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Side-by-side financial comparison of Encompass Health Corp (EHC) and Surgery Partners, Inc. (SGRY), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Encompass Health Corp is the larger business by last-quarter revenue ($1.5B vs $885.0M, roughly 1.7× Surgery Partners, Inc.). Encompass Health Corp runs the higher net margin — 9.5% vs -1.7%, a 11.2% gap on every dollar of revenue. On growth, Encompass Health Corp posted the faster year-over-year revenue change (9.9% vs 2.4%). Encompass Health Corp produced more free cash flow last quarter ($116.7M vs $90.6M). Over the past eight quarters, Surgery Partners, Inc.'s revenue compounded faster (11.1% CAGR vs 8.3%).
Encompass Health Corporation, formerly Amcare and HealthSouth, based in Birmingham, Alabama, is the United States's largest provider of inpatient rehabilitative services, offering facility-based care through its network of 173 inpatient rehabilitation hospitals located in 39 states and Puerto Rico. Encompass Health's hospitals focus on providing rehabilitative treatment and care to patients who are recovering from stroke and other neurological disorders, cardiac and pulmonary conditions, brai...
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
EHC vs SGRY — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $885.0M |
| Net Profit | $146.1M | $-15.0M |
| Gross Margin | — | — |
| Operating Margin | 16.7% | 12.5% |
| Net Margin | 9.5% | -1.7% |
| Revenue YoY | 9.9% | 2.4% |
| Net Profit YoY | 20.8% | 86.2% |
| EPS (diluted) | $1.43 | $-0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.5B | $885.0M | ||
| Q3 25 | $1.5B | $821.5M | ||
| Q2 25 | $1.5B | $826.2M | ||
| Q1 25 | $1.5B | $776.0M | ||
| Q4 24 | $1.4B | $864.4M | ||
| Q3 24 | $1.4B | $770.4M | ||
| Q2 24 | $1.3B | $762.1M | ||
| Q1 24 | $1.3B | $717.4M |
| Q4 25 | $146.1M | $-15.0M | ||
| Q3 25 | $126.5M | $-22.7M | ||
| Q2 25 | $142.1M | $-2.5M | ||
| Q1 25 | $151.5M | $-37.7M | ||
| Q4 24 | $120.9M | $-108.5M | ||
| Q3 24 | $108.2M | $-31.7M | ||
| Q2 24 | $114.1M | $-15.5M | ||
| Q1 24 | $112.5M | $-12.4M |
| Q4 25 | 16.7% | 12.5% | ||
| Q3 25 | 14.9% | 12.9% | ||
| Q2 25 | 16.2% | 13.5% | ||
| Q1 25 | 16.4% | 8.0% | ||
| Q4 24 | 14.3% | 14.7% | ||
| Q3 24 | 13.6% | 7.9% | ||
| Q2 24 | 14.3% | 11.1% | ||
| Q1 24 | 13.6% | 10.6% |
| Q4 25 | 9.5% | -1.7% | ||
| Q3 25 | 8.6% | -2.8% | ||
| Q2 25 | 9.7% | -0.3% | ||
| Q1 25 | 10.4% | -4.9% | ||
| Q4 24 | 8.6% | -12.6% | ||
| Q3 24 | 8.0% | -4.1% | ||
| Q2 24 | 8.8% | -2.0% | ||
| Q1 24 | 8.5% | -1.7% |
| Q4 25 | $1.43 | $-0.11 | ||
| Q3 25 | $1.24 | $-0.18 | ||
| Q2 25 | $1.39 | $-0.02 | ||
| Q1 25 | $1.48 | $-0.30 | ||
| Q4 24 | $1.18 | $-0.86 | ||
| Q3 24 | $1.06 | $-0.25 | ||
| Q2 24 | $1.12 | $-0.12 | ||
| Q1 24 | $1.10 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $72.2M | $239.9M |
| Total DebtLower is stronger | $2.4B | $3.6B |
| Stockholders' EquityBook value | $2.4B | $1.7B |
| Total Assets | $7.1B | $8.1B |
| Debt / EquityLower = less leverage | 1.00× | 2.10× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $72.2M | $239.9M | ||
