Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Surgery Partners, Inc.SGRY · healthcare | |
|---|---|
| Grade |  D/Eon the D/E boundary of 371 graded peers; percentile 81.6, sampling error 2.5 points; lower is stronger |
| Rank | 303 of 371 |
| Profitability | Dpercentile 64.1 |
| Solvency | D/Epercentile 80.9 |
| Growth and financing | Bpercentile 36.1 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $8.1B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | late filernot computable: distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 2, 2026221 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $13.622026-10-08; market equity $1.8B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 2, 2026; the document on sec.gov.
Surgery Partners, Inc., a Delaware corporation, acting through its subsidiaries, owns and operates a national network of surgical facilities and ancillary services. Unless the context otherwise indicates, Surgery Partners, Inc. and its subsidiaries are referred to herein as "Surgery Partners," "we," "us," "our" or the "Company." We are a leading healthcare services company with an integrated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 64.1 | |||||||
| Gross profitability | not computable | 32.2% | |||||
| latest aligned inputs end 2019-12-31; latest annual assets end 2025-12-31 | |||||||
| Return on invested capital | not computable | 9.3% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (4.4%) | [1,3-5] | (6.6%) | 64.1 | 811 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.8 pts | |||||
| five annual gross margins are required; found 4 | |||||||
| Solvency, sleeve percentile 80.9 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | (0.31) | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | 5.95x | [6-9] | 1.82x | 87.8 | 75 | 2025-12-31 | |
| Interest coverage | not computable | (4.51x) | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 1.87x | [10-11] | 2.96x | 74.0 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 36.1 | |||||||
| Revenue growth, three-year compound | 9.2% | [2,12-14] | 10.0% | 52.4 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 35.7% | [4,15-21] | 10.9% | 26.3 | 96 | 2025-12-31 | |
| Reinvestment rate | not computable | 37.1% | |||||
| one or more required annual facts are missing | |||||||
| Asset growth, three years | 6.7% | [1,5,22-23] | 2.1% | 37.4 | 704 | 2025-12-31 | |
| Net share issuance, one year | 1.4% | [24-25] | 2.5% | 28.1 | 634 | 2026-02-23 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.226; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 298 | Voyager Therapeutics, Inc. (VYGR) Voyager Therapeutics, Inc. (VYGR) D/Eon the D/E boundary; percentile 80.3 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $146.0M; last close $2.36 Warnings: short runway; 7 of 14 inputs | 80.3 | D/E | short runway |
| 299 | Lucid Diagnostics Inc. (LUCD) Lucid Diagnostics Inc. (LUCD) D/Eon the D/E boundary; percentile 80.5 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $132.1M; last close $0.65 Warnings: dilution; 7 of 14 inputs | 80.5 | D/E | dilution |
| 300 | Merck & Co., Inc. (MRK) Merck & Co., Inc. (MRK) D/Eon the D/E boundary; percentile 80.8 NYSE · Pharmaceutical Preparations market equity $351.3B; last close $142.42 No active warnings; 8 of 14 inputs | 80.8 | D/E | |
| 301 | Lexicon Pharmaceuticals, Inc. (LXRX) Lexicon Pharmaceuticals, Inc. (LXRX) D/Eon the D/E boundary; percentile 81.1 Nasdaq · Pharmaceutical Preparations market equity $783.1M; last close $1.75 Warnings: fortress balance sheet; 7 of 14 inputs | 81.1 | D/E | fortress balance sheet |
| 302 | Hyperfine, Inc. (HYPR) Hyperfine, Inc. (HYPR) D/Eon the D/E boundary; percentile 81.4 Nasdaq · Electromedical & Electrotherapeutic Apparatus last close $0.94 No active warnings; 7 of 14 inputs | 81.4 | D/E | |
| 303 | Surgery Partners, Inc. (SGRY) Surgery Partners, Inc. (SGRY) D/Eon the D/E boundary; percentile 81.6 Nasdaq · Services-General Medical & Surgical Hospitals, NEC market equity $1.8B; last close $13.62 Warnings: late filer; 7 of 14 inputs | 81.6 | D/E | late filer |
| 304 | Personalis, Inc. (PSNL) Personalis, Inc. (PSNL) D/Eon the D/E boundary; percentile 81.9 Nasdaq · Services-Medical Laboratories market equity $1.7B; last close $16.05 No active warnings; 10 of 14 inputs | 81.9 | D/E | |
| 305 | Accuray Inc. (ARAY) Accuray Inc. (ARAY) D/Eon the D/E boundary; percentile 82.2 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $28.8M; last close $0.24 Warnings: late filer; 7 of 14 inputs | 82.2 | D/E | late filer |
| 306 | Moderna, Inc. (MRNA) Moderna, Inc. (MRNA) D/Eon the D/E boundary; percentile 82.4 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $78.6B; last close $197.00 No active warnings; 8 of 14 inputs | 82.4 | D/E | |
| 307 | Stereotaxis, Inc. (STXS) Stereotaxis, Inc. (STXS) Eweakest fifth; percentile 82.7 NYSE · Electromedical & Electrotherapeutic Apparatus market equity $111.2M; last close $1.11 No active warnings; 9 of 14 inputs | 82.7 | E | |
| 308 | SkinHealth Systems Inc. (SKIN) SkinHealth Systems Inc. (SKIN) Eweakest fifth; percentile 83.0 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $74.0M; last close $0.57 No active warnings; 8 of 14 inputs | 83.0 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 67.6 | 2204 |
| sector peers, equal sleeves (the grade) | D/E | 81.6 | 371 |
