# 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 2026-08-04. Not investment advice. ## Bottom line Medical Care Facilities has outperformed S&P 500 by 45.7% over 52 weeks and 11.6% over 13 weeks. 21 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 10 of 30 beat the sector itself. Fresenius Medical Care AG leads with revenue of $19,359 million, based on 19 of 30 comparable companies through Mar 2026. ## Sector relative strength Medical Care Facilities has outperformed S&P 500 by 45.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 11.6%. 21 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 +87%. 13-week sector return versus NIFTY 500: 12% 52-week sector return versus NIFTY 500: 46% Stocks leading NIFTY: 21/30 Stocks leading sector: 10/30 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: ₹2.3 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): 65/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 26.0/35 | Capital efficiency 13.2/25 | Valuation 9.2/20 | Relative strength 16.1/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 26 + 13.2 + 9.2 + 16.1 = 64.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 2. Tenet Healthcare Corporation (THC): 64/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 23.7/35 | Capital efficiency 16.5/25 | Valuation 11.1/20 | Relative strength 13.1/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 23.7 + 16.5 + 11.1 + 13.1 = 64.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. Concentra Group Holdings Parent, Inc. (CON): 60/100 — Mixed-positive evidence; evidence 71% - Growth & earnings 19.8/35 | Capital efficiency 14.8/25 | Valuation 10.2/20 | Relative strength 15.3/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 19.8 + 14.8 + 10.2 + 15.3 = 60.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. PACS Group, Inc. (PACS): 59/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 21.9/35 | Capital efficiency 13.3/25 | Valuation 9.1/20 | Relative strength 14.4/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 21.9 + 13.3 + 9.1 + 14.4 = 58.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Encompass Health Corporation (EHC): 56/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 20.6/35 | Capital efficiency 15.8/25 | Valuation 14.4/20 | Relative strength 5.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 20.6 + 15.8 + 14.4 + 5 = 55.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Chemed Corporation (CHE): 56/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 18.0/35 | Capital efficiency 15.7/25 | Valuation 9.5/20 | Relative strength 12.6/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 18 + 15.7 + 9.5 + 12.6 = 55.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. Fresenius Medical Care AG (FMS): 55/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 21.6/35 | Capital efficiency 11.4/25 | Valuation 15.8/20 | Relative strength 6.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 21.6 + 11.4 + 15.8 + 6.2 = 55 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Addus HomeCare Corporation (ADUS): 54/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 21.2/35 | Capital efficiency 12.3/25 | Valuation 13.7/20 | Relative strength 7.2/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 21.2 + 12.3 + 13.7 + 7.2 = 54.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. LifeStance Health Group, Inc. (LFST): 53/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 22.1/35 | Capital efficiency 5.8/25 | Valuation 8.5/20 | Relative strength 16.9/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 22.1 + 5.8 + 8.5 + 16.9 = 53.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. agilon health, inc. (AGL): 53/100 — Mixed-positive evidence; evidence 61% - Growth & earnings 18.4/35 | Capital efficiency 4.8/25 | Valuation 10.0/20 | Relative strength 20.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 18.4 + 4.8 + 10 + 20 = 53.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Healthcare Services Group, Inc. (HCSG): 53/100 — Thin evidence · provisional; evidence 52% - Growth & earnings 22.9/35 | Capital efficiency 10.6/25 | Valuation 10.4/20 | Relative strength 9.3/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 22.9 + 10.6 + 10.4 + 9.3 = 53.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. DaVita Inc. (DVA): 53/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 16.1/35 | Capital efficiency 13.7/25 | Valuation 8.0/20 | Relative strength 15.2/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 16.1 + 13.7 + 8 + 15.2 = 53 - Decision use: Price leads the evidence: RS versus the benchmark is 33.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 13. Acadia Healthcare Company, Inc. (ACHC): 49/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 14.7/35 | Capital efficiency 7.5/25 | Valuation 9.6/20 | Relative strength 17.3/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 14.7 + 7.5 + 9.6 + 17.3 = 49.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. National HealthCare Corporation (NHC): 48/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 16.5/35 | Capital efficiency 10.2/25 | Valuation 9.9/20 | Relative strength 10.9/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 16.5 + 10.2 + 9.9 + 10.9 = 47.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. Guardian Pharmacy Services, Inc. (GRDN): 47/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 17.2/35 | Capital efficiency 12.6/25 | Valuation 8.7/20 | Relative strength 8.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 17.2 + 12.6 + 8.7 + 8.3 = 46.