Ardent Health (ARDT) Financials

$10.11 -0.21 (-2.00%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$10.11 0.00 (-0.04%)

As of 05/15/2026 05:28 PM Eastern

Annual Income Statements for Ardent Health

This table shows Ardent Health's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	31	54	210	136
Consolidated Net Income / (Loss)	265	129	300	230
Net Income / (Loss) Continuing Operations	108	129	300	230
Total Pre-Tax Income	311	152	363	286
Total Operating Income	154	150	337	263
Total Gross Profit	1,539	3,025	3,431	3,667
Total Revenue	5,130	5,409	5,966	6,324
Operating Revenue	5,130	5,409	5,966	6,324
Total Cost of Revenue	3,591	2,384	2,535	2,658
Operating Cost of Revenue	3,591	2,384	2,535	2,658
Total Operating Expenses	1,385	2,875	3,095	3,404
Selling, General & Admin Expense	1,201	2,425	2,626	2,923
Depreciation Expense	138	141	146	156
Other Operating Expenses / (Income)	47	309	322	325
Total Other Income / (Expense), net	0.00	1.61	26	23
Other Income / (Expense), net	-	1.61	26	23
Income Tax Expense	46	23	63	56
Net Income / (Loss) Attributable to Noncontrolling Interest	76	75	89	94
Basic Earnings per Share	$1.50	$0.43	$1.59	$0.96
Weighted Average Basic Shares Outstanding	126.12M	126.12M	132.44M	140.76M
Diluted Earnings per Share	$1.50	$0.43	$1.58	$0.96
Weighted Average Diluted Shares Outstanding	126.12M	126.12M	132.74M	141.45M
Weighted Average Basic & Diluted Shares Outstanding	-	-	142.75M	142.90M

This table shows Ardent Health's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	33	21	27	43	26	114	41	73	-23	45	40
Consolidated Net Income / (Loss)	56	39	46	67	46	141	59	96	1.21	74	58
Net Income / (Loss) Continuing Operations	56	39	46	67	46	141	59	96	1.21	74	58
Total Pre-Tax Income	68	46	57	82	57	167	74	122	-2.20	92	75
Total Operating Income	67	46	57	82	54	144	53	123	-4.80	92	69
Total Gross Profit	770	782	818	847	815	952	840	974	900	954	940
Total Revenue	1,369	1,378	1,439	1,471	1,450	1,606	1,497	1,645	1,577	1,605	1,602
Operating Revenue	1,369	1,378	1,439	1,471	1,450	1,606	1,497	1,645	1,577	1,605	1,602
Total Cost of Revenue	598	596	622	624	635	654	658	672	677	651	661
Operating Cost of Revenue	598	596	622	624	635	654	658	672	677	651	661
Total Operating Expenses	703	736	761	765	760	808	787	851	905	861	872
Selling, General & Admin Expense	596	621	644	647	644	692	670	731	780	741	751
Depreciation Expense	35	35	35	36	37	38	36	39	39	41	43
Other Operating Expenses / (Income)	72	80	81	82	80	79	80	80	86	79	78
Total Other Income / (Expense), net	0.52	0.00	0.00	0.26	2.81	23	21	-0.56	2.60	-	5.89
Other Income / (Expense), net	0.52	0.00	0.00	0.26	2.81	23	21	-0.56	2.60	-	5.89
Income Tax Expense	12	7.26	11	15	11	26	15	26	-3.41	18	16
Net Income / (Loss) Attributable to Noncontrolling Interest	23	18	19	24	20	27	18	23	25	29	19
Basic Earnings per Share	$0.26	$0.17	$0.21	$0.34	$0.19	$0.85	$0.30	$0.52	($0.17)	$0.31	$0.28
Weighted Average Basic Shares Outstanding	126.12M	126.12M	126.12M	126.12M	137.11M	132.44M	140.06M	140.37M	141.23M	140.76M	141.27M
Diluted Earnings per Share	$0.26	$0.17	$0.21	$0.34	$0.19	$0.84	$0.29	$0.52	($0.17)	$0.32	$0.28
Weighted Average Diluted Shares Outstanding	126.12M	126.12M	126.12M	126.12M	137.54M	132.74M	140.70M	141.52M	141.23M	141.45M	141.78M
Weighted Average Basic & Diluted Shares Outstanding	-	-	-	142.76M	142.73M	142.75M	143.04M	143.11M	143.19M	142.90M	143.35M

