What is Tenet Healthcare Corporation New's earnings per share (EPS)?

Tenet Healthcare Corporation New (THC) reported diluted earnings per share of $15.49 for fiscal year 2025. This represents a -52.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Tenet Healthcare Corporation New (THC) Financials

THC

Trailing 12 months to June 30, 2026

Revenue $21.8B +5.4% YoY

Net Income $3.2B +32.4% YoY

EPS (Diluted) $25.92 +64.8% YoY

Free Cash Flow $3.0B +94.7% YoY

Market Cap $21.2B as of Sep 12, 2026

Price / Sales 1.0x on $21.8B revenue, trailing 12 months to June 30, 2026

Price / Earnings 6.7x on $3.2B net income, trailing 12 months to June 30, 2026

Price / Book 4.6x on $4.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 29, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the THC SEC filings page.

Tenet Healthcare Corporation New (THC) reported $21.8B in revenue over the twelve months to Jun 30, 2026, up 5.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI THC FY2025 2026-08-29

Profitability is volatile, but debt reduction and cash generation have strengthened the balance-sheet financing mix.

FY2024’s earnings quality was weaker: net income reached $4.064B, but operating cash flow was only $2.047B. In FY2025, operating cash flow exceeded net income and free cash flow margin rose to 11.9%, indicating that cash realization improved as reported profit normalized.

Debt-to-equity fell from 9.3x in FY2023 to 3.1x in FY2025, reflecting a much less debt-dependent capital structure. The FY2025 current ratio was 1.8x, so short-term coverage remained broadly stable while leverage declined.

FY2025 revenue reached $21.3B, only modestly above $20.7B in FY2024, so the profit change was not primarily a volume story. Operating margin compressed from 28.8% to 16.5% despite lower SG&A of $8.705B, indicating that the reversal came from factors beyond the reported overhead line.

Financial Health Signals

Financial Health Score 56/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Tenet Healthcare Corporation New's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Tenet Healthcare Corporation New has an operating margin of 16.5%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 78/100, reflecting efficient cost management and pricing power. This is down from 28.8% the prior year.

Growth

Tenet Healthcare Corporation New's revenue grew a modest 3.1% year-over-year to $21.3B. This slow but positive growth earns a score of 37/100.

Leverage

Tenet Healthcare Corporation New has elevated debt relative to equity (D/E of 3.10), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 28/100, reflecting increased financial risk.

Liquidity

Tenet Healthcare Corporation New's current ratio of 1.76 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Tenet Healthcare Corporation New has a free cash flow margin of 11.9%, earning a moderate score of 63/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Tenet Healthcare Corporation New earns a strong 56.1% return on equity (ROE), meaning it generates $56 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is down from 97.4% the prior year.

Altman Z-Score Grey Zone

2.07

Tenet Healthcare Corporation New scores 2.07, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/8

Tenet Healthcare Corporation New passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.50x

For every $1 of reported earnings, Tenet Healthcare Corporation New generates $1.50 in operating cash flow ($3.5B OCF vs $2.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

4.27x

Tenet Healthcare Corporation New earns $4.27 in operating income for every $1 of interest expense ($3.5B vs $821.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.6B

YoY+6.8%

QoQ+4.8%

5Y CAGR+2.6%

Tenet Healthcare Corporation New generated $5.6B in revenue in Q2 2026. This represents an increase of 6.8% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.

EBITDA

$1.7B

YoY+66.4%

QoQ+12.5%

5Y CAGR+16.3%

Tenet Healthcare Corporation New's EBITDA was $1.7B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 66.4% from the same quarter a year earlier. Against the prior quarter it is up 12.5%.

Net Income

$1.0B

YoY+100.2%

QoQ+15.3%

5Y CAGR+32.4%

Tenet Healthcare Corporation New reported $1.0B in net income in Q2 2026. This represents an increase of 100.2% from the same quarter a year earlier. Against the prior quarter it is up 15.3%.

EPS (Diluted)

$9.84

QoQ+22.8%

5Y CAGR+55.0%

Tenet Healthcare Corporation New earned $9.84 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 22.8%.

Cash & Balance Sheet

Free Cash Flow

$417.0M

YoY-43.9%

QoQ-71.5%

5Y CAGR+27.7%

10Y CAGR+6.1%

Tenet Healthcare Corporation New generated $417.0M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 43.9% from the same quarter a year earlier. Against the prior quarter it is down 71.5%.

