Tenet Healthcare Past Earnings Performance
Past criteria checks 4/6
Tenet Healthcare has been growing earnings at an average annual rate of 26.3%, while the Healthcare industry saw earnings growing at 4% annually. Revenues have been growing at an average rate of 2.7% per year. Tenet Healthcare's return on equity is 30%, and it has net margins of 7.9%.
Key information
26.29%
Earnings growth rate
29.42%
EPS growth rate
| Healthcare Industry Growth | 8.50% |
| Revenue growth rate | 2.69% |
| Return on equity | 29.95% |
| Net Margin | 7.94% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 01
THC: Capital Return And Higher Acuity Focus Will Drive Future Upside
Narrative Update on Tenet Healthcare Analysts have trimmed their average price target for Tenet Healthcare by $4.87 to $283.13, reflecting more cautious assumptions around revenue, profit margins, discount rates, and potential future P/E multiples following recent research updates and regulatory commentary. Analyst Commentary Recent research has centered on proposed changes from the Centers for Medicare and Medicaid Services, particularly around supplemental Medicaid payments.Seeking Alpha • May 26
Tenet Healthcare Corporation's Regulatory Woes Don't Put It In The ER
Summary Tenet Healthcare Corporation remains a compelling Buy, supported by strong financial performance and deeply discounted valuation versus peers. Despite a recent 22.7% stock decline and regulatory headwinds, THC’s Ambulatory Care segment shows resilience, with revenue up from $1.19B to $1.32B and profit growth. Management guides for 2026 revenue of $21.5B–$22.3B, EBITDA of $4.485B–$4.785B, and adjusted net profits of $1.425B–$1.625B. Regulatory risk from proposed Medicaid payment reforms could pressure Hospital Operations, but THC’s valuation provides a margin of safety for continued bullishness. Read the full article on Seeking Alpha
Narrative Update • May 10
THC: Buybacks And Higher Acuity Demand Will Offset Cautious 2026 Margin Expectations
Tenet Healthcare's updated analyst price target has moved from $228.45 to $210.00 as analysts factor in a slightly higher discount rate, modestly adjusted revenue and margin assumptions, and lower future P/E expectations following a series of recent target cuts across the Street. Analyst Commentary Recent Street research around Tenet Healthcare reflects a clear shift toward more cautious positioning, with several bearish analysts trimming price targets and reassessing assumptions for valuation and execution risk.Narrative Update • Apr 21
THC: Capital Return And Higher Acuity Mix Will Drive Future Upside
Analysts have nudged their average price target on Tenet Healthcare higher, lifting it by several dollars to reflect updated post Q4 models that factor in an aging population, higher acuity surgery mix, and capital return potential highlighted across recent research. Analyst Commentary Recent research points to a broadly constructive tone around Tenet Healthcare, with several bullish analysts lifting price targets after the Q4 update and refreshed 2026 outlook.Narrative Update • Apr 07
THC: Buybacks And Higher Acuity Demand Will Support 2026 Earnings Mix
Tenet Healthcare's fair value estimate has moved modestly higher to $228.45 from $222.53 as analysts lift price targets into the $260 to $280 range, citing updated post Q4 models, expectations for easier near term earnings comparisons, and continued support from an aging population and higher acuity procedures. Analyst Commentary Street research has been active around Tenet Healthcare, with several firms updating models after the Q4 report and refreshed 2026 guidance.Narrative Update • Mar 24
THC: Capital Return And 2026 Guidance Will Drive Upside
Analyst price targets for Tenet Healthcare have moved higher into a $265 to $283 range, with analysts pointing to updated post-Q4 models, expectations for Q1 against relatively low guidance, and views on 2026 EBITDA growth and capital return potential as key supports for the shift. Analyst Commentary Bullish analysts are clustering around higher price targets in a tight US$265 to US$283 range, reflecting confidence in Tenet Healthcare's updated Q4 models, Q1 setup and multi year outlook.Narrative Update • Mar 08
THC: Buybacks And ACA Policy Outcomes Will Shape 2026 Earnings Mix
