Ardent Health Partners, Inc. (ARDT) Balance Sheet
ARDT balance sheet, 2025
December 31, 2025 · U.S. dollars$5.29B assets = $3.61B liabilities + $1.68B equity
Both columns are drawn to the same scale: what ARDT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ARDT financial health
Descriptive bands, not a rating. Fiscal 2025.
ARDT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.09B2016 | $5.29B2025 | +30.2%/yr | |
| Total liabilities | $689.4M2016 | $3.61B2025 | +31.7%/yr | |
| Shareholders’ equity | $266.5M2016 | $1.69B2025 | +36.0%/yr | |
| Cash & short-term investments | $92.6M2016 | $709.6M2025 | +40.4%/yr | |
| Total debt | $240.4M2016 | $2.26B2025 | +45.3%/yr | |
| Net cash (debt) | −$147.8M2016 | −$1.55B2025 | −$1.4B | |
| Working capital | $143.0M2016 | $1.01B2025 | +$869.3M | |
| Book value per share | $1.892016 | $11.922025 | +35.9%/yr | |
| Current ratio | 1.442016 | 1.972025 | +0.53 | |
| Debt / equity | 0.902016 | 1.342025 | +0.44 | |
| Shares outstanding | 141.0M2016 | 141.5M2025 | +0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARDT assets
ARDT liabilities and equity
ARDT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ARDT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $709.6M | $556.8M | $437.6M | $456.1M | $59.7M | $72.0M | $92.6M |
| Cash & equivalents | $709.6M | $556.8M | $437.6M | $456.1M | $59.7M | $72.0M | $92.6M |
| Short-term investments | — | — | $8.7M | $8.0M | — | — | — |
| Receivables | $686.1M | $743.0M | $785.8M | $612.0M | $529.1M | $453.8M | $261.0M |
| Inventory | $118.6M | $115.1M | $105.5M | $107.2M | $84.8M | $84.2M | $47.1M |
| Other current assets | $544.5M | $417.8M | $289.3M | $234.0M | $186.8M | $126.4M | $70.4M |
| Total current assets | $2.06B | $1.83B | $1.62B | $1.41B | $860.4M | $736.4M | $471.1M |
| Property, plant & equipment (net) | $2.14B | $2.04B | $2.01B | $1.99B | $839.9M | $591.6M | $256.5M |
| Goodwill & intangible assets | $968.8M | $929.0M | $921.6M | $921.6M | $899.9M | $896.4M | $316.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $118.6M | $155.3M | $550.8M | $538.8M | $146.1M | $150.1M | $41.4M |
| Total assets | $5.29B | $4.96B | $5.10B | $4.86B | $2.75B | $2.37B | $1.09B |
| Liabilities | |||||||
| Accounts payable | $457.9M | $401.2M | $474.5M | $320.8M | $230.4M | $226.5M | $131.9M |
| Short-term debt | $23.4M | $55.6M | $61.0M | $58.4M | $9.0M | $16.9M | $7.7M |
| Deferred revenue | — | — | $18.0M | $17.3M | — | — | — |
| Total current liabilities | $1.05B | $945.4M | $994.1M | $808.6M | $624.8M | $507.3M | $328.1M |
| Long-term debt | $1.08B | $1.09B | $1.17B | $1.16B | $0 | $0 | $0 |
| Lease obligations | $1.22B | $1.19B | $1.21B | $1.21B | — | — | — |
| Other long-term liabilities | $1.48B | $1.40B | $1.86B | $1.84B | $1.41B | $1.11B | $361.2M |
| Total liabilities | $3.61B | $3.43B | $4.02B | $3.81B | $2.03B | $1.61B | $689.4M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $496.9M | $511.0M | $504.7M | $401.9M | $255.0M |
| Retained earnings (deficit) | $501.6M | $365.8M | $155.5M | $101.5M | −$167.2M | −$24.1M | $11.5M |
| Accumulated other comprehensive income | −$3.6M | $9.7M | $18.6M | $26.5M | −$5.9M | $0 | $0 |
| Minority interest | $397.1M | $391.0M | $411.4M | $411.3M | — | — | — |
| Total shareholders' equity | $1.69B | $1.13B | $670.9M | $639.0M | $331.6M | $377.7M | $266.5M |
