Select Medical Holdings Corp. (SEM) intrinsic value & 10-year financials
Select Medical Holdings Corp. (SEM) has a Graham intrinsic value of $15.01 per share. Over the last 10 fiscal years revenue grew 2.9% a year to $5.5B, with an average return on invested capital of 8.3%.
- Graham intrinsic value
- $15.01
- Revenue (FY2025)
- $5.5B
- Revenue growth (10-yr CAGR)
- 2.9%
- ROIC (10-yr avg)
- 8.3%
- Free cash flow (FY2025)
- $117.2M
SEM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.5B | $146.2M | $1.16 | $117.2M | 6.2% | 7.1% |
| FY2024 | $5.2B | $214.0M | $1.66 | $295.7M | 5.2% | 5.5% |
| FY2023 | $6.7B | $243.5M | $1.91 | $352.9M | 8.3% | 8.6% |
| FY2022 | $6.3B | $159.0M | $1.23 | $94.5M | 6.4% | 6.1% |
| FY2021 | $6.2B | $402.2M | $2.98 | $220.7M | 11.5% | 12.8% |
| FY2020 | $5.5B | $259.0M | $1.93 | $881.6M | 10.3% | 10.3% |
| FY2019 | $5.5B | $148.4M | $1.10 | $288.1M | 8.7% | 8.5% |
| FY2018 | $5.1B | $137.8M | $1.02 | $326.9M | 8.2% | 8.1% |
| FY2017 | $4.4B | $177.2M | $1.33 | $4.9M | 8.2% | 10.5% |
| FY2016 | $4.2B | $115.4M | $0.87 | $185.0M | 7.1% | 6.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SELECT MEDICAL HOLDINGS CORP has demonstrated mature, steady growth, with revenue compounding at 2.9% annually over the past decade.
SELECT MEDICAL HOLDINGS CORP returns on capital have been average, hovering around 8.3% ROIC over the decade.
SELECT MEDICAL HOLDINGS CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SELECT MEDICAL HOLDINGS CORP is modeled at 3.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $15.01 per share.