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Tenet Healthcare Corp (THC) stock

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NYSE: THC NYSE Hospitals Next results ~February 10, 2027

A Fundamentals grade

Tenet Healthcare Corp 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

Model estimate per share

~$320

Justified price-to-book

Base case. Range ~$280–$380. Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Tenet Healthcare Corp 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.

Value diary

Our note on each quarter Tenet Healthcare files

10-Q filed October 29: Tenet Healthcare

Tenet Healthcare posted revenue of $22.2bn for the twelve months to September 2026, up 6.2% on the year and an acceleration from the 5.4% pace seen a quarter earlier. Margins moved further ahead too: free cash flow margin climbed to 15.0% from 7.2%, while operating margin widened to 24.4% from 16.7%. A diluted share count down 8.4% year-on-year has also lifted the value attributable to each remaining share. These shifts push the fundamentals grade from C+ to A. Our model value is little changed at $428 a share, well above the $265 share price. The rating stays Buy. At that price, the market appears to be pricing in cash flow shrinking roughly 1.8% a year for five years, a notably gloomier outlook than the 2.6% annual revenue growth Tenet has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Tenet Healthcare stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $21.8bn, up 5.4% on a year earlier, faster than 4.5% a quarter earlier. Free-cash-flow margin rose to 13.9% from 7.5% a year earlier. Operating margin widened to 20.8% from 17.8%. The diluted share count is down 8.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $458 a share, against a share price of $272. At that price, our model says the market is pricing in cash flow shrinking about 4.2% a year for five years, slower than the 2.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

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 ~February 10, 2027 (estimated)

Tenet Healthcare Corp's trailing-twelve-month revenue grew 6.2% year on year, with a free-cash-flow margin of 15.0%. Where it stands out: net margin of 13.1% ranks 1 of 5 hospitals companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 42% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

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

  • Margins widening. Operating margin is up 7.7 points on a year ago.
  • Shrinking share count. Diluted shares fell 8.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 13 insiders sold $71M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 41.4% ranks 4 of 5 hospitals companies we cover (median 34.8%).
  • Earnings expected to fall. The consensus expects earnings per share to fall 1% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$6.64 against an average estimate of $4.68: beat by 42.0%
Revenue
$5.63bn, up 6.5% on a year earlier
Share reaction
+1.8% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
net operating revenues $21,900m to $22,500m (FY 2026 Outlook); net income available to Tenet common stockholders $2,869m to $3,024m (FY 2026 Outlook)
Next report
October 29, 2026; average EPS estimate $5.67

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

Price chart

  • 1 day-1.6%
  • 1 week-0.0%
  • 1 month+4.0%
  • This year+35.3%
  • 1 year+30.2%
  • 5 years+264.9%
  • 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)
$22.2B
Operating margin
24.4%
Net margin
13.1%
EPS (TTM, diluted)
$34.10

Growth

Revenue growth
+6.2%
Change in growth rate
+0.8 pts
Share count change
−8.4%

Cash

Free cash flow (TTM)
$3.3B
FCF margin
15.0%
Stock pay % of revenue
0.6%

Earnings

Last results
October 29, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Results
  3. Agreement
  4. Insider trade
  5. Insider trade
  6. Financing
  7. Financing
  8. Announcement
  9. Insider trade
  10. Insider trade
  11. Insider trade
  12. Insider trade
  13. Insider trade
  14. Insider trade
  15. Insider trade
  16. Results
  17. Guidance

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

Tenet Healthcare Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Tenet Healthcare Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
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. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$320 ~$280–$380 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) 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. ~$320 ~$280–$380 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tenet Healthcare Corp 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.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$14.84$15.16$17.14$38.03$39.93$81.69$48.79$75.57$126.23$198.72$268.89
Market value$1.5bn$1.5bn$1.8bn$3.9bn$4.2bn$8.9bn$5.4bn$7.9bn$12.4bn$18.1bn$22.9bn
+ Net debt (− = net cash)$14.8bn$14.6bn$14.6bn$14.7bn$13.4bn$13.4bn$14.4bn$13.9bn$10.2bn$10.4bn$10.6bn
Enterprise value$16.2bn$16.1bn$16.4bn$18.6bn$17.7bn$22.3bn$19.7bn$21.8bn$22.6bn$28.4bn$33.4bn
Multiples
Price / sales 0.1x0.1x0.1x0.2x0.2x0.5x0.3x0.4x0.6x0.8x1.0x
Price / earnings ——17.1x—10.6x9.7x13.1x13.0x3.9x12.8x7.9x
Price / free cash flow —3.1x4.1x7.0x1.5x9.7x16.8x4.9x11.1x7.1x6.9x
EV / EBITDA 7.7x8.1x6.7x7.8x6.2x6.0x6.2x6.5x3.3x6.5x5.3x

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

56 /100

Moderate moat

How hard Tenet Healthcare's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.9% of total assets over 10 years.

