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Tenet Healthcare Corporation(THC)Earnings, Financials & Key Ratios
THC•NYSE
$194.51
$17.04B mkt cap·12.6× P/E·Price updated May 6, 2026
AboutTenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies. The company also provides intensive and critical care, and coronary care units; cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics services; outpatient services, including physical therapy; cardiothoracic surgery, complex spinal surgery, neonatal intensive care, and neurosurgery services; quaternary care services in heart and kidney transplants; and limb-salvaging vascular procedure, acute level 1 trauma, intravascular stroke care, minimally invasive cardiac valve replacement, imaging, and telemedicine access services. In addition, it operates ambulatory surgery and urgent care centers, imaging centers, surgical hospitals, off-campus emergency departments, and micro-hospitals; and offers healthcare business process services in the areas of hospital and physician revenue cycle management, patient communications and engagement support, and value-based care solutions to hospitals, health systems, physician practices, employers, and other customers. As of February 09, 2022, the company operated 60 hospitals; and approximately 550 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers, and other care sites and clinics. Tenet Healthcare Corporation was incorporated in 1975 and is headquartered in Dallas, Texas.Show more
- Revenue$21.31B+3.1%
- EBITDA$4.3B-36.5%
- Net Income$1.41B-56.0%
- EPS (Diluted)15.49-52.6%
- Gross Margin82.26%+107.1%
- EBITDA Margin20.19%-38.4%
- Operating Margin16.14%-44.0%
- Net Margin6.6%-57.4%
- ROE16.06%-64.7%
- ROIC13.19%-42.2%
- Debt/Equity1.47-12.4%
- Interest Coverage4.41-40.0%
THC Key Insights
Tenet Healthcare Corporation (THC) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 24.6%
- ✓Strong 5Y profit CAGR of 28.7%
- ✓Strong Piotroski F-Score: 7/9
- ✓High quality earnings: Operating CF exceeds net income
- ✓Share count reduced 7.2% through buybacks
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
THC Price & Volume
Tenet Healthcare Corporation (THC) stock price & volume — 10-year historical chart
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THC Growth Metrics
Tenet Healthcare Corporation (THC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years1.35%
5 Years3.85%
3 Years3.58%
TTM4.56%
Profit CAGR
10 Years-
5 Years28.67%
3 Years50.71%
TTM17.04%
EPS CAGR
10 Years-
5 Years32.8%
3 Years59.88%
TTM27.18%
Return on Capital
10 Years11.09%
5 Years14.51%
3 Years16.46%
Last Year13.8%
THC Recent Earnings
