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Buy Day today: Good (62) Broad market participation · no major macro event
CON

Concentra Group Holdings Parent, Inc.

Healthcare · Medical Care Facilities

35.50$ -2.3% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed Commitments consistently kept

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

After the materiality gate: Concentra is a demonstrably strong, defensive company (market leader, revenue up 13.9 percent, operating income rising, Q1 2026 net income up almost 29 percent, dividend and buyback). Not a single find is an existential find: no going concern, no manipulation, no single-customer cluster, no covenant breach (revolver repaid by year-end 2025). The weighty finds — the valuation at an all-time high (P/E around 23), the interest burden stemming from the spin-off (roughly a third of operating income) and the regulatory dependence (61 percent of revenue) — are price and structure finds. None of them touches the substance of the business: the profit stays positive and grows again, the operating business rises reliably, the market position holds — hence "Quality confirmed". The rating says nothing about the entry price — that is what the metrics scanners answer. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Concentra is a genuine strength stock: market leader in defensive U.S. occupational health, growing reliably on the operating side, with 17 scanner hits and a price at an all-time high. But the quality has its price — and a gap the chart does not show: despite rising revenue, net income has stood still since the separation, because the spin-off loan drove interest expense to $109 million. Add 61 percent of revenue tied to state-regulated reimbursement, $1.48 billion of goodwill on $393 million of equity and barely two years of independence. A winner whose good news is partly already in the price. Not investment advice.

Business & market position

Market leader in U.S. occupational health, a defensive, legally anchored niche market: roughly 628 centers in 41 states, 411 onsite clinics, nationwide telemedicine. Reliable operating growth — revenue up 13.9 percent to $2.16 billion (2025), operating income up to $334.0 million.

Profit & interest burden

Net income stands still despite rising revenue: $179.9 million (2023), $166.4 million (2025). The cause is the interest expense that exploded out of the spin-off term loan (roughly $850 million, upsized to $950 million) — from $0.2 (2023) via $47.7 to $109.3 million (2025). At least: Q1 2026 net income up almost 29 percent again.

Reimbursement & cluster risk

61 percent of revenue comes from state-price-regulated workers' compensation — reimbursement is set by the states through fee schedules, not by the market. Add geographic clustering: roughly 16 percent of centers each in California and Texas. Single-customer concentration, by contrast, is low.

Balance sheet & independence

$1.48 billion of goodwill stands against only $393 million of equity (52 percent of total assets) — the 47 percent return on equity shines mostly because of the thin denominator. A listing history of under two years, continuing transition services agreements with Select, founder Ortenzio as board chairman; plus a dividend and a $100 million buyback program.

Valuation & momentum

Ambitious but not extreme: P/E around 23, EV/EBITDA around 12, price-to-sales around 1.9 (mid-2026) — the price of a winner, not a discount. Against that stand 17 scanner hits and a price at an all-time high; roughly eight analysts cover the stock, with an average price target in the order of $31.

Worth Noting

Materiality gate (find by find): (1) Standstill net income / interest expense from the spin-off loan — affects roughly a third of operating income ($109.3 of $334.0 million); profit stays positive and grows again in Q1 2026 (+29%) → price find, no bearing on the rating. (2) 61 percent of revenue from state-regulated workers' compensation — defensive market, gradual fee-schedule changes, no state existentially dominant (CA/TX each 16% of centers); trigger case = a revenue/margin dent, the company stays intact → price/structure find. (3) Valuation at an all-time high (P/E ~23, EV/EBITDA ~12) → price find. (4) Goodwill of $1.48 billion against $393 million of equity — balance-sheet optics without a running cash effect → blemish (no vote). (5) Short independence, Select/Ortenzio entanglement — Select holds 0%, transition services are administrative, no quantifiable revenue/earnings share → blemish. No substance find (no going-concern doubt, no manipulation, no covenant breach, equity positive); price and structure finds do not enter the rating → it stays "Quality confirmed", the price question is answered by the metrics scanners.

Valuation metrics are orders of magnitude as of mid-2026 (P/E ~23, EV/EBITDA ~12, price-to-sales ~1.9); annual figures refer to fiscal year 2025 (as of 12/31/2025), quarterly figures to Q1 2026 (as of 03/31/2026). Analyses are evergreen; daily prices are not a buy argument.

The revenue, operating income, net income and interest expense series come from the SEC XBRL data (companyfacts) and were reconciled against the annual report (10-K) 2025 and the quarterly report (10-Q) Q1 2026. The term loan was issued at roughly $850 million at the separation and upsized to roughly $950 million in 2025 in the course of the Nova acquisition.

