NYSE : THC
Tenet Healthcare Corporation — Financial statements
Healthcare · Medical Care Facilities · United States
Last price 270.57 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 21.79B
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Financial statements
Tenet Healthcare Corporation (THC) reported revenue of 22.15B 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 | |
|---|---|---|---|---|---|---|
| Revenue | 22.15B | 21.31B | 20.68B | 20.56B | 19.17B | 19.48B |
| Cost of Revenue | 12.75B | 12.49B | 12.46B | 12.74B | 12.13B | 12.22B |
| Gross Profit | 9.41B | 8.82B | 8.22B | 7.82B | 7.05B | 7.27B |
| Selling, General & Admin | 410.00M | 410.00M | 417.00M | 418.00M | 412.00M | 412.00M |
| Other Operating Expenses | 3.87B | 3.77B | 3.77B | 3.73B | 3.31B | 3.44B |
| Operating Expenses | 5.17B | 5.04B | 5.00B | 5.02B | 4.56B | 4.71B |
| Operating Income | 4.24B | 3.77B | 3.22B | 2.81B | 2.48B | 2.56B |
| Interest Expense | -817.00M | -821.00M | -826.00M | -901.00M | -890.00M | -923.00M |
| Earnings From Equity Investments | 263.00M | 264.00M | 260.00M | 228.00M | 216.00M | 218.00M |
| Other Non Operating Income (Expenses) | 166.00M | 125.00M | 134.00M | 26.00M | 20.00M | 25.00M |
| EBT Excluding Unusual Items | 3.85B | 3.34B | 2.79B | 2.16B | 1.83B | 1.88B |
| Merger & Restructuring Charges | -83.00M | -69.00M | -95.00M | -94.00M | -132.00M | -77.00M |
| Gain (Loss) on Sale of Assets | 38.00M | -1.00M | 2.92B | 23.00M | 1.00M | 445.00M |
| Asset Writedown | -73.00M | -61.00M | -7.00M | -43.00M | -94.00M | -8.00M |
| Legal Settlements | -66.00M | -64.00M | -35.00M | -47.00M | -70.00M | -116.00M |
| Other Unusual Items | 1.07B | -345.00M | -317.00M | -380.00M | -191.00M | -238.00M |
| Pretax Income | 4.73B | 2.80B | 5.25B | 1.62B | 1.34B | 1.89B |
| Income Tax Expense | 918.00M | 433.00M | 1.18B | 306.00M | 344.00M | 411.00M |
| Earnings From Continuing Operations | 3.81B | 2.37B | 4.06B | 1.31B | 1.00B | 1.48B |
| Earnings From Discontinued Operations | -1.00M | |||||
| Net Income to Company | 3.81B | 2.37B | 4.06B | 1.31B | 1.00B | 1.48B |
| Minority Interest in Earnings | -915.00M | -960.00M | -864.00M | -700.00M | -590.00M | -562.00M |
| Net Income | 2.90B | 1.41B | 3.20B | 611.00M | 411.00M | 914.00M |
| Net Income to Common | 2.90B | 1.41B | 3.20B | 611.00M | 411.00M | 914.00M |
| Shares Outstanding (Basic) | 84.43M | 90.15M | 96.90M | 101.64M | 106.93M | 106.83M |
| Shares Outstanding (Diluted) | 85.02M | 90.83M | 97.88M | 104.80M | 110.52M | 108.57M |
| EPS (Basic) | 34.34 | 15.61 | 33.02 | 6.01 | 3.84 | 8.56 |