Cash & Debt

$2.2B

YoY-17.3%

QoQ-26.9%

5Y CAGR-0.2%

10Y CAGR+12.7%

Tenet Healthcare Corporation New held $2.2B in cash against $13.1B in long-term debt as of Q2 2026.

Shares Outstanding

81M

QoQ-6.5%

5Y CAGR-5.5%

10Y CAGR-2.1%

Tenet Healthcare Corporation New had 81M shares outstanding in Q2 2026. Against the prior quarter it is down 6.5%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

26.7%

YoY+11.1pp

QoQ+2.5pp

5Y change+14.8pp

Tenet Healthcare Corporation New's operating margin was 26.7% in Q2 2026, reflecting core business profitability. This is up 11.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.5 percentage points.

Net Margin

18.6%

YoY+8.7pp

QoQ+1.7pp

5Y change+13.4pp

Tenet Healthcare Corporation New's net profit margin was 18.6% in Q2 2026, showing the share of revenue converted to profit. This is up 8.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.

Return on Equity

22.4%

YoY+8.5pp

QoQ+3.6pp

5Y change-76.0pp

Tenet Healthcare Corporation New's ROE was 22.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 8.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.6 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$1.0B

YoY+39.5%

QoQ+227.7%

Tenet Healthcare Corporation New spent $1.0B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 39.5% from the same quarter a year earlier. Against the prior quarter it is up 227.7%.

Capital Expenditures

$168.0M

YoY-13.0%

QoQ-6.7%

5Y CAGR+6.6%

10Y CAGR-2.0%

Tenet Healthcare Corporation New invested $168.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 13.0% from the same quarter a year earlier. Against the prior quarter it is down 6.7%.

R&D Spending

Not reported for Q2 2026.