AI dossier: category "nutzt" (rated 07/10/2026) — per the annual report (10-K), Concentra uses artificial intelligence and machine learning operationally (predictive models, automated record review), but sells no AI products and does not name AI as an existential threat to its business model.

EDGAR delta check as of July 18, 2026: since the German first publication (July 10, 2026) only one 8-K of July 10, 2026 (Item 5.02 — consulting agreement with Dr. John R. Anderson, the Chief Medical Officer retiring effective December 31, 2026; his retirement had already been disclosed in April 2026) plus routine Form 4/144 notices. Not material to this analysis.

Stock Watch

This analysis is as of August 4, 2026. Stock Watch will tell you what's changed at CON since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 18.70 $ to 36.40 $ · Last price: 35.50 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 4.5$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 128m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 90.4%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 0.6

Performance

Perf. 1M ?Price performance over the last month. 17.40%
Perf. 3M ?Price performance over the last 3 months. 41.30%
Perf. 6M ?Price performance over the last 6 months. 50.80%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 46.40%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -0.5%
Perf. 1Y ?Price performance over the last 12 months. 72.72%
Perf. 5Y ?Price performance over the last 5 years. 32.24%
Perf. Since Inception ?Price performance since the first available trading day (07/25/2024) — with a complete history, that is since the IPO. 61.53%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 33.90$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 33.30$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 25.80$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 59.7
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 39.6%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 27.3%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E.
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 18.1
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey.
P/B ?Price-to-book ratio: market value relative to book equity.
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 2.0
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 14.2
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 13.0

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 29.3%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 17.0%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 8.7%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 47.0%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 8.2%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 14.7%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity.
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 4.65
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 7 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY).
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 13.85%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 5.87%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 12.00%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 0.72%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 0.25$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 15.9%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 1Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 1Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 78
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 50
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (64 out of 100)

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Medical Care Facilities

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Concentra Group Holdings Parent, Inc. CON 4.5 14.2 29.3 17.0 13.9 72.7
HCA Healthcare, Inc. HCA 95.2 15.2 9.0 42.6 15.0 7.1 8.2
Tenet Healthcare Corporation THC 22.6 14.0 5.8 41.7 17.9 3.1 42.8
Encompass Health Corp EHC 12.2 21.3 9.8 43.9 19.0 10.5 -0.2
DaVita HealthCare Partners Inc DVA 11.7 18.1 8.9 32.4 13.9 6.5 43.0
Universal Health Services Inc UHS 10.9 7.9 5.5 44.6 11.2 9.7 -3.1
The Ensign Group Inc ENSG 10.2 29.2 19.3 16.6 9.0 18.7 5.6
Chemed Corp CHE 6.7 29.8 15.7 33.1 12.9 4.1 11.2
PACS Group, Inc. PACS 6.5 20.3 17.3 8.5 29.3 274.9
Median of companies shown 10.9 18.1 9.8 33.1 13.9 9.7 11.2

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2021 · Revenue: 1,732 $M 2021 · Operating income: 270 $M 2021 · Net income: 209 $M 2022 · Revenue: 1,724 $M 2022 · Operating income: 258 $M 2022 · Net income: 167 $M 2023 · Revenue: 1,838 $M 2023 · Operating income: 288 $M 2023 · Net income: 180 $M 2024 · Revenue: 1,900 $M 2024 · Operating income: 305 $M 2024 · Net income: 167 $M 2025 · Revenue: 2,163 $M 2025 · Operating income: 334 $M 2025 · Net income: 166 $M
20212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2021 1,732 270 209 1.65 291
2022 1,724 258 167 1.32 274 973 2,297
2023 1,838 288 180 1.42 234 1,156 2,488
2024 1,900 305 167 1.30 275 276 2,521
2025 2,163 334 166 1.30 279 393 3,038

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 465.0 $M Q4 2025: Q1 · 500.8 $M Q1 2025: Q2 · 550.8 $M Q2 2025: Q3 · 572.8 $M Q3 2025: Q4 · 539.1 $M Q4 2026: Q1 · 569.6 $M Q1 2026: Q2 · 606.0 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 0.17 465 5.50 4.60 94 77
2025: Q1 0.31 -20.60 501 7.10 7.80 12 -4
2025: Q2 0.35 -14.90 551 15.20 8.10 88 63
2025: Q3 0.38 8.10 573 17.00 8.40 61 39
2025: Q4 0.27 61.20 539 15.90 6.40 119 181
2026: Q1 0.39 28.20 570 13.70 8.90 21 10
2026: Q2 0.51 45.70 606 10.00 10.80 135 120

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 15 of our scanner strategies — each hit links to the scanner.

