Ardent Health vs Tenet Healthcare
Tenet Healthcare is the larger business, with $21.31bn of revenue in fiscal 2025 against $6.32bn for Ardent Health (3.4 times as much). Ardent Health grew faster (6.0% against 3.1%). Tenet Healthcare kept more of each dollar of sales as profit: a net margin of 6.6% against 2.1%. Ardent Health carries less debt relative to equity (86.6% against 314.3%).
| Latest fiscal year | Ardent HealthARDT, 2025 | Tenet HealthcareTHC, 2025 |
|---|---|---|
| Revenue | $6.32bn | $21.31bn |
| Revenue growth | 6.0% | 3.1% |
| Net income | $136m | $1.41bn |
| Operating margin | — | 16.5% |
| Net margin | 2.1% | 6.6% |
| Return on equity | 11.2% | 33.5% |
| Free cash flow | — | $2.53bn |
| Cash | $710m | $2.88bn |
| Total debt | $1.12bn | $13.27bn |
| Debt to equity | 86.6% | 314.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $1.39bn |
| Employees | 25,200 | 100,000 |
| Market value | $1.66bn | $21.61bn |
| Price vs our value range | Below our value range | — |
| Moat score | — | 56 (Moderate) |
| Insider trades, 12 months | 2 buys, 0 sales | 0 buys, 42 sales |