Tenet Healthcare Corp. (THC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$4.26	$6.12	+43.7%	—	—	—
Q3 26	$4.17	$4.82	+15.6%	—	—	—
Q2 26	$4.07	$4.7	+15.5%	—	—	—
Q1 26	$3.35	$3.7	+10.4%	—	—	—
Q4 25	$2.87	$4.02	+40.1%	—	—	—
Q3 25	$3.13	$4.36	+39.3%	—	—	—
Q2 25	$2.83	$3.44	+21.6%	—	—	—
Q1 25	$2.37	$2.93	+23.6%	—	—	—
Q4 24	$1.91	$2.31	+20.9%	—	—	—
Q3 24	$1.44	$3.22	+123.6%	—	—	—
Q2 24	$1.6	$2.68	+67.5%	—	—	—
Q1 24	$1.2	$1.44	+20.0%	—	—	—
Q4 23	$1.25	$1.44	+15.2%	—	—	—
Q3 23	$1.15	$1.42	+23.5%	—	—	—
Q2 23	$1.23	$1.96	+59.3%	—	—	—
Q1 23	$1.22	$1.44	+18.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$15.6	—	—	$21.3B	—
FY24	—	$33	—	—	$20.7B	—
FY23	—	$6.01	—	—	$20.5B	—
FY22	—	$3.84	—	—	$19.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$19.6B	$19.2B	$18.3B	$18.5B	$17.6B	$19.5B	$19.2B	$20.5B	$20.7B	$21.3B
YoY change	+5.3%	-2.25%	-4.52%	+0.91%	-4.54%	+10.5%	-1.6%	+7.17%	+0.57%	+3.12%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	19.6B	19.2B	18.3B	18.5B	17.6B	19.5B	19.2B	20.5B	20.7B	21.3B
Cost of revenue	3.1B	3.1B	3B	3.1B	3B	3.3B	3.3B	3.6B	3.6B	3.8B
Gross profit	16.5B	16.1B	15.3B	15.4B	14.7B	16.2B	15.9B	17B	17B	17.5B
Gross margin	84.1%	83.9%	83.6%	83.5%	83.1%	82.9%	82.9%	82.5%	82.4%	82.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9.3B	9.3B	8.6B	8.7B	8.4B	8.9B	8.8B	9.1B	8.8B	8.7B
Operating expenses	14.2B	13.8B	12.9B	12.9B	11.7B	12.9B	12.6B	13.6B	13.3B	13.2B
Operating income	1.5B	1.4B	1.6B	1.7B	2.1B	2.4B	2.4B	2.4B	2.9B	3.4B
Operating margin	7.44%	7.24%	8.78%	9.22%	12.1%	12.4%	12.6%	11.9%	14.1%	16.1%
Non-operating income, net	-233M	-462M	26M	-398M	-466M	402M	-178M	75M	3.2B	182M
Pretax income	248M	-101M	629M	320M	671M	1.9B	1.3B	1.6B	5.2B	2.8B
Income tax	67M	219M	173M	160M	-97M	411M	344M	306M	1.2B	433M
Net income	176M	-320M	459M	171M	768M	1.5B	1B	1.3B	4.1B	2.4B
Net margin	0.9%	-1.67%	2.51%	0.93%	4.35%	7.58%	5.22%	6.38%	19.7%	11.1%
EBITDA	2.4B	2.4B	2.6B	2.7B	3.2B	3.5B	3.5B	3.6B	4.1B	4.7B
EPS	-1.93	-7	1.09	-2.24	3.8	8.55	3.84	6.01	33	15.6
Diluted EPS	-1.93	-7	1.07	-2.24	3.75	8.42	3.79	5.71	32.7	15.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.1B	5.4B	5.4B	5.1B	5.1B	5.1B	5.2B	5.3B	5.3B	5.5B	5.8B	6B
Cost of revenue	877M	931M	928M	908M	881M	930M	907M	932M	931M	1B	961M	984M
Gross profit	4.2B	4.4B	4.4B	4.2B	4.2B	4.1B	4.3B	4.3B	4.4B	4.5B	4.8B	5.1B
Gross margin	82.7%	82.7%	82.7%	82.2%	82.8%	81.7%	82.6%	82.3%	82.4%	81.7%	83.4%	83.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.3B	2.3B	2.3B	2.2B	2.2B	2.1B	2.1B	2.2B	2.2B	2.2B	2.2B	2.2B
Operating expenses	3.4B	3.5B	3.5B	3.3B	3.3B	3.2B	3.2B	3.3B	3.3B	3.4B	3.3B	3.4B
Operating income	579M	723M	757M	676M	707M	777M	901M	852M	817M	869M	1.3B	1.4B
Operating margin	11.4%	13.4%	14.1%	13.2%	13.8%	15.3%	17.3%	16.2%	15.4%	15.7%	22.4%	23.8%
Non-operating income, net	-7M	23M	2.5B	114M	417M	81M	68M	-4M	101M	17M	42M	107M
Pretax income	345M	519M	3.1B	587M	922M	655M	765M	642M	712M	681M	1.1B	1.3B
Income tax	79M	63M	750M	110M	241M	83M	143M	120M	133M	37M	226M	295M
Net income	266M	456M	2.3B	477M	681M	572M	622M	522M	579M	644M	906M	1B
Net margin	5.25%	8.48%	43.5%	9.35%	13.3%	11.3%	11.9%	9.9%	10.9%	11.7%	15.7%	17.3%
EBITDA	858M	1B	1B	974M	1B	1.1B	1.2B	1.1B	1.1B	1.2B	1.6B	1.8B
EPS	0.99	2.42	21.6	2.66	4.93	3.34	4.31	3.16	3.89	4.25	8.09	9.89
Diluted EPS	0.94	2.3	21.4	2.64	4.89	3.32	4.27	3.14	3.86	4.22	8.01	9.84

