Tenet Healthcare (THC) Financials

$168.77 +1.49 (+0.89%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for Tenet Healthcare

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,200	611	411	914	399	-215	104	-704	-192	-140
Consolidated Net Income / (Loss)	4,064	1,311	1,001	1,476	768	171	459	-320	176	78
Net Income / (Loss) Continuing Operations	4,064	1,311	1,001	1,477	768	160	456	-320	181	76
Total Pre-Tax Income	5,248	1,617	1,345	1,888	671	320	629	-101	248	144
Total Operating Income	5,956	2,510	2,333	2,653	1,820	1,537	1,487	969	1,116	1,077
Total Gross Profit	11,874	11,418	10,524	7,470	7,122	9,781	6,676	6,820	7,169	6,681
Total Revenue	20,675	20,564	19,368	191	18,522	18,479	18,313	20,613	21,070	20,111
Operating Revenue	20,675	20,564	19,368	191	18,522	18,479	18,313	20,613	21,070	20,111
Total Cost of Revenue	8,801	9,146	8,844	-7,279	11,400	8,698	11,637	13,793	13,901	13,430
Operating Cost of Revenue	8,801	9,146	8,844	-7,279	11,400	8,698	11,637	12,359	12,452	11,953
Total Operating Expenses	5,918	8,908	8,191	4,817	5,302	8,244	5,189	5,851	6,053	5,703
Selling, General & Admin Expense	8,139	8,105	7,271	4,206	4,125	4,171	4,267	4,561	4,891	4,555
Depreciation Expense	818	870	841	855	857	850	802	870	850	797
Other Operating Expenses / (Income)	-260	-228	-216	-	-	2,882	-	-	-32	-72
Impairment Charge	102	137	226	85	290	185	209	541	202	318
Other Special Charges / (Income)	-2,881	24	69	-329	30	156	-89	-121	142	105
Total Other Income / (Expense), net	-708	-893	-988	-765	-1,149	-1,217	-858	-1,070	-868	-834
Interest Expense	834	912	999	997	1,319	1,212	1,003	1,192	979	913
Other Income / (Expense), net	126	19	11	14	1.00	-5.00	-5.00	-22	-20	-20
Income Tax Expense	1,184	306	344	411	-97	160	173	219	67	68
Net Income / (Loss) Attributable to Noncontrolling Interest	864	700	590	562	369	386	355	384	368	218
Basic Earnings per Share	$33.02	$6.01	$3.84	$8.55	$3.80	($2.08)	$1.02	($7.00)	($1.93)	($1.41)
Weighted Average Basic Shares Outstanding	96.90M	101.64M	106.93M	106.83M	105.01M	103.40M	102.11M	100.59M	99.32M	99.17M
Diluted Earnings per Share	$32.70	$5.71	$3.79	$8.42	$3.75	($2.08)	$1.00	($7.00)	($1.93)	($1.41)
Weighted Average Diluted Shares Outstanding	97.88M	104.80M	110.52M	108.57M	106.26M	103.40M	103.88M	100.59M	99.32M	99.17M
Weighted Average Basic & Diluted Shares Outstanding	95.12M	100.00M	102.27M	107.42M	106.20M	104.29M	101.80M	100.60M	99.50M	99.30M

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	406	318	472	259	2,151	244	101	123	143	102	131
Consolidated Net Income / (Loss)	622	572	681	477	2,334	456	266	293	296	274	268
Net Income / (Loss) Continuing Operations	622	572	681	477	2,334	456	266	293	296	275	268
Total Pre-Tax Income	765	655	922	587	3,084	519	345	373	380	322	380
Total Operating Income	943	882	1,089	700	3,285	789	568	550	603	687	545
Total Gross Profit	3,104	4,815	2,908	2,032	2,119	4,848	2,781	1,914	1,875	5,137	1,808
Total Revenue	5,223	5,073	5,126	5,108	5,368	5,381	5,069	5,090	5,024	5,030	4,855
Operating Revenue	5,223	5,077	5,122	5,108	5,368	5,384	5,066	5,090	5,024	5,030	4,855
Total Cost of Revenue	2,119	258	2,218	3,076	3,249	533	2,288	3,176	3,149	-107	3,047
Operating Cost of Revenue	2,119	258	2,218	3,076	3,249	533	2,288	3,176	3,149	-107	3,047
Total Operating Expenses	2,161	3,933	1,819	1,332	-1,166	4,059	2,213	1,364	1,272	4,450	1,263
Depreciation Expense	206	193	209	208	208	216	224	213	217	213	209
Other Operating Expenses / (Income)	1,941	-	1,930	-	-59	-	1,927	-	-50	-	-
Impairment Charge	19	27	19	29	27	53	47	16	21	129	24
Other Special Charges / (Income)	-5.00	7.00	-339	-53	-2,496	8.00	15	10	-9.00	19	12
Total Other Income / (Expense), net	-178	-227	-167	-113	-201	-270	-223	-177	-223	-365	-165
Interest Expense	204	203	202	203	226	227	227	237	221	219	222
Other Income / (Expense), net	26	37	35	29	25	11	4.00	6.00	-2.00	5.00	6.00
Income Tax Expense	143	83	241	110	750	63	79	80	84	47	112
Net Income / (Loss) Attributable to Noncontrolling Interest	216	254	209	218	183	212	165	170	153	172	137
Basic Earnings per Share	$4.31	$3.83	$4.93	$2.66	$21.60	$2.41	$0.99	$1.21	$1.40	$0.98	$1.21
Weighted Average Basic Shares Outstanding	94.24M	96.90M	95.67M	97.27M	99.58M	101.64M	101.54M	101.77M	102.29M	106.93M	107.92M
Diluted Earnings per Share	$4.27	$3.79	$4.89	$2.64	$21.38	$2.30	$0.94	$1.15	$1.32	$1.00	$1.16
Weighted Average Diluted Shares Outstanding	95.02M	97.88M	96.65M	98.44M	100.60M	104.80M	104.43M	104.78M	106.01M	110.52M	109.89M
Weighted Average Basic & Diluted Shares Outstanding	92.89M	95.12M	95.10M	95.82M	97.68M	100.00M	101.55M	101.54M	101.94M	102.27M	108.12M

