Latest Ratios: P/E Ratio -28.1x · EV/EBITDA 10.7x · ROE -2.2%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $2.0B | $2.7B | $4.0B | $2.6B | $3.9B | $1.4B | $756M | $470M | $593M | $764M |
| Enterprise Value | $6.0B | $5.8B | $6.1B | $6.9B | $5.2B | $6.8B | $4.3B | $3.6B | $2.8B | $2.6B | $2.2B |
| P/E Ratio → | -28.15 | — | — | — | — | — | — | 16.48 | — | — | 79.25 |
| P/S Ratio | 0.68 | 0.59 | 0.86 | 1.46 | 1.01 | 1.74 | 0.76 | 0.41 | 0.27 | 0.44 | 0.67 |
| P/B Ratio | 0.62 | 0.56 | 0.73 | 1.20 | 0.78 | 1.68 | 0.87 | 0.44 | 0.43 | 0.44 | 2.35 |
| P/FCF | 11.48 | 10.05 | 12.73 | 19.60 | 32.76 | 131.13 | 6.94 | 13.52 | 4.49 | 6.49 | 8.87 |
| P/OCF | 8.19 | 7.17 | 8.90 | 13.68 | 16.13 | 44.41 | 5.73 | 5.84 | 3.25 | 4.90 | 6.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.74 | 1.96 | 2.51 | 2.05 | 3.04 | 2.31 | 1.95 | 1.56 | 1.94 | 1.91 |
| EV / EBITDA | 10.66 | 10.17 | 12.17 | 15.43 | 11.32 | 16.89 | 15.46 | 11.41 | 19.01 | 12.41 | 9.28 |
| EV / EBIT | 15.48 | 14.76 | 17.50 | 20.99 | 15.09 | 22.41 | 23.46 | 15.26 | 35.50 | 13.04 | 10.65 |
| EV / FCF | — | 29.40 | 29.11 | 33.58 | 66.61 | 229.59 | 21.05 | 63.76 | 26.36 | 28.54 | 25.43 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.1% | 23.1% | 23.9% | 23.6% | 22.6% | 22.1% | 20.4% | 23.1% | 23.1% | 24.4% | 28.3% |
| Operating Margin | 11.8% | 11.8% | 11.2% | 12.0% | 13.6% | 13.6% | 9.8% | 12.9% | 4.4% | 11.8% | 17.2% |
| Net Profit Margin | -2.4% | -2.4% | -5.4% | -0.4% | -2.2% | -3.2% | -6.2% | -4.1% | -11.6% | -4.0% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.2% | -2.2% | -4.8% | -0.4% | -2.0% | -3.6% | -7.0% | -5.3% | -16.9% | -6.4% | 3.0% |
| ROA | -1.0% | -1.0% | -2.3% | -0.2% | -0.9% | -1.2% | -2.2% | -1.5% | -4.4% | -1.5% | 0.4% |
| ROIC | 4.1% | 4.1% | 3.9% | 4.0% | 4.7% | 4.7% | 3.0% | 4.5% | 1.7% | 4.7% | 8.9% |
| ROCE | 5.2% | 5.2% | 5.1% | 5.2% | 5.9% | 5.8% | 3.9% | 5.3% | 1.8% | 4.9% | 9.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.14 | 1.02 | 0.91 | 0.89 | 1.43 | 1.97 | 1.71 | 2.25 | 1.64 | 4.61 |
| Debt / EBITDA | 7.12 | 7.12 | 7.39 | 6.86 | 6.37 | 8.22 | 11.51 | 9.29 | 17.04 | 10.42 | 6.34 |
| Net Debt / Equity | — | 1.07 | 0.94 | 0.85 | 0.81 | 1.26 | 1.77 | 1.65 | 2.09 | 1.51 | 4.39 |
| Net Debt / EBITDA | 6.69 | 6.69 | 6.85 | 6.42 | 5.75 | 7.24 | 10.36 | 8.99 | 15.78 | 9.58 | 6.05 |
| Debt / FCF | — | 19.35 | 16.38 | 13.98 | 33.85 | 98.46 | 14.11 | 50.24 | 21.87 | 22.05 | 16.57 |
| Interest Coverage | 1.43 | 1.43 | 1.73 | 1.70 | 1.47 | 1.37 | 0.91 | 1.31 | 0.53 | 1.70 | 2.05 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.87 | 1.87 | 1.79 | 1.71 | 1.87 | 1.76 | 1.44 | 1.32 | 1.68 | 1.86 | 1.94 |
| Quick Ratio | 1.71 | 1.71 | 1.65 | 1.57 | 1.72 | 1.65 | 1.34 | 1.20 | 1.56 | 1.71 | 1.78 |
| Cash Ratio | 0.39 | 0.39 | 0.43 | 0.37 | 0.57 | 0.73 | 0.57 | 0.23 | 0.53 | 0.58 | 0.37 |
| Asset Turnover | — | 0.40 | 0.39 | 0.40 | 0.38 | 0.36 | 0.34 | 0.36 | 0.38 | 0.29 | 0.50 |
| Inventory Turnover | 26.33 | 26.33 | 26.80 | 27.87 | 27.51 | 28.37 | 26.25 | 30.40 | 31.40 | 22.55 | 28.54 |
| Days Sales Outstanding | — | 66.43 | 67.87 | 66.05 | 65.59 | 70.57 | 75.00 | 65.15 | 65.14 | 80.45 | 72.54 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.1% | — | — | 1.7% | 0.2% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 6.1% | — | — | 1.3% |
| FCF Yield | 8.7% | 10.0% | 7.9% | 5.1% | 3.1% | 0.8% | 14.4% | 7.4% | 22.3% | 15.4% | 11.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.3% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 2.1% | 0.6% | 0.0% |
| Shares Outstanding | — | $127M | $126M | $126M | $92M | $72M | $49M | $48M | $48M | $49M | $48M |
High Debt-to-Equity Burden