This table details how cash moves in and out of Ardent Health's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-262	-19	119	153
Net Cash From Operating Activities	-38	222	315	471
Net Cash From Continuing Operating Activities	-38	222	315	471
Net Income / (Loss) Continuing Operations	265	129	300	230
Consolidated Net Income / (Loss)	265	129	300	230
Depreciation Expense	138	141	146	156
Amortization Expense	5.70	4.99	5.47	4.38
Non-Cash Adjustments To Reconcile Net Income	-323	-0.75	26	39
Changes in Operating Assets and Liabilities, net	-125	-52	-162	42
Net Cash From Investing Activities	47	-138	-220	-214
Net Cash From Continuing Investing Activities	47	-138	-220	-214
Purchase of Property, Plant & Equipment	-151	-137	-188	-212
Acquisitions	0.00	0.00	-36	-2.50
Divestitures	206	0.00	4.30	0.00
Other Investing Activities, net	-8.69	-0.58	-1.71	0.18
Net Cash From Financing Activities	-270	-102	25	-103
Net Cash From Continuing Financing Activities	-270	-102	25	-103
Repayment of Debt	-28	-146	-106	-16
Repurchase of Common Equity	-1.95	-26	-9.53	0.00
Payment of Dividends	-244	-64	-73	-88
Issuance of Debt	0.88	132	3.60	0.00
Issuance of Common Equity	0.00	0.00	209	0.00
Other Financing Activities, net	2.50	1.87	0.35	0.57
Cash Interest Paid	91	82	75	66
Cash Income Taxes Paid	56	19	42	37

This table details how cash moves in and out of Ardent Health's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	40	-7.10	-65	-38	229	-6.36	-62	46	69	100	-100
Net Cash From Operating Activities	89	67	-15	120	90	120	-25	117	154	223	-60
Net Cash From Continuing Operating Activities	89	67	-15	120	90	120	-25	117	154	223	-60
Net Income / (Loss) Continuing Operations	39	11	46	67	46	141	59	96	1.21	74	58
Consolidated Net Income / (Loss)	39	11	46	67	46	141	59	96	1.21	74	58
Depreciation Expense	35	36	35	36	37	38	36	39	39	41	43
Amortization Expense	1.42	0.72	1.43	1.43	1.38	1.23	1.24	1.24	1.09	0.81	0.81
Non-Cash Adjustments To Reconcile Net Income	0.39	-5.09	1.83	2.95	8.42	13	8.03	9.52	12	9.48	-0.06
Changes in Operating Assets and Liabilities, net	13	25	-99	13	-2.86	-73	-129	-28	101	98	-162
Net Cash From Investing Activities	-25	-57	-32	-39	-45	-105	-23	-46	-59	-86	-28
Net Cash From Continuing Investing Activities	-25	-57	-32	-39	-45	-105	-23	-46	-59	-86	-28
Purchase of Property, Plant & Equipment	-25	-57	-24	-39	-43	-81	-23	-46	-59	-84	-28
Other Investing Activities, net	0.24	0.74	0.00	0.06	-0.80	-0.97	-0.21	-0.05	0.17	0.27	0.19
Net Cash From Financing Activities	-24	-18	-18	-120	183	-20	-14	-26	-27	-37	-12
Net Cash From Continuing Financing Activities	-24	-18	-18	-120	183	-20	-14	-26	-27	-37	-12
Repayment of Debt	-4.06	-128	-3.55	-104	-1.50	3.21	-2.45	-1.95	-4.51	-6.88	-4.66
Payment of Dividends	-19	-13	-14	-17	-21	-20	-19	-20	-23	-26	-21
Other Financing Activities, net	-0.98	-6.99	-1.63	3.32	1.74	-3.07	7.86	-3.43	0.43	-4.29	14

