Tenet Healthcare Corp THC
Sales up 3.1%, free cash flow up to $2.5B
XBRL, from each 10-KThe latest figures
Price and key numbers
All key numbers (44, from the latest 10-K and 10-Q)
- EPS (ttm)
- 34.29
- Sales (ttm)
- 22.2B
- Net income (ttm)
- 2.9B
- Sales growth
- +3.1%
- EPS growth
- -52.6%
- Sales Q/Q
- +6.5%
- Free cash flow
- 3.3B
- Gross margin
- -
- Oper. margin
- 24.4%
- Net margin
- 13.1%
- FCF margin
- 15.0%
- ROE
- 53.3%
- ROA
- 9.2%
- R&D / sales
- -
- Dividend
- -
- Debt/Eq
- 2.43
- Curr. ratio
- 1.58
- Cash
- 2.7B
- Op. cash flow (ttm)
- 4.2B
- EBITDA
- 4.4B
- EBITDA margin
- 20.5%
- Net debt
- 10.6B
- Quick ratio
- 1.52
- Interest cover
- 4.27
- ROIC
- 15.9%
- FCF after stock pay
- 2.4B
- Debt / FCF (years)
- 5.23
- Goodwill / assets
- 37.7%
- Oper. margin low 5y
- 12.2%
- Tax rate
- 15.5%
- Stock pay / sales
- 0.5%
- Shares out.
- 79.6M
- Shares Y/Y
- -7.2%
- Book / share
- 68.40
- Cash / share
- 33.60
- Sales / share
- 278.36
- Asset turnover
- 0.70
- Days sales out.
- 44
- Sales 3Y CAGR
- +3.6%
- Sales 5Y CAGR
- +3.9%
- EPS 3Y CAGR
- +59.9%
- EPS 5Y CAGR
- +32.8%
- Employees
- 100,000
- Sales / employee
- 222K
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Revenue and net income, FY2016 to FY2025
Each fiscal year from its own 10-K · XBRL
From XBRL in each 10-K. Hover a bar for the line item and filing. "A year" is the steady yearly growth from FY2016 to FY2025 (9 years).
What the balance sheet holds, per share
Net current asset value and tangible book value, FY2025 · 10-K XBRL, no share price used
- + Shareholders' equity $4.2B
- − Goodwill $11.2B
- − Other intangible assets $1.3B
- = Tangible book value -$8.3B
Net current asset value is current assets minus all liabilities (the long-term ones too), so it is what would be left from the short-term assets after everything owed is paid; it is blank for a bank, which reports no current assets. Tangible book value is shareholders' equity minus goodwill and other intangible assets; equity includes any preferred stock. Both are divided by the diluted weighted-average share count of the same fiscal year. Red bars are amounts taken off, or a negative result.
THC against Health care peers
Among the 162 companies, the better end on the right. The band holds the middle half; the line is the median.
| Company | Revenue (ttm) | Sales growthFY | Gross marginttm | Net marginttm | ROEttm | FCF marginttm | Debt / equitylatest |
|---|---|---|---|---|---|---|---|
| THC Tenet Healthcare Corp | $22.2B | +3.1% | - | 13.1% | 53.3% | 15.0% | 2.43 |
| DHR Danaher Corporation | $25.6B | +2.9% | 58.6% | 16.9% | 8.1% | 22.4% | 0.53 |
| BDX Becton Dickinson | $22.5B | +8.2% | 46.9% | 4.2% | 3.9% | 14.2% | 0.69 |
| GEHC GE HealthCare | $21.6B | +4.8% | 39.9% | 10.0% | 18.5% | 8.7% | 0.86 |
| BSX Boston Scientific | $21.1B | +19.9% | 69.1% | 16.6% | 13.7% | 15.8% | 0.47 |
| UHS Universal Health Services | $18.4B | +9.7% | - | 8.0% | 19.2% | 6.1% | 0.75 |
Where the $21.3B of revenue came from
by segment, year to Dec 31, 2025
- Hospital Operations $16.1B · 76%
- Ambulatory Care $5.2B · 24%
From the segment tables in the 10-K XBRL.
Where the return on equity comes from
DuPont: net margin × asset turnover × leverage, FY2025 against FY2020 · 10-K XBRL, year-end balances
The three parts multiply to the return on equity. A higher return from leverage alone means more debt or less equity (buybacks shrink equity), not a better business. Year-end balances as filed, not averages, so each number is one line of one 10-K; hover a box for its XBRL tags.