Analysts have lifted their blended price target for Tenet Healthcare by about $23 per share, citing updated models after Q4 results, 2026 guidance, and a series of higher targets across the Street. Analyst Commentary Recent research updates on Tenet Healthcare show a mix of enthusiasm about capital return and model updates after Q4 results, alongside some caution about policy risks and the operating setup heading into 2026.Narrative Update • Feb 22
THC: Capital Return And ACA Payor Mix Shifts Will Drive Upside
Analysts have lifted their implied fair value estimate for Tenet Healthcare to $288 from $260, reflecting updated models after recent Q4 results, 2026 guidance and a broad round of higher Street price targets tied to capital return potential and alignment with current market themes. Analyst Commentary Recent research updates show a cluster of bullish analysts lifting their price targets on Tenet Healthcare following the latest Q4 release and 2026 guidance.Narrative Update • Feb 08
THC: ACA Subsidy Outcomes And Payor Mix Shifts Will Drive Upside
Analysts have modestly reduced their fair value estimate for Tenet Healthcare from US$270 to US$260 as they factor in slightly lower profit margins, a higher assumed future P/E multiple of around 13x, and mixed policy and payor mix signals from recent Street research on ACA subsidies, exchange subsidies, and hospital demand into 2026. Analyst Commentary Recent Street research on Tenet Healthcare shows a mix of caution around policy risk and payor mix, but there is still a clear pocket of optimism where analysts see room for valuation support and execution upside.Narrative Update • Jan 25
THC: Hospital Demand Trends And ACA Subsidy Scenarios Will Drive Future Upside
Analysts have raised their fair value estimate for Tenet Healthcare from $213.18 to $270.00, citing updated models that reflect recent target revisions across Wall Street as well as ongoing discussion of ACA subsidies, payor mix headwinds, and hospital demand trends. Analyst Commentary Bullish analysts are largely focused on how recent model updates and policy expectations could support Tenet Healthcare’s valuation, even as views differ on specific price targets and policy odds.Narrative Update • Jan 10
THC: ACA Policy Risks And Buybacks Will Shape Future Earnings Mix
Analysts have trimmed their price targets on Tenet Healthcare by a few dollars to the high US$220s to low US$230s range, as they factor in a lower chance of Affordable Care Act subsidy extensions, potential payor mix headwinds, and a modest reset to future P/E assumptions, even as recent research still cites solid demand and supportive ACA trends for hospitals. Analyst Commentary Recent research on Tenet Healthcare clusters around a tight band of price targets in the high US$220s to low US$230s, with several firms fine tuning their models after Q3 updates and policy developments.Analysis Article • Jan 04
Tenet Healthcare Corporation (NYSE:THC) Might Not Be As Mispriced As It Looks
Tenet Healthcare Corporation's ( NYSE:THC ) price-to-earnings (or "P/E") ratio of 12.9x might make it look like a buy...Narrative Update • Dec 26
THC: Raised Guidance And Buybacks Will Shape Future Margin And Policy Balances
Analysts increased their price target on Tenet Healthcare by about $12 to approximately $200 per share, citing stronger long term growth assumptions, slightly lower perceived risk, and expectations for sustained margin expansion and higher future valuation multiples following a series of upbeat post earnings reassessments. Analyst Commentary Recent Street research on Tenet Healthcare has been broadly constructive, with multiple firms lifting price targets into the $230 to $252 range and reiterating positive ratings.Narrative Update • Dec 12
THC: Raised Guidance And Buybacks Will Shape A Balanced Risk Outlook
Analysts have raised their blended price target for Tenet Healthcare by roughly $50 to about $188 per share, reflecting stronger projected revenue growth, expanding profit margins, and higher long term earnings multiples supported by a wave of upward target revisions across the Street. Analyst Commentary Recent research updates reflect a broadly constructive view on Tenet Healthcare, with multiple firms lifting price targets into the mid 200s and reiterating positive ratings following strong Q3 results and raised guidance.