Best Hits

Quality & Balance Sheet

Breakout & Setup

Momentum & Trend

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Strong Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 8
Price Target (average) 41.00$
Distance to price 15.5% The price target sits 15.5% above the current price.

Distribution of Recommendations

Strong Buy 5
Buy 3
Hold 0
Sell 0
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 1.65 1.62 – 1.68 2,353 20.4% 9
12/31/2027 1.84 1.79 – 1.93 2,493 11.5% 9

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 1.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $349.8M
Market cap $4.54B
Free cash flow in year ten $418.0M
Terminal value as a share of market value 48.5%

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Uses AI

Concentra setzt Künstliche Intelligenz und maschinelles Lernen laut Geschäftsbericht (10-K) operativ ein — es baut Vorhersagemodelle aus historischen Daten, um Behandlungsqualität, Compliance und Effizienz zu unterstützen, unter anderem um Patienten-Noncompliance vorherzusagen und die Aktenprüfung zu automatisieren. KI ist damit ein internes Werkzeug, aber keine Umsatzquelle (kein KI-Produkt), und die Filings stellen KI nicht als existenzielle Bedrohung des Geschäftsmodells dar — KI erscheint dort sonst nur als Cyber-/Regulierungsthema (Boilerplate).

View the full file — quotes, sources, reviewed filings
„We are leveraging artificial intelligence and machine learning to build predictive models using historical data with the goal of supporting quality patient care, compliance and operations efficiency, such as by using tools that help predict patient noncompliance and automate chart reviews."

Wir nutzen Künstliche Intelligenz und maschinelles Lernen, um aus historischen Daten Vorhersagemodelle zu bauen — mit dem Ziel, Behandlungsqualität, Compliance und betriebliche Effizienz zu unterstützen, etwa durch Werkzeuge, die helfen, die Noncompliance von Patienten vorherzusagen und die Aktenprüfung zu automatisieren.

10-K · 2026-02-26 · View SEC filing

„We are leveraging artificial intelligence and machine learning to build predictive models to support patient care."

Wir nutzen Künstliche Intelligenz und maschinelles Lernen, um Vorhersagemodelle zur Unterstützung der Patientenversorgung zu bauen.

10-K · 2025-03-03 · View SEC filing

Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-03-03 · 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-07

Rated on July 10, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Concentra has held eight calls since its July 2024 IPO and has met or beaten every annual outlook it issued: the 2024 target was slightly exceeded, the 2025 outlook was raised three times and finished above the company's own range, and the 2026 outlook was already lifted after the first quarter. Commitments on the Nova and Pivot acquisitions and on the separation from Select Medical were delivered on time or early, with progress quantified quarter by quarter. Only one area invites criticism: the size of the Florida fee increase was never given as a separate state-level figure despite an analyst asking three times. What management actually promised, though, was general guidance on where states would land on reimbursement, and that arrived with the January 2025 outlook; in the 2025-Q1 call management volunteered the effect via revenue per visit. Shifting reference points in labour market data and a loose self-ranking in the onsite market are matters of style, not contradictions - in both cases the underlying figures were disclosed alongside.

Unremarkable Commitments consistently kept 8 calls reviewed, 2024-Q2 through 2026-Q1 · As of August 2, 2026

Guidance met and repeatedly raised

The first annual outlook came in the 2024-Q3 call: about USD 1.9bn revenue, USD 370m to 375m adjusted EBITDA and net leverage of 3.5 to 3.6. Per the 2025-Q4 call, 2024 adjusted EBITDA came in at USD 376.9m, and per the 2024-Q4 call net leverage ended at 3.46 - both better than promised. The 2025 outlook issued in January 2025 (USD 2.1bn revenue, USD 410m to 425m EBITDA) was raised three times, in 2025-Q1, 2025-Q2 and 2025-Q3; the year closed, per the 2025-Q4 call, at USD 2.2bn revenue and USD 431.9m EBITDA, above the last stated ceiling, with net leverage at 3.4 instead of the promised 3.5. In the 2026-Q1 call the annual outlook was lifted again, to USD 2.275bn to 2.375bn revenue and USD 460m to 480m EBITDA. Across eight calls not a single numerical commitment was missed.

Acquisitions and separation delivered on schedule

In the 2024-Q4 call management promised to capture the USD 7m of Nova synergies by Q1 2026 and to reach an effective purchase multiple below 7.5. Progress was quantified each quarter: just over 70 percent in 2025-Q2, just over 85 percent in 2025-Q3, and complete by the 2026-Q1 call, where management said it was comfortably ahead of plan. Same picture at Pivot, where the promised multiple below 9 was beaten according to the 2026-Q1 call. The separation from Select Medical is also running early: hiring progress went from about 50 percent in 2025-Q2 to two thirds in 2025-Q3, above 80 percent in 2025-Q4 and more than 95 percent in 2026-Q1, with completion pulled forward from November 2026 to summer 2026. Verifiable quarter-by-quarter progress figures like these are rare and speak for management.

Florida rate: quantified late, promise still kept

In the very first call as a listed company (2024-Q2) an analyst asked how big the Florida fee increase would be. The answer was an open refusal for the moment: not disclosing the impact at this time, more guidance to come. In 2024-Q3 that was refined to more guidance early in 2025 on where the states would land on reimbursement - stated in the same passage as the announcement of the 2025 outlook. Both arrived: per the 2024-Q4 call, the outlook published in January 2025 explicitly included all known fee schedule changes including Florida, together with the statement that rate growth would exceed the long-term average even excluding Florida. A state-by-state breakdown was never promised and was ruled out in principle in 2024-Q4. In the 2025-Q1 call management then volunteered the effect in its prepared remarks: work comp revenue per visit up 7.1 percent including Florida versus about 5 percent excluding it. What remains open to criticism is the pace - three quarters until a number - not the keeping of the promise.

Onsite ranking loose but not contradictory

In the 2025-Q1 call the CEO placed the onsite business at the smaller end of the market and spoke of a top 10 position. In the 2025-Q2 call, shortly after the Pivot deal closed, the CFO called the company a top 5 player in terms of scale. In the 2025-Q3 call the CEO again said probably a top 10, and still relatively small compared with the number one, two and three players. These are not irreconcilable: a top 5 player is also inside the top 10, and the same sentence identifies the top three as the providers focused on advanced primary care, whereas the top 5 remark refers to the broader onsite market by scale. The CEO already used the top 10 formula in 2024-Q3, long before Pivot, and unchanged afterwards - so there is no reversal. The hard numbers stayed consistent across all calls: about USD 60m of onsite revenue in 2024, about USD 120m after Pivot, and most recently an annual run rate approaching USD 150m. Anyone assessing the scale of the segment should use those figures rather than the ranking phrases.

Emphasised metrics shift, but disclosed

In 2024-Q3 and 2024-Q4 management explained visit trends with official labour market data. In the 2025-Q3 call it noted that its own work comp visit numbers had largely lacked correlation with those statistics recently and advised against using them as the sole proxy. The remark came in the prepared statement, together with the correlations that still hold - employer services versus JOLTS data - and the quarter was strong, not weak: what was being explained was performance better than the official data implied. In the 2026-Q1 call management repeated the same assessment when asked. In the 2025-Q4 call the statistic was narrowed to blue-collar employment at plus 0.4 percent; both figures, including plus 0.1 percent for the total market, were given and the choice was explained. Similar in employer services: its return to growth was the big news in 2025-Q1, and when growth eased to 0.7 percent in 2026-Q1 a dedicated passage on the segment's weaker margin followed. That argument was not new - as early as 2024-Q4 employer services visits were described as lower revenue and lower margin visits - and the passage was explicitly flagged as a reminder of a known dynamic. What stands is that the emphasis moves with the data; nothing was withheld in the process.

Management promises

  • 2024-Q2 — More guidance on the impact of the Florida fee increase would follow; refined in 2024-Q3 to a statement early in 2025 on where the states land on reimbursement. The 2025 outlook came in January 2025 and, per the 2024-Q4 call, included all known fee schedule changes including Florida, plus a statement on rate growth excluding Florida. In the 2025-Q1 call management volunteered the effect: work comp revenue per visit up 7.1 percent including Florida versus about 5 percent excluding it. A state-by-state breakdown was never promised. kept
  • 2024-Q3 — For 2024, about USD 1.9bn revenue, USD 370m to 375m adjusted EBITDA and net leverage of 3.5 to 3.6. Delivered USD 376.9m EBITDA and net leverage of 3.46 - above and better than its own range respectively. kept
  • 2024-Q4 — Employer services visit volumes should turn flat year over year in 2025 and slightly positive later in the year. Already in 2025-Q1 visits excluding Nova were up 0.9 percent, then 2.0 percent in 2025-Q2 and 1.9 percent in 2025-Q3 - earlier than promised. kept
  • 2024-Q4 — The USD 7m of Nova synergies should be captured by Q1 2026, with an effective purchase multiple below 7.5 by year three. Synergy capture was quantified each quarter and completed per the 2026-Q1 call, comfortably ahead of plan according to management. The multiple target itself can only be tested in 2028. kept
  • 2024-Q4 — Net leverage should be back to about 3.5 by year-end 2025 despite the Nova acquisition. Year-end 2025 came in at 3.4, better than promised, even though Pivot was also acquired and shares were repurchased during the year. kept
  • 2025-Q1 — No further larger acquisitions for the remainder of 2025, focus on integration. Reaffirmed in 2025-Q2 and kept: only small one-to-five-centre deals followed, the next one not until January 2026. kept
  • 2025-Q2 — Net leverage should fall below 3.0 by the end of 2026. As of 2026-Q1 the ratio stands at 3.4; after the raised outlook management expects to end the year comfortably below 3.0. Testable only in the fourth-quarter 2026 call. open
  • 2025-Q4 — For 2026, revenue of USD 2.25bn to 2.35bn and adjusted EBITDA of USD 450m to 470m. Already raised after a strong first quarter in 2026-Q1 to USD 2.275bn to 2.375bn revenue and USD 460m to 480m EBITDA. The full year is still outstanding. open

Based on public earnings call transcripts. Reviewed: 8 transcripts 2024-Q2 through 2026-Q1.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

4 of 10 Weak growth
  • Revenue grows by more than 15% a year over three years 7.9%
  • More than 10% revenue growth is expected for the coming year 5.9%
  • Share count grows by less than 3% a year 0.4%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 23.0%
  • Gross margin at 40% or higher and without meaningful erosion 28.3%
  • Goodwill from acquisitions does not grow faster than revenue 48.7%
  • Net debt below twice EBITDA 5.0 x EBITDA
  • Operating cash flow covers the profits of the last three years 275 m
  • Return on capital at 15% or higher, or up versus two years ago 12.4%
  • Insiders hold at least 10% or are net buyers 10.7%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

7/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 5.7%
  • Exp. sales growth 3Y > 5% 7.4%
  • EBIT growth 10Y > 5% 5.4%
  • Exp. EBIT growth 3Y > 5% 19.0%
  • Net debt < 4x EBIT 6.1x
  • EBIT positive, 10Y straight 5
  • Max. EBIT decline < 50% 4.5%
  • Return on equity > 15%
  • ROCE > 15% 12.4%
  • Expected return > 10% 24.2%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Aug 21, 2026 Ortenzio Robert A Director Other 20,000 34.65 693,000
Aug 21, 2026 Ortenzio Robert A Director Other 30,000 35.65 1,069,500
Aug 21, 2026 Ortenzio Robert A Director Other 150,000 34.65 5,197,500
Aug 21, 2026 Ortenzio Robert A Director Other 770,000 34.65 26,680,500
Aug 3, 2026 Ortenzio Robert A Director Sell 130,000 31.84 4,139,356

View all insider transactions →

The company

About the Company

Concentra Group Holdings Parent, Inc. bietet arbeitsmedizinische Dienstleistungen in den USA an.

Employees
9,967
Headquarters
Addison, TX
Address
5080 Spectrum Drive, 75001 Addison, United States
Phone
972 364 8000
IPO Date
07/25/2024
ISIN
US20603L1026

Management

Management
Name Title Birth Year
William Keith Newton CEO & Director 1963
Matthew T. DiCanio M.B.A. President & CFO 1983
John A. deLorimier Executive VP and Chief Information & Technology Officer 1960
Timothy F. Ryan Executive VP & Chief Legal Counsel 1961
John R. Anderson DO, FACOEM Executive VP & Chief Medical Officer 1950
Su Zan Nelson CPA Executive VP & Chief Accounting Officer 1964
Bill Chapman Vice President of Strategy & Investor Relations
Thomas A. Devasia Executive VP and Chief Marketing & Innovation Officer 1970
Danielle Kendall Executive VP & Chief People Officer 1969
Giovanni Gallara Executive VP & Chief Clinical Services Officer 1975

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 09/08/2026 Concentra Group Holdings Parent, Inc. (CON): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
  • 08/27/2026 Concentra Group Holdings Parent, Inc. (CON): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
  • 08/06/2026 Concentra Group Holdings Parent, Inc. (CON): Results of Operations and Financial Condition; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
  • 07/10/2026 Concentra Group Holdings Parent, Inc. (CON): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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