Based on current market data, SGRY trades at a forward P/E of 36.88, which appears to price in significant future earnings expansion that remains unsupported by the company's historical inability to achieve consistent GAAP profitability, as evidenced by the negative TTM P/E of -25.93.
The valuation premium relative to peers suggests investors are banking on the long-term secular shift toward outpatient procedures rather than current fundamental performance. However, the reliance on EV/EBITDA multiples, currently at 10.35, may obscure the underlying cash flow challenges created by the company's heavy debt load and persistent interest expenses.
According to reported financial statements, SGRY's ROIC has struggled to gain traction, hovering at a marginal 0.7% in 2026Q1, which indicates that the company's aggressive acquisition strategy is failing to generate returns that exceed the cost of capital required to fund its expansion.
The persistent low ROIC suggests that the capital deployed into new surgical facilities is not yet yielding the expected operational efficiencies. This trend warrants investigation into whether the company is overpaying for acquisitions or if the integration costs are structurally higher than management's initial projections.
As reported in recent quarterly filings, the cash conversion cycle has fluctuated between 44 and 54 days over the last ten quarters, suggesting that SGRY faces ongoing challenges in optimizing its accounts receivable collections and managing inventory levels relative to its surgical volume.
The variability in the CCC indicates that the company's working capital management is sensitive to shifts in payer mix and the timing of high-cost implant procurement. Investors should monitor whether the recent uptick in the CCC to 54 days in 2026Q1 signals a structural deterioration in collection efficiency.
Based on the provided balance sheet data, the debt-to-equity ratio has trended upward to 1.16 in 2026Q1, signaling that the company's reliance on debt-funded growth is increasingly straining its capital structure and limiting its ability to navigate periods of interest rate volatility.
The interest coverage ratio, which dropped to 0.95 in 2026Q1, suggests that the company is currently struggling to cover its debt service obligations from operating income alone. This precarious position implies that any further tightening in credit markets could significantly impair the company's ability to fund future acquisitions.
The most commonly misapplied metric for SGRY is Adjusted EBITDA, which frequently excludes recurring integration and acquisition-related costs, thereby masking the company's true underlying cash-generating capacity and creating an overly optimistic view of its ability to service its substantial debt obligations.
Analysts should instead focus on free cash flow and GAAP net income to assess the company's actual financial health. Relying on Adjusted EBITDA obscures the reality that the company's growth strategy is inherently capital-intensive and requires constant, recurring investment that is not captured by standard non-GAAP adjustments.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying SGRY stock.
Surgery Partners, Inc.'s current P/E ratio is -28.1x. The historical average is 47.9x.
Surgery Partners, Inc.'s current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
Surgery Partners, Inc.'s return on equity (ROE) is -2.2%. The historical average is -9.0%.
Based on historical data, Surgery Partners, Inc. is trading at a P/E of -28.1x. Compare with industry peers and growth rates for a complete picture.
Surgery Partners, Inc. has 23.1% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Surgery Partners, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.