# Medical Care Facilities — company-by-company sector analysis

> Medical Care Facilities: Fresenius Medical Care AG owns the largest revenue base; Astrana Health, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Medical Care Facilities has outperformed S&P 500 by 63% over 52 weeks and 25.7% over 13 weeks. 23 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 30 beat the sector itself. Fresenius Medical Care AG leads with revenue of $19,359 million, based on 24 of 30 comparable companies through Mar 2026.

### Is the Medical Care Facilities sector outperforming S&P 500?

Medical Care Facilities has outperformed S&P 500 by 63% over 52 weeks and 25.7% over 13 weeks. 23 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 30 beat the sector itself.

### Which Medical Care Facilities company is largest by revenue?

Fresenius Medical Care AG leads with revenue of $19,359 million, based on 24 of 30 comparable companies through Mar 2026.

### Which Medical Care Facilities company is growing fastest?

Astrana Health, Inc. has the fastest current revenue growth at 56.8%, across 24 of 30 comparable companies.

### Which Medical Care Facilities company has the strongest 4-Factor Sector Score?

AMN Healthcare Services, Inc. ranks first at 64.2/100 with 58.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Medical Care Facilities company reports the most CAPEX?

HCA Healthcare, Inc. reports the largest latest CAPEX at $1,231 million, with 30 of 30 companies comparable.

### Which Medical Care Facilities company has the least gross debt?

Healthcare Services Group, Inc. has the lowest comparable gross debt at $11 million. HCA Healthcare, Inc. has the highest at $51,552 million.

### Which Medical Care Facilities company has the lowest comparable PEG?

Universal Health Services, Inc. has the lowest comparable Guarded PEG at 0.21, among 13 of 30 companies that pass the metric’s comparability rules.

### How much history does this Medical Care Facilities comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Medical Care Facilities has outperformed S&P 500 by 63% over the last 52 weeks. Over 13 weeks the gap is a lead of 25.7%. 23 of 30 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. agilon health, inc. is the strongest against the sector itself at +91.7%.

13-week sector return versus NIFTY 500: 26%
52-week sector return versus NIFTY 500: 63%
Stocks leading NIFTY: 23/30
Stocks leading sector: 11/30

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 30
Combined market value: ₹2.4 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. AMN Healthcare Services, Inc. (AMN): 64/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 26.1/35 | Capital efficiency 12.9/25 | Valuation 9.3/20 | Relative strength 15.9/20
   - Exact sum: 26.1 + 12.9 + 9.3 + 15.9 = 64.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Tenet Healthcare Corporation (THC): 62/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.7/35 | Capital efficiency 14.1/25 | Valuation 11.3/20 | Relative strength 12.9/20
   - Exact sum: 23.7 + 14.1 + 11.3 + 12.9 = 62
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Addus HomeCare Corporation (ADUS): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.2/35 | Capital efficiency 14.6/25 | Valuation 13.8/20 | Relative strength 8.9/20
   - Exact sum: 21.2 + 14.6 + 13.8 + 8.9 = 58.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. LifeStance Health Group, Inc. (LFST): 58/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 22.3/35 | Capital efficiency 9.1/25 | Valuation 8.5/20 | Relative strength 18.5/20
   - Exact sum: 22.3 + 9.1 + 8.5 + 18.5 = 58.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. agilon health, inc. (AGL): 58/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 18.4/35 | Capital efficiency 9.7/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 18.4 + 9.7 + 10 + 20 = 58.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Concentra Group Holdings Parent, Inc. (CON): 58/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 20.2/35 | Capital efficiency 11.8/25 | Valuation 10.2/20 | Relative strength 15.5/20
   - Exact sum: 20.2 + 11.8 + 10.2 + 15.5 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. PACS Group, Inc. (PACS): 57/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 21.9/35 | Capital efficiency 10.9/25 | Valuation 9.2/20 | Relative strength 14.7/20
   - Exact sum: 21.9 + 10.9 + 9.2 + 14.7 = 56.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Healthcare Services Group, Inc. (HCSG): 56/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 22.9/35 | Capital efficiency 13.8/25 | Valuation 10.4/20 | Relative strength 8.5/20
   - Exact sum: 22.9 + 13.8 + 10.4 + 8.5 = 55.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Encompass Health Corporation (EHC): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.8/35 | Capital efficiency 15.4/25 | Valuation 14.4/20 | Relative strength 4.5/20
   - Exact sum: 20.8 + 15.4 + 14.4 + 4.5 = 55.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. National HealthCare Corporation (NHC): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.7/35 | Capital efficiency 13.3/25 | Valuation 10.5/20 | Relative strength 14.1/20
   - Exact sum: 16.7 + 13.3 + 10.5 + 14.1 = 54.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 39.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. Fresenius Medical Care AG (FMS): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.6/35 | Capital efficiency 12.3/25 | Valuation 15.4/20 | Relative strength 5.1/20
   - Exact sum: 21.6 + 12.3 + 15.4 + 5.1 = 54.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Universal Health Services, Inc. (UHS): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 21.8/35 | Capital efficiency 14.7/25 | Valuation 16.1/20 | Relative strength 1.7/20
   - Exact sum: 21.8 + 14.7 + 16.1 + 1.7 = 54.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. DaVita Inc. (DVA): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.2/35 | Capital efficiency 10.9/25 | Valuation 8.5/20 | Relative strength 18.3/20
   - Exact sum: 16.2 + 10.9 + 8.5 + 18.3 = 53.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 47.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. Guardian Pharmacy Services, Inc. (GRDN): 48/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 17.5/35 | Capital efficiency 14.8/25 | Valuation 8.7/20 | Relative strength 6.8/20
   - Exact sum: 17.5 + 14.8 + 8.7 + 6.8 = 47.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. The Pennant Group, Inc. (PNTG): 47/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 20.7/35 | Capital efficiency 9.6/25 | Valuation 4.3/20 | Relative strength 12.4/20
   - Exact sum: 20.7 + 9.6 + 4.3 + 12.4 = 47
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Pediatrix Medical Group, Inc. (MD): 47/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 17.6/35 | Capital efficiency 11.6/25 | Valuation 10.6/20 | Relative strength 7.2/20
   - Exact sum: 17.6 + 11.6 + 10.6 + 7.2 = 47
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. The Ensign Group, Inc. (ENSG): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 21.5/35 | Capital efficiency 12.6/25 | Valuation 7.5/20 | Relative strength 2.1/20
   - Exact sum: 21.5 + 12.6 + 7.5 + 2.1 = 43.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. Acadia Healthcare Company, Inc. (ACHC): 44/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 11.9/35 | Capital efficiency 7.7/25 | Valuation 9.5/20 | Relative strength 14.4/20
   - Exact sum: 11.9 + 7.7 + 9.5 + 14.4 = 43.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 37.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
19. InnovAge Holding Corp. (INNV): 44/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.9/35 | Capital efficiency 7.3/25 | Valuation 8.6/20 | Relative strength 16.7/20
   - Exact sum: 10.9 + 7.3 + 8.6 + 16.7 = 43.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Aveanna Healthcare Holdings Inc. (AVAH): 43/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 11.5/35 | Capital efficiency 9.6/25 | Valuation 11.4/20 | Relative strength 10.4/20
   - Exact sum: 11.5 + 9.6 + 11.4 + 10.4 = 42.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21. Chemed Corporation (CHE): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.6/35 | Capital efficiency 16.7/25 | Valuation 5.7/20 | Relative strength 9.9/20
   - Exact sum: 9.6 + 16.7 + 5.7 + 9.9 = 41.9
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
22. HCA Healthcare, Inc. (HCA): 41/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.2/35 | Capital efficiency 12.6/25 | Valuation 10.7/20 | Relative strength 1.6/20
   - Exact sum: 16.2 + 12.6 + 10.7 + 1.6 = 41.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23. Ardent Health, Inc. (ARDT): 41/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 14.5/35 | Capital efficiency 8.8/25 | Valuation 11.0/20 | Relative strength 6.5/20
   - Exact sum: 14.5 + 8.8 + 11 + 6.5 = 40.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Select Medical Holdings Corporation (SEM): 40/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.1/35 | Capital efficiency 9.3/25 | Valuation 13.3/20 | Relative strength 6.5/20
   - Exact sum: 11.1 + 9.3 + 13.3 + 6.5 = 40.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
25. Astrana Health, Inc. (ASTH): 38/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.5/35 | Capital efficiency 6.7/25 | Valuation 10.8/20 | Relative strength 6.3/20
   - Exact sum: 14.5 + 6.7 + 10.8 + 6.3 = 38.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. Brookdale Senior Living Inc. (BKD): 38/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 17.0/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 6.9/20
   - Exact sum: 17 + 4.3 + 10 + 6.9 = 38.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Sonida Senior Living, Inc. (SNDA): 37/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 13.1/35 | Capital efficiency 4.2/25 | Valuation 11.5/20 | Relative strength 8.5/20
   - Exact sum: 13.1 + 4.2 + 11.5 + 8.5 = 37.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28. Surgery Partners, Inc. (SGRY): 37/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 14.0/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 4.8/20
   - Exact sum: 14 + 8.3 + 10 + 4.8 = 37.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29. Option Care Health, Inc. (OPCH): 33/100 — Adverse evidence; evidence 82%
   - Growth & earnings 12.9/35 | Capital efficiency 11.7/25 | Valuation 4.6/20 | Relative strength 3.9/20
   - Exact sum: 12.9 + 11.7 + 4.6 + 3.9 = 33.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
30. COMPASS Pathways plc (CMPS): 50/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 19.8/35 | Capital efficiency 8.9/25 | Valuation 10.0/20 | Relative strength 11.5/20
   - Exact sum: 19.8 + 8.9 + 10 + 11.5 = 50.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Fresenius Medical Care AG is the scale leader at $19,359 million, 9% ahead of Universal Health Services, Inc.. Astrana Health, Inc.'s growth is 56.8% from a $3,527 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Fresenius Medical Care AG is the scale benchmark; Astrana Health, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Fresenius Medical Care AG's growth falls below Astrana Health, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Fresenius Medical Care AG · $19,359 million | 9% versus #2 · Universal Health Services, Inc. | 4/8 recent comparable periods | 24/30 companies · 529 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Fresenius Medical Care AG (FMS): ₹19.4K Cr
2. Universal Health Services, Inc. (UHS): ₹17.8K Cr
3. DaVita Inc. (DVA): ₹13.8K Cr
4. Ardent Health, Inc. (ARDT): ₹6.4K Cr
5. Encompass Health Corporation (EHC): ₹6.1K Cr

### Revenue growth — fastest growers
1. Astrana Health, Inc. (ASTH): 57%
2. The Pennant Group, Inc. (PNTG): 37%
3. Sonida Senior Living, Inc. (SNDA): 26%
4. AMN Healthcare Services, Inc. (AMN): 20%
5. Addus HomeCare Corporation (ADUS): 20%

### 20-quarter Revenue history
- HCA: Sep 2021 ₹15.3K Cr | Dec 2021 ₹15.1K Cr | Mar 2022 ₹14.9K Cr | Jun 2022 ₹14.8K Cr | Sep 2022 ₹15.0K Cr | Dec 2022 ₹15.5K Cr | Mar 2023 ₹15.6K Cr | Jun 2023 ₹15.9K Cr | Sep 2023 ₹16.2K Cr | Dec 2023 ₹17.3K Cr | Mar 2024 ₹17.3K Cr | Jun 2024 ₹17.5K Cr | Sep 2024 ₹17.5K Cr | Dec 2024 ₹18.3K Cr | Mar 2025 ₹18.3K Cr | Jun 2025 ₹18.6K Cr | Sep 2025 ₹19.2K Cr | Dec 2025 ₹19.5K Cr | Mar 2026 ₹19.1K Cr | Jun 2026 —
- THC: Sep 2021 ₹4.9K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- DVA: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- FMS: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹4.9K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- EHC: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- ENSG: Sep 2021 ₹669 Cr | Dec 2021 ₹693 Cr | Mar 2022 ₹713 Cr | Jun 2022 ₹732 Cr | Sep 2022 ₹770 Cr | Dec 2022 ₹810 Cr | Mar 2023 ₹887 Cr | Jun 2023 ₹921 Cr | Sep 2023 ₹941 Cr | Dec 2023 ₹980 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- UHS: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹708 Cr | Jun 2023 ₹761 Cr | Sep 2023 ₹789 Cr | Dec 2023 ₹853 Cr | Mar 2024 ₹920 Cr | Jun 2024 ₹982 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 — | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- CHE: Sep 2021 ₹539 Cr | Dec 2021 ₹541 Cr | Mar 2022 ₹531 Cr | Jun 2022 ₹531 Cr | Sep 2022 ₹526 Cr | Dec 2022 ₹547 Cr | Mar 2023 ₹560 Cr | Jun 2023 ₹554 Cr | Sep 2023 ₹565 Cr | Dec 2023 ₹586 Cr | Mar 2024 ₹589 Cr | Jun 2024 ₹596 Cr | Sep 2024 ₹606 Cr | Dec 2024 ₹640 Cr | Mar 2025 ₹647 Cr | Jun 2025 ₹619 Cr | Sep 2025 ₹625 Cr | Dec 2025 ₹639 Cr | Mar 2026 ₹658 Cr | Jun 2026 —
- LFST: Sep 2021 ₹174 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹210 Cr | Sep 2022 ₹218 Cr | Dec 2022 ₹229 Cr | Mar 2023 ₹253 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹312 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹345 Cr | Sep 2025 ₹364 Cr | Dec 2025 ₹382 Cr | Mar 2026 ₹403 Cr | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹456 Cr | Jun 2023 ₹467 Cr | Sep 2023 ₹474 Cr | Dec 2023 ₹441 Cr | Mar 2024 ₹468 Cr | Jun 2024 ₹478 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹465 Cr | Mar 2025 ₹501 Cr | Jun 2025 ₹551 Cr | Sep 2025 ₹573 Cr | Dec 2025 ₹539 Cr | Mar 2026 ₹570 Cr | Jun 2026 —
- BKD: Sep 2021 ₹642 Cr | Dec 2021 ₹644 Cr | Mar 2022 ₹678 Cr | Jun 2022 ₹690 Cr | Sep 2022 ₹757 Cr | Dec 2022 ₹701 Cr | Mar 2023 ₹753 Cr | Jun 2023 ₹751 Cr | Sep 2023 ₹757 Cr | Dec 2023 ₹754 Cr | Mar 2024 ₹783 Cr | Jun 2024 ₹778 Cr | Sep 2024 ₹784 Cr | Dec 2024 ₹781 Cr | Mar 2025 ₹814 Cr | Jun 2025 ₹813 Cr | Sep 2025 ₹813 Cr | Dec 2025 ₹754 Cr | Mar 2026 ₹765 Cr | Jun 2026 —
- NHC: Sep 2021 ₹277 Cr | Dec 2021 ₹283 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹271 Cr | Sep 2022 ₹271 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹270 Cr | Jun 2023 ₹283 Cr | Sep 2023 ₹288 Cr | Dec 2023 ₹301 Cr | Mar 2024 ₹297 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹340 Cr | Dec 2024 ₹369 Cr | Mar 2025 ₹374 Cr | Jun 2025 ₹375 Cr | Sep 2025 ₹383 Cr | Dec 2025 ₹387 Cr | Mar 2026 ₹382 Cr | Jun 2026 —
- OPCH: Sep 2021 ₹892 Cr | Dec 2021 ₹927 Cr | Mar 2022 ₹916 Cr | Jun 2022 ₹981 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- ACHC: Sep 2021 ₹588 Cr | Dec 2021 ₹593 Cr | Mar 2022 ₹617 Cr | Jun 2022 ₹652 Cr | Sep 2022 ₹667 Cr | Dec 2022 ₹675 Cr | Mar 2023 ₹704 Cr | Jun 2023 ₹731 Cr | Sep 2023 ₹750 Cr | Dec 2023 ₹743 Cr | Mar 2024 ₹768 Cr | Jun 2024 ₹796 Cr | Sep 2024 ₹816 Cr | Dec 2024 ₹774 Cr | Mar 2025 ₹771 Cr | Jun 2025 ₹869 Cr | Sep 2025 ₹852 Cr | Dec 2025 ₹821 Cr | Mar 2026 ₹829 Cr | Jun 2026 —
- GRDN: Sep 2021 ₹204 Cr | Dec 2021 ₹210 Cr | Mar 2022 ₹211 Cr | Jun 2022 ₹224 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹249 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹275 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹339 Cr | Mar 2025 ₹329 Cr | Jun 2025 ₹344 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹398 Cr | Mar 2026 ₹337 Cr | Jun 2026 —
- ADUS: Sep 2021 ₹217 Cr | Dec 2021 ₹225 Cr | Mar 2022 ₹227 Cr | Jun 2022 ₹237 Cr | Sep 2022 ₹240 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹260 Cr | Sep 2023 ₹271 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹281 Cr | Jun 2024 ₹287 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹338 Cr | Jun 2025 ₹349 Cr | Sep 2025 ₹362 Cr | Dec 2025 ₹373 Cr | Mar 2026 ₹364 Cr | Jun 2026 —
- MD: Sep 2021 ₹493 Cr | Dec 2021 ₹499 Cr | Mar 2022 ₹482 Cr | Jun 2022 ₹486 Cr | Sep 2022 ₹490 Cr | Dec 2022 ₹514 Cr | Mar 2023 ₹491 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹507 Cr | Dec 2023 ₹496 Cr | Mar 2024 ₹495 Cr | Jun 2024 ₹504 Cr | Sep 2024 ₹511 Cr | Dec 2024 ₹502 Cr | Mar 2025 ₹458 Cr | Jun 2025 ₹469 Cr | Sep 2025 ₹493 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹476 Cr | Jun 2026 —
- AVAH: Sep 2021 ₹436 Cr | Dec 2021 ₹411 Cr | Mar 2022 ₹414 Cr | Jun 2022 ₹451 Cr | Sep 2022 ₹443 Cr | Dec 2022 ₹443 Cr | Mar 2023 — | Jun 2023 ₹466 Cr | Sep 2023 ₹472 Cr | Dec 2023 ₹479 Cr | Mar 2024 ₹491 Cr | Jun 2024 ₹505 Cr | Sep 2024 ₹509 Cr | Dec 2024 ₹520 Cr | Mar 2025 ₹559 Cr | Jun 2025 ₹590 Cr | Sep 2025 ₹622 Cr | Dec 2025 — | Mar 2026 ₹662 Cr | Jun 2026 ₹648 Cr
- SEM: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- SGRY: Sep 2021 ₹559 Cr | Dec 2021 ₹610 Cr | Mar 2022 ₹596 Cr | Jun 2022 ₹615 Cr | Sep 2022 ₹621 Cr | Dec 2022 ₹707 Cr | Mar 2023 ₹666 Cr | Jun 2023 ₹668 Cr | Sep 2023 ₹674 Cr | Dec 2023 ₹735 Cr | Mar 2024 ₹717 Cr | Jun 2024 ₹762 Cr | Sep 2024 ₹770 Cr | Dec 2024 ₹864 Cr | Mar 2025 ₹776 Cr | Jun 2025 ₹826 Cr | Sep 2025 ₹822 Cr | Dec 2025 ₹885 Cr | Mar 2026 ₹811 Cr | Jun 2026 —
- SNDA: Sep 2021 ₹58 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- ASTH: Sep 2021 ₹227 Cr | Dec 2021 ₹195 Cr | Mar 2022 ₹263 Cr | Jun 2022 ₹270 Cr | Sep 2022 ₹317 Cr | Dec 2022 ₹294 Cr | Mar 2023 ₹337 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹348 Cr | Dec 2023 ₹353 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹486 Cr | Sep 2024 ₹479 Cr | Dec 2024 ₹665 Cr | Mar 2025 ₹620 Cr | Jun 2025 ₹655 Cr | Sep 2025 ₹956 Cr | Dec 2025 ₹951 Cr | Mar 2026 ₹965 Cr | Jun 2026 —
- AGL: Sep 2021 ₹459 Cr | Dec 2021 ₹463 Cr | Mar 2022 ₹653 Cr | Jun 2022 ₹670 Cr | Sep 2022 ₹695 Cr | Dec 2022 ₹690 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- HCSG: Sep 2021 ₹416 Cr | Dec 2021 ₹420 Cr | Mar 2022 ₹427 Cr | Jun 2022 ₹425 Cr | Sep 2022 ₹414 Cr | Dec 2022 ₹424 Cr | Mar 2023 ₹417 Cr | Jun 2023 ₹419 Cr | Sep 2023 ₹411 Cr | Dec 2023 ₹424 Cr | Mar 2024 ₹423 Cr | Jun 2024 ₹426 Cr | Sep 2024 ₹428 Cr | Dec 2024 ₹438 Cr | Mar 2025 ₹448 Cr | Jun 2025 ₹458 Cr | Sep 2025 ₹464 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹463 Cr | Jun 2026 —
- INNV: Sep 2021 ₹173 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹171 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹177 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹221 Cr | Sep 2025 ₹236 Cr | Dec 2025 ₹240 Cr | Mar 2026 ₹252 Cr | Jun 2026 —
- PNTG: Sep 2021 ₹112 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹118 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹146 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹189 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹220 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹289 Cr | Mar 2026 ₹285 Cr | Jun 2026 —
- AMN: Sep 2021 ₹878 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹991 Cr | Sep 2023 ₹853 Cr | Dec 2023 ₹818 Cr | Mar 2024 ₹821 Cr | Jun 2024 ₹741 Cr | Sep 2024 ₹688 Cr | Dec 2024 ₹735 Cr | Mar 2025 ₹690 Cr | Jun 2025 ₹658 Cr | Sep 2025 ₹634 Cr | Dec 2025 ₹748 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —

