Tenet Healthcare Corp.

Tenet Healthcare Corp.

THC

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Market Cap$20.51B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Tenet Healthcare Corp.Tenet Healthcare Corp.9.8-48%12.9

Earnings Call Q2 2026

July 24, 2026 - AI Summary

Strong Q2 fundamentals; margins up despite payer headwinds - Q2 2026 net operating revenues: $5.6B - Consolidated adjusted EBITDA: $1.304B = 23.2% margin (+16.3% YoY) - Adjusted diluted EPS: $6.12 (+52% YoY) - Management attributes margin strength to execution on technology-enabled expense management plus improved productivity/cost initiatives.
Guidance raised for full-year 2026 (confidence in 2H performance) - Full-year 2026 adjusted EBITDA guidance raised to $4.83B–$5.03B (+$295M / +6% at midpoint vs prior) - Revenue guidance also raised: $21.9B–$22.5B (midpoint +$300M vs prior) - Segment targets: - USPI adjusted EBITDA: $2.16B–$2.22B - Hospitals adjusted EBITDA: $2.67B–$2.81B - Supporting narrative: ~$100M fundamental outperformance in 1H plus ~$60M carry into 2H, and expectation that core growth + expense discipline continue. - M&A spend expectation increased: now expects >$300M full-year 2026.
Payer/exchange pressure is real, but largely anticipated and being managed - Exchange revenues down 17% YoY in Q2; exchange volume admissions down ~13.5% - Biggest hit states called out: Florida, Arizona, Michigan, South Carolina, Texas - Management says these results were roughly in line with expectations and they didn’t change guidance. - Cost flexing is underway (building a baseline to grow again while controlling margins amid enrollment uncertainty). - Mentioned dynamic: exchange patient volume shifting into uninsured at roughly a near one-to-one conversion trend.

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$269.31

Target Price by Analysts

5.7% upsideTenet Healthcare Target Price DetailsTarget Price
$643.91

Current Fair Value

152.7% upside

Undervalued by 152.7% based on the discounted cash flow analysis.

Share Statistics

Market cap$20.51 Billion
Enterprise Value$31.66 Billion
Dividend Yield$0.03 (-)
Earnings per Share$15.61
Beta1.27
Outstanding Shares83,524,000

Return

Return on Equity48.11%ROE
Return on Assets7.31%
Return on Invested Capital13.72%

Valuation & Multiples

P/E Ratio9.75P/E Ratio
PEG5.22PEG
Price to Sales0.98Price to Sales
Price to Book Ratio2.45Price to Book Ratio
Enterprise Value to Revenue1.45
Enterprise Value to EBIT9.19
Enterprise Value to Net Income14
Total Debt to Enterprise0.42
Debt to Equity2.86Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
July 28, 2026
EPS Estimate
$4.18
Average shareholder expectation
Revenue Estimate
$5.44 B
Average shareholder expectation

Next Earnings Call

Expected Date
October 27, 2026
EPS Estimate
$4.38
Average shareholder expectation
Revenue Estimate
$5.48 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.0000 107.38%
Total Calls- 100.00%
Total Puts800 99.83%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %1.93% 88.34%
Total Invested$314.15M 97.97%
Investors Holding224 507.00%

ESG Score

No data

About Tenet Healthcare Corp.

CEO: Ronald Rittenmeyer

Relevant Senate Committees

Joint Committee on Taxation

This committee provides the official revenue estimates and technical analysis for all tax bills, directly influencing the corporate tax structures, capital investment credits, and the overall tax burden on Tenet Healthcare. Its work is a fundamental input for committees that write tax law.

Finance

This is one of the most critical committees, as it controls taxation, trade, and entitlement spending. It directly impacts Tenet Healthcare through tax policy and, crucially, by setting Medicare and Medicaid reimbursement rates and structures, which are vital for the company's revenue.

Appropriations

This committee directly allocates federal spending. Its subcommittees determine the specific funding levels for government healthcare programs like Medicare and Medicaid, which are primary revenue sources for Tenet Healthcare.

Health, Education, Labor, and Pensions

This committee directly impacts Tenet Healthcare through its influence on labor laws (affecting significant labor costs for hospitals), health policy, and potentially broader regulations related to healthcare providers and services.

Judiciary

This committee's oversight of antitrust laws and the DOJ is critically important for Tenet Healthcare, as a large hospital system, regarding potential mergers, acquisitions, and competitive practices in the healthcare market.