Tenet Healthcare Corporation (THC) Balance Sheet
THC balance sheet, 2025
December 31, 2025 · U.S. dollars$29.68B assets = $20.70B liabilities + $8.97B equity
Both columns are drawn to the same scale: what THC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
THC financial health
Descriptive bands, not a rating. Fiscal 2025.
THC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $24.70B2016 | $29.68B2025 | +2.1%/yr | |
| Total liabilities | $21.23B2016 | $20.70B2025 | −0.3%/yr | |
| Shareholders’ equity | $417.0M2016 | $4.22B2025 | +29.3%/yr | |
| Cash & short-term investments | $716.0M2016 | $2.88B2025 | +16.7%/yr | |
| Total debt | $15.26B2016 | $13.17B2025 | −1.6%/yr | |
| Net cash (debt) | −$14.54B2016 | −$10.29B2025 | +$4.3B | |
| Working capital | $1.22B2016 | $3.39B2025 | +$2.2B | |
| Book value per share | $4.202016 | $46.462025 | +30.6%/yr | |
| Current ratio | 1.302016 | 1.762025 | +0.46 | |
| Debt / equity | 36.582016 | 3.122025 | −33.46 | |
| Shares outstanding | 99.3M2016 | 90.8M2025 | −1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
THC assets
THC liabilities and equity
THC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
THC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.88B | $3.02B | $1.23B | $858.0M | $2.36B | $2.45B | $262.0M | $411.0M | $611.0M | $716.0M |
| Cash & equivalents | $2.88B | $3.02B | $1.23B | $858.0M | $2.36B | $2.45B | $262.0M | $411.0M | $611.0M | $716.0M |
| Short-term investments | — | $1.50B | — | −$1.52B | −$1.44B | $2.5M | — | −$460.0M | −$529.0M | −$266.0M |
| Receivables | $2.56B | $3.05B | $3.40B | $3.46B | $3.31B | $3.35B | $3.26B | $3.09B | $3.02B | $3.43B |
| Inventory | $348.0M | $346.0M | $411.0M | $405.0M | $384.0M | $368.0M | $310.0M | $305.0M | $289.0M | $326.0M |
| Other current assets | $2.05B | $1.26B | $2.12B | $1.26B | $1.02B | $982.0M | $1.25B | $827.0M | $1.65B | $783.0M |
| Total current assets | $7.85B | $7.68B | $7.17B | $5.98B | $7.08B | $7.15B | $5.08B | $4.64B | $5.57B | $5.26B |
| Property, plant & equipment (net) | $7.45B | $7.09B | $7.32B | $7.59B | $7.43B | $7.75B | $7.79B | $6.99B | $7.03B | $8.05B |
| Goodwill & intangible assets | $12.55B | $12.09B | $11.68B | $11.55B | $10.76B | $10.41B | $8.85B | $9.01B | $8.78B | $9.27B |
| Long-term investments | $1.44B | $1.53B | $1.56B | $3.15B | $3.25B | $2.53B | $2.37B | $1.46B | $1.54B | $1.25B |
| Other non-current assets | $391.0M | $548.0M | $591.0M | $0 | $0 | $0 | $0 | $312.0M | $455.0M | $871.0M |
| Total assets | $29.68B | $28.94B | $28.31B | $27.16B | $27.58B | $27.11B | $23.35B | $22.41B | $23.39B | $24.70B |
| Liabilities | ||||||||||
| Accounts payable | $1.36B | $1.29B | $1.41B | $1.50B | $1.30B | $1.21B | $1.20B | $1.09B | $1.10B | $1.19B |
| Short-term debt | $79.0M | $296.0M | $120.0M | $145.0M | $135.0M | $145.0M | $171.0M | $182.0M | $146.0M | $191.0M |
| Deferred revenue | — | — | $59.0M | $110.0M | $959.0M | $659.0M | $61.0M | $1.29B | $1.30B | $1.27B |
| Total current liabilities | $4.46B | $4.31B | $4.76B | $4.48B | $5.11B | $4.85B | $4.21B | $3.86B | $4.33B | $4.03B |
| Long-term debt | $13.09B | $13.08B | $14.88B | $14.93B | $15.51B | $15.57B | $14.58B | $14.64B | $14.79B | $15.06B |
| Other long-term liabilities | $3.15B | $3.00B | $3.16B | $3.14B | $2.70B | $3.80B | $2.58B | $1.80B | $1.86B | $2.13B |
| Total liabilities | $20.70B | $20.39B | $22.80B | $22.55B | $23.32B | $24.22B | $21.36B | $20.30B | $20.98B | $21.23B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $7.0M | $7.0M | $7.0M | $4.87B | $4.83B |
| Retained earnings (deficit) | $4.42B | $3.01B | −$192.0M | −$803.0M | −$1.21B | −$2.13B | −$2.47B | −$2.24B | −$2.39B | −$1.74B |
| Treasury stock | — | — | — | — | −$2.41B | −$2.41B | −$2.41B | −$2.41B | −$2.42B | −$2.42B |
