Surgery Partners, Inc. (SGRY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-59.8%

$9.29

vs $23.12 price

Levered DCF

$100.34

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.03

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-25.33×	-15.92×	-337.8×	-47.22×	-47.69×	-9.09×	-6.84×	-2.29×
P/B	1.15×	1.49×	2.02×	1.28×	3.55×	2.57×	1.09×	1.16×
P/S	0.59×	0.86×	1.46×	1.01×	1.74×	0.76×	0.41×	0.27×
EV / EBITDA	10.17×	12.17×	15.43×	11.32×	16.89×	15.46×	11.5×	19.09×
Gross margin	23.1%	23.9%	23.6%	22.6%	22.1%	20.4%	23.1%	23.1%
Operating margin	11.8%	11.2%	12.0%	13.6%	13.6%	9.8%	12.9%	4.4%
Net margin	-2.4%	-5.4%	-0.4%	-2.2%	-3.2%	-6.2%	-4.1%	-11.6%
Current ratio	1.87×	1.79×	1.71×	1.87×	1.76×	1.44×	1.32×	1.68×
Debt / equity	2.35×	2.07×	1.54×	1.47×	3.03×	5.81×	4.19×	6.12×
Interest coverage	1.43×	1.73×	1.7×	1.47×	1.37×	0.91×	1.32×	0.53×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	1.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-7.2%	0.0%	0.0%	-3.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.5%	-9.4%	-0.6%	-2.7%	-6.5%	-21.1%	-10.8%	-50.8%
Return on invested capital	4.2%	0.4%	5.1%	4.3%	4.6%	-0.3%	4.1%	1.8%
Return on assets	-0.9%	-2.1%	-0.2%	-0.8%	-1.2%	-2.1%	-1.5%	-4.4%
Free cash flow yield	10.0%	7.9%	5.1%	3.1%	0.8%	14.4%	7.4%	22.3%
Earnings yield	-4.0%	-6.3%	-0.3%	-2.1%	-1.8%	-8.2%	-9.9%	-43.7%
Enterprise value	$5.8B	$6.1B	$6.9B	$5.2B	$6.8B	$4.3B	$3.6B	$2.8B
Net debt / EBITDA	6.69×	6.85×	6.42×	5.75×	7.24×	10.36×	9.06×	15.84×
Cash conversion cycle (days)	50	49	49	51	57	64	52	54