Concentra Group Holdings Parent, Inc. (CON)

Price$34.88Cached quoteAs of 2026-09-23 12:54 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because growth is strong, but today’s price leaves limited room for disappointment.

At the latest close, Concentra carries a market value near $4.34 billion. Using the supplied history, that is about 22 times trailing earnings and about 16 times trailing free cash flow, meaning cash left after running and investing in the business. Management’s 2026 free-cash-flow guidance of $220 million to $240 million implies roughly 18 to 20 times guided cash flow. That is not bargain pricing, but strong second-quarter growth keeps it from looking clearly excessive.

Big pictureRevenue and cash generation are rising again, although debt and acquisition-heavy assets reduce downside protection.

Revenue increased from $1.72 billion in 2022 to $2.16 billion in 2025, while net income stayed near $166 million to $180 million. Free cash flow stayed positive, roughly $169 million to $228 million annually, then reached about $267 million over the latest four quarters. The supplied history counts about $2.13 billion of debt-like obligations against $158 million of cash; the June 10-Q separately reports $1.57 billion of funded debt, so definitions differ. Goodwill of about $1.48 billion also exceeds stockholders’ equity, reducing balance-sheet cushion.

Business strengthConcentra’s large network is growing efficiently, and buybacks are beginning to reduce the share count.

Second-quarter revenue rose 10.0% to $606 million, daily patient visits increased 2.6%, and revenue per visit rose 4.6%. Adjusted EBITDA, a management profit measure before interest, taxes, depreciation, amortization, and selected items, grew 22.5%, faster than sales. Concentra had 633 occupational health centers and 415 onsite clinics. It repurchased 1.1 million shares in the first half and another 1.0 million in August, while first-half stock compensation was $8.3 million. The share count is therefore slightly lower rather than steadily expanding.

What could change the storyContinued visit growth and debt reduction could justify more upside; weaker employer demand would quickly hurt value.

Management raised 2026 guidance to $2.325 billion to $2.375 billion of revenue, $485 million to $495 million of adjusted EBITDA, and $220 million to $240 million of free cash flow. The bull case is that visit growth, price gains, new centers, and acquisitions keep cash flow above the high end while leverage falls. The bear case is weaker work-related injury or employer-service volumes: if annual free cash flow slips toward $200 million, the current market value would exceed 21 times cash flow.

AI: News

Guidance Raised After Strong QuarterSecond-quarter growth accelerated, and management raised its full-year revenue, profit, and cash outlook.

On August 6, Concentra reported $606.0 million of second-quarter revenue, up 10.0%, while net income attributable to the company rose 46.5% and adjusted EBITDA rose 22.5%. It lifted full-year guidance, including free cash flow to $220 million to $240 million. The shares closed 11.5% higher in the next session on unusually heavy volume. The timing is consistent with a positive earnings reaction, although price timing alone cannot prove the report caused the move.

One Million Shares RepurchasedConcentra bought a large block from its chairman’s family interests, modestly shrinking the share count.

On August 21, Concentra agreed to repurchase 1,000,000 shares from chairman Robert Ortenzio and related trusts for $34.65 million in total, at a 1% discount to that day’s closing price. The transaction closed August 24 and represented about 0.784% of shares then outstanding. It was funded with cash and used the existing repurchase authorization. The deal modestly increases each remaining shareholder’s ownership percentage, but it also uses cash while leverage remains meaningful.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$2.16B	$1.90B	$1.84B	$1.72B
Gross profit	$613.1M	$528.0M	$512.4M	$481.9M
Gross margin	28.34%	27.79%	27.88%	27.94%
Operating expenses	$1.83B	$1.60B	$1.55B	$1.47B
Operating income	$334.0M	$304.8M	$287.6M	$258.5M
Operating margin	15.44%	16.04%	15.65%	14.99%
EBITDA	$409.8M	$371.9M	$360.7M	$332.2M
EBITDA margin	18.94%	19.57%	19.62%	19.26%
Net income	$166.4M	$166.5M	$179.9M	$166.7M
Net profit margin	7.69%	8.76%	9.79%	9.67%
Basic EPSper basic share	$1.30	$1.46	$1.73	$1.60
Diluted EPSper diluted share	$1.30	$1.46	$1.73	$1.60

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.92%of listed shares

BlackRock, Inc.17.75M shares · Jun 30, 2026

View holders

Top 20 reported holders of CON
Holder	% owned
BlackRock, Inc.	13.92%17.75M shares
PRICE T ROWE ASSOCIATES INC /MD/	13.89%17.72M shares
ORTENZIO ROBERT A	≈6.28%8.01M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.35%6.82M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.02%5.13M shares
STATE STREET CORP	3.80%4.84M shares
JENNISON ASSOCIATES LLC	2.55%3.26M shares
DIMENSIONAL FUND ADVISORS LP	2.53%3.23M shares
GEODE CAPITAL MANAGEMENT, LLC	2.43%3.1M shares
Invesco Ltd.	2.29%2.92M shares
JPMORGAN CHASE & CO	2.18%2.78M shares
BARROW HANLEY MEWHINNEY & STRAUSS LLC	2.12%2.7M shares
PRINCIPAL FINANCIAL GROUP INC	2.06%2.63M shares
Woodline Partners LP	1.86%2.37M shares
T. Rowe Price Investment Management, Inc.	1.86%2.37M shares
Thrivent Financial for Lutherans	1.61%2.05M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.47%1.87M shares
NORGES BANK	1.34%1.7M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.03%1.31M shares
NORTHERN TRUST CORP	1.03%1.31M shares

Percentages use 127.52M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)2$6.50M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	ORTENZIO ROBERT ADirector	SellCommon Stock · indirect	130.0K	$25.00	$3.25M	763.5K
May 8, 2026Form 4 · 10b5-1	ORTENZIO ROBERT ADirector	SellCommon Stock · indirect	130.0K	$25.00	$3.25M	893.5K

Review ownership filings at SEC.gov ↗

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Concentra Group Holdings Parent, Inc. (CON)

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