### 20-quarter Revenue growth history
- HCA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.7% | Sep 2022 -2.0% | Dec 2022 2.9% | Mar 2023 4.3% | Jun 2023 7.0% | Sep 2023 8.3% | Dec 2023 12% | Mar 2024 11% | Jun 2024 10% | Sep 2024 7.9% | Dec 2024 5.7% | Mar 2025 5.7% | Jun 2025 6.4% | Sep 2025 9.6% | Dec 2025 6.7% | Mar 2026 4.3% | Jun 2026 —
- THC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.9% | Sep 2022 -0.9% | Dec 2022 0.7% | Mar 2023 5.8% | Jun 2023 7.6% | Sep 2023 4.4% | Dec 2023 7.3% | Mar 2024 6.9% | Jun 2024 0.4% | Sep 2024 1.1% | Dec 2024 -6.0% | Mar 2025 -2.7% | Jun 2025 3.2% | Sep 2025 3.2% | Dec 2025 9.0% | Mar 2026 2.8% | Jun 2026 —
- DVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.3% | Sep 2022 0.4% | Dec 2022 -0.9% | Mar 2023 2.0% | Jun 2023 2.5% | Sep 2023 5.8% | Dec 2023 7.9% | Mar 2024 6.9% | Jun 2024 6.2% | Sep 2024 4.6% | Dec 2024 4.7% | Mar 2025 5.0% | Jun 2025 6.1% | Sep 2025 4.8% | Dec 2025 9.9% | Mar 2026 6.0% | Jun 2026 —
- FMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 15% | Dec 2022 7.5% | Mar 2023 3.4% | Jun 2023 1.4% | Sep 2023 -3.1% | Dec 2023 -0.2% | Mar 2024 0.5% | Jun 2024 -1.2% | Sep 2024 -3.6% | Dec 2024 1.9% | Mar 2025 3.3% | Jun 2025 0.6% | Sep 2025 2.6% | Dec 2025 -0.3% | Mar 2026 -5.5% | Jun 2026 —
- EHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 7.8% | Dec 2022 9.0% | Mar 2023 9.5% | Jun 2023 12% | Sep 2023 11% | Dec 2023 9.7% | Mar 2024 13% | Jun 2024 9.6% | Sep 2024 12% | Dec 2024 13% | Mar 2025 11% | Jun 2025 12% | Sep 2025 9.4% | Dec 2025 10.0% | Mar 2026 9.1% | Jun 2026 —
- ENSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 15% | Dec 2022 17% | Mar 2023 24% | Jun 2023 26% | Sep 2023 22% | Dec 2023 21% | Mar 2024 14% | Jun 2024 12% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 19% | Sep 2025 20% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- UHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.9% | Sep 2022 5.7% | Dec 2022 5.3% | Mar 2023 5.3% | Jun 2023 6.8% | Sep 2023 6.8% | Dec 2023 7.5% | Mar 2024 11% | Jun 2024 10% | Sep 2024 11% | Dec 2024 11% | Mar 2025 6.7% | Jun 2025 9.6% | Sep 2025 13% | Dec 2025 9.0% | Mar 2026 9.6% | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 30% | Jun 2024 29% | Sep 2024 30% | Dec 2024 42% | Mar 2025 39% | Jun 2025 — | Sep 2025 31% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- CHE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.2% | Sep 2022 -2.4% | Dec 2022 1.1% | Mar 2023 5.5% | Jun 2023 4.3% | Sep 2023 7.4% | Dec 2023 7.1% | Mar 2024 5.2% | Jun 2024 7.6% | Sep 2024 7.3% | Dec 2024 9.2% | Mar 2025 9.9% | Jun 2025 3.9% | Sep 2025 3.1% | Dec 2025 -0.2% | Mar 2026 1.7% | Jun 2026 —
- LFST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 25% | Dec 2022 21% | Mar 2023 25% | Jun 2023 24% | Sep 2023 21% | Dec 2023 23% | Mar 2024 19% | Jun 2024 20% | Sep 2024 19% | Dec 2024 16% | Mar 2025 11% | Jun 2025 11% | Sep 2025 16% | Dec 2025 18% | Mar 2026 21% | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.6% | Jun 2024 2.4% | Sep 2024 3.4% | Dec 2024 5.4% | Mar 2025 7.1% | Jun 2025 15% | Sep 2025 17% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- BKD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.6% | Sep 2022 18% | Dec 2022 8.9% | Mar 2023 11% | Jun 2023 8.8% | Sep 2023 0.0% | Dec 2023 7.6% | Mar 2024 4.0% | Jun 2024 3.6% | Sep 2024 3.6% | Dec 2024 3.6% | Mar 2025 4.0% | Jun 2025 4.5% | Sep 2025 3.7% | Dec 2025 -3.5% | Mar 2026 -6.0% | Jun 2026 —
- NHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0% | Sep 2022 -2.2% | Dec 2022 -6.4% | Mar 2023 -3.2% | Jun 2023 4.4% | Sep 2023 6.3% | Dec 2023 14% | Mar 2024 10% | Jun 2024 6.4% | Sep 2024 18% | Dec 2024 23% | Mar 2025 26% | Jun 2025 25% | Sep 2025 13% | Dec 2025 4.9% | Mar 2026 2.1% | Jun 2026 —
- OPCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 14% | Dec 2022 11% | Mar 2023 11% | Jun 2023 9.0% | Sep 2023 7.1% | Dec 2023 9.4% | Mar 2024 13% | Jun 2024 15% | Sep 2024 17% | Dec 2024 20% | Mar 2025 16% | Jun 2025 15% | Sep 2025 12% | Dec 2025 8.8% | Mar 2026 1.4% | Jun 2026 —
- ACHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 13% | Dec 2022 14% | Mar 2023 14% | Jun 2023 12% | Sep 2023 12% | Dec 2023 10% | Mar 2024 9.1% | Jun 2024 8.9% | Sep 2024 8.8% | Dec 2024 4.2% | Mar 2025 0.4% | Jun 2025 9.2% | Sep 2025 4.4% | Dec 2025 6.1% | Mar 2026 7.5% | Jun 2026 —
- GRDN: Sep 2021 12% | Dec 2021 11% | Mar 2022 17% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 18% | Jun 2023 13% | Sep 2023 — | Dec 2023 — | Mar 2024 10% | Jun 2024 19% | Sep 2024 19% | Dec 2024 21% | Mar 2025 20% | Jun 2025 15% | Sep 2025 20% | Dec 2025 17% | Mar 2026 2.4% | Jun 2026 —
- ADUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.7% | Sep 2022 11% | Dec 2022 9.8% | Mar 2023 11% | Jun 2023 9.7% | Sep 2023 13% | Dec 2023 12% | Mar 2024 12% | Jun 2024 10% | Sep 2024 7.0% | Dec 2024 7.6% | Mar 2025 20% | Jun 2025 22% | Sep 2025 25% | Dec 2025 26% | Mar 2026 7.7% | Jun 2026 —
- MD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 -0.6% | Dec 2022 3.0% | Mar 2023 1.9% | Jun 2023 3.1% | Sep 2023 3.5% | Dec 2023 -3.5% | Mar 2024 0.8% | Jun 2024 0.6% | Sep 2024 0.8% | Dec 2024 1.2% | Mar 2025 -7.5% | Jun 2025 -6.9% | Sep 2025 -3.5% | Dec 2025 -1.6% | Mar 2026 3.9% | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.6% | Dec 2022 7.8% | Mar 2023 — | Jun 2023 3.3% | Sep 2023 6.6% | Dec 2023 8.1% | Mar 2024 — | Jun 2024 8.4% | Sep 2024 7.8% | Dec 2024 8.6% | Mar 2025 14% | Jun 2025 17% | Sep 2025 22% | Dec 2025 — | Mar 2026 18% | Jun 2026 9.8%
- SEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.3% | Sep 2022 2.2% | Dec 2022 1.4% | Mar 2023 4.1% | Jun 2023 5.7% | Sep 2023 6.3% | Dec 2023 4.9% | Mar 2024 -21% | Jun 2024 -23% | Sep 2024 -24% | Dec 2024 -21% | Mar 2025 2.4% | Jun 2025 4.5% | Sep 2025 7.2% | Dec 2025 6.4% | Mar 2026 5.0% | Jun 2026 —
- SGRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 11% | Dec 2022 16% | Mar 2023 12% | Jun 2023 8.6% | Sep 2023 8.5% | Dec 2023 4.0% | Mar 2024 7.7% | Jun 2024 14% | Sep 2024 14% | Dec 2024 18% | Mar 2025 8.2% | Jun 2025 8.4% | Sep 2025 6.8% | Dec 2025 2.4% | Mar 2026 4.5% | Jun 2026 —
- SNDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5% | Sep 2022 5.2% | Dec 2022 3.5% | Mar 2023 6.9% | Jun 2023 5.0% | Sep 2023 6.6% | Dec 2023 10% | Mar 2024 8.1% | Jun 2024 11% | Sep 2024 15% | Dec 2024 39% | Mar 2025 37% | Jun 2025 34% | Sep 2025 31% | Dec 2025 6.5% | Mar 2026 34% | Jun 2026 —
- ASTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 40% | Dec 2022 51% | Mar 2023 28% | Jun 2023 29% | Sep 2023 9.8% | Dec 2023 20% | Mar 2024 20% | Jun 2024 40% | Sep 2024 38% | Dec 2024 88% | Mar 2025 53% | Jun 2025 35% | Sep 2025 100% | Dec 2025 43% | Mar 2026 56% | Jun 2026 —
- AGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 51% | Dec 2022 49% | Mar 2023 61% | Jun 2023 60% | Sep 2023 64% | Dec 2023 53% | Mar 2024 52% | Jun 2024 39% | Sep 2024 28% | Dec 2024 44% | Mar 2025 -4.4% | Jun 2025 -5.9% | Sep 2025 -1.1% | Dec 2025 3.1% | Mar 2026 -7.4% | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.3% | Jun 2024 7.5% | Sep 2024 5.2% | Dec 2024 19% | Mar 2025 4.0% | Jun 2025 12% | Sep 2025 8.8% | Dec 2025 -0.1% | Mar 2026 7.0% | Jun 2026 —
- HCSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.8% | Sep 2022 -0.5% | Dec 2022 1.0% | Mar 2023 -2.3% | Jun 2023 -1.4% | Sep 2023 -0.7% | Dec 2023 0.0% | Mar 2024 1.4% | Jun 2024 1.7% | Sep 2024 4.1% | Dec 2024 3.3% | Mar 2025 5.9% | Jun 2025 7.5% | Sep 2025 8.4% | Dec 2025 6.6% | Mar 2026 3.4% | Jun 2026 —
- INNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6% | Sep 2022 -1.2% | Dec 2022 -4.6% | Mar 2023 -2.3% | Jun 2023 2.3% | Sep 2023 6.4% | Dec 2023 13% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 11% | Mar 2025 13% | Jun 2025 11% | Sep 2025 15% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- PNTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.5% | Sep 2022 5.4% | Dec 2022 12% | Mar 2023 11% | Jun 2023 14% | Sep 2023 19% | Dec 2023 17% | Mar 2024 25% | Jun 2024 28% | Sep 2024 29% | Dec 2024 29% | Mar 2025 34% | Jun 2025 30% | Sep 2025 27% | Dec 2025 53% | Mar 2026 36% | Jun 2026 —
- AMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 30% | Dec 2022 -17% | Mar 2023 -28% | Jun 2023 -31% | Sep 2023 -25% | Dec 2023 -27% | Mar 2024 -27% | Jun 2024 -25% | Sep 2024 -19% | Dec 2024 -10% | Mar 2025 -16% | Jun 2025 -11% | Sep 2025 -7.9% | Dec 2025 1.8% | Mar 2026 100% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Tenet Healthcare Corporation leads opm at 23.2%; AMN Healthcare Services, Inc. leads margin change at +6.7 percentage points.

Investor read: Tenet Healthcare Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Tenet Healthcare Corporation · 23.2% | 22.1% versus #2 · Encompass Health Corporation | 5/8 recent comparable periods | 29/30 companies · 529 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Tenet Healthcare Corporation (THC): 23%
2. Encompass Health Corporation (EHC): 19%
3. Concentra Group Holdings Parent, Inc. (CON): 17%
4. HCA Healthcare, Inc. (HCA): 15%
5. DaVita Inc. (DVA): 14%

### Margin change — fastest expanders
1. AMN Healthcare Services, Inc. (AMN): +6.7 pp
2. Tenet Healthcare Corporation (THC): +6.2 pp
3. LifeStance Health Group, Inc. (LFST): +5.0 pp
4. PACS Group, Inc. (PACS): +4.7 pp
5. Brookdale Senior Living Inc. (BKD): +3.2 pp

### 20-quarter OPM history
- HCA: Sep 2021 16% | Dec 2021 16% | Mar 2022 15% | Jun 2022 16% | Sep 2022 14% | Dec 2022 16% | Mar 2023 16% | Jun 2023 15% | Sep 2023 13% | Dec 2023 16% | Mar 2024 15% | Jun 2024 16% | Sep 2024 14% | Dec 2024 16% | Mar 2025 16% | Jun 2025 16% | Sep 2025 16% | Dec 2025 16% | Mar 2026 15% | Jun 2026 —
- THC: Sep 2021 20% | Dec 2021 14% | Mar 2022 13% | Jun 2022 11% | Sep 2022 11% | Dec 2022 9.4% | Mar 2023 11% | Jun 2023 11% | Sep 2023 10% | Dec 2023 12% | Mar 2024 60% | Jun 2024 14% | Sep 2024 20% | Dec 2024 15% | Mar 2025 17% | Jun 2025 15% | Sep 2025 16% | Dec 2025 14% | Mar 2026 23% | Jun 2026 —
- DVA: Sep 2021 16% | Dec 2021 13% | Mar 2022 12% | Jun 2022 15% | Sep 2022 11% | Dec 2022 8.8% | Mar 2023 11% | Jun 2023 14% | Sep 2023 16% | Dec 2023 12% | Mar 2024 16% | Jun 2024 16% | Sep 2024 16% | Dec 2024 17% | Mar 2025 14% | Jun 2025 16% | Sep 2025 15% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- FMS: Sep 2021 11% | Dec 2021 9.7% | Mar 2022 7.6% | Jun 2022 7.2% | Sep 2022 9.3% | Dec 2022 7.0% | Mar 2023 5.5% | Jun 2023 7.4% | Sep 2023 6.6% | Dec 2023 8.6% | Mar 2024 5.2% | Jun 2024 8.9% | Sep 2024 9.7% | Dec 2024 5.1% | Mar 2025 10% | Jun 2025 8.9% | Sep 2025 9.8% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- EHC: Sep 2021 17% | Dec 2021 15% | Mar 2022 14% | Jun 2022 14% | Sep 2022 14% | Dec 2022 16% | Mar 2023 15% | Jun 2023 16% | Sep 2023 15% | Dec 2023 15% | Mar 2024 16% | Jun 2024 17% | Sep 2024 16% | Dec 2024 17% | Mar 2025 18% | Jun 2025 18% | Sep 2025 17% | Dec 2025 18% | Mar 2026 19% | Jun 2026 —
- ENSG: Sep 2021 9.9% | Dec 2021 9.5% | Mar 2022 9.7% | Jun 2022 11% | Sep 2022 9.6% | Dec 2022 9.3% | Mar 2023 8.4% | Jun 2023 8.5% | Sep 2023 8.5% | Dec 2023 15% | Mar 2024 8.1% | Jun 2024 8.3% | Sep 2024 8.3% | Dec 2024 16% | Mar 2025 8.6% | Jun 2025 8.5% | Sep 2025 7.4% | Dec 2025 16% | Mar 2026 9.0% | Jun 2026 —
- UHS: Sep 2021 10% | Dec 2021 9.6% | Mar 2022 7.1% | Jun 2022 7.0% | Sep 2022 8.3% | Dec 2022 7.6% | Mar 2023 8.0% | Jun 2023 7.9% | Sep 2023 8.0% | Dec 2023 8.9% | Mar 2024 10% | Jun 2024 11% | Sep 2024 9.7% | Dec 2024 12% | Mar 2025 11% | Jun 2025 12% | Sep 2025 12% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.4% | Jun 2023 6.5% | Sep 2023 4.6% | Dec 2023 7.3% | Mar 2024 7.1% | Jun 2024 0.1% | Sep 2024 2.2% | Dec 2024 6.0% | Mar 2025 3.8% | Jun 2025 — | Sep 2025 6.4% | Dec 2025 7.0% | Mar 2026 8.5% | Jun 2026 —
- CHE: Sep 2021 17% | Dec 2021 18% | Mar 2022 17% | Jun 2022 17% | Sep 2022 15% | Dec 2022 15% | Mar 2023 13% | Jun 2023 13% | Sep 2023 15% | Dec 2023 19% | Mar 2024 12% | Jun 2024 15% | Sep 2024 15% | Dec 2024 18% | Mar 2025 15% | Jun 2025 11% | Sep 2025 12% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- LFST: Sep 2021 -72% | Dec 2021 -60% | Mar 2022 -32% | Jun 2022 -29% | Sep 2022 -18% | Dec 2022 -20% | Mar 2023 -14% | Jun 2023 -19% | Sep 2023 -28% | Dec 2023 -12% | Mar 2024 -5.6% | Jun 2024 -5.1% | Sep 2024 0.0% | Dec 2024 0.3% | Mar 2025 0.5% | Jun 2025 -0.9% | Sep 2025 2.0% | Dec 2025 4.7% | Mar 2026 5.5% | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 17% | Jun 2023 18% | Sep 2023 17% | Dec 2023 11% | Mar 2024 16% | Jun 2024 18% | Sep 2024 18% | Dec 2024 13% | Mar 2025 16% | Jun 2025 16% | Sep 2025 17% | Dec 2025 13% | Mar 2026 17% | Jun 2026 —
- BKD: Sep 2021 -7.6% | Dec 2021 -8.4% | Mar 2022 -7.9% | Jun 2022 -4.9% | Sep 2022 2.5% | Dec 2022 3.7% | Mar 2023 1.0% | Jun 2023 5.5% | Sep 2023 -0.8% | Dec 2023 -3.2% | Mar 2024 2.5% | Jun 2024 2.5% | Sep 2024 1.3% | Dec 2024 -0.3% | Mar 2025 3.6% | Jun 2025 1.8% | Sep 2025 -6.6% | Dec 2025 3.0% | Mar 2026 6.8% | Jun 2026 —
- NHC: Sep 2021 4.7% | Dec 2021 6.2% | Mar 2022 5.2% | Jun 2022 1.7% | Sep 2022 1.6% | Dec 2022 2.1% | Mar 2023 3.8% | Jun 2023 5.0% | Sep 2023 4.5% | Dec 2023 6.7% | Mar 2024 5.3% | Jun 2024 7.5% | Sep 2024 6.7% | Dec 2024 7.8% | Mar 2025 8.2% | Jun 2025 9.1% | Sep 2025 7.9% | Dec 2025 8.6% | Mar 2026 8.4% | Jun 2026 —
- OPCH: Sep 2021 5.9% | Dec 2021 6.6% | Mar 2022 5.7% | Jun 2022 6.0% | Sep 2022 5.9% | Dec 2022 6.6% | Mar 2023 6.6% | Jun 2023 7.7% | Sep 2023 7.4% | Dec 2023 7.5% | Mar 2024 6.0% | Jun 2024 6.6% | Sep 2024 6.7% | Dec 2024 6.5% | Mar 2025 5.9% | Jun 2025 5.8% | Sep 2025 5.9% | Dec 2025 6.2% | Mar 2026 5.4% | Jun 2026 —
- ACHC: Sep 2021 17% | Dec 2021 16% | Mar 2022 15% | Jun 2022 18% | Sep 2022 16% | Dec 2022 15% | Mar 2023 15% | Jun 2023 16% | Sep 2023 -36% | Dec 2023 12% | Mar 2024 16% | Jun 2024 17% | Sep 2024 16% | Dec 2024 8.8% | Mar 2025 5.7% | Jun 2025 8.8% | Sep 2025 9.0% | Dec 2025 -138% | Mar 2026 5.8% | Jun 2026 —
- GRDN: Sep 2021 7.8% | Dec 2021 1.7% | Mar 2022 10% | Jun 2022 -0.7% | Sep 2022 — | Dec 2022 — | Mar 2023 2.6% | Jun 2023 10% | Sep 2023 -2.4% | Dec 2023 5.5% | Mar 2024 2.9% | Jun 2024 5.7% | Sep 2024 -33% | Dec 2024 4.9% | Mar 2025 3.9% | Jun 2025 3.7% | Sep 2025 4.3% | Dec 2025 7.7% | Mar 2026 5.3% | Jun 2026 —
- ADUS: Sep 2021 8.0% | Dec 2021 8.6% | Mar 2022 6.0% | Jun 2022 7.1% | Sep 2022 7.3% | Dec 2022 8.4% | Mar 2023 7.4% | Jun 2023 8.3% | Sep 2023 8.4% | Dec 2023 10% | Mar 2024 8.4% | Jun 2024 9.1% | Sep 2024 9.0% | Dec 2024 9.1% | Mar 2025 9.0% | Jun 2025 9.4% | Sep 2025 9.1% | Dec 2025 11% | Mar 2026 9.4% | Jun 2026 —
- MD: Sep 2021 12% | Dec 2021 14% | Mar 2022 8.1% | Jun 2022 10% | Sep 2022 9.7% | Dec 2022 7.0% | Mar 2023 6.1% | Jun 2023 9.7% | Sep 2023 7.9% | Dec 2023 -23% | Mar 2024 3.2% | Jun 2024 -31% | Sep 2024 6.6% | Dec 2024 7.8% | Mar 2025 7.0% | Jun 2025 13% | Sep 2025 14% | Dec 2025 9.9% | Mar 2026 8.7% | Jun 2026 —
- AVAH: Sep 2021 6.9% | Dec 2021 4.5% | Mar 2022 -27% | Jun 2022 3.1% | Sep 2022 -103% | Dec 2022 1.1% | Mar 2023 — | Jun 2023 3.8% | Sep 2023 7.9% | Dec 2023 6.1% | Mar 2024 4.7% | Jun 2024 7.4% | Sep 2024 6.7% | Dec 2024 8.8% | Mar 2025 9.3% | Jun 2025 14% | Sep 2025 8.6% | Dec 2025 — | Mar 2026 11% | Jun 2026 11%
- SEM: Sep 2021 9.8% | Dec 2021 5.0% | Mar 2022 6.5% | Jun 2022 7.6% | Sep 2022 5.8% | Dec 2022 5.5% | Mar 2023 9.1% | Jun 2023 9.5% | Sep 2023 7.8% | Dec 2023 6.9% | Mar 2024 9.0% | Jun 2024 5.8% | Sep 2024 4.3% | Dec 2024 1.6% | Mar 2025 8.3% | Jun 2025 6.5% | Sep 2025 5.4% | Dec 2025 4.6% | Mar 2026 6.9% | Jun 2026 —
- SGRY: Sep 2021 11% | Dec 2021 19% | Mar 2022 17% | Jun 2022 12% | Sep 2022 12% | Dec 2022 13% | Mar 2023 7.0% | Jun 2023 15% | Sep 2023 12% | Dec 2023 14% | Mar 2024 11% | Jun 2024 11% | Sep 2024 7.9% | Dec 2024 15% | Mar 2025 8.0% | Jun 2025 14% | Sep 2025 13% | Dec 2025 13% | Mar 2026 8.1% | Jun 2026 —
- SNDA: Sep 2021 -13% | Dec 2021 -18% | Mar 2022 -14% | Jun 2022 -14% | Sep 2022 -9.2% | Dec 2022 -15% | Mar 2023 -5.9% | Jun 2023 -5.8% | Sep 2023 -14% | Dec 2023 -6.9% | Mar 2024 -3.2% | Jun 2024 -2.0% | Sep 2024 -6.6% | Dec 2024 -7.0% | Mar 2025 -3.1% | Jun 2025 -2.4% | Sep 2025 -16% | Dec 2025 -22% | Mar 2026 -24% | Jun 2026 —
- ASTH: Sep 2021 23% | Dec 2021 1.2% | Mar 2022 10% | Jun 2022 5.7% | Sep 2022 16% | Dec 2022 4.3% | Mar 2023 6.6% | Jun 2023 7.8% | Sep 2023 11% | Dec 2023 -1.1% | Mar 2024 7.5% | Jun 2024 6.2% | Sep 2024 5.9% | Dec 2024 0.1% | Mar 2025 3.3% | Jun 2025 3.1% | Sep 2025 2.0% | Dec 2025 1.9% | Mar 2026 3.0% | Jun 2026 —
- AGL: Sep 2021 -7.8% | Dec 2021 -10% | Mar 2022 -0.1% | Jun 2022 -3.1% | Sep 2022 -4.2% | Dec 2022 -10% | Mar 2023 0.0% | Jun 2023 -2.7% | Sep 2023 -3.5% | Dec 2023 -16% | Mar 2024 -0.4% | Jun 2024 -2.9% | Sep 2024 -9.2% | Dec 2024 -7.1% | Mar 2025 -1.4% | Jun 2025 -8.3% | Sep 2025 -9.1% | Dec 2025 -12% | Mar 2026 0.3% | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.6% | Jun 2023 6.3% | Sep 2023 4.7% | Dec 2023 1.9% | Mar 2024 5.3% | Jun 2024 6.9% | Sep 2024 4.9% | Dec 2024 9.8% | Mar 2025 4.5% | Jun 2025 8.3% | Sep 2025 1.0% | Dec 2025 6.5% | Mar 2026 5.1% | Jun 2026 —
- HCSG: Sep 2021 2.9% | Dec 2021 0.6% | Mar 2022 4.2% | Jun 2022 3.8% | Sep 2022 0.4% | Dec 2022 4.0% | Mar 2023 3.5% | Jun 2023 2.2% | Sep 2023 -1.1% | Dec 2023 6.7% | Mar 2024 4.2% | Jun 2024 -0.7% | Sep 2024 3.9% | Dec 2024 3.1% | Mar 2025 5.1% | Jun 2025 -10% | Sep 2025 9.9% | Dec 2025 5.5% | Mar 2026 7.3% | Jun 2026 —
- INNV: Sep 2021 6.7% | Dec 2021 1.7% | Mar 2022 -3.8% | Jun 2022 -7.1% | Sep 2022 -9.7% | Dec 2022 -8.2% | Mar 2023 -4.7% | Jun 2023 -6.2% | Sep 2023 -5.9% | Dec 2023 -0.9% | Mar 2024 -3.0% | Jun 2024 -2.4% | Sep 2024 -2.4% | Dec 2024 -6.0% | Mar 2025 -4.7% | Jun 2025 -1.0% | Sep 2025 3.5% | Dec 2025 5.5% | Mar 2026 -12% | Jun 2026 —
- PNTG: Sep 2021 1.5% | Dec 2021 -2.0% | Mar 2022 2.0% | Jun 2022 -2.7% | Sep 2022 6.0% | Dec 2022 5.1% | Mar 2023 3.4% | Jun 2023 4.7% | Sep 2023 5.0% | Dec 2023 5.2% | Mar 2024 5.4% | Jun 2024 5.7% | Sep 2024 6.0% | Dec 2024 4.9% | Mar 2025 6.0% | Jun 2025 5.3% | Sep 2025 4.5% | Dec 2025 6.0% | Mar 2026 6.1% | Jun 2026 —
- AMN: Sep 2021 12% | Dec 2021 12% | Mar 2022 13% | Jun 2022 13% | Sep 2022 12% | Dec 2022 11% | Mar 2023 11% | Jun 2023 9.2% | Sep 2023 10% | Dec 2023 4.2% | Mar 2024 4.9% | Jun 2024 5.1% | Sep 2024 3.2% | Dec 2024 -28% | Mar 2025 1.8% | Jun 2025 -19% | Sep 2025 7.5% | Dec 2025 1.1% | Mar 2026 8.5% | Jun 2026 —