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,791	370	-1,506	-82	2,184	-149	-200	-105	360	163
Net Cash From Operating Activities	2,047	2,374	1,083	1,568	3,407	1,233	1,049	1,200	558	1,026
Net Cash From Continuing Operating Activities	2,047	2,374	1,083	1,568	3,408	1,238	1,054	1,205	564	1,047
Net Income / (Loss) Continuing Operations	4,064	1,311	1,001	1,477	768	156	455	-320	182	75
Consolidated Net Income / (Loss)	4,064	1,311	1,001	1,476	768	171	459	-320	176	78
Depreciation Expense	818	870	841	855	857	850	802	870	850	797
Amortization Expense	26	32	33	33	38	35	45	44	41	41
Non-Cash Adjustments To Reconcile Net Income	-2,894	38	142	-310	281	371	-31	1,916	1,156	1,730
Changes in Operating Assets and Liabilities, net	33	123	-934	-487	1,464	-174	-217	-1,305	-1,665	-1,596
Net Cash From Investing Activities	3,429	-969	-808	-714	-1,608	-619	-115	21	-430	-1,317
Net Cash From Continuing Investing Activities	3,429	-969	-808	-714	-1,608	-636	-115	21	-430	-1,317
Purchase of Property, Plant & Equipment	-931	-751	-762	-658	-540	-670	-617	-707	-875	-842
Acquisitions	-571	-224	-234	-1,220	-1,177	-25	-113	-50	-156	-1,074
Purchase of Investments	-94	-104	-92	-108	-44	-62	-148	-81	-	-
Divestitures	4,981	71	210	1,248	77	63	543	827	573	549
Sale and/or Maturity of Investments	63	50	76	31	59	82	199	36	62	60
Other Investing Activities, net	-19	-11	-6.00	-7.00	17	-24	6.00	6.00	-3.00	-6.00
Net Cash From Financing Activities	-3,685	-1,035	-1,781	-936	385	-763	-1,134	-1,326	232	454
Net Cash From Continuing Financing Activities	-3,685	-1,035	-1,781	-936	385	-763	-1,134	-1,326	232	454
Repayment of Debt	-2,520	-1,558	-2,921	-3,316	-4,048	-8,825	-1,208	-5,142	-2,045	-4,907
Repurchase of Common Equity	-672	-200	-250	0.00	0.00	-	-	-	-	-40
Payment of Dividends	-881	-761	-660	-450	-326	-318	-935	-987	-404	-378
Issuance of Debt	23	1,441	2,023	2,872	4,558	8,359	973	4,765	2,655	5,753
Other Financing Activities, net	365	43	27	-42	201	21	20	31	22	11
Cash Interest Paid	851	882	848	937	962	946	976	939	932	859
Cash Income Taxes Paid	1,271	243	161	92	12	12	25	56	33	7.00

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-20	-1,075	1,214	399	1,253	174	120	168	-92	-350	-143
Net Cash From Operating Activities	815	-331	1,045	747	586	824	503	598	449	421	315
Net Cash From Continuing Operating Activities	815	-331	1,045	747	586	824	503	598	449	420	316
Net Income / (Loss) Continuing Operations	622	572	681	477	2,334	456	266	293	296	275	268
Consolidated Net Income / (Loss)	622	572	681	477	2,334	456	266	293	296	274	268
Depreciation Expense	206	193	209	208	208	216	224	213	217	213	209
Amortization Expense	6.00	5.00	7.00	6.00	8.00	7.00	7.00	9.00	9.00	10	8.00
Non-Cash Adjustments To Reconcile Net Income	6.00	-8.00	-366	-49	-2,471	5.00	40	-4.00	-3.00	85	-58
Changes in Operating Assets and Liabilities, net	-25	-1,093	514	105	507	140	-34	87	-70	-163	-111
Net Cash From Investing Activities	-187	-372	667	-194	3,328	-333	-169	-181	-286	-306	-302
Net Cash From Continuing Investing Activities	-187	-372	667	-194	3,328	-333	-169	-181	-286	-306	-302
Purchase of Property, Plant & Equipment	-173	-330	-216	-145	-240	-208	-176	-132	-235	-290	-165
Acquisitions	-27	-47	-14	-61	-449	-114	-14	-48	-48	-10	-158
Purchase of Investments	-17	-48	-20	-16	-10	-50	-17	-19	-18	-24	-27
Divestitures	11	16	917	18	4,030	33	22	3.00	13	1.00	-
Sale and/or Maturity of Investments	14	38	8.00	10	7.00	10	14	17	9.00	15	52
Other Investing Activities, net	5.00	-1.00	-8.00	-	-10	-4.00	2.00	-2.00	-7.00	2.00	-4.00
Net Cash From Financing Activities	-648	-372	-498	-154	-2,661	-317	-214	-249	-255	-465	-156
Net Cash From Continuing Financing Activities	-648	-372	-498	-154	-2,661	-317	-214	-249	-255	-465	-156
Repayment of Debt	-82	-131	-173	-40	-2,176	-77	-29	-1,407	-45	-62	-16
Repurchase of Common Equity	-348	-	-124	-270	-278	-110	-	-40	-50	-250	-
Payment of Dividends	-230	-258	-212	-197	-214	-209	-203	-174	-175	-167	-154
Issuance of Debt	1.00	7.00	8.00	6.00	2.00	73	11	1,367	-10	3.00	7.00
Other Financing Activities, net	11	10	3.00	347	5.00	6.00	7.00	5.00	25	11	7.00
Cash Interest Paid	99	296	96	297	162	293	144	268	177	247	185
Cash Income Taxes Paid	7.00	963	68	235	5.00	31	54	158	0.00	13	8.00

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	28,936	28,312	27,156	27,579	27,106	23,365	22,409	23,385	24,701	23,682
Total Current Assets	7,682	7,167	5,981	7,075	7,147	5,081	4,636	5,573	5,257	5,171
Cash & Equivalents	3,019	1,228	858	2,364	2,446	262	411	611	716	356
Accounts Receivable	2,536	2,914	2,943	2,770	2,690	2,743	2,595	2,616	2,897	2,704
Inventories, net	346	411	405	384	368	310	305	289	326	309
Other Current Assets	1,760	1,839	1,775	1,557	1,503	1,369	1,197	1,035	1,285	1,245
Other Current Nonoperating Assets	21	775	0.00	-	140	387	107	1,017	29	550
Plant, Property, & Equipment, net	6,049	6,236	6,462	6,427	6,692	6,878	6,993	7,030	8,053	7,915
Total Noncurrent Assets	15,205	14,909	14,713	14,077	13,267	11,406	10,780	10,782	11,391	10,596
Long-Term Investments	3,037	3,157	3,147	3,254	2,534	2,369	1,456	1,543	1,250	1,175
Goodwill	10,691	10,307	10,123	9,261	8,808	7,252	7,281	7,018	7,425	6,970
Intangible Assets	1,397	1,368	1,424	1,497	1,600	1,602	1,731	1,766	1,845	1,675
Noncurrent Deferred & Refundable Income Taxes	80	77	19	65	325	183	312	455	871	776
Total Liabilities & Shareholders' Equity	28,936	28,312	27,156	27,579	27,106	23,365	22,409	23,385	24,701	23,682
Total Liabilities	20,389	22,804	22,548	23,322	24,217	21,422	20,302	20,980	21,226	20,458
Total Current Liabilities	4,310	4,760	4,476	5,109	4,847	4,205	3,857	4,332	4,034	4,308
Short-Term Debt	92	120	145	135	145	171	182	146	191	127
Accounts Payable	1,294	1,408	1,504	1,300	1,207	1,204	1,207	1,175	1,329	1,380
Current Deferred & Payable Income Tax Liabilities	18	23	-	-	-	-	-	-	-	-
Current Employee Benefit Liabilities	899	930	778	896	942	877	838	848	872	880
Other Current Liabilities	1,845	2,010	1,836	2,575	2,235	1,664	1,347	1,427	1,423	1,615
Other Current Nonoperating Liabilities	162	269	213	203	318	289	283	736	219	306
Total Noncurrent Liabilities	16,079	18,044	18,072	18,213	19,370	17,217	16,445	16,648	17,192	16,150
Long-Term Debt	13,081	14,882	14,934	15,511	15,574	14,580	14,644	14,791	15,064	14,383
Asset Retirement Reserve & Litigation Obligation	900	792	790	791	735	635	666	654	613	578
Noncurrent Deferred & Payable Income Tax Liabilities	227	326	217	36	29	27	36	36	279	37
Noncurrent Employee Benefit Liabilities	298	335	331	421	497	560	521	536	626	595
Other Noncurrent Operating Liabilities	1,573	1,709	1,800	1,454	2,535	1,415	578	631	610	557
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	2,727	2,391	2,149	2,203	1,952	1,506	1,420	1,866	2,393	2,266
Total Equity & Noncontrolling Interests	5,820	3,117	2,459	2,054	937	437	687	539	1,082	958
Total Preferred & Common Equity	4,171	1,608	1,142	1,028	28	-417	-119	-147	417	691
Total Common Equity	4,171	1,608	1,142	1,028	28	-417	-119	-147	417	691
Common Stock	4,881	4,842	4,786	4,885	4,851	4,767	4,754	4,866	4,834	4,822
Retained Earnings	3,008	-192	-803	-1,214	-2,128	-2,513	-2,236	-2,390	-1,742	-1,550
Treasury Stock	-3,538	-2,861	-2,660	-2,410	-2,414	-2,414	-2,414	-2,419	-2,417	-2,417
Accumulated Other Comprehensive Income / (Loss)	-180	-181	-181	-233	-281	-257	-223	-204	-258	-164
Noncontrolling Interest	1,649	1,509	1,317	1,026	909	854	806	686	665	267

