Tenet Healthcare/$THC
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Capital at risk
About Tenet Healthcare
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. Through its Conifer segment, Tenet also provides revenue cycle management solutions.
- Ticker
- $THC
- Sector
- Health
- Primary listing
- NYSE
- Employees
- 88,500
- Headquarters
- Dallas, United States
- Website
- www.tenethealth.com
Tenet Healthcare Metrics
BasicAdvanced
$21B
10.17
$25.75
1.27
-
Price and volume
Market cap
$21B
Beta
1.27
52-week high
$283.05
52-week low
$157.58
Average daily volume
796K
Financial strength
Current ratio
1.406
Quick ratio
0.858
Long term debt to equity
1.504
Total debt to equity
1.523
Interest coverage (TTM)
4.82%
Profitability
EBITDA (TTM)
4,844
Gross margin (TTM)
41.66%
Net profit margin (TTM)
10.27%
Operating margin (TTM)
18.11%
Effective tax rate (TTM)
17.88%
Revenue per employee (TTM)
$250,000
Management effectiveness
Return on assets (TTM)
8.26%
Return on equity (TTM)
37.34%
Valuation
Price to earnings (TTM)
10.174
Price to revenue (TTM)
1.038
Price to book
4.7
Price to tangible book (TTM)
-2.62
Price to free cash flow (TTM)
7.487
Free cash flow yield (TTM)
13.36%
Free cash flow per share (TTM)
34.994
Growth
Revenue change (TTM)
5.46%
Earnings per share change (TTM)
64.50%
3-year revenue growth (CAGR)
3.12%
10-year revenue growth (CAGR)
1.06%
3-year earnings per share growth (CAGR)
77.12%
10-year earnings per share growth (CAGR)
27.17%
What the Analysts think about Tenet Healthcare
Analyst ratings (Buy, Hold, Sell) for Tenet Healthcare stock.
Analyst projections of the future price of Tenet Healthcare stock.
Bulls say / Bears say
Tenet’s second-quarter execution was strong: adjusted EBITDA rose 16.3% year on year, while management lifted its 2026 EBITDA guidance by $295 million at the midpoint and raised adjusted free-cash-flow guidance by $225 million. (Tenet Healthcare, Morningstar)
USPI gives Tenet exposure to the shift towards higher-acuity outpatient surgery. In the second quarter, same-facility revenue grew 5%, revenue per case rose 6.3% and total joint replacements in ASCs increased 10%; Tenet also expects more than $300 million of ambulatory M&A spending in 2026. (Tenet Healthcare, ASC News)
Tenet is still returning capital while expanding its outpatient network. In the first quarter it acquired seven ambulatory centres, opened three de novo centres and repurchased about 1.35 million shares for $318 million, supported by a reported 2.25x EBITDA leverage ratio. (MarketScreener)
Payer mix remains a clear vulnerability. Exchange revenue fell 17% year on year in the second quarter as lower enrolment pushed more patients towards uninsured status, leaving Tenet reliant on stronger acuity, cost control and supplemental Medicaid revenue to offset the pressure. (Tenet Healthcare, Reuters)
USPI’s revenue growth came despite fewer procedures: same-facility case volume fell 1.2% in the second quarter while revenue per case rose 6.3%. If acuity and pricing gains moderate, falling volume could make the current growth rate harder to sustain. (Tenet Healthcare)
Tenet priced $2 billion of senior notes due in 2034 at a 6.25% coupon. The long-dated funding improves maturity visibility, but the sizeable fixed interest burden leaves less flexibility if hospital margins, payer mix or patient volumes weaken. (Business Wire)
Data summarised monthly by Lightyear AI. Last updated on 16 Sept 2026.
Tenet Healthcare Financial Performance
Revenues and expenses
Tenet Healthcare Earnings Performance
Company profitability
Upcoming events
No upcoming events
Tenet Healthcare News
AllArticlesVideos
Funds containing Tenet Healthcare
AllEURUSDGBP
Fund name | Fund size | $THC weighting |
|---|---|---|
iShares Ageing Population€AGED | €822M | 0.74% |
SPDR S&P 400 US Mid Cap$SPY4 | $6.3B | 0.65% |
SPDR S&P 400 US Mid Cap£SPX4 | £4.7B | 0.65% |
iShares MSCI USA Small Cap ESG Enhanced CTB€SXRG | €2.8B | 0.33% |
iShares MSCI USA Small Cap CTB Enhanced ESG£CUS1 | £2.4B | 0.33% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
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