Tenet Healthcare (THC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Tenet Healthcare

NYSE•Healthcare•Medical Care Facilities

$265.05+1.56(0.01%)Pre-market

Market Cap

$21.88B

P/E

6.9x

P/S

1.0x

P/B

4.7x

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies. The company also provides intensive and critical care, and/or coronary care units; cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics services; outpatient services, including physical therapy; tertiary care services, such as cardiothoracic surgery, complex spinal surgery, neonatal intensive care, and neurosurgery services; pediatric quaternary care services through heart, liver, and kidney transplants programs; and limb salvaging vascular procedure, acute level 1 trauma, intravascular stroke care, minimally invasive cardiac valve replacement, imaging technology, surgical robotic, and telemedicine access services. In addition, it offers a range of procedures and services comprising orthopedics, total joint replacement, and spinal and other musculoskeletal procedures; gastroenterology; pain management; otolaryngology; ophthalmology; and urology. Further, the company operates acute care and specialty hospitals, off-campus emergency departments, imaging centers, urgent care centers, and micro-hospitals, as well as ambulatory surgery centers and surgical hospitals. Tenet Healthcare Corporation was founded in 1967 and is headquartered in Dallas, Texas.

How this company scores

ExcellentMetricSide Score: 84/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability25/25

Growth20/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality24/25

Strengths

Rising free cash flowStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 6.9x5y range 2.9x – 7.7x

Currently near its 20-quarter median.

P/S · 1.0x5y range 0.3x – 1.0x

Currently above its 20-quarter median.

P/B · 4.7x5y range 2.9x – 10.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Leverage Risk

Watch

D/E ratio of 2.8 is elevated. Watch for further debt accumulation.

Price & Volume

Market Cap $21.88B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $21.81B
Q. Revenue: $5.63B
TTM EBITDA: $5.43B
TTM Op. Income: $4.54B
Q. Op. Income: $1.50B
TTM Net Income: $3.17B
Q. Net Income: $1.04B
EPS: $9.89
Shares Out.: $83.52M

$21.81B in TTM revenue grew 5.4% YoY, reaching $5.63B last quarter. TTM EBITDA of $5.43B and TTM operating income of $4.54B show growth is flowing through to the bottom line. TTM net income of $3.17B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 30.5%
Op. Margin: 26.7%
Net Margin: 18.6%

Op. margin of 26.7% is up 11.1% YoY — cost efficiency is improving. Net margin at 18.6% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 6.9x
P/S Ratio: 1.0x
P/B Ratio: 4.7x

At 6.9x P/E, the stock trades below typical market levels. P/S of 1.0x and P/B of 4.7x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 3% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $30.68B
Cash: $2.17B
Long-Term Debt: $13.09B
Book Value: $4.66B
D/E Ratio: 2.8
Debt/EBITDA: 7.6

With $30.68B in assets and $13.09B in long-term debt, D/E is 2.8and book value is $4.66B — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is down 20% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $585.00M
TTM Free Cash Flow: $3.02B
FCF Margin: 13.9%
FCF / Net Income: 1.0

TTM FCF of $3.02B on $585.00M in operating cash flow. The FCF / Net Income ratio of 1.0x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 95% — a weakening trend.