SEM SELECT MEDICAL HOLDINGS CORP

company

SEC Filings & Insider Trading Activity 2026

Business Overview

• • Core business model: Operates critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics across 39 states plus DC
• • Discontinued Concentra business via tax-free distribution in November 2024, reflected as discontinued operations for FY2025
• • Received non-binding acquisition proposal for a take-private transaction at $16.00-$16.20/share from Executive Chairman in late 2025
• • Operated 104 critical illness recovery hospitals, 38 rehabilitation hospitals, and 1,917 outpatient clinics as of December 31, 2025
• • Revenue growth slowed to $5.45B in 2025 after divestiture; net income attributable to common stockholders dropped to $146.2M in 2025 from $214M in 2024

Risk Factors

• • Regulatory reimbursement risk from CMS Transmittal 12594 raising LTCH outlier reconciliation CCR threshold to 20%, effective Oct 1, 2025, increasing outlier payment recoupments
• • Macroeconomic impact of Medicare payment updates: FY2026 IRF standard payment factor $19,371, up 2.4% vs FY2025, with outlier threshold dropped to $10,141
• • Operational exposure to changes in MPFS therapy payments, including a -2.5% efficiency adjustment on non-time-based codes affecting physical/occupational therapy revenue
• • Competitive risk from specialty rehabilitation hospitals with 50% Medicare patient days, amid industry-wide reimbursement and regulatory shifts
• • Financial risk from insurance programs liability with accrued losses of $143.6M at Dec 31, 2025, including unknown future claim frequency and severity changes

Management Discussion & Analysis

• • Revenue $5,452.8M for 2025, up 5.1% YoY from $5,187.1M in 2024 and $4,826.0M in 2023
• • Adjusted EBITDA $493.2M in 2025, down 3.4% YoY from $510.4M in 2024 and up 10.5% from $446.1M in 2023; margin 9.0% in 2025 vs 9.8% in 2024
• • Best performing segment rehab hospital with revenue $1,288.9M (+16.1%), Adjusted EBITDA $278.6M (+13.4%), margin 21.6%
• • Worst performing segment outpatient rehab with revenue $1,284.9M (+2.8%), Adjusted EBITDA $90.2M (-17.0%), margin 7.0%
• • Net income from continuing operations $214.5M in 2025 vs $130.0M in 2024 and $110.5M in 2023; income growth impacted by debt retirement losses in 2024 and 2023
• • Capital allocation details not explicitly stated; tax-free spin-off of Concentra completed Nov 2024, no longer owned
• • Regulatory risks from Medicaid funding cuts up to $1 trillion (2025-2034) under OBBBA; potential reimbursement rate cuts and timing uncertainty
• • Medicare payment rate increases for critical illness recovery hospitals for FY 2026: standard federal rate $50,825 vs $49,383 in FY 2025; holds telehealth policy expansions through 2025 with some permanent changes

What are the latest SEM SEC filings in 2026?

SELECT MEDICAL HOLDINGS CORP (SEM) has filed a 10-K annual report on February 19, 2026, a 10-Q quarterly report on April 30, 2026, an 8-K current report on July 1, 2026 with the SEC. SignalX tracks every new SEC EDGAR filing daily, including 10-K, 10-Q, 8-K, and Form 4 insider transactions, with AI-powered summaries of key sections.

When did SEM file its most recent 10-K annual report?

SELECT MEDICAL HOLDINGS CORP (SEM) filed its most recent 10-K annual report on February 19, 2026. The 10-K includes audited financial statements, business overview, risk factors, and management discussion, all available on SignalX with AI-generated summaries and XBRL financial data.

How do I view SEM 10-Q quarterly reports?

SELECT MEDICAL HOLDINGS CORP (SEM)'s most recent 10-Q quarterly report was filed on April 30, 2026. SignalX displays every SEM 10-Q with AI-generated summaries of the MD&A (Management Discussion & Analysis) and Risk Factors sections, plus links to the original SEC EDGAR document.

What 8-K current reports has SEM filed recently?

SELECT MEDICAL HOLDINGS CORP (SEM)'s most recent 8-K was filed on July 1, 2026. 8-K filings disclose material corporate events such as earnings releases, executive changes, mergers, and other significant developments. SignalX surfaces each 8-K with item-level summaries so you can quickly see what happened.

Where can I find SEM insider trading activity (Form 4)?

SignalX aggregates every SEM Form 4 insider transaction from SEC EDGAR. Form 4 reports show when officers, directors, and 10% shareholders buy or sell company stock, with transaction code, share count, and price per share.

How often does SEM file with the SEC?

SELECT MEDICAL HOLDINGS CORP (SEM) files a 10-K annual report once per year (typically within 60 days of fiscal year-end) and 10-Q quarterly reports three times per year. 8-K current reports are filed as needed when material events occur, and Form 4 insider transaction reports are due within two business days of a trade. SignalX monitors SEC EDGAR daily to surface every new SEM filing with AI-powered analysis.

What is the difference between 10-K, 10-Q, and 8-K SEC filings?

A 10-K is a comprehensive annual report with audited financials, business overview, and risk factors. A 10-Q is a shorter quarterly report with unaudited financials and management discussion. An 8-K is a current report filed when a material event occurs, such as earnings releases, executive changes, acquisitions, or other significant developments. SignalX provides AI-generated summaries for all three filing types for SELECT MEDICAL HOLDINGS CORP (SEM).

What is SEM's SEC CIK number?

SELECT MEDICAL HOLDINGS CORP (SEM)'s SEC CIK (Central Index Key) number is 1320414. The CIK is a unique identifier assigned by the SEC to every filing entity. You can use CIK 1320414 to look up all SEM filings on SEC EDGAR, or browse them here on SignalX with AI-powered analysis.

Where can I find SEM return on equity (ROE) and financial data?

SignalX extracts XBRL financial data from SELECT MEDICAL HOLDINGS CORP (SEM) 10-K annual filings, including revenue, net income, gross profit, operating income, EPS, total assets, stockholders' equity, and operating cash flow. Return on equity (ROE) can be derived from net income divided by stockholders' equity. Multi-year financial trends are displayed in the Financial Summary table above.