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Stock research / United States / THC · Services-General Medical & Surgical Hospitals, Nec · NYSE

Tenet Healthcare Corp. (THC)

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Tenet Healthcare Corp. (THC) reported revenue of $5.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 6.8% on the same quarter a year earlier. Net income was $826 million, up 186.8% on the year, and diluted earnings per share $9.84. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue$5.6 billionup 6.8%
Net income$826 millionup 186.8%
Diluted EPS$9.84
QuarterQ2 FY2026ended 30 June 2026

Tenet Healthcare (THC) in brief

Tenet Healthcare (THC) reported revenue of $21.3 billion for fiscal 2025, the year ended 31 December 2025, up 3.1% on the year before.
Read moreNet income was $1.4 billion and diluted earnings per share $15.49. Revenue was $20.7 billion in fiscal 2024, $20.5 billion in fiscal 2023, $19.2 billion in fiscal 2022 and $19.5 billion in fiscal 2021. Net income in the same years was $3.2 billion, $611 million, $411 million and $914 million. Over the twelve months to 30 June 2026, Tenet Healthcare reported revenue of $21.8 billion and net income of $2.2 billion. Revenue grew 3.9% a year, compounded, over the five years to fiscal 2025. Tenet Healthcare had 81 million shares outstanding at the latest filed count. At 30 June 2026 it carried $13.1 billion of debt and $2.2 billion of cash. At the close of 8 October 2026 the market cap of Tenet Healthcare was $21.0 billion, 10.0 times its earnings over the last twelve months.

Ratios

From the filings

ROE48.1%
ROCE25.6%
Operating margin20.8%
Net margin10.3%
FCF margin13.9%
Interest cover5.54
Debt to equity2.81
Cash conversion1.79
Share count, 1 year-8.9%
Sales CAGR, 3 years3.6%
Profit CAGR, 3 years50.7%
EPS, TTM$25.93

At the close of 8 October 2026

Price$260.57
Market cap$21.0 billion
Stock P/E10.05
Price to book4.50
EV / EBITDA5.87
Dividend yieldn/a
Market cap / sales0.96
52-week high$280.77
52-week low$161.37
Price, 1 year30.0%
Price CAGR, 3 years61.9%
Price CAGR, 5 years33.3%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the one borrowings figure Tenet Healthcare Corp. files, which has finance leases inside it; operating leases are a separate line. Nothing here is a valuation or a view.
THCgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on THC

Filings21 in twelve months: 14 current reports (8-K), about 5 results of operations; 3 material agreement; 3 new financial obligation; 3 regulation fd disclosure; 3 other events
Planned insider sales24 Form 144 notices in twelve months, $68.9 million; latest 14 September 2026
Options tapeput/call 1.08 by open interest at the 8 October 2026 close; the straddle prices a 4.5% move to 16 October 2026
13F holders10 of the followed funds hold it; largest FMR LLC; 5 Schedule 13D or 13G filings in twelve months
Insider trading43 sales and 0 purchases on Form 4 in twelve months
Congress2 House trades disclosed in six months
Short interest2.0 million shares short, 2.81 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue5,0665,3795,3685,1035,1225,0725,2235,2715,2895,5275,3685,628
Operating income5687353,2857611,0898219438238898531,2961,501
Operating margin11%14%61%15%21%16%18%16%17%15%24%27%
Interest expense227227218203202203204206206205205204
Pre-tax income3455193,0845879226557656427126811,1321,340
Tax rate23%12%24%19%26%13%19%19%19%5%20%22%
Net income1012442,151259472318406288342371702826
Net margin2%5%40%5%9%6%8%5%6%7%13%15%
Diluted EPS$0.94$2.30$21.38$2.64$4.89$3.32$4.27$3.14$3.86$4.22$8.01$9.84
Operating cash flow5038245867471,045-3318159361,0587311,641585
Capital expenditure176208240145216330173193280364180168
Free cash flow327616346602829-6616427437783671,461417
Buybacks0.01102782701240.034874793.01983181,042
Shares outstanding102m100m98m96m95m95m93m88m88m87m86m81m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 10 fiscal years and the trailing twelve months

FY2016 †FY2017 †FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue19,62119,17918,31318,47917,64019,48519,17420,54820,66521,31021,812
Operating income1,2471,1131,6371,5371,9892,8712,3332,5105,9563,5084,539
Operating margin6.4%5.8%8.9%8.3%11.3%14.7%12.2%12.2%28.8%16.5%20.8%
Interest expense9791,0281,0049851,003923890901826821820
Pre-tax income248-1016293206711,8881,3441,6175,2482,8003,865
Income tax67.0219173160-97.04113443061,184433691
Effective tax rate27.0%n/a27.5%50.0%-14.5%21.8%25.6%18.9%22.6%15.5%17.9%
Net income-192-704104-2153999144116113,2001,4072,241
Net margin-1.0%-3.7%0.6%-1.2%2.3%4.7%2.1%3.0%15.5%6.6%10.3%
Diluted EPS-$1.93-$7.00$1.00-$2.08$3.75$8.42$3.79$5.71$32.70$15.49$25.93
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Hospital Operations16,69816,14116,13875.7%
Ambulatory Care3,8654,5345,17224.3%
Hospital OperationsAmbulatory Care
20.6FY202320.7FY202421.3FY2025