  • Durability 12 / 20

    Operating margin has been a median 13.4%; its worst year was 8.1%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 9 years, at a median 5.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 21.6% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $21.23 +27% $22.4bn +5%
Next $21.09 −1% $22.5bn +0%

Next year's EPS estimate has moved +3.1% in 90 days, across 21 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.8% on 90 days ago. In the last 30 days, 0 analysts raised Tenet Healthcare Corp's forecast and 1 cut it.

Consensus EPS forecast Tenet Healthcare Corp, last 90 days
$20.40 $20.60 $20.80 $21.00 $21.20 $21.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $21.07 Current fiscal year, 60 days ago: $21.22 Current fiscal year, 30 days ago: $21.23 Current fiscal year, 7 days ago: $21.22 Current fiscal year, Now: $21.23 $21.23 Next fiscal year, 90 days ago: $20.45 Next fiscal year, 60 days ago: $21.08 Next fiscal year, 30 days ago: $21.09 Next fiscal year, 7 days ago: $21.08 Next fiscal year, Now: $21.09 $21.09

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $21.07$20.45
60 days ago $21.22$21.08
30 days ago $21.23$21.09
7 days ago $21.22$21.08
Now $21.23$21.09

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.68 $6.64 +42.0%
Jun 2026 $4.26 $6.12 +43.5%
Mar 2026 $4.17 $4.82 +15.7%
Dec 2025 $4.07 $4.70 +15.6%