This table presents Ardent Health's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,732	4,956	5,290
Total Current Assets	1,618	1,833	2,059
Cash & Equivalents	438	557	710
Accounts Receivable	775	743	686
Inventories, net	105	115	119
Prepaid Expenses	77	114	113
Other Current Assets	222	304	432
Plant, Property, & Equipment, net	811	862	936
Total Noncurrent Assets	2,302	2,261	2,296
Goodwill	845	852	879
Intangible Assets	77	77	89
Noncurrent Deferred & Refundable Income Taxes	32	12	6.89
Other Noncurrent Operating Assets	1,348	1,320	1,320
Total Liabilities & Shareholders' Equity	4,732	4,956	5,290
Total Liabilities	3,649	3,434	3,605
Total Current Liabilities	994	945	1,047
Short-Term Debt	19	9.23	23
Accounts Payable	475	401	458
Accrued Expenses	501	535	565
Total Noncurrent Liabilities	2,655	2,488	2,559
Long-Term Debt	1,168	1,086	1,076
Other Noncurrent Operating Liabilities	1,487	1,403	1,483
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	7.30	1.16	-1.25
Total Equity & Noncontrolling Interests	1,075	1,521	1,686
Total Preferred & Common Equity	671	1,131	1,288
Preferred Stock	0.00	0.00	0.00
Total Common Equity	671	1,131	1,288
Common Stock	497	756	790
Retained Earnings	155	366	502
Accumulated Other Comprehensive Income / (Loss)	19	9.74	-3.61
Noncontrolling Interest	404	390	398

This table presents Ardent Health's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,609	4,800	4,911	5,027	5,154	5,253
Total Current Assets	1,501	1,691	1,761	1,877	1,957	2,020
Cash & Equivalents	335	563	495	541	609	610
Accounts Receivable	721	706	777	759	729	686
Inventories, net	105	108	120	118	122	120
Prepaid Expenses	136	120	130	128	131	166
Other Current Assets	205	194	239	332	366	438
Plant, Property, & Equipment, net	807	815	857	870	888	923
Total Noncurrent Assets	2,300	2,294	2,293	2,280	2,309	2,310
Goodwill	852	852	877	878	878	879
Intangible Assets	77	77	77	77	90	88
Noncurrent Deferred & Refundable Income Taxes	35	35	16	17	18	6.65
Other Noncurrent Operating Assets	1,336	1,331	1,324	1,308	1,323	1,336
Total Liabilities & Shareholders' Equity	4,609	4,800	4,911	5,027	5,154	5,253
Total Liabilities	3,446	3,413	3,347	3,381	3,523	3,522
Total Current Liabilities	909	887	830	881	943	951
Short-Term Debt	11	12	18	19	19	38
Accounts Payable	371	369	372	364	382	420
Accrued Expenses	527	506	440	497	542	494
Total Noncurrent Liabilities	2,537	2,526	2,517	2,500	2,579	2,570
Long-Term Debt	1,082	1,084	1,091	1,090	1,087	1,073
Other Noncurrent Operating Liabilities	1,456	1,442	1,426	1,410	1,492	1,497
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	3.67	2.39	-0.19	-1.75	-1.49	-3.76
Total Equity & Noncontrolling Interests	1,159	1,384	1,565	1,648	1,633	1,735
Total Preferred & Common Equity	740	1,006	1,175	1,255	1,238	1,337
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00
Total Common Equity	740	1,006	1,175	1,255	1,238	1,337
Common Stock	498	745	764	775	784	798
Retained Earnings	225	252	407	480	457	541
Accumulated Other Comprehensive Income / (Loss)	17	9.49	3.93	-0.40	-2.63	-2.45
Noncontrolling Interest	419	379	390	394	395	398

