SEM at a glance
SELECT MEDICAL HOLDINGS CORP (SEM, SEC CIK 1320414) filed its latest 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 and Form 4 insider filings as recently as July 1, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), SELECT MEDICAL HOLDINGS CORP (SEM) reported revenue of $5.5 billion (up 5.1% from FY2024) and net income of $146.2 million. Diluted EPS was $1.16.
- As of June 30, 2026, 26 institutional investment managers tracked by SignalX reported holding SELECT MEDICAL HOLDINGS CORP (SEM) shares worth $607.6 million in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $5.5B
- +5.1% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 26 funds
- $607.6M · −4 vs prior quarter
- Latest 8-K
- Jul 1, 2026
- Item 1.01 · Item 2.01 · Item 5.03 · Item 5.01 · Item 2.03 · Item 7.01 · Item 3.03
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
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
AI summary of the SEM 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Mar 31, 2026
Management Discussion & Analysis
- Revenue $1,421.5M, up 5.0% YoY from $1,353.2M
- Adjusted EBITDA $141.6M, down 6.5% YoY; margin 10.0% vs 11.2%
- Rehabilitation hospitals best performer: revenue $351.9M, up 14.5%; Adjusted EBITDA $81.1M, up 15.1%
- Critical illness recovery hospitals weakest EBITDA trend: Adjusted EBITDA $73.4M, down 15.3%; margin 11.5% vs 13.6%
- Merger expected mid-2026; Medicaid reimbursement headwinds from OBBBA remain unquantified
Risk Factors
- Newly added merger risk triggered by March 2, 2026 agreement: stockholder litigation could delay or prevent closing
- Most material update: merger-related business disruption, including employee retention challenges and diverted management resources
- Regulatory risk: Hart-Scott-Rodino clearance and healthcare change-of-control approvals required before closing
- Operational risk: merger restrictions may block strategic opportunities and share repurchases without Parent consent
- Financial risk: termination could require payment of the Company Termination Fee and leave transaction costs unrecovered
AI summary of the SEM 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 1.01: Entry into a Material Definitive Agreement
- $1.0 billion incremental term loan established under Select Medical’s existing credit agreement
- Amendment No. 12 modifies financing terms, increasing leverage and future interest obligations
Item 2.01: Completion of Acquisition or Disposition of Assets
- Merger completed, with seven existing directors departing at closing
- Departures unrelated to disagreements, reducing governance-transition concerns
Item 5.03: Amendments to Articles of Incorporation or Bylaws
- Certificate of incorporation replaced at merger closing under the Merger Agreement
- Amended and restated bylaws adopted concurrently at the merger Effective Time
Item 5.01: Changes in Control of Registrant
- Merger completed, triggering a change of control at Select Medical Holdings
- Company became a wholly owned subsidiary of Parent and rollover holders
Item 2.03: Creation of a Direct Financial Obligation
- Section heading indicates a listing-status matter, not creation of a direct financial obligation
- Introductory Note contains the referenced disclosure investors need to assess exchange-compliance implications
Item 7.01: Regulation FD Disclosure
- Exhibit 99.1 furnished under Regulation FD, not deemed filed under Exchange Act Section 18
- Exhibit excluded from Securities Act incorporation by reference unless specifically incorporated
Item 3.03: Material Modification to Rights of Security Holders
- Merger completion triggered conversion of each outstanding Company Share under the merger terms
- Security-holder rights changed at the Effective Time through merger consideration mechanics
Item EX-99.1: Item EX-99.1
- Acquisition completed by consortium led by Robert Ortenzio, Martin Jackson, and WCAS, effective July 1, 2026
- Purchase price $16.50 per share, valuing Select Medical at approximately $3.9 billion
Item 5.07: Submission of Matters to a Vote of Security Holders
- Merger approved with 99,005,011 votes for and 1,789,017 against under Majority Approval
- Unaffiliated stockholders approved merger with 81,819,453 votes for and 1,789,017 against
Item 7.01: Regulation FD Disclosure
- Proposed merger remains subject to regulatory approvals and other closing conditions
- Merger-related costs, fees and expenses expected to affect Select Medical
Item EX-99.1: Item EX-99.1
- Stockholders approved Consortium-led acquisition, advancing Select Medical toward private ownership
- 82.54% of outstanding shares voted; approval included 79.88% of all shares and 76.64% unaffiliated shares