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.5B	1.5B	1.8B	3.9B	4.2B	8.7B	5.2B	7.7B	12.2B	17.9B	20.8B
Enterprise value	16B	15.9B	16.2B	18.4B	17.5B	22B	19.4B	21.5B	22.4B	28.2B	36B
Shares outstanding	99.3M	100.6M	102.1M	103.4M	105M	106.8M	106.9M	101.6M	96.9M	90.2M	90.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	8.37	—	3.81	23	5.46	5.91	5.21	5.86	3.01	7.57	10
P/S	0.08	0.08	0.1	0.21	0.24	0.45	0.27	0.37	0.59	0.84	0.96
P/B	0.42	0.63	0.83	2.02	1.45	2.05	1.13	1.39	1.43	2	4.48
EV/EBITDA	6.61	6.66	6.33	6.77	5.52	6.3	5.59	6.03	5.43	6.02	7.44
EV/Sales	0.82	0.83	0.88	1	0.99	1.13	1.01	1.04	1.08	1.32	1.65
Earnings yield	11.9%	—	26.2%	4.35%	18.3%	16.9%	19.2%	17.1%	33.2%	13.2%	9.98%
FCF yield	-21.5%	32.3%	24.7%	14.3%	68.4%	10.4%	6.15%	21.1%	9.12%	14.1%	10.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	84.1%	83.9%	83.6%	83.5%	83.1%	82.9%	82.9%	82.5%	82.4%	82.3%	83.7%
Operating margin	7.44%	7.24%	8.78%	9.22%	12.1%	12.4%	12.6%	11.9%	14.1%	16.1%	18.2%
Net margin	0.9%	-1.67%	2.51%	0.93%	4.35%	7.58%	5.22%	6.38%	19.7%	11.1%	10.3%
ROE	5.06%	-13.3%	21.8%	8.8%	26.6%	34.7%	21.7%	23.8%	47.5%	26.4%	37.3%
ROA	0.71%	-1.37%	2.05%	0.73%	2.83%	5.35%	3.69%	4.63%	14%	7.98%	8.32%
ROIC	5.92%	8.3%	7.05%	5.18%	13.2%	10.7%	9.53%	10.3%	12.1%	15.1%	18.3%
Return on tangible assets	2.86%	-5.5%	10.5%	3.02%	12.2%	24.3%	24.6%	26.4%	85.4%	51.6%	60.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.3	1.29	1.2	1.21	1.47	1.38	1.34	1.51	1.78	1.76	1.41
Quick ratio	1.22	1.22	1.12	1.13	1.4	1.31	1.25	1.42	1.7	1.68	1.35
Debt / equity	4.39	6.21	7.04	7.59	5.44	3.68	3.27	2.72	1.54	1.47	1.52
Debt / assets	0.62	0.64	0.66	0.63	0.58	0.57	0.56	0.53	0.46	0.44	0.43
Net debt / EBITDA	6.01	6.02	5.64	5.32	4.19	3.8	4.09	3.87	2.46	2.2	1.94
Interest coverage	1.25	0.9	1.63	1.32	1.67	3.05	2.51	2.79	7.35	4.41	5.71
Effective tax rate	27%	0%	27.5%	50%	0%	21.8%	25.6%	18.9%	22.6%	15.5%	17.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	197.6	190.7	179.3	178.7	168	182.4	179.3	202.2	213.3	236.4	252.5
EPS (basic)	-1.93	-7	1.09	-2.24	3.8	8.55	3.84	6.01	33	15.6	15.6
EPS (diluted)	-1.93	-7	1.07	-2.24	3.75	8.42	3.79	5.71	32.7	15.5	25.9
Book value per share	35	23.9	20.6	18.8	27.5	39.8	43.1	54.2	88.2	99.5	57.9
FCF per share	-3.19	4.9	4.23	5.44	27.3	8.52	3	16	11.5	28.1	36
Cash per share	7.21	6.07	4.03	2.53	23.3	22.1	8.02	12.1	31.2	32	26.9
Capex per share	3.04	1.19	0.72	5.87	4.41	5.52	5.16	6.69	41.8	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.54%	0.63%	0.4%	3.28%	2.62%	3.03%	2.88%	3.31%	19.6%	—	—
Capex / operating cash flow	-32.7%	-15.5%	7.51%	72%	16.2%	31.3%	55.4%	28.5%	81.3%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	0.04%

