Tenet Healthcare Corporation

THC

$266.80

-0.35%

2026-08-28 16:00:02 EDT-$0.95

Healthcare

Medical - Care Facilities

NYSE

Active Trading

Tenet Healthcare Corporation operates as a broad-ranging provider of health solutions. The company organizes its operations across three main divisions: Hospital Operations ...

Price Action of THC

$266.80

-0.35%-$0.95

High—

Low—

52W High-5.7%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

Tenet Healthcare Corporation (NYSE: THC) is a leading for-profit healthcare services company with a broad network of care delivery and business services. As of February 2022, the company operated 60 hospitals and approximately 550 additional healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care centers, diagnostic imaging centers, and ...Tenet Healthcare Corporation (NYSE: THC) is a leading for-profit healthcare services company with a broad network of care delivery and business services. As of February 2022, the company operated 60 hospitals and approximately 550 additional healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care centers, diagnostic imaging centers, and micro-hospitals. Its operations are organized into three segments: Hospital Operations and Other, Ambulatory Care (primarily through United Surgical Partners International or USPI), and Conifer Health Solutions. Hospital operations provide a full spectrum of acute care services including operating and recovery suites, radiology, respiratory therapy, clinical laboratories, and on-site pharmacies. The company also offers high-acuity care through intensive, critical, and coronary care units, and specialized services in cardiovascular, digestive disease, neurosciences, musculoskeletal, obstetrics, and physical therapy. Advanced surgical capabilities include cardiothoracic, complex spinal, and neurosurgery, as well as neonatal intensive care. Tenet is known for ultra-specialized quaternary care such as heart and kidney transplant programs, limb-salvaging vascular interventions, Level 1 trauma care, intravascular stroke treatment, minimally invasive cardiac valve replacements, advanced imaging, and telemedicine. In the ambulatory care segment, USPI is one of the largest operators of ambulatory surgery centers and surgical hospitals in the U.S., providing outpatient surgical services in partnership with physicians and health systems. Conifer Health Solutions offers revenue cycle management, patient engagement, and care coordination services to hospitals, health systems, physician practices, and employers. Financially, Tenet has a market cap of over $21 billion, with revenue per share around $261 and a price-to-sales ratio of about 0.97. The company employs roughly 100,000 caregivers and supporting staff. CEO Saum Sutaria, M.D., has led the company since 2019, focusing on expanding its ambulatory network and improving operational efficiency. Tenet also emphasizes community engagement and innovation in healthcare delivery, aiming to provide accessible, high-quality care across its footprint.ExpandCollapse

Founded

1969

Employees

88500

CEO

Saumya Sutaria

Full Name

Tenet Healthcare Corporation

Sector

Healthcare

Industry

Medical - Care Facilities

ROE

50.63%

Market Cap

$21.48B

Current Ratio

1.41

WACC

7.67%

ROIC

16.11%

Contact Information

https://www.tenethealth.com

469-893-2200

14201 Dallas Parkway, Dallas, TX 75254

Key Metrics of THC

Snapshot

Latest / TTM · 6 periods

Market Cap

$21.48B

ROCE

14.6%

EV / EBITDA

6.38x

+1.0% YoY

FCF Yield

14.2%

+0.1% YoY

Cash Conversion Cycle

20.0d

Current Ratio

1.41

Quick take

TTM —

Positive CCC

Financial Highlights of THC

Profitability trend

Latest / TTM · 6 periods

Gross Margin

26.9%

Net Margin

10.3%

P/E Ratio

10.09x

n/a

Debt / Equity

2.84

n/a

Current Ratio

1.41

Dividend Yield

0.0%

Understanding

TTM —

High debt to equity

Calendar of THC

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $4.67 · Revenue $5.49B · 13 analysts
Oct 27, 2026In 53 days
Q3 FY2026 · Earnings report
Est. EPS $4.65
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $5.68 · Revenue $5.74B · 12 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $21.22 · Revenue $22.23B · 12 analysts

Recent history

Jul 29, 2026
Q2 FY2026 · Results reported
EPS $9.84 · Revenue $5.63B
View filing
Apr 30, 2026
Q1 FY2026 · Results reported
EPS $8.01 · Revenue $5.37B
View filing
Feb 17, 2026
FY2025 · Annual results
EPS $15.49 · Revenue $21.31B
View filing
Oct 28, 2025
Q3 FY2025 · Results reported
EPS $3.86 · Revenue $5.29B
View filing
Jul 30, 2025
Q2 FY2025 · Results reported
EPS $3.14 · Revenue $5.27B
View filing
Apr 29, 2025
Q1 FY2025 · Results reported
EPS $4.27 · Revenue $5.22B
View filing

Financial Statements of THC

Next Earnings Date

Oct 27, 2026

EPS Est. 4.65 · Fiscal period ending 2026-09-30

D-53

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$21.3B	+3.1%	+4.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$1.4B	-56.0%	+17.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+82.3%	+107.1%	+10.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+16.1%	-44.0%	+10.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+6.6%	-57.4%	+12.2%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$2.5B	+126.7%	-71.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+11.9%	+119.8%	-72.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	312.1%	-9.1%	+3.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	1.76x	-1.3%	+3.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$29.7B	+2.6%	-1.7%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	15.49 vs 16.09	-3.8%	9.84 vs 4.67	+110.7%
Revenue Surprise	$21.3B vs $21.3B	+0.2%	$5.6B vs $5.5B	+2.5%