THC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

THC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$21.8B	$21.3B+3.1%	$20.7B+0.5%	$20.6B+7.2%	$19.2B-1.6%	$19.5B+10.5%	$17.6B-4.5%	$18.5B+0.9%	$18.3B-4.5%	$19.2B-2.3%	$19.6B	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$8.8B	$8.7B-1.1%	$8.8B-3.8%	$9.1B+3.4%	$8.8B-0.4%	$8.9B+5.5%	$8.4B-3.2%	$8.7B+0.8%	$8.6B-6.9%	$9.3B-0.6%	$9.3B+3.8%	$9.0B+12.1%	$8.0B+49.4%	$5.4B+26.2%	$4.3B+6.0%	$4.0B
Operating Income	$4.5B	$3.5B-41.1%	$6.0B+137.3%	$2.5B+7.6%	$2.3B-18.7%	$2.9B+44.3%	$2.0B+29.4%	$1.5B-6.1%	$1.6B+47.1%	$1.1B-10.7%	$1.2B+15.8%	$1.1B+16.4%	$925.0M+39.5%	$663.0M-11.5%	$749.0M+14.7%	$653.0M
EBITDA	N/A	$4.4B-35.5%	$6.8B+100.4%	$3.4B+6.5%	$3.2B-14.8%	$3.7B+30.9%	$2.8B+19.2%	$2.4B-2.1%	$2.4B+23.0%	$2.0B-5.4%	$2.1B+11.9%	$1.9B+5.6%	$1.8B+46.9%	$1.2B+2.5%	$1.2B+12.2%	$1.1B
Interest Expense	$820.0M	$821.0M-0.6%	$826.0M-8.3%	$901.0M+1.2%	$890.0M-3.6%	$923.0M-8.0%	$1.0B+1.8%	$985.0M-1.9%	$1.0B-2.3%	$1.0B+5.0%	$979.0M+7.3%	$912.0M+21.0%	$754.0M+59.1%	$474.0M+15.0%	$412.0M+9.9%	$375.0M
Income Tax	$691.0M	$433.0M-63.4%	$1.2B+286.9%	$306.0M-11.0%	$344.0M-16.3%	$411.0M+523.7%	-$97.0M-160.6%	$160.0M-7.5%	$173.0M-21.0%	$219.0M+226.9%	$67.0M-1.5%	$68.0M+38.8%	$49.0M+175.4%	-$65.0M-152.0%	$125.0M+104.9%	$61.0M
Net Income	$3.2B	$2.4B-41.8%	$4.1B+210.0%	$1.3B+31.0%	$1.0B-32.2%	$1.5B+92.2%	$768.0M+349.1%	$171.0M-62.7%	$459.0M+243.4%	-$320.0M-281.8%	$176.0M+125.6%	$78.0M+2.6%	$76.0M+173.1%	-$104.0M-178.2%	$133.0M+41.5%	$94.0M
EPS (Basic)	N/A	$15.61-52.7%	$33.02+449.4%	$6.01+56.5%	$3.84-55.1%	$8.55+125.0%	$3.80+282.7%	-$2.08-303.9%	$1.02+114.6%	-$7.00-262.7%	-$1.93-36.9%	-$1.41-1275.0%	$0.12+109.1%	-$1.32-197.8%	$1.35+175.5%	$0.49
EPS (Diluted)	$25.92	$15.49-52.6%	$32.70	$5.71+50.7%	$3.79	$8.42+124.5%	$3.75+280.3%	-$2.08-308.0%	$1.00	-$7.00-262.7%	-$1.93-36.9%	-$1.41-1275.0%	$0.12	-$1.32-201.5%	$1.30	$0.48
Diluted Shares (Avg)	N/A	91M-7.2%	98M	105M-5.2%	111M	109M+2.2%	106M+2.8%	103M-0.5%	104M	101M+1.3%	99M+0.2%	99M-1.1%	100M	102M-6.7%	109M	121M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$5.6B+6.8%	$5.4B+2.8%	$5.5B+8.9%	$5.3B+3.2%	$5.3B+3.2%	$5.2B-2.7%	$5.1B-6.0%	$5.1B+1.2%
SG&A Expenses	$2.2B+3.3%	$2.2B+2.6%	$2.2B+6.1%	$2.2B-0.6%	$2.2B-0.4%	$2.1B-8.7%	$2.1B-9.5%	$2.2B-3.1%
Operating Income	$1.5B+82.4%	$1.3B+37.4%	$853.0M+3.9%	$889.0M-18.4%	$823.0M+8.1%	$943.0M-71.3%	$821.0M+11.7%	$1.1B+91.7%
EBITDA	$1.7B+66.4%	$1.5B+32.7%	$1.1B+6.9%	$1.1B-14.7%	$1.0B+6.4%	$1.1B-67.1%	$1.0B+6.6%	$1.3B+63.9%
Interest Expense	$204.0M-1.0%	$205.0M+0.5%	$205.0M+1.0%	$206.0M+2.0%	$206.0M+1.5%	$204.0M-6.4%	$203.0M-10.6%	$202.0M-11.0%
Income Tax	$295.0M+145.8%	$226.0M+58.0%	$37.0M-55.4%	$133.0M-44.8%	$120.0M+9.1%	$143.0M-80.9%	$83.0M+31.7%	$241.0M+205.1%
Net Income	$1.0B+100.2%	$906.0M+45.7%	$644.0M+12.6%	$579.0M-15.0%	$522.0M+9.4%	$622.0M-73.4%	$572.0M+25.4%	$681.0M+156.0%
EPS (Basic)	$9.89+213.0%	$8.09+87.7%	$4.24+22.5%	$3.89-21.1%	$3.16+18.8%	$4.31-80.0%	$3.46+43.6%	$4.93+398.0%
EPS (Diluted)	$9.84	$8.01+87.6%	$4.21+22.7%	$3.86-21.1%	$3.14+18.9%	$4.27-80.0%	$3.43+49.1%	$4.89
Diluted Shares (Avg)	84M	88M-7.8%	N/A	89M-8.3%	92M-6.8%	95M-5.5%	N/A	97M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

THC Balance Sheet

THC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$29.7B+2.6%	$28.9B+2.2%	$28.3B+4.3%	$27.2B-1.5%	$27.6B+1.7%	$27.1B+16.0%	$23.4B+4.2%	$22.4B-4.1%	$23.4B-5.3%	$24.7B+4.3%	$23.7B+31.9%	$18.0B+9.1%	$16.4B+81.9%	$9.0B+6.9%	$8.5B
Current Assets	$7.8B+2.2%	$7.7B+7.2%	$7.2B+19.8%	$6.0B-15.5%	$7.1B-1.0%	$7.1B+40.7%	$5.1B+9.6%	$4.6B-16.8%	$5.6B+6.0%	$5.3B+1.7%	$5.2B+30.3%	$4.0B+7.5%	$3.7B+37.7%	$2.7B+13.7%	$2.4B
Cash & Equivalents	$2.9B-4.5%	$3.0B+145.8%	$1.2B+43.1%	$858.0M-63.7%	$2.4B-3.4%	$2.4B+833.6%	$262.0M-36.3%	$411.0M-32.7%	$611.0M-14.7%	$716.0M+101.1%	$356.0M+84.5%	$193.0M+70.8%	$113.0M-69.0%	$364.0M+222.1%	$113.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$1.0M-75.0%	$4.0M	$0
Inventory	$348.0M+0.6%	$346.0M-15.8%	$411.0M+1.5%	$405.0M+5.5%	$384.0M+4.3%	$368.0M+18.7%	$310.0M+1.6%	$305.0M+5.5%	$289.0M-11.3%	$326.0M+5.5%	$309.0M+12.0%	$276.0M+6.2%	$260.0M+69.9%	$153.0M-5.0%	$161.0M
Accounts Receivable	$2.6B+1.1%	$2.5B-13.0%	$2.9B-1.0%	$2.9B+6.2%	$2.8B+3.0%	$2.7B-1.9%	$2.7B+5.7%	$2.6B-0.8%	$2.6B-9.7%	$2.9B+7.1%	$2.7B+12.5%	$2.4B+27.2%	$1.9B+40.5%	$1.3B+5.2%	$1.3B
Long-Term Investments	$59.0M+18.0%	$50.0M+4.2%	$48.0M+60.0%	$30.0M+233.3%	$9.0M+200.0%	$3.0M+50.0%	$2.0M-95.0%	$40.0M-28.6%	$56.0M+14.3%	$49.0M-16.9%	$59.0M-23.4%	$77.0M+381.3%	$16.0M+6.7%	$15.0M-31.8%	$22.0M
Goodwill	$11.2B+4.7%	$10.7B+3.7%	$10.3B+1.8%	$10.1B+9.3%	$9.3B+5.1%	$8.8B+21.5%	$7.3B-0.4%	$7.3B+3.7%	$7.0B-5.5%	$7.4B+6.5%	$7.0B+78.1%	$3.9B+9.7%	$3.6B+289.3%	$916.0M+24.5%	$736.0M
Total Liabilities	$20.7B+1.5%	$20.4B-10.6%	$22.8B+1.1%	$22.5B-3.3%	$23.3B-3.7%	$24.2B+13.0%	$21.4B+5.5%	$20.3B-3.2%	$21.0B-1.2%	$21.2B+3.8%	$20.5B+22.0%	$16.8B+10.1%	$15.2B+95.0%	$7.8B+12.3%	$7.0B
Current Liabilities	$4.5B+3.5%	$4.3B-9.5%	$4.8B+6.3%	$4.5B-12.4%	$5.1B+5.4%	$4.8B+15.3%	$4.2B+9.0%	$3.9B-11.0%	$4.3B+7.4%	$4.0B-6.4%	$4.3B+20.4%	$3.6B+15.6%	$3.1B+75.4%	$1.8B-2.9%	$1.8B
Non-Current Liabilities	$16.2B+1.0%	$16.1B-10.9%	$18.0B-0.2%	$18.1B-0.8%	$18.2B-6.0%	$19.4B+12.5%	$17.2B+4.7%	$16.4B-1.2%	$16.6B-3.2%	$17.2B+6.5%	$16.1B+22.5%	$13.2B+8.6%	$12.1B+100.7%	$6.0B+17.7%	$5.1B