### 20-quarter Margin change history
- HCA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.7 pp | Sep 2022 −1.9 pp | Dec 2022 −0.2 pp | Mar 2023 +0.9 pp | Jun 2023 −1.0 pp | Sep 2023 −1.4 pp | Dec 2023 +0.6 pp | Mar 2024 −0.8 pp | Jun 2024 +1.1 pp | Sep 2024 +0.9 pp | Dec 2024 −0.6 pp | Mar 2025 +0.8 pp | Jun 2025 +0.3 pp | Sep 2025 +1.7 pp | Dec 2025 +0.7 pp | Mar 2026 −0.6 pp | Jun 2026 —
- THC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −8.6 pp | Dec 2022 −4.1 pp | Mar 2023 −1.7 pp | Jun 2023 +0.3 pp | Sep 2023 −1.0 pp | Dec 2023 +2.9 pp | Mar 2024 +49.1 pp | Jun 2024 +2.9 pp | Sep 2024 +9.8 pp | Dec 2024 +2.3 pp | Mar 2025 −43.1 pp | Jun 2025 +0.8 pp | Sep 2025 −4.4 pp | Dec 2025 −0.7 pp | Mar 2026 +6.2 pp | Jun 2026 —
- DVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.0 pp | Sep 2022 −5.6 pp | Dec 2022 −4.4 pp | Mar 2023 −1.2 pp | Jun 2023 −1.3 pp | Sep 2023 +5.3 pp | Dec 2023 +3.6 pp | Mar 2024 +5.0 pp | Jun 2024 +2.4 pp | Sep 2024 +0.5 pp | Dec 2024 +4.8 pp | Mar 2025 −2.2 pp | Jun 2025 0.0 pp | Sep 2025 −1.6 pp | Dec 2025 −1.7 pp | Mar 2026 +0.5 pp | Jun 2026 —
- FMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.6 pp | Sep 2022 −2.1 pp | Dec 2022 −2.7 pp | Mar 2023 −2.1 pp | Jun 2023 +0.2 pp | Sep 2023 −2.7 pp | Dec 2023 +1.6 pp | Mar 2024 −0.3 pp | Jun 2024 +1.5 pp | Sep 2024 +3.1 pp | Dec 2024 −3.5 pp | Mar 2025 +5.0 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +6.6 pp | Mar 2026 +1.5 pp | Jun 2026 —
- EHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.9 pp | Sep 2022 −2.9 pp | Dec 2022 +1.3 pp | Mar 2023 +1.0 pp | Jun 2023 +1.4 pp | Sep 2023 +1.3 pp | Dec 2023 −0.6 pp | Mar 2024 +0.4 pp | Jun 2024 +1.1 pp | Sep 2024 +0.6 pp | Dec 2024 +1.3 pp | Mar 2025 +2.5 pp | Jun 2025 +1.2 pp | Sep 2025 +1.0 pp | Dec 2025 +1.8 pp | Mar 2026 +0.7 pp | Jun 2026 —
- ENSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 −0.3 pp | Dec 2022 −0.2 pp | Mar 2023 −1.3 pp | Jun 2023 −2.2 pp | Sep 2023 −1.1 pp | Dec 2023 +5.9 pp | Mar 2024 −0.3 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 +0.6 pp | Mar 2025 +0.5 pp | Jun 2025 +0.2 pp | Sep 2025 −0.9 pp | Dec 2025 +0.5 pp | Mar 2026 +0.4 pp | Jun 2026 —
- UHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.7 pp | Sep 2022 −1.7 pp | Dec 2022 −2.0 pp | Mar 2023 +0.9 pp | Jun 2023 +0.9 pp | Sep 2023 −0.3 pp | Dec 2023 +1.3 pp | Mar 2024 +2.1 pp | Jun 2024 +3.3 pp | Sep 2024 +1.7 pp | Dec 2024 +2.6 pp | Mar 2025 +1.0 pp | Jun 2025 +0.5 pp | Sep 2025 +1.9 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −1.3 pp | Jun 2024 −6.4 pp | Sep 2024 −2.4 pp | Dec 2024 −1.3 pp | Mar 2025 −3.3 pp | Jun 2025 — | Sep 2025 +4.2 pp | Dec 2025 +1.0 pp | Mar 2026 +4.7 pp | Jun 2026 —
- CHE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.8 pp | Sep 2022 −1.8 pp | Dec 2022 −3.2 pp | Mar 2023 −3.8 pp | Jun 2023 −4.7 pp | Sep 2023 0.0 pp | Dec 2023 +4.1 pp | Mar 2024 −0.7 pp | Jun 2024 +2.2 pp | Sep 2024 −0.2 pp | Dec 2024 −1.2 pp | Mar 2025 +2.3 pp | Jun 2025 −3.8 pp | Sep 2025 −3.2 pp | Dec 2025 −2.1 pp | Mar 2026 −1.7 pp | Jun 2026 —
- LFST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 +53.8 pp | Dec 2022 +39.8 pp | Mar 2023 +18.4 pp | Jun 2023 +10.2 pp | Sep 2023 −10.4 pp | Dec 2023 +8.6 pp | Mar 2024 +7.9 pp | Jun 2024 +13.6 pp | Sep 2024 +28.3 pp | Dec 2024 +11.8 pp | Mar 2025 +6.1 pp | Jun 2025 +4.2 pp | Sep 2025 +2.0 pp | Dec 2025 +4.4 pp | Mar 2026 +5.0 pp | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 0.0 pp | Sep 2024 +0.5 pp | Dec 2024 +1.5 pp | Mar 2025 −0.1 pp | Jun 2025 −1.3 pp | Sep 2025 −1.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.8 pp | Jun 2026 —
- BKD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +10.1 pp | Dec 2022 +12.1 pp | Mar 2023 +8.9 pp | Jun 2023 +10.4 pp | Sep 2023 −3.3 pp | Dec 2023 −6.9 pp | Mar 2024 +1.5 pp | Jun 2024 −3.0 pp | Sep 2024 +2.1 pp | Dec 2024 +2.9 pp | Mar 2025 +1.1 pp | Jun 2025 −0.7 pp | Sep 2025 −7.9 pp | Dec 2025 +3.3 pp | Mar 2026 +3.2 pp | Jun 2026 —
- NHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.6 pp | Sep 2022 −3.1 pp | Dec 2022 −4.1 pp | Mar 2023 −1.4 pp | Jun 2023 +3.3 pp | Sep 2023 +2.9 pp | Dec 2023 +4.6 pp | Mar 2024 +1.5 pp | Jun 2024 +2.5 pp | Sep 2024 +2.2 pp | Dec 2024 +1.1 pp | Mar 2025 +2.9 pp | Jun 2025 +1.6 pp | Sep 2025 +1.2 pp | Dec 2025 +0.8 pp | Mar 2026 +0.2 pp | Jun 2026 —
- OPCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 +0.9 pp | Jun 2023 +1.7 pp | Sep 2023 +1.5 pp | Dec 2023 +0.9 pp | Mar 2024 −0.6 pp | Jun 2024 −1.1 pp | Sep 2024 −0.7 pp | Dec 2024 −1.0 pp | Mar 2025 −0.1 pp | Jun 2025 −0.8 pp | Sep 2025 −0.8 pp | Dec 2025 −0.3 pp | Mar 2026 −0.5 pp | Jun 2026 —
- ACHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −1.3 pp | Dec 2022 −0.7 pp | Mar 2023 −0.4 pp | Jun 2023 −2.1 pp | Sep 2023 −52.2 pp | Dec 2023 −3.2 pp | Mar 2024 +1.4 pp | Jun 2024 +1.0 pp | Sep 2024 +51.9 pp | Dec 2024 −3.1 pp | Mar 2025 −10.7 pp | Jun 2025 −8.2 pp | Sep 2025 −6.8 pp | Dec 2025 −146.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- GRDN: Sep 2021 +8.0 pp | Dec 2021 −5.3 pp | Mar 2022 +8.9 pp | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −7.6 pp | Jun 2023 +10.7 pp | Sep 2023 — | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 −4.3 pp | Sep 2024 −30.9 pp | Dec 2024 −0.6 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 +37.6 pp | Dec 2025 +2.8 pp | Mar 2026 +1.4 pp | Jun 2026 —
- ADUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 −0.7 pp | Dec 2022 −0.2 pp | Mar 2023 +1.4 pp | Jun 2023 +1.2 pp | Sep 2023 +1.1 pp | Dec 2023 +1.7 pp | Mar 2024 +1.0 pp | Jun 2024 +0.8 pp | Sep 2024 +0.6 pp | Dec 2024 −1.0 pp | Mar 2025 +0.6 pp | Jun 2025 +0.3 pp | Sep 2025 +0.1 pp | Dec 2025 +2.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- MD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −2.2 pp | Dec 2022 −6.6 pp | Mar 2023 −2.0 pp | Jun 2023 −0.6 pp | Sep 2023 −1.8 pp | Dec 2023 −29.5 pp | Mar 2024 −2.9 pp | Jun 2024 −41.0 pp | Sep 2024 −1.3 pp | Dec 2024 +30.3 pp | Mar 2025 +3.8 pp | Jun 2025 +44.1 pp | Sep 2025 +7.2 pp | Dec 2025 +2.1 pp | Mar 2026 +1.7 pp | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −109.9 pp | Dec 2022 −3.4 pp | Mar 2023 — | Jun 2023 +0.7 pp | Sep 2023 +110.9 pp | Dec 2023 +5.0 pp | Mar 2024 — | Jun 2024 +3.6 pp | Sep 2024 −1.2 pp | Dec 2024 +2.7 pp | Mar 2025 +4.6 pp | Jun 2025 +6.2 pp | Sep 2025 +1.9 pp | Dec 2025 — | Mar 2026 +1.4 pp | Jun 2026 −2.9 pp
- SEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.6 pp | Sep 2022 −4.0 pp | Dec 2022 +0.5 pp | Mar 2023 +2.6 pp | Jun 2023 +1.9 pp | Sep 2023 +2.0 pp | Dec 2023 +1.4 pp | Mar 2024 −0.1 pp | Jun 2024 −3.7 pp | Sep 2024 −3.5 pp | Dec 2024 −5.3 pp | Mar 2025 −0.7 pp | Jun 2025 +0.7 pp | Sep 2025 +1.1 pp | Dec 2025 +3.0 pp | Mar 2026 −1.4 pp | Jun 2026 —
- SGRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 +0.5 pp | Dec 2022 −5.5 pp | Mar 2023 −9.8 pp | Jun 2023 +2.2 pp | Sep 2023 +0.4 pp | Dec 2023 +0.5 pp | Mar 2024 +3.6 pp | Jun 2024 −3.5 pp | Sep 2024 −4.4 pp | Dec 2024 +0.9 pp | Mar 2025 −2.6 pp | Jun 2025 +2.4 pp | Sep 2025 +5.0 pp | Dec 2025 −2.2 pp | Mar 2026 +0.1 pp | Jun 2026 —
- SNDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +4.0 pp | Dec 2022 +3.1 pp | Mar 2023 +8.3 pp | Jun 2023 +7.7 pp | Sep 2023 −5.2 pp | Dec 2023 +8.2 pp | Mar 2024 +2.7 pp | Jun 2024 +3.8 pp | Sep 2024 +7.8 pp | Dec 2024 −0.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.4 pp | Sep 2025 −9.2 pp | Dec 2025 −15.1 pp | Mar 2026 −20.5 pp | Jun 2026 —
- ASTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.2 pp | Sep 2022 −7.6 pp | Dec 2022 +3.1 pp | Mar 2023 −3.4 pp | Jun 2023 +2.1 pp | Sep 2023 −4.6 pp | Dec 2023 −5.4 pp | Mar 2024 +0.9 pp | Jun 2024 −1.6 pp | Sep 2024 −5.3 pp | Dec 2024 +1.2 pp | Mar 2025 −4.2 pp | Jun 2025 −3.1 pp | Sep 2025 −3.9 pp | Dec 2025 +1.8 pp | Mar 2026 −0.3 pp | Jun 2026 —
- AGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +56.7 pp | Sep 2022 +3.6 pp | Dec 2022 +0.3 pp | Mar 2023 +0.1 pp | Jun 2023 +0.4 pp | Sep 2023 +0.7 pp | Dec 2023 −5.6 pp | Mar 2024 −0.4 pp | Jun 2024 −0.2 pp | Sep 2024 −5.7 pp | Dec 2024 +8.5 pp | Mar 2025 −1.0 pp | Jun 2025 −5.4 pp | Sep 2025 +0.1 pp | Dec 2025 −5.2 pp | Mar 2026 +1.7 pp | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.7 pp | Jun 2024 +0.6 pp | Sep 2024 +0.2 pp | Dec 2024 +7.9 pp | Mar 2025 −0.8 pp | Jun 2025 +1.4 pp | Sep 2025 −3.9 pp | Dec 2025 −3.3 pp | Mar 2026 +0.6 pp | Jun 2026 —
- HCSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 −2.5 pp | Dec 2022 +3.4 pp | Mar 2023 −0.7 pp | Jun 2023 −1.6 pp | Sep 2023 −1.5 pp | Dec 2023 +2.7 pp | Mar 2024 +0.7 pp | Jun 2024 −2.9 pp | Sep 2024 +5.0 pp | Dec 2024 −3.6 pp | Mar 2025 +0.9 pp | Jun 2025 −9.4 pp | Sep 2025 +6.0 pp | Dec 2025 +2.4 pp | Mar 2026 +2.2 pp | Jun 2026 —
- INNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.3 pp | Sep 2022 −16.4 pp | Dec 2022 −9.9 pp | Mar 2023 −0.9 pp | Jun 2023 +0.9 pp | Sep 2023 +3.8 pp | Dec 2023 +7.3 pp | Mar 2024 +1.7 pp | Jun 2024 +3.8 pp | Sep 2024 +3.5 pp | Dec 2024 −5.1 pp | Mar 2025 −1.7 pp | Jun 2025 +1.4 pp | Sep 2025 +5.9 pp | Dec 2025 +11.5 pp | Mar 2026 −6.8 pp | Jun 2026 —
- PNTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.9 pp | Sep 2022 +4.5 pp | Dec 2022 +7.1 pp | Mar 2023 +1.4 pp | Jun 2023 +7.4 pp | Sep 2023 −1.0 pp | Dec 2023 +0.1 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −0.3 pp | Mar 2025 +0.6 pp | Jun 2025 −0.4 pp | Sep 2025 −1.5 pp | Dec 2025 +1.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- AMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 −0.1 pp | Dec 2022 −1.8 pp | Mar 2023 −2.2 pp | Jun 2023 −3.7 pp | Sep 2023 −1.8 pp | Dec 2023 −6.4 pp | Mar 2024 −6.3 pp | Jun 2024 −4.1 pp | Sep 2024 −7.0 pp | Dec 2024 −31.8 pp | Mar 2025 −3.1 pp | Jun 2025 −23.9 pp | Sep 2025 +4.3 pp | Dec 2025 +28.7 pp | Mar 2026 +6.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Universal Health Services, Inc. leads with $1,549 million of TTM profit, 32.7% above Fresenius Medical Care AG. Fresenius Medical Care AG shows 43.7% growth from a $1,167 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Universal Health Services, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Universal Health Services, Inc. · $1,549 million | 32.7% versus #2 · Fresenius Medical Care AG | 8/8 recent comparable periods | 25/30 companies · 548 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Universal Health Services, Inc. (UHS): ₹1.5K Cr
2. Fresenius Medical Care AG (FMS): ₹1.2K Cr
3. DaVita Inc. (DVA): ₹1.1K Cr
4. Encompass Health Corporation (EHC): ₹795 Cr
5. The Ensign Group, Inc. (ENSG): ₹499 Cr

### Profit growth — fastest growers
1. Fresenius Medical Care AG (FMS): 44%
2. Universal Health Services, Inc. (UHS): 27%
3. Addus HomeCare Corporation (ADUS): 27%
4. Encompass Health Corporation (EHC): 21%
5. The Pennant Group, Inc. (PNTG): 21%

### 20-quarter Net profit history
- HCA: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- THC: Sep 2021 ₹577 Cr | Dec 2021 ₹420 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹296 Cr | Jun 2023 ₹293 Cr | Sep 2023 ₹266 Cr | Dec 2023 ₹456 Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹477 Cr | Sep 2024 ₹681 Cr | Dec 2024 ₹572 Cr | Mar 2025 ₹622 Cr | Jun 2025 ₹522 Cr | Sep 2025 ₹579 Cr | Dec 2025 ₹644 Cr | Mar 2026 ₹906 Cr | Jun 2026 —
- DVA: Sep 2021 ₹320 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹206 Cr | Jun 2022 ₹285 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹246 Cr | Sep 2023 ₹309 Cr | Dec 2023 ₹231 Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹349 Cr | Mar 2025 ₹232 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹306 Cr | Mar 2026 ₹275 Cr | Jun 2026 —
- FMS: Sep 2021 ₹331 Cr | Dec 2021 ₹303 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹283 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹257 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹264 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹327 Cr | Dec 2025 ₹403 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- EHC: Sep 2021 ₹102 Cr | Dec 2021 ₹92 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹119 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹148 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹186 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹232 Cr | Jun 2026 —
- ENSG: Sep 2021 ₹48 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹231 Cr | Mar 2026 ₹100 Cr | Jun 2026 —
- UHS: Sep 2021 ₹219 Cr | Dec 2021 ₹234 Cr | Mar 2022 ₹151 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹266 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹337 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹363 Cr | Sep 2025 ₹379 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹359 Cr | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹38 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹28 Cr | Jun 2025 — | Sep 2025 ₹52 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- CHE: Sep 2021 ₹72 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- LFST: Sep 2021 ₹-120 Cr | Dec 2021 ₹-108 Cr | Mar 2022 ₹-62 Cr | Jun 2022 ₹-69 Cr | Sep 2022 ₹-38 Cr | Dec 2022 ₹-47 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹-45 Cr | Sep 2023 ₹-62 Cr | Dec 2023 ₹-45 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹47 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- BKD: Sep 2021 ₹174 Cr | Dec 2021 ₹-82 Cr | Mar 2022 ₹-100 Cr | Jun 2022 ₹-84 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-49 Cr | Dec 2023 ₹-91 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-51 Cr | Dec 2024 ₹-84 Cr | Mar 2025 ₹-65 Cr | Jun 2025 ₹-43 Cr | Sep 2025 ₹-115 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹-7 Cr | Jun 2026 —
- NHC: Sep 2021 ₹-4 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- OPCH: Sep 2021 ₹35 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- ACHC: Sep 2021 ₹136 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹-216 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- GRDN: Sep 2021 ₹15 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹-2 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹-106 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- ADUS: Sep 2021 ₹12 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- MD: Sep 2021 ₹31 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹-124 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹-153 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- AVAH: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹-126 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹-474 Cr | Dec 2022 ₹24 Cr | Mar 2023 — | Jun 2023 ₹-32 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹-43 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹14 Cr | Dec 2025 — | Mar 2026 ₹179 Cr | Jun 2026 ₹42 Cr
- SEM: Sep 2021 ₹100 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹117 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹64 Cr | Jun 2026 —
- SGRY: Sep 2021 ₹8 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-47 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- SNDA: Sep 2021 ₹37 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-17 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-30 Cr | Mar 2026 ₹-41 Cr | Jun 2026 —
- ASTH: Sep 2021 ₹-5 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- AGL: Sep 2021 ₹-37 Cr | Dec 2021 ₹-57 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹-31 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹-167 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-116 Cr | Dec 2024 ₹-106 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-104 Cr | Sep 2025 ₹-110 Cr | Dec 2025 ₹-189 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹24 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- HCSG: Sep 2021 ₹10 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- INNV: Sep 2021 ₹8 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-12 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹-30 Cr | Jun 2026 —
- CMPS: Sep 2021 ₹-16 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-21 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-33 Cr | Dec 2023 ₹-33 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹-43 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-138 Cr | Dec 2025 ₹-94 Cr | Mar 2026 ₹91 Cr | Jun 2026 —
- PNTG: Sep 2021 ₹1 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- AMN: Sep 2021 ₹74 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹-188 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-116 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹62 Cr | Jun 2026 —

