Market›health-care›health-care-providers-and-services›health-care-facilities›CON›Apr 23, 2026
Briefing #1 of 1

CON briefing — Concentra Group Holdings Parent, Inc.

Released: 2026-04-23 Stock at release: $22.28 Inflection pattern: quiet_compounder

View interactive price chart with annotated events →

106 news events mapped to market reactions, 21 months of data. Green dots = positive market reaction, red dots = negative, sized by reaction magnitude. Methodology: market-adjusted abnormal return over 2-day event window.

What changed since the last briefing

(This is the first briefing in the series.)

Company snapshot

The arc

| Date | Event | Source | |------|-------|--------| | 2026-04-14 | Chief Medical Officer Dr. John Anderson announced retirement effective December 31, 2026, after 33 years; company expects to enter a consulting agreement for transition support. | Business Wire / 8-K, 2026-04-14 | | 2026-02-26 | Q4 and full-year 2025 results released: revenue $2,163.4M (▲13.9% year-over-year (YoY)), net income $166.4M; stock gained +3.5% on the day. | Business Wire / Zacks, 2026-02-26 | | 2026-01-28 | Company released preliminary 2025 financial results and provided 2026 financial guidance. | Business Wire, 2026-01-28 | | 2025-06-01 | Acquired Pivot Onsite Innovations from Pivot Occupational Health, LLC for $54.4M, expanding onsite health clinic count to over 400 locations across 40+ states. | 10-K FY2025, filed 2026-02-26 | | 2025-03-01 | Closed acquisition of Nova Medical Centers for $265.0M, adding 67 occupational health centers across five states; financed with $102.1M new term debt, $50.0M revolver draw, and cash on hand. | 10-K FY2025, filed 2026-02-26 | | 2025-01-22 | Announced preliminary 2024 financial results and the agreement to acquire Nova Medical Centers; stock rose +4.7%. | Business Wire / Insider Monkey, 2025-01-22 | | 2024-11-25 | Concentra completed its spin-off from Select Medical Holdings Corporation, establishing it as a fully independent publicly traded company; stock rose +4.6%. | Business Wire, 2024-11-25 | | 2024-08-29 | Goldman Sachs highlighted CON as a buy candidate shortly after IPO; stock gained +4.7%. | Zacks, 2024-08-29 | | 2024-06-14 | Initial public offering (IPO) on the New York Stock Exchange under ticker CON, spun out of Select Medical Holdings Corporation. | SEC Form S-1 (File No. 333-280242); 10-K FY2025, filed 2026-02-26 |

Current state

Year-over-year changes (FY2024 → FY2025)

| Metric | FY2024 | FY2025 | Change | |--------|--------|--------|--------| | Revenue ($M) | 1,900.2 | 2,163.4 | ▲13.9% | | Operating margin (%) | 16.0 | 15.4 | ▼60 bps | | Net income ($M) | 166.5 | 166.4 | ▼0.1% | | Free cash flow (FCF) ($M) | 210.3 | 197.1 | ▼6.3% |

Source: Annual fundamentals data, 10-K FY2025 filed 2026-02-26.

Most recent quarter and full-year narrative. Concentra reported Q4 and full-year 2025 results on February 26, 2026, with revenues topping estimates (Zacks, 2026-02-26). Full-year revenue reached $2,163.4M, up 13.9% from $1,900.2M in FY2024, driven in large part by the acquisitions of Nova Medical Centers (closed March 1, 2025, adding 67 centers) and Pivot Onsite Innovations (closed June 1, 2025, adding 240+ onsite clinics). As of December 31, 2025, the company operated 628 stand-alone occupational health centers across 41 states and 411 onsite health clinics across 44 states — up from 552 centers and 157 onsite clinics at year-end 2024. Average patients served per business day rose to approximately 53,000 in FY2025, from approximately 50,000 in FY2024. (10-K FY2025, filed 2026-02-26.)