Long-Term Debt	$13.1B+0.1%	$13.1B-12.1%	$14.9B-0.3%	$14.9B-3.7%	$15.5B-0.4%	$15.6B+6.8%	$14.6B-0.4%	$14.6B-1.0%	$14.8B-1.8%	$15.1B+4.7%	$14.4B+25.0%	$11.5B+7.6%	$10.7B+107.4%	$5.2B+20.1%	$4.3B
Total Equity	$4.2B+1.2%	$4.2B+159.4%	$1.6B+40.8%	$1.1B+11.1%	$1.0B+3571.4%	$28.0M+106.7%	-$417.0M-250.4%	-$119.0M+19.0%	-$147.0M-135.3%	$417.0M-39.7%	$691.0M+6.1%	$651.0M-13.8%	$755.0M-33.9%	$1.1B-19.7%	$1.4B
Retained Earnings	$4.4B+46.8%	$3.0B+1666.7%	-$192.0M+76.1%	-$803.0M+33.9%	-$1.2B+43.0%	-$2.1B+15.3%	-$2.5B-12.4%	-$2.2B+6.4%	-$2.4B-37.2%	-$1.7B-12.4%	-$1.6B-9.9%	-$1.4B+0.8%	-$1.4B-10.4%	-$1.3B+10.6%	-$1.4B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$30.7B+6.9%	$31.2B+6.7%	$29.7B+2.6%	$29.4B+0.2%	$28.7B-1.9%	$29.2B+1.1%	$28.9B+2.2%	$29.4B+6.5%
Current Assets	$7.8B+7.2%	$8.4B+5.6%	$7.8B+2.2%	$7.8B-10.8%	$7.3B-8.3%	$7.9B+1.2%	$7.7B+7.2%	$8.8B+37.7%
Cash & Equivalents	$2.2B-17.3%	$3.0B-1.1%	$2.9B-4.5%	$3.0B-27.3%	$2.6B-8.9%	$3.0B+20.9%	$3.0B+145.8%	$4.1B+288.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$338.0M0.0%	$343.0M-0.3%	$348.0M+0.6%	$346.0M-2.8%	$338.0M-11.5%	$344.0M-12.9%	$346.0M-15.8%	$356.0M-13.8%
Accounts Receivable	$2.6B+3.0%	$2.6B-0.5%	$2.6B+1.1%	$2.5B-3.1%	$2.5B-10.1%	$2.6B-16.8%	$2.5B-13.0%	$2.6B-10.3%
Long-Term Investments	$0	$0	$59.0M+18.0%	$0	$0	$0	$50.0M+4.2%	$0
Goodwill	$11.4B+4.6%	$11.4B+5.6%	$11.2B+4.7%	$11.2B+5.4%	$10.9B+1.3%	$10.8B+2.1%	$10.7B+3.7%	$10.6B+1.7%
Total Liabilities	$22.0B+7.7%	$22.4B+8.6%	$20.7B+1.5%	$20.7B-2.7%	$20.4B-4.7%	$20.6B-3.1%	$20.4B-10.6%	$21.3B-5.0%
Current Liabilities	$5.6B+30.3%	$6.2B+38.2%	$4.5B+3.5%	$4.6B-17.7%	$4.3B-22.2%	$4.5B-17.8%	$4.3B-9.5%	$5.5B+25.0%
Non-Current Liabilities	$16.4B+1.8%	$16.2B+0.4%	$16.2B+1.0%	$16.2B+2.5%	$16.1B+1.4%	$16.1B+2.0%	$16.1B-10.9%	$15.8B-12.3%
Long-Term Debt	$13.1B0.0%	$13.1B+0.4%	$13.1B+0.1%	$13.1B+2.6%	$13.1B+2.5%	$13.1B+2.4%	$13.1B-12.1%	$12.8B-14.3%
Total Equity	$4.7B+24.2%	$4.8B+15.1%	$4.2B+1.2%	$4.0B+4.7%	$3.7B+7.9%	$4.2B+21.1%	$4.2B+159.4%	$3.8B+161.9%
Retained Earnings	$5.9B+60.5%	$5.1B+49.9%	$4.4B+46.8%	$4.0B+50.3%	$3.7B+66.9%	$3.4B+74.3%	$3.0B+1666.7%	$2.7B+717.0%

