Concentra Group Holdings Parent, Inc. (CON)
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Concentra (NYSE: CON), America's largest occupational health provider since its spin-off from Select Medical, fires in 17 of our scanners and trades at an all-time high. But a look into the annual report (10-K) opens a gap: revenue ($2.16 billion, up 14 percent) and operating income keep climbing — yet net income has stood still since the separation, because the term loan drove interest expense from $0.2 to $109 million. Add to that: 61 percent of revenue hangs on state-regulated injury reimbursement. Not investment advice — just the sober question of what an all-time-high chart still carries when profit has long stopped growing with it.
Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
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
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AIConcentra 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.
„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.
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
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 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
$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.
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.
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.
- 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 (max. one notch). (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 existential find; accumulated price finds → one notch from "buy" to "hold".
- 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.
About the Company
Concentra Group Holdings Parent, Inc. bietet arbeitsmedizinische Dienstleistungen in den USA an.
| Employees | 9,967 |
|---|---|
| Headquarters | Addison, TX |
| Website | concentra.com |
| IPO Date | 25. Jul 2024 |
| Next Earnings | 6. Aug 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 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.