What it is: A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
What moves the needle: Operating margin has run about 15% through the cycle, a solid margin the cost base and competition set as much as the price does. That margin has held in a narrow 15%–16% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 17%, above 15% in 2 of 4 years). Owner earnings agree: roughly 10% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Occupational Health Center is 93% of revenue, so this is largely a single-segment business.

Revenue by reportable segment, FY2025

Occupational Health Center93%$2.0B
Onsite health clinics5%$110M
Other Businesses2%$48M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2022–2025

realized figures from each filing · older years to the left

2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
					Income statement
$1.7B	$1.8B	$1.9B	$2.2B	$2.2B	RevenueRevenue
9%	8%	8%	9%	9%	SG&A / revenueSG&A/rev
$259M	$288M	$305M	$334M	$349M	Operating incomeOp. inc.
15.0%	15.6%	16.0%	15.4%	15.6%	Operating marginOp. mgn
$167M	$180M	$167M	$166M	$178M	Net incomeNet inc.
24%	24%	26%	23%	24%	Effective tax rateTax rate
					Cash flow & returns
$274M	$234M	$275M	$279M	$289M	Operating cash flowOp. cash
$74M	$73M	$67M	$76M	$79M	DepreciationDeprec.
$32M	($19M)	$39M	$27M	$20M	Working capital & otherWC & other
$46M	$65M	$64M	$82M	$78M	CapexCapex
2.7%	3.5%	3.4%	3.8%	3.5%	Capex / revenueCapex/rev
$228M	$169M	$210M	$197M	$211M	Owner earningsOwner earn.
13.2%	9.2%	11.1%	9.1%	9.5%	Owner earnings marginOE mgn
$228M	$169M	$210M	$197M	$211M	Free cash flowFCF
13.2%	9.2%	11.1%	9.1%	9.5%	Free cash flow marginFCF mgn
$10M	$6M	$7M	$333M	$58M	AcquisitionsAcquis.
$0	$0	$8M	$32M	$32M	Dividends paidDiv. paid
$0	$0	$15M	$22M	—	BuybacksBuybacks
21%	19%	14%	14%	14%	ROICROIC
17%	15%	60%	42%	42%	Return on equityROE
17%	15%	58%	34%	34%	Retained to equityRetained/eq
					Balance sheet
$38M	$31M	$183M	$80M	$62M	Cash & investmentsCash+inv
—	$216M	$218M	$258M	$297M	ReceivablesReceiv.
—	$20M	$20M	$21M	$32M	Accounts payablePayables
—	$196M	$198M	$237M	$265M	Operating working capitalOper. WC
—	$294M	$437M	$383M	$404M	Current assetsCur. assets
—	$275M	$307M	$337M	$321M	Current liabilitiesCur. liab.
—	1.1×	1.4×	1.1×	1.3×	Current ratioCurr. ratio
$1.2B	$1.2B	$1.2B	$1.5B	$1.5B	GoodwillGoodwill
$2.3B	$2.3B	$2.5B	$2.9B	$2.9B	Total assetsAssets
—	—	$1.5B	$1.6B	$1.6B	Total debtDebt
—	—	$1.3B	$1.5B	$1.5B	Net debt / (cash)Net debt
304.5×	1301.5×	6.4×	3.1×	3.2×	Interest coverageInt. cov.
$979M	$1.2B	$276M	$393M	$425M	Shareholders’ equityEquity
0.1%	0.0%	0.1%	0.5%	0.6%	Stock comp / revenueSBC/rev
					Per share
104M	104M	114M	128M	128M	Shares out (diluted)Shares
$16.61	$17.64	$16.64	$16.86	$17.37	Revenue / shareRev/sh
$1.61	$1.73	$1.46	$1.30	$1.39	EPS (diluted)EPS
$2.20	$1.63	$1.84	$1.54	$1.64	Owner earnings / shareOE/sh
$2.20	$1.63	$1.84	$1.54	$1.64	Free cash flow / shareFCF/sh
$0.00	$0.00	$0.07	$0.25	$0.25	Dividends / shareDiv/sh
$0.44	$0.62	$0.56	$0.64	$0.60	Cap. spending / shareCapex/sh
$9.43	$11.14	$2.41	$3.07	$3.31	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	3-yr	5-yr
Revenue / share	+0.5%/yr	+0.5%/yr (3-yr)
Owner earnings / share	−11.3%/yr	−11.3%/yr (3-yr)
EPS	−6.9%/yr	−6.9%/yr (3-yr)
Capital spending / share	+13.2%/yr	+13.2%/yr (3-yr)
Book value / share	−31.2%/yr	−31.2%/yr (3-yr)

The record, charted

FY2022–2025

Each measure over its full record; the current point and the worst year marked.

