NYSE : ARDT
Ardent Health, Inc. — Financial statements
Healthcare · Medical Care Facilities · United States
Last price 12.03 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 1.70B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Ardent Health, Inc. (ARDT) reported revenue of 6.41B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 6.41B | 6.32B | 5.97B | 5.41B | 5.13B | 4.87B |
| Revenue | 6.41B | 6.32B | 5.97B | 5.41B | 5.13B | 4.87B |
| Cost of Revenue | 2.67B | 2.66B | 2.53B | 2.38B | 2.41B | 2.29B |
| Gross Profit | 3.74B | 3.67B | 3.43B | 3.03B | 2.72B | 2.58B |
| Selling, General & Admin | 2.62B | 2.54B | 2.38B | 2.22B | 1.92B | 1.77B |
| Other Operating Expenses | 692.83M | 647.31M | 496.22M | 451.74M | 464.41M | 370.36M |
| Operating Expenses | 3.48B | 3.34B | 3.03B | 2.81B | 2.52B | 2.27B |
| Operating Income | 257.90M | 325.58M | 405.76M | 215.84M | 200.25M | 303.17M |
| Interest Expense | -51.08M | -55.20M | -65.58M | -74.31M | -82.05M | -93.83M |
| Other Non Operating Income (Expenses) | 7.68M | 1.79M | -123.00K | 3.39M | 101.00K | |
| EBT Excluding Unusual Items | 214.50M | 272.18M | 340.06M | 141.54M | 121.59M | 209.44M |
| Gain (Loss) on Sale of Assets | 157.81M | |||||
| Other Unusual Items | -7.70M | -8.47M | 1.52M | 10.08M | 32.08M | 86.45M |
| Pretax Income | 207.96M | 286.36M | 363.06M | 151.61M | 311.48M | 295.89M |
| Income Tax Expense | 39.32M | 56.22M | 63.35M | 22.64M | 46.11M | 51.31M |
| Earnings From Continuing Operations | 168.65M | 230.13M | 299.71M | 128.98M | 265.37M | 244.58M |
| Net Income to Company | 168.65M | 230.13M | 299.71M | 128.98M | 265.37M | 244.58M |
| Minority Interest in Earnings | -90.42M | -94.32M | -89.36M | -75.07M | -76.46M | -90.32M |
| Net Income | 78.23M | 135.81M | 210.34M | 53.90M | 188.91M | 154.26M |
| Net Income to Common | 78.23M | 135.81M | 210.34M | 53.90M | 188.91M | 154.26M |
| Shares Outstanding (Basic) | 141.39M | 140.76M | 132.44M | 126.12M | 126.12M | |
| Shares Outstanding (Diluted) | 142.10M | 141.45M | 132.74M | 126.12M | 126.12M | |
| EPS (Basic) | 0.55 | 0.96 | 1.59 | 0.43 | 1.50 | |
| EPS (Diluted) | 0.55 | 0.96 | 1.58 | 0.43 | 1.50 | |
| Free Cash Flow | 304.75M | 258.61M | 127.52M | 84.29M | -189.47M | 7.91M |
| Free Cash Flow Per Share | 2.15 | 1.83 | 0.96 | 0.67 | -1.50 | |
| Gross Margin | 58.38% | 57.98% | 57.51% | 55.93% | 52.99% | 52.89% |
| Operating Margin | 4.03% | 5.15% | 6.80% | 3.99% | 3.90% | 6.22% |
| Profit Margin | 1.22% | 2.15% | 3.53% | 1.00% | 3.68% | 3.17% |
| Free Cash Flow Margin | 4.76% | 4.09% | 2.14% | 1.56% | -3.69% | 0.16% |
| EBITDA | 422.42M | 481.29M | 552.05M | 356.69M | 338.43M | 440.38M |
| EBITDA Margin | 6.59% | 7.61% | 9.25% | 6.59% | 6.60% | 9.04% |
| D&A For EBITDA | 164.52M | 155.70M | 146.29M | 140.84M | 138.17M | 137.20M |
