Cash conversion efficiency remains erratic, evidenced by an operating cash flow to net income ratio of -1.51 in 2026Q1, which suggests that accounting profits are frequently decoupled from actual cash generation.
| Cash from Operations | 430.89M | 470.51M | 315.03M | 221.7M | -38.36M | 159.59M | 119.47M | 85.78M |
| Operating CF Margin % | - | 7.44% | 5.28% | 4.1% | -0.75% | 3.83% | 3.98% | 4.07% |
| Operating CF Growth % | 6.86% | 49.36% | 42.1% | 677.96% | -124.04% | 33.58% | 39.28% | - |
| Net Income | 134.28M | 230.13M | 299.71M | 128.98M | 265.37M | -143.02M | -35.65M | 14.6M |
| Depreciation & Amortization | 162.49M | 155.7M | 146.29M | 140.84M | 138.17M | 143.19M | 109.53M | 71.51M |
| Stock-Based Compensation | 29.29M | 39.29M | 17.98M | 904K | 611K | 0 | 0 | 0 |
| Deferred Taxes | 16.39M | 43.59M | 24.04M | 4M | 46.12M | -7.82M | 49.7M | -12.71M |
| Other Non-Cash Items | 72.36M | 5.13M | 8.76M | 3.29M | -478.89M | 152.7M | 45.83M | 43.08M |
| Working Capital Changes | -35.97M | -3.34M | -181.75M | -56.31M | -9.74M | 14.54M | -49.94M | -30.71M |
| Change in Receivables | 89.9M | 59.16M | 40M | -181.1M | -17.18M | -9.05M | -63.82M | -17.72M |
| Change in Inventory | 799K | -3.15M | -9.41M | 1.67M | 4.67M | -1.03M | -3.61M | 56K |
| Change in Payables | 94.56M | 62.06M | -103.86M | 136.82M | 14.42M | 37.15M | 41.3M | -9.28M |
| Cash from Investing | -219.01M | -214.23M | -220.46M | -137.98M | 46.58M | -482.14M | -966.93M | -64.83M |
| Capital Expenditures | -217.08M | -211.9M | -187.51M | -137.41M | -151.11M | -160.66M | -121.53M | -80.5M |
| CapEx % of Revenue | 3.38% | 3.35% | 3.14% | 2.54% | 2.95% | 3.86% | 4.05% | 3.82% |
| Acquisitions | -2.5M | -2.5M | -31.25M | 0 | 206.37M | -349.83M | -857.55M | -2.5M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 580K | 179K | -1.71M | -575K | -8.69M | 28.35M | 12.16M | 18.17M |
| Cash from Financing | -98.85M | -103.47M | 24.64M | -102.26M | -270.33M | 353.22M | 826.81M | -25.89M |
| Debt Issued (Net) | -10.24M | -7.99M | -104.77M | -7.03M | -16.41M | 252.63M | 718.51M | -5.67M |
| Equity Issued (Net) | 0 | 0 | 208.66M | 0 | 0 | 99.12M | 143.94M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -174.81M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -88.6M | -95.48M | -79.24M | -95.24M | -79.11M | 1.47M | -35.64M | -20.22M |
| Net Change in Cash | 114.65M | 152.82M | 119.21M | -18.55M | -262.11M | -12.3M | -20.65M | -4.95M |
| Free Cash Flow | 213.81M | 258.61M | 127.52M | 84.29M | -189.47M | -1.07M | -2.06M | 3.62M |
| FCF Margin % | 3.33% | 4.09% | 2.14% | 1.56% | -3.69% | -0.03% | -0.07% | 0.17% |
| FCF Growth % | 80.66% | 102.8% | 51.28% | 144.49% | -17590.57% | 48.06% | -156.96% | - |
| FCF per Share | 1.51 | 1.83 | 0.96 | 0.59 | -1.32 | -0.01 | -0.01 | 0.03 |
| FCF Conversion (FCF/Net Income) | 1.59x | 3.46x | 1.50x | 4.41x | -0.20x | -1.12x | -3.35x | 5.87x |
| Interest Paid | 0 | 0 | 74.98M | 81.61M | 90.85M | 86.54M | 64.63M | 26.01M |
| Taxes Paid | 0 | 0 | 41.6M | 19.43M | 55.82M | 5.55M | 2.37M | 23.62M |
Medicaid reimbursement policy volatility
As reported in recent financial statements, ARDT's operating cash flow to net income ratio has fluctuated wildly, reaching a negative 1.51 in 2026Q1, which suggests that reported accounting profits are frequently decoupled from the actual cash generation capabilities of the company's core hospital operations.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily distorting the quality of earnings. Investors should monitor whether this disconnect is a permanent feature of the company's reimbursement cycle or a temporary byproduct of its recent transition to public markets.
Based on the provided cash flow data, ARDT's free cash flow trajectory remains highly erratic, with margins swinging from a positive 8.6% in 2025Q4 to a negative 5.5% in 2026Q1, highlighting the difficulty in maintaining consistent cash conversion across its regional hospital footprint.
The inability to sustain positive free cash flow suggests that the company's capital-intensive model is highly sensitive to quarterly fluctuations in patient volume and reimbursement timing. This volatility warrants further investigation into whether the current cost structure can support long-term, self-funded growth without recurring external financing needs.
According to recent SEC filings, ARDT experienced a substantial working capital outflow of $160.1 million in 2026Q1, a trend that appears to be a recurring headwind as the company struggles to manage the timing of collections against its high-fixed-cost clinical labor obligations.
These large, periodic working capital swings suggest that the company's cash position is vulnerable to delays in government and commercial payer reimbursements. Such instability in the cash conversion cycle may force the company to maintain higher liquidity buffers than its peers, potentially limiting capital allocation flexibility.
As indicated by the financial data, ARDT's capital expenditures reached a peak of $84.0 million in 2025Q4, representing a capital intensity that frequently consumes a significant portion of operating cash flow and limits the company's ability to generate meaningful free cash flow during periods of lower volume.
The company's ongoing investment in facility upgrades and medical technology appears to be a necessary, yet burdensome, requirement to maintain its regional competitive position. Analysts should assess whether these expenditures are truly growth-oriented or merely maintenance-heavy requirements needed to keep aging facilities compliant with evolving clinical standards.
Quick answers to the most common questions about buying ARDT stock.
Ardent Health Partners, LLC (ARDT) generated $470.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ardent Health Partners, LLC (ARDT) generated $258.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ardent Health Partners, LLC (ARDT) spent $211.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.