Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Surgery Partners, Inc. (SGRY)
A forensic read on Surgery Partners, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
0.7
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-4.6%
ROE
$2.1B
Market cap
Surgery Partners, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 0.7, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4%Return on invested capital.Return on invested capital is 4% and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+12.8%/yrShare-count dilution.Diluted share count changed +38% over the last 3 years to FY2025 (+12.8%/yr). The count is GROWING — existing holders are being diluted. That's ~12.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~38%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $2M of buybacks + dividends in FY2018, but ~$0 in FY2020. A halt usually means the company is conserving cash; understand why before reading it as neutral.
$11MGoodwill impairments.Took $11M of goodwill writedowns across 2 year(s) (FY2019 ($5M), FY2020 ($5M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-2.4%
Debt / Equity2.16x
Free Cash Flow$195.6M
Latest Revenue$3.31B
Return on Equity-4.5%
Revenue Growth YoY+6.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Surgery Partners, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SGRY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown