Latest Ratios: P/E Ratio 10.1x · EV/EBITDA 6.1x · ROE 8.5%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.2B | $2.3B | — | — | — | — | — |
| Enterprise Value | $2.9B | $2.8B | $4.0B | — | — | — | — | — |
| P/E Ratio → | 10.14 | 9.20 | 10.81 | — | — | — | — | — |
| P/S Ratio | 0.22 | 0.20 | 0.38 | — | — | — | — | — |
| P/B Ratio | 0.82 | 0.74 | 1.49 | — | — | — | — | — |
| P/FCF | 5.38 | 4.83 | 17.78 | — | — | — | — | — |
| P/OCF | 2.96 | 2.65 | 7.20 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.44 | 0.67 | — | — | — | — | — |
| EV / EBITDA | 6.12 | 5.83 | 7.23 | — | — | — | — | — |
| EV / EBIT | 9.05 | 8.61 | 9.31 | — | — | — | — | — |
| EV / FCF | — | 10.84 | 31.31 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.5% | 97.5% | 82.7% | 97.4% | 81.4% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 5.1% | 5.1% | 6.8% | 4.2% | 4.2% | 3.6% | 4.1% | 4.0% |
| Net Profit Margin | 2.1% | 2.1% | 3.5% | 0.9% | 3.7% | -3.4% | -1.2% | 0.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 8.5% | 16.2% | 4.7% | 21.4% | -19.4% | -6.2% | 3.7% |
| ROA | 2.7% | 2.7% | 4.2% | 1.0% | 5.0% | -5.6% | -2.1% | 1.3% |
| ROIC | 7.5% | 7.5% | 9.7% | 5.7% | 6.6% | 6.3% | 8.4% | 11.7% |
| ROCE | 7.9% | 7.9% | 10.0% | 5.6% | 7.0% | 7.5% | 9.3% | 11.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.34 | 1.34 | 1.50 | 2.21 | 2.27 | 1.77 | 1.25 | 0.61 |
| Debt / EBITDA | 4.71 | 4.71 | 4.13 | 6.47 | 6.72 | 4.30 | 4.12 | 1.54 |
| Net Debt / Equity | — | 0.92 | 1.13 | 1.81 | 1.84 | 1.69 | 1.16 | 0.37 |
| Net Debt / EBITDA | 3.23 | 3.23 | 3.13 | 5.29 | 5.44 | 4.10 | 3.81 | 0.95 |
| Debt / FCF | — | 6.01 | 13.53 | 23.24 | — | — | — | 40.82 |
| Interest Coverage | 5.90 | 5.90 | 6.54 | 3.20 | 4.80 | 0.94 | 1.72 | 2.65 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.97 | 1.97 | 1.94 | 1.63 | 1.74 | 1.38 | 1.45 | 1.44 |
| Quick Ratio | 1.85 | 1.85 | 1.82 | 1.52 | 1.61 | 1.24 | 1.29 | 1.29 |
| Cash Ratio | 0.68 | 0.68 | 0.59 | 0.44 | 0.56 | 0.10 | 0.14 | 0.28 |
| Asset Turnover | — | 1.20 | 1.20 | 1.06 | 1.06 | 1.52 | 1.26 | 1.94 |
| Inventory Turnover | 1.31 | 1.31 | 8.98 | 1.34 | 8.91 | — | — | — |
| Days Sales Outstanding | — | 39.60 | 45.46 | 53.02 | 43.54 | 46.40 | 55.18 | 45.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 92.5% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.9% | 10.9% | 9.3% | — | — | — | — | — |
| FCF Yield | 18.6% | 20.7% | 5.6% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $141M | $133M | $143M | $143M | $141M | $141M | $141M |
Medicaid reimbursement policy volatility
As reported in recent financial filings, ARDT trades at a forward P/E of 8.65, a multiple that appears to discount the company's regional concentration risks and the inherent volatility of its supplemental government reimbursement streams compared to larger, more diversified peers like HCA Healthcare.
The current valuation suggests the market remains skeptical of the company's ability to sustain margin expansion in a high-inflation labor environment. Investors should monitor whether the current P/S of 0.22 represents a structural discount or an opportunity for re-rating as the company matures as a public entity.
Based on the provided financial data, ARDT's ROIC has struggled to maintain momentum, fluctuating between a low of -3.8% in 2024Q2 and a peak of 8.0% in 2024Q4, indicating that the company is currently failing to consistently compound returns on its invested capital base.
The inconsistency in ROIC suggests that the company's high-fixed-cost structure is not yet optimized to generate sustainable value above its cost of capital. This volatility warrants further investigation into whether the joint-venture model is effectively driving operational efficiencies or merely masking underlying capital intensity issues.
According to recent quarterly reports, ARDT's asset turnover has remained stagnant near 0.30, a figure that highlights the significant capital intensity required to maintain its regional hospital footprint and the ongoing difficulty in accelerating revenue generation relative to its asset base.
The erratic nature of the cash conversion cycle, which swung from -66 days in 2024Q1 to 11 days in 2025Q4, suggests that the company faces persistent challenges in managing the timing of collections against its clinical labor obligations. This lack of efficiency may indicate that the company is overly reliant on lumpy supplemental payments to bridge its working capital gaps.
As indicated by the company's financial statements, ARDT has successfully reduced its debt-to-equity ratio from 2.10 in 2024Q1 to 0.70 by 2026Q1, a significant improvement that suggests management is prioritizing balance sheet health to mitigate interest rate sensitivity in its capital-intensive operating environment.
This reduction in leverage appears to provide the company with greater flexibility to navigate potential downturns in Medicaid reimbursement. However, investors should monitor whether this deleveraging is a permanent shift in capital allocation strategy or a temporary response to the requirements of its recent public market transition.
The most commonly misapplied metric for ARDT is the gross margin, which, at 97.54%, obscures the true cost of clinical labor and medical supplies that are essential to the company's core service delivery model.
Analysts should instead focus on operating margins and EBITDA-based metrics to normalize for the company's specific accounting treatment of labor costs. Relying on gross margin in this context leads to a fundamental misunderstanding of the company's true earning power and its sensitivity to wage inflation.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ARDT stock.
Ardent Health Partners, LLC's current P/E ratio is 10.1x. The historical average is 10.0x. This places it at the 50th percentile of its historical range.
Ardent Health Partners, LLC's current EV/EBITDA is 6.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.5x.
Ardent Health Partners, LLC's return on equity (ROE) is 8.5%. The historical average is 4.1%.
Based on historical data, Ardent Health Partners, LLC is trading at a P/E of 10.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ardent Health Partners, LLC has 97.5% gross margin and 5.1% operating margin.
Ardent Health Partners, LLC's Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.