Tenet Healthcare Corporation (THC) Key Metrics
THC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $21.52B
- Enterprise value
- $32.18B
- P/E (TTM)
- 10.5 10-yr median 12.8
- Forward P/E
- 12.5
- PEG ratio
- 1.82
- Price / sales
- 1.0 10-yr median 0.3
- Price / book
- 4.5 10-yr median 4.7
- EV / EBITDA
- 5.7 10-yr median 6.5
- Dividend yield
- —
- Beta
- 1.20
THC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTHC valuation Price multiples at each fiscal year-end price.
THC returns How much profit the business earns on the capital it uses.
THC per-share figures Results divided by the shares outstanding at year-end.
THC financial health Debt, liquidity and how easily interest is covered.
THC efficiency & capital use Working capital cycle and where the cash goes.
THC valuation history
THC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
THC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
THC cash returned to shareholders
THC price vs earnings per share
THC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $18.05B | $12.36B | $7.92B | $5.39B | $8.87B | $4.24B | $3.93B | $1.78B | $1.52B | $1.47B |
| Enterprise value | $28.34B | $23.66B | $21.69B | $19.61B | $22.15B | $17.52B | $18.42B | $16.20B | $15.85B | $16.01B |
| P/E ratio | 12.8 | 3.9 | 13.0 | 13.1 | 9.7 | 10.6 | — | 17.1 | — | — |
| Price / sales | 0.8 | 0.6 | 0.4 | 0.3 | 0.5 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 |
| Price / book | 4.3 | 3.0 | 4.9 | 4.7 | 8.6 | 151.5 | — | — | — | 3.5 |
| Price / free cash flow | 7.1 | 11.1 | 4.9 | 16.8 | 9.7 | 1.5 | 7.0 | 4.1 | 3.1 | — |
| Price / operating cash flow | 5.1 | 6.0 | 3.3 | 5.0 | 5.7 | 1.2 | 3.2 | 1.7 | 1.3 | 2.6 |
| EV / sales | 1.3 | 1.1 | 1.1 | 1.0 | 1.1 | 1.0 | 1.0 | 0.9 | 0.8 | 0.8 |
| EV / EBITDA | 6.3 | 3.4 | 6.4 | 6.4 | 6.0 | 6.9 | 8.5 | 6.7 | 8.8 | 7.7 |
| EV / free cash flow | 11.2 | 21.2 | 13.4 | 61.1 | 24.3 | 6.1 | 32.7 | 37.5 | 32.2 | — |
| Earnings yield | 7.8% | 25.9% | 7.7% | 7.6% | 10.3% | 9.4% | −5.5% | 5.8% | −46.2% | −13.0% |
| Free cash flow yield | 14.0% | 9.0% | 20.5% | 6.0% | 10.3% | 67.6% | 14.3% | 24.3% | 32.3% | −21.5% |
| Dividend yield | — | — | — | 10.4% | 4.8% | 6.8% | 7.8% | 16.2% | 64.7% | 14.8% |
| Shareholder yield (dividends + buybacks) | 8.0% | 5.4% | 2.5% | 15.0% | 4.8% | 6.8% | 7.8% | 50.5% | 64.7% | 25.6% |
| Share price at fiscal year-end | $198.72 | $126.23 | $75.57 | $48.79 | $81.69 | $39.93 | $38.03 | $17.14 | $15.16 | $14.84 |
| Per share | ||||||||||
| Revenue per share | $234.61 | $211.12 | $196.07 | $173.50 | $179.47 | $166.00 | $178.72 | $176.29 | $190.66 | $197.55 |
| Earnings per share | $15.49 | $32.69 | $5.83 | $3.72 | $8.42 | $3.75 | −$2.08 | $1.00 | −$7.00 | −$1.93 |
| Operating cash flow per share | $38.97 | $20.91 | $22.65 | $9.80 | $14.44 | $32.06 | $11.92 | $10.10 | $11.93 | $5.62 |
| Free cash flow per share | $27.85 | $11.40 | $15.49 | $2.90 | $8.38 | $26.98 | $5.44 | $4.16 | $4.90 | −$3.19 |
| Cash per share | $31.74 | $30.84 | $11.72 | $7.76 | $21.77 | $23.02 | $2.53 | $3.96 | $6.07 | $7.21 |
| Book value per share | $46.46 | $42.61 | $15.34 | $10.33 | $9.47 | $0.26 | −$3.59 | −$1.15 | −$1.46 | $4.20 |
| Tangible book value per share | −$91.66 | −$80.88 | −$96.06 | −$94.15 | −$89.62 | −$97.68 | −$89.22 | −$87.90 | −$88.78 | −$89.14 |
| Dividends per share | — | — | — | $5.07 | $3.90 | $2.70 | $2.97 | $2.77 | $9.81 | $2.19 |
| Capex per share | $11.12 | $9.51 | $7.17 | $6.89 | $6.06 | $5.08 | $6.48 | $5.94 | $7.03 | $8.81 |
