THC · Tenet Healthcare Corp - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · THC

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$21.31B	$20.66B	$20.55B	$19.17B	$19.48B	$17.64B
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	-	-	-	-	-	-
Total Operating Expenses	-	-	-	-	-	-
D&A	$863.00M	$818.00M	$870.00M	$841.00M	$855.00M	$857.00M
Operating Income	$3.51B	$5.96B	$2.51B	$2.33B	$2.87B	$1.99B
Interest Expense	$821.00M	$826.00M	$901.00M	$890.00M	$923.00M	$1.00B
Income Tax	$433.00M	$1.18B	$306.00M	$344.00M	$411.00M	($97.00M)
Net Income	$2.37B	$4.06B	$1.31B	$1.00B	$1.48B	$399.00M
EPS - Basic	$15.61	$33.02	$6.01	$3.84	$8.55	$3.80
EPS - Diluted	$15.49	$32.70	$5.71	$3.79	$8.42	$3.75

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$2.88B	$3.02B	$1.23B	$858.00M	$2.36B	$2.45B
Accounts Receivable	$2.56B	$2.54B	$2.91B	$2.94B	$2.77B	$2.69B
Inventory	$348.00M	$346.00M	$411.00M	$405.00M	$384.00M	$368.00M
Accounts Payable	$1.36B	$1.29B	$1.41B	$1.50B	$1.30B	$1.21B
Current Assets	$7.85B	$7.68B	$7.17B	$5.98B	$7.08B	$7.15B
Total Assets	$29.68B	$28.94B	$28.31B	$27.16B	$27.58B	$27.11B
Current Liabilities	$4.46B	$4.31B	$4.76B	$4.48B	$5.11B	$4.85B
Long-term Debt	-	-	-	-	-	-
Total Liabilities	$20.70B	$20.39B	$22.80B	$22.55B	$23.32B	$24.22B
Stockholders' Equity	$4.22B	$4.17B	$1.61B	$1.14B	$1.03B	$28.00M
Retained Earnings	$4.42B	$3.01B	($192.00M)	($803.00M)	($1.21B)	($2.13B)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$3.54B	$2.05B	$2.37B	$1.08B	$1.57B	$3.41B
Investing Cash Flow	($1.27B)	$3.43B	($969.00M)	($808.00M)	($714.00M)	($1.61B)
Financing Cash Flow	($2.40B)	($3.69B)	($1.03B)	($1.78B)	($936.00M)	$385.00M
CapEx	$1.01B	$931.00M	$751.00M	$762.00M	$658.00M	$540.00M
Free Cash Flow	$2.53B	$1.12B	$1.62B	$321.00M	$910.00M	$2.87B

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	16.5%	28.8%	12.2%	12.2%	14.7%	11.3%
EBITDA margin	20.5%	32.8%	16.4%	16.6%	19.1%	16.1%
Net margin	11.1%	19.7%	6.4%	5.2%	7.6%	2.3%
Free cash flow margin	11.9%	5.4%	7.9%	1.7%	4.7%	16.3%
FCF / Net income	1.07	0.27	1.24	0.32	0.62	7.19
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	-	-	-	-	-	-
Effective tax rate	15.5%	22.6%	18.9%	25.6%	21.8%	-32.1%
Return on assets	8.0%	14.0%	4.6%	3.7%	5.4%	1.5%
Return on equity	56.1%	97.4%	81.5%	87.7%	143.6%	1425.0%
Return on invested capital	-	-	-	-	-	-
Liquidity
Current ratio	1.76	1.78	1.51	1.34	1.38	1.47
Quick ratio	1.68	1.70	1.42	1.25	1.31	1.40
Cash ratio	0.65	0.70	0.26	0.19	0.46	0.50
Leverage
Debt / Equity	-	-	-	-	-	-
Debt / Assets	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	4.3x	7.2x	2.8x	2.6x	3.1x	2.0x
Equity multiplier	7.03	6.94	17.61	23.78	26.83	968.07
Liabilities / Assets	0.70	0.70	0.81	0.83	0.85	0.89
Efficiency
Asset turnover	0.72	0.71	0.73	0.71	0.71	0.65
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	44d	45d	52d	56d	52d	56d
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	12.8x	3.9x	13.2x	12.9x	9.7x	10.6x
P / B	4.3x	3.0x	4.9x	4.7x	8.6x	151.5x
P / S	0.8x	0.6x	0.4x	0.3x	0.5x	0.2x
EV / EBITDA	3.5x	1.4x	2.0x	1.4x	1.7x	0.6x
Growth
Revenue growth (YoY)	3.1%	0.6%	7.2%	-1.6%	10.5%	-4.5%
Revenue CAGR (3y)	3.6%	2.0%	5.2%	1.2%	-2.6%	-
Revenue CAGR (5y)	3.9%	2.3%	-0.5%	-	-	-
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	-41.1%	137.3%	7.6%	-18.7%	44.3%	31.5%
Net income growth (YoY)	-41.8%	210.0%	31.0%	-32.2%	269.9%	-
EPS growth (YoY)	-52.6%	472.7%	50.7%	-55.0%	124.5%	-
EPS CAGR (3y)	59.9%	57.2%	15.0%	-	98.9%	-
EPS CAGR (5y)	32.8%	-	39.8%	-	-	-
FCF growth (YoY)	126.7%	-31.2%	405.6%	-64.7%	-68.3%	409.2%
FCF CAGR (5y)	-2.5%	14.7%	30.3%	-8.2%	-	73.2%
Book value growth (YoY)	1.2%	159.4%	40.8%	11.1%	3571.4%	-

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$21.31B total

Hospital Operations$16.14B · 75.7%

Ambulatory Care$5.17B · 24.3%

Product / service

$35.25B total

Health Care Patient Service Excluding Physician Practices$13.94B · 39.5%

Health Care Patient Service Managed Care$9.70B · 27.5%

Health Care Patient Service$4.96B · 14.1%

Other Revenues$2.20B · 6.2%

Medicare$2.12B · 6.0%

Health Care Patient Service Medicaid$1.52B · 4.3%

Health Care Patient Service Indemnity And Other$551.00M · 1.6%

Health Care Other Sources$216.00M · 0.6%

Health Care Patient Service Selfpay$52.00M · 0.1%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

1.38

Grey zone

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
✗Current ratio improved
✓No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Services-General Medical & Surgical Hospitals, NEC

Company	Revenue (last FY)	Net margin	ROE
HCA	$75.60B	9.0%	-112.6%
SGRY	-	-	-4.5%
UHS	$17.36B	8.6%	20.5%
CYH	$12.48B	4.1%	-36.5%
ARDT	$6.32B	2.1%	10.5%

Comparing TENET HEALTHCARE CORP against the 5 most active filers in the same SIC group.

Dividends

$0.00/share trailing 12 months

Ex-date	Per share
Mar 13, 2000	$0.0267