Tenet Healthcare Corporation (THC) 10-Year Financial Performance & Capital Metrics

THC •

HealthcareHealthcare FacilitiesHospitals and inpatient facilities

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 $4.37B -35.5%
Net Income $1.41B -56.0%
EPS (Diluted) 15.49 -52.6%
Gross Margin 41.41% +4.3%
EBITDA Margin 20.51% -37.4%
Operating Margin 16.46% -42.9%
Net Margin 6.6% -57.4%
ROE 16.06% -64.7%
ROIC 13.45% -41.1%
Debt/Equity 1.47 -12.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial 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
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.35%

5Y3.85%

3Y3.58%

TTM3.12%

Profit (Net Income) CAGR

10Y-

5Y28.67%

3Y50.71%

TTM-56.03%

EPS CAGR

10Y-

5Y32.8%

3Y59.88%

TTM-51.94%

ROCE

10Y Avg11.11%

5Y Avg14.57%

3Y Avg16.55%

Latest14.08%

Peer Comparison

Hospitals and inpatient facilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UHTUniversal Health Realty Income Trust	605.21M	43.62	34.35	-100%	11.84%	11.56%	8.11%
HCAHCA Healthcare, Inc.	118.45B	529.70	18.66	7.08%	8.97%		6.49%
THCTenet Healthcare Corporation	21.04B	239.39	15.45	3.12%	6.6%	15.68%	12.03%	1.47
AUNAAuna S.A.	160.71M	5.34	10.99	14.47%	4.33%	10.05%	100%	2.32
UHSUniversal Health Services, Inc.	2.58M	206.10	8.92	9.71%	8.57%	20.09%	100%	0.70
ARDTArdent Health Partners, LLC	1.34B	9.39	5.94	10.29%	3.24%	12.57%	9.51%	1.50
CYHCommunity Health Systems, Inc.	484.81M	3.46	0.92	-1.18%	4.08%		42.9%
ACHCAcadia Healthcare Company, Inc.	2.12B	23.44	-1.93	5.04%	-33.29%	-51.52%		1.23