| Debt per share | $145.00 | $146.37 | $143.15 | $136.44 | $144.11 | $147.93 | $142.66 | $142.72 | $148.49 | $153.59 |
| Shares outstanding | 90.8M | 97.9M | 104.8M | 110.5M | 108.6M | 106.3M | 103.4M | 103.9M | 100.6M | 99.3M |
| Change in shares outstanding | −7.2% | −6.6% | −5.2% | +1.8% | +2.2% | +2.8% | −0.5% | +3.3% | +1.3% | +0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 33.5% | 110.7% | 44.4% | 37.9% | 173.1% | — | — | — | — | −34.7% |
| Return on invested capital (ROIC) | 19.4% | 29.9% | 13.2% | 11.7% | 16.3% | 14.5% | 5.4% | 8.3% | 6.0% | 6.1% |
| Return on assets (ROA) | 4.8% | 11.2% | 2.2% | 1.5% | 3.3% | 1.6% | −0.9% | 0.5% | −2.9% | −0.8% |
| Return on tangible assets | 8.2% | 19.0% | 3.7% | 2.6% | 5.4% | 2.4% | −1.5% | 0.8% | −4.8% | −1.2% |
| Free cash flow margin | 11.9% | 5.4% | 7.9% | 1.7% | 4.7% | 16.3% | 3.0% | 2.4% | 2.6% | −1.6% |
| Income quality (OCF / net income) | 2.52 | 0.64 | 3.89 | 2.64 | 1.72 | 8.54 | — | 10.09 | — | — |
| Financial health | ||||||||||
| Total debt | $13.17B | $14.33B | $15.00B | $15.08B | $15.65B | $15.72B | $14.75B | $14.83B | $14.94B | $15.26B |
| Cash & short-term investments | $2.88B | $3.02B | $1.23B | $858.0M | $2.36B | $2.45B | $262.0M | $411.0M | $611.0M | $716.0M |
| Net debt | $10.29B | $11.31B | $13.77B | $14.22B | $13.28B | $13.27B | $14.49B | $14.41B | $14.33B | $14.54B |
| Debt / equity | 3.12 | 3.43 | 9.33 | 13.20 | 15.22 | 561.39 | — | — | — | 36.58 |
| Debt / assets | 0.44 | 0.50 | 0.53 | 0.56 | 0.57 | 0.58 | 0.63 | 0.66 | 0.64 | 0.62 |
| Net debt / EBITDA | 2.29 | 1.64 | 4.07 | 4.62 | 3.62 | 5.24 | 6.72 | 5.92 | 7.97 | 7.00 |
| Current ratio | 1.76 | 1.78 | 1.51 | 1.34 | 1.38 | 1.47 | 1.21 | 1.20 | 1.29 | 1.30 |
| Quick ratio | 1.68 | 1.70 | 1.42 | 1.25 | 1.31 | 1.40 | 1.13 | 1.12 | 1.22 | 1.22 |
| Interest coverage | 4.2 | 7.2 | 2.8 | 2.6 | 3.1 | 2.0 | 1.6 | 1.6 | 1.1 | 1.3 |
| Working capital | $3.39B | $3.37B | $2.41B | $1.50B | $1.97B | $2.30B | $876.0M | $779.0M | $1.24B | $1.22B |
| Invested capital | $14.51B | $15.48B | $15.38B | $15.36B | $14.31B | $13.30B | $14.12B | $14.30B | $14.18B | $14.96B |
| Tangible asset value | −$3.57B | −$3.54B | −$6.17B | −$6.94B | −$6.50B | −$7.52B | −$6.87B | −$6.91B | −$6.38B | −$5.79B |
| Net current asset value | −$12.86B | −$12.71B | −$15.64B | −$16.57B | −$16.25B | −$17.07B | −$16.28B | −$15.67B | −$15.41B | −$15.97B |
| Graham number | $127.25 | $177.05 | $44.86 | $29.40 | $42.35 | $4.72 | — | — | — | — |
| Graham net-net per share | −$173.10 | −$152.29 | −$179.56 | −$170.93 | −$168.43 | −$179.50 | −$178.89 | −$167.68 | −$178.50 | −$178.95 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $560.0M | $423.0M | $287.0M | $307.0M | $288.0M | $987.0M | $218.0M |
| Share buybacks (net) | $1.44B | $672.0M | $200.0M | $250.0M | $2.0M | $0 | $0 | $611.0M | $40,000 | $160.0M |
| Dividend payout ratio | — | — | — | 136.3% | 46.3% | 71.9% | — | 276.9% | — | — |
| Dividends + buybacks / free cash flow | 56.8% | 60.2% | 12.3% | 252.3% | 46.7% | 10.0% | 54.5% | 208.1% | 200.2% | — |
| Capex / revenue | 4.7% | 4.5% | 3.7% | 4.0% | 3.4% | 3.1% | 3.6% | 3.4% | 3.7% | 4.5% |
| Capex / operating cash flow | 28.5% | 45.5% | 31.6% | 70.4% | 42.0% | 15.8% | 54.3% | 58.8% | 58.9% | 156.8% |
| Capex / depreciation | 1.17 | 1.14 | 0.86 | 0.91 | 0.77 | 0.63 | 0.79 | 0.77 | 0.81 | 1.03 |
| Stock-based compensation / revenue | 0.5% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% |
| SG&A / revenue | 40.8% | 42.6% | 44.5% | 46.1% | 45.6% | 47.7% | 47.1% | 47.1% | 48.4% | 47.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 48.1 | 57.0 | 61.0 | 64.4 | 62.4 | 68.4 | 62.8 | 61.0 | 61.4 | 60.6 |
