At a glance
Concentra Group Holdings Parent, Inc. is worth $5.18B, about 31 times its fiscal 2025 earnings. Revenue grew 13.9% to $2.16B in fiscal 2025, with 7.7% kept as profit; over 3 years it has grown 7.9% a year. It pays a 0.59% dividend yield, and returned $77.9M to shareholders in dividends and buybacks over FY2022–FY2025. The stock returned +98.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Concentra, founded in 1979, is the largest provider of occupational health services in the United States by number of locations. Occupational health means work-related care: treating job injuries and checking that workers are fit for duty. As of December 31, 2025, it ran 628 stand-alone centers in 41 states and 411 clinics inside employers' worksites in 44 states, plus a telemedicine program. Its customers are mainly employers; its patients, about 53,000 each business day on average in 2025, are their workers.
Revenue was $2.16 billion in fiscal 2025, and its centers produced about 93% of it. At those centers, workers' compensation care brought in about 60% of total revenue. Workers' compensation is the insurance employers carry for job injuries; the employer's insurer or claims administrator pays for the care, mostly at prices set by state fee schedules, with no co-pays. Employer services, such as hiring and Department of Transportation physicals and drug and alcohol tests, added about 31%, at prices negotiated with employers.
Onsite clinics produced about 5% of revenue and other businesses 2%. In 2025 it acquired Nova Medical Centers (67 centers) for $265.0 million and Pivot Onsite Innovations (more than 240 onsite clinics) for $54.4 million. Concentra was separated from former parent Select and has a short record as a stand-alone public company.
Price history
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CON +98.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Workers’ compensation | $1.31B | 60.4% |
| Employer services | $659.5M | 30.5% |
| Consumer health | $31.3M | 1.4% |
| Other occupational health center revenue | $8.6M | 0.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $606.0M, up 10% from a year earlier, and net income was $65.3M (+46.5%).
- For fiscal 2025, revenue was $2.16B (+13.9% year over year; +7.9% a year from FY2022 to FY2025) with a 7.7% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +7.9% good |
|---|---|
| Operating margin | 15.4% good |
| Free cash flow margin | 9.1% watch |
| Return on equity (FY2025) | 42.3% good |
| Return on assets (FY2025) | 5.8% watch |
| Net cash (cash minus debt) | $-1.42B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $1.72B | $166.7M | $228.4M |
| FY2023 | $1.84B | $179.9M | $169.4M |
| FY2024 | $1.90B | $166.5M | $210.3M |
| FY2025 | $2.16B | $166.4M | $197.1M |
Valuation snapshot
| Market value | $5.18B |
|---|---|
| P/E ratio | 31.2 |
| Dividend yield | 0.59% |
Rank among 1514 US companies
Market value at each year end
Concentra Group Holdings Parent’s market value went from $2.52B at the end of 2024 to $5.18B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is up 105%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.18B | +105.2% |
| 2025 | $2.52B | +0.1% |
| 2024 | $2.52B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CON price data to Oct 28, 2026 | +107.7% | +98.2% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +107.7% |
| 2025 | +0.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($14.6M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Robert A Ortenzio Director | sell (plan) | $4.1M |
| Jul 1, 2026 | Robert A Ortenzio Director | sell (plan) | $4.0M |
| Jun 1, 2026 | Robert A Ortenzio Director | sell (plan) | $3.3M |
| May 8, 2026 | Robert A Ortenzio Director | sell (plan) | $3.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.7% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 13.1% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.32% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 4.9% | Sep 30, 2025 |
ETFs with the most weight in CON
| XHS SPDR S&P Health Care Services ETF | 1.93% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1.28% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.76% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.73% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.68% |
| IHF iShares U.S. Healthcare Providers ETF | 0.34% |
| LST Leuthold Select Industries ETF | 0.26% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.23% |
What could go wrong
- Fewer workplace injuries would mean fewer visits. Workers' compensation care made up about 60% of fiscal 2025 revenue. If on-the-job injuries become less common, or jobs shift toward safer industries, patient visits and revenue could fall.
