirms Neutral
Market signals — smart money & positioning
Bullish · 2 of 6
Trend (MA cross) No cross
50d $17 › 200d $15 — 50d above 200d
Institutional flow Distributing
160 of 192 funds reported for Sep 30 · net -2.4M sh shares · +25 new
Insider flow Accumulating
Net +$161.2K over 90 days · 0% sells
Short interest Falling
6.84% of shares out · ▼ -37.5% MoM · 1.1 days cover
Volume signal Normal
Volume near normal
Institution breadth Steady
192 holders — mid 3-yr range
Price context
position in its 52-week range
Range low $11 Now $27 · 100% Range high $27
vs 200-day avg +79% vs 50-day avg +56%

Illustrative technical + ownership context — a signal mix, not investment advice.

Key metrics

the company's own KPIs, from written earnings releases and filings
Metric Latest Period YoY
Adjusted EBITDA non-GAAP $227.5M Six Months Ended June 30 —
Adjusted EBITDA excluding Idaho Falls Market non-GAAP $98.3M Q2 2026 —
Adjusted EBITDA margin non-GAAP 13.7% Six Months Ended June 30 —
Adjusted EBITDA related to unconsolidated affiliates non-GAAP $32.8M Six Months Ended June 30, 2026 —
Adjusted net income (loss) attributable to common stockholders non-GAAP $9.4M Six Months Ended June 30, 2026 —
Adjusted net income per share attributable to common stockholders - Basic non-GAAP $0.07 Six Months Ended June 30, 2026 —
Adjusted net income per share attributable to common stockholders - Diluted non-GAAP $0.07 Six Months Ended June 30, 2026 —
Cases 325,577 Six Months Ended June 30 —
Days adjusted same-facility revenues growth 5% the second quarter of 2026 filing —
New Physician Recruits 190 Q2 2026 —
Number of consolidated surgical facilities as of the end of period 120 Six Months Ended June 30 —
Number of surgical facilities as of the end of period 178 Six Months Ended June 30 —
Number of work days in the period 127 Six Months Ended June 30, 2026 —
Revenue per case $5,098 Six Months Ended June 30 —
Same-facility case growth 0.8% Six Months Ended June 30 —
Same-facility Case growth (days adjusted) 0.8% Six Months Ended June 30, 2026 —
Same-facility cases 370,774 Six Months Ended June 30 —
same-facility cases growth 0.3% the second quarter of 2026 filing —
Same-Facility Rate 4.8% Q2 2026 —
Same-facility Revenue growth (days adjusted) 4.9% Six Months Ended June 30, 2026 —
Same-facility revenue per case $5,029 Six Months Ended June 30 —
Same-facility revenue per case growth 4% Six Months Ended June 30 —
Same-Facility Surgical Cases Growth 0.3% Q2 2026 —

Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period

Versus peers

Medical Care Facilities — same industry group
Open screener →
Company Mkt cap YTD Rev growth Y/Y P/E Short % shares
SGRY
Surgery Partners, Inc.
this stock
$3.53B +74.4% +19.3% — 6.8%
HCA
HCA Healthcare, Inc.
 $104.25B +6.9% +7.1% 16.6 2.3%
FSNUY
Fresenius SE & Co. KGaA
 $33.34B +3.3% — — 0.0%
THC
Tenet Healthcare Corp
 $22.76B +43.9% +0.9% 8.3 2.2%
EHC
Encompass Health Corp
 $13.83B +32.8% +10.5% 22.0 3.7%

Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding

At a glance

key data from every section
Ownership
Institutional Holders Reducing
Holders
192
% held
119.3%
Reported
160 of 192
Top holder
Bain Capital Investors LLC
Held Float
View
Held by Funds
Fund positions
208
View
Short & Settlement
Short Interest Falling
Shares short
9.0M
Days to cover
1.1d
Change
-5.4M sh
View
Short Volume
Short vol %
34%
As of
Nov 13, 2026
Short Total
View
Fails to Deliver
FTD shares
50
Value
$663
As of
Sep 21, 2026
View
Off-Exchange
Off-exchange %
35.8%
Week of
Oct 5, 2026
Off-exch Lit
View
Smart Money
Insider Trades Net buying
Net (90d)
+$161.2K
Buyers / Sellers
1 / 0
Buyers Sellers
View
Financials
Financials
Revenue (FY)
$1.1B
Net income (FY)
$-77.9M
EPS diluted
$-0.61
View
Buybacks
Authorized
$200.0M
View
Filings
SEC Filings
Latest
10-Q
Filed
Nov 9, 2026
This year
24

Surgery Partners amended its merger agreement, providing $25.00 per share in cash plus a potential ticking fee. Third-quarter revenue fell 0.8% to $815.3 million and Adjusted EBITDA declined 2.7% to $132.7 million.

View
Proposed Sales
Value
$254.4K
Shares
20.4K
Filed
Mar 16, 2026
View
Earnings & Events
Webcasts
Last webcast
Nov 9, 2026
View
Investor Relations
Latest news
HealthSpan Partners to Acquire Su…
Published
Oct 26, 2026
View

Performance

5D 20D 120D MTD YTD
SGRY +16.2% +84.5% +100.4% +16.1% +74.4%
SPY +2.6% -1.2% +0.5% -0.2% +10.6%
vs SPY +13.6% +85.6% +99.9% +16.3% +63.8%

Capital returns

Buyback program · as of Feb 26, 2026
Authorized
$200.00M
Spent (derived)
—
Remaining
—

Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.

Key facts CIK 1638833 CUSIP 86881A100 13F (30d) 156 filings 129 filers Visit website Investor relations