Short answer
Concentra Group Holdings Parent, Inc. (CON) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $2.2B (+13.9% year over year) and net income of $166M.
- Top risk flagged: Regulatory/legal risk: Non-compliance with Credit Agreement leverage covenant could trigger default, accelerate $942.9M Term Loan due 2031, and restrict borrowings under $450M Revolving Credit Facility
FY2025 key financial metrics · XBRL
- Revenue
- $2.2B
- +13.9% YoY
- Net income
- $166M
- −0.1% YoY
- Operating margin
- 15.4%
- −0.6 pp YoY
- EPS (diluted)
- $1.30
- −11.0% YoY
- ROE
- 42.3%
- −18.1 pp YoY
- Operating cash flow
- $279M
- +1.7% YoY
Source: XBRL data from the Concentra Group Holdings Parent, Inc. (CON) FY2025 10-K on SEC EDGAR. USD.
Concentra Group Holdings Parent, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: largest U.S. provider of occupational health services via 628 centers in 41 states, plus 411 onsite clinics in 44 states
- New emphasis: completed IPO July 2024 raising $516.5M net; separated from Select Medical via spin-off November 2024
- Strategic shift: transitioned from subsidiary within Select to independent public company; reverse stock split 1-for-4.295 in June 2024
- Notable metric: revenue grew 14% to $2.16B in 2025, employees not specified but support functions transitioned via TSAs post-IPO
- Unique fact: became large accelerated filer in 2026 due to public float exceeding $700M and now subject to Section 404(b) auditor attestation requirements
Management Discussion & Analysis
- Revenue $2,163.4M, up 13.9% YoY from $1,900.2M driven by acquisitions and organic patient visit growth
- Operating margin 15.4% vs 16.0% in prior year; net income margin 7.7% vs 8.8%; interest expense increased to $109.3M from $47.7M
- Best performing segment: occupational health centers, comprising 93% revenue in 2025; onsite health clinics fastest growth from 3% to 5% revenue share
- Repurchased 1.1M shares for $22.4M; voluntary debt repayment of $85M; capital expenditures increased depreciation to $75.8M from $67.2M
- Management notes increased reimbursement rates and patient volume for 2026; risks include regulatory changes and integration of acquisitions
Risk Factors
- Regulatory/legal risk: Non-compliance with Credit Agreement leverage covenant could trigger default, accelerate $942.9M Term Loan due 2031, and restrict borrowings under $450M Revolving Credit Facility
- Macroeconomic threat: Inflation-driven labor cost increases in healthcare sector may pressure margins, though impact to date reported as not material
- Operational risk: Integration complexity and cash outflow risk from $333.3M acquisitions of Nova and Pivot Onsite Innovations in 2025
- Competitive risk: Expansion via strategic acquisitions of occupational health centers and onsite clinics crucial versus competitors in fragmented market
- Financial risk: High leverage with $942.9M Term Loan (interest rate 5.72%) plus $650M Senior Notes at 6.875%, with scheduled principal payments of $10.7M next 12 months
Generated from the filing text; verify against the original. How to read a 10-K
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