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	19.62B	19.18B	18.31B	18.48B	17.64B	19.48B	19.17B	20.55B	20.66B	21.31B
Revenue Growth %	5.3%	-2.25%	-4.52%	0.91%	-4.54%	10.46%	-1.6%	7.17%	0.57%	3.12%
Cost of Goods Sold+	12.48B	12.38B	11.65B	11.77B	11.41B	12.22B	12.13B	12.74B	12.46B	12.48B
COGS % of Revenue	63.61%	64.58%	63.63%	63.67%	64.68%	62.7%	63.24%	62.02%	60.28%	58.59%
Gross Profit+	7.14B	6.79B	6.66B	6.71B	6.23B	7.27B	7.05B	7.8B	8.21B	8.82B
Gross Margin %	36.39%	35.42%	36.37%	36.33%	35.32%	37.3%	36.76%	37.98%	39.72%	41.41%
Gross Profit Growth %	6.89%	-4.86%	-1.97%	0.81%	-7.19%	16.64%	-3.03%	10.74%	5.18%	7.5%
Operating Expenses+	5.89B	5.68B	5.02B	5.18B	4.24B	4.4B	4.71B	5.29B	2.25B	5.32B
OpEx % of Revenue	30.04%	29.62%	27.43%	28.02%	24.05%	22.57%	24.59%	25.77%	10.9%	24.95%
Selling, General & Admin	315M	0	0	344M	403M	412M	412M	418M	8.8B	0
SG&A % of Revenue	1.61%	-	-	1.86%	2.28%	2.11%	2.15%	2.03%	42.59%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.58B	5.68B	5.02B	4.83B	3.84B	3.98B	4.3B	4.88B	-6.55B	5.32B
Operating Income+	1.25B	1.11B	1.64B	1.54B	1.99B	2.87B	2.33B	2.51B	5.96B	3.51B
Operating Margin %	6.36%	5.8%	8.94%	8.32%	11.28%	14.73%	12.17%	12.22%	28.82%	16.46%
Operating Income Growth %	15.78%	-10.75%	47.08%	-6.11%	29.41%	44.34%	-18.74%	7.59%	137.29%	-41.1%
EBITDA+	2.1B	1.98B	2.44B	2.39B	2.85B	3.73B	3.17B	3.38B	6.77B	4.37B
EBITDA Margin %	10.69%	10.34%	13.32%	12.92%	16.13%	19.12%	16.55%	16.45%	32.78%	20.51%
EBITDA Growth %	11.9%	-5.44%	23%	-2.13%	19.23%	30.92%	-14.81%	6.49%	100.41%	-35.47%
D&A (Non-Cash Add-back)	850M	870M	802M	850M	857M	855M	841M	870M	818M	863M
EBIT	1.23B	927M	1.63B	1.3B	1.67B	2.81B	2.23B	2.52B	6.07B	3.44B
Net Interest Income+	-979M	-1.03B	-1B	-985M	-1B	-923M	-890M	-901M	-826M	-821M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	979M	1.03B	1B	985M	1B	923M	890M	901M	826M	0
Other Income/Expense	-999M	-1.21B	-1.01B	-1.22B	-1.32B	-983M	-988M	-893M	-708M	-708M
Pretax Income+	248M	-101M	629M	320M	671M	1.89B	1.34B	1.62B	5.25B	2.8B
Pretax Margin %	1.26%	-0.53%	3.43%	1.73%	3.8%	9.69%	7.01%	7.87%	25.4%	13.14%
Income Tax+	67M	219M	173M	160M	-97M	411M	344M	306M	1.18B	433M
Effective Tax Rate %	-77.42%	697.03%	16.53%	-67.19%	59.46%	48.41%	30.56%	37.79%	60.98%	50.25%
Net Income+	-192M	-704M	104M	-215M	399M	914M	411M	611M	3.2B	1.41B
Net Margin %	-0.98%	-3.67%	0.57%	-1.16%	2.26%	4.69%	2.14%	2.97%	15.49%	6.6%
Net Income Growth %	-37.14%	-266.67%	114.77%	-306.73%	285.58%	129.07%	-55.03%	48.66%	423.73%	-56.03%
Net Income (Continuing)	181M	-320M	456M	160M	768M	1.48B	1B	1.31B	4.06B	2.37B
Discontinued Operations	0	0	3M	11M	0	-1M	1M	0	0	0
Minority Interest	3.06B	2.55B	2.23B	2.36B	2.86B	3.23B	3.47B	3.9B	4.38B	4.75B
EPS (Diluted)+	-1.93	-7.00	1.07	-2.24	3.75	8.42	3.79	5.71	32.70	15.49
EPS Growth %	-36.88%	-262.69%	115.29%	-309.35%	267.41%	124.53%	-54.99%	50.66%	472.68%	-52.63%
EPS (Basic)	-1.93	-7.00	1.09	-2.24	3.80	8.55	3.84	6.01	33.02	15.61
Diluted Shares Outstanding	99.32M	100.59M	103.88M	103.4M	106.26M	108.57M	110.52M	104.8M	97.88M	90.83M
Basic Shares Outstanding	99.32M	100.57M	102.11M	103.4M	105.01M	106.83M	106.93M	101.64M	96.9M	90.83M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	5.26B	5.57B	4.64B	5.08B	7.15B	7.08B	5.98B	7.17B	7.68B	7.85B
Cash & Short-Term Investments	716M	611M	411M	262M	2.45B	2.36B	858M	1.23B	3.02B	2.88B
