Does Surgery Partners, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Surgery Partners, Inc. (SGRY) 33.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 33, returns on capital 8, balance-sheet safety 40, capital discipline 65.

How has SGRY's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 33.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Surgery Partners, Inc.

SGRY · Healthcare · $2.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power33

Median gross margin 23.1% over 3y, stable.

Returns on capital8

Median ROIC 5.9%, above the 9% hurdle in 11% of years.

Balance-sheet safety40

Net debt/EBITDA 6.1x, no material interest expense disclosed.

Capital discipline65

Owner earnings +7.8%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $15.99
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $284.6M (FY2013) to $3.3B (FY2025) — about 22.7% a year compounded over 12 years.

It earned 5.9% on invested capital in FY2025, with a median of 5.9% across 11 filed years. The Returns on Capital filter above scores it 8/100.

The balance sheet carried $3.7B of total debt in FY2025 against $19.4M of owner earnings — roughly 190.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 40/100.

The share count rose 12932014.4% between FY2014 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 65/100.

Put together: Capital Discipline is the strongest of the four filters (65/100) and Returns on Capital the weakest (8/100), which is how SGRY lands at 33/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$3.3B FY2025

Gross marginRevenue kept after cost of goods23.1% FY2019

Return on invested capitalOperating profit on the capital employed5.9% FY2025

Owner earningsCash an owner could take out$19.4M FY2025

Gaps in a line mean that item isn’t in SGRY’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale33.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SGRY has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#324 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#322ACRS Aclaris Therapeutics, Inc.33.4 out of 100, No moatNo moat
#323MRMD MARIMED INC.33.3 out of 100, No moatNo moat
#325FLGT Fulgent Genetics, Inc.33.2 out of 100, No moatNo moat
#326CNMD CONMED CORPORATION32.9 out of 100, No moatNo moat

Compare SGRY with its nearest peers →All Healthcare companies on the Index →

Common questions about SGRY

Does Surgery Partners, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Surgery Partners, Inc. (SGRY) 33.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 33, returns on capital 8, balance-sheet safety 40, capital discipline 65.
How has SGRY's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 33.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SGRY. See the disclaimer.