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Tenet Healthcare

THC

Tenet Healthcare is a diversified healthcare services company that operates an expansive care delivery network across the United States.

Market cap
$17.77B+11.5%
Revenue$21.5B+4.5%
Net income$2.7B+12.7%
Free cash flow$3.3B+38.5%
EPS (diluted)$19.22+26.2%
Trailing twelve months · change vs. prior year

Earnings

Next report

Jul 24, 2026 (In 2 weeks)
Revenue estimate$5.4B
EPS estimate$4.23

Financials

Q1 2026

Income statement

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Revenue$5.4B+2.8%
Operating income$1.3B+37.4%
Net income$906.0M+45.7%
EPS (diluted)$8.01+87.6%

Balance sheet

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Cash & equivalents$3.0B-1.1%
Total debt$13.3B+0.2%
Total equity$4.8B+15.1%
Total assets$31.2B+6.7%

Cash flow

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Operating cash flow$1.6B+101%
CapEx$180.0M+4.0%
Free cash flow$1.5B+128%

Valuation & ratios

Valuation

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Market cap$17.77B+11.5%
Enterprise value$28.09B
P/E6.7×
P/S0.8×

Profitability

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Operating margin18%+0.4pp
Net margin12.4%+0.9pp
FCF margin15.6%

Returns & leverage

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Return on equity58.9%-2.7pp
Debt / equity2.8×-0.4×
Current ratio1.4×-0.4×

Segments

By product

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Total$3.5B-0.2%
Managed care$2.4B-0.3%
Other revenues$574.0M+4.6%
Medicare$565.0M+3.1%
Medicaid$356.0M-6.3%

By segment

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Hospital Operations$4.0B+0.5%
Ambulatory Care$1.3B+10.6%

Competitors

Profile

Tenet Healthcare is a diversified healthcare services company that operates an expansive care delivery network across the United States. The company provides acute care and specialty hospital services, extensive ambulatory surgery operations, and comprehensive revenue cycle management solutions. Its core value proposition centers on delivering high-acuity medical services and specialized outpatient care through a mix of wholly owned facilities and strategic joint ventures with physicians and health systems.

Competitive position

Tenet is a leading nationwide operator of acute care hospitals and the largest operator of ambulatory surgery centers in the U.S. through its USPI brand.

GeographiesUnited States, Philippines
Customer segmentsPatients, Healthcare Providers, Insurance Companies, Government Agencies
Business modelService Provider, Joint Venture, B2B Services, B2C Services
SuppliersMedical Device Manufacturers, Pharmaceutical Suppliers, Specialized Medical Personnel, Real Estate Lessors
CustomersManaged Care Organizations, Medicare and Medicaid Programs, Commercial Insurers, Individual Patients
Listed1972
Employees106.5K
CEOSaumya Sutaria
FilingsSEC EDGAR

Questions, answered.

What is Tenet Healthcare's market cap?
Tenet Healthcare (THC) has a market capitalization of $17.8B and trades on NYSE.
What is Tenet Healthcare's revenue and profitability?
Tenet Healthcare generated $21.5B in trailing twelve-month revenue with net income of $2.7B, representing a net margin of 12.4%, with free cash flow of $3.3B. These figures are based on the Q1 2026 filing.
Who are Tenet Healthcare's competitors?
Tenet Healthcare's key competitors include Universal Health Services, Inc., Community Health Systems, Inc., Surgery Partners, Inc., and others. These companies compete in similar markets and product categories.
Who does Tenet Healthcare partner with?
Tenet Healthcare's notable partners include NextCare, John Muir Health, CommonSpirit Health.
What subsidiaries does Tenet Healthcare have?
Tenet Healthcare's subsidiaries include USPI Holding Company, Inc., Conifer Health Solutions, LLC, Florida Coast Medical Center, and others.
Where is Tenet Healthcare headquartered?
Tenet Healthcare is headquartered in United States of America and employs approximately 106,500 people. It has been publicly traded since 1972.