Foundation Sweep — share basis uncertain
F6 · Genuine disagreement between witnesses · divisor 90,150,000 — 2 witness(es) agree [dei, tape]; CONFLICT with [eps_identity]
This page shows our last published analysis, from Sep 1, 2026.
It is not being updated, and new reports can't be run for this company.
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What this page is: Delvantic's full research page for Tenet Healthcare Corp. (THC) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Tenet Healthcare Corp.
THC NYSE
Healthcare · Medical Care Facilities
Dallas, TX 75254, United States
tenethealth.com
Price
$270.87
Market Cap
$21.4B
Employees
77,000
Beta
1.23
Avg Volume
1,072,600
Last Dividend
$0.03
CEO
Dr. Saumya Sutaria M.D.
Tenet Healthcare Corp. is a diversified healthcare services company focused on delivering hospital care, outpatient treatment, and related support services across the United States. The company operates acute care and specialty hospitals, ambulatory surgery centers, and a broad network of outpatient facilities that provide services such as emergency care, diagnostics, radiology, respiratory therapy, clinical laboratories, and pharmacies. Its business also includes physician services and revenue cycle management through Conifer Health Solutions, which supports hospitals, health systems, physician practices, and employers with administrative and financial operations. Through this combination of inpatient care, ambulatory surgery, and healthcare services infrastructure, Tenet Healthcare Corp. plays an important role in providing coordinated care delivery across multiple settings and patient needs. The company is headquartered in Dallas, Texas.
Runs with full report
Price Overview
Price at report time
$270.87
as of Sep 1, 11:41am (36d ago)
Change · Sep 1
+4.96 (+1.87%)
Day Range
$266.33 – $273.73
52-Week Range
$157.58 – $283.05
50-Day MA
$233.01
200-Day MA
$207.25
Volume
7,966.00
Right now · live
Log in to get the live feed
Members see the real-time price and the move since this report (over 36d).
Share Structure
Outstanding
80,507,000.00
Float
79,535,863.00
Free Float
98.8%
High free float
— 98.8% of shares trade freely, ~1.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E · trailing (TTM) (Price per dollar of earnings over the past year — not a run-rate or forward P/E)
HEXStock Price / EPS (Diluted)
17.49
Stock Price: $270.87
EPS (Diluted): 15.49
EPS (Diluted): 15.49
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
2.74
Stock Price: $270.87
Total Equity: $8.97B
Shares: 90,833,000
Total Equity: $8.97B
Shares: 90,833,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
7.94
Market Cap: $21.41B
Total Debt: $13.17B
Cash: $2.88B
EBITDA: $4.37B
Total Debt: $13.17B
Cash: $2.88B
EBITDA: $4.37B
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$34.7B
Market Cap: $21.41B
Total Debt: $13.17B
Cash: $2.88B
Total Debt: $13.17B
Cash: $2.88B
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: $21.31B
Revenue: $21.31B
Missing from API: Gross Profit
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
16.5%
Operating Income: $3.51B
Revenue: $21.31B
Revenue: $21.31B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
11.1%
Net Income: $2.37B
Revenue: $21.31B
Revenue: $21.31B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
26.4%
Net Income: $2.37B
Total Equity: $8.97B
Total Equity: $8.97B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
15.4%
Operating Income: $3.51B
Tax Rate: 15.5%
Equity: $8.97B
Total Debt: $13.17B
Cash: $2.88B
Tax Rate: 15.5%
Equity: $8.97B
Total Debt: $13.17B
Cash: $2.88B
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
1.76
Current Assets: $7.85B
Current Liabilities: $4.46B
Current Liabilities: $4.46B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
1.47
Short-Term Debt: $79.00M
Long-Term Debt: $13.09B
Total Debt: $13.17B
Total Equity: $8.97B
Long-Term Debt: $13.09B
Total Debt: $13.17B
Total Equity: $8.97B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$234.61
Revenue: $21.31B
Shares: 90,833,000
Shares: 90,833,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$98.79
Total Equity: $8.97B
Shares: 90,833,000
Shares: 90,833,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$27.85
Operating CF: $3.54B
CapEx: -$1.01B
Shares: 90,833,000
CapEx: -$1.01B
Shares: 90,833,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
0.0%
Last Dividend: $0.03
Stock Price: $270.87
Stock Price: $270.87
