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Tenet Health

THC NYSE Health Care Facilities Financials FY2016–FY2025

Tenet Health's revenue rose 3.1% to $21.3 billion in fiscal 2025. Its operating margin was 16.5%, down from 28.8% a year earlier. Free cash flow was $2.5 billion, up 126.7%. It paid out $1.4 billion in dividends and buybacks, 55% of free cash flow. The diluted share count fell 7.2%.

Last close · Oct 23, 2026

$268.45

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$21.3B
3.1% vs prior year
Operating margin Operating income as a share of revenue.
16.5%
12.3 pts
Net income Profit after all expenses, interest and tax.
$1.4B
56.0%
Free cash flow Cash from operations minus capital spending.
$2.5B
126.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
18.3%
9.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$22.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
10.4x
On $25.92 EPS (TTM)

About these figures. Net income is Tenet's shareholders' share (US$1.4 billion in 2025), as its earnings per share are; the default took a total that includes the share of its minority partners in hospitals and surgery centers (US$2.4 billion).

What Tenet Health does

No business description yet.

Legal name
TENET HEALTHCARE CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000070318-26-000012
0000070318

Revenue and margins

Tenet Health had $21.3B of revenue in fiscal 2025, up 3.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.5B in fiscal 2025, 11.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Tenet Health returned $1.4B to shareholders in fiscal 2025, 55% of free cash flow. The diluted share count fell 7.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Tenet Health yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$10.4B and divides by 90.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 10.4x · peers 18.2x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Tenet Health can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.4B$858M$1.2B$3.0B$2.9B
Debt incl. finance leases $15.8B$15.2B$15.1B$13.3B$13.3B
Net debt / EBITDA 3.6x4.5x4.1x1.5x2.4x
Debt / equity ——9.4x3.2x3.1x
Interest coverage 3.1x2.6x2.8x7.2x4.3x
Current ratio 1.4x1.3x1.5x1.8x1.8x
Quick ratio 1.3x1.3x1.4x1.7x1.7x
Total assets $27.6B$27.2B$28.3B$28.9B$29.7B
Total liabilities $23.3B$22.5B$22.8B$20.4B$20.7B
Shareholders' equity $1.0B$1.1B$1.6B$4.2B$4.2B
Net debt (− = net cash) $13.4B$14.4B$13.9B$10.2B$10.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$47.8M

9 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Kerrey J RobertDirector Sold 12,010 $263.72 $3.2M Form 4
Sep 10, 2026 Richard J MarkDirector Sold 10,000 $263.42 $2.6M Form 4
Sep 2, 2026 Nadja WestDirector Sold 1,152 $258.80 $0.3M Form 4
Aug 31, 2026 Lisa Y FooEVP, Chief Operating Officer Sold 24,000 $266.32 $6.4M Form 4
Aug 25, 2026 Saumya SutariaCEO, Director Sold 50,000 $274.02 $13.7M Form 4
Aug 24, 2026 Cecil D HaneyDirector Sold 1,300 $278.03 $0.4M Form 4
Aug 24, 2026 Saumya SutariaCEO, Director Sold 50,000 $278.71 $13.9M Form 4
Aug 7, 2026 Tammy RomoDirector Sold 2,500 $260.83 $0.7M Form 4
Aug 6, 2026 Tammy RomoDirector Sold 4,922 $264.15 $1.3M Form 4
Aug 5, 2026 Roy BluntDirector Sold 600 $262.68 $0.2M Form 4
Jul 29, 2026 Lisa Y FooEVP, Chief Operating Officer Sold 10,000 $258.03 $2.6M Form 4
Jul 27, 2026 Paola M ArbourEVP, Chief Information Officer Sold 10,878 $243.90 $2.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 86 / 86 / 8
Accruals ratio −6.4%4.0%−7.3%
Altman Z'' 1.272.792.33

