Tenet Healthcare Corporation New

Services-General Medical & Surgical Hospitals, Nec

THCMixed9 of 10 basics passed

$264.31

+1.44%

Market cap $21.3B

$264.31

+1.44%

Market cap $21.3B

Tenet Healthcare is a Dallas-based healthcare services organization. It operates acute and specialty hospitals (50 as of December 2025) and hundreds of ambulatory surgery centers and other outpatient facilities across the US, primarily in the South.

It is a $21.3B healthcare company. Revenue grew 5.4% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~3.4 years of free cash flow. It trades at 9.5× earnings — around the middle of its own history.

Website: tenethealth.com
Location: Dallas, TX
Employees: 99 000
Sector: Healthcare

Share price · 3 years

$61.98 → $264.31+326.4%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $21.8B
Profit: keeps 10¢ of every $1 sold; $2.24B
Free cash flow: cash left after running the business; $3.02B
Net debt: debt minus cash on hand; $10.3B
P/E: years of profit in the price; 9.5
EPS: earnings per share, TTM; $24.67
Shares: down 9% since 2016 — buybacks; 90.8M
Volatility: beta vs the market — under 1 swings less; 1.22

Revenue, last 10 years

52-week range

Low $161.37$264.31High $280.77

Today's price is 86% of the way from the year's low to its high.

P/E vs its history5y

9.5×median 9.4×

Higher than 50% of past days — around the middle of its own history.

Valuation vs own history

P/E

9.5×

50%

P/S

1.0×

EV/EBITDA

8.7×

22%

P/B

2.4×

96%

FCF yield

14.2%

71%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$42.4Mnet selling

Purchases$0

Sales$42.4M

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$21.3Btop 57%
Revenue growth+4%top 70%
Net margin10%top 42%
Return on equity51%top 13%
P/E9.5×top 5%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, profitability and quality; Health and Moat lag behind.

Valuation87

P/E vs own history50th pct · 12/25
FCF yield14.2% · 25/25
P/S1.0x · 25/25
EV/EBITDA6.0x · 25/25

Growth51

Revenue CAGR2.3% · 6/25
Net income CAGR11.4% · 20/25
EPS CAGR ~5Y32.8% · 25/25
Fwd implied growth-23.8% · 0/25

Profitability77

ROIC9.7% · 12/25
ROE50.6% · 25/25
Net margin10.3% · 20/25
Operating margin20.4% · 20/25

Health45

Altman Z1.51 · 10/25
Current ratio1.41 · 12/25
Interest coverage6.0x · 18/25
Net cash / debtD/A 35% · 5/25

Quality97

Piotroski F7/9 · 22/25
Beneish M-2.82 · 25/25
FCF conversion135% · 25/25
Margin stabilityσ 4.5% · 25/25

Moat42

ROIC >12% years4/10 yrs · 6/25
Median gross margin38.1% · 13/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst -3.4% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$3.20B net income
FY2018Financial
Turned profitable
$111M net income after a loss year
FY2017Financial
Positive free cash flow every year since
9-year streak
FY2016Financial
Revenue already above $10B
$21.1B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$37 023 today — price return only

$21.3B revenue in FY2025

Revenue up 5.4% year over year

Profitable 6 years in a row

Positive free cash flow 9 years in a row

99 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (80.7%)
Interest covered 6.0× by operating earnings
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Altman Z-Score 1.51 — elevated financial-distress risk
Loss-making in 3 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+5.4% YoY
Profitable — makes more than it spends$2.24B TTM
Profit growing — earnings are higher than last year+60.9% YoY
Generates cash — cash left after running and investing$3.02B TTM
Debt under control — could handle its obligations~3.4y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$21.3B market cap
Not printing shares — share count not ballooning — you keep your slice-14.5% shares over ~5y
Proven track record — years of profitability behind it7/10 profitable years
Financially stable — balance sheet not near distressAltman Z 1.5 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 9.5

Peer comparisonTenet Healthcare Corporation New vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
THC this company	$21.3B	9.5	+5.4%	10.3%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: THC vs LLY · THC vs JNJ · THC vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 17Hold 4

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $21.8B · net income $2.24B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$21.8B

YoY 5.4%

Net income (TTM)

$2.24B

Margin 10.3%

Gross margin

80.7%

Operating margin

20.4%

P/E ratio

9.5

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	17.6	19.5	19.2	20.5	20.7	21.3
Gross profit	—	7.3	7.0	7.8	8.2	8.8
Operating income (EBIT)	2.0	2.9	2.3	2.5	3.2	3.5
Net income	0.4	0.9	0.4	0.6	3.2	1.4
EPS (diluted)	3.75	8.42	3.72	5.83	32.69	15.49

Cash flowFree cash flow $3.02B · operating cash flow $4.01B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$3.02B

Margin 13.9%

Operating cash flow (TTM)

$4.01B

FCF margin

13.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	3.4	1.6	1.1	2.4	2.0	3.5
Capital expenditure	-0.5	-0.7	-0.8	-0.8	-0.9	-1.0
Free cash flow	2.9	0.9	0.3	1.6	1.1	2.5
FCF margin	16.3%	4.7%	1.7%	7.9%	5.4%	11.9%

Balance sheetAssets $29.7B · net debt $10.3B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $29.7B of assets is financed

83%

17%

Liabilities $20.7B — borrowed moneyEquity $4.22B — owners' stake

Cash vs debt

Total debt $13.2B − cash $2.88B = net debt $10.3B

Cash on hand covers 22% of debt.

Altman Z-Score

1.51

Distress zone

Debt repayment

3.7 yrs

Years of free cash flow to clear net debt

Interest coverage

6.0x

EBIT ÷ interest expense

ROE

50.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.4	2.4	0.9	1.2	3.0	2.9
Total assets	27.1	27.6	27.2	28.3	28.9	29.7
Total liabilities	24.2	23.3	22.5	22.8	20.4	20.7
Total debt	15.7	15.6	15.1	15.0	13.2	13.2
Equity	0.0	1.0	1.1	1.6	4.2	4.2
Net debt	13.3	13.3	14.2	13.8	10.2	10.3

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Deeper analysis of THC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $264.31 · market cap $21.3B.