A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
TENET HEALTHCARE CORP
THC
$21.2B
Mkt Cap
$233.20
+17.17%
TENET HEALTHCARE CORP (THC) has a current P/E ratio of 15.1, compared to its historical median P/E of 12.3. The stock is currently considered Fair based on its historical valuation range.
TENET HEALTHCARE CORP (THC) has a 5-year average return on invested capital (ROIC) of 17.9%. This indicates strong capital allocation and a potential competitive advantage.
TENET HEALTHCARE CORP (THC) has a market capitalization of $37.1B. It is classified as a large-cap stock.
TENET HEALTHCARE CORP (THC) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.65%.
Based on historical P/E analysis, TENET HEALTHCARE CORP (THC) appears fair. The current P/E of 15.1 is 22% above its historical median of 12.3. The estimated fair value CAGR (P/E method) is 53.4%.
TENET HEALTHCARE CORP (THC) operates in the Services-General Medical & Surgical Hospitals, Nec industry, within the Healthcare sector.
TENET HEALTHCARE CORP (THC) reported annual revenue of $21.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Tenet Healthcare Corporation is a diversified healthcare services company operating through two segments: Hospital Operations and Ambulatory Care. The Hospital Operations segment comprises 50 acute care and specialty hospitals with 132 outpatient facilities including urgent care centers, imaging centers, off-campus emergency departments, and micro-hospitals across eight states, primarily serving urban and suburban communities; this segment also includes Conifer Health Solutions, which provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. The Ambulatory Care segment, operated through USPI Holding Company, held ownership interests in 533 ambulatory surgery centers and 26 surgical hospitals as of December 31, 2025. Tenet's hospitals offer acute care services including intensive care, critical care, cardiovascular, digestive disease, neurosciences, musculoskeletal and obstetrics services, with many providing tertiary care such as cardiothoracic surgery, complex spinal surgery, neonatal intensive care and neurosurgery; the company emphasizes high-acuity service offerings, advanced treatment options including limb-salvaging vascular procedures, acute level 1 trauma services, comprehensive intravascular stroke care, minimally invasive cardiac valve replacement, and surgical robotic capabilities. The business model relies on patient volume growth, favorable payer mix management, and operational efficiencies; USPI operates on freestanding rates and is less exposed to Medicaid and exchange programs compared to the hospital segment. Tenet maintains a Global Business Center in the Philippines supporting enterprise-wide administrative functions and operates through direct and indirect subsidiaries, downstream partnerships and joint ventures across primarily urban and suburban markets in eight states.
【Navigating payer headwinds strategically】 Management expects 2026 to present a dynamic operating environment with payer mix shifts, seasonal effects, and insurance enrollment uncertainty impacting demand, particularly from the expiration of enhanced premium tax credits on the exchange marketplace resulting in lower volume growth and less favorable payer mix. The company is implementing structural cost savings plans and disciplined expense management to mitigate these pressures while maintaining focus on strong clinical quality and physician recruitment. Management anticipates continued strength in same-store volumes and effective pricing, with further contributions from M&A and de novo center openings at USPI, and expects to continue investing in key hospital growth opportunities including higher-acuity service offerings. The company remains focused on strong free cash flow conversion from EBITDA performance and plans to continue share repurchases at current valuations, with a $250 million annual target for USPI M&A and expectations to deploy capital across M&A, organic growth investments, and shareholder returns.
