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Ardent Health, Inc. (ARDT) stock

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NYSE: ARDT NYSE Hospitals Next results ~November 4, 2026

D Fundamentals grade

Ardent Health, Inc. is a US-listed company in the hospitals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$22

Cash-flow model

Base case. Range ~$15–$31 across our lower- and higher-growth cases (-1.7%–8.3% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 90% above it.

Price used: $11.70, November 3, 2026

Ardent Health, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 0 selling2 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds89 adding, 54 cuttingOf 30 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ardent Health files

Where Ardent Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.41bn, up 3.3% on a year earlier, slower than the 6.7% growth a quarter earlier. Free-cash-flow margin rose to 5.5% from 2.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $22.05 a share, against a share price of $12.22.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Ardent Health, Inc.'s trailing-twelve-month revenue grew 3.3% year on year, with a free-cash-flow margin of 5.5%. Where it lags: change in growth rate of -3.4pp ranks 5 of 5 hospitals companies we cover.

Our discounted-cash-flow model values the business at ~$22 per share in the base case (~$15–$31 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 130.4% while net income fell 69.3%: a 200pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $11.73 is 90% below our value per share of $22.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 1.0 against the S&P 500.
  • Growth easing. The growth rate is 3.4 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -3.4pp ranks 5 of 5 hospitals companies we cover (median -0.6pp).
  • Below peers: net margin. Net margin of 1.2% ranks 4 of 5 hospitals companies we cover (median 7.7%).
  • Heavily shorted. 12.1% of the shares available to trade are sold short (7.6 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.27 against an average estimate of $0.19: beat by 44.0%
Revenue
$1.62bn, down 1.4% on a year earlier
Share reaction
+3.8% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
total Revenue $6,400m to $6,700m (Full Year 2026); net income attributable to Ardent Health, Inc. $110m to $163m (Full Year 2026)
Next report
November 4, 2026; average EPS estimate $0.24

Ardent Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.3%
  • 1 week-1.1%
  • 1 month+13.2%
  • This year+32.8%
  • 1 year-20.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.4B
Net margin
1.2%
EPS (TTM, diluted)
$0.55

Growth

Revenue growth
+3.3%
Change in growth rate
−3.4 pts
Share count change
+1.3%

Cash

Free cash flow (TTM)
$350M
FCF margin
5.5%

Earnings

Last results
August 4, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Results
  9. Guidance
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ardent Health, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 4.9% a year for five years.

  • Priced in-4.9%
  • Last 12 months3.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($11.70, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$22
Price used
$11.70close November 3, 2026
Implied change
▲ +90%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ardent Health, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($218M, FY2026 Q2 TTM), growing 3.4% and 3.5% in the next two years (forecasts, guidance and its record), then back to 3.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$15–~$31 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ardent Health, Inc.'s free cash flow after stock-based pay ( $218M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ardent Health, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$22 ~$15–$31 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$18 ~$12–$27 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$17 ~$15–$20 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$17–$22 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ardent Health, Inc. with Health Care sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −21%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$25$35$49$67$90
8.5% $12$17$25$35$48$64
10% $8$13$19$26$36$49

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025Now
Share price$17.08$8.83$11.73
Market value$2.3bn$1.2bn$1.7bn
+ Net debt (− = net cash)$557m$406m$377m
Enterprise value$2.8bn$1.7bn$2.0bn
Multiples
Price / sales 0.4x0.2x0.3x
Price / earnings 10.8x9.2x21.3x
Price / free cash flow ———
EV / EBITDA ———

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.6bn and EPS of $0.24 (range $0.13 to $0.34) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.09 −30% $6.5bn +2%
Next $1.25 +15% $6.7bn +4%

Next year's EPS estimate has moved +0.8% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −15.7% on 90 days ago. In the last 30 days, 0 analysts raised Ardent Health, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Ardent Health, Inc., last 90 days
$1.00 $1.10 $1.20 $1.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.29 Current fiscal year, 60 days ago: $1.09 Current fiscal year, 30 days ago: $1.09 Current fiscal year, 7 days ago: $1.09 Current fiscal year, Now: $1.09 $1.09 Next fiscal year, 90 days ago: $1.25 Next fiscal year, 60 days ago: $1.23 Next fiscal year, 30 days ago: $1.25 Next fiscal year, 7 days ago: $1.25 Next fiscal year, Now: $1.25 $1.25

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.29$1.25
60 days ago $1.09$1.23
30 days ago $1.09$1.25
7 days ago $1.09$1.25
Now $1.09$1.25

