TENET HEALTHCARE CORP
Company Stats
- Market Cap
- $20.6B
- as of Sep 30, 2026
- Enterprise Value
- $30.9B
- Shares Outstanding
- 79.6M
- Free Float
- 95.7%
Income Statement
- Revenue
- $21.3B
- Operating Income
- $3.5B
- Net Income
- $2.4B
- EBITDA
- $4.4B
- Non-cash Impairment
- $61.0M
- Revenue Growth, 3Y
- 3.6%
- FCF Margin, 3Y Avg
- 8.4%
- FCF Margin, Worst Year
- 5.4%
Cash Flow
- Free Cash Flow
- $2.5B
- FCF Yield
- 12.3%
- Owner FCF Yield
- 11.8%
Balance Sheet
- Cash & Equivalents
- $2.9B
- Total Debt
- $13.2B
- Net Debt
- $10.3B
- Net Debt / EBITDA
- 2.35x
- EV / EBITDA
- 7.06x
- Net Debt / EBIT
- 2.93x
Returns & Capital
- Share Repurchases
- $1.4B
- Buyback Yield, 3Y Avg
- 3.7%
- SBC, 3Y Avg
- $79.0M
Cash Flow by Year
| Year | Revenue | FCF | Margin |
|---|---|---|---|
| FY2025 | $21.3B | $2.5B | 11.9% |
| FY2024 | $20.7B | $1.1B | 5.4% |
| FY2023 | $20.6B | $1.6B | 7.9% |
| FY2022 | $19.2B | $321.0M | 1.7% |
| FY2021 | $19.5B | $910.0M | 4.7% |
Annual filing data through FY ended December 31, 2025; shares and float as of November 7, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.
Stronger demand supports expansion as pricing diverges
Healthcare Earnings: Demand Surges, Costs Bite Back