Tenet Healthcare Corp.
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong Q3 performance; core growth excluding one-offs remains solid
- Q3’26 net operating revenues: $5.6B; consolidated adjusted EBITDA: $1.355B
- Adjusted diluted EPS: $6.40, +80% YoY
- Margin strength: 21.8% adjusted EBITDA margin
- Key “surprising/good” item: $147M of adjusted EBITDA from one-time Conifer contract transition items (explicitly not in prior guidance), but management emphasizes the core business is still growing strongly even when these are excluded.
Guidance raised for full-year 2026 (forecast)
- Adjusted EBITDA guidance raised to $5.05B–$5.2B (up $195M at midpoint; ~+4% vs prior)
- > 40% of the guidance increase attributed to fundamental outperformance (not just timing/one-offs)
- Revenue outlook: consolidated net operating revenues $22.05B–$22.45B (midpoint up $50M)
- Adjusted free cash flow after NCI raised to $1.925B–$2.155B (midpoint up $100M), including $150M tax payments related to Conifer transaction.
- Capital return: $1.615B of share repurchases year-to-date (plus $255M in Q3).
Segment momentum: USPI stronger, hospital resilience
- USPI (ASC/higher acuity strategy)
- Adjusted EBITDA: $537M (+9% YoY) at 39.2% margins
- Same-facility revenue: +4.5%; net revenue per case +6.1%
- Case volume: -1.5%, consistent with a high acuity focus (mix-driven performance)
- Expansion engine: $100M+ investments in development in Q3, 4 de novo centers already in patient care
- Hospital segment
- Adjusted admissions: +3.2%
- Revenue per adjusted admission: +0.2%, aided by commercial strength but offset by exchange declines
- Exchange admissions down 18% YoY; exchanges are ~5.5% of consolidated revenues
- Cost discipline continues to drive margin despite coverage pressures
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$634.58
136.1% upside
Current Fair Value
136.1% upsideUndervalued by 136.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $22.00 Billion |
|---|---|
| Enterprise Value | $33.15 Billion |
| Earnings per Share | $15.61 |
| Beta | 1.2 |
| Outstanding Shares | 80,134,000 |
Return
| Return on Equity | 62.24% |
|---|---|
| Return on Assets | 9.45% |
| Return on Invested Capital | 18.15% |
Valuation & Multiples
| P/E Ratio | 7.87 |
|---|---|
| PEG | 4.09 |
| Price to Sales | 0.95 |
| Price to Book Ratio | 2.49 |
| Enterprise Value to Revenue | 1.45 |
| Enterprise Value to EBIT | 7.27 |
| Enterprise Value to Net Income | 11 |
| Total Debt to Enterprise | 0.4 |
| Debt to Equity | 2.86 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$4.68
Consensus analyst estimateRevenue Estimate
$5.49 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 3, 2026
EPS Estimate
$4.10
Consensus analyst estimateRevenue Estimate
$5.45 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 136.99% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.20%▼ 90.93% |
|---|---|
| Total Invested | $470.43M▼ 96.89% |
| Investors Holding | 252▼ 468.00% |
About Tenet Healthcare Corp.
CEO: Ronald Rittenmeyer
