Wake Med Cary Hospital
dba Wakemed Cary Hospital ·
Cary, Wake County, NC
· CCN 340173
Licensed to Wakemed
Composite
34.1
rank score
Distress
10
FY2023
Fit
74
vs thesis
Estimated ticket
$111M–$444M
222 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size at the top of the envelope — would need leverage
- strong occupancy — good iteration surface
- nonprofit — expect AG conversion review
Latest financials · FY2023
| Net patient revenue | $358M |
| Operating margin | 3.3% |
| Total margin | 3.3% |
| Days cash on hand | 534 |
| Current ratio | 2.88 |
| Occupancy | 84% |
Facility
| Beds | 222 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $500K |
| Per-bed (high) | $2.0M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 196 | $268M | $41.1M | 12.8% | 14.9% | 1,185 | 3.12 | 71% | 12,202 | 0 |
| 2021 | 203 | $310M | $36.6M | 10.5% | 11.7% | 955 | 3.17 | 81% | 13,643 | 0 |
| 2022 | 189 | $318M | $-11.6M | -3.6% | -3.6% | 790 | 3.69 | 89% | 13,846 | 28 |
| 2023 | 222 | $358M | $11.9M | 3.3% | 3.3% | 534 | 2.88 | 84% | 13,968 | 10 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Us Bank National Association | 5% or greater security interest | 28 | 2012-07 | |
| Carolyn Knaup | w-2 managing employee | 2013-01 | ||
| Christina Shanahan | corporate director | 2011-05 | ||
| Dan Blue | corporate director | 2021-01 | ||
| Donald Gintzig | corporate officer | 2013-10 | ||
| Donald Gintzig | w-2 managing employee | 2013-10 | ||
| James Penry | corporate director | 2021-01 | ||
| Judson Williams | corporate director | 2021-01 | ||
| Keemia Shaw | corporate director | 2025-07 | ||
| Laura Helton | corporate director | 2025-07 | ||
| Margaret Bratton | corporate director | 2021-01 | ||
| Mary Rusher | corporate director | 2021-01 | ||
| Michael Painter | corporate director | 2025-07 | ||
| Rebecca Andrews | w-2 managing employee | 2004-04 | ||
| Robert Rice | corporate director | 2021-01 | ||
| Satish Garimella | corporate director | 2025-07 | ||
| Seth Brody | corporate officer | 2015-07 | ||
| Seth Brody | w-2 managing employee | 2015-07 | ||
| Sonia Barnes | corporate director | 2021-01 | ||
| Stephanie Sessoms | corporate officer | 2023-01 | ||
| Thaddeus Mcdonald | corporate director | 2021-01 | ||
| Thomas Gough | corporate officer | 2021-01 | ||
| Thomas Gough | w-2 managing employee | 2021-01 | ||
| Thomas Hughes | corporate officer | 2021-01 | ||
| Thomas Hughes | w-2 managing employee | 2021-01 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.
Who has been buying in NC
Completed CMS ownership changes in this state. These buyers already cleared the licensure process here — and whoever advised them knows this market.
| Date | Buyer | Seller | Hospital | Beds |
|---|---|---|---|---|
| 2026-02-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Lincoln | 101 |
| 2026-02-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Cleveland | 308 |
| 2025-07-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Stanly | 97 |
| 2025-07-01 | Atrium Health Hospitals Inc | The Charlotte-Mecklenburg Hospital... | Atrium Health Anson | 15 |
| 2025-04-01 | Duke Health Lake Norman Regional... | Mooresville Hospital Management... | Lake Norman Regional Medical Center | 123 |
| 2024-03-02 | North Carolina Baptist Hospital | Davie Medical Center | North Carolina Baptist Hospital | 813 |
| 2021-10-01 | Pitt County Memorial Hospital Inc | East Carolina Health-Beaufort Inc | Pitt County Memorial Hospital Inc | 1,013 |
| 2021-10-01 | American Healthcare Systems Llc | Randolph Hospital, Inc. | American Healthcare Systems | 145 |
| 2021-02-01 | Novant Health New Hanover Regional... | New Hanover Regional Medical Center | New Hanover Regional Medical Center | 771 |
| 2019-02-01 | Mh Mission Hospital, Lllp | Mission Hospitals Inc. | Mission Hospital Inc | 717 |
| 2019-02-01 | Mh Mission Hospital Mcdowell, Lllp | The Mcdowell Hospital Inc | The Mcdowell Hospital | 33 |
| 2019-01-01 | The Charlotte-Mecklenburg Hospital... | Mercy Hospital Inc | Atrium Health Pineville | 352 |
| 2018-01-01 | Unc Rockingham Health Care Inc | Morehead Memorial Hospital | Unc Rockingham Hospital | 108 |