Cash Only	716M	611M	411M	262M	2.45B	2.36B	858M	1.23B	3.02B	2.88B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.43B	3.02B	3.09B	3.26B	3.35B	3.31B	3.46B	3.4B	3.05B	2.56B
Days Sales Outstanding	63.84	57.57	61.65	64.47	69.34	61.93	65.9	60.47	53.94	43.93
Inventory	326M	289M	305M	310M	368M	384M	405M	411M	346M	348M
Days Inventory Outstanding	9.53	8.52	9.55	9.62	11.77	11.47	12.19	11.77	10.14	10.17
Other Current Assets	783M	1.65B	827M	1.25B	982M	769M	856M	1.73B	895M	2.05B
Total Non-Current Assets+	19.44B	17.81B	17.77B	18.27B	19.96B	20.5B	21.18B	21.14B	21.25B	21.83B
Property, Plant & Equipment	8.05B	7.03B	6.99B	7.79B	7.75B	7.43B	7.59B	7.32B	7.09B	6.32B
Fixed Asset Turnover	2.44x	2.73x	2.62x	2.37x	2.27x	2.62x	2.53x	2.81x	2.92x	3.37x
Goodwill	7.42B	7.02B	7.28B	7.25B	8.81B	9.26B	10.12B	10.31B	10.69B	11.2B
Intangible Assets	1.84B	1.77B	1.73B	1.6B	1.6B	1.5B	1.42B	1.37B	1.4B	1.35B
Long-Term Investments	984M	1.28B	1.23B	1.19B	1.23B	2.03B	1.83B	1.89B	1.81B	2.88B
Other Non-Current Assets	266M	263M	229M	264M	239M	224M	192M	180M	194M	84M
Total Assets+	24.7B	23.39B	22.41B	23.35B	27.11B	27.58B	27.16B	28.31B	28.94B	29.68B
Asset Turnover	0.79x	0.82x	0.82x	0.79x	0.65x	0.71x	0.71x	0.73x	0.71x	0.72x
Asset Growth %	4.3%	-5.33%	-4.17%	4.2%	16.08%	1.75%	-1.53%	4.26%	2.2%	2.56%
Total Current Liabilities+	4.03B	4.33B	3.86B	4.21B	4.85B	5.11B	4.48B	4.76B	4.31B	4.46B
Accounts Payable	1.19B	1.1B	1.09B	1.2B	1.21B	1.3B	1.5B	1.41B	1.29B	1.36B
Days Payables Outstanding	34.75	32.3	34.24	37.35	38.61	38.84	45.27	40.33	37.92	39.76
Short-Term Debt	191M	146M	182M	171M	145M	135M	145M	120M	296M	79M
Deferred Revenue (Current)	0	0	0	61M	659M	959M	110M	0	0	0
Other Current Liabilities	2.3B	2.75B	2.23B	2.52B	2.59B	2.51B	2.5B	3.01B	2.55B	1.81B
Current Ratio	1.30x	1.29x	1.20x	1.21x	1.47x	1.38x	1.34x	1.51x	1.78x	1.76x
Quick Ratio	1.22x	1.22x	1.12x	1.13x	1.40x	1.31x	1.25x	1.42x	1.70x	1.68x
Cash Conversion Cycle	38.63	33.79	36.97	36.74	42.5	34.56	32.82	31.91	26.16	14.35
Total Non-Current Liabilities+	17.19B	16.65B	16.45B	17.16B	19.37B	18.21B	18.07B	18.04B	16.08B	16.24B
Long-Term Debt	15.06B	14.79B	14.64B	14.58B	15.57B	15.51B	14.93B	14.88B	12.69B	13.09B
Capital Lease Obligations	0	0	0	0	0	0	0	0	1.34B	0
Deferred Tax Liabilities	279M	36M	36M	27M	29M	36M	217M	326M	227M	0
Other Non-Current Liabilities	1.85B	1.82B	1.76B	2.59B	2.85B	2.65B	2.91B	2.84B	1.81B	3.15B
Total Liabilities	21.23B	20.98B	20.3B	21.36B	24.22B	23.32B	22.55B	22.8B	20.39B	20.7B
Total Debt+	15.26B	14.94B	14.83B	14.75B	15.72B	15.65B	15.08B	15B	14.33B	13.17B
Net Debt	14.54B	14.33B	14.41B	14.49B	13.27B	13.28B	14.22B	13.77B	11.31B	10.29B
Debt / Equity	4.39x	6.21x	7.04x	7.42x	5.44x	3.68x	3.27x	2.72x	1.68x	1.47x
Debt / EBITDA	7.27x	7.53x	6.08x	6.18x	5.52x	4.20x	4.75x	4.44x	2.11x	3.01x
Net Debt / EBITDA	6.93x	7.22x	5.91x	6.07x	4.66x	3.56x	4.48x	4.08x	1.67x	2.35x
Interest Coverage	1.27x	1.08x	1.63x	1.56x	1.98x	3.11x	2.62x	2.79x	7.21x	-
Total Equity+	3.48B	2.4B	2.11B	1.99B	2.89B	4.26B	4.61B	5.51B	8.55B	8.97B
Equity Growth %	7.79%	-30.79%	-12.39%	-5.6%	45.25%	47.35%	8.25%	19.53%	55.17%	4.98%
Book Value per Share	34.99	23.91	20.28	19.24	27.19	39.21	41.70	52.56	87.32	98.79
Total Shareholders' Equity	417M	-147M	-119M	-371M	28M	1.03B	1.14B	1.61B	4.17B	4.22B
Common Stock	7M	7M	7M	7M	7M	8M	8M	8M	8M	8M
