TENET HEALTHCARE CORP financials
Source: EDGAR filings · Built 2026-06-02T04:10:57Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 2.47B | 1.03B | 1.52B | 203.00M | 770.00M | 2.71B |
| EBITDA | 4.37B | 6.77B | 3.38B | 3.17B | 3.73B | 2.85B |
| Working Capital | 3.39B | 3.37B | 2.41B | 1.50B | 1.97B | 2.30B |
| Net Debt | 11.64B | 11.40B | 15.11B | 15.61B | 14.56B | 14.64B |
| Operating Margin | 16.46% | 28.81% | 12.21% | 12.17% | 14.73% | 11.28% |
| Net Margin | 11.11% | 19.66% | 6.38% | 5.22% | 7.58% | 4.35% |
| Return on Equity (ROE) | 56.09% | 97.43% | 81.53% | 87.65% | 143.58% | 2742.86% |
| Return on Assets (ROA) | 7.98% | 14.04% | 4.63% | 3.69% | 5.35% | 2.83% |
| Current Ratio | 1.76× | 1.78× | 1.51× | 1.34× | 1.38× | 1.47× |
| Debt-to-Equity | 3.44× | 3.46× | 10.16× | 14.42× | 16.46× | 610.07× |
| Effective Tax Rate | 15.46% | 22.56% | 18.92% | 25.58% | 21.77% | -14.46% |
| Cash Conversion Ratio | 1.50× | 0.50× | 1.81× | 1.08× | 1.06× | 4.44× |
| Accruals Ratio | -0.04× | 0.07× | -0.04× | -0.00× | -0.00× | -0.10× |
| SBC % of Revenue | 0.49% | 0.32% | 0.32% | 0.29% | 0.29% | 0.25% |
| CapEx Coverage | 3.30× | 2.01× | 2.77× | 1.23× | 1.96× | 4.91× |
| Free Cash Flow Per Share | $27.17 | $10.51 | $14.47 | $1.84 | $7.09 | $25.53 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 12.83× | 3.86× | 13.23× | 12.87× | 9.70× | 10.65× |
| P/FCF | 7.31× | 12.01× | 5.22× | 26.56× | 11.52× | 1.56× |
| FCF Yield | 13.67% | 8.33% | 19.14% | 3.76% | 8.68% | 63.94% |
| EV / EBITDA | 9.87× | 4.63× | 7.99× | 7.32× | 7.32× | 7.31× |
| P/S | 1.48× | 0.96× | 0.58× | 0.40× | 0.65× | 0.35× |
| P/B | 7.47× | 4.78× | 7.39× | 6.68× | 12.36× | 220.20× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 21.31B | 20.68B | 20.56B | 19.17B | 19.48B | 17.64B |
| Operating Income (Loss) | 3.51B | 5.96B | 2.51B | 2.33B | 2.87B | 1.99B |
| Income Tax Expense (Benefit) | 433.00M | 1.18B | 306.00M | 344.00M | 411.00M | -97.00M |
| Earnings Per Share, Basic | $15.61 | $33.02 | $6.01 | $3.84 | $8.55 | $3.80 |
| Weighted Average Number of Shares Outstanding, Basic | 90.15M | 96.90M | 101.64M | 106.93M | 106.83M | 105.01M |
| Earnings Per Share, Diluted | $15.49 | $32.70 | $5.71 | $3.79 | $8.42 | $3.75 |
| Weighted Average Number of Shares Outstanding, Diluted | 90.83M | 97.88M | 104.80M | 110.52M | 108.57M | 106.26M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 2.88B | 3.02B | 1.23B | 858.00M | 2.36B | 2.45B |
| Assets, Current | 7.85B | 7.68B | 7.17B | 5.98B | 7.08B | 7.15B |
| Assets | 29.68B | 28.94B | 28.31B | 27.16B | 27.58B | 27.11B |
| Liabilities, Current | 4.46B | 4.31B | 4.76B | 4.48B | 5.11B | 4.85B |
| Liabilities | 20.70B | 20.39B | 22.80B | 22.55B | 23.32B | 24.22B |
| Stockholders' Equity Attributable to Parent | 4.22B | 4.17B | 1.61B | 1.14B | 1.03B | 28.00M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 3.54B | 2.05B | 2.37B | 1.08B | 1.57B | 3.41B |
| Payments to Acquire Property, Plant, and Equipment | 1.01B | 931.00M | 751.00M | 762.00M | 658.00M | 540.00M |
| Net Cash Provided by (Used in) Investing Activities | -1.27B | 3.43B | -969.00M | -808.00M | -714.00M | -1.61B |
| Payments for Repurchase of Common Stock | 1.39B | 672.00M | 200.00M | 250.00M | 0 | 0 |