Tenet Healthcare Corporation (THC) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 30, 2026EPS
$4.82
Est $4.21
+14.5%
Revenue
$5.4B
Est $5.4B
-0.5%
Q1 2026
Feb 11, 2026EPS
$4.70
Est $4.07
+15.5%
Revenue
$5.5B
Est $5.5B
+1.0%
Q4 2025
Oct 28, 2025EPS
$3.70
Est $3.34
+10.8%
Revenue
$5.3B
Est $5.3B
+0.6%
Q3 2025
Jul 22, 2025EPS
$4.02
Est $2.87
+40.1%
Revenue
$5.3B
Est $5.2B
+2.1%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $4.82vs $4.21+14.5% | $5.4Bvs $5.4B-0.5% |
| Q1 2026 | Feb 11, 2026 | $4.70vs $4.07+15.5% | $5.5Bvs $5.5B+1.0% |
| Q4 2025 | Oct 28, 2025 | $3.70vs $3.34+10.8% | $5.3Bvs $5.3B+0.6% |
| Q3 2025 | Jul 22, 2025 | $4.02vs $2.87+40.1% | $5.3Bvs $5.2B+2.1% |
Based on last 12 quarters of dataView full earnings history →
THC Peer Comparison
Tenet Healthcare Corporation (THC) competitors in Hospitals and inpatient facilities — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 HCA | 96.01B | 429.45 | 15.13 | 7.08% | 8.97% | |||
 CYH | 404.47M | 2.87 | 0.76 | -1.18% | -0.41% | |||
 UHS | 10.55B | 168.49 | 7.29 | 9.71% | 8.56% | 20.65% | 0.74 | |
 ENSG | 10.28B | 175.93 | 30.13 | 18.72% | 6.89% | 16.61% | 1.86 | |
 SEM | 2.04B | 16.43 | 13.92 | 5.12% | 2.42% | 6.57% | 1.82 | |
 ACHC | 2.33B | 25.30 | -2.08 | 5.04% | -32.84% | -40.92% | 1.24 | |
 USPH | 1.12B | 73.61 | 51.84 | 16.33% | 1.52% | 1.36% | 0.55 | |
 NHC | 2.63B | 169.41 | 22.09 | 13.23% | 6.75% | 9.57% | 0.08 |
Compare THC vs Peers
Tenet Healthcare Corporation (THC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
THC Income Statement
Tenet Healthcare Corporation (THC) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 19.18B | 18.31B | 18.48B | 17.64B | 19.48B | 19.17B | 20.55B | 20.66B | 21.31B | 21.45B |
| Revenue Growth % | -2.25% | -4.52% | 0.91% | -4.54% | 10.46% | -1.6% | 7.17% | 0.57% | 3.12% | 4.56% |
| Cost of Goods Sold | 12.38B | 11.65B | 11.77B | 11.41B | 12.22B | 12.13B | 12.74B | 12.46B | 3.78B | 12.28B |
| COGS % of Revenue | 64.58% | 63.63% | 63.67% | 64.68% | 62.7% | 63.24% | 62.02% | 60.28% | 17.74% | - |
| Gross Profit | 6.79B▲ 0% | 6.66B▼ 2.0% | 6.71B▲ 0.8% | 6.23B▼ 7.2% | 7.27B▲ 16.6% | 7.05B▼ 3.0% | 7.8B▲ 10.7% | 8.21B▲ 5.2% | 17.53B▲ 113.5% | 9.18B▲ 0% |
| Gross Margin % | 35.42% | 36.37% | 36.33% | 35.32% | 37.3% | 36.76% | 37.98% | 39.72% | 82.26% | 42.76% |
| Gross Profit Growth % | -4.86% | -1.97% | 0.81% | -7.19% | 16.64% | -3.03% | 10.74% | 5.18% | 113.55% | - |
| Operating Expenses | 5.68B | 5.02B | 5.18B | 4.24B | 4.4B | 4.71B | 5.29B | 2.25B | 14.09B | 5.71B |
| OpEx % of Revenue | 29.62% | 27.43% | 28.02% | 24.05% | 22.57% | 24.59% | 25.77% | 10.9% | 66.12% | - |
| Selling, General & Admin | 0 | 0 | 344M | 403M | 412M | 412M | 418M | 8.8B | 8.71B | 6.54B |