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

Management guidance

Earnings release, July 23, 2026
  • Net operating revenues FY 2026 Outlook $21,900m to $22,500m Raised
    “Net operating revenues 7 $21,900 to $22,500” source
  • Diluted income per common share FY 2026 Outlook $34.57 to $36.43 GAAP Raised
    “Diluted income per common share $34.57 to $36.43” source
  • Adjusted diluted earnings per share FY 2026 Outlook $20.30 to $21.69 Non-GAAP Raised
    “Adjusted diluted earnings per share $20.30 to $21.69” source
  • Net income available to Tenet common stockholders FY 2026 Outlook $2,869m to $3,024m GAAP Raised
    “Net income available to Tenet common stockholders $2,869 to $3,024” source
  • Adjusted EBITDA Outlook FY 2026 Outlook $4.83bn to $5.03bn Non-GAAP Raised
    “FY 2026 Adjusted EBITDA Outlook is now expected to be in the range of $4.83 billion to $5.03 billion, a $295 million increase at the midpoint of the range; FY 2026 Adjusted Free Cash Flow outlook now expected to be in the range of $2.725 billion to $3.025 billion, a $225 million increase” source
  • Adjusted EBITDA margin FY 2026 Outlook 22.1% to 22.4% Non-GAAP Raised
    “Adjusted EBITDA margin 22.1% to 22.4%” source
Show 19 more items
  • Adjusted net income FY 2026 Outlook $1,685m to $1,800m Non-GAAP Raised
    “Adjusted net income $1,685 to $1,800” source
  • Equity in earnings of unconsolidated affiliates FY 2026 Outlook $265m to $275m Raised
    “Equity in earnings of unconsolidated affiliates $265 to $275” source
  • Depreciation and amortization FY 2026 Outlook $875m to $925m Raised
    “Depreciation and amortization $875 to $925” source
  • Interest expense FY 2026 Outlook $800m to $810m Raised
    “Interest expense $800 to $810” source
  • Income tax expense FY 2026 Outlook $1,075m to $1,130m Raised
    “Income tax expense 5 $1,075 to $1,130” source
  • Net income available to NCI FY 2026 Outlook $910m to $960m Raised
    “Net income available to NCI $910 to $960” source
  • Weighted average diluted common shares FY 2026 Outlook about 83m Raised
    “Weighted average diluted common shares ~83 million” source
  • Net cash provided by operating activities FY 2026 Outlook $3,840m to $4,290m Raised
    “Net cash provided by operating activities $3,840 to $4,290” source
  • Adjusted net cash provided by operating activities FY 2026 Outlook $3,425m to $3,825m Non-GAAP Raised
    “Adjusted net cash provided by operating activities $3,425 to $3,825” source
  • Capital expenditures FY 2026 Outlook $700m to $800m Raised
    “Capital expenditures $700 to $800” source
  • Adjusted Free Cash Flow FY 2026 Outlook $2.725bn to $3.025bn Non-GAAP Raised
    “FY 2026 Adjusted EBITDA Outlook is now expected to be in the range of $4.83 billion to $5.03 billion, a $295 million increase at the midpoint of the range; FY 2026 Adjusted Free Cash Flow outlook now expected to be in the range of $2.725 billion to $3.025 billion, a $225 million increase” source
  • Net operating revenues · Ambulatory Care FY 2026 Outlook $5,500m to $5,700m Raised
    “Net operating revenues $5,500 to $5,700” source
  • Adjusted EBITDA · Ambulatory Care FY 2026 Outlook $2,160m to $2,220m Non-GAAP Raised
    “Adjusted EBITDA $2,160 to $2,220” source
  • NCI · Ambulatory Care FY 2026 Outlook $865m to $895m Raised
    “NCI $865 to $895” source
  • Adjusted EBITDA less NCI · Ambulatory Care FY 2026 Outlook $1,295m to $1,325m Non-GAAP Raised
    “Adjusted EBITDA less NCI $1,295 to $1,325” source
  • Same-facility system-wide revenues · Ambulatory Care FY 2026 Outlook 3% growth to 6% growth Raised
    “Same-facility system-wide revenues Up 3.0% to 6.0%” source
  • Net operating revenues · Hospital Operations and Services FY 2026 Outlook $16,400m to $16,800m Raised
    “Net operating revenues 7 $16,400 to $16,800” source
  • Adjusted EBITDA · Hospital Operations and Services FY 2026 Outlook $2,670m to $2,810m Non-GAAP Raised
    “Adjusted EBITDA $2,670 to $2,810” source
  • Inpatient admissions · Hospital Operations and Services FY 2026 Outlook 1% growth to 2% growth Raised
    “Inpatient admissions Up 1.0% to 2.0%” 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.

Analyst recommendations

23 analysts, Oct 2026
Buy1983%
Hold417%
Sell00%

Monthly trend

  1. Oct 2026514423
  2. Sep 2026514423
  3. Aug 2026514322
  4. Jul 2026514322

Counts of recommendations published by analysts covering Tenet Healthcare Corp, 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
2.7%
of tradable shares
Days to cover
2.63
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.0%
of shares
Employees
77,000
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +30.2%

$206.49 on October 31, 2025 to $268.89

ThenNowEffect
Revenue (last 12 months) $20.7bn $21.8bn +5.4%
Net margin 7.2% 10.3% +43.3%
P/E multiple 13.2x 10.4x −20.9%
Share count 95m 87m +9.0%

Biggest factor: net margin.

Last 3 years +389.6%

$54.92 on November 3, 2023 to $268.89

ThenNowEffect
Revenue (last 12 months) $19.9bn $21.8bn +9.6%
Net margin 2.5% 10.3% +309.6%
P/E multiple 11.9x 10.4x −12.2%
Share count 108m 87m +24.1%

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 202120222023202420252026 to date
Return
THC+105%−40%+55%+67%+57%+35%
Industry peers (median)+11%−45%−28%+39%+10%+32%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
THC92%33%67%67%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
THC−20%−59%−37%−26%−24%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 72% from July 26, 2018 to March 18, 2020. Getting back needed a 253% gain, reached on December 10, 2020, 267 days after the low.