Retained Earnings	-1.74B	-2.39B	-2.24B	-2.47B	-2.13B	-1.21B	-803M	-192M	3.01B	4.42B
Treasury Stock	-2.42B	-2.42B	-2.41B	-2.41B	-2.41B	-2.41B	-2.66B	-2.86B	-3.54B	-4.94B
Accumulated OCI	-258M	-204M	-223M	-257M	-281M	-233M	-181M	-181M	-180M	-181M
Minority Interest	3.06B	2.55B	2.23B	2.36B	2.86B	3.23B	3.47B	3.9B	4.38B	4.75B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	558M	1.2B	1.05B	1.23B	3.41B	1.57B	1.08B	2.37B	2.05B	3.54B
Operating CF Margin %	2.84%	6.26%	5.73%	6.67%	19.31%	8.05%	5.65%	11.55%	9.91%	16.61%
Operating CF Growth %	-45.61%	115.05%	-12.58%	17.54%	176.32%	-53.98%	-30.93%	119.21%	-13.77%	72.94%
Net Income	176M	-320M	459M	171M	768M	1.48B	1B	1.31B	4.06B	1.41B
Depreciation & Amortization	850M	870M	802M	850M	857M	855M	841M	870M	818M	886M
Stock-Based Compensation	68M	59M	46M	42M	44M	56M	56M	66M	67M	104M
Deferred Taxes	41M	200M	147M	144M	-128M	250M	209M	52M	-103M	0
Other Non-Cash Items	1.13B	1.9B	-41M	344M	274M	-332M	119M	4M	-2.94B	1.19B
Working Capital Changes	-1.71B	-1.5B	-364M	-318M	1.59B	-737M	-1.14B	71M	136M	-44M
Change in Receivables	-1.6B	-1.45B	-134M	-247M	195M	-197M	-140M	-29M	245M	20M
Change in Inventory	-83M	-35M	17M	-94M	-145M	-52M	-64M	-139M	-86M	-73M
Change in Payables	-51M	-10M	-142M	12M	1.3B	-584M	-898M	215M	-30M	0
Cash from Investing+	-430M	21M	-115M	-619M	-1.61B	-714M	-808M	-969M	3.43B	-1.27B
Capital Expenditures	-875M	-707M	-617M	-670M	-540M	-658M	-762M	-751M	-931M	-1.01B
CapEx % of Revenue	4.46%	3.69%	3.37%	3.63%	3.06%	3.38%	3.97%	3.65%	4.51%	4.74%
Acquisitions	-156M	-50M	-113M	-25M	-1.18B	-1.22B	-234M	-224M	-571M	-308M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	539M	823M	564M	56M	94M	1.24B	204M	60M	4.96B	43M
Cash from Financing+	232M	-1.33B	-1.13B	-763M	385M	-936M	-1.78B	-1.03B	-3.69B	-2.4B
Debt Issued (Net)	606M	-406M	-289M	-482M	525M	-349M	-828M	-172M	-2.22B	-96M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	0	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	-250M	-200M	-672M	-1.44B
Other Financing	-374M	-982M	-845M	-293M	-163M	-587M	-703M	-663M	-793M	-868M
Net Change in Cash	360M	-105M	-200M	-149M	2.18B	-82M	-1.51B	370M	1.79B	-136M
Free Cash Flow+	-317M	493M	432M	563M	2.87B	910M	321M	1.62B	1.12B	2.53B
FCF Margin %	-1.62%	2.57%	2.36%	3.05%	16.25%	4.67%	1.67%	7.9%	5.4%	11.87%
FCF Growth %	-272.28%	255.52%	-12.37%	30.32%	409.24%	-68.26%	-64.73%	405.61%	-31.24%	126.7%
FCF per Share	-3.19	4.90	4.16	5.44	26.98	8.38	2.90	15.49	11.40	27.85
FCF Conversion (FCF/Net Income)	-2.91x	-1.70x	10.09x	-5.73x	8.54x	1.72x	2.64x	3.89x	0.64x	2.52x
Interest Paid	932M	939M	976M	946M	962M	937M	848M	882M	851M	865M
Taxes Paid	33M	56M	25M	12M	12M	92M	161M	243M	1.27B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-5.73%	-23.95%	4.61%	-10.5%	16.36%	25.58%	9.27%	12.08%	45.54%	16.06%
Return on Invested Capital (ROIC)	5.29%	4.81%	7.38%	6.99%	9.14%	12.78%	9.62%	9.88%	22.83%	13.45%
Gross Margin	36.39%	35.42%	36.37%	36.33%	35.32%	37.3%	36.76%	37.98%	39.72%	41.41%
Net Margin	-0.98%	-3.67%	0.57%	-1.16%	2.26%	4.69%	2.14%	2.97%	15.49%	6.6%
Debt / Equity	4.39x	6.21x	7.04x	7.42x	5.44x	3.68x	3.27x	2.72x	1.68x	1.47x
Interest Coverage	1.27x	1.08x	1.63x	1.56x	1.98x	3.11x	2.62x	2.79x	7.21x	-
FCF Conversion	-2.91x	-1.70x	10.09x	-5.73x	8.54x	1.72x	2.64x	3.89x	0.64x	2.52x
Revenue Growth	5.3%	-2.25%	-4.52%	0.91%	-4.54%	10.46%	-1.6%	7.17%	0.57%	3.12%

