THC
Tenet Healthcare Corporation
THC's fundamentals are strong and it looks cheap: trading at 8.3x earnings, below its usual 11x. Analysts expect earnings growth, though they disagree widely on how much.
THC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
THC's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
THC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6x | $207 | -28% |
| Current | 8.3x | $287 | — |
| Fair | 11x | $365 | +27% |
| Forward | 14x | $287 | — |
| Expensive | 17x | $590 | +106% |
Historical ranges are pointers, not guarantees.
THC's PE is in its cheap range at 8.3x. On analysts' estimates for next year's earnings, today's price would be 14x, in its expensive range.
THC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect THC's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
THC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.30 | -41% |
| Q3 2026 | $34.48 | +129% |
| Q2 2026 | $25.93 | +61% |
| Q1 2026 | $19.23 | +23% |
| Q4 2025 | $15.49 | -53% |
| Q3 2025 | $15.06 | -52% |
| Q2 2025 | $16.09 | -41% |
| Q1 2025 | $15.59 | -40% |
| Q4 2024 | $32.70 | +473% |
THC earned $34.48 per share over the past year, up 129% from the year before.
THC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.6B | +6.5% |
| Q2 2026 | $5.6B | +6.8% |
| Q1 2026 | $5.4B | +2.8% |
| Q4 2025 | $5.5B | +9% |
| Q3 2025 | $5.3B | +3.3% |
| Q2 2025 | $5.3B | +3.3% |
| Q1 2025 | $5.2B | -2.7% |
| Q4 2024 | $5.1B | -5.7% |
THC's revenue has grown year over year for six quarters in a row: $5.6B last quarter, up 6.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | +14 points |
| Q2 2026 | 27% | +11 points |
| Q1 2026 | 24% | +6.1 points |
| Q4 2025 | 15% | -0.8 points |
| Q3 2025 | 17% | -4.5 points |
| Q2 2025 | 16% | +0.7 points |
| Q1 2025 | 18% | -43 points |
| Q4 2024 | 16% | +2.5 points |
THC's operating margin was 31% last quarter, up 14 points from the same quarter a year ago, near the top of its range since 2019.
THC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +39% |
| Q2 2026 | $417M | -44% |
| Q1 2026 | $1.5B | +128% |
| Q4 2025 | $367M | +$1B |
| Q3 2025 | $778M | -6.2% |
| Q2 2025 | $743M | +23% |
| Q1 2025 | $642M | +86% |
| Q4 2024 | -$661M | -207% |
THC generated $3.3B in free cash flow over the past year, up 122% from the year before.
THC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4% | -3.4M shares |
| 1 year | -9% | -8M shares |
| 3 years | -23% | -23.8M shares |
| 5 years | -26% | -28.2M shares |
| Available history | -22% | -22.8M shares |
THC has 81M diluted shares, down 9% from a year ago, with $1.8B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $255M |
| Q2 2026 | $1B |
| Q1 2026 | $318M |
| Q4 2025 | $198M |
| Q3 2025 | $93M |
| Q2 2025 | $747M |
| Q1 2025 | $348M |
| Q4 2024 | — |
THC spent $1.8B buying back its own shares over the past year, up 53% from the year before.
THC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 1.5x | Healthy |
THC's net debt is about 1.7 years of its operating earnings (EBITDA), down from 2.4 years a year ago.
THC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.8 | Overbought |
| Stochastic | 73.5 | Neutral |
THC's weekly RSI is 72 (overbought) and its Stochastic is 73 (neutral).
THC PE vs Healthcare Sector
| Metric | THC | Sector median | Relative |
|---|---|---|---|
| PE | 8.3x | 26x | 68% below |
| PE % | 32 | 29 | 3 pts above |
THC is trading at 8.3x earnings, a 68% discount to the Healthcare sector's median of 26x.
THC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $270.2 | 6.2% above |
| 20 week MA | $256.0 | 12% above |
| 50 week MA | $220.8 | 30% above |
| 100 week MA | $190.8 | 50% above |
| 200 week MA | $144.1 | 99% above |
THC is in an uptrend: it's above all five of its weekly moving averages, and 99% above its 200-week average.
THC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $38.3 | $40.1 | +4.9% |
| 2021 | $40.1 | $79.3 | +98% |
| 2022 | $79.3 | $46.6 | -41% |
| 2023 | $46.6 | $75.6 | +62% |
| 2024 | $75.6 | $128.0 | +69% |
| 2025 | $128.0 | $200.6 | +57% |
| 2026 YTD | $200.6 | $286.9 | +43% |
THC has finished higher in five of the last six years, four of them by more than 50%. It's up 43% so far in 2026.