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Operates acute-care hospitals and, increasingly, ambulatory surgery centers (USPI) across the US.
Operates acute-care hospitals and, increasingly, ambulatory surgery centers (USPI) across the US.
Gets paid by insurers and government programmes (Medicare, Medicaid) for each admission or procedure. USPI's surgery centres are usually co-owned with local doctors and health systems and supply an increasing share of earnings as Tenet has sold hospitals. Its Conifer unit handles billing and collections for Tenet and outside hospitals.
Moat: narrow (scale, installed base). USPI's large surgery-center network plus hospital scale gives negotiating leverage and referral density.
Headquarters: Dallas, Texas, US · Founded: 1967 · Employees: 99,000
Size Tenet Healthcare (THC) is a United States Health Care company (Hospital/Nursing Management) with a market value of $22.5B, the 460th largest of 3,117 United States companies the cockpit tracks. Shares closed at $283.33 on 6 Nov 2026.
Performance Over six months the shares gained 48.8%, against +15.2% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 10 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +13.1%); the operating margin is 17.4% (peer median 13.1%).
Valuation It trades at 14.0× forward earnings against a peer median of 38.7× (2nd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (8.8% WACC).
Backlog Backlog (remaining performance obligations) was $734M at 30 Sep 2026, down 86% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Tenet Healthcare has 9 bonds outstanding ($11.2B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 130 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $22.2B | $21.3B | $20.7B | $20.5B | $19.2B |
| Revenue growth | — | +3% | +1% | +7% | — |
| Gross profit | $3.85B | $3.44B | $2.92B | $2.43B | $2.27B |
| EBITDA | $4.74B | $4.30B | $3.73B | $3.30B | $3.06B |
| Net income | $2.90B | $1.41B | $3.20B | $611M | $411M |
| Free cash flow | $3.33B | $2.53B | $1.12B | $1.62B | $321M |
| Capital expenditure | $910M | $1.01B | $931M | $751M | $762M |
| Total debt | $13.2B | $14.4B | $14.3B | $16.2B | $16.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tenet Healthcare THC | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% |
| HCA Healthcare HCA | $103B | +14% | +6% | 15% | 16.2× | 3.3% |
| Universal Health Services UHS | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% |
| Community Health Systems CYH | $312M | -21% | -8% | 7% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | THC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.7% | +5.4% | 4th highest of 11 |
| 6-month return | +48.8% | +15.2% | 2nd highest of 10 |
| Distance from 52-week high | -6.0% | -13.4% | 4th highest of 11 |
| Revenue growth (TTM) | +6.2% | +13.1% | 4th lowest of 11 |
| Operating margin | 17.4% | 13.1% | 4th highest of 11 |
| Forward P/E | 14.0× | 38.7× | 2nd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -1.2% | 22.0% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +3.9% | +13.2% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -5.0 pp | +9.6 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +4.5 pp | -0.4 pp | 3rd highest of 11 |
| EV / EBITDA | 7.9× | 27.2× | 2nd cheapest of 10 |
| Net debt / EBITDA | 2.2× | 1.4× | 5th most indebted of 10 |
| Bond spread | 130 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tenet Healthcare THC | United States | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% | +3.9% |
| Fresenius SE & Co. KGaA FRE.DE | Germany | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% | -8.8% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | India | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% | +19.0% |
| Universal Health Services UHS | United States | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% | +8.5% |
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
| PACS PACS | United States | $7.87B | +48% | +11% | 8% | 19.2× | 7.6% | +29.7% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
Tenet Healthcare has 9 bonds outstanding with $11.2B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 5.84%, a spread of 130 bp over government bonds.
Tenet Healthcare reported $734M of remaining performance obligations at 30 Sep 2026, down 86% from a year earlier and down 56% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.84.