31 years of historical data (1995–2025) · Healthcare · Medical - Care Facilities
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Tenet Healthcare Corporation trades at 15.5x earnings, 47% above its 5-year average of 10.5x, sitting at the 56th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a discount of 35%. On a free-cash-flow basis, the stock trades at 8.3x P/FCF, 16% below the 5-year average of 9.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.0B | $18.1B | $12.4B | $7.9B | $5.4B | $8.9B | $4.2B | $3.9B | $1.8B | $1.5B | $1.5B |
| Enterprise Value | $31.3B | $28.3B | $23.7B | $21.7B | $19.6B | $22.2B | $17.5B | $18.4B | $16.2B | $15.9B | $16.0B |
| P/E Ratio → | 15.45 | 12.83 | 3.86 | 13.23 | 12.87 | 9.70 | 10.65 | — | 16.02 | — | — |
| P/S Ratio | 0.99 | 0.85 | 0.60 | 0.39 | 0.28 | 0.46 | 0.24 | 0.21 | 0.10 | 0.08 | 0.08 |
| P/B Ratio | 2.42 | 2.01 | 1.45 | 1.44 | 1.17 | 2.08 | 1.47 | 1.98 | 0.85 | 0.63 | 0.42 |
| P/FCF | 8.32 | 7.13 | 11.07 | 4.88 | 16.80 | 9.75 | 1.48 | 6.98 | 4.12 | 3.09 | — |
| P/OCF | 5.94 | 5.10 | 6.04 | 3.34 | 4.98 | 5.66 | 1.25 | 3.19 | 1.70 | 1.27 | 2.64 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Tenet Healthcare Corporation's enterprise value stands at 7.2x EBITDA, 26% above its 5-year average of 5.7x. The Healthcare sector median is 13.8x, placing the stock at a 48% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.33 | 1.15 | 1.06 | 1.02 | 1.14 | 0.99 | 1.00 | 0.88 | 0.83 | 0.82 |
| EV / EBITDA | 7.17 | 6.48 | 3.49 | 6.42 | 6.18 | 5.95 | 6.15 | 7.72 | 6.64 | 7.99 | 7.64 |
| EV / EBIT | 8.93 | 8.24 | 3.90 | 8.62 | 8.78 | 7.88 | 10.46 | 14.12 | 9.92 | 17.10 | 13.05 |
| EV / FCF | — | 11.20 | 21.20 | 13.37 | 61.10 | 24.34 | 6.11 | 32.72 | 37.49 | 32.15 | — |
Margins and return-on-capital ratios measuring operating efficiency
Tenet Healthcare Corporation earns an operating margin of 16.5%. Operating margins have expanded from 12.2% to 16.5% over the past 3 years, signaling improving operational efficiency. ROE of 16.1% indicates solid capital efficiency. ROIC of 13.5% represents solid returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.4% | 41.4% | 39.7% | 38.0% | 36.8% | 37.3% | 35.3% | 36.3% | 36.4% | 35.4% | 36.4% |
| Operating Margin | 16.5% | 16.5% | 28.8% | 12.2% | 12.2% | 14.7% | 11.3% | 8.3% | 8.9% | 5.8% | 6.4% |
| Net Profit Margin | 6.6% | 6.6% | 15.5% | 3.0% | 2.1% | 4.7% | 2.3% | -1.2% | 0.6% | -3.7% | -1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.1% | 16.1% | 45.5% | 12.1% | 9.3% | 25.6% | 16.4% | -10.5% | 4.6% | -23.9% | -5.7% |
| ROA | 4.8% | 4.8% | 11.2% | 2.2% | 1.5% | 3.3% | 1.6% | -0.9% | 0.5% | -2.9% | -0.8% |
| ROIC | 13.5% | 13.5% | 22.8% | 9.9% | 9.6% | 12.8% | 9.1% | 7.0% | 7.4% | 4.8% | 5.3% |
| ROCE | 14.1% | 14.1% | 24.7% | 10.9% | 10.3% | 12.8% | 9.6% | 8.2% | 8.7% | 5.6% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
Tenet Healthcare Corporation carries a Debt/EBITDA ratio of 3.0x, which is moderately leveraged (roughly in line with the sector average of 3.1x). Net debt stands at $10.3B ($13.2B total debt minus $2.9B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.47 | 1.47 | 1.68 | 2.72 | 3.27 | 3.68 | 5.44 | 7.42 | 7.04 | 6.21 | 4.39 |
| Debt / EBITDA | 3.01 | 3.01 | 2.11 | 4.44 | 4.75 | 4.20 | 5.52 | 6.18 | 6.08 | 7.53 | 7.27 |
| Net Debt / Equity | — | 1.15 | 1.32 | 2.50 | 3.09 | 3.12 | 4.59 | 7.28 | 6.84 | 5.96 | 4.18 |
| Net Debt / EBITDA | 2.35 | 2.35 | 1.67 | 4.08 | 4.48 | 3.56 | 4.66 | 6.07 | 5.91 | 7.22 | 6.93 |
| Debt / FCF | — | 4.07 | 10.13 | 8.49 | 44.30 | 14.60 | 4.63 | 25.74 | 33.37 | 29.06 | — |
| Interest Coverage | — | — | 7.21 | 2.79 | 2.62 | 3.11 | 1.98 | 1.56 | 1.63 | 1.08 | 1.27 |
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.76x means Tenet Healthcare Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.51x to 1.76x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.76 | 1.76 | 1.78 | 1.51 | 1.34 | 1.38 | 1.47 | 1.21 | 1.20 | 1.29 | 1.30 |
| Quick Ratio | 1.68 | 1.68 | 1.70 | 1.42 | 1.25 | 1.31 | 1.40 | 1.13 | 1.12 | 1.22 | 1.22 |
| Cash Ratio | 0.65 | 0.65 | 0.70 | 0.26 | 0.19 | 0.46 | 0.50 | 0.06 | 0.11 | 0.14 | 0.18 |
| Asset Turnover | — | 0.72 | 0.71 | 0.73 | 0.71 | 0.71 | 0.65 | 0.79 | 0.82 | 0.82 | 0.79 |
| Inventory Turnover | 35.88 | 35.88 | 36.00 | 31.00 | 29.94 | 31.82 | 31.00 | 37.95 | 38.21 | 42.85 | 38.28 |
| Days Sales Outstanding | — | 43.93 | 53.94 | 60.47 | 65.90 | 61.93 | 69.34 | 64.47 | 61.65 | 57.57 | 63.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Tenet Healthcare Corporation returns 6.8% to shareholders annually primarily through share buybacks. The earnings yield of 6.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 7.8% | 25.9% | 7.6% | 7.8% | 10.3% | 9.4% | — | 6.2% | — | — |
| FCF Yield | 12.0% | 14.0% | 9.0% | 20.5% | 6.0% | 10.3% | 67.6% | 14.3% | 24.3% | 32.3% | — |
| Buyback Yield | 6.8% | 8.0% | 5.4% | 2.5% | 4.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.8% | 8.0% | 5.4% | 2.5% | 4.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $91M | $98M | $105M | $111M | $109M | $106M | $103M | $104M | $101M | $99M |
Compare THC with 8 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| THCYou | $21B | 15.5 | 7.2 | 8.3 | 41.4% | 16.5% | 16.1% | 13.5% | 3.0 |
| HCA | $118B | 18.7 | 10.8 | 15.4 | 41.5% | 15.8% | — | 19.9% | 3.2 |
| MPW | $3B | -16.5 | 100.9 | 14.1 | — | — | -4.2% | — | 4.6 |
| ACHC | $2B | -1.9 | 8.0 | — | 17.6% | 11.7% | -41.4% | 5.9% | 4.6 |
| ARDT | $1B | 5.9 | 5.6 | 10.5 | 82.7% | 6.8% | 16.2% | 9.7% | 4.1 |
| UHT | $605M | 34.3 | 20.7 | 12.3 | — | — | 10.6% | — | — |
| CYH | $485M | 0.9 | 0.5 | 2.3 | 56.7% | 11.9% | — | 21.0% | 0.3 |
| AUNA | $161M | 11.0 | 4.4 | 0.9 | 37.2% | 16.1% | 6.5% | 10.0% | 4.1 |
| UHS | $3M | 8.9 | 1.9 | 0.0 | — | 11.5% | 21.0% | 12.4% | 2.0 |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonTenet Healthcare Corporation's current P/E ratio is 15.5x. The historical average is 18.7x. This places it at the 56th percentile of its historical range.
Tenet Healthcare Corporation's current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.7x.
Tenet Healthcare Corporation's return on equity (ROE) is 16.1%. The historical average is -0.9%.
Based on historical data, Tenet Healthcare Corporation is trading at a P/E of 15.5x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tenet Healthcare Corporation has 41.4% gross margin and 16.5% operating margin. Operating margin between 10-20% is typical for established companies.
Tenet Healthcare Corporation's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.