Tenet Healthcare THC

NYSE · Services-General Medical & Surgical Hospitals, Nec · $23.5B

Every report since 2023 →

No closes on file for THC yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$23.5B

EV / True FCF10.3x

Revenue$21.3B +3.1%

True FCF (ex-SBC)$2.4B +126.7%

Rule of 4015.0%

ROIC40.2%

True FCF Yield10.3%

EPS, diluted$15.49 −52.6%

Modern Valuation (EOD)

Market Cap$23.5B

Enterprise Value$24.9B

EV / True FCF10.26

EV / FCF9.84

EV / Gross Profit—

EV / EBIT7.10

EV / Sales1.17

P / E (GAAP)9.94

P / FCF9.30

P / Oper. CF6.65

P / Book3.91

Owner & Cash Yields

True FCF Yield10.3%

FCF Yield10.8%

Owner Earn. Yield9.0%

Earnings Yield10.1%

Shareholder Yield+5.4%

Buyback Yield5.9%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$31.79

EPS (diluted)$15.49

Compounder & Returns

Rule of 4015.0%

ROIC40.2%

Cash ROIC (CROIC)34.3%

GP / Assets—

ROE39.3%

ROA8.0%

Gross Margin—

Oper. Margin16.5%

Net Margin11.1%

FCF Margin11.9%

True FCF Margin11.4%

Quality & Dilution

Cash Conversion107%

Accrual Ratio−4.0%

SBC % of FCF4.1%

SBC % of Rev0.5%

Reinvest. Rate29%

Sales Growth Y/Y+3.1%

Sales 3Y CAGR+3.6%

EPS Growth Y/Y−52.6%

FCF Growth Y/Y+126.7%

FCF 3Y CAGR+99.0%

Share Change Y/Y−7.2%

Balance Sheet & Scale

Revenue (FY)$21.3B

Gross Profit (FY)—

Oper. Income (FY)$3.5B

GAAP Net Income$2.4B

True FCF (ex-SBC)$2.4B

Cash & Equiv$2.9B

Total Debt$4.2B

Net Cash (Debt)$-1.4B

Net Cash % MCap−5.8%

Debt / FCF (yrs)1.7y

Current Ratio1.7679.59M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of THC revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$17.8B ($83.5 / $100)

Tax & Non-Operating$1.1B ($5.4 / $100)

Net Profit Kept$2.4B ($11.1 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$2.4B (11.1% margin)

Operating Cash Flow (OCF)$3.5B(16.6% of rev)

Less: Capital Expenditures−$1.0B(4.7% of rev)

Standard Free Cash Flow (FCF)$2.5B(11.9% margin)

Less: Stock-Based Comp (SBC)−$104.0M(4.1% of FCF)