| EBIT | 257.90M | 325.58M | 405.76M | 215.84M | 200.25M | 303.17M |
| EBIT Margin | 4.03% | 5.15% | 6.80% | 3.99% | 3.90% | 6.22% |
| Effective Tax Rate | 18.91% | 19.63% | 17.45% | 14.93% | 14.80% | 17.34% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 724.48M | 709.60M | 556.78M | 437.58M | 456.12M | |
| Trading Asset Securities | 2.89M | 9.91M | 15.97M | 21.40M | ||
| Cash & Short-Term Investments | 724.48M | 712.49M | 566.70M | 453.54M | 477.52M | |
| Accounts Receivable | 695.95M | 686.10M | 743.03M | 775.45M | 603.36M | |
| Other Receivables | 33.20M | 85.60M | 54.30M | 59.10M | 37.20M | |
| Receivables | 729.15M | 771.70M | 797.33M | 834.55M | 640.56M | |
| Inventory | 116.02M | 118.59M | 115.09M | 105.48M | 107.15M | |
| Prepaid Expenses | 147.90M | 112.65M | 113.75M | 77.28M | 68.97M | |
| Other Current Assets | 337.33M | 343.39M | 239.88M | 147.22M | 115.05M | |
| Total Current Assets | 2.05B | 2.06B | 1.83B | 1.62B | 1.41B | |
| Property, Plant & Equipment | 2.13B | 2.14B | 2.04B | 2.01B | 1.99B | |
| Long-Term Investments | 18.80M | 3.26M | 9.10M | 21.40M | ||
| Goodwill | 879.26M | 879.45M | 852.08M | 844.70M | 844.70M | |
| Other Intangible Assets | 87.68M | 89.33M | 76.93M | 76.93M | 76.93M | |
| Long-Term Deferred Tax Assets | 5.82M | 6.89M | 12.32M | 32.49M | 34.43M | |
| Other Long-Term Assets | 104.86M | 111.69M | 139.71M | 138.01M | 101.98M | |
| Total Assets | 5.28B | 5.29B | 4.96B | 4.73B | 4.48B | |
| Accounts Payable | 429.77M | 457.94M | 401.25M | 474.54M | 320.80M | |
| Accrued Expenses | 496.46M | 390.10M | 363.85M | 361.37M | 332.14M | |
| Current Portion of Long-Term Debt | 28.69M | 14.07M | 3.58M | 12.37M | 19.12M | |
| Current Portion of Leases | 64.62M | 52.03M | 48.66M | 46.51M | ||
| Other Current Liabilities | 21.40M | 119.82M | 124.71M | 97.16M | 90.03M | |
| Total Current Liabilities | 976.32M | 1.05B | 945.42M | 994.10M | 808.60M | |
| Long-Term Debt | 1.05B | 1.07B | 1.07B | 1.15B | 1.15B | |
| Long-Term Leases | 1.19B | 1.18B | 1.16B | 1.18B | 1.18B | |
| Other Long-Term Liabilities | 323.85M | 311.66M | 261.75M | 319.55M | 290.01M | |
| Total Liabilities | 3.54B | 3.61B | 3.43B | 3.65B | 3.43B | |
| Common Stock | 1.42M | 1.43M | 1.43M | 496.88M | 510.97M | |
| Additional Paid-In Capital | 791.41M | 788.47M | 754.41M | |||
| Retained Earnings | 558.36M | 501.61M | 365.80M | 155.45M | 101.55M | |
| Comprehensive Income & Other | -638.00K | -3.61M | 9.74M | 18.56M | 26.53M | |
| Total Common Equity | 1.35B | 1.29B | 1.13B | 670.90M | 639.05M | |
| Minority Interest | 390.86M | 397.07M | 390.98M | 411.42M | 411.26M | |
| Shareholders' Equity | 1.74B | 1.68B | 1.52B | 1.08B | 1.05B | |
| Total Liabilities & Equity | 5.28B | 5.29B | 4.96B | 4.73B | 4.48B | |
| Total Debt | 2.27B | 2.33B | 2.28B | 2.40B | 2.40B | |