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Tenet Healthcare Corporation (THC) 10-Year Financial Performance & Capital Metrics

THC •

HealthcareHealthcare FacilitiesHospitals and inpatient facilities

Revenue $21.31B +3.1%
EBITDA $4.37B -35.5%
Net Income $1.41B -56.0%
EPS (Diluted) 15.49 -52.6%
Gross Margin 41.41% +4.3%
EBITDA Margin 20.51% -37.4%
Operating Margin 16.46% -42.9%
Net Margin 6.6% -57.4%
ROE 16.06% -64.7%
ROIC 13.45% -41.1%
Debt/Equity 1.47 -12.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial 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
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.35%

5Y3.85%

3Y3.58%

TTM3.12%

Profit (Net Income) CAGR

10Y-

5Y28.67%

3Y50.71%

TTM-56.03%

EPS CAGR

10Y-

5Y32.8%

3Y59.88%

TTM-51.94%

ROCE

10Y Avg11.11%

5Y Avg14.57%

3Y Avg16.55%

Latest14.08%

Peer Comparison

Hospitals and inpatient facilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UHTUniversal Health Realty Income Trust	605.21M	43.62	34.35	-100%	11.84%	11.56%	8.11%
HCAHCA Healthcare, Inc.	118.45B	529.70	18.66	7.08%	8.97%		6.49%
THCTenet Healthcare Corporation	21.04B	239.39	15.45	3.12%	6.6%	15.68%	12.03%	1.47
AUNAAuna S.A.	160.71M	5.34	10.99	14.47%	4.33%	10.05%	100%	2.32
UHSUniversal Health Services, Inc.	2.58M	206.10	8.92	9.71%	8.57%	20.09%	100%	0.70
ARDTArdent Health Partners, LLC	1.34B	9.39	5.94	10.29%	3.24%	12.57%	9.51%	1.50
CYHCommunity Health Systems, Inc.	484.81M	3.46	0.92	-1.18%	4.08%		42.9%
ACHCAcadia Healthcare Company, Inc.	2.12B	23.44	-1.93	5.04%	-33.29%	-51.52%		1.23

