THC Healthcare

Tenet Healthcare Corporation

$266.69-0.82%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Medical Care Facilities
Country: United States
Market cap: 21.5B USD
Enterprise value: 32.6B USD
Full-time employees: 77,000

Overall health

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.23 vs a peer median of 0.63), less short-term liquidity (current ratio 1.41 vs a peer median of 2.59) and more debt relative to equity (2.84× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.23 vs peers 0.63), less liquidity (current ratio 1.41 vs peers 2.59) and more debt vs equity (2.84× vs peers 0.22×)
About average: growth

Ranks #372 of 1,157 healthcare companies (top 33%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.8× equity vs a peer median of 0.2×.Debt is 2.8× equity vs peers 0.2×.
Debt is 2.8× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.8× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Valuation signals disagree. Cheaper than 95% of peers on earnings, but only 50% on free cash flow.
Relative to its earnings, Tenet Healthcare looks cheaper than 95% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.
Profits growing faster than sales. Since 2022: revenue +11%, operating profit +50%.
Since 2022, Tenet Healthcare's revenue grew 11% while operating profit grew 50%: each extra dollar of sales is adding more profit.
Profit is backed by cash. Free cash flow is 95% of reported profit.
Tenet Healthcare's free cash flow is 95% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

60/ 100

Oct 5 60 → Nov 4 60

Valuation

Is the price right?

95/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 6.5%

Valuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield14.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile30% base weight · Z-score 6.11Sector median: 0.0148 · MAD: 0.0148

EBITDA yield16.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 3.16Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield14.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingOutlier capped at sector 5th/95th percentile20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield21.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

53/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth45.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.19Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth3.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.32Sector median: 0.0584 · MAD: 0.0840

Revenue growth5.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.07Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

90/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 2.8 points to 20.8%

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin20.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.13Sector median: 0.0706 · MAD: 0.1217

Return on assets10.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.62Sector median: 0.0166 · MAD: 0.0537

Return on invested capital22.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.80Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin41.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity68.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.23

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.79Sector median: 0.6250 · MAD: 0.3380

Current ratio1.41×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.85Sector median: 2.5860 · MAD: 1.3850

Debt / equity2.84×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Tenet Healthcare

Is Tenet Healthcare getting weaker?: Its latest SEC filing (Jul 29, 2026) got stronger: operating margin rose 2.8 points to 20.8%; share count down 6.5%. Its overall score is unchanged at 60/100 since Oct 28, 2026.
How is Tenet Healthcare valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 95/100 against 1,393 healthcare peers. Earnings yield 14.8% vs a peer median of 1.5% (stronger than 95% of peers).Earnings yield 14.8% vs peers 1.5% (stronger than 95% of peers).
Is Tenet Healthcare growing?: At about the same pace as its peers. Growth scores 53/100 against 1,393 healthcare peers. Earnings per share growth 45.3% vs a peer median of 9.8% (stronger than 79% of peers).Earnings per share growth 45.3% vs peers 9.8% (stronger than 79% of peers). 3-year revenue growth 3.1% vs a peer median of 5.8% (weaker than 61% of peers).3-year revenue growth 3.1% vs peers 5.8% (weaker than 61% of peers).
How profitable is Tenet Healthcare?: More profitable than most of its peers. Profitability scores 90/100 against 1,393 healthcare peers. Return on assets 10.3% vs a peer median of 1.7% (stronger than 91% of peers).Return on assets 10.3% vs peers 1.7% (stronger than 91% of peers).
How risky is Tenet Healthcare?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 2.84× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 2.84× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 2.8 points to 20.8%
Share count down 6.5%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	21.5B USD	21.8B USD	+1.7%
Net income (12 months)	2.7B USD	3.2B USD	+19.7%
Operating margin	18.0%	20.8%	+2.8 pts
Free cash flow (12 months)	3.3B USD	3.0B USD	−9.7%
Debt	13.2B USD	13.2B USD	+0.3%
Cash	3.0B USD	2.2B USD	−26.9%
Shares outstanding	86.1M	80.5M	−6.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Care Facilities · 27 companies

Valuations in Medical Care Facilities are within their usual range since Jun 2017.

39% of months since Jun 2017 were valued lower than now.
28% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −61% vs the whole market, against a usual −56%.

