At a glance
Mednax Inc is worth $2.26B, about 15 times its fiscal 2025 earnings. Revenue fell 4.9% to $1.91B in fiscal 2025, with 8.6% kept as profit; over 5 years it has grown 2.0% a year. It pays no dividend; it spent $182.5M buying back its shares over FY2021–FY2025. The stock returned +62.1% over the past year with dividends reinvested and +0.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 70.3% in the 2020 crash (S&P 500: 33.7%) and 40.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 48 months after the lows.
The business in plain English
Pediatrix Medical Group runs a national network of doctors who care for newborns, expectant mothers with complicated pregnancies and sick children. As of December 31, 2025, it had about 2,295 affiliated physicians practicing in 37 states, mostly inside hospitals. The largest group is 1,350 newborn specialists. Working with nurse practitioners, they staff and manage more than 360 neonatal intensive care units (NICUs, hospital wards for premature or very sick babies) in 32 states.
More than 475 physicians provide maternal-fetal medicine, which is specialist care for high-risk pregnancies. They work mainly in metro areas where its newborn specialists also work, so care carries over from mother to baby. Other doctors work in pediatric intensive care units at about 60 hospitals, as hospital-based pediatricians or as pediatric surgeons. Pediatrix believes it is the largest US provider of newborn hearing screening. It screened over 793,000 babies at 340 hospitals in 2025. During 2024 it left almost all office-based practices except maternal-fetal medicine. It also exited primary and urgent care.
Most revenue comes from billing for that care. In fiscal 2025, patient service revenue was $1.63 billion, or 85% of the $1.91 billion total. Private insurers and government programs such as Medicaid pay these bills. Fees under hospital contracts added $271 million, or 14%.
Price history
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MD +62.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Health Care Patient Service | $1.63B | 85.2% |
| Hospitals Contracts | $271.1M | 14.2% |
| Product And Service Other | $12.2M | 0.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $501.4M, up 1.7% from a year earlier, and net income was $47.0M (-34.5%).
- For fiscal 2025, revenue was $1.91B (-4.9% year over year; +2.0% a year from FY2020 to FY2025) with a 8.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.0% watch |
|---|---|
| Operating margin | 10.9% watch |
| Free cash flow margin | 13.2% good |
| Return on equity (FY2025) | 19.1% good |
| Return on assets (FY2025) | 7.4% watch |
| Net cash (cash minus debt) | $-151.9M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.73B | $-796.5M | $175.8M |
| FY2021 | $1.91B | $131.0M | $44.5M |
| FY2022 | $1.97B | $66.3M | $137.2M |
| FY2023 | $1.99B | $-60.4M | $104.0M |
| FY2024 | $2.01B | $-99.1M | $184.6M |
| FY2025 | $1.91B | $165.4M | $252.6M |
Valuation snapshot
| Market value | $2.26B |
|---|---|
| P/E ratio | 14.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Mednax’s market value went from $6.24B at the end of 2016 to $2.26B on Oct 28, 2026, down 64%; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.26B | +23.0% |
| 2025 | $1.84B | +63.0% |
| 2024 | $1.13B | +44.2% |
| 2023 | $781.4M | -36.7% |
| 2022 | $1.23B | -47.5% |
| 2021 | $2.35B | +12.0% |
| 2020 | $2.10B | -10.3% |
| 2019 | $2.34B | -20.6% |
| 2018 | $2.95B | -41.0% |
| 2017 | $5.00B | -19.8% |
| 2016 | $6.24B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MD price data to Oct 28, 2026 | +35.2% | +62.1% | +36.7% | +0.8% | -7.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.2% |
| 2025 | +63.0% |
| 2024 | +41.1% |
| 2023 | -37.4% |
| 2022 | -45.4% |
| 2021 | +10.9% |
| 2020 | -11.7% |
| 2019 | -15.8% |
| 2018 | -38.3% |
| 2017 | -19.8% |
| 2016 | -7.0% |
| 2015 | +8.4% |
| 2014 | +23.9% |
| 2013 | +34.3% |
| 2012 | +10.4% |
| 2011 | +7.0% |
| 2010 | +11.9% |
| 2009 | +89.6% |
| 2008 | -53.5% |
| 2007 | +39.4% |
| 2006 | +10.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.4% over that stretch · deepest drop along the way 66.1%, back to its old high 29.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 63.7% over that stretch · deepest drop along the way 70.3%, back to its old high 10.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39% over that stretch · deepest drop along the way 40.7%, back to its old high 48.2 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 1 sales ($856K).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 13, 2026 | Shirley A Weis Director | sell | $856K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.6% | Jun 30, 2025 |
| Vanguard Portfolio Management | 7.55% | Mar 31, 2026 |
| Vanguard Capital Management | 5.15% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Jun 30, 2026 |
| Rubric Capital Management LP | 3.67% | Dec 31, 2024 |
| AllianceBernstein L.P. | 2.2% | May 31, 2025 |
ETFs with the most weight in MD
| BSMC Brandes U.S. Small-Mid Cap Value ETF | 2.07% |
| XHS SPDR S&P Health Care Services ETF | 1.11% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.77% |
| DSMC Distillate Small/Mid Cash Flow ETF | 0.5% |
| SVAL iShares US Small Cap Value Factor ETF | 0.46% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.4% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.32% |
| CALF Pacer US Small Cap Cash Cows ETF | 0.3% |
What could go wrong
- Fewer US births mean fewer patients. Caring for newborns and high-risk pregnancies is the core business. The US birth rate has declined and may fall further. Fewer births would likely mean fewer babies in intensive care and less revenue.