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	19.62B	19.18B	18.31B	18.48B	17.64B	19.48B	19.17B	20.55B	20.66B	21.31B
Revenue Growth %	5.3%	-2.25%	-4.52%	0.91%	-4.54%	10.46%	-1.6%	7.17%	0.57%	3.12%
Cost of Goods Sold+	12.48B	12.38B	11.65B	11.77B	11.41B	12.22B	12.13B	12.74B	12.46B	12.48B
COGS % of Revenue	63.61%	64.58%	63.63%	63.67%	64.68%	62.7%	63.24%	62.02%	60.28%	58.59%
Gross Profit+	7.14B	6.79B	6.66B	6.71B	6.23B	7.27B	7.05B	7.8B	8.21B	8.82B
Gross Margin %	36.39%	35.42%	36.37%	36.33%	35.32%	37.3%	36.76%	37.98%	39.72%	41.41%
Gross Profit Growth %	6.89%	-4.86%	-1.97%	0.81%	-7.19%	16.64%	-3.03%	10.74%	5.18%	7.5%
Operating Expenses+	5.89B	5.68B	5.02B	5.18B	4.24B	4.4B	4.71B	5.29B	2.25B	5.32B
OpEx % of Revenue	30.04%	29.62%	27.43%	28.02%	24.05%	22.57%	24.59%	25.77%	10.9%	24.95%
Selling, General & Admin	315M	0	0	344M	403M	412M	412M	418M	8.8B	0
SG&A % of Revenue	1.61%	-	-	1.86%	2.28%	2.11%	2.15%	2.03%	42.59%	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.58B	5.68B	5.02B	4.83B	3.84B	3.98B	4.3B	4.88B	-6.55B	5.32B
Operating Income+	1.25B	1.11B	1.64B	1.54B	1.99B	2.87B	2.33B	2.51B	5.96B	3.51B
Operating Margin %	6.36%	5.8%	8.94%	8.32%	11.28%	14.73%	12.17%	12.22%	28.82%	16.46%
Operating Income Growth %	15.78%	-10.75%	47.08%	-6.11%	29.41%	44.34%	-18.74%	7.59%	137.29%	-41.1%
EBITDA+	2.1B	1.98B	2.44B	2.39B	2.85B	3.73B	3.17B	3.38B	6.77B	4.37B
EBITDA Margin %	10.69%	10.34%	13.32%	12.92%	16.13%	19.12%	16.55%	16.45%	32.78%	20.51%
EBITDA Growth %	11.9%	-5.44%	23%	-2.13%	19.23%	30.92%	-14.81%	6.49%	100.41%	-35.47%
D&A (Non-Cash Add-back)	850M	870M	802M	850M	857M	855M	841M	870M	818M	863M
EBIT	1.23B	927M	1.63B	1.3B	1.67B	2.81B	2.23B	2.52B	6.07B	3.44B
Net Interest Income+	-979M	-1.03B	-1B	-985M	-1B	-923M	-890M	-901M	-826M	-821M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	979M	1.03B	1B	985M	1B	923M	890M	901M	826M	0
Other Income/Expense	-999M	-1.21B	-1.01B	-1.22B	-1.32B	-983M	-988M	-893M	-708M	-708M
Pretax Income+	248M	-101M	629M	320M	671M	1.89B	1.34B	1.62B	5.25B	2.8B
Pretax Margin %	1.26%	-0.53%	3.43%	1.73%	3.8%	9.69%	7.01%	7.87%	25.4%	13.14%
Income Tax+	67M	219M	173M	160M	-97M	411M	344M	306M	1.18B	433M
Effective Tax Rate %	-77.42%	697.03%	16.53%	-67.19%	59.46%	48.41%	30.56%	37.79%	60.98%	50.25%
Net Income+	-192M	-704M	104M	-215M	399M	914M	411M	611M	3.2B	1.41B
Net Margin %	-0.98%	-3.67%	0.57%	-1.16%	2.26%	4.69%	2.14%	2.97%	15.49%	6.6%
Net Income Growth %	-37.14%	-266.67%	114.77%	-306.73%	285.58%	129.07%	-55.03%	48.66%	423.73%	-56.03%
Net Income (Continuing)	181M	-320M	456M	160M	768M	1.48B	1B	1.31B	4.06B	2.37B
Discontinued Operations	0	0	3M	11M	0	-1M	1M	0	0	0
Minority Interest	3.06B	2.55B	2.23B	2.36B	2.86B	3.23B	3.47B	3.9B	4.38B	4.75B
EPS (Diluted)+	-1.93	-7.00	1.07	-2.24	3.75	8.42	3.79	5.71	32.70	15.49
EPS Growth %	-36.88%	-262.69%	115.29%	-309.35%	267.41%	124.53%	-54.99%	50.66%	472.68%	-52.63%
EPS (Basic)	-1.93	-7.00	1.09	-2.24	3.80	8.55	3.84	6.01	33.02	15.61
Diluted Shares Outstanding	99.32M	100.59M	103.88M	103.4M	106.26M	108.57M	110.52M	104.8M	97.88M	90.83M
Basic Shares Outstanding	99.32M	100.57M	102.11M	103.4M	105.01M	106.83M	106.93M	101.64M	96.9M	90.83M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	5.26B	5.57B	4.64B	5.08B	7.15B	7.08B	5.98B	7.17B	7.68B	7.85B
Cash & Short-Term Investments	716M	611M	411M	262M	2.45B	2.36B	858M	1.23B	3.02B	2.88B
Cash Only	716M	611M	411M	262M	2.45B	2.36B	858M	1.23B	3.02B	2.88B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.43B	3.02B	3.09B	3.26B	3.35B	3.31B	3.46B	3.4B	3.05B	2.56B