THC Cash Flow Statement

THC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$4.0B	$3.5B+72.9%	$2.0B-13.8%	$2.4B+119.2%	$1.1B-30.9%	$1.6B-54.0%	$3.4B+176.3%	$1.2B+17.5%	$1.0B-12.6%	$1.2B+115.1%	$558.0M-45.6%	$1.0B+49.3%	$687.0M+16.6%	$589.0M-0.7%	$593.0M+19.3%	$497.0M
Depreciation & Amortization	N/A	$863.0M+5.5%	$818.0M-6.0%	$870.0M+3.4%	$841.0M-1.6%	$855.0M-0.2%	$857.0M+0.8%	$850.0M+6.0%	$802.0M-7.8%	$870.0M+2.4%	$850.0M+6.6%	$797.0M-6.1%	$849.0M+55.8%	$545.0M+26.7%	$430.0M+8.0%	$398.0M
Stock-Based Compensation	N/A	$104.0M+55.2%	$67.0M+1.5%	$66.0M+17.9%	$56.0M0.0%	$56.0M+27.3%	$44.0M+4.8%	$42.0M-8.7%	$46.0M-22.0%	$59.0M-13.2%	$68.0M-1.4%	$69.0M+35.3%	$51.0M+41.7%	$36.0M+12.5%	$32.0M+33.3%	$24.0M
Capital Expenditures	$992.0M	$1.0B+8.5%	$931.0M+24.0%	$751.0M-1.4%	$762.0M+15.8%	$658.0M+21.9%	$540.0M-19.4%	$670.0M+8.6%	$617.0M-12.7%	$707.0M-19.2%	$875.0M+3.9%	$842.0M-9.8%	$933.0M+35.0%	$691.0M+36.6%	$506.0M+8.4%	$467.0M
Free Cash Flow	$3.0B	$2.5B+126.7%	$1.1B-31.2%	$1.6B+405.6%	$321.0M-64.7%	$910.0M-68.3%	$2.9B+409.2%	$563.0M+30.3%	$432.0M-12.4%	$493.0M+255.5%	-$317.0M-272.3%	$184.0M+174.8%	-$246.0M-141.2%	-$102.0M-217.2%	$87.0M+190.0%	$30.0M
Investing Cash Flow	-$1.3B	-$1.3B-137.2%	$3.4B+453.9%	-$969.0M-19.9%	-$808.0M-13.2%	-$714.0M+55.6%	-$1.6B-159.8%	-$619.0M-438.3%	-$115.0M-647.6%	$21.0M+104.9%	-$430.0M+67.4%	-$1.3B+0.4%	-$1.3B+38.9%	-$2.2B-226.9%	-$662.0M-31.6%	-$503.0M
Financing Cash Flow	-$3.2B	-$2.4B+34.8%	-$3.7B-256.0%	-$1.0B+41.9%	-$1.8B-90.3%	-$936.0M-343.1%	$385.0M+150.5%	-$763.0M+32.7%	-$1.1B+14.5%	-$1.3B-671.6%	$232.0M-48.9%	$454.0M-36.5%	$715.0M-46.0%	$1.3B+313.8%	$320.0M+211.9%	-$286.0M
Share Buybacks	$1.7B	$1.4B+106.3%	$672.0M+236.0%	$200.0M-20.0%	$250.0M	$0	$0	N/A	N/A	$0	$0-100.0%	$40.0M	N/A	$400.0M+217.5%	$126.0M-66.3%	$374.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$585.0M-37.5%	$1.6B+101.3%	$731.0M+320.8%	$1.1B+1.2%	$936.0M+25.3%	$815.0M+39.1%	-$331.0M-140.2%	$1.0B+107.8%
Depreciation & Amortization	$215.0M+3.4%	$229.0M+11.2%	$231.0M+19.7%	$218.0M+4.3%	$208.0M0.0%	$206.0M-1.0%	$193.0M-10.6%	$209.0M-6.7%
Stock-Based Compensation	N/A	$25.0M+19.0%	N/A	N/A	N/A	$21.0M+23.5%	N/A	N/A
Capital Expenditures	$168.0M-13.0%	$180.0M+4.0%	$364.0M+10.3%	$280.0M+29.6%	$193.0M+33.1%	$173.0M-27.9%	$330.0M+58.7%	$216.0M+22.7%
Free Cash Flow	$417.0M-43.9%	$1.5B+127.6%	$367.0M+155.5%	$778.0M-6.2%	$743.0M+23.4%	$642.0M+85.5%	-$661.0M-207.3%	$829.0M+153.5%
Investing Cash Flow	-$203.0M+35.4%	-$317.0M-69.5%	-$389.0M-4.6%	-$385.0M-157.7%	-$314.0M-61.9%	-$187.0M-105.6%	-$372.0M-11.7%	$667.0M+494.7%
Financing Cash Flow	-$1.2B-18.4%	-$1.2B-91.4%	-$434.0M-16.7%	-$323.0M+35.1%	-$996.0M-546.8%	-$648.0M+75.6%	-$372.0M-17.4%	-$498.0M-132.7%
Share Buybacks	$1.0B+39.5%	$318.0M-8.6%	$198.0M	$93.0M-25.0%	$747.0M+176.7%	$348.0M+25.2%	$0-100.0%	$124.0M

Not reported in any period shown, so not listed: Dividends Paid.