### 20-quarter Profit growth history
- HCA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 8.7% | Dec 2022 32% | Mar 2023 5.3% | Jun 2023 2.4% | Sep 2023 -53% | Dec 2023 -30% | Mar 2024 17% | Jun 2024 19% | Sep 2024 16% | Dec 2024 -9.4% | Mar 2025 1.3% | Jun 2025 12% | Sep 2025 28% | Dec 2025 28% | Mar 2026 1.8% | Jun 2026 —
- THC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 -54% | Dec 2022 -35% | Mar 2023 6.1% | Jun 2023 64% | Sep 2023 -0.8% | Dec 2023 66% | Mar 2024 689% | Jun 2024 63% | Sep 2024 156% | Dec 2024 25% | Mar 2025 -73% | Jun 2025 9.4% | Sep 2025 -15% | Dec 2025 13% | Mar 2026 46% | Jun 2026 —
- DVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -48% | Dec 2022 -55% | Mar 2023 -17% | Jun 2023 -14% | Sep 2023 87% | Dec 2023 104% | Mar 2024 79% | Jun 2024 22% | Sep 2024 -4.2% | Dec 2024 51% | Mar 2025 -24% | Jun 2025 -8.3% | Sep 2025 -19% | Dec 2025 -12% | Mar 2026 19% | Jun 2026 —
- FMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 -15% | Dec 2022 -36% | Mar 2023 -37% | Jun 2023 -5.3% | Sep 2023 -48% | Dec 2023 32% | Mar 2024 -12% | Jun 2024 23% | Sep 2024 80% | Dec 2024 -54% | Mar 2025 61% | Jun 2025 13% | Sep 2025 24% | Dec 2025 242% | Mar 2026 -13% | Jun 2026 —
- EHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -58% | Sep 2022 -16% | Dec 2022 29% | Mar 2023 33% | Jun 2023 97% | Sep 2023 34% | Dec 2023 7.6% | Mar 2024 23% | Jun 2024 25% | Sep 2024 29% | Dec 2024 28% | Mar 2025 41% | Jun 2025 26% | Sep 2025 18% | Dec 2025 23% | Mar 2026 18% | Jun 2026 —
- ENSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 17% | Dec 2022 24% | Mar 2023 20% | Jun 2023 10% | Sep 2023 14% | Dec 2023 161% | Mar 2024 15% | Jun 2024 11% | Sep 2024 23% | Dec 2024 17% | Mar 2025 16% | Jun 2025 18% | Sep 2025 6.3% | Dec 2025 24% | Mar 2026 25% | Jun 2026 —
- UHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -51% | Sep 2022 -19% | Dec 2022 -27% | Mar 2023 7.3% | Jun 2023 6.3% | Sep 2023 -5.1% | Dec 2023 29% | Mar 2024 64% | Jun 2024 74% | Sep 2024 58% | Dec 2024 53% | Mar 2025 21% | Jun 2025 23% | Sep 2025 42% | Dec 2025 33% | Mar 2026 11% | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -7.9% | Jun 2024 -152% | Sep 2024 -20% | Dec 2024 5.9% | Mar 2025 -20% | Jun 2025 — | Sep 2025 225% | Dec 2025 67% | Mar 2026 189% | Jun 2026 —
- CHE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 -21% | Dec 2022 -17% | Mar 2023 -16% | Jun 2023 -20% | Sep 2023 32% | Dec 2023 45% | Mar 2024 20% | Jun 2024 34% | Sep 2024 1.3% | Dec 2024 0.0% | Mar 2025 11% | Jun 2025 -27% | Sep 2025 -16% | Dec 2025 -14% | Mar 2026 -8.3% | Jun 2026 —
- LFST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1,300% | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.4% | Jun 2024 -1.9% | Sep 2024 -15% | Dec 2024 -21% | Mar 2025 -18% | Jun 2025 -13% | Sep 2025 8.7% | Dec 2025 57% | Mar 2026 27% | Jun 2026 —
- BKD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -116% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -98% | Sep 2022 — | Dec 2022 -63% | Mar 2023 -27% | Jun 2023 700% | Sep 2023 — | Dec 2023 367% | Mar 2024 136% | Jun 2024 69% | Sep 2024 330% | Dec 2024 -79% | Mar 2025 23% | Jun 2025 -11% | Sep 2025 -4.7% | Dec 2025 317% | Mar 2026 13% | Jun 2026 —
- OPCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.3% | Sep 2022 11% | Dec 2022 -36% | Mar 2023 30% | Jun 2023 235% | Sep 2023 44% | Dec 2023 19% | Mar 2024 15% | Jun 2024 -54% | Sep 2024 -3.6% | Dec 2024 5.3% | Mar 2025 4.4% | Jun 2025 -3.8% | Sep 2025 -3.7% | Dec 2025 -1.7% | Mar 2026 -4.3% | Jun 2026 —
- ACHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.9% | Sep 2022 -46% | Dec 2022 -13% | Mar 2023 8.1% | Jun 2023 -9.8% | Sep 2023 -396% | Dec 2023 -4.8% | Mar 2024 18% | Jun 2024 9.5% | Sep 2024 — | Dec 2024 -43% | Mar 2025 -89% | Jun 2025 -53% | Sep 2025 -46% | Dec 2025 -3,562% | Mar 2026 -56% | Jun 2026 —
- GRDN: Sep 2021 — | Dec 2021 -77% | Mar 2022 950% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -71% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17% | Jun 2024 -33% | Sep 2024 — | Dec 2024 -20% | Mar 2025 29% | Jun 2025 -44% | Sep 2025 — | Dec 2025 75% | Mar 2026 56% | Jun 2026 —
- ADUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.3% | Sep 2022 0.0% | Dec 2022 15% | Mar 2023 63% | Jun 2023 36% | Sep 2023 25% | Dec 2023 33% | Mar 2024 23% | Jun 2024 20% | Sep 2024 33% | Dec 2024 0.0% | Mar 2025 31% | Jun 2025 22% | Sep 2025 15% | Dec 2025 50% | Mar 2026 19% | Jun 2026 —
- MD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 0.0% | Dec 2022 -38% | Mar 2023 — | Jun 2023 3.7% | Sep 2023 -32% | Dec 2023 -513% | Mar 2024 -71% | Jun 2024 -646% | Sep 2024 -9.5% | Dec 2024 — | Mar 2025 425% | Jun 2025 — | Sep 2025 279% | Dec 2025 13% | Mar 2026 43% | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1,100% | Mar 2023 — | Jun 2023 -228% | Sep 2023 — | Dec 2023 -208% | Mar 2024 — | Jun 2024 — | Sep 2024 -265% | Dec 2024 — | Mar 2025 — | Jun 2025 93% | Sep 2025 — | Dec 2025 — | Mar 2026 3,480% | Jun 2026 56%
- SEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -66% | Sep 2022 -62% | Dec 2022 -42% | Mar 2023 52% | Jun 2023 39% | Sep 2023 61% | Dec 2023 63% | Mar 2024 38% | Jun 2024 3.3% | Sep 2024 33% | Dec 2024 -94% | Mar 2025 -36% | Jun 2025 -39% | Sep 2025 -46% | Dec 2025 850% | Mar 2026 -15% | Jun 2026 —
- SGRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 -25% | Dec 2022 -47% | Mar 2023 -98% | Jun 2023 287% | Sep 2023 400% | Dec 2023 104% | Mar 2024 2,300% | Jun 2024 -52% | Sep 2024 -80% | Dec 2024 -200% | Mar 2025 -100% | Jun 2025 61% | Sep 2025 317% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SNDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -114% | Sep 2022 -138% | Dec 2022 -1,800% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -148% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ASTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -82% | Sep 2022 — | Dec 2022 — | Mar 2023 9.1% | Jun 2023 55% | Sep 2023 17% | Dec 2023 — | Mar 2024 42% | Jun 2024 29% | Sep 2024 -32% | Dec 2024 — | Mar 2025 -65% | Jun 2025 -55% | Sep 2025 -95% | Dec 2025 — | Mar 2026 117% | Jun 2026 —
- AGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 900% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -70% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -167% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 92% | Jun 2024 20% | Sep 2024 18% | Dec 2024 1,182% | Mar 2025 28% | Jun 2025 43% | Sep 2025 -98% | Dec 2025 -48% | Mar 2026 -1.7% | Jun 2026 —
- HCSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Sep 2022 -100% | Dec 2022 700% | Mar 2023 9.1% | Jun 2023 14% | Sep 2023 — | Dec 2023 50% | Mar 2024 25% | Jun 2024 -125% | Sep 2024 — | Dec 2024 -50% | Mar 2025 13% | Jun 2025 — | Sep 2025 207% | Dec 2025 158% | Mar 2026 53% | Jun 2026 —
- INNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -333% | Sep 2022 -275% | Dec 2022 -1,200% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PNTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -250% | Sep 2022 400% | Dec 2022 — | Mar 2023 100% | Jun 2023 — | Sep 2023 -20% | Dec 2023 25% | Mar 2024 150% | Jun 2024 100% | Sep 2024 75% | Dec 2024 40% | Mar 2025 80% | Jun 2025 33% | Sep 2025 0.0% | Dec 2025 43% | Mar 2026 11% | Jun 2026 —
- AMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 85% | Sep 2022 24% | Dec 2022 -29% | Mar 2023 -42% | Jun 2023 -51% | Sep 2023 -42% | Dec 2023 -85% | Mar 2024 -80% | Jun 2024 -74% | Sep 2024 -87% | Dec 2024 -1,667% | Mar 2025 -106% | Jun 2025 -825% | Sep 2025 314% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: HCA Healthcare, Inc. reports $1,231 million of CAPEX; Encompass Health Corporation has the highest covered intensity at 10.2%. Coverage is only 30 of 30 companies and 535 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: HCA Healthcare, Inc. · $1,231 million | 191% versus #2 · Fresenius Medical Care AG | 8/8 recent comparable periods | 30/30 companies · 535 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. HCA Healthcare, Inc. (HCA): ₹1.2K Cr
2. Fresenius Medical Care AG (FMS): ₹423 Cr
3. Universal Health Services, Inc. (UHS): ₹217 Cr
4. Tenet Healthcare Corporation (THC): ₹168 Cr
5. Encompass Health Corporation (EHC): ₹162 Cr

### CAPEX intensity — highest reinvestment intensity
1. Encompass Health Corporation (EHC): 10%
2. Acadia Healthcare Company, Inc. (ACHC): 9.3%
3. Fresenius Medical Care AG (FMS): 8.3%
4. PACS Group, Inc. (PACS): 7.6%
5. Brookdale Senior Living Inc. (BKD): 6.0%

### 20-quarter CAPEX history
- HCA: Sep 2021 ₹889 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹861 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹991 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- THC: Sep 2021 ₹111 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹235 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹330 Cr | Mar 2025 ₹173 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹364 Cr | Mar 2026 ₹180 Cr | Jun 2026 ₹168 Cr
- DVA: Sep 2021 ₹157 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹142 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹145 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- FMS: Sep 2021 ₹195 Cr | Dec 2021 ₹266 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹172 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹229 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹250 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹241 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹192 Cr | Dec 2025 ₹423 Cr | Mar 2026 — | Jun 2026 —
- EHC: Sep 2021 ₹120 Cr | Dec 2021 ₹193 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹113 Cr | Sep 2022 ₹149 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹139 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- ENSG: Sep 2021 ₹16 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- UHS: Sep 2021 ₹184 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹200 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹169 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹209 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹246 Cr | Mar 2025 ₹239 Cr | Jun 2025 ₹266 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹217 Cr | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹58 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹114 Cr | Mar 2026 ₹108 Cr | Jun 2026 —
- CHE: Sep 2021 ₹11 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- LFST: Sep 2021 ₹24 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹12 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- BKD: Sep 2021 ₹46 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- NHC: Sep 2021 ₹13 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- OPCH: Sep 2021 ₹5 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ACHC: Sep 2021 ₹44 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹142 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹190 Cr | Dec 2024 ₹203 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- GRDN: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- ADUS: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- MD: Sep 2021 ₹11 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- AVAH: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 — | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 ₹5 Cr
- SEM: Sep 2021 ₹49 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- SGRY: Sep 2021 ₹16 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- SNDA: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- ASTH: Sep 2021 ₹9 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- AGL: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹21 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- HCSG: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- INNV: Sep 2021 ₹3 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- CMPS: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PNTG: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- AMN: Sep 2021 ₹16 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹8 Cr | Dec 2025 — | Mar 2026 ₹7 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- HCA: Sep 2021 5.8% | Dec 2021 7.9% | Mar 2022 5.8% | Jun 2022 7.3% | Sep 2022 7.6% | Dec 2022 8.5% | Mar 2023 7.7% | Jun 2023 7.8% | Sep 2023 7.1% | Dec 2023 6.7% | Mar 2024 6.4% | Jun 2024 7.3% | Sep 2024 6.8% | Dec 2024 7.0% | Mar 2025 5.4% | Jun 2025 6.3% | Sep 2025 6.7% | Dec 2025 7.6% | Mar 2026 5.9% | Jun 2026 —
- THC: Sep 2021 2.3% | Dec 2021 6.1% | Mar 2022 3.3% | Jun 2022 3.2% | Sep 2022 3.4% | Dec 2022 5.8% | Mar 2023 4.7% | Jun 2023 2.6% | Sep 2023 3.5% | Dec 2023 3.9% | Mar 2024 4.5% | Jun 2024 2.8% | Sep 2024 4.2% | Dec 2024 6.5% | Mar 2025 3.3% | Jun 2025 3.7% | Sep 2025 5.3% | Dec 2025 6.6% | Mar 2026 3.4% | Jun 2026 —
- DVA: Sep 2021 5.3% | Dec 2021 6.5% | Mar 2022 4.4% | Jun 2022 4.9% | Sep 2022 4.9% | Dec 2022 6.7% | Mar 2023 5.2% | Jun 2023 4.1% | Sep 2023 4.4% | Dec 2023 5.1% | Mar 2024 3.9% | Jun 2024 3.9% | Sep 2024 4.3% | Dec 2024 5.2% | Mar 2025 4.4% | Jun 2025 3.6% | Sep 2025 4.9% | Dec 2025 4.0% | Mar 2026 3.0% | Jun 2026 —
- FMS: Sep 2021 4.4% | Dec 2021 5.7% | Mar 2022 3.6% | Jun 2022 3.6% | Sep 2022 3.1% | Dec 2022 4.6% | Mar 2023 3.0% | Jun 2023 3.2% | Sep 2023 2.8% | Dec 2023 5.0% | Mar 2024 2.8% | Jun 2024 3.3% | Sep 2024 3.5% | Dec 2024 4.7% | Mar 2025 — | Jun 2025 — | Sep 2025 3.9% | Dec 2025 8.3% | Mar 2026 — | Jun 2026 —
- EHC: Sep 2021 12% | Dec 2021 19% | Mar 2022 11% | Jun 2022 11% | Sep 2022 14% | Dec 2022 17% | Mar 2023 8.6% | Jun 2023 10% | Sep 2023 12% | Dec 2023 17% | Mar 2024 11% | Jun 2024 12% | Sep 2024 11% | Dec 2024 14% | Mar 2025 11% | Jun 2025 11% | Sep 2025 13% | Dec 2025 15% | Mar 2026 10% | Jun 2026 —
- ENSG: Sep 2021 2.4% | Dec 2021 2.7% | Mar 2022 2.2% | Jun 2022 2.9% | Sep 2022 3.0% | Dec 2022 3.5% | Mar 2023 3.0% | Jun 2023 2.7% | Sep 2023 2.8% | Dec 2023 3.0% | Mar 2024 2.9% | Jun 2024 3.4% | Sep 2024 4.2% | Dec 2024 4.2% | Mar 2025 3.7% | Jun 2025 4.1% | Sep 2025 3.9% | Dec 2025 3.7% | Mar 2026 2.5% | Jun 2026 —
- UHS: Sep 2021 5.8% | Dec 2021 5.8% | Mar 2022 6.1% | Jun 2022 6.3% | Sep 2022 4.9% | Dec 2022 4.8% | Mar 2023 4.9% | Jun 2023 4.7% | Sep 2023 5.6% | Dec 2023 5.6% | Mar 2024 5.4% | Jun 2024 6.2% | Sep 2024 6.3% | Dec 2024 6.0% | Mar 2025 5.8% | Jun 2025 6.2% | Sep 2025 5.1% | Dec 2025 6.3% | Mar 2026 4.8% | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 8.2% | Jun 2023 1.4% | Sep 2023 5.8% | Dec 2023 6.8% | Mar 2024 9.7% | Jun 2024 11% | Sep 2024 6.4% | Dec 2024 6.9% | Mar 2025 1.4% | Jun 2025 — | Sep 2025 — | Dec 2025 8.4% | Mar 2026 7.6% | Jun 2026 —
- CHE: Sep 2021 2.0% | Dec 2021 2.6% | Mar 2022 2.4% | Jun 2022 2.4% | Sep 2022 2.5% | Dec 2022 3.3% | Mar 2023 3.0% | Jun 2023 2.9% | Sep 2023 2.1% | Dec 2023 2.0% | Mar 2024 2.0% | Jun 2024 1.8% | Sep 2024 2.3% | Dec 2024 2.0% | Mar 2025 2.0% | Jun 2025 2.6% | Sep 2025 2.7% | Dec 2025 2.5% | Mar 2026 2.6% | Jun 2026 —
- LFST: Sep 2021 14% | Dec 2021 21% | Mar 2022 14% | Jun 2022 12% | Sep 2022 6.9% | Dec 2022 4.4% | Mar 2023 3.2% | Jun 2023 4.6% | Sep 2023 3.8% | Dec 2023 3.9% | Mar 2024 1.7% | Jun 2024 1.6% | Sep 2024 1.6% | Dec 2024 1.8% | Mar 2025 2.1% | Jun 2025 2.3% | Sep 2025 2.7% | Dec 2025 2.9% | Mar 2026 2.7% | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.6% | Jun 2023 3.0% | Sep 2023 3.2% | Dec 2023 5.4% | Mar 2024 3.6% | Jun 2024 3.1% | Sep 2024 3.1% | Dec 2024 3.7% | Mar 2025 3.2% | Jun 2025 4.5% | Sep 2025 3.7% | Dec 2025 3.7% | Mar 2026 1.9% | Jun 2026 —
- BKD: Sep 2021 7.2% | Dec 2021 7.9% | Mar 2022 5.9% | Jun 2022 8.3% | Sep 2022 7.1% | Dec 2022 6.6% | Mar 2023 6.6% | Jun 2023 8.0% | Sep 2023 8.6% | Dec 2023 7.8% | Mar 2024 5.6% | Jun 2024 6.7% | Sep 2024 7.0% | Dec 2024 6.4% | Mar 2025 5.2% | Jun 2025 6.6% | Sep 2025 5.2% | Dec 2025 8.5% | Mar 2026 6.0% | Jun 2026 —
- NHC: Sep 2021 4.7% | Dec 2021 4.9% | Mar 2022 3.2% | Jun 2022 3.0% | Sep 2022 3.0% | Dec 2022 2.3% | Mar 2023 2.6% | Jun 2023 2.1% | Sep 2023 2.4% | Dec 2023 3.0% | Mar 2024 2.0% | Jun 2024 2.7% | Sep 2024 1.8% | Dec 2024 2.2% | Mar 2025 1.6% | Jun 2025 2.7% | Sep 2025 2.6% | Dec 2025 2.6% | Mar 2026 2.6% | Jun 2026 —
- OPCH: Sep 2021 0.6% | Dec 2021 1.5% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.7% | Dec 2022 1.8% | Mar 2023 0.6% | Jun 2023 0.7% | Sep 2023 0.7% | Dec 2023 1.8% | Mar 2024 0.5% | Jun 2024 0.8% | Sep 2024 0.8% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 0.6% | Sep 2025 0.6% | Dec 2025 1.0% | Mar 2026 0.7% | Jun 2026 —
- ACHC: Sep 2021 7.5% | Dec 2021 15% | Mar 2022 8.3% | Jun 2022 13% | Sep 2022 11% | Dec 2022 13% | Mar 2023 9.5% | Jun 2023 9.2% | Sep 2023 38% | Dec 2023 19% | Mar 2024 19% | Jun 2024 19% | Sep 2024 23% | Dec 2024 26% | Mar 2025 23% | Jun 2025 19% | Sep 2025 16% | Dec 2025 11% | Mar 2026 9.3% | Jun 2026 —
- GRDN: Sep 2021 — | Dec 2021 1.0% | Mar 2022 1.9% | Jun 2022 1.8% | Sep 2022 — | Dec 2022 — | Mar 2023 1.2% | Jun 2023 2.8% | Sep 2023 0.8% | Dec 2023 1.1% | Mar 2024 1.5% | Jun 2024 1.0% | Sep 2024 1.6% | Dec 2024 1.5% | Mar 2025 1.8% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 1.0% | Mar 2026 1.5% | Jun 2026 —
- ADUS: Sep 2021 0.5% | Dec 2021 0.4% | Mar 2022 0.4% | Jun 2022 0.0% | Sep 2022 0.4% | Dec 2022 2.0% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.7% | Dec 2023 1.8% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.6% | Jun 2025 0.3% | Sep 2025 0.6% | Dec 2025 0.8% | Mar 2026 0.5% | Jun 2026 —
- MD: Sep 2021 2.2% | Dec 2021 0.6% | Mar 2022 1.5% | Jun 2022 1.4% | Sep 2022 1.4% | Dec 2022 1.8% | Mar 2023 1.4% | Jun 2023 1.6% | Sep 2023 1.8% | Dec 2023 1.8% | Mar 2024 1.0% | Jun 2024 1.4% | Sep 2024 1.2% | Dec 2024 0.6% | Mar 2025 0.7% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 1.3% | Jun 2026 —
- AVAH: Sep 2021 0.7% | Dec 2021 1.0% | Mar 2022 1.4% | Jun 2022 0.9% | Sep 2022 0.5% | Dec 2022 0.7% | Mar 2023 — | Jun 2023 0.4% | Sep 2023 0.2% | Dec 2023 0.4% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.4% | Jun 2025 0.2% | Sep 2025 0.3% | Dec 2025 — | Mar 2026 0.3% | Jun 2026 0.8%
- SEM: Sep 2021 3.2% | Dec 2021 3.5% | Mar 2022 2.9% | Jun 2022 2.9% | Sep 2022 2.7% | Dec 2022 3.5% | Mar 2023 3.5% | Jun 2023 3.6% | Sep 2023 3.1% | Dec 2023 3.6% | Mar 2024 4.0% | Jun 2024 4.4% | Sep 2024 4.0% | Dec 2024 4.8% | Mar 2025 3.8% | Jun 2025 4.9% | Sep 2025 3.9% | Dec 2025 4.2% | Mar 2026 4.2% | Jun 2026 —
- SGRY: Sep 2021 2.9% | Dec 2021 2.3% | Mar 2022 3.0% | Jun 2022 3.6% | Sep 2022 2.7% | Dec 2022 3.3% | Mar 2023 3.6% | Jun 2023 3.9% | Sep 2023 2.8% | Dec 2023 2.7% | Mar 2024 2.9% | Jun 2024 3.5% | Sep 2024 2.6% | Dec 2024 2.5% | Mar 2025 3.0% | Jun 2025 2.8% | Sep 2025 2.4% | Dec 2025 1.5% | Mar 2026 2.0% | Jun 2026 —
- SNDA: Sep 2021 3.4% | Dec 2021 5.2% | Mar 2022 10% | Jun 2022 12% | Sep 2022 9.8% | Dec 2022 10% | Mar 2023 8.1% | Jun 2023 6.3% | Sep 2023 6.2% | Dec 2023 6.1% | Mar 2024 9.0% | Jun 2024 5.7% | Sep 2024 11% | Dec 2024 7.6% | Mar 2025 8.7% | Jun 2025 7.4% | Sep 2025 9.2% | Dec 2025 9.2% | Mar 2026 5.7% | Jun 2026 —
- ASTH: Sep 2021 4.0% | Dec 2021 8.2% | Mar 2022 6.5% | Jun 2022 0.4% | Sep 2022 0.9% | Dec 2022 7.5% | Mar 2023 4.5% | Jun 2023 3.2% | Sep 2023 1.1% | Dec 2023 5.9% | Mar 2024 0.0% | Jun 2024 0.6% | Sep 2024 0.4% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 0.2% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.4% | Jun 2026 —
- AGL: Sep 2021 0.7% | Dec 2021 0.6% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 0.3% | Dec 2024 0.2% | Mar 2025 0.3% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6% | Jun 2023 2.5% | Sep 2023 1.8% | Dec 2023 4.2% | Mar 2024 1.7% | Jun 2024 2.7% | Sep 2024 3.0% | Dec 2024 5.0% | Mar 2025 1.5% | Jun 2025 2.8% | Sep 2025 3.7% | Dec 2025 5.2% | Mar 2026 1.7% | Jun 2026 —
- HCSG: Sep 2021 0.5% | Dec 2021 0.2% | Mar 2022 0.2% | Jun 2022 0.2% | Sep 2022 0.5% | Dec 2022 0.2% | Mar 2023 0.2% | Jun 2023 0.2% | Sep 2023 0.5% | Dec 2023 0.2% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.4% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 —
- INNV: Sep 2021 1.7% | Dec 2021 5.1% | Mar 2022 4.5% | Jun 2022 10% | Sep 2022 4.7% | Dec 2022 4.2% | Mar 2023 2.9% | Jun 2023 2.3% | Sep 2023 1.6% | Dec 2023 1.1% | Mar 2024 0.0% | Jun 2024 1.5% | Sep 2024 1.0% | Dec 2024 0.5% | Mar 2025 1.4% | Jun 2025 0.0% | Sep 2025 1.7% | Dec 2025 0.8% | Mar 2026 1.6% | Jun 2026 —
- PNTG: Sep 2021 1.8% | Dec 2021 1.8% | Mar 2022 1.8% | Jun 2022 4.3% | Sep 2022 2.5% | Dec 2022 3.2% | Mar 2023 1.6% | Jun 2023 1.5% | Sep 2023 1.4% | Dec 2023 1.4% | Mar 2024 1.9% | Jun 2024 1.2% | Sep 2024 0.6% | Dec 2024 1.6% | Mar 2025 1.0% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.8% | Jun 2026 —
- AMN: Sep 2021 1.8% | Dec 2021 1.1% | Mar 2022 0.9% | Jun 2022 1.2% | Sep 2022 1.8% | Dec 2022 2.2% | Mar 2023 1.5% | Jun 2023 2.6% | Sep 2023 3.5% | Dec 2023 3.7% | Mar 2024 2.2% | Jun 2024 3.6% | Sep 2024 2.8% | Dec 2024 2.2% | Mar 2025 1.4% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 — | Mar 2026 0.5% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: COMPASS Pathways plc has the clearest covered balance-sheet capacity with $413 million net cash and gross debt of $53 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Healthcare Services Group, Inc. · $11 million | 63.3% versus #2 · agilon health, inc. | 8/8 recent comparable periods | 30/30 companies · 550 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Healthcare Services Group, Inc. (HCSG): ₹11 Cr
2. agilon health, inc. (AGL): ₹30 Cr
3. Guardian Pharmacy Services, Inc. (GRDN): ₹37 Cr
4. National HealthCare Corporation (NHC): ₹39 Cr
5. COMPASS Pathways plc (CMPS): ₹53 Cr

