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Side-by-side financial comparison of NATIONAL HEALTHCARE CORP (NHC) and Surgery Partners, Inc. (SGRY), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Surgery Partners, Inc. is the larger business by last-quarter revenue ($885.0M vs $386.5M, roughly 2.3× NATIONAL HEALTHCARE CORP). NATIONAL HEALTHCARE CORP runs the higher net margin — 6.4% vs -1.7%, a 8.1% gap on every dollar of revenue. On growth, NATIONAL HEALTHCARE CORP posted the faster year-over-year revenue change (4.6% vs 2.4%). Surgery Partners, Inc. produced more free cash flow last quarter ($90.6M vs $6.4M). Over the past eight quarters, NATIONAL HEALTHCARE CORP's revenue compounded faster (14.0% CAGR vs 11.1%).
HCA Healthcare, Inc. is an American global for-profit operator of health care facilities that was founded in 1968. It is based in Nashville, Tennessee, and, as of May 2020, owned and operated 186 hospitals and approximately 2,400 sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics in 20 states and the United Kingdom. As of 2024, HCA Healthcare is ranked #61 on the Fortune 500 rankings of the largest United States corporations by to...
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
NHC vs SGRY — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $386.5M | $885.0M |
| Net Profit | $24.8M | $-15.0M |
| Gross Margin | — | — |
| Operating Margin | 8.6% | 12.5% |
| Net Margin | 6.4% | -1.7% |
| Revenue YoY | 4.6% | 2.4% |
| Net Profit YoY | 308.6% | 86.2% |
| EPS (diluted) | $1.58 | $-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 | $386.5M | $885.0M | ||
| Q3 25 | $382.7M | $821.5M | ||
| Q2 25 | $374.9M | $826.2M | ||
| Q1 25 | $373.7M | $776.0M | ||
| Q4 24 | $369.4M | $864.4M | ||
| Q3 24 | $340.2M | $770.4M | ||
| Q2 24 | $300.7M | $762.1M | ||
| Q1 24 | $297.2M | $717.4M |
| Q4 25 | $24.8M | $-15.0M | ||
| Q3 25 | $39.2M | $-22.7M | ||
| Q2 25 | $23.7M | $-2.5M | ||
| Q1 25 | $32.2M | $-37.7M | ||
| Q4 24 | $6.1M | $-108.5M | ||
| Q3 24 | $42.8M | $-31.7M | ||
| Q2 24 | $26.8M | $-15.5M | ||
| Q1 24 | $26.2M | $-12.4M |
| Q4 25 | 8.6% | 12.5% | ||
| Q3 25 | 7.9% | 12.9% | ||
| Q2 25 | 9.1% | 13.5% | ||
| Q1 25 | 8.2% | 8.0% | ||
| Q4 24 | 7.8% | 14.7% | ||
| Q3 24 | 6.7% | 7.9% | ||
| Q2 24 | 7.5% | 11.1% | ||
| Q1 24 | 5.3% | 10.6% |
| Q4 25 | 6.4% | -1.7% | ||
| Q3 25 | 10.3% | -2.8% | ||
| Q2 25 | 6.3% | -0.3% | ||
| Q1 25 | 8.6% | -4.9% | ||
| Q4 24 | 1.6% | -12.6% | ||
| Q3 24 | 12.6% | -4.1% | ||
| Q2 24 | 8.9% | -2.0% | ||
| Q1 24 | 8.8% | -1.7% |
| Q4 25 | $1.58 | $-0.11 | ||
| Q3 25 | $2.50 | $-0.18 | ||
| Q2 25 | $1.52 | $-0.02 | ||
| Q1 25 | $2.07 | $-0.30 | ||
| Q4 24 | $0.38 | $-0.86 | ||
| Q3 24 | $2.73 | $-0.25 | ||
| Q2 24 | $1.73 | $-0.12 | ||
| Q1 24 | $1.69 | $-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 | $92.8M | $239.9M |
| Total DebtLower is stronger | $40.0M | $3.6B |
| Stockholders' EquityBook value | $1.1B | $1.7B |
| Total Assets | $1.5B | $8.1B |