Price behaviour

52-week range
$161.37 – $280.77
From 52-week high
−4.2%
vs 50-day average
+1.6%
vs 200-day average
+21.9%
Volatility (1 year)
43%
Beta vs S&P 500
0.45

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
9 up, 3 down
typical move ±9.6%
After a week
8 up, 3 down
typical move ±13.4%
After a month
9 up, 2 down
typical move ±18.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +1.8% −2.1% — —
July 23, 2026 +19.4% −1.1% +29.4% +43.7%
April 30, 2026 +1.8% +1.3% +7.8% −5.6%
February 11, 2026 +20.3% −1.6% +18.2% +17.9%
February 2, 2026 +1.9% −0.4% +1.9% +29.3%
October 28, 2025 −3.3% +0.3% −3.9% +0.6%
July 22, 2025 −9.4% +0.9% −10.6% +4.2%
April 29, 2025 +15.4% +0.7% +22.3% +34.2%
February 12, 2025 −3.8% +0.7% −1.1% −11.6%
October 29, 2024 +13.3% −0.1% +19.6% +1.8%
July 24, 2024 +8.0% −2.8% +7.9% +15.7%
April 30, 2024 +16.9% −1.9% +25.1% +34.3%

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.

Tenet Healthcare Corp in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet

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) Tenet Healthcare Corp
$20.5B $21B $21.5B $22B $22.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $20.6B Revenue (TTM), FY24 Q1: $20.9B Revenue (TTM), FY24 Q2: $20.9B Revenue (TTM), FY24 Q3: $21B Revenue (TTM), FY24 Q4: $20.7B Revenue (TTM), FY25 Q1: $20.5B Revenue (TTM), FY25 Q2: $20.7B Revenue (TTM), FY25 Q3: $20.9B Revenue (TTM), FY25 Q4: $21.3B Revenue (TTM), FY26 Q1: $21.5B Revenue (TTM), FY26 Q2: $21.8B Revenue (TTM), FY26 Q3: $22.2B $22.2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $20.6B
FY24 Q1 $20.9B
FY24 Q2 $20.9B
FY24 Q3 $21B
FY24 Q4 $20.7B
FY25 Q1 $20.5B
FY25 Q2 $20.7B
FY25 Q3 $20.9B
FY25 Q4 $21.3B
FY26 Q1 $21.5B
FY26 Q2 $21.8B
FY26 Q3 $22.2B
Revenue growth, TTM YoY Tenet Healthcare Corp
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.2% Revenue growth, TTM YoY, FY24 Q1: 7.5% Revenue growth, TTM YoY, FY24 Q2: 5.2% Revenue growth, TTM YoY, FY24 Q3: 4.2% Revenue growth, TTM YoY, FY24 Q4: 0.5% Revenue growth, TTM YoY, FY25 Q1: -1.8% Revenue growth, TTM YoY, FY25 Q2: -1.2% Revenue growth, TTM YoY, FY25 Q3: -0.7% Revenue growth, TTM YoY, FY25 Q4: 3.1% Revenue growth, TTM YoY, FY26 Q1: 4.5% Revenue growth, TTM YoY, FY26 Q2: 5.4% Revenue growth, TTM YoY, FY26 Q3: 6.2% 6.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.2%
FY24 Q1 7.5%
FY24 Q2 5.2%
FY24 Q3 4.2%
FY24 Q4 0.5%
FY25 Q1 -1.8%
FY25 Q2 -1.2%
FY25 Q3 -0.7%
FY25 Q4 3.1%
FY26 Q1 4.5%
FY26 Q2 5.4%
FY26 Q3 6.2%
Operating margin (TTM) Tenet Healthcare Corp
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 12.2% Operating margin (TTM), FY24 Q1: 24.8% Operating margin (TTM), FY24 Q2: 25.5% Operating margin (TTM), FY24 Q3: 28.0% Operating margin (TTM), FY24 Q4: 28.8% Operating margin (TTM), FY25 Q1: 17.6% Operating margin (TTM), FY25 Q2: 17.8% Operating margin (TTM), FY25 Q3: 16.7% Operating margin (TTM), FY25 Q4: 16.5% Operating margin (TTM), FY26 Q1: 18.0% Operating margin (TTM), FY26 Q2: 20.8% Operating margin (TTM), FY26 Q3: 24.4% 24.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 12.2%
FY24 Q1 24.8%
FY24 Q2 25.5%
FY24 Q3 28.0%
FY24 Q4 28.8%
FY25 Q1 17.6%
FY25 Q2 17.8%
FY25 Q3 16.7%
FY25 Q4 16.5%
FY26 Q1 18.0%
FY26 Q2 20.8%
FY26 Q3 24.4%
FCF margin (TTM) Tenet Healthcare Corp
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.9% FCF margin (TTM), FY24 Q1: 8.4% FCF margin (TTM), FY24 Q2: 9.0% FCF margin (TTM), FY24 Q3: 11.4% FCF margin (TTM), FY24 Q4: 5.4% FCF margin (TTM), FY25 Q1: 6.9% FCF margin (TTM), FY25 Q2: 7.5% FCF margin (TTM), FY25 Q3: 7.2% FCF margin (TTM), FY25 Q4: 11.9% FCF margin (TTM), FY26 Q1: 15.6% FCF margin (TTM), FY26 Q2: 13.9% FCF margin (TTM), FY26 Q3: 15.0% 15.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.9%
FY24 Q1 8.4%
FY24 Q2 9.0%
FY24 Q3 11.4%
FY24 Q4 5.4%
FY25 Q1 6.9%
FY25 Q2 7.5%
FY25 Q3 7.2%
FY25 Q4 11.9%
FY26 Q1 15.6%
FY26 Q2 13.9%
FY26 Q3 15.0%