- States set most of its prices. State fee schedules cap most workers' compensation payments. Cuts, or increases that lag rising wages and costs, could squeeze profits. Rate-driven growth in that revenue averaged about 3% a year from 2016 to 2025.
- Relies on medical groups it doesn't own. Laws in some states limit companies from practicing medicine, so care is delivered through affiliated physician groups Concentra does not own. A legal challenge or breakdown in those ties could disrupt operations.
- A heavy debt load. Debt totaled $1.57 billion versus $158 million in cash and investments as of June 30, 2026. Its main loans have floating rates and lender conditions (covenants), so higher rates or weaker results could strain finances.
- Short record after splitting from Select. Concentra has a short history as a stand-alone public company. It has relied on Select for some services, and some directors hold Select shares, creating possible conflicts of interest.
- Staff shortages and rising labor costs. Its clinics depend on doctors, nurses and therapists. Labor shortages, higher turnover, pay increases or union activity could lift costs faster than state-set prices allow it to recover.
Recent events
- Executive or board change; Investor presentation or announcement
- Major agreement signed
- Quarterly results released; Executive or board change; Investor presentation or announcement; Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Concentra pays a dividend, but a small one: the yield was 0.59% as of October 28, 2026. Payments began in fiscal 2024, totaling $0.0625 per share, and reached $0.25 in fiscal 2025, which appears to include a one-time special dividend, so there is no record of steady annual raises. Fiscal 2025 dividends used about 19% of earnings and 16% of free cash flow (cash left after running and investing in the business). The company repurchased $22.4 million of stock in fiscal 2025 and had $80.0 million left under its $100 million program at year-end, yet the share count rose 0.7% in the two years to July 31, 2026.
The stock has only about 2.3 years of trading history as of October 28, 2026, so there is no record of how it held up in the 2008, 2020 or 2022 downturns. Its largest peak-to-trough drop was about 23%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Concentra make money?
Mostly by treating workplace injuries and selling health services to employers. In fiscal 2025, revenue was $2.16 billion. Workers' compensation care at its centers brought in about 60%, paid by employers' insurers or claims administrators at rates largely set by state fee schedules. Employer services, such as hiring physicals, Department of Transportation exams and drug and alcohol tests, added about 31%, at prices negotiated with employers. Its stand-alone centers produced about 93% of revenue and its onsite clinics about 5%.
Does Concentra pay a dividend?
Yes, but it is small: the yield was 0.59% as of October 28, 2026. Dividends began in fiscal 2024, totaling $0.0625 per share, and reached $0.25 in fiscal 2025, a figure that appears to include a one-time special payment. There is no streak of annual increases. Fiscal 2025 dividends took about 19% of earnings, a modest share, but the company says it cannot guarantee future dividends or their timing and amount.
How much debt does Concentra have?
Total debt was about $1.57 billion as of June 30, 2026, against $158 million of cash and investments and $477 million of shareholders' equity. Its main borrowing is a term loan, enlarged to $950.0 million in March 2025, with interest that floats above Term SOFR, a benchmark lending rate. In 2025 the company voluntarily repaid $85 million on its $450.0 million revolving credit line, leaving nothing borrowed on it at December 31, 2025. Its annual report calls the debt substantial.
What is Concentra's P/E ratio?
About 31 times fiscal 2025 earnings, based on the share price on October 28, 2026, when the company's market value was about $5.18 billion. P/E (price-to-earnings) compares the share price with profit per share. The stock gained about 98% in the year to that date, while fiscal 2025 net income was flat at $166.4 million despite 13.9% revenue growth. Net income for the quarter ended June 30, 2026 was up 46.5% from a year earlier.
Is Concentra still owned by Select?
No. Select is its former parent: Concentra was separated from it and trades on its own on the NYSE. Large holders that reported stakes include BlackRock, with 13.7% as of June 30, 2026, and T. Rowe Price Associates, with 13.1% as of December 31, 2025. Its annual report, filed February 26, 2026, says some Concentra directors hold Select shares and some Select executives and directors serve on Concentra's board, a possible conflict of interest.