| EPS (Diluted) | 34.11 | 15.49 | 32.70 | 5.71 | 3.78 | 8.42 |
| Free Cash Flow | 3.33B | 2.53B | 1.12B | 1.62B | 321.00M | 910.00M |
| Free Cash Flow Per Share | 39.14 | 27.85 | 11.40 | 15.49 | 2.90 | 8.38 |
| Gross Margin | 42.47% | 41.38% | 39.75% | 38.03% | 36.76% | 37.30% |
| Operating Margin | 19.12% | 17.70% | 15.57% | 13.64% | 12.96% | 13.15% |
| Profit Margin | 13.09% | 6.60% | 15.48% | 2.97% | 2.14% | 4.69% |
| Free Cash Flow Margin | 15.02% | 11.87% | 5.40% | 7.89% | 1.67% | 4.67% |
| EBITDA | 5.13B | 4.63B | 4.04B | 3.67B | 3.33B | 3.42B |
| EBITDA Margin | 23.14% | 21.75% | 19.52% | 17.87% | 17.35% | 17.54% |
| D&A For EBITDA | 892.00M | 863.00M | 818.00M | 870.00M | 841.00M | 855.00M |
| EBIT | 4.24B | 3.77B | 3.22B | 2.81B | 2.48B | 2.56B |
| EBIT Margin | 19.12% | 17.70% | 15.57% | 13.64% | 12.96% | 13.15% |
| Effective Tax Rate | 19.40% | 15.46% | 22.56% | 18.92% | 25.58% | 21.77% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.67B | 2.88B | 3.02B | 1.23B | 858.00M | 2.36B |
| Cash & Short-Term Investments | 2.67B | 2.88B | 3.02B | 1.23B | 858.00M | 2.36B |
| Accounts Receivable | 3.26B | 3.25B | 3.05B | 3.40B | 3.46B | 3.31B |
| Other Receivables | 854.00M | 609.00M | 555.00M | 542.00M | 577.00M | 578.00M |
| Receivables | 4.55B | 3.86B | 3.61B | 3.95B | 4.04B | 3.88B |
| Inventory | 340.00M | 348.00M | 346.00M | 411.00M | 405.00M | 384.00M |
| Prepaid Expenses | 360.00M | 423.00M | 368.00M | 391.00M | 400.00M | 252.00M |
| Other Current Assets | 507.00M | 339.00M | 340.00M | 1.19B | 279.00M | 191.00M |
| Total Current Assets | 8.43B | 7.85B | 7.68B | 7.17B | 5.98B | 7.08B |
| Property, Plant & Equipment | 6.29B | 7.45B | 7.09B | 7.32B | 7.59B | 7.43B |
| Long-Term Investments | 3.13B | 1.44B | 1.53B | 1.56B | 1.63B | 2.02B |
| Goodwill | 11.64B | 11.20B | 10.69B | 10.31B | 10.12B | 9.26B |
| Other Intangible Assets | 1.23B | 1.35B | 1.40B | 1.37B | 1.42B | 1.50B |
| Long-Term Accounts Receivable | 121.00M | 274.00M | 334.00M | 197.00M | 213.00M | |
| Long-Term Deferred Tax Assets | 49.00M | 84.00M | 80.00M | 77.00M | 19.00M | 65.00M |
| Long-Term Deferred Charges | 23.00M | |||||
| Other Long-Term Assets | 186.00M | 194.00M | 180.00M | 192.00M | ||
| Total Assets | 31.59B | 29.68B | 28.94B | 28.31B | 27.16B | 27.58B |
| Accounts Payable | 1.39B | 1.36B | 1.29B | 1.41B | 1.50B | 1.30B |
| Accrued Expenses | 1.40B | 1.24B | 1.31B | 1.41B | 1.27B | 1.38B |
| Current Portion of Long-Term Debt | 164.00M | 34.00M | 38.00M | 36.00M | 46.00M | 29.00M |
| Current Portion of Leases | 259.00M | 258.00M | 288.00M | 306.00M | 307.00M | |
| Current Income Taxes Payable | 22.00M | 18.00M | 23.00M | |||