This table displays calculated financial ratios and metrics derived from Ardent Health's official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	143,187,681.00
DEI Adjusted Shares Outstanding	-	-	-	143,187,681.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	0.95
Growth Metrics	-	-	-	-
Profitability Metrics	-	-	-	-
Net Operating Profit after Tax (NOPAT)	131	128	278	211
Return On Investment Capital (ROIC_SIMPLE)	-	5.64%	10.63%	7.59%
Earnings before Interest and Taxes (EBIT)	154	152	363	286
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	298	297	515	446
Valuation Ratios	-	-	-	-
Leverage & Solvency	-	-	-	-
Liquidity Ratios	-	-	-	-
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,704	49	197
Efficiency Ratios	-	-	-	-
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.00	1,832	2,061	2,075
Increase / (Decrease) in Invested Capital	0.00	1,832	229	14
Book Value per Share	$0.00	$5.32	$7.93	$8.99
Tangible Book Value per Share	$0.00	($1.99)	$1.42	$2.23
Total Capital	0.00	2,269	2,617	2,784
Total Debt	0.00	1,187	1,095	1,099
Total Long-Term Debt	0.00	1,168	1,086	1,076
Net Debt	0.00	749	538	390
Capital Expenditures (CapEx)	151	137	188	212
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	205	340	326
Debt-free Net Working Capital (DFNWC)	0.00	643	897	1,036
Net Working Capital (NWC)	0.00	624	887	1,012
Net Nonoperating Expense (NNE)	-134	-1.37	-22	-19
Net Nonoperating Obligations (NNO)	0.00	749	538	390
Total Depreciation and Amortization (D&A)	144	146	152	160
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.59	$0.96
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	132.44M	140.76M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.58	$0.96
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	132.74M	141.45M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	142.75M	142.90M
Normalized Net Operating Profit after Tax (NOPAT)	131	128	278	211
Debt Service Ratios	-	-	-	-
Payout Ratios	-	-	-	-

