Tenet Healthcare
Runs hospitals and a nationwide ambulatory-surgery platform alongside revenue-cycle services.
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Profile
Runs acute-care and specialty hospitals, outpatient facilities, and Conifer revenue-cycle services, while USPI operates a national ambulatory-surgery platform. Revenue comes from patient care and service contracts, with execution tied to reimbursement, clinical labor, physician relationships, regulation, and healthcare joint ventures.
Operates acute-care and specialty hospitals, physician networks, outpatient facilities, and Conifer revenue-cycle services, primarily for urban and suburban communities in a concentrated group of U.S. states. The hospital business earns from inpatient and outpatient care alongside service contracts.
Owns USPI, a national ambulatory-care platform with interests in hundreds of surgery centers and surgical hospitals across most U.S. states. Growth has increasingly centered on ambulatory surgery while the hospital portfolio has become more concentrated through divestitures.
Execution depends on payer reimbursement, government healthcare programs, managed-care contract terms, clinical labor, physician relationships, and regulated care delivery. USPI also relies on forming and operating joint ventures with physicians and health systems, while Conifer is now fully owned after the CommonSpirit transaction changed its major-client structure.
Company facts
Key statistics
Year to date +33.8% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 14, 2026 | Raymond James | Reiterate | Outperform | $270 | $285 |
| Aug 10, 2026 | Mizuho Securities | Target | $225 | $290 | |
| Aug 3, 2026 | Wells Fargo | Reiterate | Overweight | $231 | $281 |
| Jul 28, 2026 | Goldman Sachs | Reiterate | Buy | $224 | $305 |
| Jul 28, 2026 | Truist Financial | Target | $270 | $290 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 24, 2026Q2 FY26 | $4.26 | $6.12 | +43.7% | $5.43B | $5.63B | +3.6% | +4.36% |
| Jul 23, 2026Q2 FY26 | $4.26 | $6.12 | +43.7% | $5.39B | $5.63B | +4.4% | +17.17% |
| Jul 22, 2026Q2 FY26 | $4.26 | $6.12 | +43.7% | $5.43B | $5.63B | +3.6% | +1.88% |
| Apr 30, 2026Q1 FY26 | $4.21 | $4.82 | +14.5% | $5.39B | $5.37B | −0.5% | +3.47% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.22B | $5.27B | $5.29B | $5.53B | $5.37B | $5.63B | |
| Gross profit | $4.32B | $4.34B | $3.09B | $869.0M | $882.0M | $1.02B | |
| Operating income | $901.0M | $823.0M | $889.0M | $869.0M | $882.0M | $1.02B | |
| Net income | $406.0M | $288.0M | $342.0M | $371.0M | $702.0M | $826.0M | |
| Diluted EPS | $4.27 | $3.14 | $3.86 | $4.22 | $8.01 | $9.84 | |
| Gross margin | 82.6% | 82.3% | 58.3% | 15.7% | 16.4% | 18.2% | |
| Operating margin | 17.3% | 15.6% | 16.8% | 15.7% | 16.4% | 18.2% |
Fiscal years (4-quarter sums)FY21 $19.49B · FY22 $19.17B · FY23 $20.55B · FY24 $20.67B · FY25 $21.31B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.17B · Total debt $13.25B · Total assets $30.68B · Shareholders' equity $4.66B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 80.52M · Float 79.65M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.74M | 10.86% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 7.96M | 9.88% | 13F | Aug 14, 2026 |
| Boston Partners | 4.43M | 5.51% | 13F | Aug 4, 2026 |
| Vanguard Portfolio Management LLC | 4.24M | 5.26% | 13F | Aug 13, 2026 |
| FMR LLC | 3.99M | 4.96% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Saumya Sutaria | director, officer: CEO | −50,000 | $274.02 |
| Aug 24, 2026 | Saumya Sutaria | director, officer: CEO | −50,000 | $278.71 |
| Aug 24, 2026 | Cecil D. Haney | director | −1,300 | $278.03 |
| Aug 7, 2026 | Tammy Romo | director | −2,500 | $260.83 |
| Aug 6, 2026 | Tammy Romo | director | −4,922 | $264.15 |
Peers
- HCA Healthcare
Broad overlap across acute hospitals, outpatient care, and surgery centers
- Surgery Partners
Focused rival in short-stay surgery, ASC partnerships, and surgical hospitals
- UnitedHealth Group
Major ASC and physician-services overlap through Optum and SCA Health
- Community Health Systems
Community-hospital and outpatient overlap across regional delivery systems
- Universal Health Services
Acute-care and outpatient rivalry in overlapping U.S. hospital markets
- Waystar
Cloud healthcare payments rival to Conifer's revenue-cycle services
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tenet Healthcare | $266.80 | −0.05% | $21.48B | 10.3 | 13.0 | 1.0 | +6.8% |
| HCA Healthcare | $417.82 | −0.00% | $90.46B | 14.0 | 13.6 | 1.2 | +8.7% |
| Surgery Partners | $13.40 | −2.12% | $1.79B | — | 31.5 | 0.5 | +2.8% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| 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% |
| Waystar | $26.26 | 0.00% | $5.03B | 37.5 | 15.1 | 4.2 | +18.1% |
| Median | 19.6 | 15.1 | 0.7 | +5.5% |