Ardent Health Stock Price, News & Analysis

Ardent Health, Inc. (NYSE: ARDT) is a healthcare company in the medical care facilities industry that focuses on delivering hospital and related services in growing mid-sized urban communities across the United States. The company describes itself as a provider of healthcare with a focus on people and on investments in services and technologies, with the goal of making healthcare better and easier to access.

According to its public disclosures, Ardent Health operates through subsidiaries that deliver care via a system of 30 acute care hospitals and approximately 280 sites of care across six states. These facilities are supported by more than 1,800 to 1,900 employed and affiliated providers, reflecting a networked approach to medical care facilities and related services. The company positions its operations around mid-sized urban communities, emphasizing growth markets rather than large metropolitan centers.

Business focus and care delivery footprint

Ardent Health’s business is centered on operating acute care hospitals and a broad set of additional sites of care. In its news releases, the company notes that it delivers care through hospitals and other facilities that together form its system of approximately 280 sites of care. These include locations that support inpatient and outpatient services, emergency room visits and surgeries, as reflected in the operating metrics the company reports in its quarterly results.

The company reports key operating statistics such as admissions, adjusted admissions, inpatient surgeries, outpatient surgeries, total surgeries and emergency room visits. It also tracks net patient service revenue per adjusted admission. These metrics are used in its quarterly press releases to describe trends in patient volumes and revenue performance and to explain the drivers of its financial results.

Financial reporting and non-GAAP metrics

In addition to reporting results under U.S. generally accepted accounting principles (GAAP), Ardent Health provides non-GAAP performance and valuation measures that it uses internally and shares with investors. In its quarterly results press releases, the company discusses Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDAR. It defines Adjusted EBITDA as net income plus provision for income taxes, interest expense and depreciation and amortization, adjusted for noncontrolling interest earnings and items such as loss on extinguishment and modification of debt, other non-operating gains or losses, certain restructuring, exit and acquisition-related costs, change in accounting estimate, specific professional liability accruals, expenses related to implementing its integrated health information technology system, equity-based compensation and income or loss from disposed operations.

Adjusted EBITDAR is defined by the company as Adjusted EBITDA further adjusted to add back rent expense payable to real estate investment trusts (REITs) under long-term lease arrangements and related transactions. Ardent Health explains in its disclosures that it operates 30 acute care hospitals, a portion of which are leased from REITs under master lease and other agreements. It notes that these lease arrangements and related medical office building transactions affect its capital structure and that adding back REIT rent in Adjusted EBITDAR is intended to allow comparisons with healthcare companies whose real estate portfolios are more heavily owned rather than leased.

The company states that these non-GAAP measures are used by management and external users of its financial statements, such as investors, analysts, lenders and rating agencies, to evaluate financial performance, allocate resources and assess enterprise value. It also emphasizes that these measures have limitations because they exclude necessary costs such as interest, taxes, depreciation, amortization and rent, and that they should not be considered in isolation or as substitutes for GAAP measures like net income.

Strategic and operational themes from disclosures

Ardent Health’s quarterly press releases highlight several recurring themes in its operations. The company reports on admissions growth, adjusted admissions growth, trends in inpatient and outpatient surgeries, and emergency room visits. It also discusses net patient service revenue per adjusted admission as a key indicator of revenue performance. In its commentary, the company has referenced factors such as demand trends, professional fee expense growth, payor denials and changes in accounting estimates related to the collectability of accounts receivable.

Ardent Health has described initiatives that it associates with operational efficiency and growth. In its communications, it has referred to a program it calls the IMPACT program, which includes actions such as workforce optimization and renegotiation of certain contracts, including with payors and agency labor. It has also mentioned focused initiatives in areas such as precision staffing, supply chain discipline and operating room (OR) excellence. In earlier quarters, the company noted the deployment of virtual nursing and AI-enabled scribe technologies, as well as efforts to advance an ambulatory growth strategy that involves urgent care centers and imaging care centers, and the integration of acquired urgent care assets.

The company has also described state-directed payment programs, such as those in New Mexico and Oklahoma, as part of its financial context. For example, it has mentioned the New Mexico state directed payment program (DPP) and its renewal, noting that such programs support providers in caring for Medicaid patients and that their financial contribution is reflected in its guidance assumptions.

Capital structure and credit facilities

Ardent Health’s SEC filings describe its credit arrangements and capital structure. In a Form 8-K dated September 18, 2025, the company reported entering into an amendment to its Amended and Restated Term Loan Credit Agreement and an amendment to its Amended and Restated ABL Credit Agreement. The term loan amendment refinanced outstanding term loans, extended the maturity date for the term loans from August 24, 2028 to September 18, 2032, reduced the applicable interest rate spreads over Term Secured Overnight Financing Rate (SOFR) and the base rate, and increased certain baskets for fixed dollar negative covenants. The ABL amendment updated certain covenant baskets to align with the term loan agreement but did not extend the maturity date or make other material changes.

The company’s quarterly press releases also summarize its balance sheet, cash flow and liquidity. They include information on total cash and cash equivalents, total debt, net leverage ratio under its credit agreements, lease-adjusted net leverage ratio and available liquidity. The company defines lease-adjusted net leverage ratio as net debt plus a multiple of trailing twelve-month REIT rent expense, divided by trailing twelve-month Adjusted EBITDAR, and notes that this measure is used in certain lease covenants.