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Tenet Health THC $22.5B 3.1% 16.5% 11.9% 18.3% 10.4x 6
Universal Health Services UHS $11.2B 9.7% 11.5% 4.9% 13.1% 7.6x 6 Compare →
HCA Healthcare HCA $106.3B 7.1% — 10.2% 22.3% 16.2x 6 Compare →
Encompass Health EHC $12.4B 10.5% — 7.4% 15.8% 20.2x 8 Compare →
Option Care Health OPCH $4.9B 13.0% 6.0% 3.8% 11.4% 24.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $19.6B $19.2B $18.3B $18.5B $17.6B $19.5B $19.2B $20.6B $20.7B $21.3B
Operating income $1.2B $1.1B $1.6B $1.5B $2.0B $2.9B $2.3B $2.5B $6.0B $3.5B
Interest expense $979M $1.0B $1.0B $985M $1.0B $923M $890M $901M $826M $821M
Pretax income $248M −$101M $629M $320M $671M $1.9B $1.3B $1.6B $5.2B $2.8B
Income tax $67.0M $219M $173M $160M −$97.0M $411M $344M $306M $1.2B $433M
Net income −$192M −$704M $104M −$215M $399M $914M $411M $611M $3.2B $1.4B
Diluted EPS −$1.93 −$7.00 $1.00 −$2.08 $3.75 $8.42 $3.79 $5.71 $32.70 $15.49
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.11B 0.11B 0.11B 0.10B 0.10B 0.09B
Cash flow
Cash from operations $558M $1.2B $1.0B $1.2B $3.4B $1.6B $1.1B $2.4B $2.0B $3.5B
Capital expenditure $875M $707M $617M $670M $540M $658M $762M $751M $931M $1.0B
Free cash flow −$317M $493M $432M $563M $2.9B $910M $321M $1.6B $1.1B $2.5B
Depreciation and amortization $850M $870M $802M $850M $857M $855M $841M $870M $818M $863M
Stock-based compensation $68.0M $59.0M $46.0M $42.0M $44.0M $56.0M $56.0M $66.0M $67.0M $104M
Acquisitions $117M $50.0M $113M $25.0M $1.2B $1.2B $234M $224M $571M $308M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $250M $200M $672M $1.4B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $250M $200M $672M $1.4B
Balance sheet
Cash and short-term investments $716M $611M $411M $262M $2.4B $2.4B $858M $1.2B $3.0B $2.9B
Total debt $15.5B $15.2B $15.0B $14.9B $15.9B $15.8B $15.2B $15.1B $13.3B $13.3B
Finance lease liabilities $0.0M $0.0M $0.0M $325M $273M $282M $264M $204M $444M $452M
Current assets $5.3B $5.6B $4.6B $5.1B $7.1B $7.1B $6.0B $7.2B $7.7B $7.8B
Current liabilities $4.0B $4.3B $3.9B $4.2B $4.8B $5.1B $4.5B $4.8B $4.3B $4.5B
Inventory $326M $289M $305M $310M $368M $384M $405M $411M $346M $348M
Property and equipment, net $8.1B $7.0B $7.0B $6.9B $6.7B $6.4B $6.5B $6.2B $6.0B $6.3B
Total assets $24.7B $23.4B $22.4B $23.4B $27.1B $27.6B $27.2B $28.3B $28.9B $29.7B
Total liabilities $21.2B $21.0B $20.3B $21.4B $24.2B $23.3B $22.5B $22.8B $20.4B $20.7B
Shareholders' equity $417M −$147M −$119M −$417M $28.0M $1.0B $1.1B $1.6B $4.2B $4.2B
Margins
Operating margin 6.4% 5.8% 8.9% 8.3% 11.3% 14.7% 12.2% 12.2% 28.8% 16.5%
EBITDA margin 10.7% 10.3% 13.3% 12.9% 16.1% 19.1% 16.6% 16.4% 32.8% 20.5%
Net margin −1.0% −3.7% 0.6% −1.2% 2.3% 4.7% 2.1% 3.0% 15.5% 6.6%
FCF margin −1.6% 2.6% 2.4% 3.1% 16.3% 4.7% 1.7% 7.9% 5.4% 11.9%
Returns
Return on capital 5.8% 5.7% 7.8% 5.1% 13.5% 15.0% 10.8% 12.0% 27.9% 18.3%
Return on capital employed 6.2% 5.6% 8.7% 8.2% 9.6% 12.8% 10.3% 10.9% 24.7% 14.1%
Return on equity — — — — — — — — 110.8% 33.5%
Return on assets −0.8% −2.9% 0.5% −0.9% 1.6% 3.3% 1.5% 2.2% 11.2% 4.8%
Growth
Revenue growth — −2.3% −4.5% 0.9% −4.5% 10.5% −1.6% 7.3% 0.5% 3.1%
Net income growth — — — −306.7% — 129.1% −55.0% 48.7% 423.7% −56.0%
EPS growth — — — −308.0% — 124.5% −55.0% 50.7% 472.7% −52.6%
FCF growth −272.3% — −12.4% 30.3% 409.2% −68.3% −64.7% 405.6% −31.2% 126.7%
Share count change 0.2% 1.3% 3.3% −0.5% 2.8% 2.2% 1.8% −5.2% −6.6% −7.2%
Financial health
Net debt / EBITDA 7.1x 7.3x 6.0x 6.2x 4.7x 3.6x 4.5x 4.1x 1.5x 2.4x
Debt / equity — — — — — — — 9.4x 3.2x 3.1x
Interest coverage 1.3x 1.1x 1.6x 1.6x 2.0x 3.1x 2.6x 2.8x 7.2x 4.3x
Current ratio 1.3x 1.3x 1.2x 1.2x 1.5x 1.4x 1.3x 1.5x 1.8x 1.8x
Quick ratio 1.2x 1.2x 1.1x 1.1x 1.4x 1.3x 1.3x 1.4x 1.7x 1.7x
Capital allocation
Capex / revenue 4.5% 3.7% 3.4% 3.6% 3.1% 3.4% 4.0% 3.7% 4.5% 4.7%
Stock comp / revenue 0.4% 0.3% 0.3% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.5%
Payouts / FCF — 0.0% 0.0% 0.0% 0.0% 0.0% 77.9% 12.3% 60.2% 54.8%
Quality scores
Piotroski F-score — 3.0 5.0 6.0 6.0 5.0 4.0 8.0 6.0 6.0
Altman Z'' 0.5 0.4 0.4 0.4 0.8 1.1 1.0 1.3 2.8 2.3
Accruals ratio −3.1% −7.9% −4.1% −6.3% −11.9% −2.4% −2.5% −6.4% 4.0% −7.3%

Source: SEC EDGAR XBRL filings (CIK 0000070318). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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