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.19 $0.27 +44.0%
Mar 2026 $0.18 $0.30 +68.2%
Dec 2025 $0.35 $0.36 +4.5%
Sept 2025 $0.42 $0.83 +95.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Total Revenue Full Year 2026 $6,400m to $6,700m Maintained
    “Total Revenue: $6,400 - $6,700 million” source
  • Diluted earnings per share Full Year 2026 $0.78 to $1.15 GAAP Lowered
    “Diluted earnings per share $0.90 - $1.27 $0.78 - $1.15” source
  • Net income attributable to Ardent Health, Inc. Full Year 2026 $110m to $163m GAAP Lowered
    “Net income attributable to Ardent Health, Inc. $129 - $183 $110 - $163” source
  • Adjusted EBITDA Full Year 2026 $485m to $535m Non-GAAP Maintained
    “Adjusted EBITDA (1) : $485 - $535 million” source
  • Rent expense payable to REITs Full Year 2026 $168m to $168m Maintained
    “Rent expense payable to REITs $168 - $168 $168 - $168” source
  • Adjusted admissions growth Full Year 2026 1.5% growth to 2.5% growth Maintained
    “Adjusted admissions growth 1.5% - 2.5% 1.5% - 2.5%” source
Show 2 more items
  • Capital expenditures Full Year 2026 $225m to $265m Maintained
    “Capital expenditures $225 - $265 $225 - $265” source
  • IMPACT program savings 2026 — Raised
    “Those actions included an improved payor contract in a key market and incremental benefit from our IMPACT program, which we now expect to generate at least $70 million of savings in 2026, compared with $55 million previously.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Ardent Health, Inc.'s revenue by +3.4% next year and +3.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.0%, weight 49%) , management guidance (+4.4%, weight 22%) and the company's own record (+3.3%, weight 29%) . How the weights are set.

Analyst recommendations

13 analysts, Nov 2026
Buy754%
Hold538%
Sell18%

Monthly trend

  1. Nov 2026165113
  2. Oct 2026165113
  3. Sep 2026164112

Counts of recommendations published by analysts covering Ardent Health, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.1%
of tradable shares
Days to cover
7.62
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
23.8%
of shares
Employees
19,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −19.4%

$14.56 on October 31, 2025 to $11.73

ThenNowEffect
Revenue (last 12 months) $6.2bn $6.4bn +3.3%
Net margin 4.1% 1.2% −70.3%
P/E multiple 8.0x 21.3x +166.0%
Share count 140m 142m −1.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20252026 to date
Return
ARDT−48%+33%
Industry peers (median)+37%+33%
S&P 500+18%+11%
Months that ended higher
ARDT42%55%
S&P 50075%46%
Largest fall from a high during the year
ARDT−52%−24%
S&P 500−19%−9%

