THCNYSEServices-General Medical & Surgical Hospitals, NECFiscal year ends December 31
TENET HEALTHCARE CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$266.39−0.86 (-0.32%)
Close on Oct 19, 2026
- Market cap
- $22.37B
- P/E (TTM)
- 10.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
16.5%+5.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.1% | +3.6% | +3.9% | – | |
| Operating income | -41.1% | +14.6% | +12.0% | +12.5% | |
| EPS, diluted | -52.6% | +59.9% | +32.8% | – | |
| Free cash flow | +126.7% | +99.0% | -2.5% | +30.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | 1.30 | 1.47 | 1.76 | |
| Debt to equity | 36.58 | 561.39 | 3.12 | |
| Net debt to EBITDA | 6.93× | 4.66× | 2.35× | |
| Interest coverage | 1.3× | 2.0× | 4.3× | |
| Capex to revenue | 4.5% | 3.1% | 4.7% | |
| Diluted shares | 99M | 106M | 91M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tenet Healthcare generated $10.61B from operations and spent $6.62B on capital expenditure, dividends and share buybacks. 62% of that went back into the business.
Generated
$10.61B
Used
$6.62B
Capital expenditure$4.11B62%Dividends$00%Share buybacks$2.51B38%
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 5 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$3.54B
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$3.54B vs –
- Less leverageLong-term debt to assets fell45.2% → 44.1%
- Better liquidityCurrent ratio rose1.78 → 1.76
- No dilutionShare count did not rise98M → 91M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.73 → 0.74