- Hospitals could end or cut contracts. Its newborn and children's teams work inside hospitals under contracts. Hospitals can end those agreements, stop its physicians from practicing there, or reduce the administrative fees they pay Pediatrix.
- A small pool of specialist doctors. The US has only about 7,200 board-certified newborn specialists, or neonatologists. Pediatrix must recruit and keep them, and pay costs may rise. It may be unable to enforce non-compete agreements when doctors leave.
- Medicaid and government payment pressure. Part of its revenue comes from government programs such as Medicaid. State budget strain or Medicaid changes could cut payments. A weaker economy could also shift more patients from private insurance into these programs.
- Limits on out-of-network charges. Federal and state surprise-billing laws limit what doctors outside an insurer's network can charge and collect. More such laws could cut payments. Rules requiring health plans to publish prices could also hurt results.
- Billing changes and investigations. Pediatrix moved its billing and collections from an outside provider to a mix of in-house staff and vendors. Errors, poor documentation by doctors, or billing investigations by regulators or insurers could hurt collections.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Pediatrix does not pay a dividend and paid none in fiscal 2021 through 2025, so it offers no regular income. An investor wanting cash would have to trim shares. The company has used buybacks instead, meaning it repurchases its own stock. It spent about $183 million over those five years, including $87 million in fiscal 2025. The share count fell about 6% between October 2021 and July 2026.
Downturns have hit the shares hard. They dropped 66% in the 2008 financial crisis and took about 29 months to recover. They fell 70% in the 2020 COVID crash and recovered in about 10 months. In the 2022 bear market they fell 41% from their January 2022 peak. They did not regain that peak until October 2026, about 48 months later. As of October 28, 2026, the share price was up 62% over one year but down about 7% a year over 10 years. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Pediatrix Medical Group pay a dividend?
No, it does not. Pediatrix paid no dividends in fiscal 2021 through 2025, so the stock provides no regular income and any return depends on the share price. The company returned cash through buybacks instead. It spent about $183 million to repurchase its own shares over those five years, including $87 million in fiscal 2025. Its share count fell about 6% between October 2021 and July 2026.
How does Pediatrix make money?
Pediatrix makes most of its money by billing for care its affiliated doctors give to newborns, high-risk mothers and sick children, mainly in hospitals. In fiscal 2025, patient service revenue was $1.63 billion, or 85% of the $1.91 billion total. Private insurers and government programs such as Medicaid pay these bills. Hospitals also hire Pediatrix to staff and manage units such as neonatal intensive care units. Fees under those contracts added $271 million, or 14%.
Is Pediatrix the same company as MEDNAX?
Yes. The company was formerly called MEDNAX, Inc. It now uses the Pediatrix Medical Group name, which its predecessor also used. That predecessor was incorporated in Florida in 1979. The business has changed along the way. Revenue fell 47% in fiscal 2018 when the company reported discontinued operations, meaning part of the business was sold or spun off, so earlier years are not comparable. During 2024 it also left almost all office-based practices except maternal-fetal medicine and exited primary and urgent care.
Is Pediatrix profitable?
Yes, in its latest full year. In fiscal 2025, Pediatrix earned net income of $165 million, or $1.94 per share, on revenue of $1.91 billion. Revenue was down 4.9% from the year before. That profit followed net losses of $60 million in 2023 and $99 million in 2024. Free cash flow, the cash left after running the business and paying for capital spending, was $253 million. In the quarter ended June 30, 2026, revenue rose 4% and net income rose 1.5% from a year earlier.
How much debt does Pediatrix have?
Pediatrix had about $584 million of total debt as of June 30, 2026, against roughly $404 million of cash and investments. That leaves net debt (debt minus cash) of about $180 million, compared with shareholders' equity of about $881 million. The company warns that its debt could limit its flexibility when business and economic conditions change. It could also expose the company to interest rate risk on any variable-rate borrowing. Part of its interest expense may also not be tax-deductible.