Tenet Healthcare Corp (THC)

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies. The company also provides intensive and critical care, and/or coronary care units; cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics services; outpatient services, including physical therapy; tertiary care services, such as cardiothoracic surgery, complex spinal surgery, neonatal intensive care, and neurosurgery services; pediatric quaternary care services through heart, liver, and kidney transplants programs; and limb salvaging vascular procedure, acute level 1 trauma, intravascular stroke care, minimally invasive cardiac valve replacement, imaging technology, surgical robotic, and telemedicine access services. In addition, it offers a range of procedures and services comprising orthopedics, total joint replacement, and spinal and other musculoskeletal procedures; gastroenterology; pain management; otolaryngology; ophthalmology; and urology. Further, the company operates acute care and specialty hospitals, off-campus emergency departments, imaging centers, urgent care centers, and micro-hospitals, as well as ambulatory surgery centers and surgical hospitals. Tenet Healthcare Corporation was founded in 1967 and is headquartered in Dallas, Texas.

Ticker
THC
Exchange
NYSE
Sector
Healthcare
Industry
Medical Care Facilities
Market cap
$22.70B
52-week range
$157.58 - $301.44

Valuation

Share price
$283.33 (close of Nov 6, 2026)
P/E (TTM)
8.16x
Price to book
3.06x
Price to free cash flow
6.82x
Enterprise value
$33.27B
Book value per share
$92.53

Price performance

PeriodChange
1 day-1.09%
5 days+3.69%
1 month+9.62%
3 months+10.40%
6 months+45.66%
Year to date+42.58%
1 year+38.76%
3 years+418.82%
5 years+275.67%
10 years+1,496.23%
All time+902.35%

Short interest

As of
Oct 15, 2026
Short % of float
2.71%
Shares short
1.84M
Days to cover
3.32
Change since prior report
+0.46%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
39.34%
Return on invested capital
16.03%
Return on assets
7.98%
Return on capital employed
13.91%
Net margin
11.11%
EBITDA margin
20.51%
Revenue growth
3.07%
Net income growth
-41.76%
Free cash flow growth
126.70%

Cash flow and balance sheet

Free cash flow yield (TTM)
14.66%
Current ratio
1.58x
Net debt to EBITDA
1.64x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$21.31B
EBITDA
$4.37B
Net income
$2.37B
Earnings per share
$15.61
Interest expense
$821.00M
Shares outstanding
90.15M

Income statement by year

Period endRevenueNet incomeEPS
2025-12-31$21.31B$2.37B$15.61
2024-12-31$20.68B$4.06B$33.02
2023-12-31$20.56B$1.31B$6.01
2022-12-31$19.17B$1.00B$3.84
2021-12-31$19.48B$1.48B$8.55
2020-12-31$17.64B$768.00M$3.80
2019-12-31$18.48B$171.00M-$2.08
2018-12-31$18.31B$459.00M$1.02
2017-12-31$20.61B-$320.00M-$7.00
2016-12-31$21.07B$176.00M-$1.93

Margins and returns by year

Period endNet marginReturn on equityReturn on capital
2025-12-3111.11%39.34%16.03%
2024-12-3119.66%69.83%25.13%
2023-12-316.38%42.06%12.16%
2022-12-315.22%40.71%11.34%
2021-12-317.58%71.86%13.07%
2020-12-314.35%81.96%11.15%
2019-12-310.93%-8.50%
2018-12-312.51%-8.97%
2017-12-31-1.55%-5.80%
2016-12-310.84%16.27%7.22%

Cash and debt by year

Period endCashDebt
2025-12-31$2.88B$13.09B
2024-12-31$3.02B$13.08B
2023-12-31$1.23B$14.88B
2022-12-31$858.00M$14.93B
2021-12-31$2.36B$15.51B
2020-12-31$2.45B$15.57B
2019-12-31$262.00M$14.58B
2018-12-31$411.00M$14.64B
2017-12-31$611.00M$14.79B
2016-12-31$716.00M$15.06B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$2.53B$104.00M
2024-12-31$1.12B$67.00M
2023-12-31$1.62B$66.00M
2022-12-31$321.00M$56.00M
2021-12-31$910.00M$56.00M
2020-12-31$2.87B$44.00M
2019-12-31$563.00M$42.00M
2018-12-31$432.00M$46.00M
2017-12-31$493.00M$59.00M
2016-12-31-$317.00M$68.00M

Dividend history

Most recent payment
Mar 13, 2000
Payment dateDividend per share
2000-03-13$0.01
1993-08-16$0.12
1993-05-17$0.12
1993-02-12$0.12
1992-11-06$0.12
1992-08-10$0.12
1992-05-11$0.12
1992-02-10$0.12

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-29Sep 2026$4.60
2026-07-23Jun 2026$4.08
2026-04-30Mar 2026$4.21
2026-02-11Dec 2025$4.08
2025-10-28Sep 2025$3.33
2025-07-22Jun 2025$2.84
2025-04-29Mar 2025$3.11
2025-02-12Dec 2024$2.93

Filings and sources

Company website
tenethealth.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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