Share count

128Mpeak FY2025

ROIC

14%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$197Mowner earningsvs.$166Mnet incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2022FY2025

Owner-earnings bridge

FY2022–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $166M of profit into $197M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$166M

Owner earnings$197M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022
Reported net income	$166M	$167M	$180M	$167M
Depreciation & amortizationnon-cash charge added back	+$76M	+$67M	+$73M	+$74M
Stock-based compensationreal costnon-cash, but a real cost	+$10M	+$2M	+$651K	+$2M
Working capital & othertiming of cash in and out, other non-cash items	+$27M	+$39M	−$19M	+$32M
Cash from operations	$279M	$275M	$234M	$274M
Capital expenditurecash put back in to keep running and to grow	−$82M	−$64M	−$65M	−$46M
Owner earnings	$197M	$210M	$169M	$228M
Owner-earnings marginowner earnings ÷ revenue	9%	11%	9%	13%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $10M), owner earnings is nearer $187M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.1×

Adequate

Operating income $334M ÷ interest expense $109M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $1.5B · 4.4× operating profit

Heavy net debt

Cash $80M − debt $1.6B

What this means
Netting $80M of cash and short-term investments against $1.6B of debt leaves $1.5B owed, about 4.4× a year's operating profit (4.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 14%

Solid through the cycle

4-yr median, range 14%–21%; 14% latest = NOPAT $256M ÷ invested capital $1.9B

Industry peers: median 8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran 14% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 9%

Solid through the cycle

4-yr median margin, range 9%–13%; latest $197M = operating cash $279M − maintenance capex $82M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 9% median across 4 years. Treating stock comp as the real expense it is (less $10M of SBC) leaves $187M.
Are earnings backed by cash? 1.68×

Cash-backed

Cash from ops $279M ÷ net income $166M

In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 28%

Reinvests most of it

Dividends + buybacks $55M ÷ Owner Earnings $197M

What this means
Of $197M Owner Earnings, $55M (28%) went back to shareholders, $32M dividends, $22M buybacks. Net of $10M stock comp, the real buyback was about $12M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.09×

Maintaining

Capex $82M ÷ depreciation $76M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 3 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.14×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.6B vs $46M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.34/share (latest year $1.30), the averaged base the calculator's gate runs on, and book value is $3.07/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2022–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 4 of 4

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 15% → 16% (2-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 15% early, 16% lately, median 15%.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +1%/yr

What this means
Owner earnings grew about 1% a year over the record.
Worst year 2022 · 15.0% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +7.3%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$404M

Cash & short-term investments$62M
Receivables$297M
Other current assets$46M

Current liabilities$321M

Accounts payable$32M
Other current liabilities$289M

Current ratio1.26×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.26×stricter: inventory excluded

Cash ratio0.19×strictest: cash alone against what's due

Working capital$83Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+13.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.2× → 1.3×

Deeper floors

Tangible book value($1.3B)equity stripped of goodwill & intangibles

Net current asset value($2.0B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$546M$546M of it operating leases; with finance leases, “total fixed claims” below reaches $2.1B (annual-report basis)

From the company's latest filing.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'26$116M

'27$106M

'28$94M

'29$83M

'30$67M

later$207M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$116Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$672Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$530Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$1.6B

Lease obligations (present value)$530M

Total fixed claims on the business$2.1B

Counting the leases the way Buffett does, the fixed claims on this business come to $2.1B, of which the leases are 25%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

How the cash was used, 2022–2025

Over the record, the business generated $1.1B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$258M · 24%
Dividends$40M · 4%
Buybacks$38M · 4%
Retained (debt / cash)$727M · 68%

Returned to owners$78M
10% of the owner earnings the business produced over the span, $40M as dividends and $38M as buybacks.
Average price paid for buybacks$20.38
Across the years where the filing reports a share count, 1M shares were bought for $22M, about $20.38 each.
Net change in share count23.8%
The diluted count rose from 104M to 128M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.25/sh
Paid in 2 of the years on record. It was never cut over the span.
Return on what it retained−2%
Of the earnings it kept rather than paid out ($602M over the span), annual owner earnings (first three years vs last three) fell $10M, so each retained $1 gave back about 0.02 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 4-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$1.7B60% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$356Mover 4 years buying other businesses, against $258M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 4-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership8.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio57:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$10M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 3% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Concentra Group Holdings Parent Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2022–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?10.1% vs 11.2%
The owner-earnings margin averaged 11.2% early in the record and 10.1% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?23.8%
Diluted shares grew 23.8% over 2022–2025, even as the company spent $38M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Credit & receivables, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Health Care Providers & Services

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CHEChemed	$2.5B	33%	14.4%	30%	12%
AVAHAveanna Healthcare Holdings Inc.	$2.4B	—	1.6%	3%	-2%
AMEDAmedisys	$2.3B	43%	7.0%	4%	6%
CONConcentra Group Holdings Parent Inc.	$2.2B	—	15.5%	17%	10%
PRVAPrivia Health Group	$2.1B	—	1.2%	8%	5%
MDPediatrix Medical Group Inc.	$1.9B	—	10.1%	8%	11%
HCSGHealthcare Services Group	$1.8B	13%	4.4%	15%	2%
PGNYProgyny	$1.3B	21%	4.2%	13%	10%
Group median	—	—	5.7%	11%	8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Concentra Group Holdings Parent Inc. has delivered.

Today’s price $

Through the cycle, Concentra Group Holdings Parent Inc. earns about $219M on its 10.1% median owner-earnings margin. This year’s 9.1% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($219M) Net of stock comp (−$12M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’25+1%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $211M on 128M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $1.5B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CON against another business →

The owners of CON: the meeting and the votes →

Cite: Owner Scorecard, "Concentra Group Holdings Parent Inc. (CON), the owner's record," https://ownerscorecard.com/c/CON, data as of 2026-07-09.

Manual order: ← COMP its page in the Manual COO →

Industry order: ← CHE the Health Care Providers & Services chapter CYH →