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

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	29,237	29,372	29,265	28,907	27,590	27,157	27,067	27,076
Total Current Assets	7,913	8,759	7,955	7,821	6,359	5,995	5,869	5,998
Cash & Equivalents	2,999	4,094	2,880	2,481	1,054	934	766	1,208
Accounts Receivable	2,619	2,598	2,817	3,148	2,897	2,914	2,883	2,826
Inventories, net	344	356	382	395	413	404	407	394
Other Current Assets	1,930	1,691	1,855	1,775	1,855	1,602	1,671	1,566
Other Current Nonoperating Assets	21	20	21	22	140	141	142	-
Plant, Property, & Equipment, net	5,991	5,552	5,857	5,855	6,260	6,268	6,319	6,291
Total Noncurrent Assets	15,333	15,061	15,453	15,231	14,971	14,894	14,879	14,787
Long-Term Investments	3,069	3,064	3,156	3,244	3,152	3,130	3,175	3,312
Goodwill	10,786	10,588	10,799	10,568	10,415	10,350	10,258	9,979
Intangible Assets	1,400	1,373	1,413	1,399	1,400	1,406	1,432	1,441
Noncurrent Deferred & Refundable Income Taxes	78	36	85	20	4.00	8.00	14	55
Total Liabilities & Shareholders' Equity	29,237	29,372	29,265	28,907	27,590	27,157	27,067	27,076
Total Liabilities	20,584	21,297	21,396	21,236	22,409	22,156	22,262	22,501
Total Current Liabilities	4,451	5,538	5,493	5,416	4,432	4,152	4,219	4,276
Short-Term Debt	88	95	102	107	141	141	148	131
Accounts Payable	1,327	1,265	1,270	1,335	1,202	1,246	1,192	1,240
Current Deferred & Payable Income Tax Liabilities	149	826	715	805	-	-	-	-
Current Employee Benefit Liabilities	710	879	788	775	787	718	602	781
Other Current Liabilities	1,917	2,213	2,458	2,134	2,012	1,831	2,006	1,875
Other Current Nonoperating Liabilities	260	260	160	260	290	216	271	249
Total Noncurrent Liabilities	16,133	15,759	15,903	15,820	17,977	18,004	18,043	18,225
Long-Term Debt	13,082	12,776	12,769	12,772	14,901	14,907	14,935	14,962
Asset Retirement Reserve & Litigation Obligation	877	855	844	794	787	793	810	804
Noncurrent Deferred & Payable Income Tax Liabilities	226	260	245	231	278	243	220	235
Noncurrent Employee Benefit Liabilities	297	308	334	334	327	329	330	400
Other Noncurrent Operating Liabilities	1,651	1,560	1,711	1,689	1,684	1,732	1,748	1,824
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	2,776	2,649	2,813	2,728	2,303	2,277	2,225	2,068
Total Equity & Noncontrolling Interests	5,877	5,426	5,056	4,943	2,878	2,724	2,580	2,507
Total Preferred & Common Equity	4,181	3,834	3,475	3,453	1,464	1,343	1,233	1,235
Total Common Equity	4,181	3,834	3,475	3,453	1,464	1,343	1,233	1,235
Common Stock	4,834	4,857	4,848	4,814	4,826	4,808	4,782	4,779
Retained Earnings	3,414	2,690	2,218	1,959	-436	-537	-660	-905
Treasury Stock	-3,889	-3,538	-3,414	-3,141	-2,750	-2,750	-2,710	-2,410
Accumulated Other Comprehensive Income / (Loss)	-178	-175	-177	-179	-176	-178	-179	-229
Noncontrolling Interest	1,696	1,592	1,581	1,490	1,414	1,381	1,347	1,272