| Q3 25 | $48.7M | $203.4M | ||
| Q2 25 | $99.1M | $250.1M | ||
| Q1 25 | $95.8M | $229.3M | ||
| Q4 24 | $85.4M | $269.5M | ||
| Q3 24 | $147.8M | $221.8M | ||
| Q2 24 | $154.4M | $213.5M | ||
| Q1 24 | $134.4M | $185.2M |
| Q4 25 | $2.4B | $3.6B | ||
| Q3 25 | $2.4B | $3.5B | ||
| Q2 25 | $2.3B | $3.5B | ||
| Q1 25 | $2.3B | $3.4B | ||
| Q4 24 | $2.4B | $3.3B | ||
| Q3 24 | $2.3B | $3.1B | ||
| Q2 24 | $2.7B | $3.0B | ||
| Q1 24 | $2.7B | $2.8B |
| Q4 25 | $2.4B | $1.7B | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $2.3B | $1.7B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.0B | $1.9B | ||
| Q2 24 | $1.8B | $2.0B | ||
| Q1 24 | $1.7B | $2.0B |
| Q4 25 | $7.1B | $8.1B | ||
| Q3 25 | $6.9B | $7.9B | ||
| Q2 25 | $6.8B | $8.0B | ||
| Q1 25 | $6.6B | $7.9B | ||
| Q4 24 | $6.5B | $7.9B | ||
| Q3 24 | $6.5B | $7.5B | ||
| Q2 24 | $6.4B | $7.5B | ||
| Q1 24 | $6.2B | $7.0B |
| Q4 25 | 1.00× | 2.10× | ||
| Q3 25 | 1.01× | 2.00× | ||
| Q2 25 | 1.02× | 1.98× | ||
| Q1 25 | 1.08× | 1.98× | ||
| Q4 24 | 1.14× | 1.83× | ||
| Q3 24 | 1.20× | 1.63× | ||
| Q2 24 | 1.46× | 1.56× | ||
| Q1 24 | 1.54× | 1.42× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $346.0M | $103.4M |
| Free Cash FlowOCF − Capex | $116.7M | $90.6M |
| FCF MarginFCF / Revenue | 7.6% | 10.2% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 14.8% | 1.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 2.37× | — |
| TTM Free Cash FlowTrailing 4 quarters | $439.2M | $195.6M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $346.0M | $103.4M | ||
| Q3 25 | $270.8M | $83.6M | ||
| Q2 25 | $270.2M | $81.3M | ||
| Q1 25 | $288.6M | $6.0M | ||
| Q4 24 | $278.8M | $111.4M | ||
| Q3 24 | $267.8M | $65.2M | ||
| Q2 24 | $217.4M | $82.8M | ||
| Q1 24 | $238.8M | $40.7M |
| Q4 25 | $116.7M | $90.6M | ||
| Q3 25 | $83.7M | $63.8M | ||
| Q2 25 | $113.3M | $57.9M | ||
| Q1 25 | $125.5M | $-16.7M | ||
| Q4 24 | $80.1M | $89.1M | ||
| Q3 24 | $120.3M | $45.0M | ||
| Q2 24 | $60.5M | $55.9M | ||
| Q1 24 | $99.4M | $19.7M |
| Q4 25 | 7.6% | 10.2% | ||
| Q3 25 | 5.7% | 7.8% | ||
| Q2 25 | 7.8% | 7.0% | ||
| Q1 25 | 8.6% | -2.2% | ||
| Q4 24 | 5.7% | 10.3% | ||
| Q3 24 | 8.9% | 5.8% | ||
| Q2 24 | 4.6% | 7.3% | ||
| Q1 24 | 7.6% | 2.7% |
| Q4 25 | 14.8% | 1.4% | ||
| Q3 25 | 12.7% | 2.4% | ||
| Q2 25 | 10.8% | 2.8% | ||
| Q1 25 | 11.2% | 2.9% | ||
| Q4 24 | 14.1% | 2.6% | ||
| Q3 24 | 10.9% | 2.6% | ||
| Q2 24 | 12.1% | 3.5% | ||
| Q1 24 | 10.6% | 2.9% |
| Q4 25 | 2.37× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.90× | — | ||
| Q1 25 | 1.90× | — | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.48× | — | ||
| Q2 24 | 1.91× | — | ||
| Q1 24 | 2.12× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
EHC
| Medicare | $1.0B | 66% |
| Medicare Advantage | $243.1M | 16% |
| Managed Care | $160.7M | 10% |
| Medicaid | $47.0M | 3% |
| Other Income Source | $44.8M | 3% |
| Other Thirdparty Payors | $11.2M | 1% |
| Workers Compensation | $7.6M | 0% |
| Patients | $4.6M | 0% |
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