| SG&A % of Revenue | - | - | 1.86% | 2.28% | 2.11% | 2.15% | 2.03% | 42.59% | 40.85% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 5.68B | 5.02B | 4.83B | 3.84B | 3.98B | 4.3B | 4.88B | -6.55B | 5.39B | -1000K |
| Operating Income | 1.11B▲ 0% | 1.64B▲ 47.1% | 1.54B▼ 6.1% | 1.99B▲ 29.4% | 2.87B▲ 44.3% | 2.33B▼ 18.7% | 2.51B▲ 7.6% | 5.96B▲ 137.3% | 3.44B▼ 42.3% | 3.46B▲ 0% |
| Operating Margin % | 5.8% | 8.94% | 8.32% | 11.28% | 14.73% | 12.17% | 12.22% | 28.82% | 16.14% | 16.14% |
| Operating Income Growth % | -10.75% | 47.08% | -6.11% | 29.41% | 44.34% | -18.74% | 7.59% | 137.29% | -42.26% | - |
| EBITDA | 1.98B | 2.44B | 2.39B | 2.85B | 3.73B | 3.17B | 3.38B | 6.77B | 4.3B | 4.35B |
| EBITDA Margin % | 10.34% | 13.32% | 12.92% | 16.13% | 19.12% | 16.55% | 16.45% | 32.78% | 20.19% | 20.27% |
| EBITDA Growth % | -5.44% | 23% | -2.13% | 19.23% | 30.92% | -14.81% | 6.49% | 100.41% | -36.49% | -0.89% |
| D&A (Non-Cash Add-back) | 870M | 802M | 850M | 857M | 855M | 841M | 870M | 818M | 863M | 886M |
| EBIT | 927M | 1.63B | 1.3B | 1.67B | 2.81B | 2.23B | 2.52B | 6.07B | 3.62B | 3.52B |
| Net Interest Income | -1.03B | -1B | -985M | -1B | -923M | -890M | -901M | -826M | -821M | -822M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.03B | 1B | 985M | 1B | 923M | 890M | 901M | 826M | 821M | 822M |
| Other Income/Expense | -1.21B | -1.01B | -1.22B | -1.32B | -983M | -988M | -893M | -708M | -639M | -296M |
| Pretax Income | -101M▲ 0% | 629M▲ 722.8% | 320M▼ 49.1% | 671M▲ 109.7% | 1.89B▲ 181.4% | 1.34B▼ 28.8% | 1.62B▲ 20.2% | 5.25B▲ 224.6% | 2.8B▼ 46.6% | 3.17B▲ 0% |
| Pretax Margin % | -0.53% | 3.43% | 1.73% | 3.8% | 9.69% | 7.01% | 7.87% | 25.4% | 13.14% | 14.76% |
| Income Tax | 219M | 173M | 160M | -97M | 411M | 344M | 306M | 1.18B | 433M | 516M |
| Effective Tax Rate % | -216.83% | 27.5% | 50% | -14.46% | 21.77% | 25.58% | 18.92% | 22.56% | 15.46% | 16.29% |
| Net Income | -704M▲ 0% | 104M▲ 114.8% | -215M▼ 306.7% | 399M▲ 285.6% | 914M▲ 129.1% | 411M▼ 55.0% | 611M▲ 48.7% | 3.2B▲ 423.7% | 1.41B▼ 56.0% | 1.7B▲ 0% |
| Net Margin % | -3.67% | 0.57% | -1.16% | 2.26% | 4.69% | 2.14% | 2.97% | 15.49% | 6.6% | 7.94% |
| Net Income Growth % | -266.67% | 114.77% | -306.73% | 285.58% | 129.07% | -55.03% | 48.66% | 423.73% | -56.03% | 17.04% |
| Net Income (Continuing) | -320M | 456M | 160M | 768M | 1.48B | 1B | 1.31B | 4.06B | 2.37B | 2.65B |
| Discontinued Operations | 0 | 3M | 11M | 0 | -1M | 1M | 0 | 0 | 0 | 0 |
| Minority Interest | 2.55B | 2.23B | 2.36B | 2.86B | 3.23B | 3.47B | 3.9B | 4.38B | 4.75B | 4.04B |
| EPS (Diluted) | -7.00▲ 0% | 1.07▲ 115.3% | -2.24▼ 309.3% | 3.75▲ 267.4% | 8.42▲ 124.5% | 3.79▼ 55.0% | 5.71▲ 50.7% | 32.70▲ 472.7% | 15.49▼ 52.6% | 19.44▲ 0% |
