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Concentra
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Latest analysis
Updated Nov 6, 2026
Concentra raises FY2026 guidance after Q3 visit volumes accelerate to 4.9% YoY, with adjusted EBITDA margin expanding 178 bps to 22.5%
Concentra delivered Q3 2026 revenue of $622.1 million (+8.6% YoY) with adjusted EBITDA of $140.2 million (+17.9% YoY) and margin expansion of 178 basis points to 22.5%, driven by broad-based visit growth across all six regions, 3.3% revenue-per-visit gains, and continued staffing efficiencies. Management raised the FY2026 revenue guidance midpoint by $20 million and adjusted EBITDA midpoint by $17.5 million, reflecting sustained momentum in both workers' compensation and employer services. The acceleration in employer services visit growth to 5.8% YoY — a historically leading indicator of workers' compensation volume — and a new $250 million share repurchase authorization signal management's confidence in the durability of the current growth cycle.
Tone: bullishRevenue
$2.2B
CON 10-K · FY 2025
Employees
13,000
Revenue FY2024
$1.9B
Founded
1979
Profile
CON 10-K Item 1 · Feb 26, 2026Concentra is the largest provider of occupational health services in the United States by number of locations, operating 628 stand-alone occupational health centers and 411 onsite health clinics at employer worksites as of December 31, 2025. The company delivers workers' compensation care, employer services, and consumer health services to approximately 53,000 patients each business day. Its business is organized into three operating segments — occupational health centers, onsite health clinics, and other businesses — aggregated into a single reportable segment.
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We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America's workforce. As of December 31, 2025, we operated 628 stand-alone occupational health centers in 41 states and 411 onsite health clinics at employer worksites in 44 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. We had approximately 13,000 colleagues and affiliated physicians and clinicians as of December 31, 2025 who supported the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care to approximately 53,000 patients each business day on average during 2025. Our patients are generally employed by our main customers — employers across the United States. Our business is organized into three operating segments based primarily on the type or location of occupational health services provided: occupational health centers, onsite health clinics, and other businesses. Workers' compensation services include the support of workers' compensation injuries and illnesses, physical rehabilitation, and specialist care. Employer services consist of drug and alcohol screenings, physical examinations and evaluations, clinical testing, and preventive care, as well as direct-to-employer services. Consumer health services consist of the support of patient-directed urgent care treatment of injuries and illnesses.
Primary products
- Workers' compensation services
- Employer services
- Consumer health services
- Concentra Telemed
- Concentra Pharmacy
- Concentra Medical Compliance Administration
Business segments
End markets
Geographies
Named customers
Named competitors
“We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $1.90 billion in 2024 to $2.16 billion in 2025, driven in part by the acquisitions of Nova Medical Centers and Pivot Onsite Innovations.
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