Profitability
-
Net margin above the peer median13.1% vs 6.8%
-
Return on equity above 15%53.3%
-
A profit in 7 of 10 years
Balance sheet
-
Interest covered less than 5 timesOperating income is 4.3× interest expense
-
Debt larger than equityDebt / equity 2.43 on the latest balance sheet (peer median 0.69)
-
Current assets cover current liabilitiesCurrent ratio 1.58
-
Net debt over 3 years of free cash flow$10.6B net debt, 3.2 years
Cash and shareholders
-
Free cash flow positive in 9 of 10 years$2.5B last year
-
Share count down over 5 years−14.5%
-
Cash from operations above net income$3.5B vs $1.4B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
$- of principal due
Debt
From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.
Contracted revenue and deferred revenue
Backlog (remaining performance obligations) and cash received in advance, by balance sheet date · XBRL
Remaining performance obligations
Signed, not yet recognized $734.0M revenue under contracts the company has not delivered yet, Sep 30, 2026 · -85.7% on a year earlierBoth are balance-sheet-date values from the 10-K and 10-Qs. Backlog is what is under contract, not a forecast: contracts can be cancelled or change in size, and a company counts them in its own way. Hover a number for its XBRL line; click it to open the filing.
Income statement, balance sheet and cash flow
Statements · XBRL, each 10-K and 10-Q
THC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year, the last 10. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Hospital Operations | 16.1B | 75.7% | 0.0% |
| Ambulatory Care | 5.2B | 24.3% | +14.1% |
10-K 0000070318-26-000012, segment and revenue notes (XBRL).
Revenue by business segment, 5 years
from the segment notes of the last 3 10-KsRevenue and operating income by business segment, as each 10-K reports them in its segment note (XBRL). Each year comes from the newest 10-K that reports it, so a year the company later recast shows the recast number; click a number to open that 10-K. Rows without a number were not reported as a separate segment that year. "Corporate and other" and "All other" are the 10-K's own lines for what is outside the segments.
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 21.1B | 20.6B | 18.3B | 18.5B | 17.6B | 19.5B | 19.2B | 20.6B | 20.7B | 21.3B |
| Operating income | 1.2B | 1.1B | 1.6B | 1.5B | 2.0B | 2.9B | 2.3B | 2.5B | 6.0B | 3.5B |
| Interest expense | 979.0M | 1.0B | 1.0B | 985.0M | 1.0B | 923.0M | 890.0M | 901.0M | 826.0M | 821.0M |
| Pretax income | 248.0M | -101.0M | 629.0M | 320.0M | 671.0M | 1.9B | 1.3B | 1.6B | 5.2B | 2.8B |
| Income tax | 67.0M | 219.0M | 173.0M | 160.0M | -97.0M | 411.0M | 344.0M | 306.0M | 1.2B | 433.0M |
| Net income | -192.0M | -704.0M | 104.0M | -215.0M | 399.0M | 914.0M | 411.0M | 611.0M | 3.2B | 1.4B |
| EPS (diluted) | -1.93 | -7.00 | 1.00 | -2.08 | 3.75 | 8.42 | 3.79 | 5.71 | 32.70 | 15.49 |
| Diluted shares | 99.3M | 100.6M | 103.9M | 103.4M | 106.3M | 108.6M | 110.5M | 104.8M | 97.9M | 90.8M |
| Depreciation & amortization | 850.0M | 870.0M | 802.0M | 850.0M | 857.0M | 855.0M | 841.0M | 870.0M | 818.0M | 863.0M |
| EBITDA | 2.1B | 2.0B | 2.4B | 2.4B | 2.8B | 3.7B | 3.2B | 3.4B | 6.8B | 4.4B |
| Operating margin | 5.9% | 5.4% | 8.9% | 8.3% | 11.3% | 14.7% | 12.2% | 12.2% | 28.8% | 16.5% |
| Net margin | -0.9% | -3.4% | 0.6% | -1.2% | 2.3% | 4.7% | 2.1% | 3.0% | 15.5% | 6.6% |
| Revenue growth | - | -2.2% | -11.2% | +0.9% | -4.5% | +10.5% | -1.6% | +7.2% | +0.5% | +3.1% |
| EPS growth | - | - | - | to a loss | - | +125% | -55.0% | +50.7% | +473% | -52.6% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 716.0M | 611.0M | 411.0M | 262.0M | 2.4B | 2.4B | 858.0M | 1.2B | 3.0B | 2.9B |