| EPS Growth % | -262.69% | 115.29% | -309.35% | 267.41% | 124.53% | -54.99% | 50.66% | 472.68% | -52.63% | 27.18% |
| EPS (Basic) | -7.00 | 1.09 | -2.24 | 3.80 | 8.55 | 3.84 | 6.01 | 33.02 | 15.61 | - |
| Diluted Shares Outstanding | 100.59M | 103.88M | 103.4M | 106.26M | 108.57M | 110.52M | 104.8M | 97.88M | 90.83M | 87.6M |
| Basic Shares Outstanding | 100.57M | 102.11M | 103.4M | 105.01M | 106.83M | 106.93M | 101.64M | 96.9M | 90.15M | 86.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
THC Balance Sheet
Tenet Healthcare Corporation (THC) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 5.57B | 4.64B | 5.08B | 7.15B | 7.08B | 5.98B | 7.17B | 7.68B | 7.85B | 8.36B |
| Cash & Short-Term Investments | 611M | 411M | 262M | 2.45B | 2.36B | 858M | 1.23B | 3.02B | 2.88B | 2.97B |
| Cash Only | 611M | 411M | 262M | 2.45B | 2.36B | 858M | 1.23B | 3.02B | 2.88B | 2.97B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.02B | 3.09B | 3.26B | 3.35B | 3.31B | 3.46B | 3.4B | 3.05B | 2.56B | 2.6B |
| Days Sales Outstanding | 57.57 | 61.65 | 64.47 | 69.34 | 61.93 | 65.9 | 60.47 | 53.94 | 43.93 | 53.8 |
| Inventory | 289M | 305M | 310M | 368M | 384M | 405M | 411M | 346M | 348M | 343M |
| Days Inventory Outstanding | 8.52 | 9.55 | 9.62 | 11.77 | 11.47 | 12.19 | 11.77 | 10.14 | 33.6 | 10.22 |
| Other Current Assets | 1.65B | 827M | 1.25B | 982M | 769M | 856M | 1.73B | 895M | 2.05B | 2.44B |
| Total Non-Current Assets | 17.81B | 17.77B | 18.27B | 19.96B | 20.5B | 21.18B | 21.14B | 21.25B | 21.83B | 22.85B |
| Property, Plant & Equipment | 7.03B | 6.99B | 7.79B | 7.75B | 7.43B | 7.59B | 7.32B | 7.09B | 6.32B | 6.25B |
| Fixed Asset Turnover | 2.73x | 2.62x | 2.37x | 2.27x | 2.62x | 2.53x | 2.81x | 2.92x | 3.37x | 3.48x |
| Goodwill | 7.02B | 7.28B | 7.25B | 8.81B | 9.26B | 10.12B | 10.31B | 10.69B | 11.2B | 11.39B |
| Intangible Assets | 1.77B | 1.73B | 1.6B | 1.6B | 1.5B | 1.42B | 1.37B | 1.4B | 1.35B | 1.32B |
| Long-Term Investments | 1.28B | 1.23B | 1.19B | 1.23B | 2.03B | 1.83B | 1.89B | 1.81B | 2.88B | 8.82B |
| Other Non-Current Assets | 263M | 229M | 264M | 239M | 224M | 192M | 180M | 194M | 84M | 3.89B |
| Total Assets | 23.39B▲ 0% | 22.41B▼ 4.2% | 23.35B▲ 4.2% | 27.11B▲ 16.1% | 27.58B▲ 1.7% | 27.16B▼ 1.5% | 28.31B▲ 4.3% | 28.94B▲ 2.2% | 29.68B▲ 2.6% | 31.2B▲ 0% |
| Asset Turnover | 0.82x | 0.82x | 0.79x | 0.65x | 0.71x | 0.71x | 0.73x | 0.71x | 0.72x | 0.72x |
| Asset Growth % | -5.33% | -4.17% | 4.2% | 16.08% | 1.75% | -1.53% | 4.26% | 2.2% | 2.56% | 7.51% |
| Total Current Liabilities | 4.33B | 3.86B | 4.21B | 4.85B | 5.11B | 4.48B | 4.76B | 4.31B | 4.46B | 6.15B |