THC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

THC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	16.5%-12.4pp	28.8%+16.6pp	12.2%0.0pp	12.2%-2.6pp	14.7%+3.4pp	11.3%+3.0pp	8.3%-0.6pp	8.9%+3.1pp	5.8%-0.6pp	6.4%	N/A	N/A	N/A	N/A	N/A
Net Margin	11.1%-8.5pp	19.7%+13.3pp	6.4%+1.2pp	5.2%-2.4pp	7.6%+3.2pp	4.3%+3.4pp	0.9%-1.6pp	2.5%+4.2pp	-1.7%-2.6pp	0.9%	N/A	N/A	N/A	N/A	N/A
Return on Equity	56.1%-41.3pp	97.4%+15.9pp	81.5%-6.1pp	87.6%-55.9pp	143.6%-2599.3pp	2742.9%	N/A	N/A	N/A	42.2%+30.9pp	11.3%-0.4pp	11.7%+25.4pp	-13.8%-25.4pp	11.6%+5.0pp	6.6%
Return on Assets	8.0%-6.1pp	14.0%+9.4pp	4.6%+0.9pp	3.7%-1.7pp	5.3%+2.5pp	2.8%+2.1pp	0.7%-1.3pp	2.1%+3.4pp	-1.4%-2.1pp	0.7%+0.4pp	0.3%-0.1pp	0.4%+1.0pp	-0.6%-2.1pp	1.5%+0.4pp	1.1%
Current Ratio	1.760.0x	1.78+0.3x	1.51+0.2x	1.340.0x	1.38-0.1x	1.47+0.3x	1.210.0x	1.20-0.1x	1.290.0x	1.30+0.1x	1.20+0.1x	1.11-0.1x	1.19-0.3x	1.52+0.2x	1.30
Debt-to-Equity	3.100.0x	3.14-6.1x	9.26-3.8x	13.08-2.0x	15.09-541.1x	556.21	N/A	N/A	N/A	36.12+15.3x	20.81+3.1x	17.67+3.5x	14.17+9.7x	4.51+1.5x	3.02
Asset Turnover	0.720.0x	0.710.0x	0.730.0x	0.710.0x	0.71+0.1x	0.65-0.1x	0.790.0x	0.820.0x	0.820.0x	0.79	N/A	N/A	N/A	N/A	N/A
FCF Margin	11.9%+6.5pp	5.4%-2.5pp	7.9%+6.2pp	1.7%-3.0pp	4.7%-11.6pp	16.3%+13.2pp	3.0%+0.7pp	2.4%-0.2pp	2.6%+4.2pp	-1.6%	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	26.7%+11.1pp	24.1%+6.1pp	15.4%-0.8pp	16.8%-4.4pp	15.6%+0.7pp	18.1%-43.1pp	16.2%+2.6pp	21.2%+10.0pp
Net Margin	18.6%+8.7pp	16.9%+5.0pp	11.7%+0.4pp	10.9%-2.3pp	9.9%+0.6pp	11.9%-31.6pp	11.3%+2.8pp	13.3%+8.0pp
Return on Equity	22.4%+8.5pp	18.8%+3.9pp	15.3%+1.6pp	14.4%-3.3pp	13.9%+0.2pp	14.9%-52.7pp	13.7%-14.7pp	17.8%-0.4pp
Return on Assets	3.4%+1.6pp	2.9%+0.8pp	2.2%+0.2pp	2.0%-0.3pp	1.8%+0.2pp	2.1%-5.9pp	2.0%+0.4pp	2.3%+1.4pp
Current Ratio	1.41-0.3x	1.36-0.4x	1.760.0x	1.71+0.1x	1.71+0.3x	1.78+0.3x	1.78+0.3x	1.58+0.1x
Debt-to-Equity	2.81-0.7x	2.73-0.4x	3.100.0x	3.26-0.1x	3.49-0.2x	3.13-0.6x	3.14-6.1x	3.33-6.8x
Asset Turnover	0.180.0x	0.170.0x	0.190.0x	0.180.0x	0.180.0x	0.180.0x	0.180.0x	0.170.0x
FCF Margin	7.4%-6.7pp	27.2%+14.9pp	6.6%+19.7pp	14.7%-1.5pp	14.1%+2.3pp	12.3%+5.8pp	-13.0%-24.4pp	16.2%+9.7pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Tenet Healthcare Corporation New THC	FY2025	$21.3B	$2.4B	11.1%	$21.2B	56/100
Fresenius Medical Care AG FMS	FY2016	$17.9B	$1.2B	6.9%	$11.9B	—
Universal Health Services, Inc. UHS	FY2025	$17.4B	$1.5B	8.6%	$10.3B	54/100
Encompass Health Corporation EHC	FY2025	$5.9B	$566.2M	9.5%	$12.0B	32/100
HCA Healthcare, Inc. HCA	FY2025	$75.6B	$6.8B	9.0%	$92.4B	23/100
DaVita Inc. DVA	FY2025	$13.6B	$1.1B	7.9%	$11.6B	56/100

