Key Takeaways ACHC beat Q4 earnings and revenue estimates as admissions and patient days increased.ACHC's same-facility revenues rose 4.4% on 3.1% higher patient days and 2.5% admissions growth.ACHC sees 2026 revenues of $3.37B-$3.45B and adjusted EBITDA of $575M-$610M.Acadia Healthcare Company, Inc. (ACHC) reported adjusted fourth-quarter earnings of 7 cents per share, which beat the Zacks Consensus Estimate of 3 cents. However, the bottom line declined 89% year over year.Total revenues increased 6.1% year ...

UnitedHealth Group Incorporated (UNH), headquartered in Minnetonka, Minnesota, owns and manages organized health systems. With a market cap of $255.8 billion, the company provides employers products and resources to plan and administer employee benefit programs serving customers worldwide. Companies worth $200 billion or more are generally described as “mega-cap stocks,” and UNH definitely fits that description, with its market cap exceeding this threshold, reflecting its substantial size, influence, and ...

Key Takeaways UnitedHealthcare revenues rose 15.7% to $344.9B in 2025, but operating earnings fell 41.1%.Medical care ratio climbed to 89.1% as margins shrank; 2026 earnings seen above $10.8B.UnitedHealth 2026 revenue expected above $439B, below 2025's $447.6B, amid MA rate concerns.UnitedHealth Group Incorporated’s (UNH) health benefits arm, UnitedHealthcare, remains the company’s primary revenue engine, yet profitability pressures continue to weigh on investor sentiment. Although the segment’s revenues cl ...

Core Insights - Select Medical Holdings Corporation (SEM) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 16 cents, missing the Zacks Consensus Estimate by 31.6%, and reflecting an 11.1% decline year over year [1][9] - Net operating revenues increased by 6.4% year over year to $1.4 billion, surpassing the consensus mark by 2.6% [1][9] Financial Performance - Total costs and expenses rose by 3.2% year over year to $1.3 billion, exceeding estimates by 3.9% [3] - Adjusted EBITDA decreased by 9.8% year over year to $104.7 million, falling short of the estimate of $126.7 million [3] Segment Performance - **Critical Illness Recovery Hospital**: Revenues reached $629.7 million, a 4.9% year-over-year increase, surpassing estimates. Admissions increased by 3% year over year, while patient days declined by 1% [4] - **Rehabilitation Hospital**: Revenues grew by 15.2% year over year to $339.2 million, driven by a 9.6% increase in admissions. Adjusted EBITDA improved by 11.1% year over year to $69.2 million [6][7] - **Outpatient Rehabilitation**: Revenues totaled $324.6 million, a 1.6% year-over-year increase, supported by a 4.9% rise in visits. However, revenue per visit decreased by 3.9% [8][10] Financial Position - As of December 31, 2025, cash and cash equivalents were $26.5 million, down 55.6% from the previous year. Total assets increased by 4.3% to $5.9 billion, while long-term debt rose by 6.6% to $1.8 billion [11] - Net cash from operations was $64.3 million, a decline of 48.7% year over year [12] Shareholder Returns - In 2025, Select Medical repurchased shares worth approximately $96.5 million. A cash dividend of 6.25 cents per share was approved for payment on March 12, 2026 [13] 2026 Outlook - Management projects revenues between $5.6 billion and $5.8 billion for 2026, indicating a 3.6% increase from 2025. Adjusted EBITDA is expected to range from $520 million to $540 million, with EPS anticipated between $1.22 and $1.32 [14]

With a market cap of $76.5 billion, Elevance Health, Inc. (ELV) is one of the largest U.S. managed healthcare and health-insurance companies, providing medical, pharmacy, behavioral, and care-delivery services through a diversified portfolio of brands and subsidiaries. Headquartered in Indianapolis, Indiana, the company operates in four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. Elevance Health’s stock has struggled to keep pace with both the broader market and its hea ...

