Last 48 quarters of trend data · Healthcare · Medical - Care Facilities
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Tenet Healthcare Corporation's quarterly P/E stands at 11.8x, up 23.9% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 16.7% YoY to 6.4x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 15.45 | 11.77 | 13.15 | 14.01 | 7.87 | 9.51 | 8.50 | 12.60 | 1.23 | 8.21 | 17.52 | 17.69 | 11.25 |
| — | +23.9% | +54.8% | +11.2% | +540.7% | +15.7% | -51.5% | -28.8% | -89.1% | -38.0% | +57.6% | -52.9% | -33.0% | |
| P/S Ratio | 0.99 | 0.79 | 0.85 | 0.77 | 0.61 | 0.60 | 0.78 | 0.64 | 0.49 | 0.37 | 0.34 | 0.42 | 0.31 |
| — | +32.5% | +8.5% | +19.4% | +24.2% | +63.1% | +130.9% | +53.0% | +57.0% | +40.7% | +15.0% | +36.1% | -38.2% | |
| P/B Ratio | 2.42 | 1.95 | 2.07 | 1.95 | 1.48 | 1.42 | 1.99 | 1.66 | 1.38 | 1.43 | 1.33 | 1.71 | 1.31 |
| — | +37.5% | +4.0% | +16.9% | +7.1% | -0.9% | +49.8% | -2.4% | +5.2% | +26.9% | +7.2% | +22.6% | -39.9% | |
| P/FCF | 8.32 | 11.90 | 5.78 | 5.44 | 4.98 | — | 4.79 | 5.44 | 7.87 | 3.19 | 5.26 | 4.57 | 7.36 |
| — | — | +20.8% | -0.1% | -36.7% | — | -9.0% | +18.9% | +6.9% | -67.7% | -44.3% | — | -77.7% | |
| EV / EBITDA | 7.17 | 6.40 | 6.37 | 6.48 | 4.99 | 5.49 | 4.78 | 5.96 | 1.50 | 5.69 | 6.59 | 6.93 | 6.29 |
| — | +16.7% | +33.1% | +8.7% | +232.7% | -3.6% | -27.4% | -14.0% | -76.1% | -12.2% | +8.5% | +9.6% | -7.3% | |
| EV / EBIT | 8.93 | 7.99 | 7.68 | 7.87 | 5.92 | 6.49 | 5.53 | 7.31 | 1.59 | 7.25 | 9.12 | 9.45 | 8.58 |
| — | +23.1% | +39.0% | +7.8% | +272.9% | -10.6% | -39.4% | -22.7% | -81.5% | -19.3% | +12.3% | -5.3% | -10.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Tenet Healthcare Corporation's operating margin was 15.4% in Q4 2025, down 1.4 pp QoQ and down 0.8 pp YoY. The trailing four-quarter average of 16.5% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.4% | 41.5% | 58.3% | 82.3% | 42.0% | 40.3% | 39.5% | 39.7% | 39.4% | 39.6% | 37.5% | 37.5% | 37.2% |
| — | +2.9% | +47.8% | +107.4% | +6.6% | +1.8% | +5.2% | +5.9% | +5.9% | +8.5% | +2.8% | +2.3% | -0.5% | |
| Operating Margin | 16.5% | 15.4% | 16.8% | 15.6% | 18.1% | 16.2% | 21.3% | 14.9% | 61.2% | 13.7% | 11.2% | 11.9% | 12.0% |
| — | -4.7% | -20.9% | +4.7% | -70.5% | +18.5% | +89.6% | +25.5% | +409.6% | +27.2% | -9.7% | -0.3% | -12.1% | |
| Net Margin | 6.6% | 6.7% | 6.5% | 5.5% | 7.8% | 6.3% | 9.2% | 5.1% | 40.1% | 4.5% | 2.0% | 2.4% | 2.8% |
| — | +7.1% | -29.8% | +7.7% | -80.6% | +38.2% | +362.2% | +109.7% | +1307.0% | +121.9% | -26.9% | +195.4% | -3.5% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.1% | 4.2% | 4.0% | 3.4% | 4.7% | 3.8% | 5.9% | 3.3% | 32.6% | 4.6% | 2.0% | 2.5% | 3.0% |
| — | +9.7% | -32.1% | +1.9% | -85.5% | -16.2% | +198.4% | +32.9% | +974.3% | +105.5% | -34.2% | +181.4% | -5.9% | |
| ROA | 4.8% | 1.3% | 1.2% | 1.0% | 1.4% | 1.1% | 1.6% | 0.9% | 7.5% | 0.9% | 0.4% | 0.5% | 0.5% |
| — | +15.1% | -26.9% | +11.6% | -81.4% | +24.9% | +336.3% | +96.3% | +1325.3% | +132.1% | -24.4% | +217.9% | +2.2% | |
| ROIC | 13.5% | 3.4% | 3.5% | 3.3% | 3.8% | 3.5% | 4.7% | 3.2% | 13.2% | 2.9% | 2.2% | 2.4% | 2.4% |
| — | -3.2% | -25.0% | +3.1% | -71.4% | +20.8% | +111.5% | +34.1% | +453.5% | +33.0% | -9.7% | +1.9% | -13.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Tenet Healthcare Corporation's Debt/EBITDA ratio is 12.2x — elevated, raising questions about debt serviceability. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.47 | 1.47 | 1.52 | 1.59 | 1.52 | 1.54 | 1.59 | 1.64 | 1.68 | 2.72 | 2.90 | 3.01 | 3.14 |
| — | -4.8% | -4.9% | -3.0% | -9.3% | -43.4% | -45.1% | -45.6% | -46.5% | -16.8% | -12.0% | -17.9% | -6.7% | |
| Debt / EBITDA | 3.01 | 12.15 | 11.91 | 12.78 | 11.46 | 12.99 | 9.92 | 13.28 | 3.69 | 15.77 | 18.99 | 18.42 | 18.39 |
| — | -6.5% | +20.1% | -3.8% | +210.9% | -17.6% | -47.8% | -27.9% | -80.0% | -21.6% | +1.3% | -6.0% | +5.4% | |
| Current Ratio | 1.76 | 1.76 | 1.71 | 1.71 | 1.78 | 1.78 | 1.58 | 1.45 | 1.44 | 1.51 | 1.43 | 1.44 | 1.39 |
| — | -1.3% | +8.3% | +18.0% | +23.1% | +18.4% | +10.2% | +0.3% | +3.8% | +12.7% | +2.3% | +4.0% | +6.0% | |
| Quick Ratio | 1.68 | 1.68 | 1.64 | 1.63 | 1.70 | 1.70 | 1.52 | 1.38 | 1.37 | 1.42 | 1.34 | 1.35 | 1.29 |
| — | -1.3% | +7.9% | +18.2% | +24.0% | +19.9% | +13.1% | +2.4% | +5.9% | +13.9% | +2.4% | +3.6% | +5.3% | |
| Interest Coverage | — | — | 4.32 | 4.00 | 4.62 | 4.04 | 5.39 | 3.75 | 15.07 | 3.24 | 2.50 | 2.67 | 2.73 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonTenet Healthcare Corporation's current P/E is 15.5x. The average P/E over the last 4 quarters is 11.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Tenet Healthcare Corporation's current operating margin is 16.5%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Tenet Healthcare Corporation's business trajectory between earnings reports.