Tenet Healthcare CorporationTHC
NYSE•Healthcare•Medical Care Facilities
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; pediatric quaternary care services through heart, liver, and kidney transplants programs; and limb salvaging vascular procedure, acute level 1 trauma, intravascular stroke care, minimally invasive cardiac valve replacement, imaging technology, surgical robotic, and telemedicine access services. In addition, it offers a range of procedures and services comprising orthopedics, total joint replacement, and spinal and other musculoskeletal procedures; gastroenterology; pain management; otolaryngology; ophthalmology; and urology. Further, the company operates acute care and specialty hospitals, off-campus emergency departments, imaging centers, urgent care centers, and micro-hospitals, as well as ambulatory surgery centers and surgical hospitals. Tenet Healthcare Corporation was founded in 1967 and is headquartered in Dallas, Texas.
Tenet Healthcare Corporation (THC) reported trailing twelve months revenue of $21.45B as of March 2026, a 4.6% increase year-over-year. Quarterly revenue reached $5.37B, reflecting continued top-line momentum.
Tenet Healthcare Corporation generated $2.65B in TTM net income, with quarterly EBITDA of $1.52B. The operating margin expanded from 18.1% to 24.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (24.1%) and net margin (16.9%) indicates moderate non-operating costs. Net margin has improved from 11.9% a year ago, signaling stronger bottom-line efficiency.
THC trades at a P/E of 6.2x (below the broader market average) and a P/S of 0.8x. The price-to-book ratio of 3.4x reflects a moderate premium to book value.
The company generated $1.46B in free cash flow over the trailing twelve months, a 127.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $31.20B in total assets with $13.13B in long-term debt against $4.81B in stockholders equity for a debt-to-equity ratio of 2.7, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.8%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 73.8% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~18.0% — no sign of cost or pricing stress.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
D/E ratio of 2.7 is elevated. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 10.8% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation