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SGRY

Surgery Partners, Inc.
7 filings tracked
healthcarehealthcare facilitiesSMALL ($300M-2B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Surgery Partners is demonstrating the scalability of its physician-aligned ambulatory surgery center (ASC) model, reporting a 4.5% increase in total revenues to $810.9 million for the first quarter of 2026.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the revenue growth, Surgery Partners is grappling with deteriorating margins and a precarious debt structure. The cost of revenues climbed to 80.2% of sales, up from 79.1% in the prior year, as higher-acuity cases and state supplemental taxes weigh on profitability.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing reveals a company at a crossroads between successful operational scaling and financial strain. On one hand, the growth in same-facility revenue and the shift toward higher-acuity cases prove the core business model is attractive to both patients and providers. The reduction in integration costs suggests that the company's acquisition playbook is maturing, allowing for more efficient growth. However, the financial statements highlight a stark contrast between Adjusted EBITDA and GAAP net losses. The heavy burden of interest expense and the erosion of gross margins suggest that the operational wins are being offset by the cost of the capital used to achieve them. Investors must weigh the promise of a $200 million buyback against the reality of a $3.6 billion debt load and shrinking cash reserves. The overall impact of the filing is a narrative of operational strength battling financial fragility.

Selected Quarter

Core Takeaway

The company is successfully growing its top line and case acuity, but the high cost of debt and rising operating expenses are preventing this from hitting the bottom line.

Investor Lens

The trade-off between a high-growth roll-up strategy and the systemic risk of a $3.6B debt load.

Watch Next

Next quarter's gross margin trend and the actual execution of the $200M share repurchase program.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)-0.07Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bearishMay 5

Net loss of $35.9 million attributable to common stockholders despite revenue growth.

earnings miss
60%
bearishMay 5

Cost of revenues increased to 80.2% of total revenues from 79.1% YoY.

margin compression
40%
bullishMay 5

Authorization of a new $200 million share repurchase program.

buyback
70%
neutralMay 5

Significant principal payments on long-term debt offset by new borrowings.

debt restructure
50%
bearishMay 5

Net loss of $35.9 million attributable to common stockholders despite revenue growth.

earnings miss
60%
bearishMay 5

Cost of revenues increased to 80.2% of total revenues from 79.1% YoY.

margin compression
40%
bullishMay 5

Authorization of a new $200 million share repurchase program.

buyback
70%
neutralMay 5

Significant principal payments on long-term debt offset by new borrowings.

debt restructure
50%
bearishMay 5

Net loss of $35.9 million attributable to common stockholders despite revenue growth.

earnings miss
60%
bearishMay 5

Cost of revenues increased to 80.2% of total revenues from 79.1% YoY.

margin compression
40%
bullishMay 5

Authorization of a new $200 million share repurchase program.

buyback
70%
neutralMay 5

Significant principal payments on long-term debt offset by new borrowings.

debt restructure
50%
bearishMay 5

Net loss of $35.9 million attributable to common stockholders despite revenue growth.

earnings miss
60%
bearishMay 5

Cost of revenues increased to 80.2% of total revenues from 79.1% YoY.

margin compression
40%
bullishMay 5

Authorization of a new $200 million share repurchase program.

buyback
70%
neutralMay 5

Significant principal payments on long-term debt offset by new borrowings.

debt restructure
50%
bearishMay 5

Net loss of $35.9 million attributable to common stockholders despite revenue growth.

earnings miss
60%
bearishMay 5

Cost of revenues increased to 80.2% of total revenues from 79.1% YoY.

margin compression
40%
bullishMay 5

Authorization of a new $200 million share repurchase program.

buyback
70%
neutralMay 5

Significant principal payments on long-term debt offset by new borrowings.

debt restructure
50%
bearishMay 5

Net loss of $35.9 million attributable to common stockholders despite revenue growth.

earnings miss
60%
bearishMay 5

Cost of revenues increased to 80.2% of total revenues from 79.1% YoY.

margin compression
40%
bullishMay 5

Authorization of a new $200 million share repurchase program.

buyback
70%
neutralMay 5

Significant principal payments on long-term debt offset by new borrowings.

debt restructure
50%
bearishMay 5

Net loss of $35.9 million attributable to common stockholders despite revenue growth.

earnings miss
60%
bearishMay 5

Cost of revenues increased to 80.2% of total revenues from 79.1% YoY.

margin compression
40%
bullishMay 5

Authorization of a new $200 million share repurchase program.

buyback
70%
neutralMay 5

Significant principal payments on long-term debt offset by new borrowings.

debt restructure
50%

Filing History

10-QMay 5, 2026
Expand Sequence

The Q1 2026 filing reveals a company at a crossroads between successful operational scaling and financial strain. On one hand, the growth in same-facility revenue and the shift toward higher-acuity cases prove the core business model is attractive to both patients and providers. The reduction in integration costs suggests that the company's acquisition playbook is maturing, allowing for more efficient growth. However, the financial statements highlight a stark contrast between Adjusted EBITDA and GAAP net losses. The heavy burden of interest expense and the erosion of gross margins suggest that the operational wins are being offset by the cost of the capital used to achieve them. Investors must weigh the promise of a $200 million buyback against the reality of a $3.6 billion debt load and shrinking cash reserves. The overall impact of the filing is a narrative of operational strength battling financial fragility.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.