True FCF (Owner Cash ex-SBC)$2.4B(11.4% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$19.5B	$19.2B	$20.6B	$20.7B	$21.3B	+3.1%	+2.3%
Operating Income (EBIT)	$2.9B	$2.3B	$2.5B	$6.0B	$3.5B	−41.1%	+5.1%
Interest Expense	$923.0M	$890.0M	$901.0M	$826.0M	$821.0M	−0.6%	−2.9%
Income Tax Expense	$411.0M	$344.0M	$306.0M	$1.2B	$433.0M	−63.4%	+1.3%
GAAP Net Income	$1.5B	$1.0B	$1.3B	$4.1B	$2.4B	−41.8%	+12.5%
Diluted EPS	$8.42	$3.79	$5.71	$32.70	$15.49	−52.6%	+16.5%
Diluted Shares	108.6M	110.5M	104.8M	97.9M	90.8M	−7.2%	−4.4%
Balance Sheet
Cash & Equivalents	$2.4B	$858.0M	$1.2B	$3.0B	$2.9B	−4.5%	+5.1%
Inventory	$384.0M	$405.0M	$411.0M	$346.0M	$348.0M	+0.6%	−2.4%
Total Current Assets	$7.1B	$6.0B	$7.2B	$7.7B	$7.8B	+2.2%	+2.6%
Total Assets	$27.6B	$27.2B	$28.3B	$28.9B	$29.7B	+2.6%	+1.8%
Total Current Liabilities	$5.1B	$4.5B	$4.8B	$4.3B	$4.5B	+3.5%	−3.3%
Total Debt (Short + Long Term)	$4.2B	$4.2B	$4.2B	$4.2B	$4.2B	+0.0%	+0.0%
Total Liabilities	$23.3B	$22.5B	$22.8B	$20.4B	$20.7B	+1.5%	−2.9%
Stockholders' Equity	$2.1B	$2.5B	$3.1B	$5.8B	$6.0B	+3.4%	+30.8%
Net Cash / (Net Debt)	$-1.9B	$-3.4B	$-3.0B	$-1.2B	$-1.4B	−11.1%	—
Invested Capital	$3.9B	$5.8B	$6.1B	$7.0B	$7.4B	+4.7%	+17.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.6B	$1.1B	$2.4B	$2.0B	$3.5B	+72.9%	+22.6%
Depreciation & Amortization (D&A)	$855.0M	$841.0M	$870.0M	$818.0M	$863.0M	+5.5%	+0.2%
Stock-Based Compensation (SBC)	$56.0M	$56.0M	$66.0M	$67.0M	$104.0M	+55.2%	+16.7%
Capital Expenditures (CapEx)	$658.0M	$762.0M	$751.0M	$931.0M	$1.0B	+8.5%	+11.3%
Free Cash Flow (FCF)	$910.0M	$321.0M	$1.6B	$1.1B	$2.5B	+126.7%	+29.1%
True FCF (ex-SBC Owner Cash)	$854.0M	$265.0M	$1.6B	$1.0B	$2.4B	+131.3%	+29.8%
Share Repurchases (Buybacks)	$0	$250.0M	$200.0M	$672.0M	$1.4B	+106.3%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what THC did at the next close after each story

No Wire story has named THC yet.

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 4.14% from the one before, three times THC’s median day (1.38%). On 8 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.14%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayTHCWhat we hold that dayGroup (median of 4) · each