| Net Cash Provided by (Used in) Financing Activities | -2.40B | -3.69B | -1.03B | -1.78B | -936.00M | 385.00M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 1.46B | 367.00M | 2.16B | 1.39B | 642.00M | -661.00M |
| EBITDA | 1.52B | 1.08B | 1.11B | 1.03B | 1.15B | 1.01B |
| Working Capital | 2.20B | 3.39B | 3.25B | 3.03B | 3.46B | 3.37B |
| Net Debt | 10.24B | 11.64B | 10.21B | 10.55B | 10.17B | 11.40B |
| Operating Margin | 24.14% | 15.43% | 16.81% | 15.61% | 18.05% | 16.18% |
| Net Margin | 16.88% | 11.65% | 10.95% | 9.90% | 11.91% | 11.28% |
| Return on Equity (ROE) | 18.82% | 15.26% | 14.42% | 13.92% | 14.88% | 13.71% |
| Return on Assets (ROA) | 2.90% | 2.17% | 1.97% | 1.82% | 2.13% | 1.98% |
| Current Ratio | 1.36× | 1.76× | 1.71× | 1.71× | 1.78× | 1.78× |
| Debt-to-Equity | 2.74× | 3.44× | 3.29× | 3.51× | 3.15× | 3.46× |
| Effective Tax Rate | 19.96% | 5.43% | 18.68% | 18.69% | 18.69% | 12.67% |
| Cash Conversion Ratio | 1.81× | 1.14× | 4.85× | 3.35× | 1.31× | -0.58× |
| Accruals Ratio | -0.02× | -0.00× | -0.08× | -0.04× | -0.01× | 0.03× |
| SBC % of Revenue | 0.47% | 0.45% | 1.49% | 0.78% | 0.40% | 0.30% |
| CapEx Coverage | 9.12× | 2.01× | 4.35× | 4.78× | 4.71× | -1.00× |
| Free Cash Flow Per Share | $16.68 | $4.04 | $24.41 | $15.09 | $6.76 | $-6.75 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 9.82× | 12.84× | 13.81× | 11.19× | 8.83× | 3.90× |
| EV / EBITDA | 8.48× | 9.87× | 9.86× | 8.56× | 7.11× | 4.63× |
| P/S | 1.40× | 1.48× | 1.54× | 1.35× | 1.04× | 0.96× |
| P/B | 6.24× | 7.47× | 8.02× | 7.44× | 5.10× | 4.78× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 5.37B | 5.53B | 5.29B | 5.27B | 5.22B | 5.07B |
| Operating Income (Loss) | 1.30B | 853.00M | 889.00M | 823.00M | 943.00M | 821.00M |
| Income Tax Expense (Benefit) | 226.00M | 37.00M | 133.00M | 120.00M | 143.00M | 83.00M |
| Earnings Per Share, Basic | $8.09 | $4.24 | $3.89 | $3.16 | $4.31 | $3.46 |
| Weighted Average Number of Shares Outstanding, Basic | 86.80M | 90.15M | 87.95M | 91.14M | 94.24M | 96.90M |
| Earnings Per Share, Diluted | $8.01 | $4.21 | $3.86 | $3.14 | $4.27 | $3.43 |
| Weighted Average Number of Shares Outstanding, Diluted | 87.60M | 90.83M | 88.61M | 91.79M | 95.02M | 97.88M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 2.97B | 2.88B | 2.98B | 2.63B | 3.00B | 3.02B |
| Assets, Current | 8.36B | 7.85B | 7.81B | 7.30B | 7.91B | 7.68B |
| Assets | 31.20B | 29.68B | 29.42B | 28.70B | 29.24B | 28.94B |
| Liabilities, Current | 6.15B | 4.46B | 4.56B | 4.27B | 4.45B | 4.31B |
| Liabilities | 22.35B | 20.70B | 20.72B | 20.40B | 20.58B | 20.39B |
| Stockholders' Equity Attributable to Parent | 4.81B | 4.22B | 4.01B | 3.75B | 4.18B | 4.17B |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 1.64B | 731.00M | 2.81B | 1.75B | 815.00M | -331.00M |
| Payments to Acquire Property, Plant, and Equipment | 180.00M | 364.00M | 646.00M | 366.00M | 173.00M | 330.00M |
| Net Cash Provided by (Used in) Investing Activities | -317.00M | -389.00M | -886.00M | -501.00M | -187.00M | -372.00M |
| Payments for Repurchase of Common Stock | 318.00M | 198.00M | 1.19B | 1.09B | 348.00M | 0 |
| Net Cash Provided by (Used in) Financing Activities | -1.24B | -434.00M | -1.97B | -1.64B | -648.00M | -372.00M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (THC CIK 0000070318),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.