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AUNA vs. SGRY: Which Hospital Stock Looks More Attractive Now?
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Key Takeaways
Auna S.A. reports 6% Q4 revenue growth, driven by Peru and stabilizing operations across regions.
Surgery Partners logs 2.4% revenue growth but faces payer mix pressure and margin constraints.
SGRY's 2026 EPS estimate seen falling 42.6% with revised guidance and reimbursement headwinds.
Auna S.A. (AUNA - Free Report) and Surgery Partners (SGRY - Free Report) are two healthcare service providers that generate a significant portion of revenues from hospital networks. Auna operates hospitals and clinics in Mexico, Peru and Colombia and also offers prepaid healthcare plans in Peru and Mexico. Its business model prioritizes prevention and targets high-cost, highly complex diseases such as oncology, traumatology and orthopedics, cardiology and neurological care.
Surgery Partners, on the other hand, operates surgical hospitals that mainly focus on providing non-emergency, scheduled surgical procedures, with a focus on less complex, elective surgeries that have shorter recovery times. As of Dec. 31, 2025, it owned 19 licensed surgical hospitals.
Let’s take a quick look at the current standing of both companies to analyze their investment prospects.
The Case for Auna S.A.
Auna’s fourth-quarter 2025 revenues grew 6% year over year, reflecting the benefits of its diversified regional platform. The Peru business remains a key performer, with revenue growth driven by higher average tickets from high-complexity services and stronger volumes, supported by investments in new equipment, expanded bed capacity and targeted marketing initiatives.
In the Oncosalud health plans business, higher tickets, combined with easing pharmaceutical costs, pushed the oncology medical loss ratio (MLR) to a record low of 48.5%, marking the sixth straight quarterly decline. Auna and EsSalud recently finalized an addendum under a public-private partnership to commence construction of the Centro Ambulatorio Trecca facility in Lima, expected to be operational in 2028. Serving the country’s largest payor and provider significantly expands the company’s addressable market.
In Colombia, Auna adopted a strategy to slow down growth by proactively managing contracted services with intervened payors to remove payment risk and improve cash conversion. This approach is yielding promising results. The expansion of risk-sharing models such as Prospective Global Payments (“PGP”), along with serving Salud Total’s patient population, contributed to a 6% increase in Colombia revenues for the fourth quarter.
Mexico operations also stabilized and are now on a clearer path to sustained top-line and EBITDA growth in 2026. Progress includes Auna’s inclusion in the policies that serve the larger segment of the privately insured market and extension of an improved healthcare plan for ISSSTELEON, the social security institution covering all state employees of Nuevo Leon. The integration of Opcion Oncologia’s physician practice and the launch of the new Oncocenter at Doctors Hospital are providing a solid boost to Oncology revenues.
With a robust cash position and free cash flows as of 2025-end, Auna is positioned to support continued investment in growth initiatives across Mexico and Peru.
The Case for Surgery Partners
The company’s fourth-quarter 2025 results fell short of its revised expectations. Management lowered guidance earlier due to delayed net capital deployment, slower case growth and payer mix, trends that persisted throughout the period. The impact was concentrated in surgical hospital markets rather than being systemic across the enterprise. Payer mix pressure stemmed partly from physician transitions, as many experienced physicians who contributed to a higher commercial payer mix and volumes departed, while newer recruits served a higher proportion of Medicare patients than previous cohorts and ramped more slowly.
Meanwhile, the continued shift to higher-acuity procedures in orthopedic specialties and total joint replacements supported the quarter’s 2.4% year-over-year revenue growth. Surgery Partners performed more than 170,000 surgical cases in its consolidated facilities, bringing the full-year case count to 2% above 2024. The company has invested in 74 surgical robots, with six added in 2025, enabling physician partners to perform increasingly complex procedures.
Margins also remained constrained, led by a combination of discrete headwinds at three larger surgical hospitals, unfavorable payer mix and unanticipated payments to anesthesiologists facing similar reimbursement pressure.
