Operating margins remain highly unstable, swinging from a peak of 21.0% in 2024Q4 to 4.7% in 2026Q1, reflecting structural difficulties in scaling fixed-cost clinical infrastructure.
| Sales/Revenue | 6.43B | 6.32B | 5.97B | 5.41B | 5.13B | 4.16B | 3B | 2.11B |
| Revenue Growth % | 6.72% | 6.01% | 10.29% | 5.45% | 23.25% | 38.63% | 42.6% | - |
| Cost of Goods Sold | 2.54B | 155.7M | 1.03B | 140.84M | 955.17M | 0 | 0 | 0 |
| COGS % of Revenue | - | 2.46% | 17.32% | 2.6% | 18.62% | - | - | - |
| Gross Profit | 3.89B | 6.17B | 4.93B | 5.27B | 4.17B | 4.16B | 3B | 2.11B |
| Gross Margin % | 60.52% | 97.54% | 82.68% | 97.4% | 81.38% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 25.05% | -6.37% | 26.21% | 0.3% | 38.63% | 42.6% | - |
| Operating Expenses | 3.32B | 5.84B | 4.53B | 5.04B | 3.96B | 4.08B | 2.77B | 2.11B |
| OpEx % of Revenue | - | 92.39% | 75.88% | 93.15% | 77.15% | 97.93% | 92.35% | 100% |
| Selling, General & Admin | 2.37B | 1.19B | 3.88B | 3.62B | 3.37B | 2.68B | 1.17B | 1.95B |
| SG&A % of Revenue | - | 18.86% | 65.11% | 66.97% | 65.73% | 64.34% | 38.86% | 92.58% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 15.7M | 19.9M | 0 |
| R&D % of Revenue | - | - | - | - | - | 0.38% | 0.66% | - |
| Other Operating Expenses | 3M | 4.65B | 642.51M | 1.42B | 585.81M | 0 | 0 | 0 |
| Operating Income | 570.95M | 325.58M | 405.76M | 229.5M | 217.03M | 149.76M | 121.77M | 84.75M |
| Operating Margin % | 8.88% | 5.15% | 6.8% | 4.24% | 4.23% | 3.6% | 4.06% | 4.03% |
| Operating Income Growth % | - | -19.76% | 76.8% | 5.75% | 44.92% | 22.98% | 43.68% | - |
| EBITDA | 733.44M | 481.29M | 552.05M | 370.35M | 355.2M | 292.95M | 231.3M | 156.27M |
| EBITDA Margin % | 11.41% | 7.61% | 9.25% | 6.85% | 6.92% | 7.04% | 7.7% | 7.42% |
| EBITDA Growth % | 58.07% | -12.82% | 49.06% | 4.26% | 21.25% | 26.65% | 48.02% | - |
| D&A (Non-Cash Add-back) | 162.49M | 155.7M | 146.29M | 140.84M | 138.17M | 143.19M | 109.53M | 71.51M |
| EBIT | 338.84M | 325.58M | 428.64M | 209.15M | 393.53M | 101.68M | 121.38M | 71.32M |
| Net Interest Income | -41.03M | -55.2M | -65.58M | -65.42M | -82.05M | -108.59M | -70.74M | -26.95M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 53.24M | 55.2M | 65.58M | 65.42M | 82.05M | 108.59M | 70.74M | 26.95M |
| Other Income/Expense | -284.2M | -39.23M | -42.7M | -77.89M | 94.45M | -264.37M | -71.13M | -40.38M |
| Pretax Income | 286.75M | 286.36M | 363.06M | 151.61M | 311.48M | -114.62M | 50.64M | 44.37M |
| Pretax Margin % | 4.46% | 4.53% | 6.09% | 2.8% | 6.07% | -2.75% | 1.69% | 2.11% |
| Income Tax | 57.09M | 56.22M | 63.35M | 22.64M | 46.11M | -11.29M | 49.87M | 8.02M |
| Effective Tax Rate % | 19.91% | 19.63% | 17.45% | 14.93% | 14.8% | 9.85% | 98.47% | 18.08% |
| Net Income | 134.28M | 135.81M | 210.34M | 50.29M | 188.91M | -143.02M | -35.65M | 14.6M |
| Net Margin % | 2.09% | 2.15% | 3.53% | 0.93% | 3.68% | -3.44% | -1.19% | 0.69% |
| Net Income Growth % | -40.24% | -35.43% | 318.24% | -73.38% | 232.08% | -301.21% | -344.15% | - |
| Net Income (Continuing) | 229.66M | 230.13M | 299.71M | 128.98M | 265.37M | -103.33M | 774K | 36.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -3.76M | -1.25M | 390.98M | 411.42M | 411.26M | 380.19M | 382.55M | 129.47M |
| EPS (Diluted) | 0.95 | 0.96 | 1.58 | 0.35 | 1.32 | -1.01 | -0.25 | 0.10 |
| EPS Growth % | -42.07% | -39.24% | 351.43% | -73.48% | 230.69% | -304% | -350% | - |
| EPS (Basic) | - | 0.96 | 1.59 | 0.35 | 1.32 | -1.01 | -0.25 | 0.10 |
| Diluted Shares Outstanding | 141.78M | 141.45M | 132.75M | 143.26M | 143.26M | 140.96M | 140.96M | 140.96M |