This table displays calculated financial ratios and metrics derived from Tenet Healthcare's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.54%	6.18%	10,040.31%	-98.97%	0.23%	0.91%	-11.16%	-2.17%	4.77%	12.30%
EBITDA Growth	101.87%	6.62%	-9.48%	30.89%	12.37%	3.78%	25.15%	-6.34%	4.85%	5.16%
EBIT Growth	140.49%	7.89%	-12.11%	46.46%	18.86%	3.37%	56.49%	-13.59%	3.69%	14.27%
NOPAT Growth	126.65%	17.20%	-16.34%	-0.37%	171.06%	-28.71%	58.93%	-16.72%	43.29%	-7.82%
Net Income Growth	209.99%	30.97%	-32.18%	92.19%	349.12%	-62.75%	243.44%	-281.82%	125.64%	2.63%
EPS Growth	472.68%	50.66%	-54.99%	124.53%	280.29%	-308.00%	114.29%	-262.69%	-36.88%	-1,275.00%
Operating Cash Flow Growth	-13.77%	119.21%	-30.93%	-53.98%	176.32%	17.54%	-12.58%	115.05%	-45.61%	49.35%
Free Cash Flow Firm Growth	91.53%	601.78%	-76.37%	-37.85%	9.61%	175.30%	-72.74%	1,609.86%	93.93%	-46,835.53%
Invested Capital Growth	1.19%	-1.74%	9.71%	4.94%	-1.14%	-8.38%	2.25%	-12.07%	6.23%	28.52%
Revenue Q/Q Growth	-1.47%	1,879.21%	13,012.00%	-99.19%	29.27%	1.02%	-3.60%	0.43%	-0.95%	3.06%
EBITDA Q/Q Growth	1.38%	10.46%	2.52%	-6.74%	12.14%	12.79%	-3.84%	15.16%	-9.06%	-2.62%
EBIT Q/Q Growth	2.00%	14.75%	2.85%	-7.78%	18.63%	19.78%	-5.48%	36.26%	-15.89%	-1.95%
NOPAT Q/Q Growth	1.86%	16.68%	3.29%	-8.41%	-19.94%	18.24%	84.53%	36.29%	13.87%	-27.25%
Net Income Q/Q Growth	2.94%	16.12%	-12.65%	-7.92%	121.97%	20.42%	73.21%	-61.62%	13.55%	-50.32%
EPS Q/Q Growth	4.77%	29.48%	-25.39%	-16.05%	2,073.68%	3.70%	186.21%	-27.04%	8.96%	-883.33%
Operating Cash Flow Q/Q Growth	-36.07%	20.45%	6.28%	-5.37%	-2.13%	28.04%	-18.68%	188.46%	-46.45%	-2.66%
Free Cash Flow Firm Q/Q Growth	-33.61%	137.26%	166.79%	48.57%	-57.31%	49.53%	-20.29%	127.73%	33.81%	-46.67%
Invested Capital Q/Q Growth	12.67%	-3.39%	3.23%	9.57%	16.07%	-3.99%	-0.14%	-4.51%	3.95%	4.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.43%	55.52%	54.34%	3,910.99%	38.45%	52.93%	36.46%	33.09%	34.02%	33.22%
EBITDA Margin	33.50%	16.68%	16.62%	1,861.26%	14.66%	13.08%	12.72%	9.03%	9.43%	9.42%
Operating Margin	28.81%	12.21%	12.05%	1,389.01%	9.83%	8.32%	8.12%	4.70%	5.30%	5.36%
EBIT Margin	29.42%	12.30%	12.10%	1,396.34%	9.83%	8.29%	8.09%	4.59%	5.20%	5.26%
Profit (Net Income) Margin	19.66%	6.38%	5.17%	772.77%	4.15%	0.93%	2.51%	-1.55%	0.84%	0.39%
Tax Burden Percent	77.44%	81.08%	74.42%	78.18%	114.46%	53.44%	72.97%	316.83%	70.97%	54.17%
Interest Burden Percent	86.29%	63.94%	57.38%	70.79%	36.85%	20.89%	42.44%	-10.67%	22.63%	13.62%
Effective Tax Rate	22.56%	18.92%	25.58%	21.77%	-14.46%	50.00%	27.50%	0.00%	27.02%	47.22%
Return on Invested Capital (ROIC)	29.36%	12.92%	11.43%	14.67%	15.00%	5.26%	7.15%	4.26%	4.95%	4.01%
ROIC Less NNEP Spread (ROIC-NNEP)	23.04%	6.15%	4.60%	9.00%	3.54%	0.51%	2.32%	-3.43%	0.08%	-0.09%
Return on Net Nonoperating Assets (RNNOA)	28.47%	13.00%	11.15%	26.64%	16.79%	3.18%	13.19%	-15.14%	0.31%	-0.47%
Return on Equity (ROE)	57.83%	25.92%	22.58%	41.31%	31.79%	8.44%	20.35%	-10.88%	5.25%	3.54%
Cash Return on Invested Capital (CROIC)	28.17%	14.67%	2.17%	9.85%	16.15%	14.01%	4.93%	17.11%	-1.10%	-20.95%
Operating Return on Assets (OROA)	21.25%	9.12%	8.56%	9.75%	7.22%	6.69%	6.47%	3.94%	4.53%	5.08%
Return on Assets (ROA)	14.20%	4.73%	3.66%	5.40%	3.04%	0.75%	2.00%	-1.33%	0.73%	0.37%
Return on Common Equity (ROCE)	23.78%	7.05%	5.53%	6.10%	-2.56%	-1.12%	-1.20%	-0.50%	0.87%	1.08%
Return on Equity Simple (ROE_SIMPLE)	97.43%	81.53%	87.65%	143.58%	2,742.86%	-41.01%	-385.71%	217.69%	42.21%	11.29%
Net Operating Profit after Tax (NOPAT)	4,612	2,035	1,736	2,075	2,083	769	1,078	678	815	568
NOPAT Margin	22.31%	9.90%	8.96%	1,086.63%	11.25%	4.16%	5.89%	3.29%	3.87%	2.83%
Net Nonoperating Expense Percent (NNEP)	6.31%	6.77%	6.83%	5.67%	11.47%	4.75%	4.83%	7.68%	4.87%	4.09%
Return On Investment Capital (ROIC_SIMPLE)	24.28%	11.23%	9.90%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	42.57%	44.48%	45.66%	-3,810.99%	61.55%	47.07%	63.55%	66.91%	65.98%	66.78%
SG&A Expenses to Revenue	39.37%	39.41%	37.54%	2,202.09%	22.27%	22.57%	23.30%	22.13%	23.21%	22.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.62%	43.32%	42.29%	2,521.99%	28.63%	44.61%	28.34%	28.39%	28.73%	28.36%
Earnings before Interest and Taxes (EBIT)	6,082	2,529	2,344	2,667	1,821	1,532	1,482	947	1,096	1,057
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,926	3,431	3,218	3,555	2,716	2,417	2,329	1,861	1,987	1,895
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.88	4.77	4.62	8.51	150.47	0.00	0.00	0.00	3.55	4.37
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.58	0.37	0.27	45.82	0.23	0.21	0.10	0.07	0.07	0.15
Price to Earnings (P/E)	3.75	12.56	12.84	9.57	10.56	0.00	16.89	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	26.66%	7.96%	7.79%	10.44%	9.47%	0.00%	5.92%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.42	1.25	1.52	1.29	1.32	1.11	1.13	1.05	1.16
Enterprise Value to Revenue (EV/Rev)	1.14	1.08	1.02	115.23	0.96	1.00	0.93	0.82	0.85	0.92
Enterprise Value to EBITDA (EV/EBITDA)	3.39	6.47	6.16	6.19	6.56	7.63	7.27	9.06	8.97	9.78
Enterprise Value to EBIT (EV/EBIT)	3.86	8.77	8.45	8.25	9.78	12.03	11.43	17.81	16.26	17.53
Enterprise Value to NOPAT (EV/NOPAT)	5.09	10.90	11.41	10.60	8.55	23.98	15.72	24.86	21.89	32.60
Enterprise Value to Operating Cash Flow (EV/OCF)	11.48	9.35	18.30	14.04	5.23	14.95	16.15	14.05	31.95	18.06
Enterprise Value to Free Cash Flow (EV/FCFF)	5.31	9.60	60.17	15.79	7.94	9.01	22.80	6.19	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.54	2.72	3.27	3.68	5.44	7.59	7.04	6.21	4.39	4.50
Long-Term Debt to Equity	1.53	2.70	3.24	3.64	5.39	7.50	6.95	6.15	4.34	4.46
Financial Leverage	1.24	2.12	2.43	2.96	4.75	6.21	5.68	4.42	3.91	5.43
Leverage Ratio	4.07	5.48	6.17	7.65	10.45	11.30	10.15	8.18	7.22	9.44
Compound Leverage Factor	3.51	3.51	3.54	5.42	3.85	2.36	4.31	-0.87	1.63	1.29
Debt to Total Capital	60.65%	73.14%	76.59%	78.61%	84.47%	88.36%	87.56%	86.13%	81.45%	81.82%