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. HCA Healthcare, Inc. (HCA): 45/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.2/35 | Capital efficiency 16.4/25 | Valuation 10.7/20 | Relative strength 1.5/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.2 + 16.4 + 10.7 + 1.5 = 44.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. The Pennant Group, Inc. (PNTG): 45/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 20.4/35 | Capital efficiency 9.2/25 | Valuation 4.0/20 | Relative strength 11.1/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 20.4 + 9.2 + 4 + 11.1 = 44.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Aveanna Healthcare Holdings Inc. (AVAH): 45/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 11.5/35 | Capital efficiency 11.8/25 | Valuation 11.4/20 | Relative strength 9.8/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 11.5 + 11.8 + 11.4 + 9.8 = 44.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. Universal Health Services, Inc. (UHS): 44/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.4/35 | Capital efficiency 14.1/25 | Valuation 11.3/20 | Relative strength 2.5/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.4 + 14.1 + 11.3 + 2.5 = 44.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Option Care Health, Inc. (OPCH): 43/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 17.0/35 | Capital efficiency 11.3/25 | Valuation 10.1/20 | Relative strength 5.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 17 + 11.3 + 10.1 + 5 = 43.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. Pediatrix Medical Group, Inc. (MD): 43/100 — Mixed-negative evidence; evidence 74% - Growth & earnings 17.5/35 | Capital efficiency 10.2/25 | Valuation 9.9/20 | Relative strength 5.7/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 17.5 + 10.2 + 9.9 + 5.7 = 43.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 22. The Ensign Group, Inc. (ENSG): 42/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 17.7/35 | Capital efficiency 12.2/25 | Valuation 9.3/20 | Relative strength 3.0/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.7 + 12.2 + 9.3 + 3 = 42.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Select Medical Holdings Corporation (SEM): 41/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 11.1/35 | Capital efficiency 9.7/25 | Valuation 13.1/20 | Relative strength 6.8/20 - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 7 weeks with a reading, within the last 12, ending 2026-07-02 (no longer priced) - Exact sum: 11.1 + 9.7 + 13.1 + 6.8 = 40.7 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 24. InnovAge Holding Corp. (INNV): 40/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 10.8/35 | Capital efficiency 3.6/25 | Valuation 8.6/20 | Relative strength 16.7/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 10.8 + 3.6 + 8.6 + 16.7 = 39.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. Brookdale Senior Living Inc. (BKD): 39/100 — Mixed-negative evidence; evidence 61% - Growth & earnings 17.0/35 | Capital efficiency 5.0/25 | Valuation 10.0/20 | Relative strength 7.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 17 + 5 + 10 + 7.3 = 39.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. Ardent Health, Inc. (ARDT): 39/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 14.3/35 | Capital efficiency 8.7/25 | Valuation 11.0/20 | Relative strength 5.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 14.3 + 8.7 + 11 + 5.2 = 39.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Astrana Health, Inc. (ASTH): 38/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 14.2/35 | Capital efficiency 7.3/25 | Valuation 10.5/20 | Relative strength 5.9/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 14.2 + 7.3 + 10.5 + 5.9 = 37.9 - 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 61% - Growth & earnings 13.9/35 | Capital efficiency 7.2/25 | Valuation 10.0/20 | Relative strength 5.6/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 13.9 + 7.2 + 10 + 5.6 = 36.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 29. Sonida Senior Living, Inc. (SNDA): 34/100 — Adverse evidence; evidence 64% - Growth & earnings 13.0/35 | Capital efficiency 3.8/25 | Valuation 11.5/20 | Relative strength 5.9/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 13 + 3.8 + 11.5 + 5.9 = 34.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 30. COMPASS Pathways plc (CMPS): 48/100 — Thin evidence · provisional; evidence 47% - Growth & earnings 19.8/35 | Capital efficiency 5.0/25 | Valuation 10.0/20 | Relative strength 13.5/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 19.8 + 5 + 10 + 13.5 = 48.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action agilon health, inc. has the strongest one-year price move in Medical Care Facilities at +334%. It also leads on Mansfield relative strength against the S&P 500 at +109.7%. 21 of 30 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. agilon health, inc. (AGL): 334% 2. PACS Group, Inc. (PACS): 302% 3. InnovAge Holding Corp. (INNV): 228% 4. COMPASS Pathways plc (CMPS): 169% 5. LifeStance Health Group, Inc. (LFST): 135% ### Strongest relative strength versus NIFTY 500 1. agilon health, inc. (AGL): 110% 2. InnovAge Holding Corp. (INNV): 40% 3. COMPASS Pathways plc (CMPS): 38% 4. AMN Healthcare Services, Inc. (AMN): 36% 5. PACS Group, Inc. (PACS): 34% ## Revenue Scale & Growth Durability What the numbers say: Fresenius Medical Care AG is the scale leader at $19,359 million, 39.9% ahead of DaVita 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 | 39.9% versus #2 · DaVita Inc. | 4/8 recent comparable periods | 19/30 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. DaVita Inc. (DVA): ₹13.8K Cr 3. Ardent Health, Inc. (ARDT): ₹6.4K Cr 4. Encompass Health Corporation (EHC): ₹6.1K Cr 5. agilon health, inc. (AGL): ₹5.8K 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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% - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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% - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 - 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 — - 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 — - 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 — - 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 — - 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 — - 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: Fresenius Medical Care AG leads with $1,167 million of TTM profit, 6.5% above DaVita Inc.. 