### Net debt — lowest net debt
1. COMPASS Pathways plc (CMPS): ₹-413 Cr
2. National HealthCare Corporation (NHC): ₹-219 Cr
3. agilon health, inc. (AGL): ₹-201 Cr
4. Healthcare Services Group, Inc. (HCSG): ₹-154 Cr
5. InnovAge Holding Corp. (INNV): ₹-45 Cr

### 20-quarter Gross debt history
- HCA: Sep 2021 ₹34.0K Cr | Dec 2021 ₹36.3K Cr | Mar 2022 ₹39.5K Cr | Jun 2022 ₹40.7K Cr | Sep 2022 ₹39.5K Cr | Dec 2022 ₹39.8K Cr | Mar 2023 ₹40.6K Cr | Jun 2023 ₹40.7K Cr | Sep 2023 ₹41.1K Cr | Dec 2023 ₹41.5K Cr | Mar 2024 ₹42.1K Cr | Jun 2024 ₹42.8K Cr | Sep 2024 ₹44.9K Cr | Dec 2024 ₹44.9K Cr | Mar 2025 ₹46.4K Cr | Jun 2025 ₹46.4K Cr | Sep 2025 ₹46.3K Cr | Dec 2025 ₹48.3K Cr | Mar 2026 ₹49.8K Cr | Jun 2026 ₹51.6K Cr
- THC: Sep 2021 ₹14.1K Cr | Dec 2021 ₹15.6K Cr | Mar 2022 ₹14.9K Cr | Jun 2022 ₹15.1K Cr | Sep 2022 ₹15.1K Cr | Dec 2022 ₹15.1K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹15.0K Cr | Sep 2023 ₹15.0K Cr | Dec 2023 ₹15.0K Cr | Mar 2024 ₹12.9K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹13.2K Cr | Mar 2025 ₹13.2K Cr | Jun 2025 ₹13.2K Cr | Sep 2025 ₹13.2K Cr | Dec 2025 ₹13.2K Cr | Mar 2026 ₹13.2K Cr | Jun 2026 ₹13.2K Cr
- DVA: Sep 2021 ₹12.0K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹11.9K Cr | Jun 2022 ₹12.3K Cr | Sep 2022 ₹12.0K Cr | Dec 2022 ₹11.8K Cr | Mar 2023 ₹11.5K Cr | Jun 2023 ₹11.5K Cr | Sep 2023 ₹11.1K Cr | Dec 2023 ₹11.1K Cr | Mar 2024 ₹11.8K Cr | Jun 2024 ₹11.7K Cr | Sep 2024 ₹12.2K Cr | Dec 2024 ₹12.1K Cr | Mar 2025 ₹12.3K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹12.8K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹13.2K Cr | Jun 2026 —
- FMS: Sep 2021 ₹13.2K Cr | Dec 2021 ₹13.3K Cr | Mar 2022 ₹13.3K Cr | Jun 2022 ₹13.7K Cr | Sep 2022 ₹13.8K Cr | Dec 2022 ₹13.2K Cr | Mar 2023 ₹13.3K Cr | Jun 2023 ₹13.1K Cr | Sep 2023 ₹13.0K Cr | Dec 2023 ₹12.1K Cr | Mar 2024 ₹12.0K Cr | Jun 2024 ₹11.8K Cr | Sep 2024 ₹11.2K Cr | Dec 2024 ₹11.0K Cr | Mar 2025 ₹10.8K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹10.5K Cr | Dec 2025 ₹10.8K Cr | Mar 2026 ₹11.0K Cr | Jun 2026 —
- EHC: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- ENSG: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- UHS: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.1K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- CHE: Sep 2021 ₹139 Cr | Dec 2021 ₹324 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹259 Cr | Sep 2022 ₹246 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹142 Cr | Dec 2023 ₹139 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹144 Cr | Mar 2026 ₹237 Cr | Jun 2026 —
- LFST: Sep 2021 ₹157 Cr | Dec 2021 ₹157 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹203 Cr | Sep 2022 ₹212 Cr | Dec 2022 ₹476 Cr | Mar 2023 ₹474 Cr | Jun 2023 ₹498 Cr | Sep 2023 ₹483 Cr | Dec 2023 ₹508 Cr | Mar 2024 ₹503 Cr | Jun 2024 ₹494 Cr | Sep 2024 ₹487 Cr | Dec 2024 ₹478 Cr | Mar 2025 ₹473 Cr | Jun 2025 ₹463 Cr | Sep 2025 ₹461 Cr | Dec 2025 ₹460 Cr | Mar 2026 ₹459 Cr | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹905 Cr | Dec 2023 ₹905 Cr | Mar 2024 ₹907 Cr | Jun 2024 ₹861 Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- BKD: Sep 2021 ₹5.3K Cr | Dec 2021 ₹5.2K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.6K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- NHC: Sep 2021 ₹174 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹160 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹86 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹231 Cr | Dec 2024 ₹215 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- OPCH: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- ACHC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- GRDN: Sep 2021 ₹60 Cr | Dec 2021 ₹50 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹57 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- ADUS: Sep 2021 ₹254 Cr | Dec 2021 ₹254 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹235 Cr | Sep 2022 ₹201 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹217 Cr | Dec 2023 ₹175 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹273 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹222 Cr | Sep 2025 ₹202 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- MD: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹869 Cr | Jun 2022 ₹871 Cr | Sep 2022 ₹814 Cr | Dec 2022 ₹717 Cr | Mar 2023 ₹823 Cr | Jun 2023 ₹746 Cr | Sep 2023 ₹707 Cr | Dec 2023 ₹702 Cr | Mar 2024 ₹779 Cr | Jun 2024 ₹698 Cr | Sep 2024 ₹684 Cr | Dec 2024 ₹662 Cr | Mar 2025 ₹655 Cr | Jun 2025 ₹650 Cr | Sep 2025 ₹642 Cr | Dec 2025 ₹635 Cr | Mar 2026 ₹630 Cr | Jun 2026 —
- AVAH: Sep 2021 ₹898 Cr | Dec 2021 ₹893 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 — | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.5K Cr
- SEM: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- SGRY: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- SNDA: Sep 2021 ₹762 Cr | Dec 2021 ₹683 Cr | Mar 2022 ₹671 Cr | Jun 2022 ₹669 Cr | Sep 2022 ₹666 Cr | Dec 2022 ₹671 Cr | Mar 2023 ₹636 Cr | Jun 2023 ₹636 Cr | Sep 2023 ₹629 Cr | Dec 2023 ₹629 Cr | Mar 2024 ₹578 Cr | Jun 2024 ₹584 Cr | Sep 2024 ₹604 Cr | Dec 2024 ₹651 Cr | Mar 2025 ₹651 Cr | Jun 2025 ₹678 Cr | Sep 2025 ₹684 Cr | Dec 2025 ₹690 Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- ASTH: Sep 2021 ₹200 Cr | Dec 2021 ₹201 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹223 Cr | Sep 2022 ₹223 Cr | Dec 2022 ₹229 Cr | Mar 2023 ₹229 Cr | Jun 2023 ₹230 Cr | Sep 2023 ₹236 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹434 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹476 Cr | Dec 2024 ₹471 Cr | Mar 2025 ₹451 Cr | Jun 2025 ₹448 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- AGL: Sep 2021 ₹50 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- HCSG: Sep 2021 ₹12 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹11 Cr
- INNV: Sep 2021 ₹81 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹95 Cr | Mar 2026 ₹94 Cr | Jun 2026 —
- CMPS: Sep 2021 ₹0 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- PNTG: Sep 2021 ₹345 Cr | Dec 2021 ₹355 Cr | Mar 2022 ₹332 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹321 Cr | Dec 2022 ₹327 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹345 Cr | Jun 2024 ₹352 Cr | Sep 2024 ₹377 Cr | Dec 2024 ₹273 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹453 Cr | Mar 2026 ₹446 Cr | Jun 2026 —
- AMN: Sep 2021 ₹871 Cr | Dec 2021 ₹867 Cr | Mar 2022 ₹864 Cr | Jun 2022 ₹863 Cr | Sep 2022 ₹862 Cr | Dec 2022 ₹844 Cr | Mar 2023 ₹984 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹939 Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹996 Cr | Jun 2025 ₹916 Cr | Sep 2025 ₹847 Cr | Dec 2025 ₹767 Cr | Mar 2026 ₹742 Cr | Jun 2026 —

### 20-quarter Net debt history
- HCA: Sep 2021 ₹33.0K Cr | Dec 2021 ₹34.9K Cr | Mar 2022 ₹37.1K Cr | Jun 2022 ₹39.8K Cr | Sep 2022 ₹38.5K Cr | Dec 2022 ₹38.9K Cr | Mar 2023 ₹39.7K Cr | Jun 2023 ₹39.9K Cr | Sep 2023 ₹40.2K Cr | Dec 2023 ₹40.6K Cr | Mar 2024 ₹40.8K Cr | Jun 2024 ₹41.9K Cr | Sep 2024 ₹42.0K Cr | Dec 2024 ₹43.0K Cr | Mar 2025 ₹45.4K Cr | Jun 2025 ₹45.4K Cr | Sep 2025 ₹45.4K Cr | Dec 2025 ₹47.3K Cr | Mar 2026 ₹48.9K Cr | Jun 2026 ₹50.5K Cr
- THC: Sep 2021 ₹11.8K Cr | Dec 2021 ₹13.3K Cr | Mar 2022 ₹13.4K Cr | Jun 2022 ₹13.7K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹14.2K Cr | Mar 2023 ₹14.3K Cr | Jun 2023 ₹14.1K Cr | Sep 2023 ₹14.0K Cr | Dec 2023 ₹13.8K Cr | Mar 2024 ₹10.4K Cr | Jun 2024 ₹10.0K Cr | Sep 2024 ₹8.8K Cr | Dec 2024 ₹10.2K Cr | Mar 2025 ₹10.2K Cr | Jun 2025 ₹10.6K Cr | Sep 2025 ₹10.2K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹10.2K Cr | Jun 2026 ₹11.1K Cr
- DVA: Sep 2021 ₹11.0K Cr | Dec 2021 ₹11.5K Cr | Mar 2022 ₹11.5K Cr | Jun 2022 ₹11.9K Cr | Sep 2022 ₹11.6K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 ₹11.1K Cr | Jun 2023 ₹11.1K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹10.7K Cr | Mar 2024 ₹11.5K Cr | Jun 2024 ₹11.2K Cr | Sep 2024 ₹11.1K Cr | Dec 2024 ₹11.2K Cr | Mar 2025 ₹11.8K Cr | Jun 2025 ₹12.1K Cr | Sep 2025 ₹12.0K Cr | Dec 2025 ₹12.2K Cr | Mar 2026 ₹12.6K Cr | Jun 2026 —
- FMS: Sep 2021 ₹11.7K Cr | Dec 2021 ₹11.8K Cr | Mar 2022 ₹12.2K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹11.9K Cr | Mar 2023 ₹12.0K Cr | Jun 2023 ₹11.7K Cr | Sep 2023 ₹11.4K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.9K Cr | Jun 2024 ₹10.7K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹9.8K Cr | Mar 2025 ₹9.8K Cr | Jun 2025 ₹9.3K Cr | Sep 2025 ₹9.2K Cr | Dec 2025 ₹9.2K Cr | Mar 2026 ₹9.8K Cr | Jun 2026 —
- EHC: Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- ENSG: Sep 2021 ₹972 Cr | Dec 2021 ₹989 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- UHS: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- CHE: Sep 2021 ₹110 Cr | Dec 2021 ₹291 Cr | Mar 2022 ₹250 Cr | Jun 2022 ₹249 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹-125 Cr | Mar 2024 ₹-167 Cr | Jun 2024 ₹-77 Cr | Sep 2024 ₹-90 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹-104 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹220 Cr | Jun 2026 —
- LFST: Sep 2021 ₹-55 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹406 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹429 Cr | Mar 2024 ₹454 Cr | Jun 2024 ₹407 Cr | Sep 2024 ₹384 Cr | Dec 2024 ₹323 Cr | Mar 2025 ₹339 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹257 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹264 Cr | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹874 Cr | Dec 2023 ₹874 Cr | Mar 2024 ₹857 Cr | Jun 2024 ₹810 Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- BKD: Sep 2021 ₹4.6K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- NHC: Sep 2021 ₹-81 Cr | Dec 2021 ₹-89 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-68 Cr | Sep 2022 ₹-43 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹-47 Cr | Jun 2023 ₹-84 Cr | Sep 2023 ₹-108 Cr | Dec 2023 ₹-131 Cr | Mar 2024 ₹-132 Cr | Jun 2024 ₹-191 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-169 Cr | Dec 2025 ₹-169 Cr | Mar 2026 ₹-219 Cr | Jun 2026 —
- OPCH: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹953 Cr | Sep 2022 ₹901 Cr | Dec 2022 ₹861 Cr | Mar 2023 ₹855 Cr | Jun 2023 ₹722 Cr | Sep 2023 ₹781 Cr | Dec 2023 ₹822 Cr | Mar 2024 ₹951 Cr | Jun 2024 ₹848 Cr | Sep 2024 ₹739 Cr | Dec 2024 ₹805 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹966 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ACHC: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- GRDN: Sep 2021 ₹50 Cr | Dec 2021 ₹35 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹56 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-28 Cr | Jun 2026 —
- ADUS: Sep 2021 ₹102 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹170 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹-123 Cr | Sep 2024 ₹-164 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹131 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- MD: Sep 2021 ₹609 Cr | Dec 2021 ₹579 Cr | Mar 2022 ₹772 Cr | Jun 2022 ₹764 Cr | Sep 2022 ₹714 Cr | Dec 2022 ₹614 Cr | Mar 2023 ₹720 Cr | Jun 2023 ₹642 Cr | Sep 2023 ₹582 Cr | Dec 2023 ₹524 Cr | Mar 2024 ₹664 Cr | Jun 2024 ₹565 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹313 Cr | Mar 2025 ₹436 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- AVAH: Sep 2021 ₹791 Cr | Dec 2021 ₹771 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 — | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 — | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.3K Cr
- SEM: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- SGRY: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- SNDA: Sep 2021 ₹751 Cr | Dec 2021 ₹604 Cr | Mar 2022 ₹622 Cr | Jun 2022 ₹636 Cr | Sep 2022 ₹639 Cr | Dec 2022 ₹654 Cr | Mar 2023 ₹623 Cr | Jun 2023 ₹629 Cr | Sep 2023 ₹625 Cr | Dec 2023 ₹625 Cr | Mar 2024 ₹554 Cr | Jun 2024 ₹575 Cr | Sep 2024 ₹579 Cr | Dec 2024 ₹634 Cr | Mar 2025 ₹637 Cr | Jun 2025 ₹664 Cr | Sep 2025 ₹667 Cr | Dec 2025 ₹679 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ASTH: Sep 2021 ₹-133 Cr | Dec 2021 ₹-86 Cr | Mar 2022 ₹-79 Cr | Jun 2022 ₹-51 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹-65 Cr | Mar 2023 ₹-50 Cr | Jun 2023 ₹-68 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹126 Cr | Dec 2024 ₹183 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹624 Cr | Dec 2025 ₹649 Cr | Mar 2026 ₹587 Cr | Jun 2026 —
- AGL: Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-992 Cr | Mar 2022 ₹-975 Cr | Jun 2022 ₹-908 Cr | Sep 2022 ₹-914 Cr | Dec 2022 ₹-834 Cr | Mar 2023 ₹-775 Cr | Jun 2023 ₹-539 Cr | Sep 2023 ₹-524 Cr | Dec 2023 ₹-456 Cr | Mar 2024 ₹-382 Cr | Jun 2024 ₹-365 Cr | Sep 2024 ₹-358 Cr | Dec 2024 ₹-365 Cr | Mar 2025 ₹-332 Cr | Jun 2025 ₹-292 Cr | Sep 2025 ₹-276 Cr | Dec 2025 ₹-250 Cr | Mar 2026 ₹-201 Cr | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- HCSG: Sep 2021 ₹-193 Cr | Dec 2021 ₹-174 Cr | Mar 2022 ₹-119 Cr | Jun 2022 ₹-109 Cr | Sep 2022 ₹-79 Cr | Dec 2022 ₹-88 Cr | Mar 2023 ₹-68 Cr | Jun 2023 ₹-70 Cr | Sep 2023 ₹-64 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹-54 Cr | Jun 2024 ₹-65 Cr | Sep 2024 ₹-70 Cr | Dec 2024 ₹-99 Cr | Mar 2025 ₹-127 Cr | Jun 2025 ₹-127 Cr | Sep 2025 ₹-171 Cr | Dec 2025 ₹-158 Cr | Mar 2026 ₹-170 Cr | Jun 2026 ₹-154 Cr
- INNV: Sep 2021 ₹-135 Cr | Dec 2021 ₹-131 Cr | Mar 2022 ₹-113 Cr | Jun 2022 ₹-99 Cr | Sep 2022 ₹-84 Cr | Dec 2022 ₹-38 Cr | Mar 2023 ₹-57 Cr | Jun 2023 ₹-64 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-11 Cr | Dec 2025 ₹-31 Cr | Mar 2026 ₹-45 Cr | Jun 2026 —
- CMPS: Sep 2021 ₹-294 Cr | Dec 2021 ₹-269 Cr | Mar 2022 ₹-241 Cr | Jun 2022 ₹-204 Cr | Sep 2022 ₹-171 Cr | Dec 2022 ₹-141 Cr | Mar 2023 ₹-115 Cr | Jun 2023 ₹-115 Cr | Sep 2023 ₹-215 Cr | Dec 2023 ₹-187 Cr | Mar 2024 ₹-230 Cr | Jun 2024 ₹-196 Cr | Sep 2024 ₹-174 Cr | Dec 2024 ₹-133 Cr | Mar 2025 ₹-228 Cr | Jun 2025 ₹-187 Cr | Sep 2025 ₹-151 Cr | Dec 2025 ₹-115 Cr | Mar 2026 ₹-413 Cr | Jun 2026 —
- PNTG: Sep 2021 ₹341 Cr | Dec 2021 ₹350 Cr | Mar 2022 ₹328 Cr | Jun 2022 ₹310 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹325 Cr | Mar 2023 ₹321 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹317 Cr | Dec 2023 ₹324 Cr | Mar 2024 ₹342 Cr | Jun 2024 ₹349 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹249 Cr | Mar 2025 ₹328 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹301 Cr | Dec 2025 ₹436 Cr | Mar 2026 ₹441 Cr | Jun 2026 —
- AMN: Sep 2021 ₹734 Cr | Dec 2021 ₹686 Cr | Mar 2022 ₹751 Cr | Jun 2022 ₹784 Cr | Sep 2022 ₹706 Cr | Dec 2022 ₹779 Cr | Mar 2023 ₹955 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹910 Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹940 Cr | Jun 2025 ₹874 Cr | Sep 2025 ₹794 Cr | Dec 2025 ₹733 Cr | Mar 2026 ₹181 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Guardian Pharmacy Services, Inc. leads ROCE at 7.8%, 0.9 percentage points above AMN Healthcare Services, Inc.. Healthcare Services Group, Inc. has the strongest latest improvement at +11.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Guardian Pharmacy Services, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Guardian Pharmacy Services, Inc. · 7.8% | 13% versus #2 · AMN Healthcare Services, Inc. | 3/8 recent comparable periods | 30/30 companies · 550 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Guardian Pharmacy Services, Inc. (GRDN): 7.8%
2. AMN Healthcare Services, Inc. (AMN): 6.9%
3. HCA Healthcare, Inc. (HCA): 6.9%
4. Chemed Corporation (CHE): 6.4%
5. Tenet Healthcare Corporation (THC): 5.8%

### ROCE change — fastest improvers
1. Healthcare Services Group, Inc. (HCSG): +11.4 pp
2. AMN Healthcare Services, Inc. (AMN): +6.3 pp
3. agilon health, inc. (AGL): +4.3 pp
4. COMPASS Pathways plc (CMPS): +4.2 pp
5. Tenet Healthcare Corporation (THC): +2.6 pp