Item 8.01: Other Events
- Three lawsuits and eleven stockholder demand letters challenge merger disclosures, seeking additional information, injunctions, fees, and potential damages
- Supplemental proxy disclosures reveal planned post-closing fees of approximately $2.9 million for Ortenzio and $0.2 million for Jackson
AI summaries of SEM 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for SEM
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Hollenbach John Tyler | J | Jun 30, 2026 | 135,084 | - |
| Ely James S. III | D | Jun 30, 2026 | 161,674 | $16.50 |
| Frist William H. | D | Jun 30, 2026 | 306,266 | $16.50 |
| TAVENNER MARILYN B | D | Jun 30, 2026 | 36,035 | $16.50 |
| Thomas Daniel | D | Jun 30, 2026 | 80,035 | $16.50 |
| CARSON RUSSELL L | J | Jun 30, 2026 | 610,035 | - |
| Scully Thomas | D | Jun 30, 2026 | 103,424 | $16.50 |
| Davisson Katherine R | D | Jun 30, 2026 | 60,035 | $16.50 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $6.7B | $5.2B | $5.5B |
| Operating Income | $554.9M | $268.3M | $336.2M |
| Net Income | - | $214.0M | $146.2M |
| Op. Margin | 8.3% | 5.2% | 6.2% |
| Net Margin | - | 4.1% | 2.7% |
| Balance Sheet | |||
| Total Assets | $7.7B | $5.6B | $5.9B |
| Equity | $1.3B | $1.7B | $1.7B |
| ROE | - | 12.7% | 8.6% |
| Per Share | |||
| EPS | $1.91 | $1.66 | $1.16 |
| Cash Flow | |||
| Operating CF | $582.1M | $517.9M | $346.5M |
Source: XBRL data in SELECT MEDICAL HOLDINGS CORP (SEM)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate SEM share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 26 | $607.6M |
| Q1 2026 | 30 | $845.2M |
| Q4 2025 | 27 | $1.02B |
| Q3 2025 | 30 | $949.4M |
| Q2 2025 | 30 | $1.09B |
| Q1 2025 | 28 | $597.2M |
| Q4 2024 | 22 | $596.4M |
| Q3 2024 | 21 | $567.9M |
- Two Sigma Investments+4.56M (+1181%)
- Wells Fargo & Co+4.46M (+10274%)
- Millennium Management+1.90M (+223%)
- AQR Capital Management+57.1K (+52%)
- FMR LLC (Fidelity)+5.1K (+21%)
- Vanguard Portfolio Management LLC−6.72M (-100%)
- BlackRock−4.19M (-24%)
- State Street Corp−2.83M (-65%)
- Goldman Sachs Group−1.21M (-58%)
- BNY Mellon−1.05M (-98%)
- Vanguard Capital Management LLC−4.82M
- Soros Fund Management−1.83M
- Invesco Ltd−934.4K
- Principal Financial Group−535.6K
Source: 13F-HR filings on SEC EDGAR (aggregated from 214 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
SEM filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 8-K | Jul 1, 2026 | - | Analysis | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 8-K | Jun 26, 2026 | - | Analysis | - |
| 8-K | Jun 22, 2026 | - | Analysis | - |
| SC 13G | May 14, 2026 | - | - | |
| 4 | May 5, 2026 | - | - | - |
| 4 | May 1, 2026 | - | - | - |
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SEM SEC filings: frequently asked questions
Which institutions hold SEM stock?
As of June 30, 2026, the largest SELECT MEDICAL HOLDINGS CORP (SEM) holders among the 13F filers tracked by SignalX were BlackRock ($215.8 million), Dimensional Fund Advisors ($91.1 million), Two Sigma Investments ($81.6 million), Wells Fargo & Co ($74.4 million), Millennium Management ($45.5 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was SEM's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), SELECT MEDICAL HOLDINGS CORP (SEM) reported revenue of $5.5 billion (up 5.1% from FY2024) and net income of $146.2 million. Diluted EPS was $1.16. The figures come from the XBRL data in the 10-K.
What are the main risks in SEM's latest 10-K?
In the 10-K filed February 19, 2026, SELECT MEDICAL HOLDINGS CORP (SEM) flagged: 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. (AI summary of the Risk Factors section.)
What did SEM report in its latest 8-K?
SELECT MEDICAL HOLDINGS CORP (SEM) filed an 8-K on July 1, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 2.01 (Completion of Acquisition or Disposition of Assets), Item 5.03 (Amendments to Articles of Incorporation or Bylaws), Item 5.01 (Changes in Control of Registrant), Item 2.03 (Creation of a Direct Financial Obligation), Item 7.01 (Regulation FD Disclosure) and Item 3.03 (Material Modification to Rights of Security Holders). $1.0 billion incremental term loan established under Select Medical’s existing credit agreement.
What are the latest SEM SEC filings?
SELECT MEDICAL HOLDINGS CORP (SEM) filed its latest 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 and a Form 4 insider filing on July 1, 2026.
What is SEM's SEC CIK number?
SELECT MEDICAL HOLDINGS CORP (SEM)'s SEC Central Index Key (CIK) is 1320414. EDGAR lists every SEM filing under that number.
Ask anything about SEM
The research agent reads SEM's filings, financials, insider trades and 13F holders, then answers with sources.