SEM SELECT MEDICAL HOLDINGS CORP
FY2025 10-K
SELECT MEDICAL HOLDINGS CORP (SEM) filed its fiscal year 2025 10-K annual report with the SEC on Feb 19, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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
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
Financial SummaryXBRL
Revenue
$5.5B
Net Income
$146M
Operating Margin
6.2%
Net Margin
2.7%
ROE
8.6%
Total Assets
$5.9B
EPS (Diluted)
$1.16
Operating Cash Flow
$346M
Source: XBRL data from SELECT MEDICAL HOLDINGS CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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