Stocks · Healthcare · Medical - Care Facilities
Tenet Healthcare Corporation THC
$258.62 +1.83% Close, Oct 2, 2026 · NYSE · Market cap $20.82B
Inexpensive vs sector
Next earnings report: Oct 29, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Diluted EPS over the last four quarters was $25.93, up 66.0% year over year.
- Earnings beat analyst estimates in each of the last 14 quarters (average surprise over the last four: +21.4%).
- The diluted share count fell 8.5% in a year, mainly through buybacks.
PromtFinance scores
Each score is a percentile within the Healthcare sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
Growth69Positive
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 41%
- EPS growth (TTM, YoY)Top 21%
- FCF growth (TTM, YoY)Top 18%
- Revenue growth, 3-year CAGRBottom 34%
- Revenue growth accelerationTop 37%
Quality75Positive
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 12%
- Gross marginBottom 17%
- Operating marginTop 16%
- Cash conversion (OCF / net income)Top 38%
- Accruals (lower is better)Bottom 46%
- Net debt / EBITDA (lower is better)Bottom 37%
- Interest coverTop 28%
Value93Exceptional
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 3%
- Free-cash-flow yieldTop 4%
- EBITDA / enterprise valueTop 4%
- Sales / enterprise valueTop 17%
- P/E vs own 5-year history (lower is better)Bottom 37%
Momentum73Positive
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 45%
- 6-month returnTop 26%
- 1-year return vs S&P 500Top 37%
- Distance from 52-week highTop 13%
- Trend checklist (0–4)Top 39%
Revisions81Strong
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 22%
- Consecutive EPS beatsTop 2%
- Share of analysts rating BuyTop 43%
- Upside to consensus price targetBottom 17%
Stability73Positive
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 38%
- Maximum drawdown, 3 yearsTop 8%
- Beta vs S&P 500 (lower is better)Top 35%
- Net debt / EBITDA (lower is better)Bottom 37%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 4.6% | 5.4% | ↑ |
| EPS growth (YoY) | 27.2% | 66.0% | ↑ |
| Gross margin | 61.5% | 26.9% | ↓ |
| Operating margin | 17.6% | 16.8% | ↓ |
| FCF margin | 7.6% | 13.9% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 5.4% | 4.6% | ↑ | Bottom 41% |
| EPS growth (TTM, YoY) | 66.0% | 27.2% | ↑ | Top 21% |
| Gross margin | 26.9% | 61.5% | ↓ | Bottom 17% |
| Operating margin | 16.8% | 17.6% | ↓ | Top 16% |
| Net margin | 10.3% | 7.2% | ↑ | — |
| Free-cash-flow margin | 13.9% | 7.6% | ↑ | — |
| Return on invested capital | 11.9% | — | Top 12% | |
| Revenue growth, 3-year CAGR | 3.6% | — | Bottom 34% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.79×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -5.8%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 0.4%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -35.0 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 2.19×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 4.5×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- 7.95%
- Shareholder yield
- 7.95%
- Share count change, 1 year
- -8.5%
- Share count change, 3-year CAGR
- -7.1%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 29, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 14
- Beats in the last 8 reports
- 8 of 8
- Average EPS surprise, last 4
- +21.4%
- Average 2-day reaction, last 8
- +2.6%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $283.36
- Target vs current price
- +9.6%
- Analysts with a rating
- 32
- Share rating Buy or Strong Buy
- 81%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 23, 2026 | +43.7% | +1.9% | +31.9% | +37.5% | — |
| Apr 30, 2026 | +15.6% | -1.7% | +8.0% | -3.8% | +35.1% |
| Feb 11, 2026 | +15.5% | +17.3% | +20.1% | +21.5% | +0.6% |
| Oct 28, 2025 | +10.8% | -5.3% | -6.8% | -0.7% | -12.7% |
| Jul 22, 2025 | +40.1% | -10.7% | -10.4% | -1.9% | +12.4% |
| Apr 29, 2025 | +39.7% | +11.7% | +20.3% | +33.2% | +19.7% |
| Feb 12, 2025 | +16.6% | -9.1% | -2.3% | -12.7% | +7.4% |
| Oct 29, 2024 | +25.8% | +16.7% | +16.4% | +2.7% | -0.4% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 23, 2026 | $6.12 | $4.26 | +43.7% | $5.63B |
| Apr 30, 2026 | $4.82 | $4.17 | +15.6% | $5.37B |
| Feb 11, 2026 | $4.70 | $4.07 | +15.5% | $5.53B |
| Oct 28, 2025 | $3.70 | $3.34 | +10.8% | $5.29B |
| Jul 22, 2025 | $4.02 | $2.87 | +40.1% | $5.27B |
| Apr 29, 2025 | $4.36 | $3.12 | +39.7% | $5.22B |
| Feb 12, 2025 | $3.44 | $2.95 | +16.6% | $5.07B |
| Oct 29, 2024 | $2.93 | $2.33 | +25.8% | $5.12B |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 10.0× | 9.6× | 57th | Top 3% |
| P/E (forward) | 12.2× | — | — | — |
| EV / EBITDA | 6.3× | — | — | Top 4% |
| EV / Sales | 1.46× | — | — | Top 17% |
| Free-cash-flow yield | 14.52% | — | — | Top 4% |
| Earnings yield | 10.03% | — | — | Top 3% |
P/E over the past five years
Range 4.2× – 19.6× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +28.4%
- Earnings per share growth (TTM)
- +66.0%
- Change in P/E multiple
- -3.5%
Most of the move came from earnings growth.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 51
- 50-day average slope (20 days)
- +10.9%
- 200-day average slope (20 days)
- +2.7%
- Distance from 50-day average
- -1.2%
- Distance from 200-day average
- +21.1%
- RSI (14)
- 49.8
- Relative volume
- 0.75×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 49.3%
- Volatility vs own 5-year history
- 77th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.88
- Correlation with S&P 500
- 0.31
- Current drawdown from 1-year high
- -7.9%
- Maximum drawdown, 3 years
- -34.5%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Mar 3, 2022 | Oct 21, 2022 | -58.9% | 161 days | 333 days (Feb 21, 2024) |
| Nov 7, 2024 | Apr 21, 2025 | -34.5% | 110 days | 21 days (May 20, 2025) |
| Mar 4, 2026 | Jun 4, 2026 | -34.1% | 64 days | 36 days (Jul 28, 2026) |
| Sep 2, 2021 | Oct 13, 2021 | -19.7% | 28 days | 19 days (Nov 9, 2021) |
| Sep 23, 2024 | Oct 28, 2024 | -17.0% | 25 days | 8 days (Nov 7, 2024) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $20.82B
- P/E (TTM)
- 10.0
- EPS, diluted (TTM)
- $25.93
- Revenue (TTM)
- $21.81B
- 52-week range
- $157.58 – $283.05
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $19.48B | $19.17B | $20.55B | $20.66B | $21.31B |
| Gross profit | $7.27B | $7.05B | $7.80B | $8.21B | $17.53B |
| Operating income | $2.87B | $2.33B | $2.51B | $5.96B | $3.44B |
| Net income | $914.0M | $411.0M | $611.0M | $3.20B | $1.41B |
| EPS (diluted) | $8.42 | $3.79 | $5.71 | $32.70 | $15.49 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.12B | $5.07B | $5.22B | $5.27B | $5.29B | $5.53B | $5.37B | $5.63B |
| Net income | $472.0M | $318.0M | $406.0M | $288.0M | $342.0M | $371.0M | $702.0M | $826.0M |
| EPS (diluted) | $4.89 | $3.32 | $4.27 | $3.14 | $3.86 | $4.22 | $8.01 | $9.84 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.57B | $1.08B | $2.37B | $2.05B | $3.54B |
| Capital expenditure | -$658.0M | -$762.0M | -$751.0M | -$931.0M | -$1.01B |
| Free cash flow | $910.0M | $321.0M | $1.62B | $1.12B | $2.53B |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $0 | -$250.0M | -$200.0M | -$672.0M | -$1.44B |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $2.17B
- Total assets
- $30.68B
- Total liabilities
- $21.98B
- Total debt
- $13.25B
- Net debt
- $11.08B
- Shareholders’ equity
- $4.66B
As of Jun 30, 2026 (filed Jul 29, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Mar 13, 2000 | $0.01 | Mar 24, 2000 |
| Aug 16, 1993 | $0.12 | Sep 10, 1993 |
| May 17, 1993 | $0.12 | Jun 11, 1993 |
| Feb 12, 1993 | $0.12 | Mar 12, 1993 |
| Nov 6, 1992 | $0.12 | Dec 4, 1992 |
| Aug 10, 1992 | $0.12 | Sep 4, 1992 |
| May 11, 1992 | $0.12 | Jun 5, 1992 |
| Feb 10, 1992 | $0.12 | Mar 6, 1992 |
Short interest
- Shares sold short
- 2,015,270
- Days to cover
- 2.81
- Change vs previous report
- +6.8%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Oct 11, 2012
- 1-for-4
- Jul 1, 2002
- 3-for-2
- Sep 16, 1991
- 2-for-1
- Apr 27, 1983
- 5-for-4
- Apr 30, 1981
- 2-for-1