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Forensic Analysis · Healthcare Providers & Services · as of Nov 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
1
Forensic signals
-4.4%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

4.3%
FY2025
Return on invested capital. Return on invested capital is 4.3% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.1-point range. After-tax operating profit was $259M in FY2023 and $308M in FY2025, with operating income at 12.0% of revenue in FY2023, 11.2% in FY2024 and 11.8% in FY2025. The capital base behind it grew +16% across FY2023–FY2025, from $6.2B to $7.2B, and the return did not fall doing it, so the dollars added over that window earned at least the 4.2% the older base was already earning.

Key fundamentals

Latest Revenue$3.31B
Revenue Growth YoY+6.2%
Revenue CAGR (2yr)+9.8%
Net Margin-2.4%
Free Cash Flow$195.6M
Return on Equity-4.4%
Debt / Equity2.16x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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