📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

Tenet Healthcare Corporation operates as a diversified healthcare services company in the United States. The company operates through two segments: Hospital Operations and Services, and Ambulatory Care. Its general hospitals offer acute care services, operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies. The company also provides intensive and critical care, and/or coronary care units; cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics services; outpatient services, including physical therapy; tertiary care services, such as cardiothoracic surgery, complex spinal surgery, neonatal intensive care, and neurosurgery services; pediatric quaternary care services through heart, liver, and kidney transplants programs; and limb salvaging vascular procedure, acute level 1 trauma, intravascular stroke care, minimally invasive cardiac valve replacement, imaging technology, surgical robotic, and telemedicine access services. In addition, it offers a range of procedures and services comprising orthopedics, total joint replacement, and spinal and other musculoskeletal procedures; gastroenterology; pain management; otolaryngology; ophthalmology; and urology. Further, the company operates acute care and specialty hospitals, off-campus emergency departments, imaging centers, urgent care centers, and micro-hospitals, as well as ambulatory surgery centers and surgical hospitals. Tenet Healthcare Corporation was founded in 1967 and is headquartered in Dallas, Texas.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Mixed ↓ Deteriorating 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used phrases like 'strong outperformance', 'robust pipeline', and 'exceeded our expectations', while providing specific raised guidance numbers and citing margin improvements of 280 bps. The tone is upbeat and forward-looking with concrete data.

Q3 2025

Confident Specific

Management repeatedly used phrases like 'exceeded our expectations', 'strong performance', and 'raising guidance' with specific numbers ($445M increase at midpoint). They provided concrete rationale for beats, e.g., 'driven by strong same-store growth and continued operating efficiency'.

Q4 2025

Confident Specific

The tone is consistently confident and specific, with management providing detailed numbers (e.g., $250M headwind from exchange tax credits, $148M prior-year supplemental payments, 10% core growth) and clear guidance ranges. They proactively quantify risks and stress their ability to manage them.

Q1 2026 latest

Mixed

Management expressed strong Q1 performance ('pleased with the start', 'above expectations') but maintained caution due to 'dynamic environment' with exchange enrollment uncertainty, Medicaid impacts, and weather/cyber disruptions. They reaffirmed full-year guidance despite beating Q1, indicating layering in headwinds ahead.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears largely unchanged after this call. Tenet demonstrated a 'clean quarter' with solid EBITDA beats, strong USPI growth, and effective cost management despite volume/mix headwinds. However, management's decision not to raise full-year guidance despite the Q1 beat signals caution about the unfolding exchange attrition, Medicaid dynamics, and potential for further headwinds. Key watch items for next quarter: (1) the pace of exchange enrollment decline and its impact on volumes/payer mix, (2) whether USPI M&A momentum continues at the current pace, and (3) any update to full-year guidance as the year progresses. The leveraged balance sheet and aggressive share repurchase at compressed valuation support the thesis, but revenue headwinds could pressure margins if cost actions moderate.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →

📊 MIXED Tenet Healthcare Q1 2026: Revenue $5.4B, adj. EBITDA $1.16B, margin 21.6%

Revenue & Profitability

Net operating revenues were $5.4 billion. Consolidated adjusted EBITDA was $1.162 billion, with a margin of 21.6%. USPI adjusted EBITDA was $484 million (36.7% margin), and Hospital adjusted EBITDA was $678 million (16.7% margin). Adjusted free cash flow was $978 million. Revenue per adjusted admission in hospitals declined 1.5% year-over-year due to exchange mix and prior-year out-of-period supplemental Medicaid.

Outlook

Management describes a dynamic environment with payer mix shifts, exchange enrollment uncertainty, and Medicaid disenrollment. They reaffirmed full-year 2026 guidance, expecting a 10% normalized EBITDA growth at midpoint. For Q2 2026, they expect consolidated adjusted EBITDA to be 24%-25% of full-year guidance. Exchange revenue impact is expected to be $250 million for the year, with Q1 impact roughly half of that.

Growth Drivers

Key growth levers include USPI M&A ($125 million invested in Q1 for 7 ASCs and 3 de novos), high-acuity service line expansion (double-digit growth in total joint replacements, robotics), and hospital expense initiatives. Technology investments (AI, process automation) are also driving efficiency and capacity creation. Share repurchases of $318 million in Q1 further support shareholder value.

Balance Sheet & CapEx

Tenet targets $250 million annual USPI M&A spend; $125 million was deployed in Q1. The company also invests in hospital growth opportunities and technology (AI tools for clinician productivity, back-office automation). No specific total CapEx number was given, but capital deployment priorities include M&A, organic hospital investments, and share repurchases.

Margins

Consolidated adjusted EBITDA margin was 21.6% in Q1 2026. USPI margin was 36.7%; Hospital margin was 16.7% (impacted by exchange headwinds and prior-year out-of-period Medicaid). Salary, wages, and benefits were 40.5% of net revenues, flat year-over-year despite revenue pressure. Management expects hospital margin growth from expense initiatives and efficiencies.

Key Risks

Risks flagged include exchange enrollment uncertainty, Medicaid disenrollment, payer mix shifts, and uncompensated care increases. Weather storms and vendor cyberattacks impacted Q1 operations. Management noted high payer denial levels but no material change from prior year. Regulatory risk: awaiting the upcoming outpatient rule from CMS.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-24

Q2 2026 saw strong revenue and margin growth, with adjusted EBITDA up 16.3% year-over-year and EPS up 52%. Guidance for 2026 was raised across revenue, EBITDA, and free cash flow, supported by high-acuity strategies, disciplined expense management, and robust capital deployment.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw revenues of $5.4B and adjusted EBITDA of $1.16B, both above expectations, driven by strong cost management and high-acuity growth. Guidance for 2026 is reaffirmed, with robust cash flow and continued capital deployment for M&A and share repurchases.

Q4 2025 Q4 2025 2026-02-11

2025 saw strong revenue and margin growth, with Adjusted EBITDA up 14% and robust free cash flow. 2026 guidance anticipates continued growth, though headwinds from expiring tax credits are expected. Capital deployment remains focused on M&A, share repurchases, and technology-driven efficiencies.

Q3 2025 Q3 2025 2025-10-28

Q3 2025 saw strong revenue and EBITDA growth, margin expansion, and robust free cash flow, prompting raised full-year guidance for revenue, EBITDA, and capital expenditures. USPI and hospital segments both delivered solid performance, with continued M&A activity and disciplined cost controls supporting future growth.

Q2 2025 Q2 2025 2025-07-22

Q2 2025 saw 19% adjusted EBITDA growth and margin expansion, with strong USPI and hospital performance. Full-year guidance was raised for revenue, EBITDA, and free cash flow, supported by high-acuity strategies and robust payer mix.

📊 Analysis Methodology

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