Concentra Group Holdings Parent (CON) 44th Annual J.P. Morgan Healthcare Conference summary

Business fundamentals and market position

• Largest U.S. occupational health provider, treating 1 in 4 workplace injuries, with over 1,000 locations including 650 urgent care centers, 628 centers, and 413–400+ onsite clinics as of September 2025.

• Diversified customer base with over 200,000 employer relationships, including all Fortune 100 companies, and no significant customer concentration (no single customer >3% of revenue).

• High customer retention, with 98% of top 100 customers for over 10 years, and high patient satisfaction (80% rate care 9/10).

• Strong value proposition: 25% lower claim costs, convenience, cost savings, and rapid return-to-work focus.

• Limited exposure to government reimbursement (<1% of revenue), reducing regulatory risk.

Growth strategy and industry trends

• Growth driven by 70+ acquisitions and de novo centers since 2016, typically at sub-3x revenue or EBITDA multiples.

• Pursues mid- to high-single-digit organic and semi-organic growth, including bolt-on M&A and de novos.

• Industry size estimated at $176 billion, with significant market opportunity and $17 billion onsite SAM.

• Aging workforce, onshoring, and AI-related construction projects are tailwinds for demand.

• Leadership team with ~300 years of combined experience and a 45-year company history enables nimble execution.

Financial performance and outlook

• FY 2025 revenue guidance of $2.145–$2.2 billion and Adjusted EBITDA of $425–$430 million, with 13% YoY growth.

• Adjusted EBITDA margin at 19.8–20% for five consecutive years; cost structure is highly variable, with over 80% of service expenses variable.

• Free cash flow conversion exceeds 100%, with nearly $1 billion generated since 2021 and $176 million in TTM.

• ROIC stands at 13.5% as of September 2025.

• Dividend yield at 1.3%; $100 million share buyback program authorized.