Encompass Health
EHC · Health Care Facilities
$124.09
1.5%Tenet Health
THC · Health Care Facilities
$268.45
0.8%The short version
- Tenet Health is the larger business, with $21.3B of revenue in fiscal 2025 against $5.9B for Encompass Health, about 3.6 times as much.
- Encompass Health grew revenue faster (10.5%, against 3.1%).
- Tenet Health turned more of its sales into free cash flow (11.9% FCF margin, against 7.4% FCF margin).
- Tenet Health earned a higher return on the capital invested in it (18.3%, against 15.8%).
- Investors pay more for each dollar of Encompass Health’s earnings: a P/E of 20.2x against 10.4x for Tenet Health.
| Latest fiscal year | EHC · FY25 | THC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.4B | $22.5B |
| Revenue | $5.9B | $21.3B |
| Free cash flow | $439M | $2.5B |
| Net income | $566M | $1.4B |
| Growth | ||
| Revenue growth | 10.5% | 3.1% |
| 5-year growth | 10.7% | 3.9% |
| Share count change | 0.0% | −7.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 16.5% |
| Net margin | 9.5% | 6.6% |
| FCF margin | 7.4% | 11.9% |
| Return on capital | 15.8% | 18.3% |
| Return on equity | 25.1% | 33.5% |
| Balance sheet | ||
| Net debt | $2.4B | $10.4B |
| Net debt / EBITDA | 1.7x | 2.4x |
| Dividends and buybacks | $229M | $1.4B |
| Valuation & quality | ||
| P/E | 20.2x | 10.4x |
| Piotroski F-score | 8 | 6 |
FY16
EHC $3.6B
THC $19.6B
FY17
EHC $3.9B
THC $19.2B
FY18
EHC $4.3B
THC $18.3B
FY19
EHC $4.6B
THC $18.5B
FY20
EHC $3.6B
THC $17.6B
FY21
EHC $4.0B
THC $19.5B
FY22
EHC $4.3B
THC $19.2B
FY23
EHC $4.8B
THC $20.6B
FY24
EHC $5.4B
THC $20.7B
FY25
EHC $5.9B
THC $21.3B
EHC
THC
FY16
EHC 16.2%
THC 6.4%
FY17
EHC 14.8%
THC 5.8%
FY18
EHC 13.0%
THC 8.9%
FY19
EHC 13.3%
THC 8.3%
FY20
EHC 15.8%
THC 11.3%
FY21
EHC 13.9%
THC 14.7%
FY22
EHC 12.4%
THC 12.2%
FY23
EHC —
THC 12.2%
FY24
EHC —
THC 28.8%
FY25
EHC —
THC 16.5%
EHC
THC
FY16
EHC $463M
THC −$317M
FY17
EHC $433M
THC $493M
FY18
EHC $508M
THC $432M
FY19
EHC $263M
THC $563M
FY20
EHC $312M
THC $2.9B
FY21
EHC $191M
THC $910M
FY22
EHC $141M
THC $321M
FY23
EHC $268M
THC $1.6B
FY24
EHC $360M
THC $1.1B
FY25
EHC $439M
THC $2.5B
EHC
THC
FY16
EHC 10.0%
THC 5.8%
FY17
EHC 10.5%
THC 5.7%
FY18
EHC 10.6%
THC 7.8%
FY19
EHC 11.2%
THC 5.1%
FY20
EHC 9.1%
THC 13.5%
FY21
EHC 8.4%
THC 15.0%
FY22
EHC 8.3%
THC 10.8%
FY23
EHC 12.4%
THC 12.0%
FY24
EHC 14.0%
THC 27.9%
FY25
EHC 15.8%
THC 18.3%
EHC
THC
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.