Tenet Healthcare Corporation
- Open
- 197.80
- Day high
- 199.52
- Day low
- 194.72
- Prev close
- 199.20
- Volume
- 1.1M
- Mkt cap
- $16.8B
- P/E (TTM)
- 10.1
- EPS (TTM)
- $19.39
- P/B
- 3.5
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.5M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Tenet Healthcare Corporation (THC) is a Healthcare company listed on NYSE. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Tenet Healthcare Corporation (THC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
THC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $4.21 | $4.82 | +14.5% | $5.4B | -0.5% |
| Feb 11, 2026 | $4.08 | $4.70 | +15.2% | $5.5B | +0.7% |
| Oct 28, 2025 | $3.34 | $3.70 | +10.8% | $5.3B | +0.6% |
| Jul 22, 2025 | $2.87 | $4.02 | +40.1% | $5.3B | +2.1% |
| Feb 12, 2025 | $2.95 | $3.44 | +16.6% | $5.1B | -1.9% |
| Jul 24, 2024 | $1.90 | $2.31 | +21.6% | $5.1B | +2.3% |
| Apr 30, 2024 | $1.45 | $3.22 | +122.1% | $5.4B | +4.3% |
| Feb 8, 2024 | $1.60 | $2.68 | +67.5% | $5.4B | +2.0% |
| Feb 9, 2023 | $1.23 | $1.96 | +59.3% | $5.0B | +1.6% |
| Oct 20, 2022 | $1.28 | $1.44 | +12.5% | $4.8B | -0.3% |
| Jul 21, 2022 | $0.79 | $1.50 | +89.9% | $4.6B | -2.9% |
| Apr 20, 2022 | $1.04 | $1.93 | +85.6% | $4.7B | +0.8% |
THC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 29, 2026 | KERREY J ROBERTdirector | Sell | 905 | $176.89 |
| May 29, 2026 | KERREY J ROBERTdirector | Sell | 1,690 | $173.97 |
| May 29, 2026 | KERREY J ROBERTdirector | Sell | 713 | $175.13 |
| May 29, 2026 | KERREY J ROBERTdirector | Sell | 361 | $177.52 |
| May 29, 2026 | KERREY J ROBERTdirector | Sell | 1,969 | $173.12 |
| May 28, 2026 | Romo Tammydirector | Grant | 1,188 | — |
| May 28, 2026 | FISHER RICHARD Wdirector | Grant | 1,188 | — |
| May 28, 2026 | Blunt Roydirector | Grant | 1,188 | — |
| May 28, 2026 | Agarwala Vineetadirector | Grant | 1,188 | — |
| May 28, 2026 | Fitzgerald Meghandirector | Grant | 1,188 | — |
| May 28, 2026 | HANEY CECIL Ddirector | Grant | 1,188 | — |
| May 28, 2026 | West Nadjadirector | Sell | 3,000 | $177.35 |
| May 28, 2026 | MARK RICHARD Jdirector | Grant | 1,188 | — |
| May 28, 2026 | KERREY J ROBERTdirector | Grant | 1,464 | — |
| May 28, 2026 | BIERMAN JAMES Ldirector | Grant | 1,188 | — |
Source: THC SEC Form 4 filings, latest May 29, 2026. For informational purposes only — not investment advice.
See the full THC insider & 13F page →Tenet Healthcare Corporation company profile
Overview
Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company that has operated since its incorporation in 1975, going public in 1980. Originally founded as a hospital operator, Tenet has transformed itself over the past decade into a healthcare enterprise focused on both acute care hospitals and ambulatory surgical centers. The company is headquartered in Dallas, Texas, and has undergone significant portfolio transformation in recent years, divesting hospitals while expanding its ambulatory care footprint through acquisitions and de novo development.
