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Tenet Healthcare Corp key statistics and ratios

In fiscal 2025, Tenet Healthcare Corp had return on equity of 33.5%, an operating margin of 16.5%, debt equal to 314.3% of equity and a current ratio of 1.76. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin6.4%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%
Return on equity−46.0%————173.1%37.9%44.4%110.7%33.5%60.0%
Return on assets−0.8%−2.9%0.5%−0.9%1.6%3.3%1.5%2.2%11.2%4.8%9.5%
Asset turnover0.790.800.800.810.700.710.700.740.720.730.72
Current ratio1.301.291.201.211.471.381.341.511.781.761.58
Debt to equity>999%———>999%>999%>999%940.5%318.1%314.3%243.3%
Interest cover (operating income ÷ interest)1.3x1.1x1.6x1.6x2.0x3.1x2.6x2.8x7.2x4.3x6.6x
Effective tax rate27.0%—27.5%50.0%−14.5%21.8%25.6%18.9%22.6%15.5%—
Capital spending as % of revenue4.5%3.7%3.4%3.6%3.1%3.4%4.0%3.7%4.5%4.7%4.1%
Free cash flow ÷ net income——415.4%—718.5%99.6%78.1%265.6%34.9%179.8%114.8%
Dividends and buybacks ÷ free cash flow—0.0%——0.0%0.0%77.9%12.3%60.2%54.8%54.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Tenet Healthcare Corp's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tenet Healthcare Corp.