Days Sales Outstanding	63.84	57.57	61.65	64.47	69.34	61.93	65.9	60.47	53.94	43.93
Inventory	326M	289M	305M	310M	368M	384M	405M	411M	346M	348M
Days Inventory Outstanding	9.53	8.52	9.55	9.62	11.77	11.47	12.19	11.77	10.14	10.17
Other Current Assets	783M	1.65B	827M	1.25B	982M	769M	856M	1.73B	895M	2.05B
Total Non-Current Assets+	19.44B	17.81B	17.77B	18.27B	19.96B	20.5B	21.18B	21.14B	21.25B	21.83B
Property, Plant & Equipment	8.05B	7.03B	6.99B	7.79B	7.75B	7.43B	7.59B	7.32B	7.09B	6.32B
Fixed Asset Turnover	2.44x	2.73x	2.62x	2.37x	2.27x	2.62x	2.53x	2.81x	2.92x	3.37x
Goodwill	7.42B	7.02B	7.28B	7.25B	8.81B	9.26B	10.12B	10.31B	10.69B	11.2B
Intangible Assets	1.84B	1.77B	1.73B	1.6B	1.6B	1.5B	1.42B	1.37B	1.4B	1.35B
Long-Term Investments	984M	1.28B	1.23B	1.19B	1.23B	2.03B	1.83B	1.89B	1.81B	2.88B
Other Non-Current Assets	266M	263M	229M	264M	239M	224M	192M	180M	194M	84M
Total Assets+	24.7B	23.39B	22.41B	23.35B	27.11B	27.58B	27.16B	28.31B	28.94B	29.68B
Asset Turnover	0.79x	0.82x	0.82x	0.79x	0.65x	0.71x	0.71x	0.73x	0.71x	0.72x
Asset Growth %	4.3%	-5.33%	-4.17%	4.2%	16.08%	1.75%	-1.53%	4.26%	2.2%	2.56%
Total Current Liabilities+	4.03B	4.33B	3.86B	4.21B	4.85B	5.11B	4.48B	4.76B	4.31B	4.46B
Accounts Payable	1.19B	1.1B	1.09B	1.2B	1.21B	1.3B	1.5B	1.41B	1.29B	1.36B
Days Payables Outstanding	34.75	32.3	34.24	37.35	38.61	38.84	45.27	40.33	37.92	39.76
Short-Term Debt	191M	146M	182M	171M	145M	135M	145M	120M	296M	79M
Deferred Revenue (Current)	0	0	0	61M	659M	959M	110M	0	0	0
Other Current Liabilities	2.3B	2.75B	2.23B	2.52B	2.59B	2.51B	2.5B	3.01B	2.55B	1.81B
Current Ratio	1.30x	1.29x	1.20x	1.21x	1.47x	1.38x	1.34x	1.51x	1.78x	1.76x
Quick Ratio	1.22x	1.22x	1.12x	1.13x	1.40x	1.31x	1.25x	1.42x	1.70x	1.68x
Cash Conversion Cycle	38.63	33.79	36.97	36.74	42.5	34.56	32.82	31.91	26.16	14.35
Total Non-Current Liabilities+	17.19B	16.65B	16.45B	17.16B	19.37B	18.21B	18.07B	18.04B	16.08B	16.24B
Long-Term Debt	15.06B	14.79B	14.64B	14.58B	15.57B	15.51B	14.93B	14.88B	12.69B	13.09B
Capital Lease Obligations	0	0	0	0	0	0	0	0	1.34B	0
Deferred Tax Liabilities	279M	36M	36M	27M	29M	36M	217M	326M	227M	0
Other Non-Current Liabilities	1.85B	1.82B	1.76B	2.59B	2.85B	2.65B	2.91B	2.84B	1.81B	3.15B
Total Liabilities	21.23B	20.98B	20.3B	21.36B	24.22B	23.32B	22.55B	22.8B	20.39B	20.7B
Total Debt+	15.26B	14.94B	14.83B	14.75B	15.72B	15.65B	15.08B	15B	14.33B	13.17B
Net Debt	14.54B	14.33B	14.41B	14.49B	13.27B	13.28B	14.22B	13.77B	11.31B	10.29B
Debt / Equity	4.39x	6.21x	7.04x	7.42x	5.44x	3.68x	3.27x	2.72x	1.68x	1.47x
Debt / EBITDA	7.27x	7.53x	6.08x	6.18x	5.52x	4.20x	4.75x	4.44x	2.11x	3.01x
Net Debt / EBITDA	6.93x	7.22x	5.91x	6.07x	4.66x	3.56x	4.48x	4.08x	1.67x	2.35x
Interest Coverage	1.27x	1.08x	1.63x	1.56x	1.98x	3.11x	2.62x	2.79x	7.21x	-
Total Equity+	3.48B	2.4B	2.11B	1.99B	2.89B	4.26B	4.61B	5.51B	8.55B	8.97B
Equity Growth %	7.79%	-30.79%	-12.39%	-5.6%	45.25%	47.35%	8.25%	19.53%	55.17%	4.98%
Book Value per Share	34.99	23.91	20.28	19.24	27.19	39.21	41.70	52.56	87.32	98.79
Total Shareholders' Equity	417M	-147M	-119M	-371M	28M	1.03B	1.14B	1.61B	4.17B	4.22B
Common Stock	7M	7M	7M	7M	7M	8M	8M	8M	8M	8M
Retained Earnings	-1.74B	-2.39B	-2.24B	-2.47B	-2.13B	-1.21B	-803M	-192M	3.01B	4.42B
Treasury Stock	-2.42B	-2.42B	-2.41B	-2.41B	-2.41B	-2.41B	-2.66B	-2.86B	-3.54B	-4.94B
Accumulated OCI	-258M	-204M	-223M	-257M	-281M	-233M	-181M	-181M	-180M	-181M
