Comprehensive Stock Comparison
Compare Tenet Healthcare Corporation (THC) vs Ardent Health Partners, LLC (ARDT) 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 | ARDT | 10.3% revenue growth vs THC's 3.1% |
| Value | ARDT | Lower P/E (7.4x vs 14.1x), PEG 0.10 vs 0.43 |
| Quality / Margins | THC | 6.6% net margin vs ARDT's 3.2% |
| Stability / Safety | ARDT | Beta 0.88 vs THC's 0.93 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | THC | +89.1% vs ARDT's -35.9% |
| Efficiency (ROA) | THC | 4.7% ROA vs ARDT's 4.0%, ROIC 13.5% vs 9.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
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.
Ardent Health Partners operates a network of acute care hospitals and clinics providing comprehensive healthcare services across the United States. It generates revenue primarily from patient care services — including inpatient and outpatient treatments, surgeries, and rehabilitation — with the majority coming from government and private insurance reimbursements. The company benefits from its regional concentration in key markets, which creates operational efficiencies and strong local physician relationships that drive patient referrals.
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). ARDT leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
THC is the larger business by revenue, generating $21.3B annually — 3.4x ARDT's $6.3B. Profitability is closely matched — net margins range from 6.6% (THC) to 3.2% (ARDT).
| Metric | THCTenet Healthcare … | ARDTArdent Health Par… |
|---|---|---|
| RevenueTrailing 12 months | $21.3B | $6.3B |
| EBITDAEarnings before interest/tax | $4.4B | $948M |
| Net IncomeAfter-tax profit | $1.4B | $205M |
| Free Cash FlowCash after capex | $2.5B | $155M |
| Gross MarginGross profit ÷ Revenue | +55.9% | +70.6% |
| Operating MarginEBIT ÷ Revenue | +16.5% | +12.6% |
| Net MarginNet income ÷ Revenue | +6.6% | +3.2% |
| FCF MarginFCF ÷ Revenue | +11.9% | +2.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +9.0% | +8.8% |
| EPS Growth (YoY)Latest quarter vs prior year | +27.1% | -189.5% |
Valuation Metrics
At 5.9x trailing earnings, ARDT trades at a 62% valuation discount to THC's 15.5x P/E. Adjusting for growth (PEG ratio), ARDT offers better value at 0.08x vs THC's 0.47x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | THCTenet Healthcare … | ARDTArdent Health Par… |
|---|---|---|
| Market CapShares × price | $21.0B | $1.3B |
| Enterprise ValueMkt cap + debt − cash | $31.3B | $3.1B |
| Trailing P/EPrice ÷ TTM EPS | 15.45x | 5.94x |
| Forward P/EPrice ÷ next-FY EPS est. | 14.12x | 7.38x |
| PEG RatioP/E ÷ EPS growth rate | 0.47x | 0.08x |
| EV / EBITDAEnterprise value multiple | 7.17x | 5.55x |
| Price / SalesMarket cap ÷ Revenue | 0.99x | 0.22x |
| Price / BookPrice ÷ Book value/share | 2.42x | 0.82x |
| Price / FCFMarket cap ÷ FCF | 8.32x | 10.51x |
Profitability & Efficiency
THC delivers a 15.7% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $13 for ARDT. THC carries lower financial leverage with a 1.47x debt-to-equity ratio, signaling a more conservative balance sheet compared to ARDT's 1.50x. On the Piotroski fundamental quality scale (0–9), ARDT scores 8/9 vs THC's 7/9, reflecting strong financial health.
| Metric | THCTenet Healthcare … | ARDTArdent Health Par… |
|---|---|---|
| ROE (TTM)Return on equity | +15.7% | +12.6% |
| ROA (TTM)Return on assets | +4.7% | +4.0% |
| ROICReturn on invested capital | +13.5% | +9.7% |
| ROCEReturn on capital employed | +14.1% | +10.0% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 8 |
| Debt / EquityFinancial leverage | 1.47x | 1.50x |
| Net DebtTotal debt minus cash | $10.3B | $1.7B |
| Cash & Equiv.Liquid assets | $2.9B | $557M |
| Total DebtShort + long-term debt | $13.2B | $2.3B |
| Interest CoverageEBIT ÷ Interest expense | 5.85x | 7.08x |
Total Returns (with DRIP)
A $10,000 investment in THC five years ago would be worth $45,270 today (with dividends reinvested), compared to $5,847 for ARDT. Over the past 12 months, THC leads with a +89.1% total return vs ARDT's -35.9%. The 3-year compound annual growth rate (CAGR) favors THC at 59.9% vs ARDT's -16.4% — a key indicator of consistent wealth creation.
