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THC

Tenet Healthcare Corporation

THC

Tenet Healthcare Corporation • NYSE
$216.84 ▼ -0.27% (-0.58)
Market Cap $19.06 B
52w High $221.00
52w Low $109.82
Dividend Yield 0%
P/E 14.75
Volume 189.64K
Outstanding Shares 87.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.289B ▲ $2.196B ▼ $342M ▲ 6.466% ▲ $3.89 ▲ $1.136B ▲
Q2-2025 $5.271B ▲ $3.516B ▲ $288M ▼ 5.464% ▼ $3.16 ▼ $1.056B ▼
Q1-2025 $5.223B ▲ $1.252B ▲ $406M ▲ 7.773% ▲ $4.31 ▲ $1.175B ▲
Q4-2024 $5.072B ▼ $1.225B ▲ $318M ▼ 6.27% ▼ $3.34 ▼ $1.051B ▼
Q3-2024 $5.122B $932M $472M 9.215% $4.93 $1.333B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.975B ▲ $29.418B ▲ $20.718B ▲ $4.014B ▲
Q2-2025 $2.625B ▼ $28.699B ▼ $20.397B ▼ $3.749B ▼
Q1-2025 $2.999B ▼ $29.237B ▲ $20.584B ▲ $4.181B ▲
Q4-2024 $3.019B ▼ $28.936B ▼ $20.389B ▼ $4.171B ▲
Q3-2024 $4.094B $29.372B $21.297B $3.834B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $579M ▲ $1.058B ▲ $-385M ▼ $-323M ▲ $350M ▲ $778M ▲
Q2-2025 $522M ▼ $936M ▲ $-314M ▼ $-996M ▼ $-374M ▼ $743M ▲
Q1-2025 $622M ▲ $815M ▲ $-187M ▲ $-648M ▼ $-20M ▲ $642M ▲
Q4-2024 $572M ▼ $-331M ▼ $-372M ▼ $-372M ▲ $-1.075B ▼ $-661M ▼
Q3-2024 $681M $1.045B $667M $-498M $1.214B $839M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Ambulatory Care
Ambulatory Care
 $3.54Bn ▲$1.19Bn ▼$1.27Bn ▲$1.27Bn ▲
Hospital Operations
Hospital Operations
 $1.27Bn ▲$4.03Bn ▲$4.00Bn ▼$4.01Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Tenet’s income statement shows a steady but not explosive rise in revenue over the past five years, with much stronger improvement in profitability. Margins have widened as the business mix has shifted toward higher‑margin ambulatory surgery centers and as cost discipline has improved. The latest year stands out with a very sharp jump in operating and net income, suggesting both better underlying performance and possibly some one‑time benefits. That strong step‑up is encouraging, but it may not be fully repeatable, so it’s worth viewing the recent profitability as a high bar rather than a guaranteed new normal.

Balance Sheet

Balance Sheet The balance sheet looks more resilient than it did a few years ago but is still clearly leveraged. Total assets have been fairly stable, while debt has inched down rather than been dramatically reduced. Equity has grown from a very thin base to a healthier level, indicating a repair phase after years of financial strain. Cash on hand has increased meaningfully in the most recent year, which gives Tenet more flexibility, but the company remains dependent on managing its sizable debt load carefully and on keeping lenders and rating agencies comfortable.

Cash Flow

Cash Flow Tenet generates solid cash flow from its operations, though the pattern has been uneven year to year. Free cash flow has generally been positive after funding a moderate level of capital spending, which suggests the business can support its investment needs while still paying down some debt or returning capital when conditions allow. The company has kept capital spending relatively disciplined, consistent with its pivot toward less capital‑intensive outpatient facilities. Still, cash generation is not so abundant that it removes financial risk; sustained execution and stable reimbursement remain important for keeping cash flow healthy.

Competitive Edge

Competitive Edge Competitively, Tenet is differentiated by the scale and focus of its ambulatory surgery network through USPI, which is one of the largest platforms of its kind in the country. This aligns well with the long‑term shift of procedures from inpatient hospitals to outpatient centers, where care is typically cheaper and more convenient. Strong physician partnerships, specialization in higher‑acuity procedures, and operational know‑how in running large numbers of centers give Tenet meaningful advantages versus more hospital‑centric systems. At the same time, it still competes with large hospital chains, independent surgery centers, and changing insurer and government reimbursement rules, so its edge relies heavily on maintaining superior execution and cost control.

Innovation and R&D

Innovation and R&D Tenet’s “innovation” is less about traditional laboratory R&D and more about redesigning how and where care is delivered and supported by technology. The company is pushing a distributed, ambulatory‑first model, backed by investments in surgical robotics, AI‑driven analytics, and digital tools for scheduling, telehealth, and patient engagement. It also uses data and software through Conifer to optimize billing, collections, and value‑based care, which can improve both margins and patient experience. These technologies are widely available in the industry, so the advantage comes from how well Tenet integrates them across its large network. Continued progress here could deepen its cost and quality edge, but the benefits can fade if competitors adopt similar tools with equal or better discipline.

Summary

Overall, Tenet looks like a company in the middle of a strategic and financial upgrade. Financial results show modest revenue growth but much stronger profitability and a repaired equity base, helped by the shift toward higher‑margin outpatient surgery centers and tighter cost control. Cash generation is generally supportive of this strategy, though leverage remains a key risk and leaves the business more exposed to shocks in reimbursement, regulation, or labor costs. Competitively, its large ambulatory network, physician partnerships, and technology‑enabled operations give it a clear position in the growing outpatient segment. The big questions going forward are whether Tenet can sustain its recent margin gains, continue expanding its ambulatory footprint at attractive returns, and steadily reduce financial risk while navigating an unpredictable healthcare policy and labor environment.

NEWS

November 3, 2025 · 5:25 PM UTC

Tenet Announces Upsizing and Pricing of Its $2.25 Billion Private Offerings of Senior Secured Notes and Senior Notes

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November 3, 2025 · 8:51 AM UTC

Tenet Announces Private Offerings of Senior Secured Notes and Senior Notes to Refinance $2.0 Billion in Outstanding Notes

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October 28, 2025 · 6:45 AM UTC

Tenet Reports Strong Third Quarter 2025 Results; Raises 2025 Financial Outlook

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September 30, 2025 · 9:00 AM UTC

Tenet to Report Its Third Quarter 2025 Results on October 28th

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