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Side-by-side financial comparison of SELECT MEDICAL HOLDINGS CORP (SEM) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.4B, roughly 1.2× SELECT MEDICAL HOLDINGS CORP). Toast, Inc. runs the higher net margin — 6.2% vs 1.4%, a 4.7% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 6.4%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $5.2M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 2.8%).
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
SEM vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.6B |
| Net Profit | $20.2M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 4.6% | 5.2% |
| Net Margin | 1.4% | 6.2% |
| Revenue YoY | 6.4% | 22.0% |
| Net Profit YoY | 225.7% | 215.6% |
| EPS (diluted) | $0.17 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.1B |
| Q4 25 | $20.2M | $101.0M | ||
| Q3 25 | $28.8M | $105.0M | ||
| Q2 25 | $40.6M | $80.0M | ||
| Q1 25 | $56.7M | $56.0M | ||
| Q4 24 | $-16.1M | $32.0M | ||
| Q3 24 | $55.6M | $56.0M | ||
| Q2 24 | $77.6M | $14.0M | ||
| Q1 24 | $96.9M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | 4.6% | 5.2% | ||
| Q3 25 | 5.4% | 5.1% | ||
| Q2 25 | 6.5% | 5.2% | ||
| Q1 25 | 8.3% | 3.2% | ||
| Q4 24 | 1.6% | 2.5% | ||
| Q3 24 | 4.3% | 2.6% | ||
| Q2 24 | 5.8% | 0.4% | ||
| Q1 24 | 9.0% | -5.2% |
| Q4 25 | 1.4% | 6.2% | ||
| Q3 25 | 2.1% | 6.4% | ||
| Q2 25 | 3.0% | 5.2% | ||
| Q1 25 | 4.2% | 4.2% | ||
| Q4 24 | -1.2% | 2.4% | ||
| Q3 24 | 4.4% | 4.3% | ||
| Q2 24 | 6.1% | 1.1% | ||
| Q1 24 | 7.3% | -7.7% |
| Q4 25 | $0.17 | $0.18 | ||
| Q3 25 | $0.23 | $0.16 | ||
| Q2 25 | $0.32 | $0.13 | ||
| Q1 25 | $0.44 | $0.09 | ||
| Q4 24 | $-0.12 | $0.09 | ||
| Q3 24 | $0.43 | $0.07 | ||
| Q2 24 | $0.60 | $0.02 | ||
| Q1 24 | $0.75 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $26.5M | $1.4B |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $1.7B | $2.1B |
| Total Assets | $5.9B | $3.1B |
| Debt / EquityLower = less leverage | 1.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.5M | $1.4B | ||
| Q3 25 | $60.1M | $1.4B | ||
| Q2 25 | $52.3M | $1.2B | ||
| Q1 25 | $53.2M | $1.0B | ||
| Q4 24 | $59.7M | $903.0M | ||
| Q3 24 | $191.5M | $761.0M | ||
| Q2 24 | $111.2M | $691.0M | ||
| Q1 24 | $92.6M | $578.0M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.8B | — |
| Q4 25 | $1.7B | $2.1B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.7B | $1.7B | ||
| Q4 24 | $1.7B | $1.5B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.4B | $1.2B |
| Q4 25 | $5.9B | $3.1B | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $5.7B | $2.8B | ||
| Q1 25 | $5.7B | $2.6B | ||
| Q4 24 | $5.6B | $2.4B | ||
| Q3 24 | $8.0B | $2.2B | ||
| Q2 24 | $7.9B | $2.2B | ||
| Q1 24 | $7.9B | $2.1B |
| Q4 25 | 1.06× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.10× | — | ||
| Q1 25 | 1.03× | — | ||
| Q4 24 | 1.01× | — | ||
| Q3 24 | 1.62× | — | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | 2.75× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.3M | $194.0M |
| Free Cash FlowOCF − Capex | $5.2M | $178.0M |
| FCF MarginFCF / Revenue | 0.4% | 10.9% |
| Capex IntensityCapex / Revenue | 4.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 3.19× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $117.2M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.3M | $194.0M | ||
| Q3 25 | $175.3M | $165.0M | ||
| Q2 25 | $110.3M | $223.0M | ||
| Q1 25 | $-3.5M | $79.0M | ||
| Q4 24 | $125.4M | $147.0M | ||
| Q3 24 | $181.0M | $109.0M | ||
| Q2 24 | $278.2M | $124.0M | ||
| Q1 24 | $-66.7M | $-20.0M |
| Q4 25 | $5.2M | $178.0M | ||
| Q3 25 | $122.2M | $153.0M | ||
| Q2 25 | $45.6M | $208.0M | ||
| Q1 25 | $-55.8M | $69.0M | ||
| Q4 24 | $62.0M | $134.0M | ||
| Q3 24 | $130.3M | $97.0M | ||
| Q2 24 | $222.6M | $108.0M | ||
| Q1 24 | $-119.2M | $-33.0M |
| Q4 25 | 0.4% | 10.9% | ||
| Q3 25 | 9.0% | 9.4% | ||
| Q2 25 | 3.4% | 13.4% | ||
| Q1 25 | -4.1% | 5.2% | ||
| Q4 24 | 4.7% | 10.0% | ||
| Q3 24 | 10.2% | 7.4% | ||
| Q2 24 | 17.4% | 8.7% | ||
| Q1 24 | -9.0% | -3.1% |
| Q4 25 | 4.2% | 1.0% | ||
| Q3 25 | 3.9% | 0.7% | ||
| Q2 25 | 4.8% | 1.0% | ||
| Q1 25 | 3.9% | 0.7% | ||
| Q4 24 | 4.8% | 1.0% | ||
| Q3 24 | 4.0% | 0.9% | ||
| Q2 24 | 4.3% | 1.3% | ||
| Q1 24 | 4.0% | 1.2% |
| Q4 25 | 3.19× | 1.92× | ||
| Q3 25 | 6.09× | 1.57× | ||
| Q2 25 | 2.72× | 2.79× | ||
| Q1 25 | -0.06× | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 3.25× | 1.95× | ||
| Q2 24 | 3.59× | 8.86× | ||
| Q1 24 | -0.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
