Concentra Group Holdings Parent (CON) Stock Price & How to Invest

Concentra Group Holdings Parent (NYSE: CON) runs the country's largest occupational health network: roughly 633 company-operated occupational health centers plus about 415 onsite clinics located inside employer workplaces, serving somewhere near 56,400 patients per business day with about 13,000 employees. The work is narrow and repetitive by design. When someone gets hurt on the job, Concentra treats the injury and manages the return-to-work process, billed to a workers' compensation payer at a rate set by a state fee schedule. When an employer hires, Concentra runs the pre-placement physical, the DOT exam, and the drug screen, billed directly to the employer. A third bucket covers Concentra Telemed, Concentra Pharmacy, and medical compliance administration. The company was carved out of Select Medical through a July 2024 IPO and a full spin-off completed on November 25, 2024, and it has since bolted on Nova Medical Centers (67 Texas centers, ~$265 million, closed March 2025) and Pivot Onsite Innovations (200-plus onsite clinics bought from Athletico for ~$55 million, closed June 2025).

The investment picture right now is a company executing better than the market expected. Second quarter 2026 revenue was ~$606 million, up ~10.0%, but adjusted EBITDA rose ~22.5% to ~$140.9 million and net income attributable to the company jumped ~46.5%, which is operating leverage showing up in the reported numbers rather than a volume story: visits per day grew only ~2.6% while revenue per visit rose ~4.6% to ~$152.67. Management raised full-year 2026 guidance to ~$2.325 billion to ~$2.375 billion of revenue and ~$485 million to ~$495 million of adjusted EBITDA, and the shares reacted with a double-digit percentage move to roughly $34.50, a 52-week high. Against that, the balance sheet still carries ~$1.57 billion of spin-related debt at ~2.99x net leverage, the dividend is token at ~$0.0625 a quarter, and the stock has already re-rated hard from the high teens, so the easy multiple expansion has likely happened. President and CFO Matt DiCanio becomes CEO on November 1, 2026, with Keith Newton moving to executive chairman.

Visit volumes track hiring and employment: employer services work is generated by new hires, and workers' compensation claims are generated by people actually on job sites, so a labor market slowdown hits both lines at once and there is no offsetting counter-cyclical revenue. Reimbursement is set by state workers' compensation boards rather than negotiated, so a single large state trimming or freezing its fee schedule can remove growth that the company cannot recover operationally, and management has already flagged New York as less attractive than Texas, California, Florida, or Pennsylvania. Leverage near 3.0x net is manageable but leaves less room than a debt-free peer if volumes disappoint, and clinician wage inflation is a real cost pressure in a business that is mostly people and leases. The company also inherits litigation exposure from its Select Medical era, including consolidated data-breach class action claims tied to the Perry Johnson and Associates transcription incident. Finally, the stock has roughly doubled off its 52-week low and sits at the top of its range after the second quarter print, so a good deal of the improved execution is already reflected in the price.

8 analysts publish price targets on CON, averaging $34.00 against a $34.74 price as of August 2026, or -2.1%. The published targets run from $28.00 to $37.00, a narrow spread, and the ratings split 9 buy, 0 hold, 0 sell. Over the last six months there have been 3 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full CON forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Concentra Group Holdings Parent. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Rate is carrying growth, not volume. In the second quarter of 2026, revenue per visit rose ~4.6% to ~$152.67 while visits per day grew only ~2.6%, so pricing did most of the work. The most optimistic published target, $37.00, assumes this works close to its best case.

The case against. Visit volumes track hiring and employment: employer services work is generated by new hires, and workers' compensation claims are generated by people actually on job sites, so a labor market slowdown hits both lines at once and there is no offsetting counter-cyclical revenue. The most pessimistic target, $28.00, is roughly what CON is worth if this bites instead.

Read the full bull and bear case on CON, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Concentra Group Holdings Parent's investor relations page or your broker.

• Revenue (TTM): ~$2.29B, up ~14% year over year
• Net income (TTM) / EPS: ~$196M, ~$1.53 per share
• FY 2026 guidance: Revenue ~$2.325B to ~$2.375B, adjusted EBITDA ~$485M to ~$495M
• Market cap: ~$4.4B at roughly ~$34.50 per share (~128M shares)
• P/E: ~21x trailing, ~20x forward
• Net debt / leverage: ~$1.42B net debt, ~2.99x net leverage

The multiple is not demanding for a business compounding earnings in the 25% to 30% range, but the growth is a blend of acquisition contribution and administered rate increases rather than organic demand, which usually earns a lower multiple than an equivalent organic grower. Including net debt, enterprise value sits near ~$5.8 billion, or roughly ~12x the midpoint of 2026 adjusted EBITDA guidance. Free cash flow guidance of ~$220 million to ~$240 million against a ~$4.4 billion market cap is the cleaner yardstick, since depreciation on a leased clinic network overstates the true reinvestment need.

Other names that sit close to CON: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get CON exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so CON sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where CON fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

CON is a scaled, cash-generative operator of an unglamorous but durable corner of healthcare, priced around 20 times forward earnings after a strong second quarter, with employment levels and state workers' compensation fee schedules as the two variables that actually move the numbers.

Whether CON is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CON a buy or a sell?, and where the stock could go from here in the CON stock forecast.

For income investors, whether CON pays a dividend and how the payout looks is covered in does CON pay a dividend? And to weigh CON against a peer, read the full side-by-side comparisons: CON vs NVMI and CON vs DGX.