| Accounts Payable | 1.1B | 1.09B | 1.2B | 1.21B | 1.3B | 1.5B | 1.41B | 1.29B | 1.36B | 1.34B |
| Days Payables Outstanding | 32.3 | 34.24 | 37.35 | 38.61 | 38.84 | 45.27 | 40.33 | 37.92 | 131.32 | 40.24 |
| Short-Term Debt | 146M | 182M | 171M | 145M | 135M | 145M | 120M | 296M | 79M | 81M |
| Deferred Revenue (Current) | 0 | 0 | 61M | 659M | 959M | 110M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.75B | 2.23B | 2.52B | 2.59B | 2.51B | 2.5B | 3.01B | 2.55B | 1.81B | 3.64B |
| Current Ratio | 1.29x | 1.20x | 1.21x | 1.47x | 1.38x | 1.34x | 1.51x | 1.78x | 1.76x | 1.76x |
| Quick Ratio | 1.22x | 1.12x | 1.13x | 1.40x | 1.31x | 1.25x | 1.42x | 1.70x | 1.68x | 1.68x |
| Cash Conversion Cycle | 33.79 | 36.97 | 36.74 | 42.5 | 34.56 | 32.82 | 31.91 | 26.16 | -53.79 | 23.78 |
| Total Non-Current Liabilities | 16.65B | 16.45B | 17.16B | 19.37B | 18.21B | 18.07B | 18.04B | 16.08B | 16.24B | 16.2B |
| Long-Term Debt | 14.79B | 14.64B | 14.58B | 15.57B | 15.51B | 14.93B | 14.88B | 12.69B | 13.09B | 13.13B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.34B | 0 | 0 |
| Deferred Tax Liabilities | 36M | 36M | 27M | 29M | 36M | 217M | 326M | 227M | 0 | 698M |
| Other Non-Current Liabilities | 1.82B | 1.76B | 2.59B | 2.85B | 2.65B | 2.91B | 2.84B | 1.81B | 3.15B | 11.62B |
| Total Liabilities | 20.98B | 20.3B | 21.36B | 24.22B | 23.32B | 22.55B | 22.8B | 20.39B | 20.7B | 22.35B |
| Total Debt | 14.94B | 14.83B | 14.75B | 15.72B | 15.65B | 15.08B | 15B | 14.33B | 13.17B | 13.21B |
| Net Debt | 14.33B | 14.41B | 14.49B | 13.27B | 13.28B | 14.22B | 13.77B | 11.31B | 10.29B | 10.24B |
| Debt / Equity | 6.21x | 7.04x | 7.42x | 5.44x | 3.68x | 3.27x | 2.72x | 1.68x | 1.47x | 1.47x |
| Debt / EBITDA | 7.53x | 6.08x | 6.18x | 5.52x | 4.20x | 4.75x | 4.44x | 2.11x | 3.06x | 3.04x |
| Net Debt / EBITDA | 7.22x | 5.91x | 6.07x | 4.66x | 3.56x | 4.48x | 4.08x | 1.67x | 2.39x | 2.39x |
| Interest Coverage | 0.90x | 1.63x | 1.32x | 1.67x | 3.05x | 2.51x | 2.79x | 7.35x | 4.41x | 4.28x |
| Total Equity | 2.4B▲ 0% | 2.11B▼ 12.4% | 1.99B▼ 5.6% | 2.89B▲ 45.2% | 4.26B▲ 47.4% | 4.61B▲ 8.2% | 5.51B▲ 19.5% | 8.55B▲ 55.2% | 8.97B▲ 5.0% | 8.85B▲ 0% |
| Equity Growth % | -30.79% | -12.39% | -5.6% | 45.25% | 47.35% | 8.25% | 19.53% | 55.17% | 4.98% | 20.5% |
| Book Value per Share | 23.91 | 20.28 | 19.24 | 27.19 | 39.21 | 41.70 | 52.56 | 87.32 | 98.79 | 101.03 |
| Total Shareholders' Equity | -147M | -119M | -371M | 28M | 1.03B | 1.14B | 1.61B | 4.17B | 4.22B | 4.81B |
| Common Stock | 7M | 7M | 7M | 7M | 8M | 8M | 8M | 8M | 8M | 8M |
| Retained Earnings | -2.39B | -2.24B | -2.47B | -2.13B | -1.21B | -803M | -192M | 3.01B | 4.42B | 5.12B |