Margin and profitability dynamics. Despite strong top-line growth, operating margin contracted 60 basis points to 15.4% in FY2025 from 16.0% in FY2024, with net income essentially flat at $166.4M versus $166.5M. FCF also declined 6.3% to $197.1M from $210.3M, reflecting higher interest expense from the new $102.1M incremental term loan used to fund the Nova acquisition and $85M in voluntary revolving credit repayments made during the year. As of Q3 2025 (the most recent 10-Q filed, 2025-11-06), the company carried $945.3M in term loan borrowings and $35.0M on its revolving credit facility as of September 30, 2025 — noting that the revolving credit facility balance was fully repaid by December 31, 2025. The onsite health clinics segment grew its revenue contribution to 5% of total in FY2025, up from 3% in FY2024, reflecting the Pivot acquisition impact. (10-K FY2025, filed 2026-02-26; 10-Q Q3 2025, filed 2025-11-06.)

Key changes vs. prior-year 10-K. The current 10-K (FY2025) introduces two new significant events absent from the prior-year 10-K (FY2024): the Nova and Pivot acquisitions, and the associated new debt financing and credit agreement amendment. The FY2024 10-K described a much smaller network (552 centers, 157 onsite clinics, ~11,000 staff). The current 10-K also discloses a $100M share repurchase program authorized November 5, 2025, with 1.1 million shares repurchased for $22.4M during FY2025, and two new interest rate derivative instruments (swap and collar on $600M of term loan principal) entered March 3, 2025 to mitigate variable rate exposure. These risk management instruments and the share repurchase program were not present in the prior-year filing. (10-K FY2025, filed 2026-02-26; 10-K FY2024, filed 2025-03-03.)

Sequential 10-Q observations. Comparing the most recent 10-Q (Q3 2025, filed 2025-11-06) against the prior 10-Q (Q2 2025, filed 2025-08-07): As of September 30, 2025, the term loan stood at $945.3M with $35.0M drawn on the revolver; compared to June 30, 2025, which showed $1,652.0M total long-term debt (net of current portion) — reflecting both the elevated debt load post-Nova and the beginning of voluntary repayments. Q2 2025 revenue was $550.8M for the quarter; the Q3 results were noted as topping estimates with the stock +2.0% on the announcement date (Zacks, 2025-11-06). The appointment of Jason Cooper as Chief Data, Analytics, and Artificial Intelligence Officer in November 2025 represents a new disclosure in the most recent period, signaling an organizational build-out in data capabilities that was not present in the Q2 10-Q. (10-Q Q3 2025, filed 2025-11-06; 10-Q Q2 2025, filed 2025-08-07.)

Business model positioning. Concentra is a mature, cash-generating occupational health platform at a post-IPO reinvestment phase. The business model is not distressed; the company is deploying capital via acquisitions and new center openings (Tucker, Georgia in January 2026; Hialeah, Florida in December 2025; Corona, California in December 2025; Union City, Georgia in August 2025). Q1 2026 results are scheduled for May 7, 2026. (Business Wire, 2026-04-09.)

Key numbers

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | Last 4Q (FY2025) | |--------|--------|--------|--------|--------|-----------------| | Revenue ($M) | 1,724.4 | 1,838.1 | 1,900.2 | 2,163.4 | 2,163.4 | | Gross margin (%) | 27.94 | 27.88 | 27.79 | 28.34 | 28.34 | | Operating margin (%) | 15.0 | 15.6 | 16.0 | 15.4 | 15.4 | | Free cash flow ($M) | 228.4 | 169.4 | 210.3 | 197.1 | 197.1 | | Shares outstanding (M) | — | — | 128.1 | 128.6 | 128.5 | | Net cash/(debt) ($M) | — | — | — | (2,023) | (2,023) |

Source: Annual fundamentals data, 10-K FY2025 filed 2026-02-26; 10-K FY2024 filed 2025-03-03; balance sheet data via Stock Analysis. Net debt = total debt $2,103M minus cash $79.9M. Last 4Q column reflects FY2025 full-year figures.