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.

Where the money goes

FY2025, from the 10-K

Each dollar Tenet Healthcare took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $21.3B
  2. Other operating costs $17.8B · 83.5%
  3. Operating income $3.5B · 16.5%
  4. Income tax $433M · 2.0%
  5. Interest and other $1.7B · 7.8%
  6. Net income $1.4B · 6.6%

Shares of revenue. Source: Tenet Healthcare's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 19.6 19.2 18.3 18.5 17.6 19.5 19.2 20.6 20.7 21.3 22.2
EBITDA 2.1 2.0 2.4 2.4 2.8 3.7 3.2 3.4 6.8 4.4 6.3
Operating income 1.2 1.1 1.6 1.5 2.0 2.9 2.3 2.5 6.0 3.5 5.4
Net income −0.2 −0.7 0.1 −0.2 0.4 0.9 0.4 0.6 3.2 1.4 2.9
Diluted EPS −$1.93 −$7.00 $1.00 −$2.08 $3.75 $8.42 $3.79 $5.71 $32.70 $15.49 $34.10
Growth (year on year)
Revenue — −2.3% −4.5% +0.9% −4.5% +10.5% −1.6% +7.2% +0.5% +3.1% +6.2%
EBITDA — −5.4% +23.0% −2.1% +19.2% +30.9% −14.8% +6.5% +100.4% −35.5% +46.3%
Operating income — −10.7% +47.1% −6.1% +29.4% +44.3% −18.7% +7.6% +137.3% −41.1% +55.4%
Net income — — — — — +129.1% −55.0% +48.7% +423.7% −56.0% +114.1%
Diluted EPS — — — — — +124.5% −55.0% +50.7% +472.7% −52.6% +133.7%
Margins
EBITDA margin 10.7% 10.3% 13.3% 12.9% 16.1% 19.1% 16.6% 16.4% 32.8% 20.5% 28.4%
Operating margin 6.4% 5.8% 8.9% 8.3% 11.3% 14.7% 12.2% 12.2% 28.8% 16.5% 24.4%
Net margin −1.0% −3.7% 0.6% −1.2% 2.3% 4.7% 2.1% 3.0% 15.5% 6.6% 13.1%
Free-cash-flow margin −1.6% 2.6% 2.4% 3.0% 16.3% 4.7% 1.7% 7.9% 5.4% 11.9% 15.0%
Cash flow
Cash from operations 0.6 1.2 1.0 1.2 3.4 1.6 1.1 2.4 2.0 3.5 4.2
Capital spending 0.9 0.7 0.6 0.7 0.5 0.7 0.8 0.8 0.9 1.0 0.9
Free cash flow −0.3 0.5 0.4 0.6 2.9 0.9 0.3 1.6 1.1 2.5 3.3
Stock-based pay 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay −0.4 0.4 0.4 0.5 2.8 0.9 0.3 1.6 1.0 2.4 3.2
Balance sheet
Cash 0.7 0.6 0.4 0.3 2.4 2.4 0.9 1.2 3.0 2.9 2.7
Total debt 15.5 15.2 15.0 14.9 15.9 15.8 15.2 15.1 13.3 13.3 13.2
Net debt (negative = net cash) 14.8 14.6 14.6 14.7 13.4 13.4 14.4 13.9 10.2 10.4 10.6
Diluted shares 99m 101m 104m 103m 106m 109m 111m 105m 98m 91m 85m
Returned to shareholders
Buybacks 0.0 0.0 — — 0.0 0.0 0.3 0.2 0.7 1.4 1.8
Total returned 0.0 0.0 — — 0.0 0.0 0.3 0.2 0.7 1.4 1.8

