Comprehensive Stock Comparison
Compare Tenet Healthcare Corporation (THC) vs Acadia Healthcare Company, Inc. (ACHC) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ACHC | 5.0% revenue growth vs THC's 3.1% |
| Value | THC | Lower P/E (14.1x vs 15.7x) |
| Quality / Margins | THC | 6.6% net margin vs ACHC's -33.3% |
| Stability / Safety | ACHC | Beta 0.75 vs THC's 0.93, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | THC | +89.1% vs ACHC's -21.8% |
| Efficiency (ROA) | THC | 4.7% ROA vs ACHC's -20.0%, ROIC 13.5% vs 5.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Tenet Healthcare is a diversified healthcare services company that operates hospitals, ambulatory surgery centers, and urgent care facilities. It generates revenue primarily from hospital operations (acute care services) and ambulatory care centers, with additional income from its Conifer segment providing revenue cycle management services to other healthcare providers. The company's scale and integrated network of facilities across multiple states create operational efficiencies and referral pathways that serve as its competitive advantage.
Acadia Healthcare operates a network of behavioral healthcare facilities — including psychiatric hospitals, residential treatment centers, and outpatient clinics — across the United States and Puerto Rico. It generates revenue primarily from patient services reimbursed by government payers like Medicaid and Medicare (roughly 50-60%) and commercial insurance (roughly 30-40%). The company's competitive advantage lies in its scale as one of the largest pure-play behavioral health providers, creating operational efficiencies and a broad geographic footprint that supports patient access and referral networks.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
THC leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). ACHC leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
THC is the larger business by revenue, generating $21.3B annually — 6.4x ACHC's $3.3B. THC is the more profitable business, keeping 6.6% of every revenue dollar as net income compared to ACHC's -33.3%.
| Metric | THCTenet Healthcare … | ACHCAcadia Healthcare… |
|---|---|---|
| RevenueTrailing 12 months | $21.3B | $3.3B |
| EBITDAEarnings before interest/tax | $4.4B | $513M |
| Net IncomeAfter-tax profit | $1.4B | -$1.1B |
| Free Cash FlowCash after capex | $2.5B | -$440M |
| Gross MarginGross profit ÷ Revenue | +55.9% | +60.6% |
| Operating MarginEBIT ÷ Revenue | +16.5% | +9.7% |
| Net MarginNet income ÷ Revenue | +6.6% | -33.3% |
| FCF MarginFCF ÷ Revenue | +11.9% | -13.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +9.0% | +6.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +27.1% | -38.2% |
Valuation Metrics
On an enterprise value basis, THC's 7.2x EV/EBITDA is more attractive than ACHC's 8.0x.
| Metric | THCTenet Healthcare … | ACHCAcadia Healthcare… |
|---|---|---|
| Market CapShares × price | $21.0B | $2.1B |
| Enterprise ValueMkt cap + debt − cash | $31.3B | $4.6B |
| Trailing P/EPrice ÷ TTM EPS | 15.45x | -1.93x |
| Forward P/EPrice ÷ next-FY EPS est. | 14.12x | 15.68x |
| PEG RatioP/E ÷ EPS growth rate | 0.47x | — |
| EV / EBITDAEnterprise value multiple | 7.17x | 8.02x |
| Price / SalesMarket cap ÷ Revenue | 0.99x | 0.64x |
| Price / BookPrice ÷ Book value/share | 2.42x | 0.99x |
| Price / FCFMarket cap ÷ FCF | 8.32x | — |
Profitability & Efficiency
THC delivers a 15.7% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $-52 for ACHC. ACHC carries lower financial leverage with a 1.23x debt-to-equity ratio, signaling a more conservative balance sheet compared to THC's 1.47x. On the Piotroski fundamental quality scale (0–9), THC scores 7/9 vs ACHC's 5/9, reflecting strong financial health.
| Metric | THCTenet Healthcare … | ACHCAcadia Healthcare… |
|---|---|---|
| ROE (TTM)Return on equity | +15.7% | -51.5% |
| ROA (TTM)Return on assets | +4.7% | -20.0% |
| ROICReturn on invested capital | +13.5% | +5.9% |
| ROCEReturn on capital employed | +14.1% | +7.5% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 1.47x | 1.23x |
| Net DebtTotal debt minus cash | $10.3B | $2.5B |
| Cash & Equiv.Liquid assets | $2.9B | $133M |
| Total DebtShort + long-term debt | $13.2B | $2.6B |
| Interest CoverageEBIT ÷ Interest expense | 5.85x | 1.82x |
Total Returns (with DRIP)
A $10,000 investment in THC five years ago would be worth $45,270 today (with dividends reinvested), compared to $4,183 for ACHC. Over the past 12 months, THC leads with a +89.1% total return vs ACHC's -21.8%. The 3-year compound annual growth rate (CAGR) favors THC at 59.9% vs ACHC's -31.4% — a key indicator of consistent wealth creation.