| Accumulated other comprehensive income | −$181.0M | −$180.0M | −$181.0M | −$181.0M | −$233.0M | −$281.0M | −$257.0M | −$223.0M | −$204.0M | −$258.0M |
| Minority interest | $4.75B | $4.38B | $3.90B | $1.32B | $1.03B | $909.0M | $854.0M | $806.0M | $686.0M | $665.0M |
| Total shareholders' equity | $4.22B | $4.17B | $1.61B | $1.14B | $1.03B | $28.0M | −$371.0M | −$119.0M | −$147.0M | $417.0M |
| Key figures | ||||||||||
| Total debt | $13.17B | $14.33B | $15.00B | $15.08B | $15.65B | $15.72B | $14.75B | $14.83B | $14.94B | $15.26B |
| Net cash (debt) | −$10.29B | −$11.31B | −$13.77B | −$14.22B | −$13.28B | −$13.27B | −$14.49B | −$14.41B | −$14.33B | −$14.54B |
| Working capital | $3.39B | $3.37B | $2.41B | $1.50B | $1.97B | $2.30B | $876.0M | $779.0M | $1.24B | $1.22B |
| Tangible book value | −$8.33B | −$7.92B | −$10.07B | −$10.40B | −$9.73B | −$10.38B | −$9.22B | −$9.13B | −$8.93B | −$8.85B |
| Book value per share | $46.46 | $42.61 | $15.34 | $10.33 | $9.47 | $0.26 | −$3.59 | −$1.15 | −$1.46 | $4.20 |
| Shares outstanding | 90.8M | 97.9M | 104.8M | 110.5M | 108.6M | 106.3M | 103.4M | 103.9M | 100.6M | 99.3M |
| Current ratio | 1.76 | 1.78 | 1.51 | 1.34 | 1.38 | 1.47 | 1.21 | 1.20 | 1.29 | 1.30 |
| Quick ratio | 1.22 | 1.41 | 0.97 | 0.97 | 1.11 | 1.20 | 0.84 | 0.91 | 0.84 | 1.03 |
| Debt / equity | 3.12 | 3.43 | 9.33 | 13.20 | 15.22 | 561.39 | — | — | — | 36.58 |
| Equity / assets | 14.2% | 14.4% | 5.7% | 4.2% | 3.7% | 0.1% | −1.6% | −0.5% | −0.6% | 1.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.17B | $2.97B | $2.88B | $2.98B | $2.62B | $3.00B | $3.02B | $4.09B | $2.88B | $2.48B | $1.23B | $1.05B |
| Cash & equivalents | $2.17B | $2.97B | $2.88B | $2.98B | $2.62B | $3.00B | $3.02B | $4.09B | $2.88B | $2.48B | $1.23B | $1.05B |
| Receivables | $2.61B | $2.60B | $2.56B | $3.78B | $3.70B | $3.15B | $3.05B | $3.05B | $3.33B | $3.61B | $3.40B | $3.37B |
| Inventory | $338.0M | $343.0M | $348.0M | $346.0M | $338.0M | $344.0M | $346.0M | $356.0M | $382.0M | $395.0M | $411.0M | $413.0M |
| Other current assets | $2.71B | $2.44B | $2.05B | $711.0M | $634.0M | $1.42B | $1.26B | $1.26B | $1.36B | $1.33B | $2.12B | $1.52B |
| Total current assets | $7.83B | $8.36B | $7.85B | $7.81B | $7.30B | $7.91B | $7.68B | $8.76B | $7.96B | $7.82B | $7.17B | $6.36B |
| Property, plant & equipment (net) | $6.26B | $6.25B | $7.45B | $6.09B | $6.02B | $5.99B | $7.09B | $5.55B | $5.86B | $5.86B | $7.32B | $6.26B |
| Goodwill & intangible assets | $12.72B | $12.70B | $12.55B | $12.51B | $12.31B | $12.19B | $12.09B | $11.96B | $12.21B | $11.97B | $11.68B | $11.81B |
| Long-term investments | $0 | $0 | $1.44B | $0 | $0 | $0 | $1.53B | $0 | $0 | $0 | $1.56B | $0 |
| Other non-current assets | $3.87B | $3.89B | $391.0M | $3.01B | $3.07B | $3.15B | $548.0M | $3.10B | $3.24B | $3.26B | $591.0M | $3.16B |
| Total assets | $30.68B | $31.20B | $29.68B | $29.42B | $28.70B | $29.24B | $28.94B | $29.37B | $29.27B | $28.91B | $28.31B | $27.59B |
| Liabilities | ||||||||||||
| Accounts payable | $1.37B | $1.34B | $1.36B | $1.36B | $1.36B | $1.33B | $1.29B | $1.26B | $1.27B | $1.33B | $1.41B | $1.20B |
| Short-term debt | $160.0M | $81.0M | $79.0M | $85.0M | $84.0M | $88.0M | $92.0M | $95.0M | $102.0M | $107.0M | $120.0M | $141.0M |
| Deferred revenue | — | — | — | — | — | — | — | $81.0M | $83.0M | $805.0M | $59.0M | $86.0M |
| Total current liabilities | $5.57B | $6.15B | $4.46B | $4.56B | $4.27B | $4.45B | $4.31B | $5.54B | $5.49B | $5.42B | $4.76B | $4.43B |
| Long-term debt | $13.09B | $13.13B | $13.09B | $13.10B | $13.09B | $13.08B | $13.08B | $12.78B | $12.77B | $12.77B | $14.88B | $14.90B |
| Other long-term liabilities | $3.32B | $3.07B | $3.15B | $3.06B | $3.04B | $3.05B | $3.00B | $2.98B | $3.13B | $3.05B | $3.16B | $3.08B |