This table displays calculated financial ratios and metrics derived from Ardent Health's official financial filings.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	142,732,815.00	-	-	-	143,187,681.00	142,902,276.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	142,732,815.00	-	-	-	143,187,681.00	142,902,276.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	0.80	-	-	-	0.31	0.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	7.47%	5.23%	-	4.04%	11.85%	8.75%	-	6.99%
EBITDA Growth	0.00%	0.00%	0.00%	17.47%	14.88%	-	19.60%	35.53%	-60.04%	-	6.05%
EBIT Growth	0.00%	0.00%	0.00%	23.98%	24.14%	-	31.18%	48.44%	-103.86%	-	0.53%
NOPAT Growth	0.00%	0.00%	0.00%	23.55%	13.01%	-	-8.29%	44.02%	-107.68%	-	28.10%
Net Income Growth	0.00%	0.00%	0.00%	20.20%	18.85%	-	28.60%	42.92%	-97.38%	-	-0.81%
EPS Growth	0.00%	0.00%	0.00%	30.77%	11.76%	-	38.10%	52.94%	-189.47%	-	-3.45%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	0.00%	1.19%	-	-68.75%	-2.45%	72.08%	-	-142.96%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	89.29%	88.67%	-	99.99%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	15.34%	10.90%	-	2.49%
Revenue Q/Q Growth	0.00%	0.66%	0.00%	0.00%	-1.43%	-	0.00%	9.89%	-4.17%	-	-0.20%
EBITDA Q/Q Growth	0.00%	-19.13%	0.00%	0.00%	-20.91%	-	0.00%	45.60%	-76.59%	-	-11.79%
EBIT Q/Q Growth	0.00%	-32.22%	0.00%	0.00%	-32.13%	-	0.00%	64.41%	-101.81%	-	-19.25%
NOPAT Q/Q Growth	0.00%	-29.98%	0.00%	0.00%	-35.96%	-	0.00%	128.63%	-103.49%	-	-27.46%
Net Income Q/Q Growth	0.00%	-30.51%	0.00%	0.00%	-31.30%	-	0.00%	62.30%	-98.74%	-	-21.24%
EPS Q/Q Growth	0.00%	-34.62%	0.00%	0.00%	-44.12%	-	0.00%	79.31%	-132.69%	-	-12.50%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-121.76%	0.00%	0.00%	-	-120.73%	574.00%	31.39%	-	-126.95%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-1.26%	-	0.00%	90.70%	-7.05%	-	-100.52%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-0.06%	-	0.00%	1.73%	-3.91%	-	7.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.29%	56.77%	56.81%	57.57%	56.19%	-	56.08%	59.17%	57.07%	-	58.71%
EBITDA Margin	7.49%	6.02%	6.49%	8.18%	6.57%	-	7.46%	9.88%	2.41%	-	7.39%
Operating Margin	4.92%	3.34%	3.93%	5.70%	3.74%	-	3.53%	7.45%	-0.30%	-	4.29%
EBIT Margin	4.95%	3.34%	3.93%	5.72%	3.94%	-	4.96%	7.41%	-0.14%	-	4.66%
Profit (Net Income) Margin	4.07%	2.81%	3.19%	4.55%	3.17%	-	3.94%	5.82%	0.08%	-	3.65%
Tax Burden Percent	82.14%	84.20%	81.06%	81.48%	80.62%	-	79.47%	78.45%	-54.79%	-	78.41%
Interest Burden Percent	100.00%	100.00%	100.00%	97.74%	100.00%	-	100.00%	100.00%	100.00%	-	100.00%
Effective Tax Rate	17.86%	15.80%	18.94%	18.52%	19.38%	-	20.53%	21.55%	0.00%	-	21.59%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-	15.54%	17.51%	-0.67%	-	9.81%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-	21.05%	17.45%	0.22%	-	10.64%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	-	8.25%	8.24%	0.08%	-	3.59%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	0.00%	-	23.79%	25.76%	-0.59%	-	13.40%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	7.67%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-	6.08%	9.54%	-0.18%	-	5.89%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	-	4.83%	7.48%	0.10%	-	4.62%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	0.00%	-	17.87%	18.29%	-0.44%	-	10.21%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	-	26.62%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	55	39	46	68	44	121	42	96	-3.36	74	54
NOPAT Margin	4.04%	2.81%	3.19%	4.64%	3.02%	-	2.81%	5.84%	-0.21%	-	3.36%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.35%	-0.85%	-	-5.52%	0.07%	-0.89%	-	-0.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	4.64%	1.57%	3.49%	-0.12%	2.67%	1.89%
Cost of Revenue to Revenue	43.71%	43.23%	43.19%	42.43%	43.81%	-	43.92%	40.83%	42.93%	-	41.29%
SG&A Expenses to Revenue	43.57%	45.05%	44.77%	43.96%	44.40%	-	44.78%	44.45%	49.45%	-	46.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	51.37%	53.43%	52.88%	51.87%	52.44%	-	52.54%	51.73%	57.37%	-	54.42%
Earnings before Interest and Taxes (EBIT)	68	46	57	84	57	167	74	122	-2.20	92	75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	102	83	93	120	95	206	112	163	38	134	118
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.26	2.61	-	1.67	1.56	1.53	-	0.92
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	34.10	-	8.86	6.51	7.01	-	3.31
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	-	0.33	0.32	0.30	-	0.19
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	-	8.74	7.67	9.25	-	9.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	-	11.45%	13.04%	10.81%	-	10.98%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.71	1.84	-	1.36	1.32	1.31	-	0.95
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	-	0.49	0.47	0.44	-	0.33
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	-	5.56	5.06	5.37	-	4.67
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	-	7.79	6.93	7.71	-	7.39
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	-	10.83	9.60	10.78	-	9.49
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	-	9.72	9.65	7.60	-	4.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	12.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.94	0.79	-	0.71	0.67	0.68	-	0.64
Long-Term Debt to Equity	0.00	0.00	0.00	0.93	0.78	-	0.70	0.66	0.67	-	0.62
Financial Leverage	0.00	0.00	0.00	0.65	0.38	-	0.39	0.47	0.34	-	0.34
Leverage Ratio	0.00	0.00	0.00	3.96	3.46	-	3.14	3.43	3.30	-	3.08
Compound Leverage Factor	0.00	0.00	0.00	3.87	3.46	-	3.14	3.43	3.30	-	3.08
Debt to Total Capital	0.00%	0.00%	0.00%	48.45%	44.14%	-	41.47%	40.26%	40.40%	-	39.08%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.48%	0.49%	-	0.66%	0.70%	0.71%	-	1.32%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	47.97%	43.65%	-	40.80%	39.56%	39.70%	-	37.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	18.74%	15.35%	-	14.57%	14.22%	14.38%	-	13.88%
Common Equity to Total Capital	0.00%	0.00%	0.00%	32.81%	40.51%	-	43.97%	45.52%	45.22%	-	47.04%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-	2.08	1.93	2.13	-	2.45
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-	1.15	0.99	0.96	-	1.10
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-	2.05	1.89	2.10	-	2.37
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-	4.05	3.66	4.28	-	4.97
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-	2.24	1.87	1.92	-	2.24
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-	3.98	3.59	4.20	-	4.80
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	-	1.97	2.03	1.91	-	1.87
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-	24.89%	29.00%	25.66%	-	23.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	1.65	1.91	-	2.12	2.13	2.08	-	2.12
Quick Ratio	0.00	0.00	0.00	1.16	1.43	-	1.53	1.48	1.42	-	1.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	0.00	-1,853	-1,876	0.00	-2,136	-199	-213	60	-0.32
Operating Cash Flow to CapEx	0.00%	354.48%	-61.62%	0.00%	206.37%	-	-108.20%	254.32%	262.52%	-	-214.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-976.03	0.00	-	0.00	0.00	0.00	-	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	-	1.23	1.29	1.27	-	1.27
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	-	7.76	8.38	8.82	-	8.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	-	21.36	23.44	23.15	-	22.16
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	-	7.03	7.39	7.43	-	7.23
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	-	6.91	7.12	7.09	-	6.72
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	-	47.05	43.56	41.41	-	41.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	-	17.09	15.57	15.77	-	16.47
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	-	52.80	51.26	51.50	-	54.28
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	-	11.33	7.87	5.67	-	3.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	0.00	1,921	1,920	2,061	2,178	2,215	2,129	2,075	2,232
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	-	5.53	3.00	3.13	-	2.92
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	1,921	1,920	0.00	2,178	295	209	14	54
Enterprise Value (EV)	0.00	0.00	0.00	1,373	3,538	-	2,965	2,915	2,787	-	2,118
Market Capitalization	192	192	192	192	2,624	-	1,963	1,954	1,896	-	1,223
Book Value per Share	$0.00	$0.00	$0.00	$5.87	$7.05	$7.93	$8.23	$8.77	$8.65	$8.99	$9.35
Tangible Book Value per Share	$0.00	$0.00	$0.00	($1.50)	$0.54	$1.42	$1.55	$2.10	$1.89	$2.23	$2.58
Total Capital	0.00	0.00	0.00	2,255	2,483	2,617	2,673	2,756	2,738	2,784	2,842
Total Debt	0.00	0.00	0.00	1,093	1,096	1,095	1,108	1,110	1,106	1,099	1,110
Total Long-Term Debt	0.00	0.00	0.00	1,082	1,084	1,086	1,091	1,090	1,087	1,076	1,073
Net Debt	0.00	0.00	0.00	758	533	538	613	569	497	390	501
Capital Expenditures (CapEx)	0.00	25	24	0.00	43	81	23	46	59	84	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.00	269	252	340	454	475	424	326	497
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.00	603	816	897	949	1,016	1,034	1,036	1,106
Net Working Capital (NWC)	0.00	0.00	0.00	593	803	887	931	996	1,014	1,012	1,069
Net Nonoperating Expense (NNE)	-0.43	0.00	0.00	1.34	-2.26	-20	-17	0.44	-4.57	0.00	-4.62
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	758	533	538	613	569	497	390	501
Total Depreciation and Amortization (D&A)	35	37	37	36	38	39	37	41	40	42	44
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-	7.53%	7.66%	6.71%	-	7.72%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-	15.75%	16.38%	16.34%	-	17.21%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	-	15.46%	16.07%	16.04%	-	16.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.34	$0.19	$0.85	$0.30	$0.52	($0.17)	$0.31	$0.28
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	126.12M	137.11M	132.44M	140.06M	140.37M	141.23M	140.76M	141.27M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.34	$0.19	$0.84	$0.29	$0.52	($0.17)	$0.32	$0.28
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	126.12M	137.54M	132.74M	140.70M	141.52M	141.23M	141.45M	141.78M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	142.76M	142.73M	142.75M	143.04M	143.11M	143.19M	142.90M	143.35M
Normalized Net Operating Profit after Tax (NOPAT)	55	39	46	68	44	121	42	96	-3.36	74	54
Normalized NOPAT Margin	4.04%	2.81%	3.19%	4.64%	3.02%	-	2.81%	5.84%	-0.21%	-	3.36%
Pre Tax Income Margin	4.95%	3.34%	3.93%	5.59%	3.94%	-	4.96%	7.41%	-0.14%	-	4.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	44.30	0.00	-	0.00	0.00	0.00	-	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	35.99	0.00	-	0.00	0.00	0.00	-	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-	24.88%	23.63%	27.66%	-	39.33%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-	24.88%	25.60%	27.96%	-	39.33%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven look at Ardent Health Partners, Inc. (NYSE: ARDT) based on the latest quarterly statements. Over the last four years, ARDT has shown a relatively stable topline around the $1.6 billion range, with improving cash flow from operations in late 2025 and a solid liquidity position. Profitability has been more uneven on a quarterly basis, driven by moving parts in operating expenses and occasional restatements.