In 2025, Surgery Partners deployed $182 million of capital toward acquisitions, modestly below its annual target of $200 million, alongside divestiture proceeds. At the same time, it is advancing its portfolio optimization efforts, focused on a small number of its larger surgical hospitals that fall outside of its core short stay surgical strategy.
The company has taken a measured and conservative approach to its 2026 preliminary guidance, reflecting earnings growth rate resets in parts of the business. This includes an estimated $8 million earnings impact from state-specific reimbursement and hospital provider taxes across three markets and roughly $4 million in year-over-year tariff-related cost pressure embedded in supply expenses.
How Do Estimates Compare for AUNA & SGRY?
The consensus estimate for Auna’s 2026 EPS implies a year-over-year decrease of 28.7% to 87 cents. The estimate has remained constant in the past 60 days.
Image Source: Zacks Investment Research
The consensus mark for Surgery Partners’ 2026 EPS indicates a sharp 42.6% decline to 27 cents. In the past 60 days, the estimate has been revised significantly lower.
Image Source: Zacks Investment Research
AUNA vs. SGRY: Price Performance & Valuation
Year to date, Auna shares have risen 7.1%, whereas Surgery Partners has dipped 5.6%.
Image Source: Zacks Investment Research
AUNA stock is trading at a forward, one-year price/sales of 0.28X, lower than its median of 0.36X. SGRY is trading at a sales multiple of 0.54X, well below its median.
Image Source: Zacks Investment Research
End Note
Auna S.A. exited the fourth quarter with a stabilizing Mexico operation, momentum in Peru and promising results from its cash-flow-focused strategy in Colombia. Its robust financial flexibility is a major plus. Meanwhile, Surgery Partners’ latest quarterly results did not reflect the strength of its business model, as significant headwinds across its surgical hospital markets weighed on performance. However, the company remains focused on growing surgical case volumes and moving toward higher-acuity procedures in orthopedic specialties to drive growth.
Compared to AUNA, SGRY has delivered weaker price performance and trades at a premium valuation. With the annual earnings estimate continuing to decline, existing SGRY holders may find it prudent to exit their positions. Those already holding AUNA stock should continue to retain to reap the long-term benefits.
AUNA carries a Zacks Rank #3 (Hold) at present, while SGRY has a Zacks Rank #4 (Sell).
View the Zacks #1 Rank List
Image: Bigstock
AUNA vs. SGRY: Which Hospital Stock Looks More Attractive Now?
Key Takeaways
Auna S.A. (AUNA - Free Report) and Surgery Partners (SGRY - Free Report) are two healthcare service providers that generate a significant portion of revenues from hospital networks. Auna operates hospitals and clinics in Mexico, Peru and Colombia and also offers prepaid healthcare plans in Peru and Mexico. Its business model prioritizes prevention and targets high-cost, highly complex diseases such as oncology, traumatology and orthopedics, cardiology and neurological care.
Surgery Partners, on the other hand, operates surgical hospitals that mainly focus on providing non-emergency, scheduled surgical procedures, with a focus on less complex, elective surgeries that have shorter recovery times. As of Dec. 31, 2025, it owned 19 licensed surgical hospitals.
Let’s take a quick look at the current standing of both companies to analyze their investment prospects.
The Case for Auna S.A.
Auna’s fourth-quarter 2025 revenues grew 6% year over year, reflecting the benefits of its diversified regional platform. The Peru business remains a key performer, with revenue growth driven by higher average tickets from high-complexity services and stronger volumes, supported by investments in new equipment, expanded bed capacity and targeted marketing initiatives.
In the Oncosalud health plans business, higher tickets, combined with easing pharmaceutical costs, pushed the oncology medical loss ratio (MLR) to a record low of 48.5%, marking the sixth straight quarterly decline. Auna and EsSalud recently finalized an addendum under a public-private partnership to commence construction of the Centro Ambulatorio Trecca facility in Lima, expected to be operational in 2028. Serving the country’s largest payor and provider significantly expands the company’s addressable market.
In Colombia, Auna adopted a strategy to slow down growth by proactively managing contracted services with intervened payors to remove payment risk and improve cash conversion. This approach is yielding promising results. The expansion of risk-sharing models such as Prospective Global Payments (“PGP”), along with serving Salud Total’s patient population, contributed to a 6% increase in Colombia revenues for the fourth quarter.
