Ardent Health
Runs acute-care hospitals and local outpatient sites across mid-sized US markets.
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Profile
Runs acute-care hospitals, clinics, urgent care, and other outpatient sites across several US states. Care delivery is organized around regional systems and majority-owned joint ventures with local health partners.
Operates 30 acute-care hospitals alongside physician clinics, urgent care centers, surgery centers, imaging sites, emergency departments, and telehealth access points. Revenue comes from delivering care through local hospital systems and the outpatient settings that feed and support them.
Works through dense regional networks in mid-sized urban markets, with all revenue earned in the United States. Many hospitals sit inside majority-owned joint ventures with academic, nonprofit, physician, and community partners, while day-to-day operations stay under company control.
Performance depends on reimbursement from Medicare, Medicaid, managed care, and self-pay patients, as well as physician recruitment, negotiated rates, and smooth revenue-cycle execution. Lease obligations, joint-venture governance, and concentration in Texas and Oklahoma shape the business.
Company facts
Key statistics
Year to date +27.1% · Average volume (30d) 439.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Goldman Sachs | Reiterate | Neutral | $19 | $13 | |
| Aug 6, 2026 | Guggenheim | Reiterate | Buy | $14 | ||
| Mar 9, 2026 | RBC Capital | Target | $16 | $13 | ||
| Dec 18, 2025 | UBS | Reiterate | Buy | $17 | $14 | |
| Dec 18, 2025 | Mizuho Securities | Target | $13 | $12 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.18 | $0.12 | −34.0% | $1.59B | $1.62B | +2.0% | +3.81% |
| May 5, 2026Q1 FY26 | $0.18 | $0.28 | +55.6% | $1.58B | $1.60B | +1.5% | −7.50% |
| Mar 4, 2026Q4 FY25 | $0.35 | $0.32 | −8.0% | $1.63B | $1.61B | −1.6% | −2.07% |
| Nov 12, 2025Q3 FY25 | $0.42 | $0.52 | +22.6% | $1.55B | $1.58B | +1.8% | −33.81% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.50B | $1.65B | $1.58B | $1.61B | $1.60B | $1.62B | |
| Gross profit | $1.24B | $1.37B | $899.8M | $676.2M | $246.1M | $97.1M | |
| Operating income | $67.1M | $137.3M | $254.3M | $104.8M | $80.9M | $43.2M | |
| Net income | $41.4M | $73.0M | −$23.5M | $45.0M | $39.9M | $16.9M | |
| Diluted EPS | $0.29 | $0.52 | −$0.17 | $0.32 | $0.28 | $0.12 | |
| Gross margin | 82.7% | 83.6% | 57.1% | 42.1% | 15.4% | 6.0% | |
| Operating margin | 4.5% | 8.3% | 16.1% | 6.5% | 5.1% | 2.7% |
Fiscal years (4-quarter sums)FY17 $3.88B · FY18 $4.16B · FY23 $5.41B · FY24 $5.97B · FY25 $6.32B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $724.5M · Total debt $2.27B · Total assets $5.28B · Shareholders' equity $1.35B
Dividends
No dividends on record.
Ownership
Shares outstanding 143.35M · Float 22.34M · 15.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Chai Trust Co LLC | 77.25M | 53.89% | 13F | May 15, 2026 |
| Pure Health Capital Americas 1 SPV RSC LTD | 30.26M | 21.20% | 13G | Nov 14, 2024 |
| Ventas, Inc. | 9.34M | 6.52% | 13F | May 15, 2026 |
| Goldentree Asset Management LP | 2.30M | 1.61% | 13F | May 14, 2026 |
| Ameriprise Financial Inc | 1.78M | 1.24% | 13F | Jul 17, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 5, 2026 | Alfred Lumsdaine | officer: Chief Financial Officer | +10,000 | $8.81 |
| Jun 5, 2026 | Robert DeMichiei | director | +11,260 | $8.73 |
Peers
- HCA Healthcare
Acute-care and ambulatory scale across multistate markets
- Tenet Healthcare
Hospitals plus USPI ambulatory surgery platform
- Community Health Systems
Regional hospital networks with broad outpatient access points
- Universal Health Services
Acute-care hospitals and outpatient facilities with behavioral mix
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ardent Health | $10.96 | −0.18% | $1.57B | 19.9 | 9.9 | 0.2 | −1.4% |
| HCA Healthcare | $417.82 | −0.00% | $90.46B | 14.0 | 13.6 | 1.2 | +8.7% |
| Tenet Healthcare | $266.80 | −0.05% | $21.48B | 10.3 | 13.0 | 1.0 | +6.8% |
| Community Health Systems | $2.94 | +0.17% | $413.2M | — | — | 0.0 | −9.8% |
| Universal Health Services | $172.00 | +0.09% | $10.39B | 7.0 | 7.4 | 0.6 | +8.3% |
| Median | 10.3 | 13.0 | 0.8 | +7.5% |