SEM on NYSE

Select Medical

Logo: https://www.selectmedical.com/investor-relations/, Non-free logo, via Wikipedia5

American healthcare company

Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1996Founded1

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  • TickerSEM on NYSE1
  • Industryhealth care1
  • HeadquartersMechanicsburg1
  • Websitewww.selectmedical.com
  • Business addressC/O Select Medical Corp, 4714 Gettysburg Rd, Mechanicsburg, Pa 170556
  • Filer categoryLarge accelerated filer6
  • Legal formCorporation4
  • LEI549300X05KS0JKR8CB504
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 26824814

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Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.2%Operating margin8
2.7%Net margin8
5.1%Revenue growth, 20258
8.6%Return on equity8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs96¢$5.2B
  • Income tax1¢$58.2M
  • Profit3¢$146.2M

Out of $5.5B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid9¢$31.4M
  • Kept or used elsewhere91¢$315.0M

Out of $346.5M of cash from operations.8

Financial statements

Revenue91011128$5.5B in 2025−0% since 2019
0$2.0B$4.0B$6.0B$8.0B2019: $5.5B$5.5B20192020: $5.5B$5.5B2020+1%2021: $6.2B$6.2B2021+12%2022: $4.6B$4.6B2022−26%2023: $4.8B$4.8B2023+5%2024: $5.2B$5.2B2024+7%2025: $5.5B$5.5B2025+5%
Operating income91011128$336.2M in 2025−29% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $471.9M$471.9M20192020: $567.7M$567.7M2020+20%2021: $713.8M$713.8M2021+26%2022: $144.8M$144.8M2022−80%2023: $267.2M$267.2M2023+85%2024: $268.3M$268.3M2024+0%2025: $336.2M$336.2M2025+25%
Net income91011128$146.2M in 2025−2% since 2019
0$200.0M$400.0M$600.0M2019: $148.4M$148.4M20192020: $259.0M$259.0M2020+74%2021: $402.2M$402.2M2021+55%2022: $159.0M$159.0M2022−60%2023: $243.5M$243.5M2023+53%2024: $214.0M$214.0M2024−12%2025: $146.2M$146.2M2025−32%
Fiscal year2019202020212022202320242025
Revenue$5.5B9$5.5B10$6.2B11$4.6B12$4.8B8$5.2B8$5.5B8
Operating expenses$5.6B11$4.5B12$4.6B8$4.9B8$5.1B8
Operating income$471.9M9$567.7M10$713.8M11$144.8M12$267.2M8$268.3M8$336.2M8
Interest$200.6M9$153.0M10$136.0M11$169.1M11$198.6M11
Income before tax$629.7M11$35.3M12$139.7M8$174.8M8$272.7M8
Income tax$63.7M9$111.9M10$129.8M11$16.7M12$29.3M8$44.8M8$58.2M8
Net income$148.4M9$259.0M10$402.2M11$159.0M12$243.5M8$214.0M8$146.2M8
Earnings per share$1.109$1.9310$2.9811$1.2312$1.918$1.668$1.168
Earnings per share (diluted)$1.109$1.9310$2.9811$1.2312$1.918$1.668$1.168
Shares (weighted, basic)130.2M shares11124.6M shares12123.1M shares8124.6M shares8122.6M shares8
Shares (weighted, diluted)130.2M shares11124.6M shares12123.1M shares8124.6M shares8122.6M shares8

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The story

The company is based in Mechanicsburg, Pennsylvania, and was co-founded in 1996 by Rocco Ortenzio and Robert Ortenzio.

In 2009, the company announced a joint venture with SSM Health Care.

In December 2012, the company announced a partnership with Emory Healthcare.

In 2013, David Chernow was appointed CEO while co-founders Robert and Rocco Ortenzio became chairmen of the company. In June, Select Medical acquired two inpatient rehabilitation facilities from GlobalRehab Management. Also in 2013, Select Medical and OhioHealth Corp announced a joint venture and reopened the OhioHealth Rehabilitation Hospital in August 2013. In December, the company announced a partnership with Cedars-Sinai and UCLA Health System to create the California Rehabilitation Institute.

In March 2014, the company announced a joint venture with TriHealth to open the TriHealth Rehabilitation Hospital in Cincinnati. In June, the company announced a joint venture with the Cleveland Clinic to operate a rehabilitation hospital in Avon, Ohio. Also in June, the company announced a joint venture with PinnacleHealth System to co-own a rehabilitation hospital.