Yield

0.04%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.0267

ex-dividend Mar 13, 2000

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 13, 2000	$0.0267
Aug 16, 1993	$0.8533
May 17, 1993	$0.8533
Feb 12, 1993	$0.8533
Nov 6, 1992	$0.8533
Aug 10, 1992	$0.8533

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.1B	$5.4B	$5.4B	$5.1B	$5.1B	$5.1B	$5.2B	$5.3B	$5.3B	$5.5B	$5.8B	$6B
YoY change	+5.52%	+7.8%	+6.91%	+0.41%	+1.11%	-5.71%	-2.7%	+3.29%	+3.26%	+8.97%	+10.7%	+14.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	716M	611M	411M	262M	2.4B	2.4B	858M	1.2B	3B	2.9B
Receivables	2.9B	2.6B	2.6B	2.7B	2.7B	2.8B	2.9B	2.9B	2.5B	2.6B
Inventory	326M	289M	305M	310M	368M	384M	405M	411M	346M	348M
Total current assets	5.3B	5.6B	4.6B	5.1B	7.1B	7.1B	6B	7.2B	7.7B	7.8B
Property, plant & equipment	5.7B	4.6B	4.7B	1.1B	899M	5.2B	945M	627M	956M	777M
Goodwill & intangibles	18.5B	17.6B	18B	17.7B	20.8B	21.5B	23.1B	23.4B	24.2B	25.1B
Total assets	24.7B	23.4B	22.4B	23.4B	27.1B	27.6B	27.2B	28.3B	28.9B	29.7B
Accounts payable	1.3B	1.2B	1.2B	1.2B	1.2B	1.3B	1.5B	1.4B	1.3B	1.4B
Short-term debt	191M	146M	182M	171M	145M	135M	145M	120M	92M	79M
Total current liabilities	4B	4.3B	3.9B	4.2B	4.8B	5.1B	4.5B	4.8B	4.3B	4.5B
Long-term debt	15.1B	14.8B	14.6B	14.6B	15.6B	15.5B	14.9B	14.9B	13.1B	13.1B
Total liabilities	21.2B	21B	20.3B	21.4B	24.2B	23.3B	22.5B	22.8B	20.4B	20.7B
Shareholders' equity	3.5B	2.4B	2.1B	1.9B	2.9B	4.3B	4.6B	5.5B	8.5B	9B
Total debt	15.3B	14.9B	14.8B	14.8B	15.7B	15.6B	15.1B	15B	13.2B	13.2B
Net debt	14.5B	14.3B	14.4B	14.5B	13.3B	13.3B	14.2B	13.8B	10.2B	10.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.1B	1.2B	2.5B	2.9B	4.1B	3B	3B	2.6B	3B	2.9B	3B	2.2B
Receivables	2.9B	2.9B	3.1B	2.8B	2.6B	2.5B	2.6B	2.5B	2.5B	2.6B	2.6B	2.6B
Inventory	413M	411M	395M	382M	356M	346M	344M	338M	346M	348M	343M	338M
Total current assets	6.4B	7.2B	7.8B	8B	8.8B	7.7B	7.9B	7.3B	7.8B	7.8B	8.4B	7.8B
Property, plant & equipment	-6.5B	627M	-5.9B	-6B	-5.7B	956M	-5.9B	-6.1B	-6.2B	777M	-6.8B	-6.9B
Goodwill & intangibles	23.6B	23.4B	23.9B	24.4B	23.9B	24.2B	24.4B	24.6B	25B	25.1B	25.4B	25.4B
Total assets	27.6B	28.3B	28.9B	29.3B	29.4B	28.9B	29.2B	28.7B	29.4B	29.7B	31.2B	30.7B
Accounts payable	1.2B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.3B	1.4B
Short-term debt	141M	120M	107M	102M	95M	92M	88M	84M	85M	79M	81M	160M
Total current liabilities	4.4B	4.8B	5.4B	5.5B	5.5B	4.3B	4.5B	4.3B	4.6B	4.5B	6.2B	5.6B