Short-Term Debt to Total Capital	0.42%	0.59%	0.74%	0.68%	0.78%	1.02%	1.07%	0.84%	1.02%	0.72%
Long-Term Debt to Total Capital	60.23%	72.56%	75.86%	77.93%	83.70%	87.34%	86.48%	85.29%	80.43%	81.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	20.15%	19.02%	17.61%	16.22%	15.38%	14.14%	13.15%	14.72%	16.33%	14.28%
Common Equity to Total Capital	19.20%	7.84%	5.80%	5.17%	0.15%	-2.50%	-0.70%	-0.85%	2.23%	3.90%
Debt to EBITDA	1.90	4.37	4.69	4.40	5.79	6.10	6.37	8.03	7.68	7.66
Net Debt to EBITDA	1.03	3.09	3.44	2.82	3.95	5.01	5.56	6.87	6.69	6.85
Long-Term Debt to EBITDA	1.89	4.34	4.64	4.36	5.73	6.03	6.29	7.95	7.58	7.59
Debt to NOPAT	2.86	7.37	8.68	7.54	7.55	19.19	13.75	22.02	18.73	25.53
Net Debt to NOPAT	1.54	5.22	6.38	4.83	5.16	15.77	12.02	18.85	16.32	22.83
Long-Term Debt to NOPAT	2.84	7.31	8.60	7.47	7.48	18.97	13.58	21.81	18.49	25.30
Altman Z-Score	2.05	1.32	1.16	0.58	1.00	1.01	0.99	0.98	1.00	1.04
Noncontrolling Interest Sharing Ratio	58.88%	72.82%	75.52%	85.22%	108.05%	113.23%	105.90%	95.41%	83.46%	69.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.51	1.34	1.38	1.47	1.21	1.20	1.29	1.30	1.20
Quick Ratio	1.29	0.87	0.85	1.00	1.06	0.71	0.78	0.74	0.90	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,426	2,311	329	1,393	2,242	2,046	743	2,725	-181	-2,973
Operating Cash Flow to CapEx	219.87%	316.11%	142.13%	238.30%	630.93%	184.03%	174.25%	167.36%	61.59%	121.28%
Free Cash Flow to Firm to Interest Expense	5.31	2.53	0.33	1.40	1.70	1.69	0.74	2.29	-0.18	-3.26
Operating Cash Flow to Interest Expense	2.45	2.60	1.08	1.57	2.58	1.02	1.05	1.01	0.57	1.12
Operating Cash Flow Less CapEx to Interest Expense	1.34	1.78	0.32	0.91	2.17	0.46	0.45	0.41	-0.36	0.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.74	0.71	0.01	0.73	0.81	0.80	0.86	0.87	0.97
Accounts Receivable Turnover	7.59	7.02	6.78	0.07	6.82	6.92	7.03	7.48	7.52	7.87
Inventory Turnover	23.25	22.42	22.42	0.00	33.63	28.29	39.18	44.86	43.78	45.91
Fixed Asset Turnover	3.37	3.24	3.01	0.03	2.73	2.66	2.61	2.73	2.64	2.57
Accounts Payable Turnover	6.51	6.28	6.31	0.00	9.46	7.22	9.77	11.02	10.26	10.50
Days Sales Outstanding (DSO)	48.11	51.98	53.83	5,217.02	53.53	52.72	51.93	48.81	48.51	46.35
Days Inventory Outstanding (DIO)	15.70	16.28	16.28	0.00	10.85	12.90	9.32	8.14	8.34	7.95
Days Payable Outstanding (DPO)	56.03	58.11	57.86	0.00	38.60	50.59	37.36	33.13	35.57	34.77
Cash Conversion Cycle (CCC)	7.78	10.16	12.25	5,217.02	25.79	15.04	23.89	23.82	21.29	19.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,805	15,619	15,895	14,488	13,806	13,965	15,242	14,907	16,954	15,959
Invested Capital Turnover	1.32	1.31	1.27	0.01	1.33	1.27	1.21	1.29	1.28	1.42
Increase / (Decrease) in Invested Capital	186	-276	1,407	682	-159	-1,277	335	-2,047	995	3,541
Enterprise Value (EV)	23,497	22,191	19,815	22,008	17,813	18,431	16,942	16,865	17,826	18,532
Market Capitalization	12,004	7,674	5,275	8,751	4,213	3,951	1,757	1,530	1,479	3,020
Book Value per Share	$43.86	$15.83	$10.56	$9.60	$0.27	($4.01)	($1.16)	($1.46)	$4.19	$6.93
Tangible Book Value per Share	($83.25)	($99.13)	($96.23)	($90.83)	($98.37)	($89.23)	($89.08)	($88.48)	($88.85)	($79.80)
Total Capital	21,720	20,510	19,687	19,903	18,608	16,694	16,933	17,342	18,730	17,734
Total Debt	13,173	15,002	15,079	15,646	15,719	14,751	14,826	14,937	15,255	14,510
Total Long-Term Debt	13,081	14,882	14,934	15,511	15,574	14,580	14,644	14,791	15,064	14,383
Net Debt	7,117	10,617	11,074	10,028	10,739	12,120	12,959	12,783	13,289	12,979
Capital Expenditures (CapEx)	931	751	762	658	540	670	602	717	906	846
Debt-free, Cash-free Net Working Capital (DFCFNWC)	445	1,299	792	-263	-1.00	785	550	776	698	634
Debt-free Net Working Capital (DFNWC)	3,464	2,527	1,650	2,101	2,445	1,047	961	1,387	1,414	990
Net Working Capital (NWC)	3,372	2,407	1,505	1,966	2,300	876	779	1,241	1,223	863
Net Nonoperating Expense (NNE)	548	724	735	599	1,315	598	619	998	639	490
Net Nonoperating Obligations (NNO)	7,258	10,111	11,287	10,231	10,917	12,022	13,135	12,502	13,479	12,735
Total Depreciation and Amortization (D&A)	844	902	874	888	895	885	847	914	891	838
Debt-free, Cash-free Net Working Capital to Revenue	2.15%	6.32%	4.09%	-137.70%	-0.01%	4.25%	3.00%	3.76%	3.31%	3.15%
Debt-free Net Working Capital to Revenue	16.75%	12.29%	8.52%	1,100.00%	13.20%	5.67%	5.25%	6.73%	6.71%	4.92%
Net Working Capital to Revenue	16.31%	11.70%	7.77%	1,029.32%	12.42%	4.74%	4.25%	6.02%	5.80%	4.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$33.02	$6.01	$3.84	$8.55	$3.80	($2.24)	$1.09	($7.00)	($1.93)	($1.41)
Adjusted Weighted Average Basic Shares Outstanding	96.90M	101.64M	106.93M	106.83M	105.01M	103.40M	102.11M	100.59M	99.32M	99.17M
Adjusted Diluted Earnings per Share	$32.70	$5.71	$3.79	$8.42	$3.75	($2.24)	$1.07	($7.00)	($1.93)	($1.41)
Adjusted Weighted Average Diluted Shares Outstanding	97.88M	104.80M	110.52M	108.57M	106.26M	103.40M	103.88M	100.59M	99.32M	99.17M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	95.12M	100.00M	102.27M	107.42M	106.20M	104.29M	102.67M	101.11M	99.81M	98.53M
Normalized Net Operating Profit after Tax (NOPAT)	2,460	2,166	1,956	1,885	1,498	939	1,165	972	1,066	792
Normalized NOPAT Margin	11.90%	10.53%	10.10%	986.69%	8.09%	5.08%	6.36%	4.72%	5.06%	3.94%
Pre Tax Income Margin	25.38%	7.86%	6.94%	988.48%	3.62%	1.73%	3.43%	-0.49%	1.18%	0.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.29	2.77	2.35	2.68	1.38	1.26	1.48	0.79	1.12	1.16
NOPAT to Interest Expense	5.53	2.23	1.74	2.08	1.58	0.63	1.07	0.57	0.83	0.62
EBIT Less CapEx to Interest Expense	6.18	1.95	1.58	2.02	0.97	0.71	0.88	0.19	0.19	0.23
NOPAT Less CapEx to Interest Expense	4.41	1.41	0.98	1.42	1.17	0.08	0.47	-0.03	-0.09	-0.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.68%	58.05%	65.93%	30.49%	42.45%	185.96%	203.70%	-308.44%	229.55%	484.62%
Augmented Payout Ratio	38.21%	73.30%	90.91%	30.49%	42.45%	185.96%	203.70%	-308.44%	229.55%	535.90%