| Receivables | 2.9B | 2.6B | 2.6B | 2.7B | 2.7B | 2.8B | 2.9B | 2.9B | 2.5B | 2.6B |
| Inventory | 326.0M | 289.0M | 305.0M | 310.0M | 368.0M | 384.0M | 405.0M | 411.0M | 346.0M | 348.0M |
| Current assets | 5.3B | 5.6B | 4.6B | 5.1B | 7.1B | 7.1B | 6.0B | 7.2B | 7.7B | 7.8B |
| Property & equipment | 8.1B | 7.0B | 7.0B | - | - | - | - | - | - | - |
| Goodwill | 7.4B | 7.0B | 7.3B | 7.3B | 8.8B | 9.3B | 10.1B | 10.3B | 10.7B | 11.2B |
| Other intangible assets | 1.8B | 1.8B | 1.7B | 1.6B | 1.6B | 1.5B | 1.4B | 1.4B | 1.4B | 1.3B |
| Total assets | 24.7B | 23.4B | 22.4B | 23.4B | 27.1B | 27.6B | 27.2B | 28.3B | 28.9B | 29.7B |
| Accounts payable | 1.3B | 1.2B | 1.2B | 1.2B | 1.2B | 1.3B | 1.5B | 1.4B | 1.3B | 1.4B |
| Current liabilities | 4.0B | 4.3B | 3.9B | 4.2B | 4.8B | 5.1B | 4.5B | 4.8B | 4.3B | 4.5B |
| Total debt | 15.3B | 14.9B | 14.8B | 14.8B | 15.7B | 15.6B | 15.1B | 15.0B | 13.2B | 13.2B |
| Total liabilities | 21.2B | 21.0B | 20.3B | 21.4B | 24.2B | 23.3B | 22.5B | 22.8B | 20.4B | 20.7B |
| Shareholders' equity | 417.0M | -147.0M | -119.0M | -417.0M | 28.0M | 1.0B | 1.1B | 1.6B | 4.2B | 4.2B |
| Retained earnings | -1.7B | -2.4B | -2.2B | -2.5B | -2.1B | -1.2B | -803.0M | -192.0M | 3.0B | 4.4B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 558.0M | 1.2B | 1.0B | 1.2B | 3.4B | 1.6B | 1.1B | 2.4B | 2.0B | 3.5B |
| Capital spending | 875.0M | 707.0M | 617.0M | 670.0M | 540.0M | 658.0M | 762.0M | 751.0M | 931.0M | 1.0B |
| Free cash flow | -317.0M | 493.0M | 432.0M | 563.0M | 2.9B | 910.0M | 321.0M | 1.6B | 1.1B | 2.5B |
| Stock-based pay (added back) | 68.0M | 59.0M | 46.0M | 42.0M | 44.0M | 56.0M | 56.0M | 66.0M | 67.0M | 104.0M |
| Free cash flow after stock pay | -385.0M | 434.0M | 386.0M | 521.0M | 2.8B | 854.0M | 265.0M | 1.6B | 1.0B | 2.4B |
| Buybacks | 0 | 0 | - | - | 0 | 0 | 250.0M | 200.0M | 672.0M | 1.4B |
| Acquisitions | 117.0M | 50.0M | 113.0M | 25.0M | 1.2B | 1.2B | 234.0M | 224.0M | 571.0M | 308.0M |
| Debt raised | - | - | - | - | - | - | 2.0B | 1.4B | 23.0M | 2.3B |
| Debt repaid | - | - | - | - | - | - | 2.9B | 1.5B | 2.2B | 2.4B |
| Investing cash flow | -430.0M | 21.0M | -115.0M | -619.0M | -1.6B | -714.0M | -808.0M | -969.0M | 3.4B | -1.3B |
| Financing cash flow | 232.0M | -1.3B | -1.1B | -763.0M | 385.0M | -936.0M | -1.8B | -1.0B | -3.7B | -2.4B |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 68.0M | 59.0M | 46.0M | 42.0M | 44.0M | 56.0M | 56.0M | 66.0M | 67.0M | 104.0M |
| Stock-based pay / revenue | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.5% |
| Operating lease cost | - | - | - | 211.0M | 247.0M | 241.0M | 262.0M | 259.0M | 257.0M | 267.0M |
| Operating lease cash paid | - | - | - | 197.0M | 239.0M | 237.0M | 250.0M | 258.0M | 252.0M | 259.0M |
| Finance lease principal paid | - | - | - | 151.0M | 154.0M | 140.0M | 118.0M | 107.0M | 87.0M | 62.0M |
| Right-of-use assets | - | - | 822.0M | 912.0M | 1.1B | 1.0B | 1.1B | 1.1B | 1.0B | 1.1B |
| Operating lease liabilities | - | - | 862.0M | 1.0B | 1.2B | 1.1B | 1.3B | 1.2B | 1.2B | 1.3B |
| Finance lease liabilities | - | - | - | 325.0M | 273.0M | 282.0M | 264.0M | 204.0M | 444.0M | 452.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Sources
Every figure is from the company's XBRL filed with each 10-K and 10-Q (data.sec.gov). Hover a number for its line item; click it to open the filing.
Also
Company numbers: the figures the company reports beyond the statements. Peers: ten years, side by side.
Work with it
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