Worst fall since July 18, 2024: 61% from October 16, 2024 to June 3, 2026. Getting back needed a 158% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.83 – $14.68
From 52-week high
−20.1%
vs 50-day average
+4.9%
vs 200-day average
+17.3%
Volatility (1 year)
54%
Beta vs S&P 500
1.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 4 down
typical move ±8.6%
After a week
6 up, 4 down
typical move ±10.4%
After a month
4 up, 6 down
typical move ±13.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +3.8% +1.6% +2.0% +1.5%
May 5, 2026 −6.1% +2.2% +0.9% −13.8%
March 4, 2026 +0.3% +0.1% −4.1% −8.0%
November 12, 2025 −33.8% −1.6% −38.6% −37.4%
August 5, 2025 +9.6% +0.3% +21.0% +24.7%
May 6, 2025 +7.9% −0.4% +10.3% +12.0%
February 26, 2025 +4.9% −1.5% +6.0% −8.9%
January 13, 2025 −11.1% +0.3% −10.1% −8.2%
November 6, 2024 −2.8% +3.3% −5.8% −7.8%
August 14, 2024 +6.0% +2.0% +5.6% +13.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ardent Health, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade D (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ardent Health, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ardent Health, Inc.
$5.5B $6B $6.5B FY24 Q1 FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q2 Revenue (TTM), FY24 Q1: $5.5B Revenue (TTM), FY24 Q2: $5.6B Revenue (TTM), FY24 Q3: $5.7B Revenue (TTM), FY24 Q4: $6B Revenue (TTM), FY25 Q1: $6B Revenue (TTM), FY25 Q2: $6.2B Revenue (TTM), FY25 Q3: $6.3B Revenue (TTM), FY25 Q4: $6.3B Revenue (TTM), FY26 Q1: $6.4B Revenue (TTM), FY26 Q2: $6.4B $6.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $5.5B
FY24 Q2 $5.6B
FY24 Q3 $5.7B
FY24 Q4 $6B
FY25 Q1 $6B
FY25 Q2 $6.2B
FY25 Q3 $6.3B
FY25 Q4 $6.3B
FY26 Q1 $6.4B
FY26 Q2 $6.4B
Revenue growth, TTM YoY Ardent Health, Inc.
0% 5% 10% 15% FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 Revenue growth, TTM YoY, FY25 Q1: 8.9% Revenue growth, TTM YoY, FY25 Q2: 10.0% Revenue growth, TTM YoY, FY25 Q3: 10.9% Revenue growth, TTM YoY, FY25 Q4: 6.0% Revenue growth, TTM YoY, FY26 Q1: 6.7% Revenue growth, TTM YoY, FY26 Q2: 3.3% 3.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY25 Q1 8.9%
FY25 Q2 10.0%
FY25 Q3 10.9%
FY25 Q4 6.0%
FY26 Q1 6.7%
FY26 Q2 3.3%
FCF margin (TTM) Ardent Health, Inc.
2% 3% 4% 5% 6% FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 FCF margin (TTM), FY24 Q2: 2.1% FCF margin (TTM), FY24 Q3: 2.1% FCF margin (TTM), FY24 Q4: 2.8% FCF margin (TTM), FY25 Q1: 2.6% FCF margin (TTM), FY25 Q2: 2.4% FCF margin (TTM), FY25 Q3: 3.4% FCF margin (TTM), FY25 Q4: 5.0% FCF margin (TTM), FY26 Q1: 4.2% FCF margin (TTM), FY26 Q2: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 2.1%
FY24 Q3 2.1%
FY24 Q4 2.8%
FY25 Q1 2.6%
FY25 Q2 2.4%
FY25 Q3 3.4%
FY25 Q4 5.0%
FY26 Q1 4.2%
FY26 Q2 5.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5,130 5,409 5,966 6,324 6,406
Net income 189 54 210 136 78
Diluted EPS $1.50 $0.43 $1.58 $0.96 $0.55
Growth (year on year)
Revenue — +5.5% +10.3% +6.0% +3.3%
Net income — −71.5% — −35.4% −69.3%
Diluted EPS — −71.3% — −39.2% −69.7%
Margins
Net margin 3.7% 1.0% 3.5% 2.1% 1.2%
Cash flow
Cash from operations −38 222 315 471 514
Stock-based pay — — 17 39 —
Balance sheet
Cash 456 438 557 710 724
Total debt 0 1,187 1,114 1,116 1,102
Net debt (negative = net cash) −456 749 557 406 377
Diluted shares 126m 126m 133m 141m 142m
Returned to shareholders
Dividends 175 0 0 — —
Total returned 175 0 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $5.3bn
Short-term assets $2.1bnLonger-term assets $3.2bn
What it owes, and who funded it · $4.9bn
Short-term liabilities $976mLonger-term liabilities $2.6bnShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $2.1bn of assets due within a year against $976m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.1bn short-term assets against $2.6bn of longer-dated liabilities.
  • More cash than debt $724m of cash against $1.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 82% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $514m of operating cash flow against $1.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ardent Health, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.3%
year over year
Days sales outstanding
40 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in hospitals
Last 12 months unless stated ARDT EHC CYH MD THC Median
Revenue, last 12 months $6.4bn $6.2bn $11.7bn $2.0bn $22.2bn $6.4bn
Revenue growth, last 12 months 3.3% 9.5% −7.8% 1.9% 6.2% 3.3%
Revenue growth, 3-year average — 10.7% −2.2% −0.9% 3.2% 1.2%
Revenue growth, latest quarter −1.4% 9.6% −10.7% 1.7% 6.5% 1.7%
Operating margin — 12.4% 10.9% 10.9% 24.4% 11.6%
Operating margin, 3-year average — 12.8% 8.7% 3.4% 23.0% 10.7%
Net margin 1.2% 10.0% 0.3% 7.7% 13.1% 7.7%
Cash from operations / revenue 8.0% 19.5% 1.8% 11.6% 19.1% 11.6%
Free-cash-flow margin 5.5% 6.7% −1.0% 10.7% 15.0% 6.7%
Free-cash-flow margin, 3-year average 3.3% 6.2% 0.0% 10.2% 11.2% 6.2%
Stock pay / revenue — 0.9% 0.1% 1.1% 0.6% 0.8%
Change in share count 1.3% −1.0% 1.5% −2.8% −8.4% −1.0%