Q4 2025 operating cash flow was $223.4M, up sharply from $119.6M in Q4 2024, signaling improved cash generation from core operations.
Trailing free cash flow in Q4 2025 was about $139.4M, up from roughly $38.3M a year earlier, supporting potential for debt reduction or shareholder returns.
Gross margin remained solid at about 59–60% across 2024–2025, indicating stable core profitability despite quarterly GAAP fluctuations.
Liquidity remains strong with cash and equivalents around $609M at mid-2025 and current assets near $1.96B vs. current liabilities of about $943M (current ratio around 2.0).
Revenue stays in the 1.6B range, with Q4 2025 operating revenue at $1.605B and 2024 levels similar, suggesting a stable topline.
Long-term debt has been stable around $1.08B–$1.09B through 2025, indicating manageable leverage.
Shares outstanding show consistency (weighted average basic shares around 140–141M); EPS variability largely reflects quarterly mix and restatements rather than a fundamental shift in fundamentals.
Net income attributable to common shareholders declined year-over-year in Q4 2025 to $44.96M from $114.20M in Q4 2024, signaling weaker quarterly profitability.
Operating income fell to $92.37M in Q4 2025 from $144.04M in Q4 2024, as SG&A rose and margins compressed.
Q3 2025 produced a quarterly loss to common shareholders (-$23.48M), highlighting ongoing quarterly volatility in profitability.

