# Tenet Healthcare Corporation New (THC) — Stock CV

Tenet Healthcare Corporation New 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.

> 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.

## Identity

- **Ticker**: THC
- **Sector**: Healthcare
- **Industry**: Services-General Medical & Surgical Hospitals, Nec
- **Headquarters**: DALLAS, TX
- **Employees**: 99 000
- **Website**: https://www.tenethealth.com
- **Market cap**: $21.3B
- **Last price**: $264.31
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $21.8B
- **Net income**: $2.24B
- **Free cash flow**: $3.02B
- **Net debt**: $10.3B
- **P/E**: 9.5
- **Revenue growth (YoY)**: 5.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 87 |
| Growth | 51 |
| Profitability | 77 |
| Health | 45 |
| Quality | 97 |
| Moat | 42 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +5.4% YoY
- [x] Profitable — $2.24B TTM
- [x] Profit growing — +60.9% YoY
- [x] Generates cash — $3.02B TTM
- [x] Debt under control — ~3.4y of cash flow to repay
- [x] Established company — $21.3B market cap
- [x] Not printing shares — -14.5% shares over ~5y
- [x] Proven track record — 7/10 profitable years
- [ ] Financially stable — Altman Z 1.5 — distress
- [x] Valuation not extreme — P/E 9.5

## Experience (career milestones)

- **FY2024** — Best year on record: $3.20B net income
- **FY2018** — Turned profitable: $111M net income after a loss year
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **FY2016** — Revenue already above $10B: $21.1B in first reported year

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $19.5B | $914M | $910M |
| FY2022 | $19.2B | $411M | $321M |
| FY2023 | $20.5B | $611M | $1.62B |
| FY2024 | $20.7B | $3.20B | $1.12B |
| FY2025 | $21.3B | $1.41B | $2.53B |

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Source: https://stockcv.com/THC — derived from company filings; may be delayed or incomplete. Information, not investment advice.