| Current Unearned Revenue | 279.00M | 88.00M | 80.00M | 59.00M | 7.00M | 964.00M |
| Other Current Liabilities | 2.06B | 1.48B | 1.31B | 1.54B | 1.34B | 1.13B |
| Total Current Liabilities | 5.32B | 4.46B | 4.31B | 4.76B | 4.48B | 5.11B |
| Long-Term Debt | 12.40B | 12.69B | 12.69B | 14.76B | 14.77B | 15.34B |
| Long-Term Leases | 679.00M | 1.45B | 1.34B | 1.13B | 1.21B | 1.10B |
| Long-Term Unearned Revenue | 6.00M | 13.00M | 13.00M | 12.00M | 15.00M | |
| Pension & Post-Retirement Benefits | 238.00M | 245.00M | 298.00M | 335.00M | 331.00M | 421.00M |
| Long-Term Deferred Tax Liabilities | 529.00M | 240.00M | 227.00M | 326.00M | 217.00M | 36.00M |
| Other Long-Term Liabilities | 2.83B | 1.61B | 1.51B | 1.48B | 1.54B | 1.31B |
| Total Liabilities | 22.00B | 20.70B | 20.39B | 22.80B | 22.55B | 23.32B |
| Common Stock | 8.00M | 8.00M | 8.00M | 8.00M | 8.00M | 8.00M |
| Additional Paid-In Capital | 5.24B | 4.91B | 4.87B | 4.83B | 4.78B | 4.88B |
| Retained Earnings | 6.94B | 4.42B | 3.01B | -192.00M | -803.00M | -1.21B |
| Treasury Stock | -6.57B | -4.94B | -3.54B | -2.86B | -2.66B | -2.41B |
| Comprehensive Income & Other | -178.00M | -181.00M | -180.00M | -181.00M | -181.00M | -233.00M |
| Total Common Equity | 5.44B | 4.22B | 4.17B | 1.61B | 1.14B | 1.03B |
| Minority Interest | 4.15B | 4.75B | 4.38B | 3.90B | 3.47B | 3.23B |
| Shareholders' Equity | 9.59B | 8.97B | 8.55B | 5.51B | 4.61B | 4.26B |
| Total Liabilities & Equity | 31.59B | 29.68B | 28.94B | 28.31B | 27.16B | 27.58B |
| Total Debt | 13.24B | 14.43B | 14.33B | 16.21B | 16.33B | 16.77B |
| Net Cash (Debt) | -10.57B | -11.49B | -11.26B | -14.94B | -15.44B | -14.41B |
| Net Cash Per Share | -124.31 | -126.45 | -115.02 | -142.53 | -139.74 | -132.70 |
| Filing Date Shares Outstanding | 79.59M | 86.96M | 95.12M | 100.00M | 102.27M | 107.42M |
| Total Common Shares Outstanding | 79.58M | 86.95M | 95.11M | 99.95M | 102.25M | 107.19M |
| Working Capital | 3.11B | 3.39B | 3.37B | 2.41B | 1.50B | 1.97B |
| Book Value Per Share | 68.41 | 48.53 | 43.85 | 16.09 | 11.17 | 9.59 |
| Tangible Book Value | -7.42B | -8.33B | -7.92B | -10.07B | -10.40B | -9.73B |
| Tangible Book Value Per Share | -93.27 | -95.75 | -83.24 | -100.72 | -101.76 | -90.77 |
| Land | 534.00M | 539.00M | 625.00M | 661.00M | 635.00M | |
| Buildings | 6.67B | 6.13B | 6.69B | 6.65B | 6.65B | |
| Machinery | 5.04B | 4.40B | 4.75B | 4.75B | 4.46B | |
| Construction In Progress | 211.00M | 238.00M | 269.00M | 195.00M | 166.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.90B | 1.41B | 3.20B | 611.00M | 411.00M | 914.00M |