| Treasury Stock | -2.42B | -2.41B | -2.41B | -2.41B | -2.41B | -2.66B | -2.86B | -3.54B | -4.94B | -5.26B |
| Accumulated OCI | -204M | -223M | -257M | -281M | -233M | -181M | -181M | -180M | -181M | -179M |
| Minority Interest | 2.55B | 2.23B | 2.36B | 2.86B | 3.23B | 3.47B | 3.9B | 4.38B | 4.75B | 4.04B |
THC Cash Flow Statement
Tenet Healthcare Corporation (THC) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.2B | 1.05B | 1.23B | 3.41B | 1.57B | 1.08B | 2.37B | 2.05B | 3.54B | 3.54B |
| Operating CF Margin % | 6.26% | 5.73% | 6.67% | 19.31% | 8.05% | 5.65% | 11.55% | 9.91% | 16.61% | - |
| Operating CF Growth % | 115.05% | -12.58% | 17.54% | 176.32% | -53.98% | -30.93% | 119.21% | -13.77% | 72.94% | 448.74% |
| Net Income | -320M | 459M | 171M | 768M | 1.48B | 1B | 1.31B | 4.06B | 1.41B | 1.7B |
| Depreciation & Amortization | 870M | 802M | 850M | 857M | 855M | 841M | 870M | 818M | 886M | 891M |
| Stock-Based Compensation | 59M | 46M | 42M | 44M | 56M | 56M | 66M | 67M | 104M | 108M |
| Deferred Taxes | 200M | 147M | 144M | -128M | 250M | 209M | 52M | -103M | 0 | 7M |
| Other Non-Cash Items | 1.9B | -41M | 344M | 274M | -332M | 119M | 4M | -2.94B | 1.19B | 748M |
| Working Capital Changes | -1.5B | -364M | -318M | 1.59B | -737M | -1.14B | 71M | 136M | -44M | 234M |
| Change in Receivables | -1.45B | -134M | -247M | 195M | -197M | -140M | -29M | 245M | 20M | 61M |
| Change in Inventory | -35M | 17M | -94M | -145M | -52M | -64M | -139M | -86M | -73M | 93M |
| Change in Payables | -10M | -142M | 12M | 1.3B | -584M | -898M | 215M | -30M | 0 | 68M |
| Cash from Investing | 21M | -115M | -619M | -1.61B | -714M | -808M | -969M | 3.43B | -1.27B | -1.41B |
| Capital Expenditures | -707M | -617M | -670M | -540M | -658M | -762M | -751M | -931M | -1.01B | -1.02B |
| CapEx % of Revenue | 3.69% | 3.37% | 3.63% | 3.06% | 3.38% | 3.97% | 3.65% | 4.51% | 4.74% | - |
| Acquisitions | -50M | -113M | -25M | -1.18B | -1.22B | -234M | -224M | -571M | -308M | -15M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 823M | 564M | 56M | 94M | 1.24B | 204M | 60M | 4.96B | 43M | -377M |
| Cash from Financing | -1.33B | -1.13B | -763M | 385M | -936M | -1.78B | -1.03B | -3.69B | -2.4B | -2.99B |
| Debt Issued (Net) | -406M | -289M | -482M | 525M | -349M | -828M | -172M | -2.22B | -96M | -65M |
| Equity Issued (Net) | 7M | 16M | 12M | 23M | 0 | -250M | -200M | -672M | -1.44B | -1.04B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -250M | -200M | -672M | -1.44B | -1.36B |
| Other Financing | -982M | -845M | -293M | -163M | -587M | -703M | -663M | -793M | -868M | -1.89B |