| Net Cash (Debt) | -1.54B | -1.61B | -1.72B | -1.94B | -1.92B | |
| Net Cash Per Share | -10.86 | -11.40 | -12.92 | -15.41 | -15.21 | |
| Filing Date Shares Outstanding | 141.05M | 142.90M | 142.75M | 484.92M | 126.12M | |
| Total Common Shares Outstanding | 141.91M | 142.86M | 142.75M | 484.92M | 126.12M | |
| Working Capital | 1.08B | 1.01B | 887.33M | 623.98M | 600.65M | |
| Book Value Per Share | 9.52 | 9.01 | 7.93 | 1.38 | ||
| Tangible Book Value | 383.61M | 319.11M | 202.36M | -250.74M | -282.58M | |
| Tangible Book Value Per Share | 2.70 | 2.23 | 1.42 | -0.52 | ||
| Land | 68.67M | 68.50M | 68.16M | 67.47M | ||
| Buildings | 543.21M | 491.79M | 454.10M | 419.05M | ||
| Machinery | 1.26B | 1.19B | 1.11B | 1.07B | ||
| Construction In Progress | 44.23M | 20.50M | 8.99M | 15.93M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 78.23M | 135.81M | 210.34M | 53.90M | 188.91M | 154.26M |
| Depreciation & Amortization | 164.52M | 155.70M | 146.29M | 140.84M | 138.17M | 137.20M |
| Other Amortization | 3.53M | 4.38M | 5.47M | 4.99M | 5.70M | 6.43M |
| Loss (Gain) From Sale of Assets | -161.16M | -114.00K | ||||
| Loss (Gain) on Equity Investments | -6.17M | -1.04M | 5.83M | -1.65M | -7.51M | -2.91M |
| Stock-Based Compensation | 35.66M | 39.29M | 17.98M | 904.00K | 611.00K | 549.00K |
| Other Operating Activities | 138.94M | 139.71M | 110.86M | 79.02M | 122.58M | 112.61M |
| Change in Accounts Receivable | 63.57M | 59.16M | 40.00M | -181.10M | -17.18M | -96.47M |
| Change in Inventory | 2.54M | -3.15M | -9.41M | 1.67M | 4.67M | -5.73M |
| Change in Accounts Payable | 52.25M | 62.06M | -103.86M | 136.82M | 14.42M | 109.35M |
| Change in Other Net Operating Assets | -18.75M | -121.41M | -108.48M | -13.70M | -327.56M | -268.28M |
| Operating Cash Flow | 514.32M | 470.51M | 315.03M | 221.70M | -38.36M | 146.91M |
| Capital Expenditures | -209.56M | -211.90M | -187.51M | -137.41M | -151.11M | -139.00M |
| Cash Acquisitions | -2.50M | -2.50M | -35.54M | -2.93M | ||
| Divestitures | 4.30M | 206.37M | 645.00K | |||
| Sale (Purchase) of Real Estate | 3.56M | |||||
| Other Investing Activities | 127.00K | 179.00K | -1.71M | -575.00K | -8.69M | 1.47M |
| Investing Cash Flow | -211.94M | -214.23M | -220.46M | -137.98M | 46.58M | -136.26M |
| Short-Term Debt Issued | 125.00M | 204.00M | ||||
| Long-Term Debt Issued | 15.61M | 14.40M | 31.37M | 5.21M | 1.20B | |
| Total Debt Issued | 21.68M | 15.61M | 14.40M | 156.37M | 209.22M | 1.20B |
| Short-Term Debt Repaid | -125.00M | -202.05M | ||||
| Long-Term Debt Repaid | -23.03M | -118.81M | -36.52M | -21.08M | -1.28B | |
| Total Debt Repaid | -28.73M | -23.03M | -118.81M | -161.52M | -223.13M | -1.28B |
| Net Debt Issued (Repaid) | -7.05M | -7.42M | -104.42M | -5.15M | -13.91M | -84.61M |