Insider Transactions of THC

Acquisitions (A)

Since Aug 7, 2026

Disposals (D)

Since Aug 7, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Sep 2, 2026	West Nadja	director	Common Stock	D	1,152	$258.80
Aug 31, 2026	Foo Lisa Y	officer: EVP, Chief Operating Officer	Common Stock	D	24,000	$266.32
Aug 28, 2026	HANEY CECIL D	director	Common Stock	D	150	—
Aug 25, 2026	Sutaria Saumya	director, officer: CEO	Common Stock	D	17,220	$273.34
Aug 25, 2026	Sutaria Saumya	director, officer: CEO	Common Stock	D	24,881	$274.10

Earnings Call Transcript of THC

3 transcript segments

Q2 2026

OperatorOperatorSentiment 0.0

Welcome to Tenet Healthcare's second quarter 2026 earnings conference call. After the speaker's remarks, there'll be a question and answer session for industry analysts. To enter the queue, please press star one on your telephone keypad at any time. Tenet respectfully asks that analysts limit themselves to one question each. I'll now turn the call over to your host, Mr. Will McDowell, Vice President of Investor Relations. Mr. McDowell, you may begin.

Will McDowellVice President, Investor RelationsSentiment 0.0

Good morning, everyone. Thank you for joining today's call. I am Will McDowell, Vice President of Investor Relations. We're pleased to have you join us for a discussion of Tenet's second quarter 2026 results, as well as a discussion of our financial outlook. Tenet senior management participating in today's call will be Dr. Saum Sutaria, Chairman and Chief Executive Officer, and Sun Park, Executive Vice President and Chief Financial Officer. Our webcast this morning includes a slide presentation which has been posted to the investor relations section of our website, tenethealth.com. Listeners to this call are advised that certain statements made during our discussion today are forward-looking and represent management's expectations based on currently available information. Actual results and plans could differ materially. Tenet is under no obligation to update any forward-looking statements based on subsequent information. Investors should take note of the cautionary statement slide included in today's presentation, as well as the risk factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. With that, I'll turn the call over to Saum.

Saum SutariaChairman and Chief Executive OfficerSentiment 0.9

Thank you, Will. Good morning, everyone. We continue to deliver results exceeding our goals based on the fundamental performance of our business. Hospital volumes and same-store revenue growth in both segments are strong, reflecting our commitment to higher acuity and value for payers. Margin strength is supported by timely execution on our technology-enabled expense management plans that we described at the very start of the year. Second quarter net operating revenues were $5.6 billion, and consolidated adjusted EBITDA was $1.304 billion, which represented an adjusted EBITDA margin of 23.2%. Consolidated adjusted EBITDA grew 16.3% over prior year. Year to date, our fundamental outperformance totals approximately $97 million across both segments. Adjusted diluted earnings per share increased 52% to $6.12 in the second quarter of 2026 compared to prior year. As we noted last year, we are operating in a dynamic environment characterized by payer mix shifts and insurance enrollment uncertainty in both the exchanges and Medicaid. Despite these challenges, the growth and expense initiatives that we had planned and have implemented and continue to focus on enabled us to deliver a clean quarter. We are optimistic about the rest of the year and are increasing our revenue, adjusted EBITDA, and cash flow guidance for 2026. USPI …

Leadership Team of THC

10 executives

Name	Title	Compensation	Gender	Year Born	Status
Saumya Sutaria	Chairman & Chief Executive Officer	USD 11,431,603	—	1973	Active
Thomas W. Arnst	EVice President, Chief Administrative Officer, Chief Risk Officer, General Counsel & Corporate Secretary	USD 6,309,420	Male	1963	Active
Lisa Y. Foo	Executive Vice President & Chief Operating Officer	USD 6,159,959	Female	1991	Active
Sun K. Park	Executive Vice President & Chief Financial Officer	USD 4,651,546	Male	1976	Active
Paola Arbour	Executive Vice President & Chief Information Officer	USD 2,702,641	Female	1964	Active
John Michael Grooms	Senior VP, Controller & Principal Accounting Officer	—	Male	1978	Active
Michael T. Maloney	Executive Vice President of Corporate Development	—	Male	—	Active
William McDowell	Vice President of Investor Relations	—	Male	—	Active
Jana Durfee	Senior Vice President & Chief Compliance Officer	—	Female	—	Active
Clint Hailey	Chief Managed Care Officer & Senior Vice President	—	Male	1965	Active

Recent News of THC

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Zacks Investment Research8/12/2026Neutral

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CNR, IX, THC, SOLS and KMX have been added to the Zacks Rank #1 (Strong Buy) List on August 12, 2026.

Zacks Investment Research8/11/2026Neutral

Tenet Healthcare (THC) Just Flashed Golden Cross Signal: Do You Buy?

Tenet Healthcare Corporation (THC) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, THC's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross.

ETF Trends8/7/2026Neutral

Equal Weight ETF ROE Celebrates Key Three Year ETF Milestone

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Historical Employee Count of THC

Current

100,000

Change

+2.04%

Minimum

98,000

Maximum

106,500

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	100,000	10-K	Feb 17, 2026	View
Dec 31, 2024	98,000	10-K	Feb 18, 2025	View
Dec 31, 2023	106,500	10-K	Feb 16, 2024	View
Dec 31, 2022	102,400	10-K	Feb 21, 2023	View
Dec 31, 2021	101,100	10-K	Feb 18, 2022	View

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Tenet Healthcare Corporation