| Metric | Target | Period |
|---|---|---|
| Consolidated Adjusted EBITDA | $4.485 billion–$4.785 billion | FY2026 |
| USPI Adjusted EBITDA | $2.13 billion–$2.23 billion | FY2026 |
| Hospital Operations Adjusted EBITDA | $2.355 billion–$2.555 billion | FY2026 |
| Consolidated Net Operating Revenues | $21.5 billion–$22.3 billion | FY2026 |
| Adjusted Free Cash Flow after NCI | $1.6 billion–$1.83 billion | FY2026 |
| Adjusted EBITDA Growth (normalized) | 10% at the midpoint | FY2026 |
| Same-hospital admission growth | 1%–2% | FY2026 |
| Same-facility USPI revenue growth | 3%–6% | FY2026 |
Consolidated Adjusted EBITDA (FY2026): “we are projecting full-year 2026 Adjusted EBITDA of $4.485 billion-$4.785 billion”
USPI Adjusted EBITDA (FY2026): “We anticipate full-year Adjusted EBITDA for USPI of $2.13 billion-$2.23 billion”
Hospital Operations Adjusted EBITDA (FY2026): “Turning to our hospital segment, we are expecting Adjusted EBITDA in the range of $2.355 billion-$2.555 billion in 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 21.5B | 21.3B | 20.7B | 20.6B | 19.2B | 19.5B |
| Net Income | 1.7B | 1.4B | 3.2B | 611M | 411M | 914M |
| EPS | $10.72 | $15.49 | $32.70 | $5.71 | $3.79 | $8.42 |
| Free Cash Flow | 3.3B | 2.5B | 1.1B | 1.6B | 321M | 910M |
| ROIC | 19.7% | 19.8% | 30.0% | 12.8% | 11.2% | 15.6% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 2.74 | 3.42 | 3.43 | 10.08 | 14.30 | 16.31 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 3.9B | 3.5B | 6.0B | 2.5B | 2.3B | 2.9B |
| Operating Margin | 18.0% | 16.5% | 28.8% | 12.2% | 12.2% | 14.7% |
| ROE | 35.4% | 33.5% | 110.7% | 44.4% | 37.9% | 173.1% |
| Shares Outstanding | 159M | 91M | 98M | 107M | 108M | 109M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 17.9B | 20.1B | 19.6B | 19.2B | 18.3B | 18.5B | 17.6B | 19.5B | 19.2B | 20.6B | 20.7B | 21.3B | 21.5B |
| Gross Margin | 55.2% | 55.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 8.0B | 9.0B | 9.3B | 9.3B | 8.6B | 8.7B | 8.4B | 8.9B | 8.8B | 9.1B | 8.8B | 8.7B | 8.8B |
| EBIT | 925M | 1.1B | 1.2B | 1.1B | 1.6B | 1.5B | 2.0B | 2.9B | 2.3B | 2.5B | 6.0B | 3.5B | 3.9B |
| Op. Margin | 5.2% | 5.4% | 6.4% | 5.8% | 8.9% | 8.3% | 11.3% | 14.7% | 12.2% | 12.2% | 28.8% | 16.5% | 18.0% |
| Net Income | 12M | -140M | -192M | -704M | 104M | -215M | 399M | 914M | 411M | 611M | 3.2B | 1.4B | 1.7B |
| Net Margin | 0.1% | -0.7% | -1.0% | -3.7% | 0.6% | -1.2% | 2.3% | 4.7% | 2.1% | 3.0% | 15.5% | 6.6% | 7.9% |
| Non-Recurring | 23M | 25M | 216M | 943M | 286M | 179M | 301M | 88M | 329M | 151M | 67M | 109M | 5.0M |
| Returns on Capital | |||||||||||||
| ROIC | 5.3% | 4.8% | 6.1% | 7.7% | 8.4% | 6.3% | 13.9% | 15.6% | 11.2% | 12.8% | 30.0% | 19.8% | 19.7% |
| ROE | 1.7% | -20.9% | -34.7% | N/A | -78.2% | 80.2% | -205.1% | 173.1% | 37.9% | 44.4% | 110.7% | 33.5% | 35.4% |
| ROA | 0.1% | -0.7% | -0.8% | -2.9% | 0.5% | -0.9% | 1.6% | 3.3% | 1.5% | 2.2% | 11.2% | 4.8% | 5.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 687M | 1.0B | 558M | 1.2B | 1.0B | 1.2B | 3.4B | 1.6B | 1.1B | 2.4B | 2.0B | 3.5B | 4.4B |
| Free Cash Flow | -246M | 184M | -317M | 493M | 432M | 563M | 2.9B | 910M | 321M | 1.6B | 1.1B | 2.5B | 3.3B |
| Owner Earnings | -213M | 160M | -360M | 271M | 201M | 341M | 2.5B | 657M | 186M | 1.4B | 1.2B | 2.6B | 3.4B |
| CapEx | 933M | 842M | 875M | 707M | 617M | 670M | 540M | 658M | 762M | 751M | 931M | 1.0B | 1.0B |
| Maint. CapEx | 849M | 797M | 850M | 870M | 802M | 850M | 857M | 855M | 841M | 870M | 818M | 863M | 886M |
| Growth CapEx | 84M | 45M | 25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 113M | 147M | 131M |
| D&A | 849M | 797M | 850M | 870M | 802M | 850M | 857M | 855M | 841M | 870M | 818M | 863M | 886M |
