Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 10, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.8
Distress distance
Clean
Earnings quality
5
Forensic signals
-26.3
P / E (ttm)
-4.5%
ROE
$2.0B
Market cap
0.00%
Dividend yield
6.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Surgery Partners, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.2%
FY2025
Return on invested capital.Return on invested capital is 4.2% in the latest fiscal year and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+11.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +38% over the last 3 years to FY2025 (+11.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~11.4% 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 ~28%.
stopped
FY2018→FY2020
Shareholder 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.
0.4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.4% of revenue and 8% of free cash flow in FY2025 — about $0.12 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 12.6% a year and is falling.
$11M
FY2019–FY2020
Goodwill impairments.Took $11M of goodwill writedowns across 2 years (FY2019 ($5M), FY2020 ($5M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$3.31B
Revenue Growth YoY+6.2%
Revenue CAGR (3yr)+9.2%
Net Margin-2.4%
Free Cash Flow$195.6M
Return on Equity-4.5%
Debt / Equity2.16x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Surgery Partners, Inc.'s actual 10-K/10-Q/8-K filings?