### 20-quarter ROCE history
- HCA: Sep 2021 6.5% | Dec 2021 6.0% | Mar 2022 5.5% | Jun 2022 5.6% | Sep 2022 5.3% | Dec 2022 5.8% | Mar 2023 5.8% | Jun 2023 5.4% | Sep 2023 5.0% | Dec 2023 6.5% | Mar 2024 6.0% | Jun 2024 6.4% | Sep 2024 5.6% | Dec 2024 6.5% | Mar 2025 6.3% | Jun 2025 6.8% | Sep 2025 6.9% | Dec 2025 7.2% | Mar 2026 6.5% | Jun 2026 6.9%
- THC: Sep 2021 4.7% | Dec 2021 3.0% | Mar 2022 2.8% | Jun 2022 2.3% | Sep 2022 2.5% | Dec 2022 2.1% | Mar 2023 2.5% | Jun 2023 2.4% | Sep 2023 2.2% | Dec 2023 2.9% | Mar 2024 14% | Jun 2024 3.0% | Sep 2024 4.4% | Dec 2024 3.1% | Mar 2025 3.7% | Jun 2025 3.2% | Sep 2025 3.4% | Dec 2025 3.1% | Mar 2026 5.0% | Jun 2026 5.8%
- DVA: Sep 2021 3.2% | Dec 2021 2.7% | Mar 2022 2.3% | Jun 2022 2.9% | Sep 2022 2.1% | Dec 2022 1.8% | Mar 2023 2.2% | Jun 2023 2.8% | Sep 2023 3.4% | Dec 2023 2.7% | Mar 2024 3.3% | Jun 2024 3.5% | Sep 2024 3.7% | Dec 2024 4.0% | Mar 2025 3.0% | Jun 2025 3.8% | Sep 2025 3.5% | Dec 2025 3.9% | Mar 2026 3.3% | Jun 2026 —
- FMS: Sep 2021 1.9% | Dec 2021 1.7% | Mar 2022 1.3% | Jun 2022 1.2% | Sep 2022 1.6% | Dec 2022 1.2% | Mar 2023 0.9% | Jun 2023 1.2% | Sep 2023 1.1% | Dec 2023 1.5% | Mar 2024 0.9% | Jun 2024 1.5% | Sep 2024 1.7% | Dec 2024 0.9% | Mar 2025 1.8% | Jun 2025 1.6% | Sep 2025 1.8% | Dec 2025 2.3% | Mar 2026 2.1% | Jun 2026 —
- EHC: Sep 2021 2.8% | Dec 2021 2.6% | Mar 2022 2.6% | Jun 2022 2.5% | Sep 2022 2.7% | Dec 2022 3.2% | Mar 2023 3.1% | Jun 2023 3.2% | Sep 2023 3.5% | Dec 2023 3.6% | Mar 2024 3.9% | Jun 2024 4.0% | Sep 2024 3.8% | Dec 2024 4.2% | Mar 2025 4.7% | Jun 2025 4.5% | Sep 2025 4.2% | Dec 2025 4.7% | Mar 2026 4.9% | Jun 2026 —
- ENSG: Sep 2021 3.1% | Dec 2021 3.0% | Mar 2022 3.0% | Jun 2022 3.3% | Sep 2022 3.0% | Dec 2022 2.9% | Mar 2023 2.6% | Jun 2023 2.6% | Sep 2023 2.6% | Dec 2023 4.7% | Mar 2024 2.4% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 4.9% | Mar 2025 2.6% | Jun 2025 2.6% | Sep 2025 2.3% | Dec 2025 5.2% | Mar 2026 2.8% | Jun 2026 —
- UHS: Sep 2021 3.0% | Dec 2021 2.8% | Mar 2022 2.1% | Jun 2022 2.1% | Sep 2022 2.5% | Dec 2022 2.3% | Mar 2023 2.5% | Jun 2023 2.4% | Sep 2023 2.4% | Dec 2023 2.8% | Mar 2024 3.3% | Jun 2024 3.7% | Sep 2024 3.2% | Dec 2024 3.9% | Mar 2025 3.7% | Jun 2025 4.1% | Sep 2025 4.3% | Dec 2025 4.2% | Mar 2026 4.0% | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 1.4% | Dec 2023 2.5% | Mar 2024 3.9% | Jun 2024 0.0% | Sep 2024 0.7% | Dec 2024 2.0% | Mar 2025 2.9% | Jun 2025 — | Sep 2025 2.0% | Dec 2025 2.1% | Mar 2026 5.2% | Jun 2026 —
- CHE: Sep 2021 9.0% | Dec 2021 9.0% | Mar 2022 8.1% | Jun 2022 8.6% | Sep 2022 7.7% | Dec 2022 7.4% | Mar 2023 6.7% | Jun 2023 6.2% | Sep 2023 7.5% | Dec 2023 8.9% | Mar 2024 5.6% | Jun 2024 6.6% | Sep 2024 6.7% | Dec 2024 8.3% | Mar 2025 6.6% | Jun 2025 4.7% | Sep 2025 5.3% | Dec 2025 7.6% | Mar 2026 6.4% | Jun 2026 —
- LFST: Sep 2021 -7.5% | Dec 2021 -6.9% | Mar 2022 -3.9% | Jun 2022 -3.3% | Sep 2022 -2.1% | Dec 2022 -2.4% | Mar 2023 -1.8% | Jun 2023 -2.5% | Sep 2023 -3.9% | Dec 2023 -1.7% | Mar 2024 -0.9% | Jun 2024 -0.8% | Sep 2024 0.0% | Dec 2024 0.1% | Mar 2025 0.1% | Jun 2025 -0.2% | Sep 2025 0.4% | Dec 2025 0.9% | Mar 2026 1.2% | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 4.0% | Dec 2023 2.4% | Mar 2024 7.2% | Jun 2024 8.0% | Sep 2024 4.0% | Dec 2024 2.8% | Mar 2025 3.6% | Jun 2025 3.9% | Sep 2025 4.0% | Dec 2025 2.9% | Mar 2026 3.8% | Jun 2026 —
- BKD: Sep 2021 -0.8% | Dec 2021 -0.9% | Mar 2022 -0.9% | Jun 2022 -0.6% | Sep 2022 0.3% | Dec 2022 0.5% | Mar 2023 0.1% | Jun 2023 0.8% | Sep 2023 -0.1% | Dec 2023 -0.5% | Mar 2024 0.4% | Jun 2024 0.4% | Sep 2024 0.2% | Dec 2024 0.0% | Mar 2025 0.6% | Jun 2025 0.3% | Sep 2025 -1.0% | Dec 2025 0.4% | Mar 2026 0.9% | Jun 2026 —
- NHC: Sep 2021 1.2% | Dec 2021 1.6% | Mar 2022 1.3% | Jun 2022 0.4% | Sep 2022 0.4% | Dec 2022 0.5% | Mar 2023 0.9% | Jun 2023 1.3% | Sep 2023 1.2% | Dec 2023 1.9% | Mar 2024 1.4% | Jun 2024 2.0% | Sep 2024 1.9% | Dec 2024 2.4% | Mar 2025 2.5% | Jun 2025 2.8% | Sep 2025 2.3% | Dec 2025 2.6% | Mar 2026 2.5% | Jun 2026 —
- OPCH: Sep 2021 2.3% | Dec 2021 2.7% | Mar 2022 2.3% | Jun 2022 2.5% | Sep 2022 2.5% | Dec 2022 2.8% | Mar 2023 2.7% | Jun 2023 3.2% | Sep 2023 3.2% | Dec 2023 3.3% | Mar 2024 2.7% | Jun 2024 3.0% | Sep 2024 3.2% | Dec 2024 3.3% | Mar 2025 3.0% | Jun 2025 3.1% | Sep 2025 3.2% | Dec 2025 3.5% | Mar 2026 2.8% | Jun 2026 —
- ACHC: Sep 2021 1.9% | Dec 2021 2.0% | Mar 2022 2.2% | Jun 2022 2.7% | Sep 2022 2.5% | Dec 2022 2.3% | Mar 2023 2.3% | Jun 2023 2.6% | Sep 2023 -6.0% | Dec 2023 2.0% | Mar 2024 2.6% | Jun 2024 2.8% | Sep 2024 2.6% | Dec 2024 1.4% | Mar 2025 0.8% | Jun 2025 1.4% | Sep 2025 1.7% | Dec 2025 -22% | Mar 2026 0.9% | Jun 2026 —
- GRDN: Sep 2021 19% | Dec 2021 4.2% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 8.4% | Jun 2023 35% | Sep 2023 -4.6% | Dec 2023 11% | Mar 2024 5.4% | Jun 2024 12% | Sep 2024 -65% | Dec 2024 11% | Mar 2025 7.9% | Jun 2025 7.1% | Sep 2025 7.8% | Dec 2025 14% | Mar 2026 7.8% | Jun 2026 —
- ADUS: Sep 2021 2.5% | Dec 2021 2.5% | Mar 2022 1.6% | Jun 2022 2.1% | Sep 2022 2.1% | Dec 2022 2.5% | Mar 2023 2.2% | Jun 2023 2.6% | Sep 2023 2.7% | Dec 2023 3.3% | Mar 2024 2.8% | Jun 2024 3.0% | Sep 2024 2.7% | Dec 2024 2.5% | Mar 2025 2.9% | Jun 2025 3.0% | Sep 2025 2.9% | Dec 2025 3.3% | Mar 2026 2.7% | Jun 2026 —
- MD: Sep 2021 2.3% | Dec 2021 2.6% | Mar 2022 1.8% | Jun 2022 2.4% | Sep 2022 2.2% | Dec 2022 1.7% | Mar 2023 1.5% | Jun 2023 2.4% | Sep 2023 2.0% | Dec 2023 -5.9% | Mar 2024 0.8% | Jun 2024 -8.6% | Sep 2024 1.8% | Dec 2024 2.2% | Mar 2025 1.8% | Jun 2025 3.5% | Sep 2025 3.9% | Dec 2025 2.8% | Mar 2026 2.5% | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 1.1% | Mar 2022 -6.3% | Jun 2022 0.8% | Sep 2022 -28% | Dec 2022 0.3% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 2.6% | Dec 2023 2.2% | Mar 2024 1.7% | Jun 2024 2.8% | Sep 2024 2.7% | Dec 2024 3.6% | Mar 2025 4.1% | Jun 2025 6.1% | Sep 2025 4.1% | Dec 2025 — | Mar 2026 5.0% | Jun 2026 4.8%
- SEM: Sep 2021 2.3% | Dec 2021 1.3% | Mar 2022 1.6% | Jun 2022 1.9% | Sep 2022 1.4% | Dec 2022 1.4% | Mar 2023 2.4% | Jun 2023 2.5% | Sep 2023 2.0% | Dec 2023 1.8% | Mar 2024 1.8% | Jun 2024 1.1% | Sep 2024 0.8% | Dec 2024 0.4% | Mar 2025 2.0% | Jun 2025 1.5% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 2.0% | Jun 2026 —
- SGRY: Sep 2021 1.3% | Dec 2021 2.2% | Mar 2022 1.9% | Jun 2022 1.4% | Sep 2022 1.3% | Dec 2022 1.6% | Mar 2023 0.8% | Jun 2023 1.6% | Sep 2023 1.4% | Dec 2023 1.6% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 0.9% | Dec 2024 1.9% | Mar 2025 0.9% | Jun 2025 1.6% | Sep 2025 1.5% | Dec 2025 1.5% | Mar 2026 0.9% | Jun 2026 —
- SNDA: Sep 2021 -1.8% | Dec 2021 -2.2% | Mar 2022 -1.7% | Jun 2022 -1.6% | Sep 2022 -1.1% | Dec 2022 -1.5% | Mar 2023 -0.6% | Jun 2023 -0.7% | Sep 2023 -1.7% | Dec 2023 -0.8% | Mar 2024 -0.4% | Jun 2024 -0.3% | Sep 2024 -0.8% | Dec 2024 -1.0% | Mar 2025 -0.4% | Jun 2025 -0.3% | Sep 2025 -2.1% | Dec 2025 -2.9% | Mar 2026 -1.9% | Jun 2026 —
- ASTH: Sep 2021 7.4% | Dec 2021 0.3% | Mar 2022 3.6% | Jun 2022 2.0% | Sep 2022 6.5% | Dec 2022 1.6% | Mar 2023 2.8% | Jun 2023 3.4% | Sep 2023 4.7% | Dec 2023 -0.5% | Mar 2024 3.6% | Jun 2024 11% | Sep 2024 3.1% | Dec 2024 0.1% | Mar 2025 2.2% | Jun 2025 6.0% | Sep 2025 1.5% | Dec 2025 1.4% | Mar 2026 2.2% | Jun 2026 —
- AGL: Sep 2021 -4.9% | Dec 2021 -6.8% | Mar 2022 -0.1% | Jun 2022 -1.7% | Sep 2022 -2.4% | Dec 2022 -5.8% | Mar 2023 0.0% | Jun 2023 -2.6% | Sep 2023 -3.6% | Dec 2023 -17% | Mar 2024 -0.7% | Jun 2024 -4.9% | Sep 2024 -16% | Dec 2024 -16% | Mar 2025 -3.3% | Jun 2025 -19% | Sep 2025 -25% | Dec 2025 -50% | Mar 2026 1.0% | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 1.8% | Dec 2023 0.7% | Mar 2024 4.0% | Jun 2024 5.5% | Sep 2024 1.8% | Dec 2024 4.1% | Mar 2025 1.7% | Jun 2025 3.5% | Sep 2025 0.4% | Dec 2025 2.5% | Mar 2026 1.9% | Jun 2026 —
- HCSG: Sep 2021 1.9% | Dec 2021 0.4% | Mar 2022 2.9% | Jun 2022 2.7% | Sep 2022 0.3% | Dec 2022 3.1% | Mar 2023 2.6% | Jun 2023 1.6% | Sep 2023 -0.8% | Dec 2023 5.1% | Mar 2024 3.1% | Jun 2024 -0.5% | Sep 2024 2.8% | Dec 2024 2.3% | Mar 2025 3.9% | Jun 2025 -7.8% | Sep 2025 7.5% | Dec 2025 4.2% | Mar 2026 5.6% | Jun 2026 3.6%
- INNV: Sep 2021 3.1% | Dec 2021 0.8% | Mar 2022 -1.5% | Jun 2022 -2.7% | Sep 2022 -3.6% | Dec 2022 -3.0% | Mar 2023 -1.8% | Jun 2023 -2.5% | Sep 2023 -2.5% | Dec 2023 -0.4% | Mar 2024 -1.4% | Jun 2024 -1.2% | Sep 2024 -1.2% | Dec 2024 -3.2% | Mar 2025 -2.8% | Jun 2025 -0.6% | Sep 2025 2.2% | Dec 2025 3.5% | Mar 2026 -8.8% | Jun 2026 —
- CMPS: Sep 2021 -8.6% | Dec 2021 -12% | Mar 2022 -11% | Jun 2022 -9.9% | Sep 2022 -10% | Dec 2022 -14% | Mar 2023 -15% | Jun 2023 -16% | Sep 2023 -14% | Dec 2023 -18% | Mar 2024 -17% | Jun 2024 -19% | Sep 2024 -19% | Dec 2024 -22% | Mar 2025 -17% | Jun 2025 -17% | Sep 2025 -29% | Dec 2025 -65% | Mar 2026 -13% | Jun 2026 —
- PNTG: Sep 2021 0.4% | Dec 2021 -0.5% | Mar 2022 0.5% | Jun 2022 -0.7% | Sep 2022 1.6% | Dec 2022 1.4% | Mar 2023 1.0% | Jun 2023 1.4% | Sep 2023 1.6% | Dec 2023 1.7% | Mar 2024 1.8% | Jun 2024 2.0% | Sep 2024 2.1% | Dec 2024 1.8% | Mar 2025 2.2% | Jun 2025 2.0% | Sep 2025 1.7% | Dec 2025 2.5% | Mar 2026 2.3% | Jun 2026 —
- AMN: Sep 2021 5.3% | Dec 2021 8.2% | Mar 2022 10% | Jun 2022 9.0% | Sep 2022 6.5% | Dec 2022 5.7% | Mar 2023 6.0% | Jun 2023 4.6% | Sep 2023 4.3% | Dec 2023 1.6% | Mar 2024 1.8% | Jun 2024 1.8% | Sep 2024 1.1% | Dec 2024 -9.8% | Mar 2025 0.6% | Jun 2025 -6.5% | Sep 2025 2.5% | Dec 2025 0.5% | Mar 2026 6.9% | Jun 2026 —

### 20-quarter ROCE change history
- HCA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −0.2 pp | Mar 2023 +0.3 pp | Jun 2023 −0.2 pp | Sep 2023 −0.3 pp | Dec 2023 +0.7 pp | Mar 2024 +0.2 pp | Jun 2024 +1.0 pp | Sep 2024 +0.6 pp | Dec 2024 0.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +1.3 pp | Dec 2025 +0.7 pp | Mar 2026 +0.2 pp | Jun 2026 +0.1 pp
- THC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −0.9 pp | Mar 2023 −0.3 pp | Jun 2023 +0.1 pp | Sep 2023 −0.3 pp | Dec 2023 +0.8 pp | Mar 2024 +11.4 pp | Jun 2024 +0.6 pp | Sep 2024 +2.2 pp | Dec 2024 +0.2 pp | Mar 2025 −10.2 pp | Jun 2025 +0.2 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.3 pp | Jun 2026 +2.6 pp
- DVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −0.9 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 +1.3 pp | Dec 2023 +0.9 pp | Mar 2024 +1.1 pp | Jun 2024 +0.7 pp | Sep 2024 +0.3 pp | Dec 2024 +1.3 pp | Mar 2025 −0.3 pp | Jun 2025 +0.3 pp | Sep 2025 −0.2 pp | Dec 2025 −0.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- FMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.5 pp | Mar 2023 −0.4 pp | Jun 2023 0.0 pp | Sep 2023 −0.5 pp | Dec 2023 +0.3 pp | Mar 2024 0.0 pp | Jun 2024 +0.3 pp | Sep 2024 +0.6 pp | Dec 2024 −0.6 pp | Mar 2025 +0.9 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +1.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- EHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.6 pp | Mar 2023 +0.5 pp | Jun 2023 +0.7 pp | Sep 2023 +0.8 pp | Dec 2023 +0.4 pp | Mar 2024 +0.8 pp | Jun 2024 +0.8 pp | Sep 2024 +0.3 pp | Dec 2024 +0.6 pp | Mar 2025 +0.8 pp | Jun 2025 +0.5 pp | Sep 2025 +0.4 pp | Dec 2025 +0.5 pp | Mar 2026 +0.2 pp | Jun 2026 —
- ENSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 −0.4 pp | Jun 2023 −0.7 pp | Sep 2023 −0.4 pp | Dec 2023 +1.8 pp | Mar 2024 −0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −0.2 pp | Dec 2025 +0.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- UHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.5 pp | Mar 2023 +0.4 pp | Jun 2023 +0.3 pp | Sep 2023 −0.1 pp | Dec 2023 +0.5 pp | Mar 2024 +0.8 pp | Jun 2024 +1.3 pp | Sep 2024 +0.8 pp | Dec 2024 +1.1 pp | Mar 2025 +0.4 pp | Jun 2025 +0.4 pp | Sep 2025 +1.1 pp | Dec 2025 +0.3 pp | Mar 2026 +0.3 pp | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.4 pp | Dec 2023 +2.5 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −0.5 pp | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 +1.3 pp | Dec 2025 +0.1 pp | Mar 2026 +2.3 pp | Jun 2026 —
- CHE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −1.6 pp | Mar 2023 −1.4 pp | Jun 2023 −2.4 pp | Sep 2023 −0.2 pp | Dec 2023 +1.5 pp | Mar 2024 −1.1 pp | Jun 2024 +0.4 pp | Sep 2024 −0.8 pp | Dec 2024 −0.6 pp | Mar 2025 +1.0 pp | Jun 2025 −1.9 pp | Sep 2025 −1.4 pp | Dec 2025 −0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- LFST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.4 pp | Dec 2022 +4.5 pp | Mar 2023 +2.1 pp | Jun 2023 +0.8 pp | Sep 2023 −1.8 pp | Dec 2023 +0.7 pp | Mar 2024 +0.9 pp | Jun 2024 +1.7 pp | Sep 2024 +3.9 pp | Dec 2024 +1.8 pp | Mar 2025 +1.0 pp | Jun 2025 +0.6 pp | Sep 2025 +0.4 pp | Dec 2025 +0.8 pp | Mar 2026 +1.1 pp | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +4.0 pp | Dec 2023 +2.4 pp | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +0.4 pp | Mar 2025 −3.6 pp | Jun 2025 −4.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 —
- BKD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +1.4 pp | Mar 2023 +1.0 pp | Jun 2023 +1.4 pp | Sep 2023 −0.4 pp | Dec 2023 −1.0 pp | Mar 2024 +0.3 pp | Jun 2024 −0.4 pp | Sep 2024 +0.3 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 −0.1 pp | Sep 2025 −1.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 —
- NHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −1.1 pp | Mar 2023 −0.4 pp | Jun 2023 +0.9 pp | Sep 2023 +0.8 pp | Dec 2023 +1.4 pp | Mar 2024 +0.5 pp | Jun 2024 +0.7 pp | Sep 2024 +0.7 pp | Dec 2024 +0.5 pp | Mar 2025 +1.1 pp | Jun 2025 +0.8 pp | Sep 2025 +0.4 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- OPCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.4 pp | Jun 2023 +0.7 pp | Sep 2023 +0.7 pp | Dec 2023 +0.5 pp | Mar 2024 0.0 pp | Jun 2024 −0.2 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 −0.2 pp | Jun 2026 —
- ACHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.3 pp | Mar 2023 +0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −8.5 pp | Dec 2023 −0.3 pp | Mar 2024 +0.3 pp | Jun 2024 +0.2 pp | Sep 2024 +8.6 pp | Dec 2024 −0.6 pp | Mar 2025 −1.8 pp | Jun 2025 −1.4 pp | Sep 2025 −0.9 pp | Dec 2025 −23.2 pp | Mar 2026 +0.1 pp | Jun 2026 —
- GRDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −18.9 pp | Dec 2022 −4.2 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −4.6 pp | Dec 2023 +11.2 pp | Mar 2024 −3.0 pp | Jun 2024 −23.5 pp | Sep 2024 −60.2 pp | Dec 2024 −0.4 pp | Mar 2025 +2.5 pp | Jun 2025 −4.8 pp | Sep 2025 +72.6 pp | Dec 2025 +3.6 pp | Mar 2026 −0.1 pp | Jun 2026 —
- ADUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 0.0 pp | Mar 2023 +0.6 pp | Jun 2023 +0.5 pp | Sep 2023 +0.6 pp | Dec 2023 +0.8 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 −0.8 pp | Mar 2025 +0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.2 pp | Dec 2025 +0.8 pp | Mar 2026 −0.2 pp | Jun 2026 —
- MD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.9 pp | Mar 2023 −0.3 pp | Jun 2023 0.0 pp | Sep 2023 −0.2 pp | Dec 2023 −7.6 pp | Mar 2024 −0.7 pp | Jun 2024 −11.0 pp | Sep 2024 −0.2 pp | Dec 2024 +8.1 pp | Mar 2025 +1.0 pp | Jun 2025 +12.1 pp | Sep 2025 +2.1 pp | Dec 2025 +0.6 pp | Mar 2026 +0.7 pp | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.8 pp | Mar 2023 — | Jun 2023 +0.2 pp | Sep 2023 +30.4 pp | Dec 2023 +1.9 pp | Mar 2024 — | Jun 2024 +1.8 pp | Sep 2024 +0.1 pp | Dec 2024 +1.4 pp | Mar 2025 +2.4 pp | Jun 2025 +3.3 pp | Sep 2025 +1.4 pp | Dec 2025 — | Mar 2026 +0.9 pp | Jun 2026 −1.3 pp
- SEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +0.1 pp | Mar 2023 +0.8 pp | Jun 2023 +0.6 pp | Sep 2023 +0.6 pp | Dec 2023 +0.4 pp | Mar 2024 −0.6 pp | Jun 2024 −1.4 pp | Sep 2024 −1.2 pp | Dec 2024 −1.4 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.5 pp | Dec 2025 +0.9 pp | Mar 2026 0.0 pp | Jun 2026 —
- SGRY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.6 pp | Mar 2023 −1.1 pp | Jun 2023 +0.2 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.4 pp | Jun 2024 −0.3 pp | Sep 2024 −0.5 pp | Dec 2024 +0.3 pp | Mar 2025 −0.3 pp | Jun 2025 +0.3 pp | Sep 2025 +0.6 pp | Dec 2025 −0.4 pp | Mar 2026 0.0 pp | Jun 2026 —
- SNDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.7 pp | Mar 2023 +1.1 pp | Jun 2023 +0.9 pp | Sep 2023 −0.6 pp | Dec 2023 +0.7 pp | Mar 2024 +0.2 pp | Jun 2024 +0.4 pp | Sep 2024 +0.9 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.3 pp | Dec 2025 −1.9 pp | Mar 2026 −1.5 pp | Jun 2026 —
- ASTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +1.3 pp | Mar 2023 −0.8 pp | Jun 2023 +1.4 pp | Sep 2023 −1.8 pp | Dec 2023 −2.1 pp | Mar 2024 +0.8 pp | Jun 2024 +7.9 pp | Sep 2024 −1.6 pp | Dec 2024 +0.6 pp | Mar 2025 −1.4 pp | Jun 2025 −5.3 pp | Sep 2025 −1.6 pp | Dec 2025 +1.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- AGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +1.0 pp | Mar 2023 +0.1 pp | Jun 2023 −0.9 pp | Sep 2023 −1.2 pp | Dec 2023 −11.3 pp | Mar 2024 −0.7 pp | Jun 2024 −2.3 pp | Sep 2024 −12.5 pp | Dec 2024 +1.0 pp | Mar 2025 −2.6 pp | Jun 2025 −13.8 pp | Sep 2025 −9.2 pp | Dec 2025 −33.8 pp | Mar 2026 +4.3 pp | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.8 pp | Dec 2023 +0.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +3.4 pp | Mar 2025 −2.3 pp | Jun 2025 −2.0 pp | Sep 2025 −1.4 pp | Dec 2025 −1.6 pp | Mar 2026 +0.2 pp | Jun 2026 —
- HCSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 +2.7 pp | Mar 2023 −0.3 pp | Jun 2023 −1.1 pp | Sep 2023 −1.1 pp | Dec 2023 +2.0 pp | Mar 2024 +0.5 pp | Jun 2024 −2.1 pp | Sep 2024 +3.6 pp | Dec 2024 −2.8 pp | Mar 2025 +0.8 pp | Jun 2025 −7.3 pp | Sep 2025 +4.7 pp | Dec 2025 +1.9 pp | Mar 2026 +1.7 pp | Jun 2026 +11.4 pp
- INNV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.7 pp | Dec 2022 −3.8 pp | Mar 2023 −0.3 pp | Jun 2023 +0.2 pp | Sep 2023 +1.1 pp | Dec 2023 +2.6 pp | Mar 2024 +0.4 pp | Jun 2024 +1.3 pp | Sep 2024 +1.3 pp | Dec 2024 −2.8 pp | Mar 2025 −1.4 pp | Jun 2025 +0.6 pp | Sep 2025 +3.4 pp | Dec 2025 +6.7 pp | Mar 2026 −6.0 pp | Jun 2026 —
- CMPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −2.1 pp | Mar 2023 −3.7 pp | Jun 2023 −5.6 pp | Sep 2023 −4.0 pp | Dec 2023 −3.7 pp | Mar 2024 −2.1 pp | Jun 2024 −3.6 pp | Sep 2024 −4.8 pp | Dec 2024 −4.7 pp | Mar 2025 0.0 pp | Jun 2025 +2.5 pp | Sep 2025 −10.0 pp | Dec 2025 −42.4 pp | Mar 2026 +4.2 pp | Jun 2026 —
- PNTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.9 pp | Mar 2023 +0.5 pp | Jun 2023 +2.1 pp | Sep 2023 0.0 pp | Dec 2023 +0.3 pp | Mar 2024 +0.8 pp | Jun 2024 +0.6 pp | Sep 2024 +0.5 pp | Dec 2024 +0.1 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 −0.4 pp | Dec 2025 +0.7 pp | Mar 2026 +0.1 pp | Jun 2026 —
- AMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 −2.5 pp | Mar 2023 −4.0 pp | Jun 2023 −4.4 pp | Sep 2023 −2.2 pp | Dec 2023 −4.1 pp | Mar 2024 −4.2 pp | Jun 2024 −2.8 pp | Sep 2024 −3.2 pp | Dec 2024 −11.4 pp | Mar 2025 −1.2 pp | Jun 2025 −8.3 pp | Sep 2025 +1.4 pp | Dec 2025 +10.3 pp | Mar 2026 +6.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Universal Health Services, Inc. has the lowest comparable Guarded PEG at 0.21×, 4.5% below Fresenius Medical Care AG. Only 13 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Universal Health Services, Inc. · 0.21× | 4.5% versus #2 · Fresenius Medical Care AG | 0/8 recent comparable periods | 13/30 companies · 104 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Universal Health Services, Inc. (UHS): 0.2
2. Fresenius Medical Care AG (FMS): 0.2
3. Encompass Health Corporation (EHC): 0.7
4. Addus HomeCare Corporation (ADUS): 0.8
5. Select Medical Holdings Corporation (SEM): 0.9

