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Side-by-side financial comparison of Surgery Partners, Inc. (SGRY) 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 $885.0M, roughly 1.8× Surgery Partners, Inc.). Toast, Inc. runs the higher net margin — 6.2% vs -1.7%, a 7.9% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 2.4%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $90.6M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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.
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.
SGRY vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $885.0M | $1.6B |
| Net Profit | $-15.0M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 12.5% | 5.2% |
| Net Margin | -1.7% | 6.2% |
| Revenue YoY | 2.4% | 22.0% |
| Net Profit YoY | 86.2% | 215.6% |
| EPS (diluted) | $-0.11 | $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 | $885.0M | $1.6B | ||
| Q3 25 | $821.5M | $1.6B | ||
| Q2 25 | $826.2M | $1.6B | ||
| Q1 25 | $776.0M | $1.3B | ||
| Q4 24 | $864.4M | $1.3B | ||
| Q3 24 | $770.4M | $1.3B | ||
| Q2 24 | $762.1M | $1.2B | ||
| Q1 24 | $717.4M | $1.1B |
| Q4 25 | $-15.0M | $101.0M | ||
| Q3 25 | $-22.7M | $105.0M | ||
| Q2 25 | $-2.5M | $80.0M | ||
| Q1 25 | $-37.7M | $56.0M | ||
| Q4 24 | $-108.5M | $32.0M | ||
| Q3 24 | $-31.7M | $56.0M | ||
| Q2 24 | $-15.5M | $14.0M | ||
| Q1 24 | $-12.4M | $-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 | 12.5% | 5.2% | ||
| Q3 25 | 12.9% | 5.1% | ||
| Q2 25 | 13.5% | 5.2% | ||
| Q1 25 | 8.0% | 3.2% | ||
| Q4 24 | 14.7% | 2.5% | ||
| Q3 24 | 7.9% | 2.6% | ||
| Q2 24 | 11.1% | 0.4% | ||
| Q1 24 | 10.6% | -5.2% |
| Q4 25 | -1.7% | 6.2% | ||
| Q3 25 | -2.8% | 6.4% | ||
| Q2 25 | -0.3% | 5.2% | ||
| Q1 25 | -4.9% | 4.2% | ||
| Q4 24 | -12.6% | 2.4% | ||
| Q3 24 | -4.1% | 4.3% | ||
| Q2 24 | -2.0% | 1.1% | ||
| Q1 24 | -1.7% | -7.7% |
| Q4 25 | $-0.11 | $0.18 | ||
| Q3 25 | $-0.18 | $0.16 | ||
| Q2 25 | $-0.02 | $0.13 | ||
| Q1 25 | $-0.30 | $0.09 | ||
| Q4 24 | $-0.86 | $0.09 | ||
| Q3 24 | $-0.25 | $0.07 | ||
| Q2 24 | $-0.12 | $0.02 | ||
| Q1 24 | $-0.10 | $-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 | $239.9M | $1.4B |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $1.7B | $2.1B |
| Total Assets | $8.1B | $3.1B |
| Debt / EquityLower = less leverage | 2.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $239.9M | $1.4B | ||
| Q3 25 | $203.4M | $1.4B | ||
| Q2 25 | $250.1M | $1.2B | ||
| Q1 25 | $229.3M | $1.0B | ||
| Q4 24 | $269.5M | $903.0M | ||
| Q3 24 | $221.8M | $761.0M | ||
| Q2 24 | $213.5M | $691.0M | ||
| Q1 24 | $185.2M | $578.0M |
| 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 | $2.1B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.7B | $1.7B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $2.0B | $1.3B | ||
| Q1 24 | $2.0B | $1.2B |
| Q4 25 | $8.1B | $3.1B | ||
| Q3 25 | $7.9B | $3.0B | ||
| Q2 25 | $8.0B | $2.8B | ||
| Q1 25 | $7.9B | $2.6B | ||
| Q4 24 | $7.9B | $2.4B | ||
| Q3 24 | $7.5B | $2.2B | ||
| Q2 24 | $7.5B | $2.2B | ||
| Q1 24 | $7.0B | $2.1B |
| 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 | $194.0M |
| Free Cash FlowOCF − Capex | $90.6M | $178.0M |
| FCF MarginFCF / Revenue | 10.2% | 10.9% |
| Capex IntensityCapex / Revenue | 1.4% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $195.6M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.4M | $194.0M | ||
| Q3 25 | $83.6M | $165.0M | ||
| Q2 25 | $81.3M | $223.0M | ||
| Q1 25 | $6.0M | $79.0M | ||
| Q4 24 | $111.4M | $147.0M | ||
| Q3 24 | $65.2M | $109.0M | ||
| Q2 24 | $82.8M | $124.0M | ||
| Q1 24 | $40.7M | $-20.0M |
| Q4 25 | $90.6M | $178.0M | ||
| Q3 25 | $63.8M | $153.0M | ||
| Q2 25 | $57.9M | $208.0M | ||
| Q1 25 | $-16.7M | $69.0M | ||
| Q4 24 | $89.1M | $134.0M | ||
| Q3 24 | $45.0M | $97.0M | ||
| Q2 24 | $55.9M | $108.0M | ||
| Q1 24 | $19.7M | $-33.0M |
| Q4 25 | 10.2% | 10.9% | ||
| Q3 25 | 7.8% | 9.4% | ||
| Q2 25 | 7.0% | 13.4% | ||
| Q1 25 | -2.2% | 5.2% | ||
| Q4 24 | 10.3% | 10.0% | ||
| Q3 24 | 5.8% | 7.4% | ||
| Q2 24 | 7.3% | 8.7% | ||
| Q1 24 | 2.7% | -3.1% |
| Q4 25 | 1.4% | 1.0% | ||
| Q3 25 | 2.4% | 0.7% | ||
| Q2 25 | 2.8% | 1.0% | ||
| Q1 25 | 2.9% | 0.7% | ||
| Q4 24 | 2.6% | 1.0% | ||
| Q3 24 | 2.6% | 0.9% | ||
| Q2 24 | 3.5% | 1.3% | ||
| Q1 24 | 2.9% | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| Q1 24 | — | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