1 Nov 10, 2025−5.15%
Before our storiesgroup −4.4%, moved with THC
1Nov 10, 2025−5.15%
Before our stories
−4.4% moved with THCSGRY −25.4 · ARDT −5.1 · HCA −3.6 · UHS −2.9
2 Nov 24, 2025+11.80%
Before our storiesgroup +2.1%, did not move with it
2Nov 24, 2025+11.80%
Before our stories
+2.1% did not move with itSGRY +2.8 · UHS +2.2 · HCA +2.0 · ARDT −0.7
3 Feb 9, 2026−4.18%
Before our storiesgroup −0.7%, did not move with it
3Feb 9, 2026−4.18%
Before our stories
−0.7% did not move with itUHS −2.6 · HCA −0.8 · SGRY −0.6 · ARDT +0.8
4 Feb 11, 2026+17.26%
Resultsgroup +6.8%, did not move with it
4Feb 11, 2026+17.26%
ResultsFirst close after the Feb 11 results filing
+6.8% did not move with itUHS +8.7 · SGRY +7.7 · HCA +5.9 · ARDT +4.1
5 Mar 12, 2026−4.20%
Before our storiesgroup +0.7%, did not move with it
5Mar 12, 2026−4.20%
Before our stories
+0.7% did not move with itSGRY −5.5 · HCA −0.9 · UHS +2.3 · ARDT +2.4
6 Apr 28, 2026−4.33%
Before our storiesgroup −3.2%, moved with THC
6Apr 28, 2026−4.33%
Before our stories
−3.2% moved with THCUHS −9.4 · ARDT −3.3 · HCA −3.1 · SGRY −1.3
7 May 21, 2026−5.02%
Before our storiesgroup −1.3%, did not move with it
7May 21, 2026−5.02%
Before our stories
−1.3% did not move with itARDT −2.5 · SGRY −1.5 · UHS −1.1 · HCA −1.0
8 May 28, 2026−4.34%
Before our storiesgroup −0.7%, did not move with it
8May 28, 2026−4.34%
Before our stories
−0.7% did not move with itUHS −2.7 · HCA −2.0 · ARDT +0.6 · SGRY +1.3
9 Jun 11, 2026+5.10%
Nothing on THCgroup +2.6%, moved with THC
9Jun 11, 2026+5.10%
Nothing on THCNo THC story, brief or results filing in our record that day
+2.6% moved with THCSGRY +5.2 · ARDT +3.8 · HCA +1.4 · UHS +0.8
10 Jul 2, 2026+6.55%
Nothing on THCgroup +4.8%, moved with THC
10Jul 2, 2026+6.55%
Nothing on THCNo THC story, brief or results filing in our record that day
+4.8% moved with THCARDT +6.2 · UHS +5.2 · HCA +4.4 · SGRY +3.8
11 Jul 13, 2026−4.62%
Nothing on THCgroup −2.2%, did not move with it
11Jul 13, 2026−4.62%
Nothing on THCNo THC story, brief or results filing in our record that day
−2.2% did not move with itHCA −3.9 · SGRY −2.6 · UHS −1.8 · ARDT −0.1
12 Jul 14, 2026−5.71%
Nothing on THCgroup −5.5%, moved with THC
12Jul 14, 2026−5.71%
Nothing on THCNo THC story, brief or results filing in our record that day
−5.5% moved with THCHCA −7.0 · UHS −5.6 · SGRY −5.4 · ARDT −2.7
13 Jul 15, 2026+4.71%
Nothing on THCgroup +3.4%, moved with THC
13Jul 15, 2026+4.71%
Nothing on THCNo THC story, brief or results filing in our record that day
+3.4% moved with THCSGRY +5.1 · HCA +4.2 · UHS +2.6 · ARDT 0.0
14 Jul 24, 2026+17.17%
Resultsgroup +2.5%, did not move with it
14Jul 24, 2026+17.17%
ResultsFirst close after the Jul 23 results filing
+2.5% did not move with itSGRY +3.4 · UHS +3.0 · ARDT +2.1 · HCA +1.5
15 Jul 27, 2026+4.36%
Nothing on THCgroup +2.1%, did not move with it
15Jul 27, 2026+4.36%
Nothing on THCNo THC story, brief or results filing in our record that day
+2.1% did not move with itARDT +2.9 · UHS +2.3 · HCA +1.9 · SGRY −3.6
16 Jul 28, 2026+7.92%
Nothing on THCgroup +4.5%, moved with THC
16Jul 28, 2026+7.92%
Nothing on THCNo THC story, brief or results filing in our record that day
+4.5% moved with THCHCA +7.3 · ARDT +4.8 · UHS +4.3 · SGRY +2.7
17 Nov 4, 2026+9.58%
Nothing on THCgroup +10.6%, moved with THC
17Nov 4, 2026+9.58%
Nothing on THCNo THC story, brief or results filing in our record that day
+10.6% moved with THCARDT +10.9 · UHS +10.9 · HCA +10.3 · SGRY +0.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of HCA, UHS, SGRY and ARDT that day, the largest companies in THC’s SEC industry; “moved with THC” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 28, 2025

day 1−5.34%day 6−3.90%

Reported Feb 11, 2026

day 1+17.26%day 6+18.15%

Reported Apr 30, 2026

day 1−1.65%day 6+7.79%

Reported Jul 23, 2026

day 1+17.17%day 6+28.02%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +8.85%. Four reports is a small sample.

Every report since 2023 →

Each line is THC’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

THC against four same-industry peers, a year at 100

THC is up 42.4% in a year. All four did less: Surgery Partners (+7.7%), HCA Healthcare (+7.2%), Ardent Health (−9.8%) and Universal Health Services (−14.3%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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THC +42.4%. Surgery Partners +7.7%, HCA Healthcare +7.2%, Ardent Health −9.8%, Universal Health Services −14.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in THC’s SEC industry (Services-General Medical & Surgical Hospitals, Nec) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

HCA	HCA Healthcare	$110.6B	−0.63%
UHS	Universal Health Services	$12.7B	+1.08%
SGRY	Surgery Partners	$3.0B	+0.04%
ARDT	Ardent Health	$1.8B	+22.40%
CYH	Community Health Systems	$336M	−4.20%