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: Fresenius Medical Care AG 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: Fresenius Medical Care AG · $1,167 million | 6.5% versus #2 · DaVita Inc. | 6/8 recent comparable periods | 20/30 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. Fresenius Medical Care AG (FMS): ₹1.2K Cr 2. DaVita Inc. (DVA): ₹1.1K Cr 3. Encompass Health Corporation (EHC): ₹795 Cr 4. Ardent Health, Inc. (ARDT): ₹229 Cr 5. Select Medical Holdings Corporation (SEM): ₹204 Cr ### Profit growth — fastest growers 1. Fresenius Medical Care AG (FMS): 44% 2. Addus HomeCare Corporation (ADUS): 27% 3. Encompass Health Corporation (EHC): 21% 4. The Pennant Group, Inc. (PNTG): 21% 5. National HealthCare Corporation (NHC): 17% ### 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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% - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — ## 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 · 558 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): 6.6% 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 2.7% - 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 4.1% - PACS: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 1.4% | Jun 2023 — | Sep 2023 1.4% | Dec 2023 2.5% | Mar 2024 1.7% | 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 6.6% - 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 — - 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 — - 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 3.3% - 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 — - 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 1.4% | Dec 2025 -22% | Mar 2026 0.9% | Jun 2026 1.1% - 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 — - 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 — - 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% - 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 — - 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 — - 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 — - 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 — - 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% - 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 — - 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 — - 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 +0.1 pp - 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 0.0 pp - PACS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +1.4 pp | Dec 2023 +2.5 pp | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −0.5 pp | Mar 2025 +1.2 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 +1.9 pp - 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 — - 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 — - 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 +0.2 pp - 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 — - 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 −1.2 pp | Dec 2025 −23.2 pp | Mar 2026 +0.1 pp | Jun 2026 −0.3 pp - 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 — - 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 — - 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 - 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 — - 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 — - 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 — - 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 — - 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 - 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 — - 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 — - 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: Fresenius Medical Care AG has the lowest comparable PEG at 0.22×, 67.6% below Encompass Health Corporation. Only 9 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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: Fresenius Medical Care AG · 0.22× | 67.6% versus #2 · Encompass Health Corporation | 0/8 recent comparable periods | 9/30 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. Fresenius Medical Care AG (FMS): 0.2 2. Encompass Health Corporation (EHC): 0.7 3. Addus HomeCare Corporation (ADUS): 0.8 4. Select Medical Holdings Corporation (SEM): 0.9 5. Astrana Health, Inc. (ASTH): 1.2 ### P/E — lowest P/E 1. Sonida Senior Living, Inc. (SNDA): 1.9 2. Aveanna Healthcare Holdings Inc. (AVAH): 5.4 3. Universal Health Services, Inc. (UHS): 6.1 4. Tenet Healthcare Corporation (THC): 7.2 5. Ardent Health, Inc. (ARDT): 9.0 ### 20-quarter 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 13.3 | 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 25.1 - 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 6.1 - 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 23.4 - 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 — - 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 — - 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 15.8 - 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 — - 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 — - 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 — - 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 - 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 — - 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 — - 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 - 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 — - 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 — ## 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 ₹86.8K Cr; latest fundamentals Jun 2026 - Tenet Healthcare Corporation (THC) — market value ₹20.4K Cr; latest fundamentals Jun 2026 - DaVita Inc. (DVA) — market value ₹14.6K Cr; latest fundamentals Mar 2026 - Fresenius Medical Care AG (FMS) — market value ₹12.7K Cr; latest fundamentals Mar 2026 - Encompass Health Corporation (EHC) — market value ₹11.0K Cr; latest fundamentals Mar 2026 - The Ensign Group, Inc. (ENSG) — market value ₹10.2K Cr; latest fundamentals Jun 2026 - Universal Health Services, Inc. (UHS) — market value ₹10.2K Cr; latest fundamentals Jun 2026 - PACS Group, Inc. (PACS) — market value ₹7.1K Cr; latest fundamentals Mar 2026 - Chemed Corporation (CHE) — market value ₹7.0K Cr; latest fundamentals Jun 2026 - Concentra Group Holdings Parent, Inc. (CON) — market value ₹4.0K Cr; latest fundamentals Mar 2026 - LifeStance Health Group, Inc. (LFST) — market value ₹4.0K Cr; latest fundamentals Mar 2026 - Option Care Health, Inc. (OPCH) — market value ₹3.5K Cr; latest fundamentals Jun 2026 - Brookdale Senior Living Inc. (BKD) — market value ₹3.4K Cr; latest fundamentals Mar 2026 - National HealthCare Corporation (NHC) — market value ₹3.3K Cr; latest fundamentals Mar 2026 - Acadia Healthcare Company, Inc. (ACHC) — market value ₹2.9K Cr; latest fundamentals Jun 2026 - Guardian Pharmacy Services, Inc. (GRDN) — market value ₹2.6K Cr; latest fundamentals Mar 2026 - Addus HomeCare Corporation (ADUS) — market value ₹2.1K Cr; latest fundamentals Mar 2026 - Select Medical Holdings Corporation (SEM) — market value ₹2.0K Cr; latest fundamentals Mar 2026 - Aveanna Healthcare Holdings Inc. (AVAH) — market value ₹2.0K Cr; latest fundamentals Jun 2026 - Surgery Partners, Inc. (SGRY) — market value ₹2.0K Cr; latest fundamentals Mar 2026 - Pediatrix Medical Group, Inc. (MD) — market value ₹2.0K Cr; latest fundamentals Mar 2026 - Sonida Senior Living, Inc. (SNDA) — market value ₹1.8K Cr; latest fundamentals Mar 2026 - Astrana Health, Inc. (ASTH) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - COMPASS Pathways plc (CMPS) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - Healthcare Services Group, Inc. (HCSG) — market value ₹1.6K Cr; latest fundamentals Jun 2026 - agilon health, inc. (AGL) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - Ardent Health, Inc. (ARDT) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - InnovAge Holding Corp. (INNV) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - The Pennant Group, Inc. (PNTG) — market value ₹1.3K 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 2026-08-04. 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 ### Is the Medical Care Facilities sector outperforming S&P 500? Medical Care Facilities has outperformed S&P 500 by 45.7% over 52 weeks and 11.6% over 13 weeks. 21 of 30 covered companies beat the S&P 500 on Mansfield relative strength, while 10 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 19 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 19 of 30 comparable companies. ### Which Medical Care Facilities company has the strongest 4-Factor Sector Score? AMN Healthcare Services, Inc. ranks first at 64.5/100 with 57.6% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Medical Care Facilities company has the lowest comparable PEG? Fresenius Medical Care AG has the lowest comparable PEG at 0.22, among 9 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Medical Care Facilities comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns 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. ### 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 DaVita Inc. at $13,836 million. That covers 19 of 30 companies with comparable reporting through Mar 2026. ### 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? Fresenius Medical Care AG earns the most, at $1,167 million of trailing-twelve-month net profit, from 20 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 PEG — where a LOWER number is cheaper — Fresenius Medical Care AG screens cheapest at 0.22×. Only 9 of 30 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Medical Care Facilities sector beating the market? Medical Care Facilities has outperformed S&P 500 by 45.7% over the last 52 weeks and 11.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 21 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 64.5 out of 100 with 57.6% evidence confidence, from 26 points on growth and earnings, 13.2 on capital efficiency, 9.2 on valuation and 16.1 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, 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 $227,507 million of combined market value. HCA Healthcare, Inc. is the largest at $86,759 million, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### 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 16.1×, 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 2026-08-04. ### How is the Medical Care Facilities sector performing? 21 of the 30 covered Medical Care Facilities companies are beating S&P 500 on Mansfield relative strength. The sector itself is 45.7% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### 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.