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $2.37B
Net Income: $2.37B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares THC against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Income Statement (Annual)
Last updated: Sep 1, 2026 11:45am (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $19.5B | $19.2B | $20.5B | $20.7B | $21.3B |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | — | — | — | — | — |
| Operating Income | $2.9B | $2.3B | $2.5B | $6.0B | $3.5B |
| Net Income | $1.5B | $1.0B | $1.3B | $4.1B | $2.4B |
| EBITDA | $3.7B | $3.2B | $3.4B | $6.8B | $4.4B |
| EPS | $8.55 | $3.84 | $6.01 | $33.02 | $15.61 |
| EPS (Diluted) | $8.42 | $3.79 | $5.71 | $32.70 | $15.49 |
Balance Sheet (Annual)
Last updated: Sep 1, 2026 11:41am (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.4B | $858.0M | $1.2B | $3.0B | $2.9B |
| Total Current Assets | $7.1B | $6.0B | $7.2B | $7.7B | $7.8B |
| Total Assets | $27.6B | $27.2B | $28.3B | $28.9B | $29.7B |
| Current Liabilities | $5.1B | $4.5B | $4.8B | $4.3B | $4.5B |
| Long-Term Debt | $15.5B | $14.9B | $14.9B | $13.1B | $13.1B |
| Total Liabilities | $23.3B | $22.5B | $22.8B | $20.4B | $20.7B |
| Total Equity | $4.3B | $4.6B | $5.5B | $8.5B | $9.0B |
| Retained Earnings | -$1.2B | -$803.0M | -$192.0M | $3.0B | $4.4B |
Cash Flow (Annual)
Last updated: Sep 1, 2026 11:51am (36d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.6B | $1.1B | $2.4B | $2.0B | $3.5B |
| Capital Expenditure | -$658.0M | -$762.0M | -$751.0M | -$931.0M | -$1.0B |
| Free Cash Flow | $910.0M | $321.0M | $1.6B | $1.1B | $2.5B |
| Acquisitions (net) | -$1.2B | -$234.0M | -$224.0M | -$571.0M | -$308.0M |
| Net Debt Issued / (Repaid) | — | -$828.0M | -$172.0M | -$2.2B | -$96.0M |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$250.0M | -$200.0M | -$672.0M | -$1.4B |
| Net Change in Cash | -$82.0M | -$1.5B | $370.0M | $1.8B | -$136.0M |
Growth Trends (YoY %)
Last updated: Sep 1, 2026 11:45am (36d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -1.6% | +7.2% | +0.6% | +3.1% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | -18.7% | +7.6% | +137.3% | -41.1% |
| Net Income Growth | -32.2% | +31.0% | +210.0% | -41.8% |
| EBITDA Growth | -14.8% | +6.5% | +100.4% | -35.5% |
Dividend History (Last 20)
Last updated: Sep 1, 2026 11:41am (36d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2000-03-13 | $0.03 | — | — | — |
| 1993-08-16 | $0.85 | — | — | — |
| 1993-05-17 | $0.85 | — | — | — |
| 1993-02-12 | $0.85 | — | — | — |
| 1992-11-06 | $0.85 | — | — | — |
| 1992-08-10 | $0.85 | — | — | — |
| 1992-05-11 | $0.82 | — | — | — |
| 1992-02-10 | $0.82 | — | — | — |
| 1991-11-08 | $0.82 | — | — | — |
| 1991-08-12 | $0.41 | — | — | — |
| 1991-05-13 | $0.36 | — | — | — |
| 1991-02-11 | $0.36 | — | — | — |
| 1990-11-09 | $0.36 | — | — | — |
| 1990-08-13 | $0.36 | — | — | — |
| 1990-05-14 | $0.32 | — | — | — |
| 1990-02-12 | $0.32 | — | — | — |
| 1990-02-01 | $3.33 | — | — | — |
| 1989-11-13 | $0.32 | — | — | — |
| 1989-08-14 | $0.32 | — | — | — |
| 1989-05-15 | $0.30 | — | — | — |
Deep Analysis
0Company Classification
1Industry Landscape
2Company Momentum
3Forward Projection
4aDCF Valuation
4bEarnings Power Value
4cAnchored PE
4dReverse DCF
4eRevenue-Based DCF
4fAnchored P/S
4gScenario Analysis
4hDividend Discount Model
4iBook Value Analysis
4jInsider Activity
4fCash Flow Quality
4gDebt Maturity Risk
4hMacro Environment
4iSector Intelligence
4jRevenue Confidence
4kSensitivity Analysis
4lSector Demand Cycle
5AI Investigation
5bThesis Evaluation
6Valuation Synthesis
computed
not applicable
not yet run 0 computed · 6 not applicable · 18 not yet run
Risk : Reward — upside vs downside from this company's own quarters
Not computed yet
Why there is no ratio: Risk:reward has not been computed for this name yet — its report predates the mechanical valuation chain. It is added, at $0, the next time a report or the nightly touches this ticker.
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for THC — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for THC — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
Skipped in the Qwen lane lane by design —
the GPT seat runs only in the full report.
Grok Reading
Skipped in the Qwen lane lane by design —
the Grok seat runs only in the full report.
Advanced Analysis Forensic deep-dive · separate lenses
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v1.1.760 · f4b58a28 · 2026-10-07 20:07:48