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.”
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | FY2026 (G) | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $21.9B – $22.5B | $21.81B | $21.31B | $20.68BG | $20.56BG | $19.17B | $19.49B | $17.64B | $18.48B | $18.31B | $19.18B | $19.62B | — | — | — | — | — | — | — | — | |
| — | — | $166M | $172M | $174M | $172M | $188M | $172M | $188M | $185M | $172M | $152M | $144M | — | — | — | — | — | — | — | |
| — | $893M | $863M | $818M | $870M | $841M | $855M | $857M | $850M | $802M | $870M | $850M | $797M | $849M | $545M | $430M | $398M | $380M | $386M | $371M | |
| — | — | — | — | — | — | — | — | — | — | — | — | $6M | $3M | $16M | -$14M | -$13M | -$1M | $7M | — | |
| — | $4.54B | $3.51B | $5.96B | $2.51B | $2.33B | $2.87B | $1.99B | $1.54B | $1.64B | $1.11B | $1.25B | $1.08B | $925M | $663M | $749M | $653M | $634M | $538M | $311M | |
| — | — | 16.46% | 28.81% | 12.21% | 12.17% | 14.73% | 11.28% | 8.32% | 8.94% | 5.8% | 6.36% | — | — | — | — | — | — | — | — | |
| — | $5.43B | $4.37B | $6.77B | $3.38B | $3.17B | $3.73B | $2.85B | $2.39B | $2.44B | $1.98B | $2.1B | $1.87B | $1.77B | $1.21B | $1.18B | $1.05B | $1.01B | $924M | $682M | |
| — | $820M | $821M | $826M | $901M | $890M | $923M | $1B | $985M | $1B | $1.03B | $979M | $912M | $754M | $474M | $412M | $375M | $424M | $445M | $418M | |
| — | $150M | $117M | $126M | $19M | $11M | $14M | $1M | -$5M | -$5M | — | — | — | — | — | — | — | — | — | — | |
| — | $263M | $264M | $260M | $228M | $216M | $218M | $169M | $175M | $150M | $144M | $131M | $99M | $12M | $15M | $8M | $8M | $5M | — | — | |
| — | — | — | — | — | — | — | — | — | — | — | $8M | $1M | — | $1M | $1M | $3M | $5M | $0 | $22M | |
| — | $3.17B | $2.8B | $5.25B | $1.62B | $1.35B | $1.89B | $671M | $320M | $629M | -$101M | $248M | $144M | $147M | -$158M | $334M | $164M | $158M | $205M | — | |
| — | $691M | $433M | $1.18B | $306M | $344M | $411M | -$97M | $160M | $173M | $219M | $67M | $68M | $49M | -$65M | $125M | $61M | -$977M | -$23M | -$25M | |
| — | $3.17B | $2.37B | $4.06B | $1.31B | $1B | $1.48B | $768M | $171M | $459M | -$320M | $176M | $78M | $76M | -$104M | $133M | $94M | $1.12B | $181M | $25M | |
| — | — | 11.11% | 19.66% | 6.38% | 5.22% | 7.58% | 4.35% | 0.93% | 2.51% | -1.67% | 0.9% | — | — | — | — | — | — | — | — | |
| — | $933M | $960M | $864M | $700M | $590M | $562M | $369M | $386M | $355M | $384M | $368M | $218M | $64M | $30M | — | $12M | $9M | $10M | $7M | |
| — | $2.24B | $1.41B | $3.2B | $611M | $411M | $914M | $399M | -$215M | $104M | -$704M | -$192M | -$140M | $12M | -$134M | $141M | $58M | $1.12B | $181M | — | |
| — | $2.24B | $1.41B | $3.2B | $611M | $463M | $962M | $375M | -$249M | $128M | -$650M | -$286M | -$122M | -$146M | -$90M | $125M | $49M | $1.11B | $186M | $16M | |
| USD/shares | — | $26.12 | $15.61 | $33.02 | $6.01 | $3.84 | $8.55 | $3.80 | -$2.08 | $1.02 | -$7.00 | -$1.93 | -$1.41 | $0.12 | -$1.32 | $1.35 | $0.49 | $9.24 | $0.38 | $0.05 |
| USD/shares | $34.57 – $36.43 | $25.93 | $15.49G | $32.70 | $5.71G | $3.79 | $8.42 | $3.75 | -$2.08 | $1.00 | -$7.00 | -$1.93 | -$1.41 | $0.12 | -$1.32 | $1.30 | $0.48 | $8.16 | $0.37 | $0.05 |
| shares | — | — | 90.15M | 96.9M | 101.64M | 106.93M | 106.83M | 105.01M | 103.4M | 102.11M | 100.59M | 99.32M | 99.17M | 97.8M | 101.65M | 104.2M | 117.18M | 121.08M | 480.24M | 476.35M |
| shares | — | — | 90.83M | 97.88M | 104.8M | 110.52M | 108.57M | 106.26M | 103.4M | 103.88M | 100.59M | 99.32M | 99.17M | 100.29M | 101.65M | 108.93M | 121.3M | 140.16M | 507.28M | 478.61M |
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2009–FY2025: $3.45B in buybacks.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 16 similar-size Medical Care Facilities companies (of 55 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Hospital Operations | $16,138,000,000 | $16,141,000,000 | $16,698,000,000 | $15,926,000,000 | $16,767,000,000 | $14,790,000,000 | $15,522,000,000 | $15,285,000,000 |
| Ambulatory Care | $5,172,000,000 | $4,534,000,000 | $3,866,000,000 | $3,248,000,000 | $2,718,000,000 | $2,072,000,000 | $2,158,000,000 | $2,085,000,000 |
| Conifer Segment | — | — | — | $1,316,000,000 | $1,267,000,000 | $1,306,000,000 | $1,372,000,000 | $1,533,000,000 |
| Core Services and Other Segment | — | — | — | — | — | — | $2,158,000,000 | $2,085,000,000 |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Health Care Patient Service | $4,956,000,000 | — | — | — | $2,604,000,000 | $1,960,000,000 | $4,080,000,000 | $3,930,000,000 |
| Other Revenues | $2,196,000,000 | — | — | — | $2,008,000,000 | $1,172,000,000 | $1,154,000,000 | — |
| Health Care Other Sources | $216,000,000 | — | — | — | $28,000,000 | $26,000,000 | $46,000,000 | $56,000,000 |
| Health Care Management Fees | — | — | — | — | $86,000,000 | $86,000,000 | $190,000,000 | $184,000,000 |
| Insurance Recoveries | — | $0 | $34,000,000 | $6,000,000 | — | — | — | — |