This table displays calculated financial ratios and metrics derived from Tenet Healthcare's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.70%	-5.72%	1.12%	0.35%	6.85%	6.98%	4.41%	7.57%	5.75%	134.72%	-0.80%
EBITDA Growth	-66.51%	9.19%	66.87%	21.21%	326.36%	11.80%	4.56%	7.76%	1.72%	9.45%	-37.96%
EBIT Growth	-70.73%	14.88%	96.50%	31.12%	450.75%	15.61%	3.81%	11.42%	-0.17%	10.37%	-46.03%
NOPAT Growth	-69.16%	11.11%	83.67%	31.66%	429.29%	18.15%	13.94%	28.18%	5.71%	17.26%	-49.15%
Net Income Growth	-73.35%	25.44%	156.02%	62.80%	688.51%	66.42%	-0.75%	63.69%	5.71%	-34.61%	-53.63%
EPS Growth	-80.03%	64.78%	420.21%	129.57%	1,519.70%	130.00%	-18.97%	228.57%	3.13%	-56.33%	-71.91%
Operating Cash Flow Growth	39.08%	-140.17%	107.75%	24.92%	30.51%	95.72%	59.68%	402.52%	96.93%	17.93%	-27.08%
Free Cash Flow Firm Growth	-104.69%	-39.72%	986.38%	304.81%	490.83%	218.16%	81.45%	26.10%	-71.29%	-351.55%	-212.83%
Invested Capital Growth	6.18%	1.19%	-13.23%	-7.58%	-6.30%	-1.74%	5.00%	8.84%	9.28%	9.71%	16.44%
Revenue Q/Q Growth	2.96%	-1.03%	0.35%	-4.84%	-0.24%	6.16%	-0.41%	1.31%	135.52%	3.60%	2.60%
EBITDA Q/Q Growth	5.73%	-16.64%	42.10%	-73.26%	228.31%	27.40%	3.21%	-5.93%	18.48%	19.14%	6.37%
EBIT Q/Q Growth	5.44%	-18.24%	54.18%	-77.98%	288.95%	39.86%	2.88%	-7.49%	26.53%	25.59%	10.42%
NOPAT Q/Q Growth	-0.46%	-4.24%	41.41%	-77.12%	236.86%	58.29%	1.37%	-8.02%	16.83%	52.65%	14.04%
Net Income Q/Q Growth	8.74%	-16.01%	42.77%	-79.56%	411.84%	71.43%	-9.22%	-1.01%	8.03%	2.24%	49.72%
EPS Q/Q Growth	12.66%	-22.49%	85.23%	-87.65%	829.57%	144.68%	-18.26%	-12.88%	32.00%	-13.79%	231.43%
Operating Cash Flow Q/Q Growth	346.22%	-131.67%	39.89%	27.47%	-28.88%	63.82%	-15.89%	33.18%	6.65%	33.65%	164.71%
Free Cash Flow Firm Q/Q Growth	-128.12%	-80.15%	64.82%	-48.96%	245.07%	391.88%	61.92%	2.61%	10.91%	54.17%	-51.67%
Invested Capital Q/Q Growth	1.20%	12.67%	-5.49%	-1.46%	-3.56%	-3.39%	0.67%	-0.10%	1.14%	3.23%	4.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.43%	94.91%	56.73%	39.78%	39.47%	90.09%	54.86%	37.60%	37.32%	102.13%	37.24%
EBITDA Margin	22.61%	22.02%	26.14%	18.46%	65.69%	19.01%	15.84%	15.28%	16.46%	18.19%	15.82%
Operating Margin	18.05%	17.39%	21.24%	13.70%	61.20%	14.66%	11.21%	10.81%	12.00%	13.66%	11.23%
EBIT Margin	18.55%	18.12%	21.93%	14.27%	61.66%	14.87%	11.28%	10.92%	11.96%	13.76%	11.35%
Profit (Net Income) Margin	11.91%	11.28%	13.29%	9.34%	43.48%	8.47%	5.25%	5.76%	5.89%	5.45%	5.52%
Tax Burden Percent	81.31%	87.33%	73.86%	81.26%	75.68%	87.86%	77.10%	78.55%	77.89%	85.09%	70.53%
Interest Burden Percent	78.95%	71.27%	82.03%	80.52%	93.17%	64.88%	60.31%	67.09%	63.23%	46.53%	68.97%
Effective Tax Rate	18.69%	12.67%	26.14%	18.74%	24.32%	12.14%	22.90%	21.45%	22.11%	14.60%	29.47%
Return on Invested Capital (ROIC)	19.41%	19.98%	21.81%	15.08%	62.19%	16.81%	0.57%	0.45%	0.28%	14.87%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	17.44%	17.70%	20.35%	14.06%	60.56%	14.60%	-1.01%	-0.83%	-1.33%	11.96%	0.00%
Return on Net Nonoperating Assets (RNNOA)	15.74%	21.87%	26.01%	19.70%	90.60%	30.87%	-2.25%	-1.97%	-3.10%	29.04%	0.00%
Return on Equity (ROE)	35.15%	41.85%	47.82%	34.79%	152.79%	47.69%	-1.68%	-1.51%	-2.82%	43.91%	27.75%
Cash Return on Invested Capital (CROIC)	12.69%	28.17%	44.16%	34.81%	32.35%	14.67%	6.17%	2.49%	1.53%	2.17%	-3.45%
Operating Return on Assets (OROA)	13.10%	13.08%	16.15%	10.59%	46.07%	11.02%	0.43%	0.34%	0.21%	9.74%	0.00%
Return on Assets (ROA)	8.41%	8.14%	9.79%	6.93%	32.48%	6.28%	0.20%	0.18%	0.10%	3.86%	0.00%
Return on Common Equity (ROCE)	16.44%	17.21%	19.11%	13.02%	57.39%	12.96%	-0.47%	-0.40%	-0.70%	10.75%	6.58%
Return on Equity Simple (ROE_SIMPLE)	56.25%	0.00%	102.97%	101.67%	96.99%	0.00%	77.12%	84.21%	82.48%	0.00%	92.79%
Net Operating Profit after Tax (NOPAT)	767	770	804	569	2,486	693	438	432	470	587	384
NOPAT Margin	14.68%	15.18%	15.69%	11.14%	46.31%	12.88%	8.64%	8.49%	9.35%	11.66%	7.92%
Net Nonoperating Expense Percent (NNEP)	1.96%	2.28%	1.46%	1.02%	1.63%	2.22%	1.58%	1.28%	1.61%	2.91%	1.14%
Return On Investment Capital (ROIC_SIMPLE)	4.03%	4.06%	-	-	-	3.83%	-	-	-	3.35%	-
Cost of Revenue to Revenue	40.57%	5.09%	43.27%	60.22%	60.53%	9.91%	45.14%	62.40%	62.68%	-2.13%	62.76%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	22.47%	21.50%	0.00%	0.00%	22.10%	21.76%	85.59%	20.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.37%	77.53%	35.49%	26.08%	-21.72%	75.43%	43.66%	26.80%	25.32%	88.47%	26.01%
Earnings before Interest and Taxes (EBIT)	969	919	1,124	729	3,310	800	572	556	601	692	551
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,181	1,117	1,340	943	3,526	1,023	803	778	827	915	768
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.06	2.88	4.15	3.74	3.09	4.77	4.57	6.18	4.93	4.62	4.51
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.62	0.58	0.76	0.62	0.51	0.37	6.44	10.06	13.01	0.27	0.00
Price to Earnings (P/E)	8.79	3.75	5.09	4.72	4.08	12.56	14.26	16.62	14.68	12.84	9.97
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	11.37%	26.66%	19.63%	21.20%	24.54%	7.96%	7.01%	6.02%	6.81%	7.79%	10.03%
Enterprise Value to Invested Capital (EV/IC)	1.52	1.49	1.84	1.63	1.46	1.42	1.31	1.43	1.29	1.25	1.27
Enterprise Value to Revenue (EV/Rev)	1.19	1.14	1.23	1.16	1.05	1.08	20.45	27.80	44.52	1.02	0.00
Enterprise Value to EBITDA (EV/EBITDA)	5.32	3.39	3.79	3.85	3.60	6.47	6.84	7.47	6.90	6.16	6.21
Enterprise Value to EBIT (EV/EBIT)	6.51	3.86	4.34	4.48	4.21	8.77	9.64	10.51	9.78	8.45	8.55
Enterprise Value to NOPAT (EV/NOPAT)	8.40	5.09	5.72	5.82	5.48	10.90	12.18	13.60	12.99	11.41	11.59
Enterprise Value to Operating Cash Flow (EV/OCF)	10.71	11.48	8.08	9.11	8.78	9.35	10.78	12.86	15.94	18.30	19.11
Enterprise Value to Free Cash Flow (EV/FCFF)	12.36	5.31	3.88	4.50	4.38	9.60	21.81	59.86	88.36	60.17	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.52	1.54	1.59	1.64	1.68	2.72	2.90	3.01	3.14	3.27	3.30
Long-Term Debt to Equity	1.51	1.53	1.58	1.62	1.67	2.70	2.88	2.98	3.11	3.24	3.27
Financial Leverage	0.90	1.24	1.28	1.40	1.50	2.12	2.24	2.38	2.34	2.43	2.47
Leverage Ratio	3.56	4.07	4.30	4.38	4.49	5.48	5.60	5.90	5.83	6.17	6.42
Compound Leverage Factor	2.81	2.90	3.52	3.53	4.18	3.56	3.38	3.96	3.68	2.87	4.43
Debt to Total Capital	60.35%	60.65%	61.45%	62.06%	62.67%	73.14%	74.38%	75.06%	75.84%	76.59%	76.74%