| CapEx/OCF | 135.8% | 82.1% | 156.8% | 58.9% | 58.8% | 54.3% | 15.8% | 42.0% | 70.4% | 31.6% | 45.5% | 28.5% | 23.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 40M | 0 | 0 | 0 | 0 | 0 | 0 | 250M | 200M | 672M | 1.4B | 1.4B |
| Buyback Yield | N/A | 1.3% | N/A | N/A | N/A | N/A | N/A | N/A | 4.9% | 2.5% | 5.4% | 7.6% | 3.7% |
| Stock-Based Comp | 51M | 69M | 68M | 59M | 46M | 42M | 44M | 56M | 56M | 66M | 67M | 104M | 108M |
| Debt Repayment | 2.4B | 2.0B | 1.9B | 4.1B | 950M | 6.1B | 740M | 31M | 2.9B | 1.5B | 2.2B | 2.4B | 2.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 11.3B | 14.1B | 14.5B | 14.3B | 14.4B | 15.5B | 14.5B | 14.4B | 15.4B | 14.9B | 11.3B | 11.5B | 10.2B |
| Cash & Equiv. | 193M | 356M | 716M | 611M | 411M | 262M | 2.4B | 2.4B | 858M | 1.2B | 3.0B | 2.9B | 3.0B |
| Long-Term Debt | 11.5B | 14.4B | 15.1B | 14.8B | 14.6B | 14.6B | 15.6B | 15.5B | 14.9B | 14.9B | 13.1B | 13.1B | 13.1B |
| Debt/Equity | 17.84 | 21.00 | 36.58 | -101.61 | -124.59 | -37.81 | 603.79 | 16.31 | 14.30 | 10.08 | 3.43 | 3.42 | 2.74 |
| Interest Coverage | 1.2 | 1.2 | 1.3 | 1.1 | 1.6 | 1.6 | 2.0 | 3.1 | 2.6 | 2.8 | 7.2 | 4.3 | 160.9 |
| Equity | 651M | 691M | 417M | -147M | -119M | -417M | 28M | 1.0B | 1.1B | 1.6B | 4.2B | 4.2B | 4.8B |
| Total Assets | 18.0B | 23.7B | 24.7B | 23.4B | 22.4B | 23.4B | 27.1B | 27.6B | 27.2B | 28.3B | 28.9B | 29.7B | 31.2B |
| Total Liabilities | 16.8B | 20.5B | 21.2B | 21.0B | 20.3B | 21.4B | 24.2B | 23.3B | 22.5B | 22.8B | 20.4B | 20.7B | 22.4B |
| Intangibles | 1.1B | 1.7B | 1.8B | 1.8B | 1.7B | 1.6B | 1.6B | 1.5B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B |
| Retained Earnings | -1.4B | -1.6B | -1.7B | -2.4B | -2.2B | -2.5B | -2.1B | -1.2B | -803M | -192M | 3.0B | 4.4B | 5.1B |
| Working Capital | 393M | 863M | 1.2B | 1.2B | 779M | 876M | 2.3B | 2.0B | 1.5B | 2.4B | 3.4B | 3.4B | 2.2B |
| Current Assets | 4.0B | 5.2B | 5.3B | 5.6B | 4.6B | 5.1B | 7.1B | 7.1B | 6.0B | 7.2B | 7.7B | 7.8B | 8.4B |
| Current Liabilities | 3.6B | 4.3B | 4.0B | 4.3B | 3.9B | 4.2B | 4.8B | 5.1B | 4.5B | 4.8B | 4.3B | 4.5B | 6.2B |
| Per Share Data | |||||||||||||
| EPS | 0.12 | -1.41 | -1.93 | -7.00 | 1.00 | -2.08 | 3.75 | 8.42 | 3.79 | 5.71 | 32.70 | 15.49 | 10.72 |
| Owner EPS | -2.13 | 1.61 | -3.62 | 2.69 | 1.93 | 3.30 | 23.55 | 6.05 | 1.72 | 13.44 | 11.87 | 28.33 | 21.19 |
| Book Value | 6.51 | 6.96 | 4.19 | -1.46 | -1.14 | -4.03 | 0.26 | 9.47 | 10.53 | 15.03 | 42.62 | 46.46 | 30.25 |
| Cash Flow/Share | 6.87 | 10.33 | 5.61 | 11.93 | 10.09 | 11.93 | 32.02 | 14.44 | 9.99 | 22.19 | 20.92 | 38.97 | 16.27 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 100.0M | 99.3M | 99.5M | 100.6M | 104.0M | 103.4M | 106.4M | 108.6M | 108.4M | 107.0M | 97.9M | 90.8M | 159.1M |
| Valuation | |||||||||||||
| P/E Ratio | 428.0 | N/A | N/A | N/A | 16.2 | N/A | 10.6 | 9.5 | 12.3 | 13.4 | 3.9 | 13.0 | 21.7 |
| P/FCF | N/A | 16.7 | N/A | 3.1 | 4.2 | 7.0 | 1.5 | 9.6 | 15.8 | 5.0 | 11.2 | 7.2 | 11.1 |
| EV/EBIT | 17.8 | 16.1 | 12.4 | 13.8 | 9.7 | 11.9 | 7.6 | 6.9 | 8.0 | 8.3 | 3.3 | 7.3 | 12.3 |
| Price/Book | 7.9 | 4.5 | 3.5 | N/A | N/A | N/A | 151.0 | 8.5 | 4.4 | 5.1 | 3.0 | 4.3 | 7.7 |
| Price/Sales | 0.3 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.2 | 0.4 | 0.4 | 0.3 | 0.6 | 0.7 | 1.7 |
| FCF Yield | -4.8% | 6.0% | -21.7% | 32.2% | 24.1% | 14.2% | 67.8% | 10.5% | 6.3% | 19.9% | 8.9% | 13.9% | 9.0% |
| Market Cap | 5.1B | 3.1B | 1.5B | 1.5B | 1.8B | 4.0B | 4.2B | 8.7B | 5.1B | 8.2B | 12.5B | 18.2B | 37.1B |
| Avg. Price | 49.34 | 45.78 | 25.05 | 16.73 | 27.07 | 24.59 | 26.50 | 63.73 | 64.61 | 66.00 | 127.83 | 165.35 | 233.20 |
