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Tenet Healthcare THC Operating margin

Operating margin at other companies

STERIS logo
STERISSTE
18.6%+2.7pp
Cencora logo
CencoraCOR
0.8%0.0pp
Humana logo
HumanaHUM
2.7%-1.7pp
CVS Health logo
CVS HealthCVS
1.5%-1.1pp
GE HealthCare Technologies logo
GE HealthCare TechnologiesGEHC
12.6%-1.1pp
Centene logo
CenteneCNC
-3.7%-5.8pp

Other financials

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

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Market cap$14.86B
Enterprise value$25.19B
P/E5.6×
P/S0.7×

Profitability

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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×

Where this comes from

Calculated from Tenet Healthcare’s reported figures.

Based on trailing twelve months.

The official record: Tenet Healthcare’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Tenet Healthcare's operating margin?
Tenet Healthcare (THC) reported operating margin of 18% in Q1 2026.
How has Tenet Healthcare's operating margin changed year-over-year?
Tenet Healthcare's operating margin increased by 2.2% year-over-year, from 17.6% to 18%.
What is the long-term trend for Tenet Healthcare's operating margin?
Over 5 years (2020 to 2025), Tenet Healthcare's operating margin has grown at a 7.9% compound annual growth rate (CAGR), from 11.3% to 16.5%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.