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Tenet Healthcare Corporation

Tenet Healthcare Corporation

NYSE•THC
CEO: Dr. Saumya Sutaria M.D.
Sector: Healthcare
Industry: Medical - Care Facilities
Listing Date: 1980-03-17
Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies. The company also provides intensive and critical care, and/or coronary care units; cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics services; outpatient services, including physical therapy; tertiary care services, such as cardiothoracic surgery, complex spinal surgery, neonatal intensive care, and neurosurgery services; quaternary care services in heart and kidney transplants; and limb salvaging vascular procedure, acute level 1 trauma, intravascular stroke care, minimally invasive cardiac valve replacement, imaging, surgical robotic, and telemedicine access services. In addition, it offers a range of procedures and services, such as orthopedics, total joint replacement, and spinal and other musculoskeletal procedures; gastroenterology; pain management; otolaryngology; ophthalmology; and urology. It operates hospitals, ambulatory surgery centers, imaging centers, surgical hospitals, off-campus emergency departments, and micro-hospitals. Tenet Healthcare Corporation was founded in 1967 and is headquartered in Dallas, Texas.
Contact Information
14201 Dallas Parkway, Dallas, TX, 75254, United States
469-893-2200
www.tenethealth.com
Market Cap
$16.87B
P/E (TTM)
12.5
16.2
Dividend Yield
--
52W High
$217.43
52W Low
$109.82
52W Range
76%
2.3
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$5.29B+3.26%
4-Quarter Trend

EPS

$3.89-21.09%
4-Quarter Trend

FCF

$778.00M-7.27%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Net Income Net income available to common shareholders reached $1.036B for nine months ended September 30, 2025, USD.
Operating Cash Flow Rises Operating cash flow provided $2.81B in nine months 2025, up $431M from $2.378B provided in 2024, USD.
Strong Earnings Per Share Basic EPS reached $11.37 for nine months 2025; diluted EPS was $11.28 per share, USD.
Capital Returned to Shareholders Executed $1.188B in common stock repurchases during the nine months ended September 30, 2025, USD.

Risk Factors

Operating Margin Compression Nine month operating income margin fell to 16.8% in 2025, down sharply from 32.9% reported in 2024.
Policy Uncertainty Remains OBBBA implementation creates uncertainty regarding future Medicaid funding and reimbursement structures starting 2027.
Hospital Volume Declines Hospital Operations total admissions dropped 6.3% for the quarter, reflecting divestiture impacts and volume softness.
Significant Goodwill Exposure Total goodwill stands at $11.16B as of September 30, 2025, posing potential impairment risk if projections fail.

Outlook

Ambulatory Care Expansion Focus Strategy centers on expanding Ambulatory Care segment through acquisitions and organic growth in service lines.
Hospital Operations Improvement Driving Hospital Operations growth via operational effectiveness and optimizing asset portfolio for higher acuity services.
Anticipated Capital Expenditures Anticipated 2025 capital expenditures are projected between $875M and $975M for facility expansion and technology.
Liquidity Position Strong Credit Agreement fully available at $1.500B; existing cash and borrowing capacity meet current operating needs.

Peer Comparison

Revenue (TTM)

HCA Healthcare, Inc.HCA
$74.37B
+6.8%
Tenet Healthcare CorporationTHC
$20.86B
-0.6%
Universal Health Services, Inc.UHS
$16.99B
+10.2%

Gross Margin (Latest Quarter)

Acadia Healthcare Company, Inc.ACHC
96.7%
+72.8 pp
Universal Health Services, Inc.UHS
90.8%
+0.6 pp
Tenet Healthcare CorporationTHC
58.3%
+18.9 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
HCA$119.18B18.7-161.9%77.6%
THC$16.87B12.533.6%44.8%
UHS$14.95B10.919.9%33.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+1.4%
Moderate Growth
4Q Net Income CAGR
+2.5%
Profitability Slowly Improving
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 28, 2025|
    Revenue: $5.29B+3.3%
    |
    EPS: $3.89-21.1%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $5.27B+3.3%
    |
    EPS: $3.16+18.8%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 29, 2025|
    Revenue: $5.22B-2.7%
    |
    EPS: $4.31-80.0%
    Beat
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 18, 2025|
    Revenue: $20.67B+0.6%
    |
    EPS: $33.02+449.4%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Oct 29, 2024|
    Revenue: $5.12B+1.1%
    |
    EPS: $4.93+398.0%
    Beat
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 30, 2024|
    Revenue: $5.10B+0.4%
    |
    EPS: $2.66+119.8%
    Beat
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 30, 2024|
    Revenue: $5.37B+6.9%
    |
    EPS: $21.60+1442.9%
    Beat
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 16, 2024|
    Revenue: $20.55B+7.2%
    |
    EPS: $6.01+56.5%
    Beat