| Metric | THCTenet Healthcare … | ARDTArdent Health Par… |
|---|---|---|
| YTD ReturnYear-to-date | +20.0% | +8.7% |
| 1-Year ReturnPast 12 months | +89.1% | -35.9% |
| 3-Year ReturnCumulative with dividends | +309.0% | -41.5% |
| 5-Year ReturnCumulative with dividends | +352.7% | -41.5% |
| 10-Year ReturnCumulative with dividends | +864.5% | -41.5% |
| CAGR (3Y)Annualised 3-year return | +59.9% | -16.4% |
Risk & Volatility
ARDT is the less volatile stock with a 0.88 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 ARDT's 60.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | THCTenet Healthcare … | ARDTArdent Health Par… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.93x | 0.88x |
| 52-Week HighHighest price in past year | $240.57 | $15.55 |
| 52-Week LowLowest price in past year | $109.82 | $8.07 |
| % of 52W HighCurrent price vs 52-week peak | +99.5% | +60.4% |
| RSI (14)Momentum oscillator 0–100 | 74.5 | 55.7 |
| Avg Volume (50D)Average daily shares traded | 826K | 341K |
Analyst Outlook
Wall Street rates THC as "Buy" and ARDT as "Buy". Consensus price targets imply 55.2% upside for ARDT (target: $15) vs 7.5% for THC (target: $257).
| Metric | THCTenet Healthcare … | ARDTArdent Health Par… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $257.45 | $14.57 |
| # AnalystsCovering analysts | 32 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +6.8% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Aug 24 | Feb 26 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | 100 | 127.09 | +27.1% |
| Ardent Health Partn… (ARDT) | 111.89 | 53.49 | -52.2% |
Tenet Healthcare Co… (THC) returned +353% over 5 years vs Ardent Health Partn… (ARDT)'s -42%. 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% |
| Ardent Health Partn… (ARDT) | $2.1B | $6.0B | +183.4% |
Tenet Healthcare Corporation's revenue grew from $19.6B (2016) to $21.3B (2025) — a 0.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | -1.0% | 6.6% | +774.8% |
| Ardent Health Partn… (ARDT) | 0.7% | 3.5% | +408.3% |
Tenet Healthcare Corporation's net margin went from -1% (2016) to 7% (2025).
Chart 4P/E Ratio History — 7 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | 16 | 12.8 | -20.0% |
Tenet Healthcare Corporation has traded in a 4x–16x P/E range over 7 years; current trailing P/E is ~15x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tenet Healthcare Co… (THC) | -1.93 | 15.49 | +902.6% |
| Ardent Health Partn… (ARDT) | 0.1 | 1.58 | +1480.0% |
Tenet Healthcare Corporation's EPS grew from $-1.93 (2016) to $15.49 (2025).
Chart 6Free Cash Flow — 5 Years
Tenet Healthcare Corporation generated $3B FCF in 2025 (+178% vs 2021). Ardent Health Partners, LLC generated $128M FCF in 2024 (+167% vs 2022).
THC vs ARDT: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is THC or ARDT a better buy right now?
Ardent Health Partners, LLC (ARDT) offers the better valuation at 5.9x trailing P/E (7.4x 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 ARDT?
On trailing P/E, Ardent Health Partners, LLC (ARDT) is the cheapest at 5.9x versus Tenet Healthcare Corporation at 15.5x. On forward P/E, Ardent Health Partners, LLC is actually cheaper at 7.4x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Ardent Health Partners, LLC wins at 0.10x versus Tenet Healthcare Corporation's 0.43x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — THC or ARDT?
Over the past 5 years, Tenet Healthcare Corporation (THC) delivered a total return of +352.7%, compared to -41.5% for Ardent Health Partners, LLC (ARDT). 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 ARDT's -41.5%. 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 ARDT?
By beta (market sensitivity over 5 years), Ardent Health Partners, LLC (ARDT) is the lower-risk stock at 0.88β versus Tenet Healthcare Corporation's 0.93β — meaning THC is approximately 5% more volatile than ARDT relative to the S&P 500. On balance sheet safety, Tenet Healthcare Corporation (THC) carries a lower debt/equity ratio of 147% versus 150% for Ardent Health Partners, LLC — giving it more financial flexibility in a downturn.
05Which has better profit margins — THC or ARDT?
Tenet Healthcare Corporation (THC) is the more profitable company, earning 6.6% net margin versus 3.5% for Ardent Health Partners, LLC — 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 6.8% for ARDT. At the gross margin level — before operating expenses — ARDT leads at 82.7%, 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 ARDT more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Ardent Health Partners, LLC (ARDT) is the more undervalued stock at a PEG of 0.10x versus Tenet Healthcare Corporation's 0.43x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Ardent Health Partners, LLC (ARDT) trades at 7.4x forward P/E versus 14.1x for Tenet Healthcare Corporation — 6.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ARDT: 55.2% to $14.57.
07Which pays a better dividend — THC or ARDT?
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 ARDT 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%, ARDT: -41.5%), 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 ARDT?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. 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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