Business
Tenet Healthcare operates as a diversified healthcare services company through three primary business segments. The Hospital Operations and Other segment represents the company's traditional acute care hospital business, operating 60 general hospitals that provide comprehensive medical services including emergency care, surgical procedures, intensive care units, cardiovascular services, and specialized quaternary care such as heart and kidney transplants. These hospitals serve as regional medical centers offering everything from routine medical care to complex procedures like intravascular stroke care and minimally invasive cardiac valve replacement. The Ambulatory Care segment, operated through United Surgical Partners International (USPI), represents the company's fastest-growing division with approximately 550 healthcare facilities including ambulatory surgery centers, urgent care centers, imaging centers, surgical hospitals, and micro-hospitals. Ambulatory surgery centers are outpatient facilities where patients can receive surgical procedures without requiring overnight hospital stays, offering a more cost-effective alternative to traditional hospital-based surgery. This segment has become increasingly important as healthcare shifts toward lower-cost settings and same-day procedures, particularly in orthopedics where total joint replacements are increasingly performed in outpatient settings. The Conifer segment provides healthcare business process services, offering revenue cycle management, patient communications, and value-based care solutions to hospitals, health systems, physician practices, and employers. Revenue cycle management involves handling the complex process of billing, collections, and payment processing that healthcare providers must navigate with insurance companies and patients. Based on recent financial performance, the Hospital segment generates approximately 65-70% of total revenues, while USPI contributes roughly 25-30%, with Conifer representing the remainder. However, USPI has been the primary growth driver, with EBITDA margins around 39% compared to hospital margins in the low-to-mid teens.
Risks & safety
Tenet Healthcare presents moderate financial risk with improving but still elevated leverage levels and strong operational cash generation. • Liquidity and Debt: Strong cash position of $3.0 billion as of Q1 2025, current ratio of 1.78, but high debt-to-equity ratio of 3.15. Net debt-to-EBITDA ratio of 3.1x is within acceptable range but elevated for healthcare sector. • Cash Flow: Strong free cash flow generation of $642 million in Q1 2025, though this was negative $661 million in Q4 2024 due to timing differences. Full-year 2024 free cash flow was positive $1.1 billion. • Valuation Metrics: Trading at reasonable multiples with P/E of 7.8x, EV/EBITDA of 4.9x, and price-to-book of 3.0x, suggesting the stock is not overvalued. • Other Considerations: High return on equity of 9.7% indicates efficient capital utilization. The company has been actively repurchasing shares and paying down debt with proceeds from hospital divestitures, improving the balance sheet structure over time.
Recent development
Over the past few years, Tenet Healthcare has undergone a significant strategic transformation focused on shifting from a traditional hospital operator to a diversified healthcare services company with emphasis on ambulatory care. The company has divested 14 hospitals, generating approximately $5 billion in gross proceeds, while simultaneously expanding its ambulatory surgery center portfolio by adding nearly 70 facilities through acquisitions and de novo development. The company has prioritized high-acuity service line expansion, particularly in orthopedics where total joint replacement procedures in ambulatory settings have grown 19% year-over-year. This shift capitalizes on the healthcare industry's movement toward lower-cost sites of care while maintaining or improving patient outcomes. Tenet has also invested heavily in robotic surgery capabilities and AI-enabled technologies to enhance operational efficiency and clinical outcomes. Capital deployment strategy has focused on investing approximately $250 million annually in ambulatory M&A opportunities while returning capital to shareholders through share repurchases. The company has retired approximately 14% of its outstanding shares and established new share repurchase programs totaling $1.5 billion. Operational improvements have included significant progress in labor management, reducing contract labor expenses and improving nurse retention through targeted recruitment and retention programs. The company has also enhanced its revenue cycle management capabilities and maintained strong patient experience scores, with USPI achieving a 96.6 patient experience rating. Looking forward, Tenet plans to continue its ambulatory expansion with 10-12 new de novo centers planned for 2025, while maintaining focus on operational discipline and preparing contingency plans for potential healthcare policy changes under new federal administration.
THC company profile · for informational purposes only — not investment advice.
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