Tenet Healthcare Corporation (THC) Stock Analysis
Healthcare · Medical Care Facilities · NYSE
Tenet Healthcare Corporation (THC) posted $21.31B in revenue for fiscal 2025 (up 3.1% year over year), at a 6.6% net margin, and has compounded revenue about 3.9%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Tenet Healthcare Corporation
Tenet Healthcare Corporation has grown revenue from $19.62B to $21.31B over the last 10 fiscal years, compounding about 3.9% a year. The most recent year was up 3.1%, roughly in line with its longer-run pace.
Net margin sits at 6.6%, down 8.9 points year over year.
At today's valuation the market is pricing in roughly -10.5% annual free-cash-flow growth — versus the -2.5% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven.
Synthesised from Tenet Healthcare Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
Tenet Healthcare Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.62B | $19.18B | $18.31B | $18.48B | $17.64B | $19.48B | $19.17B | $20.55B | $20.66B | $21.31B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $176.00M | $-320.00M | $459.00M | $171.00M | $768.00M | $1.48B | $411.00M | $611.00M | $3.20B | $1.41B |
| Net margin | 0.9% | -1.7% | 2.5% | 0.9% | 4.4% | 7.6% | 2.1% | 3.0% | 15.5% | 6.6% |
Source: Tenet Healthcare Corporation SEC filings (10-K). 18 years of history available in the interactive view.
Tenet Healthcare Corporation: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into THC stock?
At today's market cap of $14.06B, Tenet Healthcare Corporation is priced for free-cash-flow growth of about -10.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.53B from the FY ending 2025-12-31). For comparison, free cash flow actually grew -2.5%/yr over the last five fiscal years and revenue 3.9%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Tenet Healthcare Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Tenet Healthcare Corporation financial history by metric
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About Tenet Healthcare Corporation
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.
Tenet Healthcare Corporation — frequently asked questions
What is Tenet Healthcare Corporation's revenue?
Tenet Healthcare Corporation (THC) reported revenue of $21.31B for fiscal year 2025, up 3.1% from the prior year, according to its SEC filings.
Is Tenet Healthcare Corporation profitable?
Yes. THC earned net income of $1.41B in fiscal 2025, a net margin of 6.6%.
What is THC's P/E ratio?
Tenet Healthcare Corporation trades at a price-to-earnings ratio of about 8.5 based on the latest data in our nightly-refreshed cache.
How fast is Tenet Healthcare Corporation growing?
THC's revenue grew at roughly 3.9% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Tenet Healthcare Corporation have?
As of fiscal year 2025, THC carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Tenet Healthcare Corporation's market cap?
Tenet Healthcare Corporation (THC) has a market capitalization of about $14.06B, based on the latest data in our nightly-refreshed cache.
When does Tenet Healthcare Corporation's fiscal year end?
THC's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into THC stock?
At today's market cap of $14.06B, Tenet Healthcare Corporation is priced for free-cash-flow growth of about -10.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.53B from the FY ending 2025-12-31). For comparison, free cash flow actually grew -2.5%/yr over the last five fiscal years and revenue 3.9%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Tenet Healthcare Corporation's official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.