Long-term debt	14.9B	14.9B	12.8B	12.8B	12.8B	13.1B	13.1B	13.1B	13.1B	13.1B	13.1B	13.1B
Total liabilities	22.4B	22.8B	21.2B	21.4B	21.3B	20.4B	20.6B	20.4B	20.7B	20.7B	22.4B	22B
Shareholders' equity	5.2B	5.5B	7.7B	7.9B	8.1B	8.5B	8.7B	8.3B	8.7B	9B	8.8B	8.7B
Total debt	15B	15B	12.9B	12.9B	12.9B	13.2B	13.2B	13.2B	13.2B	13.2B	13.2B	13.2B
Net debt	14B	13.8B	10.4B	10B	8.8B	10.2B	10.2B	10.6B	10.2B	10.3B	10.2B	11.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	176M	-320M	459M	171M	768M	1.5B	1B	1.3B	4.1B	2.4B
Depreciation & amortization	850M	870M	802M	850M	857M	855M	841M	870M	818M	863M
Stock-based compensation	68M	59M	46M	42M	44M	56M	56M	66M	67M	104M
Change in working capital	-1.7B	-1.5B	-364M	-318M	1.6B	-737M	-1.1B	71M	136M	140M
Operating cash flow	-923M	-772M	985M	843M	2.9B	1.9B	997M	2.4B	5B	3.5B
Capital expenditure	-302M	120M	-74M	-607M	-463M	590M	-552M	-680M	4B	—
Investing cash flow	-430M	21M	-115M	-636M	-1.6B	-714M	-808M	-969M	3.4B	-303M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	0	-250M	-200M	-672M	-1.4B
Financing cash flow	-1.7B	-2.3B	-2.1B	-3.4B	-355M	-936M	-1.8B	-1B	-3.7B	-2.4B
Net change in cash	-3B	-3.1B	-1.2B	-3.2B	890M	237M	-1.6B	381M	4.7B	836M
Free cash flow	-317M	493M	432M	563M	2.9B	910M	321M	1.6B	1.1B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	266M	456M	2.3B	477M	681M	572M	622M	522M	579M	644M	906M	1B
Depreciation & amortization	224M	216M	208M	208M	209M	193M	206M	208M	218M	231M	229M	215M
Stock-based compensation	15M	18M	17M	19M	16M	15M	21M	20M	38M	25M	25M	44M
Change in working capital	-72M	163M	545M	160M	450M	-1B	-29M	144M	197M	-172M	493M	-785M
Operating cash flow	500M	898M	3.1B	811M	1.4B	-304M	832M	908M	1.1B	731M	1.6B	585M
Capital expenditure	-154M	-175M	3.8B	-127M	701M	-314M	-162M	-190M	—	—	—	—
Investing cash flow	-169M	-333M	3.3B	-194M	667M	-372M	-187M	-314M	-109M	-45M	-139M	-39M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-110M	-278M	-270M	-124M	0	-348M	-747M	-93M	-198M	-318M	-1B
Financing cash flow	-214M	-317M	-2.7B	-154M	-498M	-372M	-648M	-996M	-323M	-434M	-1.2B	-1.2B
Net change in cash	117M	248M	3.7B	463M	1.6B	-1B	-3M	-402M	626M	252M	262M	-633M
Free cash flow	327M	616M	346M	602M	829M	-661M	642M	743M	778M	367M	1.5B	417M

Date	Ratio
Oct 11, 2012	1:4
Jul 1, 2002	3:2
Sep 16, 1991	2:1
Apr 27, 1983	5:4

Tenet Healthcare Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history