| Depreciation & Amortization | 892.00M | 863.00M | 818.00M | 870.00M | 841.00M | 855.00M |
| Other Amortization | 21.00M | 23.00M | 26.00M | 32.00M | 33.00M | 33.00M |
| Loss (Gain) From Sale of Assets | -38.00M | 1.00M | -2.92B | -23.00M | -1.00M | -445.00M |
| Asset Writedown & Restructuring Costs | -2.00M | -16.00M | -90.00M | -32.00M | -2.00M | -68.00M |
| Loss (Gain) From Sale of Investments | -4.00M | -4.00M | -4.00M | -29.00M | -117.00M | -23.00M |
| Loss (Gain) on Equity Investments | -32.00M | -34.00M | -29.00M | -13.00M | 2.00M | -10.00M |
| Stock-Based Compensation | 129.00M | 104.00M | 67.00M | 66.00M | 56.00M | 56.00M |
| Other Operating Activities | 1.28B | 1.06B | 839.00M | 821.00M | 1.00B | 993.00M |
| Change in Accounts Receivable | -59.00M | 20.00M | 245.00M | -29.00M | -140.00M | -197.00M |
| Change in Inventory | 196.00M | -73.00M | -86.00M | -139.00M | -64.00M | -52.00M |
| Change in Accounts Payable | -1.07B | 209.00M | -30.00M | 215.00M | -898.00M | -584.00M |
| Change in Income Taxes | 23.00M | -25.00M | 16.00M | 10.00M | -26.00M | 68.00M |
| Change in Other Net Operating Assets | 5.00M | 9.00M | -9.00M | 14.00M | -15.00M | 28.00M |
| Operating Cash Flow | 4.24B | 3.54B | 2.05B | 2.37B | 1.08B | 1.57B |
| Capital Expenditures | -910.00M | -1.01B | -931.00M | -751.00M | -762.00M | -658.00M |
| Cash Acquisitions | -243.00M | -308.00M | -571.00M | -224.00M | -234.00M | -1.22B |
| Divestitures | 31.00M | 38.00M | 4.98B | 71.00M | 210.00M | 1.25B |
| Investment in Securities | -58.00M | 3.00M | -31.00M | -54.00M | -16.00M | -77.00M |
| Other Investing Activities | -27.00M | 2.00M | -19.00M | -11.00M | -6.00M | -7.00M |
| Investing Cash Flow | -1.21B | -1.27B | 3.43B | -969.00M | -808.00M | -714.00M |
| Long-Term Debt Issued | 2.28B | 23.00M | 1.37B | 2.02B | 2.87B | |
| Total Debt Issued | 4.30B | 2.28B | 23.00M | 1.37B | 2.02B | 2.87B |
| Long-Term Debt Repaid | -2.37B | -2.24B | -1.54B | -2.85B | -3.22B | |
| Total Debt Repaid | -4.37B | -2.37B | -2.24B | -1.54B | -2.85B | -3.22B |
| Net Debt Issued (Repaid) | -73.00M | -96.00M | -2.22B | -172.00M | -828.00M | -349.00M |
| Repurchase of Common Stock | -1.90B | -1.44B | -697.00M | -212.00M | -250.00M | |
| Other Financing Activities | -1.36B | -868.00M | -768.00M | -651.00M | -703.00M | -587.00M |
| Financing Cash Flow | -3.33B | -2.40B | -3.69B | -1.03B | -1.78B | -936.00M |
| Net Cash Flow | -301.00M | -136.00M | 1.79B | 370.00M | -1.51B | -82.00M |
| Free Cash Flow | 3.33B | 2.53B | 1.12B | 1.62B | 321.00M | 910.00M |
| Free Cash Flow Margin | 15.02% | 11.87% | 5.40% | 7.89% | 1.67% | 4.67% |
