vs
Side-by-side financial comparison of Surgery Partners, Inc. (SGRY) and SM Energy Co (SM). Click either name above to swap in a different company.
Surgery Partners, Inc. is the larger business by last-quarter revenue ($885.0M vs $704.9M, roughly 1.3× SM Energy Co). On growth, Surgery Partners, Inc. posted the faster year-over-year revenue change (2.4% vs -17.3%). Over the past eight quarters, SM Energy Co's revenue compounded faster (12.2% CAGR vs 11.1%).
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
SGRY vs SM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $885.0M | $704.9M |
| Net Profit | $-15.0M | — |
| Gross Margin | — | — |
| Operating Margin | 12.5% | 25.9% |
| Net Margin | -1.7% | — |
| Revenue YoY | 2.4% | -17.3% |
| Net Profit YoY | 86.2% | — |
| EPS (diluted) | $-0.11 | $0.94 |
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 | $885.0M | $704.9M | ||
| Q3 25 | $821.5M | $811.6M | ||
| Q2 25 | $826.2M | $792.9M | ||
| Q1 25 | $776.0M | $844.5M | ||
| Q4 24 | $864.4M | $852.0M | ||
| Q3 24 | $770.4M | $643.6M | ||
| Q2 24 | $762.1M | $634.6M | ||
| Q1 24 | $717.4M | $559.9M |
| Q4 25 | $-15.0M | — | ||
| Q3 25 | $-22.7M | $155.1M | ||
| Q2 25 | $-2.5M | $201.7M | ||
| Q1 25 | $-37.7M | $182.3M | ||
| Q4 24 | $-108.5M | — | ||
| Q3 24 | $-31.7M | $240.5M | ||
| Q2 24 | $-15.5M | $210.3M | ||
| Q1 24 | $-12.4M | $131.2M |
| Q4 25 | 12.5% | 25.9% | ||
| Q3 25 | 12.9% | 30.4% | ||
| Q2 25 | 13.5% | 37.2% | ||
| Q1 25 | 8.0% | 32.7% | ||
| Q4 24 | 14.7% | 33.7% | ||
| Q3 24 | 7.9% | 51.4% | ||
| Q2 24 | 11.1% | 44.0% | ||
| Q1 24 | 10.6% | 31.9% |
| Q4 25 | -1.7% | — | ||
| Q3 25 | -2.8% | 19.1% | ||
| Q2 25 | -0.3% | 25.4% | ||
| Q1 25 | -4.9% | 21.6% | ||
| Q4 24 | -12.6% | — | ||
| Q3 24 | -4.1% | 37.4% | ||
| Q2 24 | -2.0% | 33.1% | ||
| Q1 24 | -1.7% | 23.4% |
| Q4 25 | $-0.11 | $0.94 | ||
| Q3 25 | $-0.18 | $1.35 | ||
| Q2 25 | $-0.02 | $1.76 | ||
| Q1 25 | $-0.30 | $1.59 | ||
| Q4 24 | $-0.86 | $1.63 | ||
| Q3 24 | $-0.25 | $2.09 | ||
| Q2 24 | $-0.12 | $1.82 | ||
| Q1 24 | $-0.10 | $1.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $239.9M | $368.0M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $1.7B | $4.8B |
| Total Assets | $8.1B | $9.3B |
| Debt / EquityLower = less leverage | 2.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $239.9M | $368.0M | ||
| Q3 25 | $203.4M | $162.3M | ||
| Q2 25 | $250.1M | $101.9M | ||
| Q1 25 | $229.3M | $54.0K | ||
| Q4 24 | $269.5M | — | ||
| Q3 24 | $221.8M | $1.7B | ||
| Q2 24 | $213.5M | $487.9M | ||
| Q1 24 | $185.2M | $506.3M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.8B | — |
| Q4 25 | $1.7B | $4.8B | ||
| Q3 25 | $1.7B | $4.7B | ||
| Q2 25 | $1.7B | $4.6B | ||
| Q1 25 | $1.7B | $4.4B | ||
| Q4 24 | $1.8B | $4.2B | ||
| Q3 24 | $1.9B | $4.1B | ||
| Q2 24 | $2.0B | $3.8B | ||
| Q1 24 | $2.0B | $3.7B |
| Q4 25 | $8.1B | $9.3B | ||
| Q3 25 | $7.9B | $9.1B | ||
| Q2 25 | $8.0B | $9.0B | ||
| Q1 25 | $7.9B | $8.8B | ||
| Q4 24 | $7.9B | $8.6B | ||
| Q3 24 | $7.5B | $8.0B | ||
| Q2 24 | $7.5B | $6.7B | ||
| Q1 24 | $7.0B | $6.4B |
| Q4 25 | 2.10× | — | ||
| Q3 25 | 2.00× | — | ||
| Q2 25 | 1.98× | — | ||
| Q1 25 | 1.98× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 1.42× | — |
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 | $103.4M | $451.9M |
| Free Cash FlowOCF − Capex | $90.6M | — |
| FCF MarginFCF / Revenue | 10.2% | — |
| Capex IntensityCapex / Revenue | 1.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $195.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.4M | $451.9M | ||
| Q3 25 | $83.6M | $505.0M | ||
| Q2 25 | $81.3M | $571.1M | ||
| Q1 25 | $6.0M | $483.0M | ||
| Q4 24 | $111.4M | $578.4M | ||
| Q3 24 | $65.2M | $452.3M | ||
| Q2 24 | $82.8M | $476.4M | ||
| Q1 24 | $40.7M | $276.0M |
| Q4 25 | $90.6M | — | ||
| Q3 25 | $63.8M | — | ||
| Q2 25 | $57.9M | — | ||
| Q1 25 | $-16.7M | — | ||
| Q4 24 | $89.1M | — | ||
| Q3 24 | $45.0M | — | ||
| Q2 24 | $55.9M | — | ||
| Q1 24 | $19.7M | — |
| Q4 25 | 10.2% | — | ||
| Q3 25 | 7.8% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | -2.2% | — | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | 7.3% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 2.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 2.83× | ||
| Q1 25 | — | 2.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | — | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
SM
Segment breakdown not available.