| Basic Shares Outstanding | 141.27M | 140.76M | 132.44M | 143.26M | 143.26M | 140.96M | 140.96M | 140.96M |
| Dividend Payout Ratio | - | - | - | - | 92.54% | - | - | - |
Medicaid reimbursement policy volatility
As reported in recent financial filings, ARDT's revenue growth has exhibited significant volatility, fluctuating from a 19.3% expansion in 2024Q4 to a contraction of 0.1% by 2025Q4, suggesting that organic volume gains are struggling to maintain momentum against a challenging regional healthcare reimbursement environment.
The erratic nature of revenue growth indicates that the company's reliance on specific regional markets may be exposing it to localized economic or regulatory shocks. Investors should monitor whether the recent deceleration reflects a structural saturation in its core hubs or merely the lumpy timing of supplemental government payments.
Based on the provided income statement data, ARDT's gross margins have swung wildly between 42.1% and 83.6% over the last ten quarters, reflecting inconsistent accounting classifications of clinical labor costs that complicate direct comparisons with more stable, large-scale peers like HCA Healthcare.
The extreme variance in gross margin suggests that the company's cost structure is highly sensitive to how it categorizes essential clinical expenses. This lack of consistency makes it difficult to assess true pricing power, as the underlying operating margin remains thin and susceptible to inflationary pressures in the nursing labor market.
According to historical income statements, ARDT's operating income has failed to scale consistently with revenue, as evidenced by an operating margin that dipped to -10.7% in 2024Q2 before recovering to 4.7% in 2026Q1, highlighting a persistent inability to effectively leverage its high-fixed-cost clinical infrastructure.
The company's SG&A expenses appear to consume a disproportionate share of gross profit, suggesting that administrative overhead or integration costs from its joint-venture model may be hindering profitability. Without a sustained reduction in these operating costs, the firm may struggle to achieve the margin expansion necessary to justify its current valuation.
Analysis of the company's net income history reveals significant quarterly swings, including a net loss of $23.5 million in 2025Q3, which suggests that the bottom line is heavily dependent on non-operating items and the timing of supplemental government reimbursements rather than core operational efficiency.
Short-sellers would likely focus on the reliance on these lumpy, state-level supplemental payments, which can mask underlying operational weakness. The volatility in EPS, ranging from a high of $0.86 to a loss of $0.17, warrants further investigation into the sustainability of the company's current earnings profile.
Quick answers to the most common questions about buying ARDT stock.
For fiscal year 2025, Ardent Health Partners, LLC (ARDT) reported total revenue of $6.32B. This represents a 200.4% increase compared to $2.11B in 2016.
Ardent Health Partners, LLC (ARDT) is profitable, generating $135.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
Ardent Health Partners, LLC (ARDT) reported an operating income of $325.6M, resulting in an operating profit margin of 5.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ardent Health Partners, LLC (ARDT) generated $6.17B in gross profit for the year, representing a gross profit margin of 97.5%. This demonstrates the company's core pricing power and production efficiency.