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Select Medical Holdings Corporation, through its subsidiaries, operates critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States. The Critical Illness Recovery Hospital segment consists of hospitals that provide services for heart failure, infectious disease, respiratory failure and pulmonary disease, surgery requiring prolonged recovery, renal disease, neurological events, and trauma. The Rehabilitation Hospital segment offers therapy and rehabilitation treatments, including rehabilitative services for brain and spinal cord injuries, strokes, amputations, neurological disorders, orthopedic conditions, pediatric congenital or acquired disabilities, and cancer. The Outpatient Rehabilitation segment operates rehabilitation clinics that provide physical, occupational, and speech rehabilitation programs and services; and specialized programs, such as functional programs for work related injuries, hand therapy, pelvic health rehabilitation, post-concussion rehabilitation, pediatric and cancer rehabilitation, and athletic training services. Select Medical Holdings Corporation was founded in 1996 and is headquartered in Mechanicsburg, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.5B | $531M | $146M | $117M | 8.6% | 5.1% | -31.7% |
| 2024 | $5.2B | $507M | $214M | $296M | 12.7% | 7.5% | -12.1% |
| 2023 | $4.8B | $503M | $243M | $353M | 18.9% | 4.7% | 53.1% |
| 2022 | $4.6B | $379M | $159M | $94M | 14.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,609.18 | 4,825.98 | 5,187.10 | 5,452.83 |
| Operating Revenue | - | 4,151.41 | 4,340.34 | 4,675.54 | 4,915.29 |
| Cost Of Revenue | - | 4,207.69 | 4,254.37 | 4,553.46 | 4,823.54 |
| Gross Profit | - | 401.49 | 571.61 | 633.64 | 629.29 |
| Operating Expense | - | 256.74 | 304.37 | 365.33 | 293.12 |
| Selling General And Administration | - | 153.04 | 170.19 | 225.87 | 154.41 |
| Total Expenses | - | 4,464.42 | 4,558.73 | 4,918.79 | 5,116.66 |
| Operating Income | - | 144.75 | 267.24 | 268.32 | 336.17 |
| Total Operating Income As Reported | - | 144.75 | 267.24 | 268.32 | 336.17 |
| EBITDA | - | 378.56 | 502.63 | 507.27 | 530.99 |
| Normalized EBITDA | - | 378.56 | 517.32 | 536.11 | 530.99 |
| EBIT | - | 172.74 | 293.89 | 303.37 | 390.69 |
| Interest Income | 5.35 | 0 | 0 | - | - |
| Interest Expense | - | 137.47 | 154.16 | 128.60 | 117.94 |
| Net Interest Income | - | -137.47 | -154.16 | -128.60 | -117.94 |
| Other Income Expense | - | 27.98 | 26.65 | 35.06 | 54.52 |
| Interest Income Non Operating | 5.35 | 0 | 0 | - | - |
| Interest Expense Non Operating | - | 137.47 | 154.16 | 128.60 | 117.94 |
| Net Non Operating Interest Income Expense | - | -137.47 | -154.16 | -128.60 | -117.94 |
| Pretax Income | - | 35.27 | 139.72 | 174.77 | 272.75 |
| Tax Provision | - | 16.72 | 29.25 | 44.78 | 58.22 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -3.07 | -7.38 | 0 |
| Net Income Continuous Operations | - | 18.55 | 110.47 | 129.99 | 214.53 |
| Net Income From Continuing And Discontinued Operation | - | 158.99 | 243.49 | 214.04 | 146.22 |
| Net Income From Continuing Operation Net Minority Interest | - | -20.49 | 54.23 | 47.32 | 146.22 |
| Net Income | - | 158.99 | 243.49 | 214.04 | 146.22 |
| Net Income Common Stockholders | - | 159.52 | 241.36 | 211.72 | 142.86 |
| Net Income Including Noncontrolling Interests | - | 198.03 | 299.73 | 296.70 | 214.53 |
| Normalized Income | - | -20.49 | 65.85 | 68.78 | 146.22 |
| Diluted NI Availto Com Stockholders | - | 159.52 | 241.36 | 211.72 | 142.86 |
| Basic Average Shares | - | 122.51 | 123.10 | 124.61 | 122.65 |
| Diluted Average Shares | - | 122.51 | 123.10 | 124.61 | 122.65 |
| Reconciled Depreciation | - | 205.82 | 208.74 | 203.89 | 140.30 |
| Reconciled Cost Of Revenue | - | 4,134.02 | 4,181.32 | 4,492.43 | 4,823.54 |
| Total Unusual Items | - | 0 | -14.69 | -28.84 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | -14.69 | -28.84 | 0 |
| Minority Interests | - | -39.03 | -56.24 | -82.67 | -68.31 |
| Net Income Discontinuous Operations | - | 179.48 | 189.26 | 166.72 | 0 |
| Special Income Charges | - | 0 | -14.69 | -28.84 | 0 |
| Gain On Sale Of Business | 2.15 | 0 | 0 | - | - |
| Other Special Charges | - | - | 14.69 | 28.84 | - |
| Depreciation Amortization Depletion Income Statement | - | 132.16 | 135.69 | 142.87 | 140.30 |
| Depreciation And Amortization In Income Statement | - | 132.16 | 135.69 | 142.87 | 140.30 |
| General And Administrative Expense | - | 153.04 | 170.19 | 225.87 | 154.41 |
| Other Gand A | - | 153.04 | 170.19 | 225.87 | 154.41 |
| Other Operating Expenses | - | -28.45 | -1.52 | -3.41 | -1.59 |
| Otherunder Preferred Stock Dividend | - | -0.53 | 2.13 | 2.32 | 3.35 |
| Earnings From Equity Interest | - | 27.98 | 41.34 | 63.90 | 54.52 |
| Average Dilution Earnings | 0 | - | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Select Medical Holdings Corporationthis co. | SEM | $2.0B | 13.99↑ premium | 1.20 | 8.6% | 9.20 |
| Supernus Pharmaceuticals, Inc. | SUPN | $2.6B | -67.30 | 2.44 | -3.6% | 58.94 |
| TransMedics Group, Inc. | TMDX | $2.5B | 12.96 | 5.21 | 40.2% | 16.82 |
| Acadia Healthcare Company, Inc. | ACHC | $2.3B | -2.10 | 1.19 | -56.6% | -6.55 |
| Prestige Consumer Healthcare Inc. |
| 2021 | - | - | - | - | - | - | - |
| PBH |
| $2.2B |
| 11.31 |
| 1.14 |
| 10.1% |
| 9.47 |
| LeMaitre Vascular, Inc. | LMAT | $2.1B | 37.03 | 5.43 | 14.7% | 25.28 |
| Neogen Corporation | NEOG | $2.0B | -1.82 | 0.96 | -52.7% | -2.94 |
| ADMA Biologics, Inc. | ADMA | $1.8B | 12.59 | 3.87 | 30.8% | 9.31 |
| Sarepta Therapeutics, Inc. | SRPT | $1.8B | -2.47 | 1.54 | -62.5% | -3.22 |
| Peer Median | - | 4.75 | 1.99 | 3.2% | 9.39 | |