SELECT MEDICAL HOLDINGS CORP (SEM) FY2025 10-K Annual Report
SELECT MEDICAL HOLDINGS CORP (SEM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
SELECT MEDICAL HOLDINGS CORP FY2025 10-K Analysis
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
SELECT MEDICAL HOLDINGS CORP FY2025 Key Financial MetricsXBRL
Revenue
$5.5B
▲ +5.1% YoY
Net Income
$146M
▼ -31.7% YoY
Operating Margin
6.2%
▲ +99bp YoY
Net Margin
2.7%
▼ -144bp YoY
ROE
8.6%
▼ -416bp YoY
Total Assets
$5.9B
▲ +4.3% YoY
EPS (Diluted)
$1.16
▼ -30.1% YoY
Operating Cash Flow
$346M
▼ -33.1% YoY
Source: XBRL data from SELECT MEDICAL HOLDINGS CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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