Narrative Update • Oct 08
Demographic Trends And Technology Efficiency Will Transform Healthcare Delivery
Tenet Healthcare's analyst price targets have moved higher, with the average fair value estimate increasing by approximately $5 to $204.90 per share. Analysts cited favorable state-directed payment approvals, strong quarterly results, and a solid earnings outlook for the hospital group.Narrative Update • Sep 08
Demographic Trends And Technology Efficiency Will Transform Healthcare Delivery
Tenet Healthcare’s consensus price target was revised slightly higher to $199.48, as strong Q2 earnings and positive hospital sector sentiment drove analyst optimism, though some caution remains around 2026 estimates and cost pressures. Analyst Commentary Bullish analysts cite Tenet Healthcare's Q2 results exceeding expectations, leading to multiple price target increases.Analysis Article • Jul 04
These 4 Measures Indicate That Tenet Healthcare (NYSE:THC) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...Seeking Alpha • Mar 20
Minimal Medicaid Exposure Puts Tenet Healthcare In A Good Position
Summary Tenet Healthcare is shifting focus to ambulatory service centers, showing strong earnings growth and improved margins despite policy uncertainties and high debt levels. 2024 saw a significant one-time gain, but non-GAAP figures indicate steady operational progress, with adjusted EBITDA margins rising to 19.3%. Medicaid cuts pose less risk to Tenet due to low exposure; the company’s strategic focus on ambulatory care further mitigates this concern. Tenet's substantial share repurchase plan and strong cash flow make it an undervalued buy, though debt remains a significant risk factor. Read the full article on Seeking AlphaSeeking Alpha • Dec 30
Tenet Healthcare Stock: An Improved Option Here (Rating Upgrade)
Summary Tenet Healthcare Corporation has significantly improved its financial health by selling hospitals, reducing leverage, while achieving strong operating performance. The company has focused on quality over growth, with substantial revenue from Ambulatory Care, which boasts higher margins than Hospital Operations. After recent share pullbacks due to election outcomes and earlier momentum, Tenet's earnings power and reduced debt make it a compelling buy. With a modest valuation, strong earnings, and potential for further buybacks, I am confident in initiating a position in THC stock. Read the full article on Seeking AlphaSeeking Alpha • Dec 17
Tenet Healthcare: Walk-In Surgical Care Facilities Are A Key Revenue Driver
Summary Tenet Healthcare is well-positioned for long-term growth due to rising healthcare demand and strategic focus on cost-efficient outpatient services. Financials show strong revenue and net income growth, driven by asset sales, higher operating income, and expense management. Ambulatory Surgery Centers are set for continued revenue growth and are likely to be a key driver of Tenet's continues success. Risks include rising costs for uninsured patients, inflationary pressures, and potential reimbursement issues from Medicare and Medicaid. Read the full article on Seeking AlphaSeeking Alpha • Nov 04
Tenet Healthcare: Targeting More Stable Demand In High-Acuity Services
Summary Tenet Healthcare is currently shifting towards a more stable demand for high-acuity service. The company is committed to continued expansion and allocated yearly budget to improve its Ambulatory Care Services. Posted an improving margin and has positive outlook from the management. Remains liquid and undervalued as compared to its peers. Trading attractively in today's correction with potential boosts from its MACD bullish crossover. Read the full article on Seeking AlphaSeeking Alpha • Sep 09
Tenet Healthcare: Becoming A Very Healthy Business