Ownership

Top institutional holders (as of December 31, 2025):

| Institution | Shares | % Out | |-------------|--------|-------| | BlackRock, Inc. | 17,236,061 | 13.41% | | T. Rowe Price Associates, Inc. | 16,843,370 | 13.11% | | The Vanguard Group | 12,603,981 | 9.81% | | State Street Corporation | 4,446,551 | 3.46% | | JPMorgan Chase & Co. | 3,749,208 | 2.92% | | T. Rowe Price Investment Management, Inc. | 3,064,771 | 2.38% | | Geode Capital Management, LLC | 2,851,717 | 2.22% | | Thrivent Financial For Lutherans | 2,848,366 | 2.22% | | Dimensional Fund Advisors LP | 2,962,875 | 2.31% | | Principal Financial Group, Inc. | 2,626,621 | 2.04% |

Note: Combined T. Rowe Price Associates and T. Rowe Price Investment Management positions total approximately 18.0% of shares outstanding as of December 31, 2025. DEF 14A (filed 2026-03-17) reported T. Rowe Price Associates at 13.1% and T. Rowe Price Investment Management at 4.9% as of March 5, 2026.

Source: DEF 14A filed 2026-03-17; institutional ownership data as of 2025-12-31.

Peers

THC (Tenet Healthcare Corporation) — Large multi-site hospital and ambulatory surgery operator; competes with Concentra in the outpatient/ambulatory healthcare space but with a significantly different payer mix (commercial insurance and government payers vs. Concentra's employer-driven occupational health model). Market cap: $16.8B; 87.6M shares outstanding.

HCA (HCA Healthcare, Inc.) — The largest US for-profit hospital system; dwarfs Concentra in scale and capital intensity, with a predominantly inpatient and acute-care mix versus Concentra's pure-play occupational and employer health focus. Market cap: $106.9B; 223.6M shares outstanding.

CYH (Community Health Systems, Inc.) — Distressed rural and community hospital operator; in contrast to Concentra's profitable, asset-light occupational health model, CYH carries a heavily leveraged balance sheet and operates inpatient facilities. Market cap: $0.4B; 140.9M shares outstanding.

UHS (Universal Health Services, Inc.) — Diversified hospital and behavioral health operator; competes in employer services and outpatient care at a distance, but the majority of revenue is inpatient and behavioral, not occupational health. Market cap: $11.1B; 53.8M shares outstanding.

ACHC (Acadia Healthcare Company, Inc.) — Specialty behavioral health facility operator; overlaps with Concentra's employer services in the employee health and wellness space, but focused on psychiatric and addiction treatment rather than occupational injury care. Market cap: $2.5B; 92.0M shares outstanding.

Recent news (last 6 months)