$ billion; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2016 †FY2017 †FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow5581,2001,0491,2333,4071,5681,0832,3742,0473,5404,015
Capital expenditure8757076176705406587627519311,010992
Free cash flow-3174934325632,8679103211,6231,1162,5303,023
Free cash flow margin-1.6%2.6%2.4%3.0%16.3%4.7%1.7%7.9%5.4%11.9%13.9%
Cash from investing-43021.0-115-619-1,608-714-808-9693,429-1,275-1,294
Cash from financing232-1,326-1,134-763385-936-1,781-1,035-3,685-2,401-3,176
Depreciation and amortisation850870802850857855841870818863893
Share-based compensation68.059.046.042.044.056.056.066.067.0104132
Buybacks0.00.0n/an/a0.00.02502006721,3861,651
Diluted shares, weighted99m101m104m103m106m109m111m105m98m91m84m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/a81m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2016 †FY2017 †FY2018 †FY2019 †FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity417-147-119-41728.01,0281,1421,6084,1714,2204,658
Non-controlling interest6656868068549091,0261,3171,5091,6491,7971,899
Redeemable equity2,3931,8661,4201,5061,9522,2032,1492,3912,7272,9562,143
Debt15,06414,79114,64414,58015,57415,51114,93414,88213,08113,09213,088
Operating lease liabilitiesn/an/an/a8589999241,0461,0079501,043n/a
Finance lease liabilitiesn/an/an/a182151176165120390407n/a
Other liabilities6,1626,1895,6585,7887,4936,7116,4036,7955,9686,1628,888
Total liabilities and equity24,70123,38522,40923,35127,10627,57927,15628,31228,93629,67730,676
Owned
Fixed assets8,0537,0306,993n/an/an/an/an/an/an/an/a
Goodwill7,4257,0187,2817,2528,8089,26110,12310,30710,69111,19811,437
Intangible assets1,8451,7661,7311,6021,6001,4971,4241,3681,3971,3481,281
Investments49.056.040.02.03.09.030.048.050.059.0n/a
Cash and equivalents7166114112622,4462,3648581,2283,0192,8832,170
Receivables2,8972,6162,5952,7432,6902,7702,9432,9142,5362,5652,608
Inventory326289305310368384405411346348338
Other assets3,3903,9993,05311,18011,19111,29411,37312,03610,89711,27612,842
Total assets24,70123,38522,40923,35127,10627,57927,15628,31228,93629,67730,676
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a3.9%3.6%5.4%
Profit growth, compoundedn/a28.7%50.7%51.0%
Return on equity, averagen/a54.6%49.4%33.3%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Healthcare

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$97.0 billion14.90n/a12.7%7.3%n/a0.7%
Quest Diagnostics Inc. DGX$25.5 billion24.5014.1%14.1%9.9%0.751.4%
Labcorp Holdings Inc. LH$25.4 billion25.9911.6%10.4%6.4%0.680.9%
Tenet Healthcare Corp. THC$21.0 billion10.0548.1%20.8%5.4%2.81n/a
BrightSpring Health Services, Inc. BTSG$12.6 billionn/an/an/an/a1.07n/a
Encompass Health Corp. EHC$12.1 billion19.9623.9%18.0%9.5%1.000.6%
Davita Inc. DVA$11.3 billion14.49n/a15.2%6.4%n/an/a
Universal Health Services Inc. UHS$10.5 billion7.1620.3%11.4%10.0%0.650.5%
Ensign Group, Inc. ENSG$10.0 billion26.8815.5%8.5%18.9%0.060.1%
Chemed Corp. CHE$6.5 billion25.0333.1%13.5%3.3%0.170.4%
Hims & Hers Health, Inc. HIMS$6.5 billionn/a-43.8%-6.0%28.0%4.21n/a
Sotera Health Co. SHC$5.1 billion31.2824.6%n/a8.1%3.21n/a
All 13 in Healthcare
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$97.0 billion14.90n/a12.7%7.3%n/a0.7%
Quest Diagnostics Inc. DGX$25.5 billion24.5014.1%14.1%9.9%0.751.4%
Labcorp Holdings Inc. LH$25.4 billion25.9911.6%10.4%6.4%0.680.9%
Tenet Healthcare Corp. THC$21.0 billion10.0548.1%20.8%5.4%2.81n/a
BrightSpring Health Services, Inc. BTSG$12.6 billionn/an/an/an/a1.07n/a
Encompass Health Corp. EHC$12.1 billion19.9623.9%18.0%9.5%1.000.6%
Davita Inc. DVA$11.3 billion14.49n/a15.2%6.4%n/an/a
Universal Health Services Inc. UHS$10.5 billion7.1620.3%11.4%10.0%0.650.5%
Ensign Group, Inc. ENSG$10.0 billion26.8815.5%8.5%18.9%0.060.1%
Chemed Corp. CHE$6.5 billion25.0333.1%13.5%3.3%0.170.4%
Hims & Hers Health, Inc. HIMS$6.5 billionn/a-43.8%-6.0%28.0%4.21n/a
Sotera Health Co. SHC$5.1 billion31.2824.6%n/a8.1%3.21n/a
Option Care Health, Inc. OPCH$4.7 billion23.3516.6%5.9%5.9%0.92n/a
2 companies share its SEC industry code (Services-General Medical & Surgical Hospitals, Nec); the rest are the names nearest in size in its wider industry, Healthcare, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202629 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202517 February 2026EDGAR
10-Q30 September 202528 October 2025EDGAR
10-Q30 June 202530 July 2025EDGAR
10-Q31 March 202529 April 2025EDGAR
10-K31 December 202418 February 2025EDGAR
10-Q30 September 202429 October 2024EDGAR
10-Q30 June 202430 July 2024EDGAR
10-Q31 March 202430 April 2024EDGAR

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