### P/E — lowest P/E
1. Sonida Senior Living, Inc. (SNDA): 1.9
2. Aveanna Healthcare Holdings Inc. (AVAH): 5.4
3. Tenet Healthcare Corporation (THC): 7.2
4. Universal Health Services, Inc. (UHS): 7.5
5. Ardent Health, Inc. (ARDT): 9.0

### 20-quarter Guarded PEG history
- HCA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.9 | Dec 2024 0.9 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.0 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- THC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- DVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.5 | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 1.0 | Jun 2025 1.7 | Sep 2025 — | Dec 2025 — | Mar 2026 2.1 | Jun 2026 —
- FMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.4 | Dec 2024 2.9 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 2.1 | Dec 2025 — | Mar 2026 0.2 | Jun 2026 —
- EHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.7 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —
- ENSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 1.3 | Sep 2023 1.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 2.1 | Mar 2026 2.0 | Jun 2026 —
- UHS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.2 | Mar 2024 0.6 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- CHE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.9 | Mar 2024 2.0 | Jun 2024 0.9 | Sep 2024 1.4 | Dec 2024 2.4 | Mar 2025 2.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 0.4 | Jun 2025 1.2 | Sep 2025 — | Dec 2025 1.0 | Mar 2026 1.5 | Jun 2026 —
- OPCH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.2 | Sep 2025 3.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ACHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.5 | Jun 2023 1.2 | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.3 | Dec 2024 2.8 | Mar 2025 2.3 | Jun 2025 3.5 | Sep 2025 3.7 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- MD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0 | Jun 2023 0.6 | Sep 2023 1.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.2 | Mar 2024 0.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.9 | Jun 2026 —
- ASTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.9 | Jun 2024 0.6 | Sep 2024 1.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HCSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 4.3 | Jun 2023 1.4 | Sep 2023 — | Dec 2023 1.5 | Mar 2024 1.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.5 | Mar 2026 — | Jun 2026 —
- PNTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.8 | Sep 2024 — | Dec 2024 0.6 | Mar 2025 0.8 | Jun 2025 1.6 | Sep 2025 3.3 | Dec 2025 1.8 | Mar 2026 3.0 | Jun 2026 —

### 20-quarter P/E history
- HCA: Sep 2021 12.4 | Dec 2021 12.1 | Mar 2022 11.8 | Jun 2022 8.1 | Sep 2022 10.4 | Dec 2022 12.5 | Mar 2023 13.2 | Jun 2023 14.9 | Sep 2023 12.1 | Dec 2023 14.3 | Mar 2024 16.6 | Jun 2024 15.1 | Sep 2024 18.3 | Dec 2024 13.6 | Mar 2025 15.4 | Jun 2025 16.1 | Sep 2025 16.5 | Dec 2025 16.5 | Mar 2026 16.3 | Jun 2026 13.1
- THC: Sep 2021 6.7 | Dec 2021 9.7 | Mar 2022 9.8 | Jun 2022 6.5 | Sep 2022 10.2 | Dec 2022 12.9 | Mar 2023 15.9 | Jun 2023 17.9 | Sep 2023 15.2 | Dec 2023 13.2 | Mar 2024 4.1 | Jun 2024 4.9 | Sep 2024 5.3 | Dec 2024 3.9 | Mar 2025 8.9 | Jun 2025 11.3 | Sep 2025 13.9 | Dec 2025 12.8 | Mar 2026 9.8 | Jun 2026 7.2
- DVA: Sep 2021 13.3 | Dec 2021 12.8 | Mar 2022 13.5 | Jun 2022 9.9 | Sep 2022 12.1 | Dec 2022 12.8 | Mar 2023 15.4 | Jun 2023 20.6 | Sep 2023 14.8 | Dec 2023 14.1 | Mar 2024 15.7 | Jun 2024 14.8 | Sep 2024 17.7 | Dec 2024 13.9 | Mar 2025 15.2 | Jun 2025 14.0 | Sep 2025 13.7 | Dec 2025 11.6 | Mar 2026 14.3 | Jun 2026 —
- FMS: Sep 2021 19.2 | Dec 2021 17.3 | Mar 2022 20.3 | Jun 2022 17.3 | Sep 2022 11.0 | Dec 2022 13.2 | Mar 2023 19.2 | Jun 2023 21.7 | Sep 2023 26.6 | Dec 2023 22.2 | Mar 2024 21.7 | Jun 2024 19.7 | Sep 2024 17.0 | Dec 2024 23.8 | Mar 2025 21.7 | Jun 2025 21.6 | Sep 2025 18.2 | Dec 2025 12.1 | Mar 2026 11.9 | Jun 2026 —
- EHC: Sep 2021 15.6 | Dec 2021 17.4 | Mar 2022 17.6 | Jun 2022 18.1 | Sep 2022 19.4 | Dec 2022 23.4 | Mar 2023 19.4 | Jun 2023 20.5 | Sep 2023 19.1 | Dec 2023 19.2 | Mar 2024 22.3 | Jun 2024 21.8 | Sep 2024 23.3 | Dec 2024 20.7 | Mar 2025 20.9 | Jun 2025 24.0 | Sep 2025 24.0 | Dec 2025 19.2 | Mar 2026 16.1 | Jun 2026 —
- ENSG: Sep 2021 22.2 | Dec 2021 24.6 | Mar 2022 26.1 | Jun 2022 20.5 | Sep 2022 21.2 | Dec 2022 24.0 | Mar 2023 23.3 | Jun 2023 22.6 | Sep 2023 21.4 | Dec 2023 30.7 | Mar 2024 32.7 | Jun 2024 31.7 | Sep 2024 34.8 | Dec 2024 26.0 | Mar 2025 24.5 | Jun 2025 28.0 | Sep 2025 30.9 | Dec 2025 29.8 | Mar 2026 32.8 | Jun 2026 —
- UHS: Sep 2021 11.1 | Dec 2021 11.0 | Mar 2022 12.7 | Jun 2022 10.3 | Sep 2022 9.1 | Dec 2022 15.4 | Mar 2023 13.5 | Jun 2023 16.4 | Sep 2023 13.2 | Dec 2023 14.9 | Mar 2024 15.5 | Jun 2024 13.6 | Sep 2024 15.2 | Dec 2024 10.7 | Mar 2025 10.5 | Jun 2025 9.5 | Sep 2025 9.7 | Dec 2025 9.4 | Mar 2026 7.5 | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 46.1 | Sep 2024 67.8 | Dec 2024 34.5 | Mar 2025 36.3 | Jun 2025 — | Sep 2025 36.1 | Dec 2025 31.5 | Mar 2026 — | Jun 2026 —
- CHE: Sep 2021 24.4 | Dec 2021 31.4 | Mar 2022 29.6 | Jun 2022 26.1 | Sep 2022 25.4 | Dec 2022 30.9 | Mar 2023 33.8 | Jun 2023 36.1 | Sep 2023 32.2 | Dec 2023 32.6 | Mar 2024 34.6 | Jun 2024 27.5 | Sep 2024 30.4 | Dec 2024 26.6 | Mar 2025 30.0 | Jun 2025 25.0 | Sep 2025 23.7 | Dec 2025 23.3 | Mar 2026 20.6 | Jun 2026 —
- LFST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 352.0 | Mar 2026 106.2 | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 13.9 | Dec 2024 13.6 | Mar 2025 16.2 | Jun 2025 17.3 | Sep 2025 17.4 | Dec 2025 15.1 | Mar 2026 15.4 | Jun 2026 —
- NHC: Sep 2021 7.2 | Dec 2021 7.6 | Mar 2022 8.2 | Jun 2022 35.0 | Sep 2022 30.8 | Dec 2022 41.0 | Mar 2023 47.6 | Jun 2023 29.9 | Sep 2023 22.0 | Dec 2023 21.3 | Mar 2024 18.0 | Jun 2024 18.3 | Sep 2024 15.8 | Dec 2024 16.5 | Mar 2025 13.4 | Jun 2025 16.0 | Sep 2025 18.8 | Dec 2025 17.9 | Mar 2026 20.3 | Jun 2026 —
- OPCH: Sep 2021 52.7 | Dec 2021 36.9 | Mar 2022 29.8 | Jun 2022 28.7 | Sep 2022 32.1 | Dec 2022 36.3 | Mar 2023 36.5 | Jun 2023 24.8 | Sep 2023 22.9 | Dec 2023 22.8 | Mar 2024 22.1 | Jun 2024 23.3 | Sep 2024 26.3 | Dec 2024 18.9 | Mar 2025 28.2 | Jun 2025 26.0 | Sep 2025 22.0 | Dec 2025 25.1 | Mar 2026 20.9 | Jun 2026 —
- ACHC: Sep 2021 — | Dec 2021 27.1 | Mar 2022 24.6 | Jun 2022 22.2 | Sep 2022 25.2 | Dec 2022 27.6 | Mar 2023 23.7 | Jun 2023 26.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 20.8 | Dec 2024 14.3 | Mar 2025 14.9 | Jun 2025 15.0 | Sep 2025 21.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GRDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 329.9 | Jun 2025 — | Sep 2025 41.6 | Dec 2025 38.6 | Mar 2026 45.4 | Jun 2026 —
- ADUS: Sep 2021 31.7 | Dec 2021 33.3 | Mar 2022 34.3 | Jun 2022 30.8 | Sep 2022 35.4 | Dec 2022 35.0 | Mar 2023 34.4 | Jun 2023 28.0 | Sep 2023 24.0 | Dec 2023 24.2 | Mar 2024 25.6 | Jun 2024 27.5 | Sep 2024 30.4 | Dec 2024 29.6 | Mar 2025 22.3 | Jun 2025 25.4 | Sep 2025 25.3 | Dec 2025 20.6 | Mar 2026 17.3 | Jun 2026 —
- MD: Sep 2021 29.0 | Dec 2021 17.8 | Mar 2022 23.0 | Jun 2022 21.4 | Sep 2022 16.7 | Dec 2022 20.1 | Mar 2023 13.0 | Jun 2023 12.2 | Sep 2023 12.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 11.1 | Sep 2025 8.8 | Dec 2025 11.0 | Mar 2026 10.4 | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 268.5 | Jun 2025 62.8 | Sep 2025 24.3 | Dec 2025 — | Mar 2026 7.7 | Jun 2026 5.4
- SEM: Sep 2021 6.1 | Dec 2021 5.3 | Mar 2022 5.1 | Jun 2022 7.3 | Sep 2022 8.6 | Dec 2022 10.9 | Mar 2023 9.8 | Jun 2023 10.7 | Sep 2023 7.5 | Dec 2023 6.6 | Mar 2024 8.7 | Jun 2024 13.3 | Sep 2024 12.8 | Dec 2024 11.4 | Mar 2025 18.4 | Jun 2025 14.3 | Sep 2025 14.9 | Dec 2025 12.8 | Mar 2026 15.4 | Jun 2026 —
- SNDA: Sep 2021 0.7 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 1.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ASTH: Sep 2021 57.3 | Dec 2021 48.3 | Mar 2022 29.9 | Jun 2022 24.1 | Sep 2022 28.3 | Dec 2022 29.9 | Mar 2023 37.2 | Jun 2023 31.6 | Sep 2023 32.5 | Dec 2023 29.7 | Mar 2024 31.8 | Jun 2024 28.2 | Sep 2024 44.2 | Dec 2024 35.0 | Mar 2025 42.5 | Jun 2025 47.9 | Sep 2025 149.2 | Dec 2025 53.9 | Mar 2026 40.2 | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 25.9 | Dec 2024 10.8 | Mar 2025 8.4 | Jun 2025 7.6 | Sep 2025 9.1 | Dec 2025 9.2 | Mar 2026 9.0 | Jun 2026 —
- HCSG: Sep 2021 26.0 | Dec 2021 27.4 | Mar 2022 42.2 | Jun 2022 43.5 | Sep 2022 44.8 | Dec 2022 26.1 | Mar 2023 29.5 | Jun 2023 30.5 | Sep 2023 24.8 | Dec 2023 19.9 | Mar 2024 21.9 | Jun 2024 24.1 | Sep 2024 16.0 | Dec 2024 21.9 | Mar 2025 18.0 | Jun 2025 107.4 | Sep 2025 31.2 | Dec 2025 23.6 | Mar 2026 19.3 | Jun 2026 14.3
- INNV: Sep 2021 67.1 | Dec 2021 166.7 | Mar 2022 64.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 103.8 | Mar 2026 — | Jun 2026 —
- PNTG: Sep 2021 96.9 | Dec 2021 256.4 | Mar 2022 232.9 | Jun 2022 — | Sep 2022 520.5 | Dec 2022 49.9 | Mar 2023 57.1 | Jun 2023 28.6 | Sep 2023 26.5 | Dec 2023 31.6 | Mar 2024 36.4 | Jun 2024 36.8 | Sep 2024 52.5 | Dec 2024 37.9 | Mar 2025 33.1 | Jun 2025 38.3 | Sep 2025 33.6 | Dec 2025 33.5 | Mar 2026 35.9 | Jun 2026 —
- AMN: Sep 2021 25.0 | Dec 2021 18.0 | Mar 2022 12.4 | Jun 2022 11.2 | Sep 2022 10.2 | Dec 2022 10.4 | Mar 2023 9.5 | Jun 2023 14.5 | Sep 2023 12.5 | Dec 2023 14.0 | Mar 2024 16.8 | Jun 2024 19.8 | Sep 2024 30.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: agilon health, inc. leads both ev/ebitda at 0.17× and p/bv at 0.06×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: agilon health, inc. · 0.17× | 97.1% versus #2 · Universal Health Services, Inc. | 0/8 recent comparable periods | 29/30 companies · 447 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. agilon health, inc. (AGL): 0.2
2. Universal Health Services, Inc. (UHS): 5.9
3. Tenet Healthcare Corporation (THC): 6.0
4. Ardent Health, Inc. (ARDT): 6.6
5. Fresenius Medical Care AG (FMS): 6.9

### P/BV — lowest P/BV
1. agilon health, inc. (AGL): 0.1
2. Fresenius Medical Care AG (FMS): 0.8
3. Ardent Health, Inc. (ARDT): 0.9
4. Surgery Partners, Inc. (SGRY): 0.9
5. AMN Healthcare Services, Inc. (AMN): 1.0

### 20-quarter EV/EBITDA history
- HCA: Sep 2021 8.9 | Dec 2021 9.2 | Mar 2022 9.1 | Jun 2022 7.4 | Sep 2022 7.8 | Dec 2022 9.0 | Mar 2023 9.4 | Jun 2023 10.2 | Sep 2023 8.9 | Dec 2023 9.1 | Mar 2024 10.2 | Jun 2024 9.6 | Sep 2024 10.8 | Dec 2024 8.7 | Mar 2025 9.3 | Jun 2025 9.6 | Sep 2025 9.7 | Dec 2025 10.0 | Mar 2026 10.1 | Jun 2026 8.9
- THC: Sep 2021 5.9 | Dec 2021 7.2 | Mar 2022 7.2 | Jun 2022 6.3 | Sep 2022 7.2 | Dec 2022 7.7 | Mar 2023 8.2 | Jun 2023 8.8 | Sep 2023 8.3 | Dec 2023 8.0 | Mar 2024 4.3 | Jun 2024 4.6 | Sep 2024 4.5 | Dec 2024 4.1 | Mar 2025 6.5 | Jun 2025 7.2 | Sep 2025 8.1 | Dec 2025 7.9 | Mar 2026 6.8 | Jun 2026 6.0
- DVA: Sep 2021 10.0 | Dec 2021 9.8 | Mar 2022 10.0 | Jun 2022 9.0 | Sep 2022 9.4 | Dec 2022 9.5 | Mar 2023 9.8 | Jun 2023 10.8 | Sep 2023 9.5 | Dec 2023 9.3 | Mar 2024 10.0 | Jun 2024 9.5 | Sep 2024 10.0 | Dec 2024 9.0 | Mar 2025 9.3 | Jun 2025 8.8 | Sep 2025 8.5 | Dec 2025 7.9 | Mar 2026 8.8 | Jun 2026 —
- FMS: Sep 2021 8.4 | Dec 2021 8.6 | Mar 2022 9.3 | Jun 2022 8.4 | Sep 2022 6.7 | Dec 2022 6.7 | Mar 2023 7.6 | Jun 2023 7.9 | Sep 2023 8.0 | Dec 2023 7.3 | Mar 2024 7.1 | Jun 2024 7.0 | Sep 2024 6.8 | Dec 2024 7.6 | Mar 2025 8.8 | Jun 2025 8.7 | Sep 2025 7.5 | Dec 2025 6.5 | Mar 2026 6.9 | Jun 2026 —
- EHC: Sep 2021 9.3 | Dec 2021 10.3 | Mar 2022 10.2 | Jun 2022 9.6 | Sep 2022 9.4 | Dec 2022 10.8 | Mar 2023 9.8 | Jun 2023 10.7 | Sep 2023 10.3 | Dec 2023 10.1 | Mar 2024 11.3 | Jun 2024 11.3 | Sep 2024 11.8 | Dec 2024 10.9 | Mar 2025 11.0 | Jun 2025 12.3 | Sep 2025 12.2 | Dec 2025 10.2 | Mar 2026 9.2 | Jun 2026 —
- ENSG: Sep 2021 16.7 | Dec 2021 17.8 | Mar 2022 19.0 | Jun 2022 15.4 | Sep 2022 16.0 | Dec 2022 18.1 | Mar 2023 18.8 | Jun 2023 18.4 | Sep 2023 17.6 | Dec 2023 23.5 | Mar 2024 12.5 | Jun 2024 12.2 | Sep 2024 13.5 | Dec 2024 20.5 | Mar 2025 25.0 | Jun 2025 27.1 | Sep 2025 29.1 | Dec 2025 22.2 | Mar 2026 30.9 | Jun 2026 —
- UHS: Sep 2021 7.8 | Dec 2021 7.7 | Mar 2022 8.4 | Jun 2022 7.6 | Sep 2022 7.1 | Dec 2022 9.6 | Mar 2023 8.7 | Jun 2023 9.7 | Sep 2023 8.4 | Dec 2023 8.9 | Mar 2024 9.5 | Jun 2024 8.6 | Sep 2024 9.6 | Dec 2024 7.3 | Mar 2025 7.4 | Jun 2025 6.9 | Sep 2025 7.1 | Dec 2025 7.1 | Mar 2026 5.9 | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 35.8 | Sep 2024 47.7 | Dec 2024 32.1 | Mar 2025 9.1 | Jun 2025 — | Sep 2025 43.9 | Dec 2025 25.1 | Mar 2026 — | Jun 2026 —
- CHE: Sep 2021 16.3 | Dec 2021 20.3 | Mar 2022 19.0 | Jun 2022 16.8 | Sep 2022 16.0 | Dec 2022 19.3 | Mar 2023 21.1 | Jun 2023 22.4 | Sep 2023 21.1 | Dec 2023 21.6 | Mar 2024 23.8 | Jun 2024 19.2 | Sep 2024 20.9 | Dec 2024 17.9 | Mar 2025 19.8 | Jun 2025 16.2 | Sep 2025 15.3 | Dec 2025 14.7 | Mar 2026 13.3 | Jun 2026 —
- LFST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 226.0 | Dec 2024 79.9 | Mar 2025 59.9 | Jun 2025 39.9 | Sep 2025 38.0 | Dec 2025 37.3 | Mar 2026 27.6 | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 12.8 | Dec 2024 11.6 | Mar 2025 13.0 | Jun 2025 12.5 | Sep 2025 12.2 | Dec 2025 11.2 | Mar 2026 11.3 | Jun 2026 —
- BKD: Sep 2021 31.1 | Dec 2021 44.1 | Mar 2022 44.0 | Jun 2022 35.2 | Sep 2022 24.0 | Dec 2022 15.8 | Mar 2023 13.3 | Jun 2023 11.7 | Sep 2023 12.4 | Dec 2023 14.8 | Mar 2024 14.8 | Jun 2024 15.6 | Sep 2024 16.1 | Dec 2024 15.2 | Mar 2025 15.8 | Jun 2025 16.0 | Sep 2025 19.3 | Dec 2025 20.3 | Mar 2026 21.8 | Jun 2026 —
- NHC: Sep 2021 11.9 | Dec 2021 10.5 | Mar 2022 10.5 | Jun 2022 11.4 | Sep 2022 11.6 | Dec 2022 13.1 | Mar 2023 13.1 | Jun 2023 11.7 | Sep 2023 10.5 | Dec 2023 13.0 | Mar 2024 12.6 | Jun 2024 14.3 | Sep 2024 16.9 | Dec 2024 12.6 | Mar 2025 10.1 | Jun 2025 9.8 | Sep 2025 10.2 | Dec 2025 11.4 | Mar 2026 13.0 | Jun 2026 —
- OPCH: Sep 2021 22.0 | Dec 2021 23.7 | Mar 2022 21.9 | Jun 2022 20.6 | Sep 2022 22.2 | Dec 2022 20.7 | Mar 2023 20.6 | Jun 2023 19.3 | Sep 2023 18.1 | Dec 2023 17.8 | Mar 2024 17.9 | Jun 2024 14.8 | Sep 2024 15.9 | Dec 2024 12.1 | Mar 2025 17.1 | Jun 2025 15.8 | Sep 2025 13.5 | Dec 2025 14.8 | Mar 2026 13.3 | Jun 2026 —
- ACHC: Sep 2021 15.5 | Dec 2021 15.0 | Mar 2022 14.7 | Jun 2022 14.5 | Sep 2022 16.2 | Dec 2022 16.5 | Mar 2023 14.8 | Jun 2023 15.5 | Sep 2023 13.6 | Dec 2023 49.7 | Mar 2024 15.4 | Jun 2024 36.8 | Sep 2024 12.6 | Dec 2024 9.5 | Mar 2025 9.2 | Jun 2025 8.7 | Sep 2025 10.4 | Dec 2025 — | Mar 2026 17.8 | Jun 2026 —
- GRDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 42.5 | Jun 2025 48.5 | Sep 2025 19.0 | Dec 2025 15.2 | Mar 2026 79.3 | Jun 2026 —
- ADUS: Sep 2021 19.0 | Dec 2021 19.6 | Mar 2022 20.4 | Jun 2022 17.8 | Sep 2022 19.9 | Dec 2022 20.6 | Mar 2023 20.7 | Jun 2023 16.8 | Sep 2023 15.5 | Dec 2023 15.4 | Mar 2024 16.0 | Jun 2024 17.2 | Sep 2024 19.1 | Dec 2024 21.1 | Mar 2025 16.0 | Jun 2025 17.2 | Sep 2025 16.5 | Dec 2025 13.4 | Mar 2026 11.2 | Jun 2026 —
- MD: Sep 2021 16.0 | Dec 2021 11.7 | Mar 2022 11.7 | Jun 2022 10.1 | Sep 2022 8.7 | Dec 2022 8.9 | Mar 2023 9.9 | Jun 2023 9.3 | Sep 2023 8.6 | Dec 2023 30.0 | Mar 2024 8.4 | Jun 2024 7.3 | Sep 2024 — | Dec 2024 — | Mar 2025 10.3 | Jun 2025 8.4 | Sep 2025 7.3 | Dec 2025 8.3 | Mar 2026 8.5 | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 19.6 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 89.9 | Mar 2024 74.9 | Jun 2024 79.8 | Sep 2024 18.0 | Dec 2024 15.4 | Mar 2025 13.8 | Jun 2025 11.0 | Sep 2025 13.2 | Dec 2025 — | Mar 2026 11.3 | Jun 2026 9.5
- SEM: Sep 2021 6.9 | Dec 2021 7.3 | Mar 2022 7.8 | Jun 2022 9.6 | Sep 2022 10.3 | Dec 2022 11.5 | Mar 2023 14.2 | Jun 2023 13.7 | Sep 2023 9.5 | Dec 2023 9.1 | Mar 2024 13.4 | Jun 2024 59.0 | Sep 2024 11.5 | Dec 2024 10.2 | Mar 2025 17.4 | Jun 2025 16.2 | Sep 2025 9.7 | Dec 2025 9.8 | Mar 2026 11.4 | Jun 2026 —
- SGRY: Sep 2021 19.3 | Dec 2021 22.1 | Mar 2022 20.8 | Jun 2022 15.2 | Sep 2022 14.2 | Dec 2022 16.1 | Mar 2023 20.1 | Jun 2023 22.4 | Sep 2023 17.7 | Dec 2023 18.5 | Mar 2024 17.1 | Jun 2024 16.6 | Sep 2024 19.1 | Dec 2024 15.8 | Mar 2025 17.3 | Jun 2025 15.8 | Sep 2025 14.8 | Dec 2025 13.4 | Mar 2026 12.5 | Jun 2026 —
- SNDA: Sep 2021 37.1 | Dec 2021 — | Mar 2022 276.2 | Jun 2022 188.3 | Sep 2022 119.2 | Dec 2022 103.4 | Mar 2023 50.6 | Jun 2023 39.4 | Sep 2023 54.5 | Dec 2023 40.2 | Mar 2024 36.8 | Jun 2024 34.4 | Sep 2024 37.2 | Dec 2024 38.7 | Mar 2025 35.2 | Jun 2025 34.1 | Sep 2025 37.7 | Dec 2025 92.5 | Mar 2026 423.3 | Jun 2026 —
- ASTH: Sep 2021 33.1 | Dec 2021 28.2 | Mar 2022 20.9 | Jun 2022 17.7 | Sep 2022 19.1 | Dec 2022 10.9 | Mar 2023 16.6 | Jun 2023 12.7 | Sep 2023 14.1 | Dec 2023 15.8 | Mar 2024 20.3 | Jun 2024 20.8 | Sep 2024 29.4 | Dec 2024 12.8 | Mar 2025 15.6 | Jun 2025 11.1 | Sep 2025 18.3 | Dec 2025 13.2 | Mar 2026 11.1 | Jun 2026 —
- AGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2 | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 11.2 | Dec 2024 8.2 | Mar 2025 7.6 | Jun 2025 7.0 | Sep 2025 7.5 | Dec 2025 6.7 | Mar 2026 6.6 | Jun 2026 —
- HCSG: Sep 2021 17.0 | Dec 2021 15.8 | Mar 2022 21.8 | Jun 2022 19.1 | Sep 2022 15.7 | Dec 2022 11.7 | Mar 2023 15.3 | Jun 2023 18.5 | Sep 2023 13.8 | Dec 2023 11.9 | Mar 2024 13.9 | Jun 2024 14.1 | Sep 2024 10.5 | Dec 2024 12.6 | Mar 2025 9.3 | Jun 2025 44.0 | Sep 2025 19.2 | Dec 2025 18.0 | Mar 2026 14.6 | Jun 2026 12.0
- INNV: Sep 2021 15.4 | Dec 2021 17.1 | Mar 2022 24.0 | Jun 2022 51.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 274.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 228.8 | Dec 2025 24.7 | Mar 2026 117.4 | Jun 2026 —
- PNTG: Sep 2021 73.3 | Dec 2021 107.5 | Mar 2022 85.6 | Jun 2022 190.7 | Sep 2022 70.1 | Dec 2022 37.4 | Mar 2023 38.4 | Jun 2023 24.0 | Sep 2023 22.7 | Dec 2023 24.8 | Mar 2024 27.6 | Jun 2024 28.2 | Sep 2024 35.2 | Dec 2024 26.7 | Mar 2025 25.0 | Jun 2025 26.1 | Sep 2025 23.1 | Dec 2025 24.0 | Mar 2026 23.5 | Jun 2026 —
- AMN: Sep 2021 14.1 | Dec 2021 11.1 | Mar 2022 7.9 | Jun 2022 7.0 | Sep 2022 6.4 | Dec 2022 6.5 | Mar 2023 6.1 | Jun 2023 8.3 | Sep 2023 7.1 | Dec 2023 8.2 | Mar 2024 8.6 | Jun 2024 8.3 | Sep 2024 8.8 | Dec 2024 27.5 | Mar 2025 48.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 18.1 | Jun 2026 —