Summary Tenet Healthcare's strategic asset divestments have significantly reduced leverage, with net debt falling to just over $9 billion. The company's deleveraging strategy, coupled with genuine volume growth and subdued labor cost inflation, has positioned Tenet for continued operational success and potential share price advancement. Despite a volatile track record, Tenet's shares have surged 70% this year, reflecting aggressive pricing of improvements and a compelling earnings power of $10 per share. While Tenet's current valuation is reasonable, I remain cautiously optimistic and seek further momentum before reconsidering my neutral but constructive stance. Read the full article on Seeking AlphaSeeking Alpha • Aug 29
Tenet Healthcare: Strong EPS Growth, But Shares Near FV (Rating Downgrade)
Summary Health Care stocks, particularly Eli Lilly, have surged recently, with Tenet Healthcare (THC) also performing well post-COVID, but now near intrinsic value. Despite strong earnings and high free cash flow, I downgrade THC from buy to hold due to its fair valuation and potential mean reversion. THC's growth in ambulatory surgery centers and shareholder rewards are positives, but risks include high-interest rates, regulatory issues, and a high P/E ratio. Technically, THC shows strong momentum but is extended from its 200-day moving average, suggesting possible pullback during historically weak periods. Read the full article on Seeking Alpha
New Narrative • Aug 21
Expansive Growth Strategy And Cybersecurity Concerns Cast A Shadow On Financial Health
Aggressive expansion and significant investments may strain operational efficiencies and financial resources, potentially impacting future earnings and liquidity.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Tenet Healthcare makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 21,455 | 1,703 | 416 | 0 |
| 31 Dec 25 | 21,310 | 1,407 | 410 | 0 |
| 30 Sep 25 | 20,846 | 1,354 | 417 | 0 |
| 30 Jun 25 | 20,683 | 1,484 | 417 | 0 |
| 31 Mar 25 | 20,530 | 1,455 | 410 | 0 |
| 31 Dec 24 | 20,675 | 3,200 | 417 | 0 |
| 30 Sep 24 | 20,981 | 3,126 | 418 | 0 |
| 30 Jun 24 | 20,921 | 2,755 | 418 | 0 |
| 31 Mar 24 | 20,895 | 2,619 | 422 | 0 |
| 31 Dec 23 | 20,564 | 611 | 418 | 0 |
| 30 Sep 23 | 20,159 | 469 | 412 | 0 |
| 30 Jun 23 | 19,894 | 499 | 412 | 0 |
| 31 Mar 23 | 19,450 | 414 | 411 | 0 |
| 31 Dec 22 | 19,174 | 411 | 412 | 0 |
| 30 Sep 22 | 19,040 | 558 | 119 | 0 |
| 30 Jun 22 | 19,133 | 875 | 214 | 0 |
| 31 Mar 22 | 19,449 | 957 | 405 | 0 |
| 31 Dec 21 | 19,485 | 915 | 412 | 0 |
| 30 Sep 21 | 19,544 | 1,079 | 432 | 0 |
| 30 Jun 21 | 19,207 | 434 | 425 | 0 |
| 31 Mar 21 | 17,901 | 402 | 419 | 0 |
| 31 Dec 20 | 17,640 | 399 | 403 | 0 |
| 30 Sep 20 | 17,531 | -18 | 358 | 0 |
| 30 Jun 20 | 17,542 | -48 | 355 | 0 |
| 31 Mar 20 | 18,454 | -112 | 353 | 0 |
| 31 Dec 19 | 18,479 | -226 | 344 | 0 |
| 30 Sep 19 | 18,292 | -228 | 330 | 0 |
| 30 Jun 19 | 18,213 | -10 | 325 | 0 |
| 31 Mar 19 | 18,159 | -10 | 318 | 0 |
| 31 Dec 18 | 18,313 | 101 | 0 | 0 |
| 30 Sep 18 | 18,672 | -117 | 324 | 0 |
| 30 Jun 18 | 18,769 | -474 | 324 | 0 |
| 31 Mar 18 | 19,065 | -554 | 320 | 0 |
| 31 Dec 17 | 19,179 | -704 | 0 | 0 |
| 30 Sep 17 | 19,061 | -553 | 316 | 0 |
| 30 Jun 17 | 19,324 | -196 | 308 | 0 |
| 31 Mar 17 | 19,390 | -184 | 318 | 0 |
| 31 Dec 16 | 19,621 | -187 | 315 | 0 |
| 30 Sep 16 | 19,787 | -208 | 328 | 0 |
| 30 Jun 16 | 19,630 | -227 | 322 | 0 |
| 31 Mar 16 | 19,254 | -243 | 289 | 0 |
| 31 Dec 15 | 18,634 | -142 | 248 | 0 |
| 30 Sep 15 | 18,073 | 19 | 247 | 0 |
| 30 Jun 15 | 17,556 | 57 | 239 | 0 |
Quality Earnings: THC has high quality earnings.
Growing Profit Margin: THC's current net profit margins (7.9%) are higher than last year (7.1%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: THC's earnings have grown significantly by 26.3% per year over the past 5 years.
Accelerating Growth: THC's earnings growth over the past year (17%) is below its 5-year average (26.3% per year).
Earnings vs Industry: THC earnings growth over the past year (17%) exceeded the Healthcare industry 17%.
Return on Equity
High ROE: Whilst THC's Return on Equity (29.95%) is high, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/15 16:52 |
| End of Day Share Price | 2026/06/12 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Tenet Healthcare Corporation is covered by 32 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Hua Ha | Baird |
| Adam Feinstein | Barclays |
| Andrew Mok | Barclays |