| Free Cash Flow Per Share | 39.14 | 27.85 | 11.40 | 15.49 | 2.90 | 8.38 |
| Levered Free Cash Flow | 2.03B | 1.68B | 2.33B | 903.00M | 103.88M | 1.56B |
| Unlevered Free Cash Flow | 2.52B | 2.17B | 2.82B | 1.43B | 627.12M | 2.10B |
| Cash Interest Paid | 830.00M | 865.00M | 851.00M | 882.00M | 848.00M | 937.00M |
| Cash Income Tax Paid | 614.00M | 450.00M | 1.27B | 243.00M | 161.00M | 92.00M |
| Change in Working Capital | -905.00M | 140.00M | 136.00M | 71.00M | -1.14B | -737.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 21.34B | 17.46B | 12.00B | 7.67B | 5.28B | 8.75B |
| Enterprise Value | 31.91B | 32.36B | 25.02B | 25.38B | 22.50B | 23.55B |
| Last Close Price | 273.25 | 198.72 | 126.23 | 75.57 | 48.79 | 81.69 |
| PE Ratio | 7.86 | 12.41 | 3.75 | 12.56 | 12.84 | 9.57 |
| Forward PE | 12.98 | 12.20 | 11.76 | 13.40 | 9.55 | 13.95 |
| PS Ratio | 0.94 | 0.82 | 0.58 | 0.37 | 0.28 | 0.45 |
| PB Ratio | 3.99 | 1.95 | 1.40 | 1.39 | 1.15 | 2.06 |
| P/FCF Ratio | 6.24 | 6.90 | 10.76 | 4.73 | 16.43 | 9.62 |
| P/OCF Ratio | 4.90 | 4.93 | 5.86 | 3.23 | 4.87 | 5.58 |
| PEG Ratio | 1.58 | 0.80 | 1.66 | 2.91 | 4.77 | 1.60 |
| EV/Sales Ratio | 1.41 | 1.52 | 1.21 | 1.23 | 1.17 | 1.21 |
| EV/EBITDA Ratio | 6.11 | 6.98 | 6.20 | 6.91 | 6.76 | 6.89 |
| EV/EBIT Ratio | 7.40 | 8.58 | 7.78 | 9.05 | 9.05 | 9.19 |
| EV/FCF Ratio | 9.42 | 12.79 | 22.42 | 15.64 | 70.09 | 25.88 |
| Debt / Equity Ratio | 1.38 | 1.61 | 1.68 | 2.94 | 3.54 | 3.94 |
| Debt / EBITDA Ratio | 2.39 | 2.86 | 3.22 | 3.96 | 4.37 | 4.38 |
| Debt / FCF Ratio | 3.98 | 5.70 | 12.84 | 9.99 | 50.88 | 18.43 |
| Net Debt / Equity Ratio | 1.10 | 1.28 | 1.32 | 2.71 | 3.35 | 3.38 |
| Net Debt / EBITDA Ratio | 2.06 | 2.48 | 2.79 | 4.06 | 4.64 | 4.22 |
| Net Debt / FCF Ratio | 3.18 | 4.54 | 10.09 | 9.20 | 48.11 | 15.83 |
| Asset Turnover | 0.73 | 0.73 | 0.72 | 0.74 | 0.70 | 0.71 |
| Inventory Turnover | 37.16 | 36.00 | 32.91 | 31.23 | 30.74 | 32.49 |
| Quick Ratio | 1.28 | 1.51 | 1.54 | 1.09 | 1.09 | 1.22 |
| Current Ratio | 1.58 | 1.76 | 1.78 | 1.51 | 1.34 | 1.39 |
| Return on Equity (ROE) | 41.70% | 27.02% | 57.83% | 25.92% | 22.58% | 41.34% |
| Return on Assets (ROA) | 8.68% | 8.04% | 7.03% | 6.32% | 5.67% | 5.86% |
| Return on Invested Capital (ROIC) | 17.09% | 15.80% | 12.35% | 11.21% | 9.55% | 11.13% |
| Return on Capital Employed (ROCE) | 16.10% | 15.00% | 13.10% | 11.90% | 11.00% | 11.40% |
| Earnings Yield | 12.72% | 8.06% | 26.66% | 7.96% | 7.79% | 10.44% |
| FCF Yield | 16.02% | 14.49% | 9.30% | 21.15% | 6.08% | 10.40% |
| Buyback Yield / Dilution | 8.43% | 7.20% | 6.60% | 5.17% | -1.79% | -2.17% |