Option Care Health vs Tenet Health
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The short version
- Tenet Health is the larger business, with $21.3B of revenue in fiscal 2025 against $5.6B for Option Care Health, about 3.8 times as much.
- Option Care Health grew revenue faster (13.0%, against 3.1%).
- Tenet Health kept more of each dollar of sales as operating profit (16.5% operating margin, against 6.0%).
- Tenet Health turned more of its sales into free cash flow (11.9% FCF margin, against 3.8%).
- Tenet Health earned a higher return on the capital invested in it (18.3%, against 11.4%).
- Investors pay more for each dollar of Option Care Health’s earnings: a P/E of 24.4x against 10.4x for Tenet Health.
| Latest fiscal year | OPCH · FY25 | THC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $22.5B |
| Revenue | $5.6B | $21.3B |
| Free cash flow | $217M | $2.5B |
| Net income | $208M | $1.4B |
| Growth | ||
| Revenue growth | 13.0% | 3.1% |
| 5-year growth | 13.3% | 3.9% |
| Share count change | −5.5% | −7.2% |
| Profitability | ||
| Gross margin | 19.3% | — |
| Operating margin | 6.0% | 16.5% |
| Net margin | 3.7% | 6.6% |
| FCF margin | 3.8% | 11.9% |
| Return on capital | 11.4% | 18.3% |
| Return on equity | 15.2% | 33.5% |
| Balance sheet | ||
| Net debt | $928M | $10.4B |
| Net debt / EBITDA | 2.3x | 2.4x |
| Dividends and buybacks | $310M | $1.4B |
| Valuation & quality | ||
| P/E | 24.4x | 10.4x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
OPCH $936M
THC $19.6B
FY17
OPCH $1.8B
THC $19.2B
FY18
OPCH $1.9B
THC $18.3B
FY19
OPCH $2.3B
THC $18.5B
FY20
OPCH $3.0B
THC $17.6B
FY21
OPCH $3.4B
THC $19.5B
FY22
OPCH $3.9B
THC $19.2B
FY23
OPCH $4.3B
THC $20.6B
FY24
OPCH $5.0B
THC $20.7B
FY25
OPCH $5.6B
THC $21.3B
OPCH
THC
Operating margin
FY16
OPCH −1.2%
THC 6.4%
FY17
OPCH 1.5%
THC 5.8%
FY18
OPCH 2.0%
THC 8.9%
FY19
OPCH −0.0%
THC 8.3%
FY20
OPCH 3.7%
THC 11.3%
FY21
OPCH 5.6%
THC 14.7%
FY22
OPCH 6.1%
THC 12.2%
FY23
OPCH 7.3%
THC 12.2%
FY24
OPCH 6.4%
THC 28.8%
FY25
OPCH 6.0%
THC 16.5%
OPCH
THC
Free cash flow
FY16
OPCH —
THC −$317M
FY17
OPCH $12.9M
THC $493M
FY18
OPCH −$1.9M
THC $432M
FY19
OPCH $11.2M
THC $563M
FY20
OPCH $101M
THC $2.9B
FY21
OPCH $183M
THC $910M
FY22
OPCH $232M
THC $321M
FY23
OPCH $329M
THC $1.6B
FY24
OPCH $288M
THC $1.1B
FY25
OPCH $217M
THC $2.5B
OPCH
THC
Return on capital
FY16
OPCH −1.3%
THC 5.8%
FY17
OPCH 2.0%
THC 5.7%
FY18
OPCH 2.8%
THC 7.8%
FY19
OPCH −0.0%
THC 5.1%
FY20
OPCH 4.2%
THC 13.5%
FY21
OPCH 9.2%
THC 15.0%
FY22
OPCH 8.2%
THC 10.8%
FY23
OPCH 10.9%
THC 12.0%
FY24
OPCH 11.3%
THC 27.9%
FY25
OPCH 11.4%
THC 18.3%
OPCH
THC
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.