| Year-End Price | 51.36 | 31.04 | 14.71 | 15.21 | 17.30 | 38.25 | 39.73 | 80.14 | 46.76 | 76.25 | 127.97 | 200.60 | 233.20 |
TENET HEALTHCARE CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
TENET HEALTHCARE CORP trades at 15.1x trailing earnings, compared to its 15-year median P/E of 12.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.0x vs a median of 7.0x. The company's 5-year average ROIC is 17.9%. Total shareholder yield (buybacks) is 3.7%. At current prices, the estimated annualized return to fair value is +12.0%.
TENET HEALTHCARE CORP (THC) has a net profit margin of 6.6%. This is a modest margin.
TENET HEALTHCARE CORP (THC) generated $2.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TENET HEALTHCARE CORP (THC) has a debt-to-equity ratio of 3.42. This indicates higher leverage, which may increase financial risk.
TENET HEALTHCARE CORP (THC) reported earnings per share (EPS) of $15.49 in its most recent fiscal year.
TENET HEALTHCARE CORP (THC) has a return on equity (ROE) of 33.5%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 16 years of financial data for TENET HEALTHCARE CORP (THC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TENET HEALTHCARE CORP (THC) has a book value per share of $46.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to present a dynamic operating environment with payer mix shifts, seasonal effects, and insurance enrollment uncertainty impacting demand, particularly from the expiration of enhanced premium tax credits on the exchange marketplace resulting in lower volume growth and less favorable payer mix. The company is implementing structural cost savings plans and disciplined expense management to mitigate these pressures while maintaining focus on strong clinical quality and physician recruitment. Management anticipates continued strength in same-store volumes and effective pricing, with further contributions from M&A and de novo center openings at USPI, and expects to continue investing in key hospital growth opportunities including higher-acuity service offerings. The company remains focused on strong free cash flow conversion from EBITDA performance and plans to continue share repurchases at current valuations, with a $250 million annual target for USPI M&A and expectations to deploy capital across M&A, organic growth investments, and shareholder returns.
Based on recent SEC filings and earnings calls, TENET HEALTHCARE CORP (THC) has provided the following forward guidance: Consolidated Adjusted EBITDA: $4.485 billion–$4.785 billion (FY2026); USPI Adjusted EBITDA: $2.13 billion–$2.23 billion (FY2026); Hospital Operations Adjusted EBITDA: $2.355 billion–$2.555 billion (FY2026); Consolidated Net Operating Revenues: $21.5 billion–$22.3 billion (FY2026); Adjusted Free Cash Flow after NCI: $1.6 billion–$1.83 billion (FY2026), plus 3 additional metrics.
Consolidated Net Operating Revenues (FY2026): “we expect consolidated net operating revenues for 2026 in the range of $21.5 billion-$22.3 billion”
Adjusted Free Cash Flow after NCI (FY2026): “adjusted free cash flows in the range of $2.5 billion-$2.8 billion, and adjusted free cash flow after NCI in the range of $1.6 billion-$1.83 billion”
Adjusted EBITDA Growth (normalized) (FY2026): “After normalizing for these items and excluding the headwind from the expiration of the Enhanced Premium Tax Credits, our 2026 Adjusted EBITDA is expected to grow 10% at the midpoint of our range”
Same-hospital admission growth (FY2026): “we are also assuming same hospital admission growth of 1%-2%, adjusted admissions growth of 1%-2%”
Same-facility USPI revenue growth (FY2026): “same facility USPI revenue growth of 3%-6% for 2026”
No recent press releases.