| Date | Headline | Source | Market reaction | |------|----------|--------|-----------------| | 2026-04-20 | Are Options Traders Betting on a Big Move in Concentra Group Stock? | Zacks | -1.7% | | 2026-04-14 | Concentra Chief Medical Officer Dr. Anderson to Retire After 33 Years | Business Wire | -1.8% | | 2026-04-14 | Will Concentra (CON) Beat Estimates Again in Its Next Earnings Report? | Zacks | -1.8% | | 2026-04-09 | Concentra to Announce First Quarter 2026 Results on Thursday, May 7, 2026 | Business Wire | -0.4% | | 2026-04-09 | 3 European Stocks Estimated To Be Undervalued By Up To 48.7% | Simply Wall St. | -0.4% | | 2026-03-03 | A Look At Concentra Group Holdings Parent's Valuation After Strong Q4 Beat And N | Simply Wall St. | -0.5% | | 2026-02-28 | Concentra Group Holdings Parent Q4 Earnings Call Highlights | MarketBeat | -1.1% | | 2026-02-27 | Concentra Group Holdings Parent Q4 Earnings Call Highlights | MarketBeat | +0.8% | | 2026-02-27 | Concentra Group Holdings Parent Inc (CON) Q4 2025 Earnings Call Highlights: Stro | GuruFocus.com | +0.8% | | 2026-02-27 | Concentra (CON) Q4 2025 Earnings Call Transcript | Motley Fool | +0.8% | | 2026-02-27 | Concentra Group Holdings Parent, Inc. Q4 2025 Earnings Call Summary | Moby | +0.8% | | 2026-02-26 | Concentra Group (CON) Q4 Earnings and Revenues Top Estimates | Zacks | +3.5% | | 2026-02-26 | Concentra: Q4 Earnings Snapshot | Associated Press Finance | +3.5% | | 2026-02-26 | Concentra Group Holdings Parent, Inc. Announces Fourth Quarter and Year Ended 20… | Business Wire | +3.5% | | 2026-02-26 | Concentra Group Holdings Parent Inc (CON) Q4 2025 Earnings Report Preview: What… | GuruFocus.com | +3.5% | | 2026-02-25 | Concentra Group Holdings Parent Inc (CON) Q4 2025: Everything You Need To Know A… | GuruFocus.com | +0.7% | | 2026-02-18 | RBC Cites Stable Business Model For Concentra Group Holdings Parent, Inc. (CON)… | Insider Monkey | +0.5% | | 2026-01-28 | Concentra Announces Preliminary 2025 Financial Results, Provides 2026 Financial… | Business Wire | -0.1% | | 2026-01-26 | Concentra Expands to Tucker, Georgia | Business Wire | -0.4% | | 2025-12-15 | Concentra Adds New Medical Center in Hialeah, Florida | Business Wire | -1.2% | | 2025-12-10 | The Upside Story Behind Concentra Group Holdings Parent, Inc. (CON) | Insider Monkey | +1.6% | | 2025-12-08 | Concentra Expands to Corona, California | Business Wire | +0.0% | | 2025-11-10 | Concentra Appoints Jason Cooper as Chief Data, Analytics, and Artificial Intelli… | Business Wire | -0.6% | | 2025-11-08 | Concentra Group Holdings Parent Inc (CON) Q3 2025 Earnings Call Highlights: Stro | GuruFocus.com | -2.0% | | 2025-11-06 | Concentra Group (CON) Q3 Earnings and Revenues Top Estimates | Zacks | +2.0% | | 2025-11-06 | Concentra: Q3 Earnings Snapshot | Associated Press Finance | +2.0% | | 2025-11-06 | Concentra Group Holdings Parent, Inc. Announces Results For Its Third Quarter En… | Business Wire | +2.0% | | 2025-11-06 | Concentra Group Holdings Parent Inc (CON) Q3 2025 Earnings Report Preview: What… | GuruFocus.com | +2.0% | | 2025-11-05 | Enhabit (EHAB) Surpasses Q3 Earnings Estimates | Zacks | -2.6% | | 2025-10-30 | Concentra Group (CON) Reports Next Week: What to Expect | Zacks | -0.2% | | 2025-10-21 | Danaher (DHR) Q3 Earnings and Revenues Beat Estimates | Zacks | +3.2% | | 2025-10-06 | Concentra to Announce Third Quarter 2025 Results on Thursday, November 6, 2025 | Business Wire | +1.0% | | 2025-09-26 | J.P. Morgan Doubles Down on 2 Healthcare Facility Stocks | TipRanks | +0.0% | | 2025-09-22 | JPMorgan Assumes Concentra with Overweight Rating, $31 PT on Favorable Outpatien… | Insider Monkey | +0.5% | | 2025-08-12 | Concentra opens new medical centre in Georgia, US | Hospital Management | +5.0% | | 2025-08-11 | Concentra Expands to Union City, Georgia | Business Wire | +2.7% | | 2025-08-09 | Concentra Group Holdings Parent Inc (CON) Q2 2025 Earnings Call Highlights: Stro | GuruFocus.com | -0.4% | | 2025-08-07 | Concentra Group (CON) Matches Q2 Earnings Estimates | Zacks | +7.7% | | 2025-08-07 | Concentra: Q2 Earnings Snapshot | Associated Press Finance | +7.7% | | 2025-08-07 | Concentra Group Holdings Parent, Inc. Announces Results For Its Second Quarter E… | Business Wire | +7.7% |

