THC · Tenet Healthcare Corp
Key customers — 70% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, approximately 70%, or $9.696 billion, of our net patient service revenues for the hospitals and related outpatient facilities in our Hospital Operations segment was attributable to managed care payers, including Medicare and Medicaid managed care programs.”
10 customers — 69% of revenue (the year ended December 31, 2025)
“our top 10 managed care payers generated 69% of our managed care net patient service revenues for the year ended December 31, 2025.”
Key customers — 67% of receivables (At December 31, 2025)
“At December 31, 2025, 67% of our Hospital Operations segment’s net accounts receivable was due from managed care payers.”
Price & Indicators
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TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Adjusted diluted earnings per share non-GAAP | $10.91 | Six Months Ended June 30, 2026 | — |
| Adjusted EBITDA non-GAAP | $2.47B | Six Months Ended June 30, 2026 | — |
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| Adjusted EBITDA margin non-GAAP | 22.4% | Six Months Ended June 30, 2026 | — |
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| Adjusted net income available to common shareholders non-GAAP | $936M | Six Months Ended June 30, 2026 | — |
| Ambulatory Care Adjusted EBITDA non-GAAP | $1.03B | Six Months Ended June 30, 2026 | — |
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| Ambulatory segment Adjusted EBITDA less NCI non-GAAP | $330M | Three Months Ended June 30, 2026 | — |
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| Ambulatory segment Adjusted EBITDA margin non-GAAP | 37.9% | Six Months Ended June 30, 2026 | — |
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| Free cash flow non-GAAP | $417M | Q2 2026 | — |
| Hospital segment Adjusted EBITDA non-GAAP | $1.44B | Six Months Ended June 30, 2026 | — |
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| Hospital segment Adjusted EBITDA margin non-GAAP | 17.4% | Six Months Ended June 30, 2026 | — |
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| Same-facility system-wide net patient service revenue per case change | 6.3% | Three Months Ended June 30, 2026 | — |
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| Same-facility system-wide net patient service revenues change | 5% | Three Months Ended June 30, 2026 | — |
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| Same-hospital admissions change | 2.3% | Three Months Ended June 30, 2026 | — |
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| Same-hospital Emergency Room visits change | 2% | Three Months Ended June 30, 2026 | — |
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| Same-hospital hospital surgeries change | -0.7% | Three Months Ended June 30, 2026 | — |
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| Same-hospital outpatient visits (including outpatient ER visits) change | 0.1% | Three Months Ended June 30, 2026 | — |
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| USPI ambulatory surgery centers | 538 | As of June 30, 2026 | — |
| USPI surgical hospitals | 26 | As of June 30, 2026 | — |
| Adjusted free cash flow non-GAAP | $978M | three months ended March 31, 2026 | — |
| Ratio of net debt to Adjusted EBITDA non-GAAP | 2.24 | at March 31, 2026 | — |
| Same-facility system-wide surgical cases change non-GAAP | -0.3% | first quarter 2026 | — |
| Same-hospital adjusted admissions change non-GAAP | 0.6% | first quarter 2026 | — |
| Ambulatory Adjusted EBITDA margin non-GAAP | 39.2% | FY 2025 | — |
| Hospital same-hospital adjusted admissions change | 1.2% | FY 2025 | — |
| Hospital same-hospital admissions change | 1.7% | FY 2025 | — |
| Hospital same-hospital emergency room visits change | -1.4% | FY 2025 | — |
| Hospital same-hospital outpatient visits change | -1.8% | FY 2025 | — |
| Hospital same-hospital surgeries change | -0.6% | FY 2025 | — |
| Net debt to Adjusted EBITDA non-GAAP | 2.25 | December 31, 2025 | — |
| Same-facility system-wide net patient service revenue per case | 7.1% | FY 2025 | — |
| Same-facility system-wide net patient service revenues | 7.5% | FY 2025 | — |
| Same-facility system-wide surgical cases | 0.3% | FY 2025 | — |
| USPI consolidated ambulatory surgery centers | 401 | As of December 31, 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Medical Care Facilities — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
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THC
this stock
Tenet Healthcare Corp
|
$21.76B | +35.1% | +0.9% | 10.4 | 4.0% |
|
HCA
HCA Healthcare, Inc.
|
$90.30B | -12.8% | +7.1% | 14.0 | 2.7% |
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FSNUY
Fresenius SE & Co. KGaA
|
$30.84B | -4.5% | — | — | 0.0% |
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FMS
Fresenius Medical Care AG
|
$12.69B | +0.1% | +5.9% | — | 0.5% |
|
EHC
Encompass Health Corp
|
$12.07B | +14.7% | +10.5% | 19.9 | 3.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| THC | +0.7% | +37.5% | +12.0% | +5.4% | +35.1% |
| SPY | -0.4% | +2.9% | +11.6% | +3.0% | +12.8% |
| vs SPY | +1.1% | +34.6% | +0.5% | +2.4% | +22.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.