| Key figures | |||||||
| Total debt | $2.26B | $2.28B | $2.40B | $2.39B | $1.26B | $952.7M | $240.4M |
| Net cash (debt) | −$1.55B | −$1.73B | −$1.96B | −$1.93B | −$1.20B | −$880.7M | −$147.8M |
| Working capital | $1.01B | $887.3M | $624.0M | $600.7M | $235.6M | $229.1M | $143.0M |
| Tangible book value | $717.4M | $202.4M | −$250.7M | −$282.6M | −$568.2M | −$518.7M | −$49.7M |
| Book value per share | $11.92 | $8.52 | $4.68 | $4.46 | $2.35 | $2.68 | $1.89 |
| Shares outstanding | 141.5M | 132.7M | 143.3M | 143.3M | 141.0M | 141.0M | 141.0M |
| Current ratio | 1.97 | 1.94 | 1.63 | 1.74 | 1.38 | 1.45 | 1.44 |
| Quick ratio | 1.33 | 1.37 | 1.23 | 1.32 | 0.94 | 1.04 | 1.08 |
| Debt / equity | 1.34 | 2.02 | 3.57 | 3.74 | 3.80 | 2.52 | 0.90 |
| Equity / assets | 31.9% | 22.8% | 13.1% | 13.1% | 12.1% | 15.9% | 24.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $724.5M | $609.7M | $709.6M | $609.4M | $540.6M | $495.0M | $556.8M | $563.1M | $334.5M | $372.8M | $437.6M |
| Cash & equivalents | $724.5M | $609.7M | $709.6M | $609.4M | $540.6M | $495.0M | $556.8M | $563.1M | $334.5M | $372.8M | $437.6M |
| Short-term investments | — | — | — | — | — | — | — | — | $15.1M | $16.2M | — |
| Receivables | $696.0M | $709.2M | $686.1M | $729.4M | $821.6M | $776.5M | $743.0M | $744.9M | $721.0M | $722.7M | $785.8M |
| Inventory | $116.0M | $119.8M | $118.6M | $121.6M | $118.4M | $120.4M | $115.1M | $108.2M | $105.0M | $106.0M | $105.5M |
| Other current assets | $518.4M | $581.4M | $544.5M | $497.0M | $396.4M | $369.3M | $417.8M | $274.4M | $340.8M | $289.2M | $289.3M |
| Total current assets | $2.05B | $2.02B | $2.06B | $1.96B | $1.88B | $1.76B | $1.83B | $1.69B | $1.50B | $1.49B | $1.62B |
| Property, plant & equipment (net) | $2.03B | $2.14B | $2.14B | $2.10B | $2.07B | $2.06B | $2.04B | $2.01B | $2.00B | $2.00B | $2.01B |
| Goodwill & intangible assets | $966.9M | $967.6M | $968.8M | $967.6M | $954.6M | $953.5M | $929.0M | $928.9M | $928.9M | $929.0M | $921.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $229.7M | $122.9M | $118.6M | $130.0M | $128.3M | $132.7M | $155.3M | $172.1M | $179.2M | $176.9M | $550.8M |
| Total assets | $5.28B | $5.25B | $5.29B | $5.15B | $5.03B | $4.91B | $4.96B | $4.80B | $4.61B | $4.59B | $5.10B |
| Liabilities | |||||||||||
| Accounts payable | $429.8M | $419.7M | $457.9M | $381.9M | $364.4M | $371.9M | $401.2M | $368.9M | $371.1M | $383.1M | $474.5M |
| Short-term debt | $28.6M | $37.6M | $23.4M | $19.3M | $19.3M | $17.8M | $55.6M | $12.2M | $10.7M | $16.6M | $61.0M |
| Total current liabilities | $976.3M | $951.5M | $1.05B | $943.2M | $880.9M | $830.1M | $945.4M | $887.3M | $908.6M | $834.8M | $994.1M |
| Long-term debt | $1.07B | $1.07B | $1.08B | $1.09B | $1.09B | $1.09B | $1.09B | $1.08B | $1.08B | $1.08B | $1.17B |
| Lease obligations | $1.16B | $1.18B | $1.22B | $1.17B | $1.16B | $1.17B | $1.19B | $1.16B | $1.16B | $1.16B | $1.21B |
| Other long-term liabilities | $1.49B | $1.50B | $1.48B | $1.49B | $1.41B | $1.43B | $1.40B | $1.44B | $1.46B | $1.57B | $1.86B |
| Total liabilities | $3.54B | $3.52B | $3.61B | $3.52B | $3.38B | $3.35B | $3.43B | $3.41B | $3.45B | $3.48B | $4.02B |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $497.6M | $497.4M | $496.9M |
| Retained earnings (deficit) | $558.4M | $541.5M | $501.6M | $456.7M | $480.1M | $407.2M | $365.8M | $251.6M | $225.3M | $182.5M | $155.5M |
| Accumulated other comprehensive income | −$638,000 | −$2.4M | −$3.6M | −$2.6M | −$396,000 | $3.9M | $9.7M | $9.5M | $17.0M | $19.3M | $18.6M |
| Minority interest | $390.9M | $394.4M | $397.1M | $393.6M | $391.8M | — | — | — | — | — | — |
| Total shareholders' equity | $1.35B | $1.73B | $1.69B | $1.24B | $1.25B | $1.18B | $1.13B | $1.01B | $739.9M | $699.2M | $670.9M |
| Key figures | |||||||||||
| Total debt | $2.27B | $2.29B | $2.26B | $2.28B | $2.27B | $2.28B | $2.28B | $2.25B | $2.25B | $2.34B | $2.40B |
| Net cash (debt) | −$1.54B | −$1.68B | −$1.55B | −$1.67B | −$1.73B | −$1.78B | −$1.73B | −$1.69B | −$1.91B | −$1.97B | −$1.96B |
| Working capital | $1.08B | $1.07B | $1.01B | $1.01B | $996.2M | $931.1M | $887.3M | $803.4M | $592.7M | $655.9M | $624.0M |
| Tangible book value | $383.6M | $767.4M | $717.4M | $270.6M | $300.0M | $221.6M | $202.4M | $76.9M | −$189.0M | −$229.9M | −$250.7M |
| Book value per share | $9.44 | $12.24 | $11.92 | $8.77 | $8.89 | $8.35 | $8.52 | $7.31 | $5.18 | $4.88 | $4.72 |
| Shares outstanding | 143.1M | 141.8M | 141.5M | 141.2M | 141.1M | 140.7M | 132.7M | 137.5M | 142.8M | 143.3M | 142.1M |
| Current ratio | 2.10 | 2.12 | 1.97 | 2.08 | 2.13 | 2.12 | 1.94 | 1.91 | 1.65 | 1.79 | 1.63 |
| Quick ratio | 1.45 | 1.39 | 1.33 | 1.42 | 1.55 | 1.53 | 1.37 | 1.47 | 1.16 | 1.31 | 1.23 |
| Debt / equity | 1.68 | 1.32 | 1.34 | 1.84 | 1.81 | 1.94 | 2.02 | 2.24 | 3.04 | 3.35 | 3.57 |
| Equity / assets | 25.6% | 33.0% | 31.9% | 24.0% | 25.0% | 23.9% | 22.8% | 21.0% | 16.1% | 15.2% | 13.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
ARDT financial position
At the end of fiscal 2025 (December 31, 2025), Ardent Health Partners had total assets of $5.3 billion (up 6.7% from a year earlier), total liabilities of $3.6 billion and shareholders' equity of $1.7 billion. It held $709.6 million in cash and short-term investments against $2.3 billion of debt, net debt of $1.6 billion. Its current ratio was 1.97. In the latest quarter (ended June 30, 2026) total assets were $5.3 billion and equity $1.4 billion.
Related: ARDT income statement, ARDT cash flow statement, ARDT key metrics. See the ARDT stock overview for the latest quote and news.
ARDT balance sheet FAQ
What are Ardent Health Partners's total assets?
Ardent Health Partners reported total assets of $5.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.0 billion a year earlier.
How much debt does Ardent Health Partners have?
Ardent Health Partners had $2.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.34.
How much cash does Ardent Health Partners have?
Ardent Health Partners held $709.6 million in cash and short-term investments at the end of fiscal 2025; with $2.3 billion of debt that is net debt of $1.6 billion.
What is Ardent Health Partners's book value?
Ardent Health Partners's shareholders' equity (book value) was $1.7 billion at the end of fiscal 2025, or $11.92 per share.
What is Ardent Health Partners's current ratio?
Ardent Health Partners had current assets of $2.1 billion and current liabilities of $1.0 billion, a current ratio of 1.97 (it can cover its short-term obligations).
How much goodwill does Ardent Health Partners have?
Ardent Health Partners carried $968.8 million of goodwill and intangible assets, 18.3% of total assets, at the end of fiscal 2025.