Minority Interest	3.06B	2.55B	2.23B	2.36B	2.86B	3.23B	3.47B	3.9B	4.38B	4.75B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	558M	1.2B	1.05B	1.23B	3.41B	1.57B	1.08B	2.37B	2.05B	3.54B
Operating CF Margin %	2.84%	6.26%	5.73%	6.67%	19.31%	8.05%	5.65%	11.55%	9.91%	16.61%
Operating CF Growth %	-45.61%	115.05%	-12.58%	17.54%	176.32%	-53.98%	-30.93%	119.21%	-13.77%	72.94%
Net Income	176M	-320M	459M	171M	768M	1.48B	1B	1.31B	4.06B	1.41B
Depreciation & Amortization	850M	870M	802M	850M	857M	855M	841M	870M	818M	886M
Stock-Based Compensation	68M	59M	46M	42M	44M	56M	56M	66M	67M	104M
Deferred Taxes	41M	200M	147M	144M	-128M	250M	209M	52M	-103M	0
Other Non-Cash Items	1.13B	1.9B	-41M	344M	274M	-332M	119M	4M	-2.94B	1.19B
Working Capital Changes	-1.71B	-1.5B	-364M	-318M	1.59B	-737M	-1.14B	71M	136M	-44M
Change in Receivables	-1.6B	-1.45B	-134M	-247M	195M	-197M	-140M	-29M	245M	20M
Change in Inventory	-83M	-35M	17M	-94M	-145M	-52M	-64M	-139M	-86M	-73M
Change in Payables	-51M	-10M	-142M	12M	1.3B	-584M	-898M	215M	-30M	0
Cash from Investing+	-430M	21M	-115M	-619M	-1.61B	-714M	-808M	-969M	3.43B	-1.27B
Capital Expenditures	-875M	-707M	-617M	-670M	-540M	-658M	-762M	-751M	-931M	-1.01B
CapEx % of Revenue	4.46%	3.69%	3.37%	3.63%	3.06%	3.38%	3.97%	3.65%	4.51%	4.74%
Acquisitions	-156M	-50M	-113M	-25M	-1.18B	-1.22B	-234M	-224M	-571M	-308M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	539M	823M	564M	56M	94M	1.24B	204M	60M	4.96B	43M
Cash from Financing+	232M	-1.33B	-1.13B	-763M	385M	-936M	-1.78B	-1.03B	-3.69B	-2.4B
Debt Issued (Net)	606M	-406M	-289M	-482M	525M	-349M	-828M	-172M	-2.22B	-96M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	0	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	-250M	-200M	-672M	-1.44B
Other Financing	-374M	-982M	-845M	-293M	-163M	-587M	-703M	-663M	-793M	-868M
Net Change in Cash	360M	-105M	-200M	-149M	2.18B	-82M	-1.51B	370M	1.79B	-136M
Free Cash Flow+	-317M	493M	432M	563M	2.87B	910M	321M	1.62B	1.12B	2.53B
FCF Margin %	-1.62%	2.57%	2.36%	3.05%	16.25%	4.67%	1.67%	7.9%	5.4%	11.87%
FCF Growth %	-272.28%	255.52%	-12.37%	30.32%	409.24%	-68.26%	-64.73%	405.61%	-31.24%	126.7%
FCF per Share	-3.19	4.90	4.16	5.44	26.98	8.38	2.90	15.49	11.40	27.85
FCF Conversion (FCF/Net Income)	-2.91x	-1.70x	10.09x	-5.73x	8.54x	1.72x	2.64x	3.89x	0.64x	2.52x
Interest Paid	932M	939M	976M	946M	962M	937M	848M	882M	851M	865M
Taxes Paid	33M	56M	25M	12M	12M	92M	161M	243M	1.27B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-5.73%	-23.95%	4.61%	-10.5%	16.36%	25.58%	9.27%	12.08%	45.54%	16.06%
Return on Invested Capital (ROIC)	5.29%	4.81%	7.38%	6.99%	9.14%	12.78%	9.62%	9.88%	22.83%	13.45%
Gross Margin	36.39%	35.42%	36.37%	36.33%	35.32%	37.3%	36.76%	37.98%	39.72%	41.41%
Net Margin	-0.98%	-3.67%	0.57%	-1.16%	2.26%	4.69%	2.14%	2.97%	15.49%	6.6%
Debt / Equity	4.39x	6.21x	7.04x	7.42x	5.44x	3.68x	3.27x	2.72x	1.68x	1.47x
Interest Coverage	1.27x	1.08x	1.63x	1.56x	1.98x	3.11x	2.62x	2.79x	7.21x	-
FCF Conversion	-2.91x	-1.70x	10.09x	-5.73x	8.54x	1.72x	2.64x	3.89x	0.64x	2.52x
Revenue Growth	5.3%	-2.25%	-4.52%	0.91%	-4.54%	10.46%	-1.6%	7.17%	0.57%	3.12%

Tenet Healthcare Corporation (THC) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare THC vs Peers

vs HCA

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Tenet Healthcare Corporation (THC) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare THC vs Peers

vs HCA

vs MPW

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios