Tenet Healthcare Corporation (THC) P/E Ratio History
ExpensiveTrading at 16.1x vs 5Y avg 10.0x · 95th percentile · Material premium to history · Data 1990–2026
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P/E Ratio Analysis
As of September 25, 2026, Tenet Healthcare Corporation (THC) trades at a price-to-earnings ratio of 16.1x, with a stock price of $249.54 and trailing twelve-month earnings per share of $26.69.
The current P/E is 61% above its 5-year average of 10.0x. Over the past five years, THC's P/E has ranged from a low of 3.9x to a high of 17.9x, placing the current valuation at the 95th percentile of its historical range.
Compared to the Healthcare sector median P/E of 23.7x, THC trades at a 32% discount to its sector peers. The sector includes 225 companies with P/E ratios ranging from 0.0x to 164.5x.
The PEG ratio of 0.49 (P/E divided by -53% EPS growth) suggests the stock may be undervalued relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, THC trades at a notable discount to the S&P 500 median P/E of 24.8x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our THC DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
THC Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
THC P/E vs Peers
Hospitals and inpatient facilities peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $92B | 14.9 | 0.71 | +29% | |
| $406M | 0.8Lowest | - | +197%Best | |
| $11B | 7.7 | 0.48Best | +37% | |
| $10B | 29.7 | 2.15 | +14% | |
| $2B | 14.0 | - | -29% | |
| $1B | 59.0 | - | -23% | |
| $3B | 28.9 | 1.25 | +17% | |
| $341B | 28.3 | - | -15% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
THC Historical P/E Data (1990–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | - | $187.08 | $25.93 | 7.2x | -81% |
| FY2026 Q1 | - | $188.71 | $19.23 | 9.8x | -75% |
| FY2025 Q4 | Dec 31 2025 | $198.72 | $15.49 | 12.8x | -67% |
| FY2025 Q3 | - | $203.04 | $14.59 | 13.9x | -64% |
| FY2025 Q2 | Jun 30 2025 | $176.00 | $15.62 | 11.3x | -71% |
| FY2025 Q1 | Mar 31 2025 | $134.50 | $15.12 | 8.9x | -77% |
| FY2024 Q4 | - | $126.23 | $32.23 | 3.9x | -90% |
| FY2024 Q3 | Sep 30 2024 | $166.20 | $31.21 | 5.3x | -86% |
| FY2024 Q2 | Jun 30 2024 | $133.03 | $27.26 | 4.9x | -87% |
| FY2024 Q1 | Mar 31 2024 | $105.11 | $25.77 | 4.1x | -89% |
| FY2023 Q4 | Dec 31 2023 | $75.57 | $5.71 | 13.2x | -66% |
| FY2023 Q3 | Sep 30 2023 | $65.89 | $4.33 | 15.2x | -61% |
| FY2023 Q2 | Jun 30 2023 | $81.38 | $4.55 | 17.9x | -54% |
| FY2023 Q1 | Mar 31 2023 | $59.42 | $3.75 | 15.8x | -59% |
| FY2022 Q4 | Dec 31 2022 | $48.79 | $3.71 | 13.2x | -66% |
| FY2022 Q3 | Sep 30 2022 | $51.58 | $5.08 | 10.2x | -74% |
| FY2022 Q2 | - | $52.56 | $8.05 | 6.5x | -83% |
| FY2022 Q1 | - | $85.96 | $8.80 | 9.8x | -75% |
| FY2021 Q4 | Dec 31 2021 | $81.69 | $8.42 | 9.7x | -75% |
| FY2021 Q3 | - | $66.44 | $9.99 | 6.7x | -83% |
| FY2021 Q2 | Jun 30 2021 | $66.99 | $4.00 | 16.7x | -57% |
| FY2021 Q1 | Mar 31 2021 | $52.00 | $3.73 | 13.9x | -64% |
| FY2020 Q4 | - | $39.93 | $3.71 | 10.8x | -72% |
| FY2019 Q2 | Jun 30 2019 | $20.66 | $0.05 | 413.2x | +972% |
| FY2019 Q1 | Mar 31 2019 | $28.84 | $0.05 | 576.8x | +1396% |
| FY2018 Q4 | Dec 31 2018 | $17.14 | $1.12 | 15.3x | -60% |
| FY2018 Q3 | Sep 30 2018 | $28.46 | $1.12 | 25.4x | -34% |
| FY2015 Q3 | Sep 30 2015 | $36.92 | $0.18 | 205.1x | +432% |
| FY2015 Q2 | - | $57.88 | $0.56 | 103.4x | +168% |
| FY2015 Q1 | - | $49.51 | $0.90 | 55.0x | +43% |
| FY2014 Q4 | Dec 31 2014 | $50.67 | $0.10 | 506.7x | +1214% |
| FY2012 Q4 | Dec 31 2012 | $32.47 | $0.84 | 38.7x | +0% |
| FY2012 Q3 | Sep 30 2012 | $25.08 | $0.84 | 29.9x | -23% |
| FY2012 Q2 | Jun 30 2012 | $20.96 | $0.52 | 40.3x | +5% |
| FY2012 Q1 | Mar 31 2012 | $21.24 | $1.02 | 20.8x | -46% |
| FY2011 Q4 | Dec 31 2011 | $20.52 | $1.05 | 19.5x | -49% |
| FY2011 Q3 | Sep 30 2011 | $16.44 | $1.05 | 15.7x | -59% |
| FY2011 Q2 | - | $24.96 | $7.72 | 3.2x | -92% |
| FY2011 Q1 | - | $29.80 | $7.48 | 4.0x | -90% |
| FY2010 Q4 | Dec 31 2010 | $26.76 | $7.60 | 3.5x | -91% |
| FY2010 Q3 | - | $18.88 | $7.60 | 2.5x | -94% |
| FY2010 Q2 | Jun 30 2010 | $17.36 | $0.84 | 20.7x | -46% |
| FY2010 Q1 | Mar 31 2010 | $22.88 | $0.52 | 44.0x | +14% |
| FY2009 Q4 | - | $21.56 | $1.32 | 16.3x | -58% |
| FY2009 Q3 | Sep 30 2009 | $23.52 | $1.32 | 17.8x | -54% |
| FY2009 Q2 | - | $11.28 | $2.24 | 5.0x | -87% |
| FY2009 Q1 | - | $4.64 | $2.24 | 2.1x | -95% |
| FY2008 Q4 | Dec 31 2008 | $4.60 | $0.52 | 8.8x | -77% |
| FY2008 Q3 | - | $22.20 | $0.52 | 42.7x | +11% |
| FY2003 Q2 | Jun 30 2003 | $46.60 | $3.44 | 13.5x | -65% |
| FY2003 Q1 | Mar 31 2003 | $66.80 | $5.12 | 13.0x | -66% |
| FY2002 Q4 | Nov 30 2002 | $73.80 | $7.52 | 9.8x | -75% |
| FY2002 Q3 | Aug 31 2002 | $188.68 | $5.65 | 33.4x | -13% |
| FY2002 Q2 | May 31 2002 | $198.67 | $4.16 | 47.8x | +24% |
| FY2002 Q1 | - | $154.00 | $4.16 | 37.0x | -4% |
| FY2001 Q4 | Nov 30 2001 | $160.00 | $3.52 | 45.5x | +18% |
| FY2001 Q3 | Aug 31 2001 | $147.79 | $4.27 | 34.6x | -10% |
| FY2001 Q2 | - | $121.31 | $4.32 | 28.1x | -27% |
| FY2001 Q1 | Feb 28 2001 | $123.01 | $4.32 | 28.5x | -26% |
| FY2000 Q4 | - | $113.50 | $3.04 | 37.3x | -3% |
| FY2000 Q3 | - | $82.38 | $2.75 | 30.0x | -22% |
| FY2000 Q2 | May 31 2000 | $68.33 | $2.40 | 28.5x | -26% |
| FY2000 Q1 | - | $46.67 | $2.40 | 19.4x | -50% |
| FY1999 Q4 | - | $57.58 | $3.15 | 18.3x | -53% |
| FY1999 Q3 | - | $46.50 | $3.07 | 15.1x | -61% |
| FY1999 Q2 | May 31 1999 | $65.33 | $3.31 | 19.7x | -49% |
| FY1999 Q1 | Feb 28 1999 | $52.50 | $3.31 | 15.9x | -59% |
| FY1998 Q4 | Nov 30 1998 | $78.83 | $3.49 | 22.6x | -41% |
| FY1998 Q3 | Aug 31 1998 | $68.33 | $3.59 | 19.0x | -51% |
| FY1998 Q2 | May 31 1998 | $93.33 | $3.43 | 27.2x | -29% |
| FY1998 Q1 | Feb 28 1998 | $99.50 | $3.43 | 29.0x | -25% |
| FY1997 Q4 | Nov 30 1997 | $84.50 | $1.19 | 71.0x | +84% |
| FY1997 Q3 | Aug 31 1997 | $72.67 | $0.93 | 78.1x | +103% |
| FY1997 Q2 | May 31 1997 | $73.33 | $0.77 | 95.2x | +147% |
| FY1997 Q1 | Feb 28 1997 | $72.33 | $0.77 | 93.9x | +144% |
| FY1996 Q4 | Nov 30 1996 | $59.67 | $2.64 | 22.6x | -41% |
| FY1996 Q3 | Aug 31 1996 | $56.00 | $4.13 | 13.6x | -65% |
| FY1996 Q2 | May 31 1996 | $57.33 | $4.77 | 12.0x | -69% |
| FY1996 Q1 | - | $58.67 | $4.77 | 12.3x | -68% |
| FY1995 Q4 | - | $47.67 | $4.64 | 10.3x | -73% |
| FY1995 Q3 | - | $42.67 | $2.96 | 14.4x | -63% |
| FY1995 Q2 | May 31 1995 | $44.33 | $2.43 | 18.2x | -53% |
| FY1995 Q1 | - | $41.33 | $2.43 | 17.0x | -56% |
| FY1993 Q3 | - | $22.33 | $0.96 | 23.3x | -40% |
| FY1993 Q2 | May 31 1993 | $25.33 | $2.40 | 10.6x | -73% |
| FY1993 Q1 | Feb 28 1993 | $25.33 | $2.40 | 10.6x | -73% |
| FY1992 Q4 | Nov 30 1992 | $34.00 | $2.24 | 15.2x | -61% |
| FY1992 Q3 | Aug 31 1992 | $37.33 | $2.45 | 15.2x | -60% |
| FY1992 Q2 | May 31 1992 | $38.33 | $2.69 | 14.3x | -63% |
| FY1992 Q1 | Feb 29 1992 | $39.00 | $2.69 | 14.5x | -62% |
| FY1991 Q4 | Nov 30 1991 | $34.33 | $3.06 | 11.2x | -71% |
| FY1991 Q3 | Aug 31 1991 | $60.83 | $3.04 | 20.0x | -48% |
| FY1991 Q2 | May 31 1991 | $62.83 | $2.94 | 21.4x | -45% |
| FY1991 Q1 | - | $58.33 | $2.94 | 19.8x | -49% |
| FY1990 Q4 | Nov 30 1990 | $50.00 | $2.81 | 17.8x | -54% |
| FY1990 Q3 | Aug 31 1990 | $47.50 | $2.70 | 17.6x | -54% |
| FY1990 Q2 | - | $48.00 | $2.56 | 18.8x | -51% |
Average P/E for displayed period: 38.6x
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THC — Frequently Asked Questions
Quick answers to the most common questions about buying THC stock.
What is THC's P/E ratio?
Tenet Healthcare Corporation (THC) trailing twelve-month P/E ratio is 16.1x, based on TTM diluted EPS of $26.69. The 5-year average P/E is 10.0x and the historical range spans 3.9x to 17.9x.
Is THC stock overvalued or undervalued?
THC trades at 16.1x P/E, above its 5-year average of 10.0x. The 95th percentile ranking within the 3.9x–17.9x historical range indicates a premium to historical valuation.
Is THC stock expensive?
Yes, THC is expensive relative to its own history. The current P/E of 16.1x is above the 5-year average of 10.0x. The stock sits at the 95th percentile of its 5-year valuation range.
What is THC's historical P/E range?
Over the past 5 years, THC's P/E ratio has ranged from 3.9x to 17.9x, with a median of 9.8x and an average of 10.0x. The current P/E of 16.1x places the stock at the 95th percentile of this range. Full historical data spans 1990–2026.
How does THC's P/E compare to the S&P 500?
THC trades at 16.1x P/E versus the S&P 500 median of 24.8x. The 35% discount to the market suggests lower growth expectations or perceived higher risk.
How does THC's valuation compare to Healthcare peers?
Tenet Healthcare Corporation P/E of 16.1x compares to the Healthcare sector median of 23.7x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is THC's PEG ratio?
THC PEG ratio is 0.49, based on a P/E of 16.1x and EPS growth of -52.6%. A PEG below 1.0 indicates the valuation is supported by the earnings growth rate — typically considered attractive.
What is THC's earnings yield?
THC earnings yield is 6.21%, the inverse of its 16.1x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.