| Metric | THCTenet Healthcare … | ACHCAcadia Healthcare… |
|---|---|---|
| YTD ReturnYear-to-date | +20.0% | +64.0% |
| 1-Year ReturnPast 12 months | +89.1% | -21.8% |
| 3-Year ReturnCumulative with dividends | +309.0% | -67.7% |
| 5-Year ReturnCumulative with dividends | +352.7% | -58.2% |
| 10-Year ReturnCumulative with dividends | +864.5% | -57.7% |
| CAGR (3Y)Annualised 3-year return | +59.9% | -31.4% |
Risk & Volatility
ACHC is the less volatile stock with a 0.75 beta — it tends to amplify market swings less than THC's 0.93 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. THC currently trades 99.5% from its 52-week high vs ACHC's 69.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | THCTenet Healthcare … | ACHCAcadia Healthcare… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.93x | 0.75x |
| 52-Week HighHighest price in past year | $240.57 | $33.58 |
| 52-Week LowLowest price in past year | $109.82 | $11.43 |
| % of 52W HighCurrent price vs 52-week peak | +99.5% | +69.8% |
| RSI (14)Momentum oscillator 0–100 | 74.5 | 84.4 |
| Avg Volume (50D)Average daily shares traded | 826K | 3.0M |
Analyst Outlook
Wall Street rates THC as "Buy" and ACHC as "Buy". Consensus price targets imply 7.5% upside for THC (target: $257) vs -15.4% for ACHC (target: $20).
| Metric | THCTenet Healthcare … | ACHCAcadia Healthcare… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $257.45 | $19.82 |
| # AnalystsCovering analysts | 32 | 25 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +6.8% | +2.4% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | 100 | 662.08 | +562.1% |
| Acadia Healthcare C… (ACHC) | 100 | 44.14 | -55.9% |
Tenet Healthcare Co… (THC) returned +353% over 5 years vs Acadia Healthcare C… (ACHC)'s -58%. A $10,000 investment in THC 5 years ago would be worth $45,270 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | $19.6B | $21.3B | +8.6% |
| Acadia Healthcare C… (ACHC) | $2.8B | $3.3B | +17.9% |
Tenet Healthcare Corporation's revenue grew from $19.6B (2016) to $21.3B (2025) — a 0.9% CAGR. Acadia Healthcare Company, Inc.'s revenue grew from $2.8B (2016) to $3.3B (2025) — a 1.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | -1.0% | 6.6% | +774.8% |
| Acadia Healthcare C… (ACHC) | 0.2% | -33.3% | -15335.0% |
Tenet Healthcare Corporation's net margin went from -1% (2016) to 7% (2025). Acadia Healthcare Company, Inc.'s net margin went from 0% (2016) to -33% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | 16 | 12.8 | -20.0% |
| Acadia Healthcare C… (ACHC) | 14.2 | 14.3 | +0.7% |
Tenet Healthcare Corporation has traded in a 4x–16x P/E range over 7 years; current trailing P/E is ~15x. Acadia Healthcare Company, Inc. has traded in a 14x–29x P/E range over 5 years; current trailing P/E is ~-2x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | -1.93 | 15.49 | +902.6% |
| Acadia Healthcare C… (ACHC) | 0.07 | -12.16 | -17471.4% |
Tenet Healthcare Corporation's EPS grew from $-1.93 (2016) to $15.49 (2025). Acadia Healthcare Company, Inc.'s EPS grew from $0.07 (2016) to $-12.16 (2025) — a NaN% CAGR.
Chart 6Free Cash Flow — 5 Years
Tenet Healthcare Corporation generated $3B FCF in 2025 (+178% vs 2021). Acadia Healthcare Company, Inc. generated $-440M FCF in 2025 (-439% vs 2021).
THC vs ACHC: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is THC or ACHC a better buy right now?
Tenet Healthcare Corporation (THC) offers the better valuation at 15.5x trailing P/E (14.1x forward), making it the more compelling value choice. Analysts rate Tenet Healthcare Corporation (THC) a "Buy" — based on 32 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — THC or ACHC?
On forward P/E, Tenet Healthcare Corporation is actually cheaper at 14.1x.
03Which is the better long-term investment — THC or ACHC?
Over the past 5 years, Tenet Healthcare Corporation (THC) delivered a total return of +352.7%, compared to -58.2% for Acadia Healthcare Company, Inc. (ACHC). A $10,000 investment in THC five years ago would be worth approximately $45K today (assuming dividends reinvested). Over 10 years, the gap is even starker: THC returned +864.5% versus ACHC's -57.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — THC or ACHC?
By beta (market sensitivity over 5 years), Acadia Healthcare Company, Inc. (ACHC) is the lower-risk stock at 0.75β versus Tenet Healthcare Corporation's 0.93β — meaning THC is approximately 24% more volatile than ACHC relative to the S&P 500. On balance sheet safety, Acadia Healthcare Company, Inc. (ACHC) carries a lower debt/equity ratio of 123% versus 147% for Tenet Healthcare Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — THC or ACHC?
Tenet Healthcare Corporation (THC) is the more profitable company, earning 6.6% net margin versus -33.3% for Acadia Healthcare Company, Inc. — meaning it keeps 6.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: THC leads at 16.5% versus 11.7% for ACHC. At the gross margin level — before operating expenses — THC leads at 41.4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is THC or ACHC more undervalued right now?
On forward earnings alone, Tenet Healthcare Corporation (THC) trades at 14.1x forward P/E versus 15.7x for Acadia Healthcare Company, Inc. — 1.6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for THC: 7.5% to $257.45.
07Which pays a better dividend — THC or ACHC?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is THC or ACHC better for a retirement portfolio?
For long-horizon retirement investors, Tenet Healthcare Corporation (THC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.93), +864.5% 10Y return). Both have compounded well over 10 years (THC: +864.5%, ACHC: -57.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between THC and ACHC?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: THC is a mid-cap deep-value stock; ACHC is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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