| Net Change in Cash | -105M▲ 0% | -200M▼ 90.5% | -149M▲ 25.5% | 2.18B▲ 1565.8% | -82M▼ 103.8% | -1.51B▼ 1736.6% | 370M▲ 124.6% | 1.79B▲ 384.1% | -136M▼ 107.6% | -32M▲ 0% |
| Free Cash Flow | 493M▲ 0% | 432M▼ 12.4% | 563M▲ 30.3% | 2.87B▲ 409.2% | 910M▼ 68.3% | 321M▼ 64.7% | 1.62B▲ 405.6% | 1.12B▼ 31.2% | 2.53B▲ 126.7% | 3.35B▲ 0% |
| FCF Margin % | 2.57% | 2.36% | 3.05% | 16.25% | 4.67% | 1.67% | 7.9% | 5.4% | 11.87% | 15.61% |
| FCF Growth % | 255.52% | -12.37% | 30.32% | 409.24% | -68.26% | -64.73% | 405.61% | -31.24% | 126.7% | 135.51% |
| FCF per Share | 4.90 | 4.16 | 5.44 | 26.98 | 8.38 | 2.90 | 15.49 | 11.40 | 27.85 | 27.85 |
| FCF Conversion (FCF/Net Income) | -1.70x | 10.09x | -5.73x | 8.54x | 1.72x | 2.64x | 3.89x | 0.64x | 2.52x | 1.97x |
| Interest Paid | 939M | 976M | 946M | 962M | 937M | 848M | 882M | 851M | 865M | 766M |
| Taxes Paid | 56M | 25M | 12M | 12M | 92M | 161M | 243M | 1.27B | 0 | 322M |
THC Key Ratios
Tenet Healthcare Corporation (THC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -23.95% | 4.61% | -10.5% | 16.36% | 25.58% | 9.27% | 12.08% | 45.54% | 16.06% | 19.56% |
| Return on Invested Capital (ROIC) | 4.81% | 7.38% | 6.99% | 9.14% | 12.78% | 9.62% | 9.88% | 22.83% | 13.19% | 13.19% |
| Gross Margin | 35.42% | 36.37% | 36.33% | 35.32% | 37.3% | 36.76% | 37.98% | 39.72% | 82.26% | 42.76% |
| Net Margin | -3.67% | 0.57% | -1.16% | 2.26% | 4.69% | 2.14% | 2.97% | 15.49% | 6.6% | 7.94% |
| Debt / Equity | 6.21x | 7.04x | 7.42x | 5.44x | 3.68x | 3.27x | 2.72x | 1.68x | 1.47x | 1.47x |
| Interest Coverage | 0.90x | 1.63x | 1.32x | 1.67x | 3.05x | 2.51x | 2.79x | 7.35x | 4.41x | 4.28x |
| FCF Conversion | -1.70x | 10.09x | -5.73x | 8.54x | 1.72x | 2.64x | 3.89x | 0.64x | 2.52x | 1.97x |
| Revenue Growth | -2.25% | -4.52% | 0.91% | -4.54% | 10.46% | -1.6% | 7.17% | 0.57% | 3.12% | 4.56% |
THC SEC Filings & Documents
Tenet Healthcare Corporation (THC) SEC filings — annual & quarterly reports (10-K, 10-Q)
THC Frequently Asked Questions
Tenet Healthcare Corporation (THC) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Tenet Healthcare Corporation (THC) reported $21.45B in revenue for fiscal year 2025. This represents a 178% increase from $7.71B in 1995.
Tenet Healthcare Corporation (THC) grew revenue by 3.1% over the past year. Growth has been modest.
Yes, Tenet Healthcare Corporation (THC) is profitable, generating $1.70B in net income for fiscal year 2025 (6.6% net margin).
Dividend & Returns
Tenet Healthcare Corporation (THC) has a return on equity (ROE) of 16.1%. This is reasonable for most industries.
Tenet Healthcare Corporation (THC) generated $3.35B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
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