| Debt / EquityLower = less leverage | 0.04× | 2.10× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $92.8M | $239.9M | ||
| Q3 25 | $130.6M | $203.4M | ||
| Q2 25 | $111.0M | $250.1M | ||
| Q1 25 | $90.4M | $229.3M | ||
| Q4 24 | $76.1M | $269.5M | ||
| Q3 24 | $84.8M | $221.8M | ||
| Q2 24 | $136.2M | $213.5M | ||
| Q1 24 | $94.0M | $185.2M |
| Q4 25 | $40.0M | $3.6B | ||
| Q3 25 | $73.1M | $3.5B | ||
| Q2 25 | $110.0M | $3.5B | ||
| Q1 25 | $134.0M | $3.4B | ||
| Q4 24 | $137.0M | $3.3B | ||
| Q3 24 | $147.0M | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.8B |
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.0B | $1.7B | ||
| Q1 25 | $1.0B | $1.7B | ||
| Q4 24 | $980.2M | $1.8B | ||
| Q3 24 | $983.5M | $1.9B | ||
| Q2 24 | $945.8M | $2.0B | ||
| Q1 24 | $924.7M | $2.0B |
| Q4 25 | $1.5B | $8.1B | ||
| Q3 25 | $1.6B | $7.9B | ||
| Q2 25 | $1.6B | $8.0B | ||
| Q1 25 | $1.5B | $7.9B | ||
| Q4 24 | $1.5B | $7.9B | ||
| Q3 24 | $1.6B | $7.5B | ||
| Q2 24 | $1.3B | $7.5B | ||
| Q1 24 | $1.3B | $7.0B |
| Q4 25 | 0.04× | 2.10× | ||
| Q3 25 | 0.07× | 2.00× | ||
| Q2 25 | 0.11× | 1.98× | ||
| Q1 25 | 0.13× | 1.98× | ||
| Q4 24 | 0.14× | 1.83× | ||
| Q3 24 | 0.15× | 1.63× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 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 | $16.8M | $103.4M |
| Free Cash FlowOCF − Capex | $6.4M | $90.6M |
| FCF MarginFCF / Revenue | 1.7% | 10.2% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.7% | 1.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 0.68× | — |
| TTM Free Cash FlowTrailing 4 quarters | $148.6M | $195.6M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $16.8M | $103.4M | ||
| Q3 25 | $66.2M | $83.6M | ||
| Q2 25 | $62.8M | $81.3M | ||
| Q1 25 | $39.3M | $6.0M | ||
| Q4 24 | $12.8M | $111.4M | ||
| Q3 24 | $34.2M | $65.2M | ||
| Q2 24 | $50.7M | $82.8M | ||
| Q1 24 | $9.6M | $40.7M |
| Q4 25 | $6.4M | $90.6M | ||
| Q3 25 | $56.5M | $63.8M | ||
| Q2 25 | $52.6M | $57.9M | ||
| Q1 25 | $33.1M | $-16.7M | ||
| Q4 24 | $4.6M | $89.1M | ||
| Q3 24 | $28.6M | $45.0M | ||
| Q2 24 | $42.8M | $55.9M | ||
| Q1 24 | $3.7M | $19.7M |
| Q4 25 | 1.7% | 10.2% | ||
| Q3 25 | 14.8% | 7.8% | ||
| Q2 25 | 14.0% | 7.0% | ||
| Q1 25 | 8.9% | -2.2% | ||
| Q4 24 | 1.3% | 10.3% | ||
| Q3 24 | 8.4% | 5.8% | ||
| Q2 24 | 14.2% | 7.3% | ||
| Q1 24 | 1.2% | 2.7% |
| Q4 25 | 2.7% | 1.4% | ||
| Q3 25 | 2.5% | 2.4% | ||
| Q2 25 | 2.7% | 2.8% | ||
| Q1 25 | 1.6% | 2.9% | ||
| Q4 24 | 2.2% | 2.6% | ||
| Q3 24 | 1.7% | 2.6% | ||
| Q2 24 | 2.6% | 3.5% | ||
| Q1 24 | 2.0% | 2.9% |
| Q4 25 | 0.68× | — | ||
| Q3 25 | 1.69× | — | ||
| Q2 25 | 2.65× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 2.10× | — | ||
| Q3 24 | 0.80× | — | ||
| Q2 24 | 1.89× | — | ||
| Q1 24 | 0.37× | — |
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
NHC
| Inpatient Services Segment | $333.7M | 86% |
| Homecare Services Segment | $40.0M | 10% |
| Other | $11.2M | 3% |
| National | $1.6M | 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% |