### 20-quarter P/BV history
- HCA: Sep 2021 -109.5 | Dec 2021 -84.1 | Mar 2022 -36.9 | Jun 2022 -13.1 | Sep 2022 -15.5 | Dec 2022 -24.1 | Mar 2023 -29.2 | Jun 2023 -18.0 | Sep 2023 -26.7 | Dec 2023 -40.5 | Mar 2024 -54.4 | Jun 2024 -52.1 | Sep 2024 -47.4 | Dec 2024 -30.0 | Mar 2025 -23.9 | Jun 2025 -20.6 | Sep 2025 -18.4 | Dec 2025 -17.4 | Mar 2026 -16.7 | Jun 2026 -13.0
- THC: Sep 2021 9.9 | Dec 2021 8.5 | Mar 2022 8.8 | Jun 2022 5.2 | Sep 2022 4.5 | Dec 2022 4.4 | Mar 2023 4.9 | Jun 2023 6.2 | Sep 2023 4.6 | Dec 2023 4.7 | Mar 2024 3.0 | Jun 2024 3.7 | Sep 2024 4.1 | Dec 2024 2.9 | Mar 2025 3.0 | Jun 2025 4.2 | Sep 2025 4.4 | Dec 2025 4.1 | Mar 2026 3.4 | Jun 2026 3.5
- DVA: Sep 2021 10.4 | Dec 2021 14.7 | Mar 2022 12.8 | Jun 2022 12.2 | Sep 2022 14.0 | Dec 2022 9.5 | Mar 2023 8.9 | Jun 2023 9.0 | Sep 2023 7.2 | Dec 2023 8.8 | Mar 2024 13.1 | Jun 2024 18.6 | Sep 2024 35.0 | Dec 2024 99.4 | Mar 2025 -44.3 | Jun 2025 -28.6 | Sep 2025 -16.5 | Dec 2025 -12.0 | Mar 2026 -13.5 | Jun 2026 —
- FMS: Sep 2021 1.5 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- EHC: Sep 2021 3.2 | Dec 2021 2.7 | Mar 2022 2.9 | Jun 2022 2.2 | Sep 2022 3.7 | Dec 2022 4.6 | Mar 2023 3.9 | Jun 2023 4.6 | Sep 2023 4.3 | Dec 2023 4.1 | Mar 2024 4.8 | Jun 2024 4.7 | Sep 2024 5.0 | Dec 2024 4.5 | Mar 2025 4.7 | Jun 2025 5.4 | Sep 2025 5.4 | Dec 2025 4.4 | Mar 2026 3.8 | Jun 2026 —
- ENSG: Sep 2021 4.2 | Dec 2021 4.5 | Mar 2022 4.7 | Jun 2022 3.6 | Sep 2022 3.7 | Dec 2022 4.2 | Mar 2023 4.1 | Jun 2023 3.9 | Sep 2023 3.6 | Dec 2023 4.3 | Mar 2024 4.5 | Jun 2024 4.3 | Sep 2024 4.7 | Dec 2024 4.2 | Mar 2025 3.9 | Jun 2025 4.4 | Sep 2025 4.7 | Dec 2025 4.5 | Mar 2026 5.0 | Jun 2026 —
- UHS: Sep 2021 1.8 | Dec 2021 1.6 | Mar 2022 1.9 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.7 | Mar 2023 1.5 | Jun 2023 1.8 | Sep 2023 1.4 | Dec 2023 1.7 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 1.8 | Jun 2025 1.7 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —
- PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.9 | Sep 2024 9.4 | Dec 2024 2.9 | Mar 2025 — | Jun 2025 — | Sep 2025 2.3 | Dec 2025 6.4 | Mar 2026 4.9 | Jun 2026 —
- CHE: Sep 2021 9.2 | Dec 2021 12.7 | Mar 2022 11.4 | Jun 2022 10.2 | Sep 2022 9.0 | Dec 2022 9.5 | Mar 2023 9.1 | Jun 2023 8.6 | Sep 2023 7.7 | Dec 2023 7.9 | Mar 2024 8.2 | Jun 2024 6.8 | Sep 2024 7.3 | Dec 2024 6.9 | Mar 2025 7.6 | Jun 2025 5.9 | Sep 2025 5.9 | Dec 2025 6.0 | Mar 2026 5.9 | Jun 2026 —
- LFST: Sep 2021 3.5 | Dec 2021 2.3 | Mar 2022 2.5 | Jun 2022 1.4 | Sep 2022 1.6 | Dec 2022 1.2 | Mar 2023 1.9 | Jun 2023 2.3 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 1.7 | Jun 2024 1.3 | Sep 2024 1.9 | Dec 2024 2.0 | Mar 2025 1.8 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.8 | Mar 2026 1.7 | Jun 2026 —
- CON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 10.3 | Dec 2024 9.2 | Mar 2025 9.1 | Jun 2025 7.7 | Sep 2025 7.0 | Dec 2025 6.4 | Mar 2026 6.5 | Jun 2026 —
- BKD: Sep 2021 1.5 | Dec 2021 1.4 | Mar 2022 2.2 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 2.7 | Mar 2024 3.4 | Jun 2024 4.0 | Sep 2024 4.6 | Dec 2024 4.7 | Mar 2025 10.0 | Jun 2025 15.7 | Sep 2025 -298.9 | Dec 2025 -57.3 | Mar 2026 -58.4 | Jun 2026 —
- NHC: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 1.1 | Dec 2023 1.6 | Mar 2024 1.6 | Jun 2024 1.8 | Sep 2024 2.0 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 1.8 | Dec 2025 2.0 | Mar 2026 2.3 | Jun 2026 —
- OPCH: Sep 2021 4.0 | Dec 2021 4.4 | Mar 2022 4.2 | Jun 2022 3.9 | Sep 2022 4.3 | Dec 2022 4.0 | Mar 2023 4.2 | Jun 2023 4.0 | Sep 2023 4.0 | Dec 2023 4.1 | Mar 2024 4.1 | Jun 2024 3.4 | Sep 2024 3.7 | Dec 2024 2.8 | Mar 2025 4.2 | Jun 2025 3.9 | Sep 2025 3.3 | Dec 2025 3.8 | Mar 2026 3.1 | Jun 2026 —
- ACHC: Sep 2021 2.3 | Dec 2021 2.2 | Mar 2022 2.3 | Jun 2022 2.3 | Sep 2022 2.6 | Dec 2022 2.6 | Mar 2023 2.3 | Jun 2023 2.5 | Sep 2023 2.4 | Dec 2023 2.6 | Mar 2024 2.5 | Jun 2024 2.1 | Sep 2024 1.9 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 1.1 | Jun 2026 —
- GRDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.3 | Dec 2024 9.0 | Mar 2025 8.6 | Jun 2025 8.0 | Sep 2025 9.0 | Dec 2025 9.3 | Mar 2026 10.8 | Jun 2026 —
- ADUS: Sep 2021 2.3 | Dec 2021 2.6 | Mar 2022 2.6 | Jun 2022 2.2 | Sep 2022 2.5 | Dec 2022 2.5 | Mar 2023 2.7 | Jun 2023 2.3 | Sep 2023 2.0 | Dec 2023 2.1 | Mar 2024 2.3 | Jun 2024 2.3 | Sep 2024 2.6 | Dec 2024 2.3 | Mar 2025 1.8 | Jun 2025 2.1 | Sep 2025 2.1 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 —
- MD: Sep 2021 2.9 | Dec 2021 2.6 | Mar 2022 2.3 | Jun 2022 2.1 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 1.4 | Dec 2024 1.5 | Mar 2025 1.6 | Jun 2025 1.5 | Sep 2025 1.6 | Dec 2025 2.1 | Mar 2026 2.0 | Jun 2026 —
- AVAH: Sep 2021 — | Dec 2021 1.9 | Mar 2022 2.2 | Jun 2022 1.0 | Sep 2022 2.2 | Dec 2022 1.2 | Mar 2023 — | Jun 2023 -5.5 | Sep 2023 -47.8 | Dec 2023 -4.0 | Mar 2024 -3.5 | Jun 2024 -4.5 | Sep 2024 -6.4 | Dec 2024 -7.3 | Mar 2025 -10.5 | Jun 2025 -87.2 | Sep 2025 199.0 | Dec 2025 — | Mar 2026 8.8 | Jun 2026 5.8
- SEM: Sep 2021 2.3 | Dec 2021 1.9 | Mar 2022 1.5 | Jun 2022 1.5 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.8 | Sep 2023 1.4 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.7 | Sep 2024 1.3 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 —
- SGRY: Sep 2021 4.6 | Dec 2021 4.4 | Mar 2022 4.3 | Jun 2022 2.3 | Sep 2022 1.8 | Dec 2022 1.8 | Mar 2023 2.2 | Jun 2023 2.8 | Sep 2023 1.9 | Dec 2023 2.0 | Mar 2024 1.9 | Jun 2024 1.6 | Sep 2024 2.2 | Dec 2024 1.5 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.6 | Dec 2025 1.2 | Mar 2026 0.9 | Jun 2026 —
- SNDA: Sep 2021 -0.5 | Dec 2021 -3.9 | Mar 2022 -3.5 | Jun 2022 -2.1 | Sep 2022 -1.3 | Dec 2022 -0.8 | Mar 2023 -0.6 | Jun 2023 -0.7 | Sep 2023 -0.7 | Dec 2023 -0.7 | Mar 2024 -9.1 | Jun 2024 -11.4 | Sep 2024 6.6 | Dec 2024 6.1 | Mar 2025 7.5 | Jun 2025 8.3 | Sep 2025 17.5 | Dec 2025 -55,644.5 | Mar 2026 1.7 | Jun 2026 —
- ASTH: Sep 2021 9.3 | Dec 2021 7.3 | Mar 2022 4.6 | Jun 2022 3.6 | Sep 2022 3.4 | Dec 2022 2.5 | Mar 2023 3.1 | Jun 2023 2.6 | Sep 2023 2.4 | Dec 2023 2.9 | Mar 2024 3.1 | Jun 2024 2.8 | Sep 2024 3.9 | Dec 2024 2.1 | Mar 2025 — | Jun 2025 1.6 | Sep 2025 1.8 | Dec 2025 1.6 | Mar 2026 1.5 | Jun 2026 —
- AGL: Sep 2021 9.1 | Dec 2021 9.9 | Mar 2022 9.3 | Jun 2022 8.1 | Sep 2022 8.9 | Dec 2022 6.4 | Mar 2023 9.1 | Jun 2023 8.0 | Sep 2023 8.3 | Dec 2023 7.7 | Mar 2024 3.6 | Jun 2024 4.0 | Sep 2024 2.8 | Dec 2024 0.4 | Mar 2025 3.6 | Jun 2025 2.3 | Sep 2025 1.4 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- ARDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.6 | Dec 2024 2.2 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 —
- HCSG: Sep 2021 3.9 | Dec 2021 2.9 | Mar 2022 3.2 | Jun 2022 3.0 | Sep 2022 2.2 | Dec 2022 2.1 | Mar 2023 2.4 | Jun 2023 2.5 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 2.0 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.6 | Mar 2026 2.5 | Jun 2026 3.3
- INNV: Sep 2021 2.6 | Dec 2021 2.0 | Mar 2022 2.5 | Jun 2022 1.8 | Sep 2022 2.5 | Dec 2022 3.1 | Mar 2023 3.5 | Jun 2023 3.4 | Sep 2023 2.8 | Dec 2023 2.9 | Mar 2024 2.2 | Jun 2024 2.5 | Sep 2024 3.1 | Dec 2024 2.1 | Mar 2025 1.7 | Jun 2025 2.1 | Sep 2025 2.9 | Dec 2025 2.7 | Mar 2026 4.8 | Jun 2026 —
- CMPS: Sep 2021 4.1 | Dec 2021 3.3 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 2.4 | Dec 2022 1.9 | Mar 2023 2.6 | Jun 2023 2.3 | Sep 2023 1.8 | Dec 2023 2.4 | Mar 2024 2.2 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 14.6 | Dec 2025 -12.6 | Mar 2026 2.3 | Jun 2026 —
- PNTG: Sep 2021 7.4 | Dec 2021 6.0 | Mar 2022 4.7 | Jun 2022 3.3 | Sep 2022 2.7 | Dec 2022 2.7 | Mar 2023 3.5 | Jun 2023 2.9 | Sep 2023 2.5 | Dec 2023 3.0 | Mar 2024 4.1 | Jun 2024 4.6 | Sep 2024 6.4 | Dec 2024 3.1 | Mar 2025 2.9 | Jun 2025 3.3 | Sep 2025 2.7 | Dec 2025 2.9 | Mar 2026 3.1 | Jun 2026 —
- AMN: Sep 2021 5.2 | Dec 2021 5.0 | Mar 2022 4.4 | Jun 2022 4.6 | Sep 2022 4.1 | Dec 2022 4.1 | Mar 2023 3.5 | Jun 2023 5.4 | Sep 2023 3.9 | Dec 2023 3.4 | Mar 2024 2.8 | Jun 2024 2.2 | Sep 2024 1.8 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 —

## Market action

PACS Group, Inc. has the strongest one-year price move in Medical Care Facilities at +342.2%. agilon health, inc. leads on Mansfield relative strength against the S&P 500 at +134.3%. 23 of 30 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. PACS Group, Inc. (PACS): 342%
2. InnovAge Holding Corp. (INNV): 277%
3. LifeStance Health Group, Inc. (LFST): 197%
4. Aveanna Healthcare Holdings Inc. (AVAH): 164%
5. COMPASS Pathways plc (CMPS): 150%

### Strongest relative strength versus NIFTY 500
1. agilon health, inc. (AGL): 134%
2. InnovAge Holding Corp. (INNV): 61%
3. LifeStance Health Group, Inc. (LFST): 50%
4. AMN Healthcare Services, Inc. (AMN): 49%
5. PACS Group, Inc. (PACS): 49%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- HCA Healthcare, Inc. (HCA) — market value ₹92.8K Cr; latest fundamentals Jun 2026
- Tenet Healthcare Corporation (THC) — market value ₹22.6K Cr; latest fundamentals Jun 2026
- DaVita Inc. (DVA) — market value ₹15.4K Cr; latest fundamentals Mar 2026
- Fresenius Medical Care AG (FMS) — market value ₹13.1K Cr; latest fundamentals Mar 2026
- Encompass Health Corporation (EHC) — market value ₹11.5K Cr; latest fundamentals Mar 2026
- The Ensign Group, Inc. (ENSG) — market value ₹10.6K Cr; latest fundamentals Mar 2026
- Universal Health Services, Inc. (UHS) — market value ₹10.1K Cr; latest fundamentals Mar 2026
- PACS Group, Inc. (PACS) — market value ₹7.4K Cr; latest fundamentals Mar 2026
- Chemed Corporation (CHE) — market value ₹6.8K Cr; latest fundamentals Mar 2026
- LifeStance Health Group, Inc. (LFST) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- Concentra Group Holdings Parent, Inc. (CON) — market value ₹4.2K Cr; latest fundamentals Mar 2026
- Brookdale Senior Living Inc. (BKD) — market value ₹3.7K Cr; latest fundamentals Mar 2026
- National HealthCare Corporation (NHC) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Option Care Health, Inc. (OPCH) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- Acadia Healthcare Company, Inc. (ACHC) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Guardian Pharmacy Services, Inc. (GRDN) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Addus HomeCare Corporation (ADUS) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Pediatrix Medical Group, Inc. (MD) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Aveanna Healthcare Holdings Inc. (AVAH) — market value ₹2.2K Cr; latest fundamentals Jun 2026
- Select Medical Holdings Corporation (SEM) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Surgery Partners, Inc. (SGRY) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Sonida Senior Living, Inc. (SNDA) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Astrana Health, Inc. (ASTH) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- agilon health, inc. (AGL) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Ardent Health, Inc. (ARDT) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Healthcare Services Group, Inc. (HCSG) — market value ₹1.6K Cr; latest fundamentals Jun 2026
- InnovAge Holding Corp. (INNV) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- COMPASS Pathways plc (CMPS) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- The Pennant Group, Inc. (PNTG) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- AMN Healthcare Services, Inc. (AMN) — market value ₹1.3K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Medical Care Facilities company is the biggest?

Fresenius Medical Care AG is the largest, with trailing-twelve-month revenue of $19,359 million, ahead of Universal Health Services, Inc. at $17,760 million. That covers 24 of 30 companies with comparable reporting through Mar 2026.

### Which Medical Care Facilities company is growing fastest?

Astrana Health, Inc. has the fastest revenue growth at 56.8% year on year, across 24 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Medical Care Facilities company has the best profit margins?

Tenet Healthcare Corporation has the highest operating margin at 23.2%, from 29 of 30 comparable companies. AMN Healthcare Services, Inc. shows the biggest recent improvement, at +6.7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Medical Care Facilities company makes the most profit?

Universal Health Services, Inc. earns the most, at $1,549 million of trailing-twelve-month net profit, from 25 of 30 comparable companies. Fresenius Medical Care AG has the fastest profit growth at 43.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Medical Care Facilities company earns the highest return on capital?

Guardian Pharmacy Services, Inc. leads on return on capital employed at 7.8%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Medical Care Facilities stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Universal Health Services, Inc. screens cheapest at 0.21×. Only 13 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Medical Care Facilities company has the strongest balance sheet?

Healthcare Services Group, Inc. carries the lowest comparable gross debt at $11 million, from 30 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Medical Care Facilities company is investing most in new capacity?

HCA Healthcare, Inc. reports the largest capital spending at $1,231 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Medical Care Facilities sector beating the market?

Medical Care Facilities has outperformed S&P 500 by 63% over the last 52 weeks and 25.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 23 of 30 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Medical Care Facilities stock has the strongest price momentum?

agilon health, inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Medical Care Facilities company scores highest for research priority?

AMN Healthcare Services, Inc. scores 64.2 out of 100 with 58.6% evidence confidence, from 26.1 points on growth and earnings, 12.9 on capital efficiency, 9.3 on valuation and 15.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Medical Care Facilities companies does this comparison cover, and over what period?

It compares 30 listed companies over up to 20 reported quarters of fundamentals and 7 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Medical Care Facilities sector?

The 30 Medical Care Facilities companies on this page carry $240,359 million of combined market value. HCA Healthcare, Inc. is the largest at $92,771 million, about 39% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Medical Care Facilities sector's P/E ratio?

The median price-to-earnings ratio across the 30 Medical Care Facilities companies on this page is 17.3×, measured on the 26 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Medical Care Facilities sector performing?

23 of the 30 covered Medical Care Facilities companies are beating S&P 500 on Mansfield relative strength. The sector itself is 63% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Medical Care Facilities stocks are listed in the US?

This comparison covers 30 listed Medical Care Facilities companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/medical-care-facilities