Median of all 5 companies we cover in hospitals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

5 hospitals companies
Measure Company Peer median Rank
Revenue growth Growth 3.3% 3.3% 3 of 5
Change in growth rate Growth -3.4pp -0.6pp 5 of 5
Net margin Profitability 1.2% 7.7% 4 of 5
Free-cash-flow margin Cash generation 5.5% 6.7% 4 of 5
Long-term debt as % of assets Balance sheet 20.3% 34.8% 2 of 5
Change in share count Balance sheet 1.3% -1.0% 4 of 5
Days sales outstanding Balance sheet 40 days 43 days 2 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.1B
Institutions reporting
139
Shares held vs prior quarter
▲ 1.5%
Positions opened / closed
22 / 19

Top buyers and sellers, Q2 2026: 89 institutions bought and 54 sold ; the biggest buyer was Algert Global LLC (+554K shares) and the biggest seller Goldentree Asset Management LP (−723K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Chai Trust Co LLC $760M 77.2M 71.2% 0.0%
Ventas, Inc. $91.9M 9.3M 8.6% 0.0%
Blackrock, Inc. $21.4M 2.2M 2.0% ▲ 23.8%
Ameriprise Financial Inc $20.8M 2.1M 1.9% ▲ 18.8%
Goldentree Asset Management LP $15.5M 1.6M 1.5% ▼ 31.4%
AQR Capital Management LLC $14.2M 1.4M 1.3% ▲ 53.6%
Castleknight Management LP $10.6M 1.1M 1.0% 0.0%
Vanguard Capital Management LLC $9.5M 964K 0.9% ▼ 4.4%
Bridgeway Capital Management, LLC $8.3M 841K 0.8% ▼ 9.6%
Geode Capital Management, LLC $6.1M 621K 0.6% ▲ 10.6%
Algert Global LLC $5.9M 598K 0.6% ▲ 1277.3%
State Street Corp $5.6M 566K 0.5% ▼ 3.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ardent Health, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $186,400 2 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $186,400 net buying
Insider Date Trade Shares Price Value
Lumsdaine Alfred Chief Financial Officer June 5, 2026 Buy 10,000 $8.81 $88,100
Demichiei Robert Director June 5, 2026 Buy 11,260 $8.73 $98,300

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 5, 2026
  • March 4, 2026
  • November 12, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on Ardent Health, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ardent Health, Inc. in brief

What does Ardent Health, Inc. do?
Ardent Health, Inc. is a US-listed company in the hospitals industry. Its financial year ends in December.
What is Ardent Health, Inc.'s stock ticker?
Ardent Health, Inc. trades under the ticker ARDT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ardent Health, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ardent Health, Inc. reported revenue of $6.4B, 3.3% higher than a year earlier, according to its SEC filings.
What is Ardent Health, Inc.'s free cash flow?
Ardent Health, Inc.'s free-cash-flow margin is 5.5% of revenue over the trailing twelve months, ranking 4 of the 5 hospitals companies we cover.
What is Ardent Health, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ardent Health, Inc.'s free cash flow after stock-based pay gives ~$22 per share in the base case, and ~$15–$31 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ardent Health, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Chai Trust Co LLC, Ventas, Inc. and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ardent Health, Inc.'s market cap?
On November 2, 2026, Ardent Health, Inc.'s market capitalisation was about $1.7B, with a price-to-earnings ratio of 21.3 and net debt of $377M. Market figures come from third-party market data and may be delayed.
How much debt does Ardent Health, Inc. have?
Ardent Health, Inc.'s debt-to-equity ratio is 81.6%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Ardent Health, Inc.'s competitors?
In our Hospitals peer group, the companies closest to Ardent Health, Inc. are Encompass Health Corp, Community Health Systems Inc, Pediatrix Medical Group, Inc. and Tenet Healthcare Corp. The side-by-side comparison below sets their revenue, margins and growth against Ardent Health, Inc.'s.
Are insiders buying or selling Ardent Health, Inc. stock?
Over the last 12 months, Ardent Health, Inc.'s directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Ardent Health, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ardent Health, Inc. announces its own schedule.