Group 1 - Humana reported a narrower-than-expected loss in the fourth quarter, but the stock fell due to a full-year outlook that was below expectations [1] - The company and its insurance peers are facing challenges related to proposed Medicare Advantage payment rates [1]

Core Insights - Sequoia Strategy achieved a return of 9% in Q4 2025, outperforming the S&P 500 Index which returned 2.7% during the same period [1] - For the entire year of 2025, Sequoia Strategy delivered a return of 21.9%, compared to 17.9% for the S&P 500 Index [1] - The Strategy focuses on investing in high-quality, fundamentally and financially strong businesses at reasonable prices, covering a wide range of sectors, business styles, and regions [1] Company Performance - Elevance Health, Inc. (NYSE:ELV) detracted from the Strategy's performance in Q4 2025, with a one-month return of -11.65% and a 12-month decline of 16.29% [2] - As of February 9, 2026, Elevance Health, Inc. had a market capitalization of $72.281 billion [2] - The investments in Elevance Health and UnitedHealth Group Inc. were initiated opportunistically, with Elevance shares purchased two years after a significant impact from COVID-19 on healthcare utilization [3]

Core Insights - Sequoia Strategy achieved a return of 9% in Q4 2025, outperforming the S&P 500 Index which returned 2.7% during the same period [1] - For the entire year of 2025, Sequoia Strategy delivered a return of 21.9%, compared to 17.9% for the S&P 500 Index [1] - The Strategy focuses on investing in high-quality, fundamentally and financially strong businesses at reasonable prices, covering a wide range of sectors, business styles, and regions [1] Company Performance - UnitedHealth Group Incorporated (NYSE:UNH) negatively impacted the Strategy's performance in Q4 2025, with a one-month return of -17.44% and a 12-month decline of 48.36% [2] - As of February 9, 2026, UnitedHealth Group's stock closed at $275.70 per share, and the company has a market capitalization of $249.74 billion [2] - The investments in UnitedHealth Group and Elevance Health were initiated opportunistically, with UnitedHealth shares purchased during a price drop in 2019 due to "Medicare for All" concerns [3]

Group 1: U.S. Health Insurance Industry - A U.S. House Judiciary Committee investigation into alleged fraud within the Affordable Care Act (ACA) premium subsidy program has intensified, with subpoenas issued to eight prominent health insurers including Elevance Health (ELV), CVS Health (CVS), Centene (CNC), Guidewell, and Oscar Health (OSCR) [2] - The investigation focuses on potential fraud related to premium subsidies in the individual market, particularly as enhanced premium tax credits for ACA coverage expired on January 1 [2] - Reports suggest that without subsidy extensions, premiums for approximately 22 million ACA enrollees could more than double [2] Group 2: European Defense Industry - European nations are advancing discussions to bolster their defense capabilities and reduce reliance on the United States, with proposals for a phased transfer of military responsibilities from the U.S. to Europe over the next five to ten years [3] - This initiative is driven by concerns over potential shifts in U.S. foreign policy and aims to present a plan to the U.S. before the annual NATO leaders' summit in The Hague in June [3] - The discussions involve commitments to increase European defense spending and military capabilities, potentially including the establishment of a joint armed force of at least 100,000 troops [3] Group 3: Eurozone Liquidity Conditions - The European Central Bank (ECB) reported that 37 million euros were borrowed through its overnight loan facility, while a significantly larger amount of 2394.41 billion euros was deposited using the overnight deposit facility [5] - These figures provide insight into liquidity conditions within the Eurosystem, with the marginal lending facility rate at 2.40% and the deposit facility rate at 2.00%, both remaining unchanged [5]

Core Insights - Elevra Lithium has reached a commercial milestone with a non-binding memorandum of understanding (MoU) to supply spodumene to the North American market, potentially aligning with a local downstream partner [1][4] Group 1: MoU Details - Under the MoU, Elevra could supply Mangrove with up to 144,000 tonnes of spodumene per year for an initial five-year term starting in calendar year 2028, ramping up to 144,000 tonnes per annum by calendar year 2030 [2] - Mangrove plans to process the spodumene concentrate in eastern Canada, utilizing a modular, scalable electrochemical refining platform to convert feedstocks into battery-grade lithium hydroxide [3] Group 2: Strategic Implications - Elevra's CEO, Lucas Dow, indicated that the partnership with Mangrove may enhance cost efficiency and competitiveness, while also supporting the Canadian government's initiative to establish a secure critical minerals supply chain [4] - The MoU strengthens Elevra's commercial position in the lithium market, which is critical for the growing electric vehicle (EV) sector [4] Group 3: Company Overview - Elevra has multiple lithium projects in North America, including the North American Lithium project in Québec and a 60% stake in the Moblan lithium project, as well as the Carolina lithium project in the U.S. [5] - Elevra's stock price increased by 11.8%, reaching $7.20 per share following the announcement [6]