Short-Term Debt to Total Capital	0.40%	0.42%	0.45%	0.49%	0.52%	0.59%	0.70%	0.70%	0.74%	0.74%	0.67%
Long-Term Debt to Total Capital	59.95%	60.23%	60.99%	61.57%	62.15%	72.56%	73.68%	74.35%	75.10%	75.86%	76.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	20.49%	20.15%	20.25%	21.19%	20.53%	19.02%	18.38%	18.25%	17.96%	17.61%	16.98%
Common Equity to Total Capital	19.16%	19.20%	18.30%	16.76%	16.80%	7.84%	7.24%	6.70%	6.20%	5.80%	6.28%
Debt to EBITDA	2.87	1.90	1.88	2.04	2.10	4.37	4.84	4.90	5.00	4.69	4.81
Net Debt to EBITDA	1.55	1.03	0.84	1.09	1.17	3.09	3.49	3.58	3.70	3.44	3.37
Long-Term Debt to EBITDA	2.86	1.89	1.87	2.03	2.08	4.34	4.80	4.85	4.95	4.64	4.77
Debt to NOPAT	4.54	2.86	2.84	3.09	3.20	7.37	8.62	8.92	9.43	8.68	8.98
Net Debt to NOPAT	2.45	1.54	1.26	1.64	1.78	5.22	6.21	6.51	6.96	6.38	6.29
Long-Term Debt to NOPAT	4.51	2.84	2.82	3.07	3.17	7.31	8.54	8.84	9.33	8.60	8.90
Altman Z-Score	1.49	1.46	1.55	1.37	1.60	1.11	0.35	0.38	0.29	0.96	0.24
Noncontrolling Interest Sharing Ratio	53.23%	58.88%	60.03%	62.56%	62.44%	72.82%	72.34%	73.33%	75.17%	75.52%	76.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.78	1.58	1.45	1.44	1.51	1.43	1.44	1.39	1.34	1.40
Quick Ratio	1.26	1.29	1.21	1.04	1.04	0.87	0.89	0.93	0.86	0.85	0.94
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-164	584	2,943	1,786	3,499	969	-332	-872	-895	-820	-1,790
Operating Cash Flow to CapEx	471.10%	-100.30%	483.80%	515.17%	244.17%	396.15%	285.80%	453.03%	191.06%	145.17%	190.91%
Free Cash Flow to Firm to Interest Expense	-0.81	2.88	14.57	8.80	15.48	4.27	-1.46	-3.68	-4.05	-3.75	-8.06
Operating Cash Flow to Interest Expense	4.00	-1.63	5.17	3.68	2.59	3.63	2.22	2.52	2.03	1.92	1.42
Operating Cash Flow Less CapEx to Interest Expense	3.15	-3.26	4.10	2.97	1.53	2.71	1.44	1.97	0.97	0.60	0.68
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.72	0.74	0.74	0.75	0.74	0.04	0.03	0.02	0.71	0.00
Accounts Receivable Turnover	7.12	7.59	7.64	7.30	6.93	7.02	0.36	0.29	0.16	6.78	0.00
Inventory Turnover	23.27	23.25	32.94	32.41	32.01	22.42	0.00	0.00	0.00	22.42	0.00
Fixed Asset Turnover	3.47	3.37	3.55	3.45	3.43	3.24	0.17	0.13	0.07	3.01	0.00
Accounts Payable Turnover	6.46	6.51	10.27	10.12	10.16	6.28	0.00	0.00	0.00	6.31	0.00
Days Sales Outstanding (DSO)	51.27	48.11	47.79	49.98	52.64	51.98	1,005.24	1,272.85	2,266.20	53.83	0.00
Days Inventory Outstanding (DIO)	15.68	15.70	11.08	11.26	11.40	16.28	0.00	0.00	0.00	16.28	0.00
Days Payable Outstanding (DPO)	56.50	56.03	35.55	36.05	35.93	58.11	0.00	0.00	0.00	57.86	0.00
Cash Conversion Cycle (CCC)	10.45	7.78	23.33	25.19	28.12	10.16	1,005.24	1,272.85	2,266.20	12.25	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,994	15,805	14,028	14,843	15,063	15,619	16,167	16,060	16,076	15,895	15,397
Invested Capital Turnover	1.32	1.32	1.39	1.35	1.34	1.31	0.07	0.05	0.03	1.27	0.00
Increase / (Decrease) in Invested Capital	931	186	-2,139	-1,217	-1,013	-276	770	1,304	1,365	1,407	2,174
Enterprise Value (EV)	24,368	23,497	25,880	24,224	22,046	22,191	21,243	22,937	20,791	19,815	19,478
Market Capitalization	12,794	12,004	15,926	12,995	10,674	7,674	6,690	8,295	6,077	5,275	5,565
Book Value per Share	$43.95	$43.86	$40.01	$35.57	$34.68	$15.83	$14.42	$13.18	$12.06	$10.56	$11.45
Tangible Book Value per Share	($84.16)	($83.25)	($84.81)	($89.44)	($85.50)	($99.13)	($101.95)	($102.15)	($102.24)	($96.23)	($94.40)
Total Capital	21,823	21,720	20,946	20,740	20,550	20,510	20,223	20,049	19,888	19,687	19,668
Total Debt	13,170	13,173	12,871	12,871	12,879	15,002	15,042	15,048	15,083	15,079	15,093
Total Long-Term Debt	13,082	13,081	12,776	12,769	12,772	14,882	14,901	14,907	14,935	14,934	14,962
Net Debt	7,102	7,117	5,713	6,835	7,154	10,617	10,836	10,984	11,142	11,074	10,573
Capital Expenditures (CapEx)	173	330	216	145	240	208	176	132	235	290	165
Debt-free, Cash-free Net Working Capital (DFCFNWC)	551	445	-778	-316	31	1,299	1,014	1,050	1,032	792	645
Debt-free Net Working Capital (DFNWC)	3,550	3,464	3,316	2,564	2,512	2,527	2,068	1,984	1,798	1,650	1,853
Net Working Capital (NWC)	3,462	3,372	3,221	2,462	2,405	2,407	1,927	1,843	1,650	1,505	1,722
Net Nonoperating Expense (NNE)	145	198	123	92	152	237	172	139	174	313	116
Net Nonoperating Obligations (NNO)	7,341	7,258	5,953	6,974	7,392	10,111	10,986	11,059	11,271	11,287	10,822
Total Depreciation and Amortization (D&A)	212	198	216	214	216	223	231	222	226	223	217
Debt-free, Cash-free Net Working Capital to Revenue	2.68%	2.15%	-3.71%	-1.51%	0.15%	6.32%	97.59%	127.27%	220.99%	4.09%	0.00%
Debt-free Net Working Capital to Revenue	17.29%	16.75%	15.80%	12.25%	12.01%	12.29%	199.04%	240.48%	385.01%	8.52%	0.00%
Net Working Capital to Revenue	16.86%	16.31%	15.35%	11.77%	11.50%	11.70%	185.47%	223.39%	353.32%	7.77%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.31	$3.83	$4.93	$2.66	$21.60	$2.41	$0.99	$1.21	$1.40	$0.98	$1.21
Adjusted Weighted Average Basic Shares Outstanding	94.24M	96.90M	95.67M	97.27M	99.58M	101.64M	101.54M	101.77M	102.29M	106.93M	107.92M
Adjusted Diluted Earnings per Share	$4.27	$3.79	$4.89	$2.64	$21.38	$2.30	$0.94	$1.15	$1.32	$1.00	$1.16
Adjusted Weighted Average Diluted Shares Outstanding	95.02M	97.88M	96.65M	98.44M	100.60M	104.80M	104.43M	104.78M	106.01M	110.52M	109.89M
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	92.89M	95.12M	95.10M	95.82M	97.68M	100.00M	101.55M	101.54M	101.94M	102.27M	108.12M
Normalized Net Operating Profit after Tax (NOPAT)	778	800	568	549	618	747	486	452	479	713	410
Normalized NOPAT Margin	14.90%	15.77%	11.08%	10.75%	11.50%	13.88%	9.58%	8.89%	9.54%	14.18%	8.44%
Pre Tax Income Margin	14.65%	12.91%	17.99%	11.49%	57.45%	9.65%	6.81%	7.33%	7.56%	6.40%	7.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.75	4.53	5.56	3.59	14.65	3.52	2.52	2.35	2.72	3.16	2.48
NOPAT to Interest Expense	3.76	3.79	3.98	2.80	11.00	3.05	1.93	1.82	2.13	2.68	1.73
EBIT Less CapEx to Interest Expense	3.90	2.90	4.50	2.88	13.58	2.61	1.74	1.79	1.66	1.84	1.74
NOPAT Less CapEx to Interest Expense	2.91	2.17	2.91	2.09	9.94	2.14	1.15	1.27	1.06	1.35	0.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.14%	21.68%	21.07%	23.29%	23.89%	58.05%	63.68%	59.24%	67.45%	65.93%	53.05%
Augmented Payout Ratio	69.69%	38.21%	40.88%	41.92%	36.67%	73.30%	93.80%	89.30%	96.95%	90.91%	53.05%

