Detailed financial statements for Concentra Group Holdings Parent, Inc. (CON): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Concentra Group Holdings Parent, Inc. is a U.S.-based provider of occupational health solutions. The company delivers a comprehensive suite of occupational and consumer health services, encompassing treatment for workers' compensation injuries, urgent care, diagnostic clinical testing, preventative health measures, and employer-specific programs, along with wellness initiatives.
Analysis Summary
Trailing-twelve-month margins: gross margin 29.3%, operating margin 16.4%, net margin 8.7%.
At $40.59 (closing price, October 28, 2026), CON trades at a P/E of 26.36 and an ROE of 47.30%. Market capitalisation stands at $5.2B.
Balance sheet quality for CON: current ratio of 1.1, net debt of $2.02B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $197.1M represents 118% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.73B | $1.72B | $1.84B | $1.90B | $2.16B |
| Cost of Revenue | $1.30B | $1.32B | $1.33B | $1.37B | $1.55B |
| Gross Profit | $428.0M | $408.2M | $512.4M | $528.0M | $613.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $157.7M | $150.0M | $152.0M | $156.3M | $203.3M |
| Operating Expenses | $157.7M | $150.0M | $224.8M | $223.2M | $279.1M |
| Operating Income | $270.3M | $258.2M | $287.6M | $304.8M | $334.0M |
| EBITDA | $389.6M | $330.2M | $360.2M | $368.3M | $408.9M |
| Interest Expense | $31.9M | $31.6M | $114.0M | $69.7M | $109.3M |
| Pre-tax Income | $275.6M | $224.9M | $242.6M | $231.4M | $223.8M |
| Income Tax | $59.5M | $52.7M | $57.9M | $59.5M | $51.0M |
| Net Income | $208.9M | $166.7M | $179.9M | $166.5M | $166.4M |
| EPS | $1.65 | $1.32 | $1.42 | $1.30 | $1.39 |
| EPS (Diluted) | $1.65 | $1.32 | $1.42 | $1.30 | $1.30 |
| Shares Outstanding (Diluted) | 126.6 M | 126.6 M | 126.6 M | 128.1 M | 128.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $572.8M | $539.1M | $569.6M | $606.0M |
| Gross Profit | $167.3M | $140.7M | $170.5M | $192.1M |
| Operating Income | $94.5M | $69.7M | $95.6M | $115.1M |
| EBITDA | $116.6M | $91.7M | $116.6M | $135.0M |
| Net Income | $48.3M | $34.7M | $50.5M | $65.3M |
| EPS | $0.38 | $0.27 | $0.39 | $0.51 |
| EPS (Diluted) | $0.37 | $0.28 | $0.39 | $0.50 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $37.7M | $31.4M | $183.3M | $79.9M |
| Short-term Investments | 0 | 0 | 0 | 0 |
| Receivables | $206.3M | $216.2M | $217.7M | $257.9M |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $284.6M | $294.4M | $437.2M | $383.1M |
| Property, Plant & Equipment | $533.9M | $576.2M | $633.5M | $709.0M |
| Goodwill | $1.23B | $1.23B | $1.23B | $1.48B |
| Intangible Assets | $247.6M | $224.8M | $204.7M | $242.6M |
| Total Assets | $2.30B | $2.49B | $2.52B | $3.04B |
| Accounts Payable | $27.7M | $20.4M | $19.8M | $21.0M |
| Short-term Debt | $1.7M | $74.4M | $10.1M | $10.7M |
| Total Current Liabilities | $279.6M | $274.6M | $307.2M | $337.2M |
| Long-term Debt | $633.9M | $473.3M | $1.47B | $1.56B |
| Total Liabilities | $1.30B | $1.31B | $2.22B | $2.62B |
| Retained Earnings | $508.6M | $685.3M | $13.6M | $146.4M |
| Total Equity | $973.3M | $1.16B | $275.7M | $393.3M |