| Issuance of Common Stock | 208.66M | |||||
| Repurchase of Common Stock | -13.03M | |||||
| Common Dividends Paid | -174.81M | -62.13M | ||||
| Dividends Paid | -174.81M | -62.13M | ||||
| Other Financing Activities | -98.45M | -96.04M | -79.60M | -97.11M | -81.61M | -137.17M |
| Financing Cash Flow | -118.53M | -103.47M | 24.64M | -102.26M | -270.33M | -283.91M |
| Net Cash Flow | 183.85M | 152.82M | 119.21M | -18.55M | -262.11M | -273.26M |
| Free Cash Flow | 304.75M | 258.61M | 127.52M | 84.29M | -189.47M | 7.91M |
| Free Cash Flow Margin | 4.76% | 4.09% | 2.14% | 1.56% | -3.69% | 0.16% |
| Free Cash Flow Per Share | 2.15 | 1.83 | 0.96 | 0.67 | -1.50 | |
| Levered Free Cash Flow | 208.31M | 154.22M | 50.07M | 55.07M | ||
| Unlevered Free Cash Flow | 236.71M | 184.34M | 85.59M | 96.52M | ||
| Cash Interest Paid | 65.74M | 65.74M | 74.98M | 81.61M | 90.85M | 100.22M |
| Cash Income Tax Paid | 36.51M | 36.51M | 41.60M | 19.43M | 55.82M | 32.16M |
| Change in Working Capital | 99.61M | -3.34M | -181.75M | -56.31M | -325.65M | -261.12M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.67B | 1.26B | 2.44B | |||
| Enterprise Value | 3.21B | 3.33B | 4.50B | |||
| Last Close Price | 12.03 | 8.83 | 17.08 | |||
| PE Ratio | 21.46 | 9.31 | 11.59 | |||
| Forward PE | 10.16 | 6.83 | 8.79 | |||
| PS Ratio | 0.26 | 0.20 | 0.41 | |||
| PB Ratio | 1.26 | 0.75 | 1.60 | |||
| P/TBV Ratio | 4.29 | 3.96 | 12.05 | |||
| P/FCF Ratio | 5.40 | 4.89 | 19.12 | |||
| P/OCF Ratio | 3.20 | 2.69 | 7.74 | |||
| PEG Ratio | 2.82 | 3.84 | 0.12 | |||
| EV/Sales Ratio | 0.50 | 0.53 | 0.75 | |||
| EV/EBITDA Ratio | 7.55 | 6.91 | 8.15 | |||
| EV/EBIT Ratio | 12.36 | 10.22 | 11.09 | |||
| EV/FCF Ratio | 10.46 | 12.87 | 35.28 | |||
| Debt / Equity Ratio | 1.30 | 1.38 | 1.50 | 2.21 | 2.28 | |
| Debt / EBITDA Ratio | 3.31 | 3.13 | 2.84 | 3.99 | 4.26 | |
| Debt / FCF Ratio | 7.44 | 8.99 | 17.90 | 28.43 | ||
| Net Debt / Equity Ratio | 0.89 | 0.96 | 1.13 | 1.79 | 1.83 | |
| Net Debt / EBITDA Ratio | 3.65 | 3.35 | 3.11 | 5.45 | 5.67 | |
| Net Debt / FCF Ratio | 5.06 | 6.24 | 13.45 | 23.05 | -10.12 | |
| Asset Turnover | 1.24 | 1.23 | 1.23 | 1.18 | ||
| Inventory Turnover | 22.75 | 22.75 | 22.98 | 22.42 | ||
| Quick Ratio | 1.49 | 1.42 | 1.44 | 1.30 | 1.38 | |
| Current Ratio | 2.10 | 1.97 | 1.94 | 1.63 | 1.74 | |
| Return on Equity (ROE) | 9.96% | 14.35% | 23.01% | 12.10% | ||
| Return on Assets (ROA) | 3.13% | 3.97% | 5.24% | 2.93% | ||
| Return on Invested Capital (ROIC) | 6.25% | 8.01% | 10.70% | 6.13% | 5.75% | |
| Return on Capital Employed (ROCE) | 6.00% | 7.70% | 10.10% | 5.80% | 5.50% | |
| Earnings Yield | 4.66% | 10.74% | 8.63% | |||
| FCF Yield | 18.51% | 20.45% | 5.23% | |||
| Payout Ratio | 92.54% | 40.27% | ||||
| Buyback Yield / Dilution | -1.33% | -6.56% | -5.26% |