Jun 2017Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	14.7%	12.2%	12.2%	28.8%	16.5%	▼ 12 pts
Net margin	7.6%	5.2%	6.4%	19.7%	11.1%	▼ 8.5 pts
Return on assets (ROA)	5.4%	3.7%	4.6%	14.0%	8.0%	▼ 6.1 pts
Return on equity (ROE)	143.6%	87.7%	81.5%	97.4%	56.1%	▼ 41 pts
Free cash flow margin	4.7%	1.7%	7.9%	5.4%	11.9%	▲ 6.5 pts
Current ratio	1.38×	1.34×	1.51×	1.78×	1.76×	▼ 1.3%
Quick ratio	1.31×	1.25×	1.42×	1.70×	1.68×	▼ 1.3%
Debt to equity	15.37×	13.32×	9.40×	3.18×	3.14×	▼ 1.2%
Interest coverage	3.11×	2.62×	2.79×	7.21×	4.27×	▼ 41%

THC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.23 vs a peer median of 0.63), less short-term liquidity (current ratio 1.41 vs a peer median of 2.59) and more debt relative to equity (2.84× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.23 vs peers 0.63), less liquidity (current ratio 1.41 vs peers 2.59) and more debt vs equity (2.84× vs peers 0.22×)

About average: growth

Ranks #372 of 1,157 healthcare companies (top 33%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 2.8× equity vs a peer median of 0.2×.Debt is 2.8× equity vs peers 0.2×.

Debt is 2.8× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.8× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Valuation signals disagree. Cheaper than 95% of peers on earnings, but only 50% on free cash flow.

Relative to its earnings, Tenet Healthcare looks cheaper than 95% of peers; relative to its free cash flow, cheaper than only 50%. The valuation score blends the two, so look at which measure fits this business best.

Profits growing faster than sales. Since 2022: revenue +11%, operating profit +50%.

Since 2022, Tenet Healthcare's revenue grew 11% while operating profit grew 50%: each extra dollar of sales is adding more profit.

Profit is backed by cash. Free cash flow is 95% of reported profit.

Tenet Healthcare's free cash flow is 95% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Tenet Healthcare

Is Tenet Healthcare getting weaker?

Its latest SEC filing (Jul 29, 2026) got stronger: operating margin rose 2.8 points to 20.8%; share count down 6.5%. Its overall score is unchanged at 60/100 since Oct 28, 2026.

How is Tenet Healthcare valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 95/100 against 1,393 healthcare peers. Earnings yield 14.8% vs a peer median of 1.5% (stronger than 95% of peers).Earnings yield 14.8% vs peers 1.5% (stronger than 95% of peers).

Is Tenet Healthcare growing?

At about the same pace as its peers. Growth scores 53/100 against 1,393 healthcare peers. Earnings per share growth 45.3% vs a peer median of 9.8% (stronger than 79% of peers).Earnings per share growth 45.3% vs peers 9.8% (stronger than 79% of peers). 3-year revenue growth 3.1% vs a peer median of 5.8% (weaker than 61% of peers).3-year revenue growth 3.1% vs peers 5.8% (weaker than 61% of peers).

How profitable is Tenet Healthcare?

More profitable than most of its peers. Profitability scores 90/100 against 1,393 healthcare peers. Return on assets 10.3% vs a peer median of 1.7% (stronger than 91% of peers).Return on assets 10.3% vs peers 1.7% (stronger than 91% of peers).

How risky is Tenet Healthcare?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 2.84× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 2.84× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

21.5B USD

21.8B USD

+1.7%

Net income (12 months)

2.7B USD

3.2B USD

+19.7%

Operating margin

18.0%

20.8%

+2.8 pts

Free cash flow (12 months)

3.3B USD

3.0B USD

−9.7%

Debt

13.2B USD

13.2B USD

+0.3%

Cash

3.0B USD

2.2B USD

−26.9%

Shares outstanding

86.1M

80.5M

−6.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

14.7%

12.2%

28.8%

16.5%

▼ 12 pts

Net margin

7.6%

5.2%

6.4%

19.7%

11.1%

▼ 8.5 pts

Return on assets (ROA)

5.4%

3.7%

4.6%

14.0%

8.0%

▼ 6.1 pts

Return on equity (ROE)

143.6%

87.7%

81.5%

97.4%

56.1%

▼ 41 pts

Free cash flow margin

4.7%

1.7%

7.9%

5.4%

11.9%

▲ 6.5 pts

Current ratio

1.38×

1.34×

1.51×

1.78×

1.76×

▼ 1.3%

Quick ratio

1.31×

1.25×

1.42×

1.70×

1.68×

▼ 1.3%

Debt to equity

15.37×

13.32×

9.40×

3.18×

3.14×

▼ 1.2%

Interest coverage

3.11×

2.62×

2.79×

7.21×

4.27×

▼ 41%