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Side-by-side financial comparison of SELECT MEDICAL HOLDINGS CORP (SEM) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
SELECT MEDICAL HOLDINGS CORP is the larger business by last-quarter revenue ($1.4B vs $997.0M, roughly 1.4× Frontier Group Holdings, Inc.). Frontier Group Holdings, Inc. runs the higher net margin — 5.3% vs 4.5%, a 0.8% gap on every dollar of revenue. On growth, SELECT MEDICAL HOLDINGS CORP posted the faster year-over-year revenue change (5.0% vs -0.5%). Over the past eight quarters, Frontier Group Holdings, Inc.'s revenue compounded faster (7.4% CAGR vs 5.3%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
SEM vs ULCC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $997.0M |
| Net Profit | $63.8M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | 6.9% | 4.9% |
| Net Margin | 4.5% | 5.3% |
| Revenue YoY | 5.0% | -0.5% |
| Net Profit YoY | -14.7% | -1.9% |
| EPS (diluted) | $0.35 | $0.24 |
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.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $997.0M | ||
| Q3 25 | $1.4B | $886.0M | ||
| Q2 25 | $1.3B | $929.0M | ||
| Q1 25 | $1.4B | $912.0M | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $935.0M | ||
| Q2 24 | $1.3B | $973.0M |
| Q1 26 | $63.8M | — | ||
| Q4 25 | $20.2M | $53.0M | ||
| Q3 25 | $28.8M | $-77.0M | ||
| Q2 25 | $40.6M | $-70.0M | ||
| Q1 25 | $56.7M | $-43.0M | ||
| Q4 24 | $-16.1M | $54.0M | ||
| Q3 24 | $55.6M | $26.0M | ||
| Q2 24 | $77.6M | $31.0M |
| Q1 26 | 6.9% | — | ||
| Q4 25 | 4.6% | 4.9% | ||
| Q3 25 | 5.4% | -8.7% | ||
| Q2 25 | 6.5% | -8.1% | ||
| Q1 25 | 8.3% | -5.0% | ||
| Q4 24 | 1.6% | 4.5% | ||
| Q3 24 | 4.3% | 2.0% | ||
| Q2 24 | 5.8% | 2.6% |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 1.4% | 5.3% | ||
| Q3 25 | 2.1% | -8.7% | ||
| Q2 25 | 3.0% | -7.5% | ||
| Q1 25 | 4.2% | -4.7% | ||
| Q4 24 | -1.2% | 5.4% | ||
| Q3 24 | 4.4% | 2.8% | ||
| Q2 24 | 6.1% | 3.2% |
| Q1 26 | $0.35 | — | ||
| Q4 25 | $0.17 | $0.24 | ||
| Q3 25 | $0.23 | $-0.34 | ||
| Q2 25 | $0.32 | $-0.31 | ||
| Q1 25 | $0.44 | $-0.19 | ||
| Q4 24 | $-0.12 | $0.24 | ||
| Q3 24 | $0.43 | $0.11 | ||
| Q2 24 | $0.60 | $0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.7M | $671.0M |
| Total DebtLower is stronger | $1.8B | $620.0M |
| Stockholders' EquityBook value | $2.1B | $491.0M |
| Total Assets | $6.0B | $7.2B |
| Debt / EquityLower = less leverage | 0.88× | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $25.7M | — | ||
| Q4 25 | $26.5M | $671.0M | ||
| Q3 25 | $60.1M | $566.0M | ||
| Q2 25 | $52.3M | $563.0M | ||
| Q1 25 | $53.2M | $686.0M | ||
| Q4 24 | $59.7M | $740.0M | ||
| Q3 24 | $191.5M | $576.0M | ||
| Q2 24 | $111.2M | $658.0M |
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $620.0M | ||
| Q3 25 | $1.7B | $673.0M | ||
| Q2 25 | $1.8B | $565.0M | ||
| Q1 25 | $1.8B | $512.0M | ||
| Q4 24 | $1.7B | $507.0M | ||
| Q3 24 | $3.1B | $474.0M | ||
| Q2 24 | $3.6B | $455.0M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $1.7B | $491.0M | ||
| Q3 25 | $1.7B | $434.0M | ||
| Q2 25 | $1.7B | $506.0M | ||
| Q1 25 | $1.7B | $570.0M | ||
| Q4 24 | $1.7B | $604.0M | ||
| Q3 24 | $1.9B | $549.0M | ||
| Q2 24 | $1.4B | $520.0M |
| Q1 26 | $6.0B | — | ||
| Q4 25 | $5.9B | $7.2B | ||
| Q3 25 | $5.7B | $6.7B | ||
| Q2 25 | $5.7B | $6.5B | ||
| Q1 25 | $5.7B | $6.5B | ||
| Q4 24 | $5.6B | $6.2B | ||
| Q3 24 | $8.0B | $5.8B | ||
| Q2 24 | $7.9B | $5.7B |
| Q1 26 | 0.88× | — | ||
| Q4 25 | 1.06× | 1.26× | ||
| Q3 25 | 1.03× | 1.55× | ||
| Q2 25 | 1.10× | 1.12× | ||
| Q1 25 | 1.03× | 0.90× | ||
| Q4 24 | 1.01× | 0.84× | ||
| Q3 24 | 1.62× | 0.86× | ||
| Q2 24 | 2.54× | 0.88× |
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 | — | $-91.0M |
| Free Cash FlowOCF − Capex | — | $-113.0M |
| FCF MarginFCF / Revenue | — | -11.3% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $64.3M | $-91.0M | ||
| Q3 25 | $175.3M | $-215.0M | ||
| Q2 25 | $110.3M | $-133.0M | ||
| Q1 25 | $-3.5M | $-86.0M | ||
| Q4 24 | $125.4M | $87.0M | ||
| Q3 24 | $181.0M | $-156.0M | ||
| Q2 24 | $278.2M | $9.0M |
| Q1 26 | — | — | ||
| Q4 25 | $5.2M | $-113.0M | ||
| Q3 25 | $122.2M | $-217.0M | ||
| Q2 25 | $45.6M | $-166.0M | ||
| Q1 25 | $-55.8M | $-104.0M | ||
| Q4 24 | $62.0M | $73.0M | ||
| Q3 24 | $130.3M | $-170.0M | ||
| Q2 24 | $222.6M | $-22.0M |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | -11.3% | ||
| Q3 25 | 9.0% | -24.5% | ||
| Q2 25 | 3.4% | -17.9% | ||
| Q1 25 | -4.1% | -11.4% | ||
| Q4 24 | 4.7% | 7.3% | ||
| Q3 24 | 10.2% | -18.2% | ||
| Q2 24 | 17.4% | -2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 2.2% | ||
| Q3 25 | 3.9% | 0.2% | ||
| Q2 25 | 4.8% | 3.6% | ||
| Q1 25 | 3.9% | 2.0% | ||
| Q4 24 | 4.8% | 1.4% | ||
| Q3 24 | 4.0% | 1.5% | ||
| Q2 24 | 4.3% | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.19× | -1.72× | ||
| Q3 25 | 6.09× | — | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | -0.06× | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | 3.25× | -6.00× | ||
| Q2 24 | 3.59× | 0.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SEM
Segment breakdown not available.
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