| Days of inventory on hand | 33.5 | 11.1 | 11.7 | 11.9 | 11.2 | 10.8 | 9.5 | 9.3 | 9.1 | 9.3 |
| Days payables outstanding | 128.1 | 39.6 | 41.7 | 42.2 | 37.5 | 38.6 | 35.6 | 34.3 | 33.7 | 37.6 |
| Cash conversion cycle (days) | -46.5 | 28.5 | 31.0 | 34.1 | 36.1 | 40.7 | 36.7 | 36.0 | 36.8 | 32.4 |
| Receivables turnover | 7.58 | 6.40 | 5.99 | 5.67 | 5.85 | 5.33 | 5.81 | 5.99 | 5.94 | 6.02 |
| Payables turnover | 2.85 | 9.22 | 8.75 | 8.65 | 9.75 | 9.46 | 10.24 | 10.65 | 10.85 | 9.72 |
| Inventory turnover | 10.89 | 32.91 | 31.23 | 30.74 | 32.49 | 33.65 | 38.26 | 39.24 | 40.28 | 39.31 |
| Asset turnover | 0.73 | 0.72 | 0.74 | 0.70 | 0.71 | 0.70 | 0.81 | 0.80 | 0.80 | 0.81 |
| Average receivables | $2.81B | $3.23B | $3.43B | $3.38B | $3.33B | $3.31B | $3.18B | $3.06B | $3.23B | $3.26B |
| Average payables | $1.33B | $1.35B | $1.46B | $1.40B | $1.25B | $1.21B | $1.15B | $1.09B | $1.14B | $1.28B |
| Average inventory | $347.0M | $378.5M | $408.0M | $394.5M | $376.0M | $339.0M | $307.5M | $297.0M | $307.5M | $317.5M |
| Intangibles / total assets | 42.3% | 41.8% | 41.2% | 42.5% | 39.0% | 38.4% | 37.9% | 40.2% | 37.6% | 37.5% |
Computed from THC's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
THC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Tenet Healthcare traded at 12.8 times earnings, against a 10-year median of 12.8. Based on the latest twelve months, the trailing P/E is 10.5 and the forward P/E is 12.5. Tenet Healthcare earned a return on equity of 33.5% and a return on invested capital of 19.4% in fiscal 2025. It ended the year with $13.2 billion of debt and $2.9 billion in cash and short-term investments, net debt of $10.3 billion. It returned $1.4 billion to shareholders: $0 in dividends and $1.4 billion in share buybacks, 57% of free cash flow. The share count fell 8.5% from 99.3M to 90.8M over 9 years.
See the THC income statement, the THC chart for price history, or the THC stock overview for the latest quote and news.
THC key metrics FAQ
What is Tenet Healthcare's P/E ratio?
Tenet Healthcare's trailing P/E ratio is 10.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.5. At the end of fiscal 2025 it was 12.8, compared with a 10-year median of 12.8.
What is Tenet Healthcare's EV/EBITDA?
Tenet Healthcare's enterprise value was 6.3 times EBITDA at the end of fiscal 2025 (enterprise value $28.3 billion, EBITDA $4.5 billion); the current EV/EBITDA is 5.7.
What is Tenet Healthcare's return on equity?
Tenet Healthcare's return on equity (ROE) was 33.5% in fiscal 2025: net income of $1.4 billion on average shareholders' equity of $4.2 billion.
What is Tenet Healthcare's ROIC?
Tenet Healthcare's return on invested capital was 19.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Tenet Healthcare have?
Tenet Healthcare had total debt of $13.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 3.12 and $10.3 billion of net debt (2.29 times EBITDA).
Does Tenet Healthcare buy back its shares?
Yes. Tenet Healthcare spent $1.4 billion on net share repurchases in fiscal 2025 Shares outstanding changed −7.2% over the year, to 90.8M..
What is Tenet Healthcare's free cash flow yield?
Tenet Healthcare generated $2.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 14.0% on its market value at year-end ($18.1 billion).
What is Tenet Healthcare's current ratio?
Tenet Healthcare's current ratio was 1.76 at the end of fiscal 2025: current assets were 1.76 times current liabilities.