Surgery Partners, Inc. (SGRY) Stock Price & How to Invest

Surgery Partners owns or operates a network of about 180 surgical facilities across roughly 30 states, made up of around 161 ambulatory surgery centers (ASCs) and about 19 short-stay surgical hospitals, plus anesthesia services and affiliated physician practices. Only about 122 of those facilities are consolidated for financial reporting, because the model is a joint venture: physicians, and in some markets health systems, own meaningful stakes in the individual centers alongside Surgery Partners. Revenue comes from orthopedics, spine, ophthalmology, gastroenterology, ENT and other high-volume specialties that can be done safely without an overnight stay, and growth comes from three levers stacked on top of each other: same-facility case volume, higher revenue per case as more complex procedures migrate into the ASC setting, and recruitment of new physicians into existing centers.

The demand backdrop is one of the cleaner secular trends in US healthcare, since payers, Medicare and patients all prefer the ASC to a hospital operating room on cost. The complication is the balance sheet and the ownership structure. Total debt sits near $3.7 billion against a market capitalization of roughly $2.1 billion, interest expense runs close to $70 million a quarter, and the company reported a net loss attributable to shareholders of about $77.9 million in 2025 and about $35.9 million in the first quarter of 2026 even as adjusted EBITDA came in near $526 million for the year. Bain Capital, which owns roughly 39% of the company, offered $25.75 a share in January 2025 to take it private, and the special committee concluded discussions in June 2025 without a deal. The shares have since traded well below that number, which frames most of the current debate about the stock.

Leverage is the dominant risk: with total debt near $3.7 billion, cash near $182 million and quarterly interest expense around $69 million, a modest shortfall in adjusted EBITDA moves the equity a great deal more than it moves the enterprise. Reimbursement is the second: Medicare ASC rate updates, Medicaid supplemental and state directed payment programs, and the fate of enhanced Affordable Care Act exchange subsidies all feed directly into payer mix and volume. The gap between adjusted EBITDA and GAAP results is wide, and after the November 2025 guidance cut sent the stock down roughly 25% in a day, several shareholder law firms announced investigations into whether prior margin guidance was supportable, which is a live reputational and disclosure issue rather than an operating one. The joint venture structure means a substantial share of facility cash flow belongs to physician partners, so headline facility growth does not translate one-for-one into value for public shareholders. Roll-up execution risk, elective procedure sensitivity to consumer deductibles, and staffing costs round out the picture.

11 analysts publish price targets on SGRY, averaging $18.64 against a $15.32 price as of August 2026, or +21.7%. The published targets run from $14.00 to $24.00, a moderate spread, and the ratings split 9 buy, 3 hold, 0 sell. Over the last six months there have been 0 raises and 5 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 SGRY 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 Surgery Partners, Inc.. 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. Migration of surgery into the outpatient setting. Procedures that once required an inpatient stay, particularly total joint replacements, spine and cardiovascular cases, keep moving into ambulatory surgery centers as Medicare adds codes to the covered ASC list and commercial payers steer volume there on cost. The most optimistic published target, $24.00, assumes this works close to its best case.

The case against. Leverage is the dominant risk: with total debt near $3.7 billion, cash near $182 million and quarterly interest expense around $69 million, a modest shortfall in adjusted EBITDA moves the equity a great deal more than it moves the enterprise. The most pessimistic target, $14.00, is roughly what SGRY is worth if this bites instead.

Read the full bull and bear case on SGRY, 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 Surgery Partners, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$3.33 billion
• FY2025 revenue: ~$3.30 billion (up ~6.2%)
• FY2025 adjusted EBITDA: ~$526 million
• FY2025 net loss attributable to shareholders: ~$77.9 million
• Total debt / net leverage: ~$3.71 billion, ~4.3x under the credit agreement
• Market cap / enterprise value: ~$2.1 billion / ~$5.8 billion, roughly 11x adjusted EBITDA

First quarter 2026 revenue was about $810.9 million, up roughly 4.5%, with adjusted EBITDA of about $102.3 million and a margin near 12.6%, down from about 13.4% a year earlier, and a net loss attributable to shareholders of about $35.9 million. Full year 2026 guidance of $3.35 billion to $3.45 billion in revenue and at least $530 million in adjusted EBITDA was reaffirmed in May and again alongside the Idaho Falls announcement in July. Because adjusted EBITDA is presented after the portion attributable to physician and health system partners, the multiple looks reasonable on an operating basis while the equity remains a small residual behind a large debt stack. Second quarter 2026 results were scheduled for August 10, 2026.

Other names that sit close to SGRY: 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 SGRY 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 SGRY sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SGRY 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.

Surgery Partners (SGRY) is a leveraged, physician-partnered roll-up of outpatient surgery centers where the underlying volume story is intact but the equity is a thin slice sitting behind roughly $3.7 billion of debt and a large physician minority interest.

Whether SGRY 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 SGRY a buy or a sell?, and where the stock could go from here in the SGRY stock forecast.

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