| Total Debt | $1.04B | $905.0M | $1.95B | $2.10B |
| Net Debt | $1.00B | $873.6M | $1.77B | $2.02B |
| Working Capital | $5.0M | $19.8M | $130.0M | $45.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $49.9M | $79.9M | $61.7M | $158.0M |
| Total Assets | $2.84B | $2.86B | $2.89B | $3.01B |
| Total Liabilities | $2.43B | $2.44B | $2.44B | $2.50B |
| Total Equity | $385.5M | $393.3M | $424.7M | $477.1M |
| Total Debt | $2.14B | $2.10B | $2.12B | $2.14B |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | $216.0M | $172.2M | $184.7M | $171.9M | $172.8M |
| Depreciation & Amortization | $82.2M | $73.7M | $73.1M | $67.2M | $75.8M |
| Stock-based Compensation | $2.1M | $2.1M | $651,000 | $2.3M | 0 |
| Change in Working Capital | -$7.3M | $33.9M | -$18.7M | $30.2M | $8.0M |
| Operating Cash Flow | $290.6M | $274.3M | $234.3M | $274.7M | $279.4M |
| Capital Expenditure | -$46.8M | -$46.0M | -$69.3M | -$64.3M | -$82.3M |
| Acquisitions | -$20.1M | -$11.8M | -$6.0M | -$7.0M | 0 |
| Stock Repurchased | 0 | -$29.1M | -$5.3M | -$15.4M | -$22.4M |
| Dividends Paid | 0 | 0 | -$6.1M | -$1.54B | -$32.1M |
| Free Cash Flow | $243.9M | $228.4M | $165.0M | $210.3M | $197.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $60.6M | $118.7M | $21.0M | $135.2M |
| Capital Expenditure | -$21.2M | $62.2M | -$11.1M | -$15.7M |
| Free Cash Flow | $39.4M | $180.9M | $9.9M | $119.5M |
| Dividends Paid | -$8.0M | $24.0M | -$8.0M | -$8.0M |
| Stock-based Compensation | 0 | -$6.9M | $4.1M | $4.1M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.4% | +6.6% | +3.4% | +13.9% | |
| Net Income Growth (YoY) | -20.2% | +7.9% | -7.4% | -0.1% | |
| EPS Growth (YoY) | -20.0% | +7.6% | -8.5% | +6.9% | |
| Shares Change (YoY) | +0.0% | +0.0% | +1.2% | +0.0% | |
| FCF Growth (YoY) | -6.4% | -27.8% | +27.5% | -6.3% | |
| Gross Margin | 24.7% | 23.7% | 27.9% | 27.8% | 28.3% |
| Operating Margin | 15.6% | 15.0% | 15.6% | 16.0% | 15.4% |
| EBITDA Margin | 22.5% | 19.1% | 19.6% | 19.4% | 18.9% |
| Net Margin | 12.1% | 9.7% | 9.8% | 8.8% | 7.7% |
| FCF Margin | 14.1% | 13.2% | 9.0% | 11.1% | 9.1% |
| Effective Tax Rate | 21.6% | 23.4% | 23.9% | 25.7% | 22.8% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $1.93 | $1.80 | $1.30 | $1.64 | $1.54 |
| Dividends Per Share | $0.00 | $0.00 | $0.05 | $12.05 | $0.25 |
| Shares Outstanding (Basic) | 126.6 M | 126.6 M | 126.6 M | 128.1 M | 126.6 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 47.30% |
| Return on Invested Capital | 10.51% |
| Return on Assets | 6.60% |
| Gross Margin | 29.31% |
| Operating Margin | 16.39% |
| Net Margin | 8.69% |
Financial Health
| Debt / Equity | 4.49 |
| Current Ratio | 1.38 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.73 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | 13.62 | 17.03 | 15.83 | 15.22 | 14.16 |
| P/B | 0.00 | 2.92 | 2.46 | 9.19 | 6.34 |
| P/S | 1.64 | 1.65 | 1.55 | 1.33 | 1.15 |
| Gross Margin | 24.7% | 23.7% | 27.9% | 27.8% | 28.3% |
| Operating Margin | 15.6% | 15.0% | 15.6% | 16.0% | 15.4% |
| Net Margin | 12.1% | 9.7% | 9.8% | 8.8% | 7.7% |
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Explore sector: Healthcare · Medical - Care Facilities
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