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

4 of 7 checks passed · September 30, 2026
What it owns · $31.6bn
Short-term assets $8.4bnLonger-term assets $23.2bn
What it owes, and who funded it · $27.4bn
Short-term liabilities $5.3bnLonger-term liabilities $16.7bnShareholders' equity $5.4bn
  • Short-term assets cover short-term liabilities $8.4bn of assets due within a year against $5.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.4bn short-term assets against $16.7bn of longer-dated liabilities.
  • More cash than debt $2.7bn of cash against $13.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 240% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 1394% to 240% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.2bn of operating cash flow against $13.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.4bn against $817m of interest.

From Tenet Healthcare Corp'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

FY2026 Q3 TTM
Buybacks (TTM)
$1.8B
Returned to shareholders
54%
of free cash flow
Buybacks, last 3 fiscal years
$2.3B
Diluted share count
−8.4%
year over year
Total shareholder yield
8.4%
dividends 0.0% + buybacks 8.4% of market value
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in hospitals
Last 12 months unless stated THC CYH ARDT EHC MD Median
Revenue, last 12 months $22.2bn $11.7bn $6.4bn $6.2bn $2.0bn $6.4bn
Revenue growth, last 12 months 6.2% −7.8% 3.3% 9.5% 1.9% 3.3%
Revenue growth, 3-year average 3.2% −2.2% — 10.7% −0.9% 1.2%
Revenue growth, latest quarter 6.5% −10.7% −1.4% 9.6% 1.7% 1.7%
Operating margin 24.4% 10.9% — 12.4% 10.9% 11.6%
Operating margin, 3-year average 23.0% 8.7% — 12.8% 3.4% 10.7%
Net margin 13.1% 0.3% 1.2% 10.0% 7.7% 7.7%
Cash from operations / revenue 19.1% 1.8% 8.0% 19.5% 11.6% 11.6%
Free-cash-flow margin 15.0% −1.0% 5.5% 6.7% 10.7% 6.7%
Free-cash-flow margin, 3-year average 11.2% 0.0% 3.3% 6.2% 10.2% 6.2%
Stock pay / revenue 0.6% 0.1% — 0.9% 1.1% 0.8%
Change in share count −8.4% 1.5% 1.3% −1.0% −2.8% −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 6.2% 3.3% 2 of 5
Change in growth rate Growth +0.8pp -0.6pp 2 of 5
Net margin Profitability 13.1% 7.7% 1 of 5
Free-cash-flow margin Cash generation 15.0% 6.7% 1 of 5
Long-term debt as % of assets Balance sheet 41.4% 34.8% 4 of 5
Change in share count Balance sheet -8.4% -1.0% 1 of 5
Days sales outstanding Balance sheet 43 days 43 days 3 of 5

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

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Hospital Operations $16.1B 75.7% 0.0%
Ambulatory Care $5.2B 24.3% ▲ 14.1%

From Tenet Healthcare Corp's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$15B
Institutions reporting
675
Shares held vs prior quarter
▼ 1.8%
Positions opened / closed
85 / 99

Top buyers and sellers, Q2 2026: 318 institutions bought and 360 sold ; the biggest buyer was Citadel Advisors LLC (+1.3M shares) and the biggest seller FMR LLC (−3.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.6B 8.7M 10.9% ▲ 0.4%
Price T Rowe Associates Inc $1.5B 8.0M 9.9% ▲ 5.8%
Boston Partners $829M 4.4M 5.5% ▲ 15.6%
Vanguard Portfolio Management LLC $793M 4.2M 5.3% ▼ 1.8%
FMR LLC $747M 4.0M 5.0% ▼ 48.6%
Vanguard Capital Management LLC $729M 3.9M 4.8% ▼ 0.4%
State Street Corp $515M 2.8M 3.4% ▲ 1.3%
Glenview Capital Management, LLC $418M 2.2M 2.8% ▲ 46.6%
Geode Capital Management, LLC $353M 1.9M 2.3% ▼ 2.4%
Citadel Advisors LLC $330M 1.8M 2.2% ▲ 321.6%
Arrowstreet Capital, Limited Partnership $320M 1.7M 2.1% ▲ 154.3%
Ameriprise Financial Inc $311M 1.7M 2.1% ▲ 11.5%

