THC · Tenet Healthcare Corp
$267.75
-6.44 (-2.35%)
At close · Aug 27
View the 10-K filed Feb 17, 2026
Customer concentration
— key customers 70% of revenue
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.”
Market Cap
$22.08B
Shares
80.52M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$267.75
Open$270.35
Day$264.22–273.13
52W close$161.37–280.77
Avg vol 30d1.1M
Short int2.5M · 3.1% float · 3.1d
Short vol29%
Last earningsJul 24, 2026
DataJan 2020–Aug 2026
Filing10-Q · Jul 29
Up next
Next earnings call
Oct 24, 2026
Est · unconfirmed
· in 8 wks
FQ3-26 quarter ends
~Sep 30, 2026
Est
filed Jul 29, 2026
AI Brief
TL;DR.
Bullish
Bearish
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Buy
Momentum
Very Strong
Sentiment
Neutral
Fundamentals
Strong
Quant / Vol
Moderate
Market backdrop
VIX 14.5 · calm
Equity put/call 0.39
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+30%
above
Price vs 50-day avg
+18%
above
RSI (14)
60
neutral
MACD trend
Negative
52-week position
89%
near high
Momentum
relative strength
1-month return
+6%
trailing
6-month return
+13%
trailing
YTD return
+35%
this year
Relative strength
−2%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $228 › 200d $206 — 50d above 200d
Institutional flow
Distributing
-1% holders QoQ · +109 funds added
Insider flow
Distributing
Net -$37.5M over 90 days · 100% sells
Short interest
Falling
3.13% of float · ▼ -21.2% MoM · 3.1 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
678 holders — mid 3-yr range
Squeeze score
66
elevated · 0–100
Fundamentals
Revenue growth
+1%
Y/Y
EPS growth
−53%
Y/Y
Free cash flow
$2.5B
Valuation
P/E 10.6
below peers
Buyback
$2.1B
remaining
Balance sheet
$1.2B
net debt
Quant / Vol
risk profile
Volatility
44%
annualized · 1-yr
Max drawdown
−34%
past year
ATR
3.2%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Latest guidance
· from the 8-K filed Jul 23, 2026
FY 2026 Outlook
Ambulatory Net operating revenues
Initiated
$5.5B – $5.7B
Ambulatory Adjusted EBITDA
Initiated
$2.16B – $2.22B
Ambulatory Same-facility system-wide revenues change versus prio
Initiated
3% – 6%
Hospital Adjusted EBITDA
Initiated
$2.67B – $2.81B
Hospital Net operating revenues
Initiated
$16.4B – $16.8B
FY 2026
Diluted earnings per share
Initiated
$34.57 – $36.43
prior FY $15.49
midpoint +129.2% Y/Y
Adjusted diluted earnings per share
Raised
$20.30 – $21.69
Apr 30, 2026
$16.38 – $18.68
changed to
Jul 23, 2026
$20.30 – $21.69
Prior guidance
period ended
· from the 8-K filed Oct 28, 2025
Ambulatory Same-facility system-wide revenue
· FY 2025
5.5% – 7.5%
Hospital Inpatient admissions
· FY 2025
2% – 3%
Diluted earnings per share
· FY 2025
$14.66 – $15.37
Adjusted diluted earnings per share
· FY 2025
$15.93 – $16.26
Guided vs delivered
· last 3 settled
Diluted earnings per share
FY 2025
guided $14.66 – $15.37
$15.49
Beat +3.2%
Net operating revenues
full year 2024
guided $19.9B – $20.3B
$20.68B
Beat +2.9%
Net operating revenues
2023
guided $20.3B – $20.5B
$20.56B
Beat +0.8%
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Buy
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+30%
Bullish
Price vs 50-day avg
+18%
Bullish
RSI (14)
60
Neutral
MACD trend
Negative
Bearish
52-week position
89%
Bullish
Market signals — smart money & positioning
Bearish · 2 of 6
Trend (MA cross)
No cross
50d $228 › 200d $206 — 50d above 200d
Institutional flow
Distributing
-1% holders QoQ · +109 funds added
Insider flow
Distributing
Net -$37.5M over 90 days · 100% sells
Short interest
Falling
3.13% of float · ▼ -21.2% MoM · 3.1 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
678 holders — mid 3-yr range
Price context
position in its 52-week range
Range low $161
Now $268 · 89%
Range high $281
vs 200-day avg +30%
vs 50-day avg +18%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted diluted earnings per share non-GAAP | $10.91 | Six Months Ended June 30, 2026 | — |
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| 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 | — |
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| 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 | — |
| Ambulatory segment Adjusted EBITDA margin non-GAAP | 37.9% | Six Months Ended June 30, 2026 | — |
| Free cash flow non-GAAP | $417M | Q2 2026 | — |
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| 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 | — |
| Same-facility system-wide net patient service revenues change | 5% | Three Months Ended June 30, 2026 | — |
| Same-hospital admissions change | 2.3% | Three Months Ended June 30, 2026 | — |
| Same-hospital Emergency Room visits change | 2% | Three Months Ended June 30, 2026 | — |
| Same-hospital hospital surgeries change | -0.7% | Three Months Ended June 30, 2026 | — |
| Same-hospital outpatient visits (including outpatient ER visits) change | 0.1% | Three Months Ended June 30, 2026 | — |
| 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 | — |
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| Ambulatory Adjusted EBITDA non-GAAP | $484M | first quarter 2026 | — |
| Ambulatory Adjusted EBITDA margin non-GAAP | 36.7% | first quarter 2026 | — |
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| Ambulatory Care Adjusted EBITDA margin non-GAAP | 36.7% | Three Months Ended March 31, 2026 | — |
| Hospital Operations and Services Adjusted EBITDA non-GAAP | $678M | Three Months Ended March 31, 2026 | — |
| Hospital Operations and Services Adjusted EBITDA margin non-GAAP | 16.7% | Three Months Ended March 31, 2026 | — |
| Hospital same-hospital admissions change | 0.2% | first quarter 2026 | — |
| Hospital same-hospital emergency room visits change | -3.2% | first quarter 2026 | — |
| Hospital same-hospital outpatient visits change | -3.7% | first quarter 2026 | — |
| Hospital same-hospital surgeries change | -0.9% | first quarter 2026 | — |
| Same-facility system-wide net patient service revenue per case | 5.6% | first quarter 2026 | — |
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| Same-facility system-wide surgical cases | -0.3% | first quarter 2026 | — |
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| Adjusted EBITDA - Ambulatory Care non-GAAP | $2.03B | Year Ended December 31, 2025 | — |
| Adjusted EBITDA margin - Ambulatory Care non-GAAP | 39.2% | Year Ended December 31, 2025 | — |
| Adjusted EBITDA margin - Hospital Operations and Services non-GAAP | 15.7% | Year Ended December 31, 2025 | — |
| Ambulatory surgery centers | 533 | FY 2025 | — |
| Capital expenditures - Ambulatory Care | $124M | Year Ended December 31, 2025 | — |
| Capital expenditures - Hospital Operations and Services | $886M | Year Ended December 31, 2025 | — |
| Hospital Adjusted EBITDA non-GAAP | $2.54B | FY 2025 | — |
| Hospital Adjusted EBITDA margin non-GAAP | 14.7% | Q4 2025 | — |
| Same-facility system-wide net patient service revenues | 7.2% | Q4 2025 | — |
| Same-hospital Admissions | -0.7% | Q4 2025 | — |
| Surgical hospitals | 26 | FY 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 |
|---|---|---|---|---|---|
|
THC
this stock
Tenet Healthcare Corp
|
$22.08B | +34.7% | +0.9% | 10.6 | 3.1% |
|
HCA
HCA Healthcare, Inc.
|
$93.03B | -10.2% | +7.1% | 14.5 | 2.8% |
|
FSNUY
Fresenius SE & Co. KGaA
|
$30.21B | -6.4% | — | — | 0.0% |
|
FMS
Fresenius Medical Care AG
|
$12.38B | -2.3% | +5.9% | — | 0.5% |
|
EHC
Encompass Health Corp
|
$11.80B | +12.7% | +10.5% | 19.5 | 3.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| THC | -1.8% | +5.9% | +13.0% | +5.1% | +34.7% |
| SPY | +1.1% | +4.0% | +14.7% | +3.2% | +13.1% |
| vs SPY | -2.9% | +2.0% | -1.7% | +1.9% | +21.7% |
Capital returns
Buyback program
· as of Jul 23, 2026
Authorized
—
Spent (derived)
—
Remaining
$2.13B
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.
Key facts
CIK
70318
CUSIP
88033G407
13F (30d)
513 filings
505 filers
Visit website
Investor relations