05/16/26 06:56 PM ETAI Generated. May Contain Errors.

Ardent Health Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ardent Health's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Ardent Health's net income appears to be on an upward trend, with a most recent value of $230.14 million in 2025, falling from $265.37 million in 2022. The previous period was $299.71 million in 2024. View Ardent Health's forecast to see where analysts expect Ardent Health to go next.

Ardent Health's total operating income in 2025 was $263.04 million, based on the following breakdown:

Total Gross Profit: $3.67 billion
Total Operating Expenses: $3.40 billion

Over the last 3 years, Ardent Health's total revenue changed from $5.13 billion in 2022 to $6.32 billion in 2025, a change of 23.3%.

Ardent Health's total liabilities were at $3.61 billion at the end of 2025, a 5.0% increase from 2024, and a 1.2% decrease since 2023.

In the past 2 years, Ardent Health's cash and equivalents has ranged from $437.58 million in 2023 to $709.60 million in 2025, and is currently $709.60 million as of their latest financial filing in 2025.

Over the last 3 years, Ardent Health's book value per share changed from 0.00 in 2022 to 8.99 in 2025, a change of 899.5%.

Related Companies

Financial statements for NYSE:ARDT last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ardent Health (ARDT) Financials

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Ardent Health (ARDT) Financials

Annual Income Statements for Ardent Health

Quarterly Income Statements for Ardent Health

Annual Cash Flow Statements for Ardent Health

Quarterly Cash Flow Statements for Ardent Health

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Quarterly Metrics And Ratios for Ardent Health

Financials Breakdown Chart

Key Financial Trends

Ardent Health Financials - Frequently Asked Questions

When does Ardent Health's fiscal year end?

How has Ardent Health's net income changed over the last 3 years?

What is Ardent Health's operating income?

How has Ardent Health's revenue changed over the last 3 years?

How much debt does Ardent Health have?

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How has Ardent Health's book value per share changed over the last 3 years?

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