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 Tenet Healthcare Corp's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $71.2M 42 trades by 13 insiders · 0% under pre-set plans
Net ▼ $71.2M net selling
Insider Date Trade Shares Price Value
Kerrey J Robert Director September 14, 2026 Sell 4,025 $264.10 $1.1M
Kerrey J Robert Director September 14, 2026 Sell 5,483 $263.04 $1.4M
Kerrey J Robert Director September 14, 2026 Sell 2,502 $264.62 $662,079
Mark Richard J Director September 10, 2026 Sell 10,000 $263.42 $2.6M
West Nadja Director September 2, 2026 Sell 1,152 $258.80 $298,138
Foo Lisa Y EVP, Chief Operating Officer August 31, 2026 Sell 24,000 $266.32 $6.4M
Sutaria Saumya CEO August 25, 2026 Sell 7,899 $275.26 $2.2M
Sutaria Saumya CEO August 25, 2026 Sell 17,220 $273.34 $4.7M
Sutaria Saumya CEO August 25, 2026 Sell 24,881 $274.10 $6.8M
Sutaria Saumya CEO August 24, 2026 Sell 36,656 $278.90 $10.2M
Sutaria Saumya CEO August 24, 2026 Sell 13,344 $278.17 $3.7M
Haney Cecil D Director August 24, 2026 Sell 1,300 $278.03 $361,439

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.

Trades by members of Congress

All 9 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 3 sales of Tenet Healthcare Corp shares.

  • Jonathan L. Jackson(D-IL 1):Sale (full), $15,001 - $50,000, traded April 20, 2026, filed May 27, 2026
  • Jonathan L. Jackson(D-IL 1):Sale (full), $1,001 - $15,000, traded April 15, 2026, filed May 27, 2026
  • Jonathan L. Jackson(D-IL 1):Sale (partial), $1,001 - $15,000, traded February 11, 2026, filed March 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 23, 2026
  • April 30, 2026
  • February 11, 2026
  • February 2, 2026
  • October 28, 2025

Recent SEC filings

Data status

When each part of this page on Tenet Healthcare Corp 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.

Tenet Healthcare Corp in brief

What does Tenet Healthcare Corp do?
Tenet Healthcare Corp is a US-listed company in the hospitals industry. Its financial year ends in December.
What is Tenet Healthcare Corp's stock ticker?
Tenet Healthcare Corp trades under the ticker THC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tenet Healthcare Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tenet Healthcare Corp reported revenue of $22.2B, 6.2% higher than a year earlier, according to its SEC filings.
What is Tenet Healthcare Corp's free cash flow?
Tenet Healthcare Corp's free-cash-flow margin is 15.0% of revenue over the trailing twelve months, ranking 1 of the 5 hospitals companies we cover.
Who are Tenet Healthcare Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and Boston Partners. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tenet Healthcare Corp buying back stock, and does it pay a dividend?
Tenet Healthcare Corp spent $1.8B on share repurchases over the trailing twelve months, and its diluted share count fell 8.4% over the year.
What is Tenet Healthcare Corp's market cap?
On November 2, 2026, Tenet Healthcare Corp's market capitalisation was about $22.9B, with a price-to-earnings ratio of 7.9 and net debt of $10.6B. Market figures come from third-party market data and may be delayed.
How much debt does Tenet Healthcare Corp have?
Tenet Healthcare Corp's debt-to-equity ratio is 240.2%, from its latest balance sheet (1393.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Tenet Healthcare Corp's competitors?
In our Hospitals peer group, the companies closest to Tenet Healthcare Corp are Community Health Systems Inc, Ardent Health, Inc., Encompass Health Corp and Pediatrix Medical Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Tenet Healthcare Corp's.
Are insiders buying or selling Tenet Healthcare Corp stock?
Over the last 12 months, Tenet Healthcare Corp's directors and officers reported 0 open-market purchases and 42 sales on Form 4. The insider trading page charts every trade.
When is Tenet Healthcare Corp's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tenet Healthcare Corp announces its own schedule.