| same exchange, equal sleeves | D | 73.1 | 1219 |
| sector peers, equal inputs | D | 65.4 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (35.8%) | 8.0% | 20 | hotter than 20 of 100 peers |
| Distance from 52-week high | (40.5%) | (31.4%) | 38 | closer to its high than 38 of 100 peers |
| EBIT to enterprise value | 7.5% | (1.5%) | 86 | pricier than 14 of 100 peers |
| Free cash flow yield | 11.0% | (1.0%) | 91 | pricier than 9 of 100 peers |
| Book value to price | 0.94 | 0.28 | 85 | pricier than 15 of 100 peers |
| Sales to price | 1.85 | 0.31 | 89 | pricier than 11 of 100 peers |
| Composite equity issuance, five years | 78.3% | 20.3% | 74 | more equity-funded than 74 of 100 peers |
| Relative strength against the sector, log excess return | (0.66) | (0.14) | 20 | ahead of 20 of 100 peers |
Inputs: market equity $1.8B; EBIT $389.5M; free cash flow $195.6M; book equity $1.7B; sales $3.3B; debt $3.6B; cash $216.7M[26].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (1.0%) | ✗ fail[3,5] |
| Operating cash flow above zero | $274.3M | ✓ pass[4] |
| Return on assets improved | 1.5 pts | ✓ pass[3,5,22,27] |
| Operating cash flow exceeds net income | $352.2M | ✓ pass[3-4] |
| Long-term leverage fell | 0.7 pts | ✗ fail[1,5-6,22,28] |
| Current ratio improved | 7.7 pts | ✓ pass[10-11,29-30] |
| No new shares issued | 1.4% | ✗ fail[24-25] |
| Gross margin improved | n/a | |
| Asset turnover improved | (3.4 pts) | ✗ fail[2,5,12,22] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $216.7M[31] |
| Operating cash flow, four quarters | $258.0M[4,31-35] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 1 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 60 |
| 10-Q received Aug 10, 2026 | |
| Median daily dollar volume | $25.3M |
| 63 sessions | |
| Days since newest grade input | 221 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $8.1B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $3.3B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 3 | net income | us-gaap:NetIncomeLoss | -$77.9M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 4 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $274.3M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 5 | assets | us-gaap:Assets | $7.9B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $3.6B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 7 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $239.9M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 8 | operating income | us-gaap:OperatingIncomeLoss | $389.5M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 9 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $176.0M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 10 | current assets | us-gaap:AssetsCurrent | $1.2B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 11 | current liabilities | us-gaap:LiabilitiesCurrent | $615.5M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $3.1B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $2.7B | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $2.5B | 2022-12-31 | 2025-03-07 | 10-K | filing · viewer · series |
| 15 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $78.7M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 16 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $300.1M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 17 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $90.4M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 18 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $293.8M | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 19 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $88.8M | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 20 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $158.8M | 2022-12-31 | 2025-03-07 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $80.6M | 2022-12-31 | 2025-03-07 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $6.9B | 2023-12-31 | 2025-03-07 | 10-K | filing · viewer · series |
| 23 | assets | us-gaap:Assets | $6.7B | 2022-12-31 | 2024-02-26 | 10-K | filing · viewer · series |
| 24 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 129,419,836 | 2026-02-23 | 2026-03-02 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 127,613,091 | 2025-02-24 | 2025-03-07 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 130,918,260 | 2026-08-03 | 2026-08-10 | 10-Q | filing · viewer · series |
| 27 | net income | us-gaap:NetIncomeLoss | -$168.1M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 28 | long term debt | us-gaap:LongTermDebtAndCapitalLeaseObligations | $3.3B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 29 | current assets | us-gaap:AssetsCurrent | $1.1B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 30 | current liabilities | us-gaap:LiabilitiesCurrent | $624.4M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 31 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $216.7M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $71.0M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $11.7M | 2026-03-31 | 2026-05-05 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $170.9M | 2025-09-30 | 2025-11-10 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $87.3M | 2025-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 81.6 is 1.6 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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