Share repurchase authorization

In a Form 8-K dated November 17, 2025, Ardent Health reported that its board of directors authorized a stock repurchase program under which the company may repurchase up to $50.0 million of its common stock. The filing states that the program has no specified expiration date and that repurchases may be made through open market purchases, privately negotiated transactions, block trades or other transactions in accordance with applicable securities laws, subject to market conditions and other factors. The company noted that it may enter into Rule 10b5-1 plans to facilitate repurchases, that the program does not obligate it to acquire any specific amount of stock and that it may be modified, suspended or terminated at any time. The company indicated that it expects to fund repurchases with existing cash and cash equivalents and ongoing cash from operations.

Corporate name and listing

Ardent Health is listed on the New York Stock Exchange under the ticker symbol ARDT. In a Business Wire release dated May 23, 2025, the company announced that its board of directors voted to change its name from Ardent Health Partners, Inc. to Ardent Health, Inc., effective June 3, 2025. The company stated that the name change was intended to align its legal name with the way it refers to itself in communications and to support a consistent brand identity. It also stated that the name change would not affect its trading symbol on the NYSE, its CUSIP number or the rights of its stockholders.

Management and governance developments

In a Form 8-K dated June 16, 2025, Ardent Health reported a change in its leadership team. The filing stated that David Schultz would no longer serve as President, Hospital Operations and would depart the company effective immediately. The company treated his departure as a qualifying termination under its Executive Severance Plan, entitling him to severance and related benefits subject to the plan’s terms and conditions.

In a separate Business Wire release dated May 19, 2025, Ardent Health announced the appointment of a chief development officer. The company stated that this role would lead development efforts across existing markets and support expansion into new regions, with responsibilities that include driving growth across inpatient and outpatient care settings through acquisitions, partnerships and joint ventures, as well as guiding due diligence, market intelligence and integration planning.

Investor communications and guidance

Ardent Health regularly issues press releases announcing its quarterly financial results and schedules conference calls and webcasts to discuss those results. These communications include financial guidance for the full year, such as ranges for total revenue, net income attributable to Ardent Health, Adjusted EBITDA, rent expense payable to REITs, diluted earnings per share, adjusted admissions growth, net patient service revenue per adjusted admission growth and capital expenditures. The company notes that its guidance is based on current plans and expectations and is subject to risks and uncertainties, and it presents forward-looking statements language in its releases.

The company also participates in healthcare and investor conferences, where members of its management team take part in fireside chats and one-on-one meetings with investors. It provides access to live audio webcasts of these events and of its earnings calls, as described in its news releases.

Frequently asked questions (FAQ)

• What does Ardent Health, Inc. do?
  Ardent Health, Inc. is a healthcare company in the medical care facilities industry that operates acute care hospitals and other sites of care in growing mid-sized urban communities across the United States. Through its subsidiaries, it delivers care via a system of 30 acute care hospitals and approximately 280 sites of care.
• Where does Ardent Health operate?
  According to its public statements, Ardent Health delivers care through hospitals and sites of care located in six states in the United States, with a focus on growing mid-sized urban communities.
• On which exchange does Ardent Health trade and under what symbol?
  Ardent Health trades on the New York Stock Exchange under the ticker symbol ARDT.
• How many hospitals and sites of care does Ardent Health have?
  In its Business Wire and earnings releases, Ardent Health reports that it operates 30 acute care hospitals and approximately 280 sites of care through its subsidiaries.
• What types of financial metrics does Ardent Health highlight?
  Ardent Health reports GAAP measures such as total revenue and net income attributable to the company, and non-GAAP measures such as Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDAR. It also discloses operating metrics including admissions, adjusted admissions, inpatient and outpatient surgeries, total surgeries, emergency room visits and net patient service revenue per adjusted admission.
• What are Adjusted EBITDA and Adjusted EBITDAR for Ardent Health?
  Ardent Health defines Adjusted EBITDA as net income plus provision for income taxes, interest expense and depreciation and amortization, adjusted for noncontrolling interest earnings and certain items such as debt-related gains or losses, specific non-operating items, restructuring and acquisition-related costs, certain accounting adjustments, professional liability accruals, expenses related to its integrated health information technology system, equity-based compensation and income or loss from disposed operations. Adjusted EBITDAR is defined as Adjusted EBITDA further adjusted to add back rent expense payable to REITs.
• Why does Ardent Health use non-GAAP financial measures?
  The company states that non-GAAP measures such as Adjusted EBITDA and Adjusted EBITDAR are used by its management and external users of its financial statements to evaluate financial performance, compare companies in the healthcare industry, allocate resources and assess enterprise value. It also notes that these measures have limitations and should not be viewed as substitutes for GAAP measures.
• Has Ardent Health announced any share repurchase program?
  Yes. In a Form 8-K dated November 17, 2025, Ardent Health reported that its board of directors authorized a stock repurchase program allowing the company to repurchase up to $50.0 million of its common stock, with no specified expiration date and flexibility in how repurchases may be executed, subject to applicable laws and market conditions.
• Did Ardent Health change its corporate name?
  Yes. In May 2025, the company announced that its board approved changing its name from Ardent Health Partners, Inc. to Ardent Health, Inc., effective June 3, 2025. The company stated that the change aligns its legal name with its existing brand usage and does not affect its NYSE trading symbol ARDT or stockholder rights.
• How does Ardent Health describe its strategic focus?
  In its public communications, Ardent Health emphasizes serving growing mid-sized urban communities, investing in services and technologies to make healthcare better and easier to access, and pursuing operational initiatives related to staffing, supply chain, operating room performance and ambulatory growth. It also references programs and strategies intended to address industry pressures such as professional fee expense growth and payor denials.