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Ardent Health vs Surgery Partners: revenue, profit, margins and growth compared

Ardent Health brought in $6.3B of revenue in fiscal 2025, Surgery Partners $3.3B in fiscal 2025. Revenue changed by +6.0% at Ardent Health and +6.2% at Surgery Partners on the year before, so Surgery Partners grew faster. Ardent Health kept 2.1% of its revenue as net profit, Surgery Partners -2.4%.

Side by side, latest fiscal year

ARDTSGRY
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.3B$3.3B
Revenue growth+6.0%+6.2%
Net income$135.8M-$77.9M
Net margin2.1%-2.4%
Free cash flown/a$195.6M
Free cash flow marginn/a5.9%
Earnings per share (diluted)$0.96-$0.61
Cash$709.6M$239.9M
Debt$1.1B$3.7B
Price to earnings11.0n/a
Market value$1.5B$1.9B
Dividend yieldn/an/a
Rank by revenue in sector#52 of 523 · Health care#78 of 523 · Health care

Over the years

Revenue
ARDT FY2022: $5.1BARDT FY2024: $5.4BARDT FY2024: $6BARDT FY2025: $6.3BSGRY FY2018: $1.8BSGRY FY2019: $1.8BSGRY FY2020: $1.9BSGRY FY2021: $2.2BSGRY FY2022: $2.5BSGRY FY2023: $2.7BSGRY FY2024: $3.1BSGRY FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
ARDT $6.3BSGRY $3.3B
Net income
ARDT FY2022: $188.9MARDT FY2024: $53.9MARDT FY2024: $210.3MARDT FY2025: $135.8MSGRY FY2018: -$205.7MSGRY FY2019: -$74.8MSGRY FY2020: -$116.1MSGRY FY2021: -$70.9MSGRY FY2022: -$54.6MSGRY FY2023: -$11.9MSGRY FY2024: -$168.1MSGRY FY2025: -$77.9MFY18FY19FY20FY21FY22FY23FY24FY25
ARDT $135.8MSGRY -$77.9M
Net margin
ARDT FY2022: 3.7%ARDT FY2024: 1.0%ARDT FY2024: 3.5%ARDT FY2025: 2.1%SGRY FY2018: -11.6%SGRY FY2019: -4.1%SGRY FY2020: -6.2%SGRY FY2021: -3.2%SGRY FY2022: -2.2%SGRY FY2023: -0.4%SGRY FY2024: -5.4%SGRY FY2025: -2.4%FY18FY19FY20FY21FY22FY23FY24FY25
ARDT 2.1%SGRY -2.4%
Revenue growth
ARDT FY2024: +5.5%ARDT FY2024: +10.3%ARDT FY2025: +6.0%SGRY FY2019: +3.4%SGRY FY2020: +1.6%SGRY FY2021: +19.6%SGRY FY2022: +14.1%SGRY FY2023: +8.0%SGRY FY2024: +13.5%SGRY FY2025: +6.2%FY19FY20FY21FY22FY23FY24FY25
ARDT +6.0%SGRY +6.2%
Free cash flow
SGRY FY2018: $104.8MSGRY FY2019: $55.9MSGRY FY2020: $204MSGRY FY2021: $29.5MSGRY FY2022: $78.2MSGRY FY2023: $205MSGRY FY2024: $209.7MSGRY FY2025: $195.6MFY18FY19FY20FY21FY22FY23FY24FY25
ARDTSGRY $195.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ardent Health and Surgery Partners

Which is bigger by revenue, Ardent Health or Surgery Partners?

Ardent Health is bigger by revenue: $6.3B in fiscal 2025, against $3.3B for Surgery Partners in fiscal 2025.

Which keeps more of its revenue as profit, Ardent Health or Surgery Partners?

Ardent Health had a net margin of 2.1% in fiscal 2025; Surgery Partners had -2.4% in fiscal 2025.

Which grew revenue faster, Ardent Health or Surgery Partners?

In their latest fiscal years revenue changed by +6.0% at Ardent Health and +6.2% at Surgery Partners.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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