Tenet Health vs Universal Health Services
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The short version
- Tenet Health is the larger business, with $21.3B of revenue in fiscal 2025 against $17.4B for Universal Health Services.
- Universal Health Services grew revenue faster (9.7%, against 3.1%).
- Tenet Health kept more of each dollar of sales as operating profit (16.5% operating margin, against 11.5%).
- Tenet Health turned more of its sales into free cash flow (11.9% FCF margin, against 4.9%).
- Tenet Health earned a higher return on the capital invested in it (18.3%, against 13.1%).
- Investors pay more for each dollar of Tenet Health’s earnings: a P/E of 10.4x against 7.6x for Universal Health Services.
| Latest fiscal year | THC · FY25 | UHS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.5B | $11.2B |
| Revenue | $21.3B | $17.4B |
| Free cash flow | $2.5B | $849M |
| Net income | $1.4B | $1.5B |
| Growth | ||
| Revenue growth | 3.1% | 9.7% |
| 5-year growth | 3.9% | 8.5% |
| Share count change | −7.2% | −5.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.5% | 11.5% |
| Net margin | 6.6% | 8.6% |
| FCF margin | 11.9% | 4.9% |
| Return on capital | 18.3% | 13.1% |
| Return on equity | 33.5% | 21.4% |
| Balance sheet | ||
| Net debt | $10.4B | $4.7B |
| Net debt / EBITDA | 2.4x | 1.8x |
| Dividends and buybacks | $1.4B | $1.0B |
| Valuation & quality | ||
| P/E | 10.4x | 7.6x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
THC $19.6B
UHS $9.8B
FY17
THC $19.2B
UHS $10.4B
FY18
THC $18.3B
UHS $10.8B
FY19
THC $18.5B
UHS $11.4B
FY20
THC $17.6B
UHS $11.6B
FY21
THC $19.5B
UHS $12.6B
FY22
THC $19.2B
UHS $13.4B
FY23
THC $20.6B
UHS $14.3B
FY24
THC $20.7B
UHS $15.8B
FY25
THC $21.3B
UHS $17.4B
THC
UHS
Operating margin
FY16
THC 6.4%
UHS 13.1%
FY17
THC 5.8%
UHS 12.3%
FY18
THC 8.9%
UHS 10.9%
FY19
THC 8.3%
UHS 10.7%
FY20
THC 11.3%
UHS 11.8%
FY21
THC 14.7%
UHS 10.8%
FY22
THC 12.2%
UHS 7.5%
FY23
THC 12.2%
UHS 8.2%
FY24
THC 28.8%
UHS 10.6%
FY25
THC 16.5%
UHS 11.5%
THC
UHS
Free cash flow
FY16
THC −$317M
UHS $814M
FY17
THC $493M
UHS $690M
FY18
THC $432M
UHS $610M
FY19
THC $563M
UHS $804M
FY20
THC $2.9B
UHS $1.6B
FY21
THC $910M
UHS $28.0M
FY22
THC $321M
UHS $262M
FY23
THC $1.6B
UHS $525M
FY24
THC $1.1B
UHS $1.1B
FY25
THC $2.5B
UHS $849M
THC
UHS
Return on capital
FY16
THC 5.8%
UHS 10.1%
FY17
THC 5.7%
UHS 9.8%
FY18
THC 7.8%
UHS 9.9%
FY19
THC 5.1%
UHS 10.0%
FY20
THC 13.5%
UHS 11.1%
FY21
THC 15.0%
UHS 10.7%
FY22
THC 10.8%
UHS 7.2%
FY23
THC 12.0%
UHS 8.2%
FY24
THC 27.9%
UHS 11.7%
FY25
THC 18.3%
UHS 13.1%
THC
UHS
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.