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Tenet Healthcare Corporation(THC)Earnings, Financials & Key Ratios
THC•NYSE
$191.20
12.3× P/E·Price updated Jul 7, 2026
AboutTenet Healthcare Corporation operates as a diversified healthcare services company. The company operates in three segments: Hospital Operations and Other, Ambulatory Care, and Conifer. 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 coronary care units; cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics services; outpatient services, including physical therapy; 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, and telemedicine access services. In addition, it operates ambulatory surgery and urgent care centers, imaging centers, surgical hospitals, off-campus emergency departments, and micro-hospitals; and offers healthcare business process services in the areas of hospital and physician revenue cycle management, patient communications and engagement support, and value-based care solutions to hospitals, health systems, physician practices, employers, and other customers. As of February 09, 2022, the company operated 60 hospitals; and approximately 550 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers, and other care sites and clinics. Tenet Healthcare Corporation was incorporated in 1975 and is headquartered in Dallas, Texas.Show more
- Revenue$21.31B+3.1%
- EBITDA$4.3B-36.5%
- Net Income$1.41B-56.0%
- EPS (Diluted)15.49-52.6%
- Gross Margin82.26%+107.1%
- EBITDA Margin20.19%-38.4%
- Operating Margin16.14%-44.0%
- Net Margin6.6%-57.4%
- ROE16.06%-64.7%
THC Price & Volume
Tenet Healthcare Corporation (THC) stock price & volume — 10-year historical chart
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Strategic Portfolio Realignment Drives Margin Volatility Recovery
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Mixed
Cash Flow:Mixed
Primary Risk:Labor cost inflation volatility
Key Thesis Takeaways
- Tenet Healthcare is undergoing a significant structural transformation, pivoting toward higher-margin ambulatory surgery centers while aggressively deleveraging its balance sheet.
- While the company has successfully improved its retained earnings from a $192 million deficit in 2023Q4 to $5.1 billion in 2026Q1, investors must remain cautious regarding the extreme volatility in quarterly revenue growth and earnings quality.
- Future performance will likely hinge on the company's ability to sustain its current 27.2% free cash flow margin while managing the $11.4 billion goodwill concentration on its balance sheet.
Verdict Logic
while the company trades at a compelling forward P/E of 10.49, the extreme volatility in OCF/NI ratios, which ranged from 0.27 to 3.38 over the last ten quarters, warrants further investigation into the sustainability of core earnings.
THC Growth Metrics
Tenet Healthcare Corporation (THC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years1.35%
5 Years3.85%
3 Years3.58%
TTM4.56%
Profit CAGR
10 Years-
5 Years28.67%
3 Years50.71%
TTM17.04%
EPS CAGR
10 Years-
5 Years32.8%
3 Years59.88%
TTM27.18%
Return on Capital
10 Years11.09%
5 Years14.51%
3 Years16.46%
Last Year13.8%
THC Recent Earnings
Tenet Healthcare Corporation (THC) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 12/12 qtrs (100%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 30, 2026Metric
Actual
Est
EPS
$4.82+15.6%
$4.17
Rev
$5.4B-0.5%
$5.4B
Q1 2026
Feb 11, 2026Metric
Actual
Est
EPS
$4.70+15.5%
$4.07
Rev
$5.5B+1.0%
$5.5B
Q4 2025
Oct 28, 2025Metric
Actual
Est
EPS
$3.70+10.8%
$3.34
Rev
$5.3B+0.6%
$5.3B
Q3 2025
Jul 22, 2025Metric
Actual
Est
EPS
$4.02+40.1%
$2.87
Rev
$5.3B+2.1%
$5.2B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $4.82vs $4.17+15.6% | $5.4Bvs $5.4B-0.5% |
| Q1 2026 | Feb 11, 2026 | $4.70vs $4.07+15.5% | $5.5Bvs $5.5B+1.0% |
| Q4 2025 | Oct 28, 2025 | $3.70vs $3.34+10.8% | $5.3Bvs $5.3B+0.6% |
| Q3 2025 | Jul 22, 2025 | $4.02vs $2.87+40.1% | $5.3Bvs $5.2B+2.1% |
Based on last 12 quarters of dataView full earnings history →
Latest THC News
Recent stock market news and headlines for Tenet Healthcare Corporation (THC)
Zacks Investment Research·6 days ago
Why the Market Dipped But Tenet Healthcare (THC) Gained TodayIn the closing of the recent trading day, Tenet Healthcare (THC) stood at $191.2, denoting a +2.2% move from the preceding trading day.
Zacks Investment Research·6 days ago
Beyond the Hospital Walls: Why USPI Is Becoming Tenet's Growth EngineTenet Healthcare is expanding its outpatient footprint through USPI, with strong first-quarter results and new ASC investments fueling long-term growth.
Zacks Investment Research·6 days ago
Here's Why Tenet Healthcare (THC) is a Strong Value StockWhether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.
Zacks Investment Research·Jun 26, 2026
Hospital Stocks Are Healing: 4 Names to Watch as Earnings ImproveThe Zacks Medical-Hospital industry is adapting as care shifts beyond inpatient settings, demand rises and earnings outlook improves. THC, UHS, ACHC and CYH stand out.
Peers Comparison
Key metrics vs top competitors for Tenet Healthcare Corporation (THC)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $191.20 | $16.75B | 12.34 | 3.12% | 6.6% | 16.06% | — | |
| $423.11 | $93.86B | 14.91 | 7.08% | 8.89% | — | — | |
| $3.82 | $538.36M | 1.01 | -1.18% | -0.41% | — | — | |
| $161.26 | $10.09B | 6.98 | 9.71% | 8.56% | 20.65% | — | |
| $170.87 | $9.98B | 29.26 | 18.72% | 6.89% | 16.61% | — | |
| $16.51 | $2.05B | 13.99 | 5.12% | 2.42% | 6.57% | — |
Compare THC vs Peers
Tenet Healthcare Corporation (THC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
THC SEC Filings & Documents
Tenet Healthcare Corporation (THC) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
Apr 30, 2026·SEC
Material company update
Apr 10, 2026·SEC
Material company update
Mar 30, 2026·SEC
10-K Annual Reports
310-Q Quarterly Reports
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THC Frequently Asked Questions
Tenet Healthcare Corporation (THC) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Tenet Healthcare Corporation's revenue?
Tenet Healthcare Corporation (THC) reported $21.45B in revenue for fiscal year 2025. This represents a 178% increase from $7.71B in 1995.
How fast is Tenet Healthcare Corporation growing?
Tenet Healthcare Corporation (THC) grew revenue by 3.1% over the past year. Growth has been modest.
Is THC profitable?
Yes, Tenet Healthcare Corporation (THC) is profitable, generating $1.70B in net income for fiscal year 2025 (6.6% net margin).
Dividend & Returns
What is THC's return on equity?
Tenet Healthcare Corporation (THC) has a return on equity (ROE) of 16.1%. This is reasonable for most industries.
What is Tenet Healthcare Corporation's free cash flow?
Tenet Healthcare Corporation (THC) generated $3.35B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.