| Total liabilities | $21.98B | $22.35B | $20.70B | $20.72B | $20.40B | $20.58B | $20.39B | $21.30B | $21.40B | $21.24B | $22.80B | $22.41B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M | $8.0M |
| Retained earnings (deficit) | $5.94B | $5.12B | $4.42B | $4.04B | $3.70B | $3.41B | $3.01B | $2.69B | $2.22B | $1.96B | −$192.0M | −$436.0M |
| Accumulated other comprehensive income | −$177.0M | −$179.0M | −$181.0M | −$174.0M | −$177.0M | −$178.0M | −$180.0M | −$175.0M | −$177.0M | −$179.0M | −$181.0M | −$176.0M |
| Minority interest | $4.04B | $4.04B | $4.75B | $4.69B | $4.55B | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.66B | $4.81B | $4.22B | $4.01B | $3.75B | $4.18B | $4.17B | $3.83B | $3.48B | $3.45B | $1.61B | $1.46B |
| Key figures | ||||||||||||
| Total debt | $13.25B | $13.21B | $13.17B | $13.19B | $13.18B | $13.17B | $13.17B | $12.87B | $12.87B | $12.88B | $15.00B | $15.04B |
| Net cash (debt) | −$11.08B | −$10.24B | −$10.29B | −$10.21B | −$10.55B | −$10.17B | −$10.15B | −$8.78B | −$9.99B | −$10.40B | −$13.77B | −$13.99B |
| Working capital | $2.26B | $2.20B | $3.39B | $3.25B | $3.03B | $3.46B | $3.37B | $3.22B | $2.46B | $2.40B | $2.41B | $1.93B |
| Tangible book value | −$8.06B | −$7.89B | −$8.33B | −$8.49B | −$8.56B | −$8.01B | −$7.92B | −$8.13B | −$8.74B | −$8.51B | −$10.07B | −$10.35B |
| Book value per share | $55.48 | $54.96 | $48.00 | $45.30 | $40.84 | $44.00 | $43.50 | $39.67 | $35.30 | $34.32 | $15.44 | $14.02 |
| Shares outstanding | 84.0M | 87.6M | 87.9M | 88.6M | 91.8M | 95.0M | 95.9M | 96.7M | 98.4M | 100.6M | 104.2M | 104.4M |
| Current ratio | 1.41 | 1.36 | 1.76 | 1.71 | 1.71 | 1.78 | 1.78 | 1.58 | 1.45 | 1.44 | 1.51 | 1.43 |
| Quick ratio | 0.86 | 0.91 | 1.22 | 1.48 | 1.48 | 1.38 | 1.41 | 1.29 | 1.13 | 1.12 | 0.97 | 1.00 |
| Debt / equity | 2.84 | 2.74 | 3.12 | 3.29 | 3.51 | 3.15 | 3.16 | 3.36 | 3.70 | 3.73 | 9.33 | 10.27 |
| Equity / assets | 15.2% | 15.4% | 14.2% | 13.6% | 13.1% | 14.3% | 14.4% | 13.1% | 11.9% | 11.9% | 5.7% | 5.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
THC financial position
At the end of fiscal 2025 (December 31, 2025), Tenet Healthcare had total assets of $29.7 billion (up 2.6% from a year earlier), total liabilities of $20.7 billion and shareholders' equity of $4.2 billion. It held $2.9 billion in cash and short-term investments against $13.2 billion of debt, net debt of $10.3 billion. Its current ratio was 1.76. In the latest quarter (ended June 30, 2026) total assets were $30.7 billion and equity $4.7 billion.
Related: THC income statement, THC cash flow statement, THC key metrics. See the THC stock overview for the latest quote and news.
THC balance sheet FAQ
What are Tenet Healthcare's total assets?
Tenet Healthcare reported total assets of $29.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $28.9 billion a year earlier.
How much debt does Tenet Healthcare have?
Tenet Healthcare had $13.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.12.
How much cash does Tenet Healthcare have?
Tenet Healthcare held $2.9 billion in cash and short-term investments at the end of fiscal 2025; with $13.2 billion of debt that is net debt of $10.3 billion.
What is Tenet Healthcare's book value?
Tenet Healthcare's shareholders' equity (book value) was $4.2 billion at the end of fiscal 2025, or $46.46 per share.
What is Tenet Healthcare's current ratio?
Tenet Healthcare had current assets of $7.8 billion and current liabilities of $4.5 billion, a current ratio of 1.76 (it can cover its short-term obligations).
How much goodwill does Tenet Healthcare have?
Tenet Healthcare carried $12.5 billion of goodwill and intangible assets, 42.3% of total assets, at the end of fiscal 2025.