What moves this stock

News categories that have generated the strongest positive market reactions, based on 2-day market-adjusted returns across all events in the data window. This reflects what the market has historically rewarded — not what should move the stock.

| News type | Events | Avg reaction | Best example | |-----------|--------|--------------|--------------| | Guidance Raise | 1 | +7.7% | "Concentra Group Holdings Parent, Inc. Announces Results For Its Second Quarter Ended June 30, 2025" (2025-08-07) | | Other | 8 | +5.1% | "Concentra Group (CON) Matches Q2 Earnings Estimates" (2025-08-07) | | Deal / M&A | 1 | +4.7% | "Concentra Announces Preliminary 2024 Financial Results, Agreement To Acquire Nova Medical Centers" (2025-01-22) | | Product Launch / Expansion | 5 | +3.9% | "Concentra opens new medical centre in Georgia, US" (2025-08-12) | | Earnings Beat | 1 | +3.2% | "Danaher (DHR) Q3 Earnings and Revenues Beat Estimates" (2025-10-21) |

Threshold: events with market-adjusted return > +3%. Source: market_reaction_calculator.py output.

Open questions

  1. Nova and Pivot integration margins: The two acquisitions added ~$319.4M in total purchase consideration and materially expanded the location count, yet operating margin compressed 60 basis points in FY2025. How much of that compression is transitory integration cost versus structural? The 10-K does not separately break out acquisition-related costs or pro forma organic margin. Requires reading footnotes in the full 10-K filing (accession on EDGAR).

  2. 2026 guidance specifics: The January 28, 2026 preliminary release (Business Wire / 8-K) states the company "provides 2026 financial guidance," but the guidance figures themselves are not available in the provided data. What revenue and margin targets has management set for FY2026, and how do they account for a full year of Nova and Pivot contribution? Verify against the press release attached to the 8-K.

  3. CMO succession: Dr. Anderson's retirement (effective December 31, 2026) after 33 years creates a clinical leadership gap at a time when the company is scaling onsite clinic and telemedicine services. No successor has been named as of the 8-K (April 14, 2026). What is the timeline for recruitment, and how are clinical quality and compliance protocols maintained during transition? Monitor future 8-K filings and Q1 2026 earnings call (scheduled May 7, 2026).

  4. Net debt and leverage ratio post-acquisitions: The Q2 2025 balance sheet shows $1,652.0M long-term debt (net of current) as of June 30, 2025 and $945.3M term loan as of September 30, 2025 — these figures appear inconsistent and require reconciliation against the full FY2025 balance sheet (not provided in summary data). The credit agreement step-down requires net leverage ≤3.25x for term loan and ≤3.50x for revolver. Current leverage ratio [DATA NEEDED — verify in 10-K FY2025 balance sheet and notes].

  5. Onsite clinic segment economics: Onsite health clinics grew from 3% to 5% of total revenue between FY2024 and FY2025, largely via Pivot acquisition. This segment serves medium-to-large employers under different contract structures than fee-per-visit occupational health centers. Are onsite clinic margins above or below the consolidated 15.4% operating margin? The 10-K aggregates all segments into one reportable segment, so the answer requires reading segment footnotes or asking at the Q1 2026 earnings call.

  6. JPMorgan $31 price target gap: JPMorgan initiated coverage with an Overweight rating and a $31 price target in September 2025 (Insider Monkey, 2025-09-22). The stock is currently trading at $22.28, a 28% discount to that target. Has JPMorgan revised its target since initiation? What assumptions underpin the $31 figure — verify against the full analyst note.

  7. Share repurchase execution pace: The $100M share repurchase program was authorized November 5, 2025, with a December 31, 2027 expiration. The company repurchased only $22.4M (1.1M shares) in FY2025, including restricted stock withholding. What is the buyback cadence for 2026, particularly given the debt repayment obligations and ongoing new center openings? Monitor 10-Q filings for repurchase activity disclosure.

Red flags / things to verify

Sources

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