Mexico operations also stabilized and are now on a clearer path to sustained top-line and EBITDA growth in 2026. Progress includes Auna’s inclusion in the policies that serve the larger segment of the privately insured market and extension of an improved healthcare plan for ISSSTELEON, the social security institution covering all state employees of Nuevo Leon. The integration of Opcion Oncologia’s physician practice and the launch of the new Oncocenter at Doctors Hospital are providing a solid boost to Oncology revenues.
With a robust cash position and free cash flows as of 2025-end, Auna is positioned to support continued investment in growth initiatives across Mexico and Peru.
The Case for Surgery Partners
The company’s fourth-quarter 2025 results fell short of its revised expectations. Management lowered guidance earlier due to delayed net capital deployment, slower case growth and payer mix, trends that persisted throughout the period. The impact was concentrated in surgical hospital markets rather than being systemic across the enterprise. Payer mix pressure stemmed partly from physician transitions, as many experienced physicians who contributed to a higher commercial payer mix and volumes departed, while newer recruits served a higher proportion of Medicare patients than previous cohorts and ramped more slowly.
Meanwhile, the continued shift to higher-acuity procedures in orthopedic specialties and total joint replacements supported the quarter’s 2.4% year-over-year revenue growth. Surgery Partners performed more than 170,000 surgical cases in its consolidated facilities, bringing the full-year case count to 2% above 2024. The company has invested in 74 surgical robots, with six added in 2025, enabling physician partners to perform increasingly complex procedures.
Margins also remained constrained, led by a combination of discrete headwinds at three larger surgical hospitals, unfavorable payer mix and unanticipated payments to anesthesiologists facing similar reimbursement pressure.
In 2025, Surgery Partners deployed $182 million of capital toward acquisitions, modestly below its annual target of $200 million, alongside divestiture proceeds. At the same time, it is advancing its portfolio optimization efforts, focused on a small number of its larger surgical hospitals that fall outside of its core short stay surgical strategy.
The company has taken a measured and conservative approach to its 2026 preliminary guidance, reflecting earnings growth rate resets in parts of the business. This includes an estimated $8 million earnings impact from state-specific reimbursement and hospital provider taxes across three markets and roughly $4 million in year-over-year tariff-related cost pressure embedded in supply expenses.
How Do Estimates Compare for AUNA & SGRY?
The consensus estimate for Auna’s 2026 EPS implies a year-over-year decrease of 28.7% to 87 cents. The estimate has remained constant in the past 60 days.
Image Source: Zacks Investment Research
The consensus mark for Surgery Partners’ 2026 EPS indicates a sharp 42.6% decline to 27 cents. In the past 60 days, the estimate has been revised significantly lower.
Image Source: Zacks Investment Research
AUNA vs. SGRY: Price Performance & Valuation
Year to date, Auna shares have risen 7.1%, whereas Surgery Partners has dipped 5.6%.
Image Source: Zacks Investment Research
AUNA stock is trading at a forward, one-year price/sales of 0.28X, lower than its median of 0.36X. SGRY is trading at a sales multiple of 0.54X, well below its median.
Image Source: Zacks Investment Research
End Note
Auna S.A. exited the fourth quarter with a stabilizing Mexico operation, momentum in Peru and promising results from its cash-flow-focused strategy in Colombia. Its robust financial flexibility is a major plus. Meanwhile, Surgery Partners’ latest quarterly results did not reflect the strength of its business model, as significant headwinds across its surgical hospital markets weighed on performance. However, the company remains focused on growing surgical case volumes and moving toward higher-acuity procedures in orthopedic specialties to drive growth.
Compared to AUNA, SGRY has delivered weaker price performance and trades at a premium valuation. With the annual earnings estimate continuing to decline, existing SGRY holders may find it prudent to exit their positions. Those already holding AUNA stock should continue to retain to reap the long-term benefits.
AUNA carries a Zacks Rank #3 (Hold) at present, while SGRY has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.