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.
- Symbol
- THC
- Exchange
- NYSE
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Market cap
- $21.89B
- 52 week range
- 157.58 - 283.05
Valuation
- Share price
- $256.44 (close of 2026-09-23)
- P/E (TTM)
- 10.03x
- Price to book
- 3.34x
- Price to free cash flow
- 7.24x
- Enterprise value
- $32.97B
- Book value per share
- $78.50
Price performance
| Period | Change |
|---|
| 1 day | -1.74% |
| 5 days | -1.69% |
| 1 month | -8.67% |
| 3 months | +41.77% |
| 6 months | +26.07% |
| Year to date | +29.05% |
| 1 year | +32.82% |
| 3 years | +278.62% |
| 5 years | +252.89% |
| 10 years | +1067.23% |
| All time | +807.11% |
Profitability and growth
- Return on equity
- 39.34%
- Return on invested capital
- 18.86%
- Return on assets
- 7.98%
- Return on capital employed
- 13.91%
- Gross margin
- 16.46%
- 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)
- 13.81%
- Current ratio
- 1.41x
- Net debt to EBITDA
- 1.99x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $21.31B
- Cost of revenue
- $17.80B
- Gross profit
- $3.51B
- EBITDA
- $4.37B
- Net income
- $2.37B
- Earnings per share
- $15.61
- Shares outstanding
- 90.15M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $21.31B | $3.51B | $2.37B | $15.61 |
| 2024-12-31 | $20.68B | $5.96B | $4.06B | $33.02 |
| 2023-12-31 | $20.56B | $2.51B | $1.31B | $6.01 |
| 2022-12-31 | $19.17B | $2.33B | $1.00B | $3.84 |
| 2021-12-31 | $19.48B | $2.87B | $1.48B | $8.55 |
| 2020-12-31 | $17.64B | $1.99B | $768.00M | $3.80 |
| 2019-12-31 | $18.48B | $1.54B | $171.00M | $-2.08 |
| 2018-12-31 | $18.31B | $1.64B | $459.00M | $1.02 |
| 2017-12-31 | $20.61B | $1.11B | $-320.00M | $-7.00 |
| 2016-12-31 | $21.07B | $1.25B | $176.00M | $-1.93 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 16.46% | 11.11% | 39.34% | 18.86% |
| 2024-12-31 | 28.81% | 19.66% | 69.83% | 29.87% |
| 2023-12-31 | 12.21% | 6.38% | 42.06% | 13.05% |
| 2022-12-31 | 12.17% | 5.22% | 40.71% | 11.92% |
| 2021-12-31 | 14.73% | 7.58% | 71.86% | 224.25% |
| 2020-12-31 | 11.28% | 4.35% | 81.96% | - |
| 2019-12-31 | 8.32% | 0.93% | 39.13% | 90.77% |
| 2018-12-31 | 8.94% | 2.51% | 73.56% | 136.19% |
| 2017-12-31 | 5.40% | -1.55% | -66.25% | - |
| 2016-12-31 | 5.92% | 0.84% | 16.27% | 322.40% |
Cash and debt by year
| Period end | Cash |
|---|
| 2025-12-31 | $2.88B |
| 2024-12-31 | $3.02B |
| 2023-12-31 | $1.23B |
| 2022-12-31 | $858.00M |
| 2021-12-31 | $2.36B |
| 2020-12-31 | $2.45B |
| 2019-12-31 | $262.00M |
| 2018-12-31 | $411.00M |
| 2017-12-31 | $611.00M |
| 2016-12-31 | $716.00M |
Free cash flow by year
| Period end | Free cash flow | Stock-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
- 2000-03-13
| Payment date | Dividend per share |
|---|
| 2000-03-13 | $0.03 |
| 1993-08-16 | $0.32 |
| 1993-05-17 | $0.32 |
| 1993-02-12 | $0.32 |
| 1992-11-06 | $0.32 |
| 1992-08-10 | $0.32 |
| 1992-05-11 | $0.31 |
| 1992-02-10 | $0.31 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-27
- Consensus EPS estimate
- $4.59
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-23 | Jun/2026 | $4.08 |
| 2026-04-30 | - | - |
| 2026-02-11 | - | - |
| 2025-10-28 | - | - |
| 2025-07-22 | - | - |
| 2025-04-29 | - | - |
| 2025-02-12 | - | - |
| 2024-10-29 | - | - |
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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