Where Tenet Healthcare Corporation New Ranks

Frequently Asked Questions

What is Tenet Healthcare Corporation New's annual revenue?

Tenet Healthcare Corporation New (THC) reported $21.3B in total revenue for fiscal year 2025. This represents a 3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Tenet Healthcare Corporation New's revenue growing?

Tenet Healthcare Corporation New (THC) revenue grew by 3.1% year-over-year, from $20.7B to $21.3B in fiscal year 2025.

Is Tenet Healthcare Corporation New profitable?

Yes, Tenet Healthcare Corporation New (THC) reported a net income of $2.4B in fiscal year 2025, with a net profit margin of 11.1%.

What is Tenet Healthcare Corporation New's EBITDA?

Tenet Healthcare Corporation New (THC) had EBITDA of $4.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Tenet Healthcare Corporation New have?

As of fiscal year 2025, Tenet Healthcare Corporation New (THC) had $2.9B in cash and equivalents against $13.1B in long-term debt.

What is Tenet Healthcare Corporation New's operating margin?

Tenet Healthcare Corporation New (THC) had an operating margin of 16.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Tenet Healthcare Corporation New's net profit margin?

Tenet Healthcare Corporation New (THC) had a net profit margin of 11.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Tenet Healthcare Corporation New's return on equity (ROE)?

Tenet Healthcare Corporation New (THC) has a return on equity of 56.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Tenet Healthcare Corporation New's free cash flow?

Tenet Healthcare Corporation New (THC) generated $2.5B in free cash flow during fiscal year 2025. This represents a 126.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tenet Healthcare Corporation New's operating cash flow?

Tenet Healthcare Corporation New (THC) generated $3.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tenet Healthcare Corporation New's total assets?

Tenet Healthcare Corporation New (THC) had $29.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tenet Healthcare Corporation New's capital expenditures?

Tenet Healthcare Corporation New (THC) invested $1.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Tenet Healthcare Corporation New buy back shares?

Yes, Tenet Healthcare Corporation New (THC) spent $1.4B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Tenet Healthcare Corporation New have outstanding?

Tenet Healthcare Corporation New (THC) had 87M shares outstanding as of fiscal year 2025.

What is Tenet Healthcare Corporation New's current ratio?

Tenet Healthcare Corporation New (THC) had a current ratio of 1.76 as of fiscal year 2025, which is generally considered healthy.

What is Tenet Healthcare Corporation New's debt-to-equity ratio?

Tenet Healthcare Corporation New (THC) had a debt-to-equity ratio of 3.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tenet Healthcare Corporation New's return on assets (ROA)?

Tenet Healthcare Corporation New (THC) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tenet Healthcare Corporation New's P/E ratio?

Tenet Healthcare Corporation New (THC) trades at 6.7x earnings, its market capitalization divided by net income of $3.2B net income, trailing 12 months to June 30, 2026. The market capitalization is $21.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Tenet Healthcare Corporation New's price-to-sales ratio?

Tenet Healthcare Corporation New (THC) trades at 1.0x sales, its market capitalization divided by revenue of $21.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $21.2B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Tenet Healthcare Corporation New's Altman Z-Score?

Tenet Healthcare Corporation New (THC) has an Altman Z-Score of 2.07, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Tenet Healthcare Corporation New's Piotroski F-Score?

Tenet Healthcare Corporation New (THC) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tenet Healthcare Corporation New's earnings high quality?

Tenet Healthcare Corporation New (THC) has an earnings quality ratio of 1.50x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tenet Healthcare Corporation New cover its interest payments?

Tenet Healthcare Corporation New (THC) has an interest coverage ratio of 4.27x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Tenet Healthcare Corporation New?

Tenet Healthcare Corporation New (THC) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.