Frequently Asked Questions About Tenet Healthcare's Financials

When does Tenet Healthcare's fiscal year end?

According to the most recent income statement we have on file, Tenet Healthcare's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Tenet Healthcare's net income changed over the last 9 years?

Tenet Healthcare's net income appears to be on an upward trend, with a most recent value of $4.06 billion in 2024, rising from $78 million in 2015. The previous period was $1.31 billion in 2023. View Tenet Healthcare's forecast to see where analysts expect Tenet Healthcare to go next.

What is Tenet Healthcare's operating income?

Tenet Healthcare's total operating income in 2024 was $5.96 billion, based on the following breakdown:

Total Gross Profit: $11.87 billion
Total Operating Expenses: $5.92 billion

How has Tenet Healthcare revenue changed over the last 9 years?

Over the last 9 years, Tenet Healthcare's total revenue changed from $20.11 billion in 2015 to $20.68 billion in 2024, a change of 2.8%.

How much debt does Tenet Healthcare have?

Tenet Healthcare's total liabilities were at $20.39 billion at the end of 2024, a 10.6% decrease from 2023, and a 0.3% decrease since 2015.

How much cash does Tenet Healthcare have?

In the past 9 years, Tenet Healthcare's cash and equivalents has ranged from $262 million in 2019 to $3.02 billion in 2024, and is currently $3.02 billion as of their latest financial filing in 2024.

How has Tenet Healthcare's book value per share changed over the last 9 years?

Over the last 9 years, Tenet Healthcare's book value per share changed from 6.93 in 2015 to 43.86 in 2024, a change of 532.6%.

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This page (NYSE:THC) was last updated on 5/21/2025 by MarketBeat.com Staff

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Tenet Healthcare (THC) Financials

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Tenet Healthcare (THC) Financials

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