In 2015, Select Medical completed its acquisition of Concentra, a national health care company. Also in 2015, the company announced a partnership with Ochsner Health System.

In February 2016, the company announced an agreement to swap hospitals with Kindred Healthcare. In March, the company acquired Physiotherapy Associates Holdings. In April, the company sold its Contract Therapy business to Encore Rehabilitation Services, a portfolio company of Revelstoke Capital Partners LLC.

In July 2026, the company was acquired by a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe.

From Wikipedia’s article on Select Medical, shared under CC BY-SA 4.0.7

Leadership

Who has led Select Medical, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert A. Ortenzio2009–2013
  2. David S. Chernow2014–2026
  3. Thomas P. Mullin2026–now

Chair

  1. Rocco A. Ortenzio2009–2024
  2. Robert A. Ortenzio2014–now

President

  1. Patricia A. Rice2009–2013
  2. David S. Chernow2010–2024
  3. Thomas P. Mullin2023–2026
  4. John A. Saich2026–now

Chief financial officer

  1. Michael F. Malatesta2023–now

Chief operating officer

  1. Patricia A. Rice2009–2011
  2. James J. Talalai2012–2014
200020052010201520202025
Board members and other officers (29)

Subsidiaries and ownership

Subsidiaries

  • Select Specialty Hospital

From Wikidata.1

Timeline

  1. Jul 1, 2026New chief executive Thomas P. Mullin becomes CEO18
  2. Aug 8, 2014New chief executive David S. Chernow becomes CEO19
  3. Sep 25, 2009Went public Listed on NYSE1
  4. Sep 24, 2009New chief executive Robert A. Ortenzio becomes CEO20
  5. 1996Founded Founded1

Filings

370 filings to the SEC since October 2021: 5 annual reports, 14 quarterly reports, 56 major events, 223 insider forms, 35 large holders, 37 other. The latest 20:

  1. Aug 13, 2026SCHEDULE 13G/A EDGAR
  2. Jul 31, 2026SCHEDULE 13G/A EDGAR
  3. Jul 30, 2026SCHEDULE 13G/A EDGAR
  4. Jul 13, 202615-12G EDGAR
  5. Jul 1, 20264 EDGAR
  6. Jul 1, 20264 EDGAR
  7. Jul 1, 20264 EDGAR
  8. Jul 1, 20264 EDGAR
  9. Jul 1, 20264 EDGAR
  10. Jul 1, 20264 EDGAR
  11. Jul 1, 20264 EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jul 1, 20264 EDGAR
  14. Jul 1, 20264 EDGAR
  15. Jul 1, 20264 EDGAR
  16. Jul 1, 20264 EDGAR
  17. Jul 1, 20264 EDGAR
  18. Jul 1, 20264 EDGAR
  19. Jul 1, 20264 EDGAR
  20. Jul 1, 20264 EDGAR

The 370 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 1 buys and 18 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 5, 2025Khanuja Parvinderjit S.DirectorBuy21,000$15.02$315.4KForm 4
Apr 28, 2025CHERNOW DAVID SVICE CHAIRMANSale225,000$18.00$4.0MForm 4
Dec 4, 2024Breighner Robert G. JRSENIOR VICE PRESIDENTSale4,989$19.95$99.5KForm 4
Nov 26, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale3,804,805$19.55$74.4MForm 4
Nov 26, 2024TAVENNER MARILYN BDirectorSale32,000$21.09$674.9KForm 4
Apr 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$29.90$1.5MForm 4
Mar 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$28.30$1.4MForm 4
Feb 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$26.00$1.3MForm 4
Jan 8, 2024ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale100,000$26.63$2.7MForm 4
Dec 14, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale100,000$25.00$2.5MForm 4
Sep 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$26.82$1.3MForm 4
Aug 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$29.52$1.5MForm 4
Jul 10, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$30.36$1.5MForm 4
Jun 29, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale100,000$32.00$3.2MForm 4
Jun 21, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale33,967$30.00$1.0MForm 4
Jun 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale50,000$28.63$1.4MForm 4
May 8, 2023ORTENZIO ROBERT AEXECUTIVE CHAIRMANSale166,033$29.76$4.9MForm 4
May 8, 2023Breighner Robert G. JRSENIOR VICE PRESIDENTSale10,044$29.45$295.8KForm 4
Feb 27, 2023CHERNOW DAVID SVICE CHAIRMANSale139,550$27.30$3.8MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

The numbers on this page point here. Each one links to the record it came from.

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