# Ardent Health, Inc. (ARDT)

> Source: Nexqual · https://nexqual.com/ARDT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ardent Health, Inc. (ARDT), nexqual.com/ARDT" · informational, not investment advice.

**Price:** USD 12.36 (+2.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.06 · day 12.05–12.37 · 52w 7.71–15.48 · market cap $1.74B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.41B, net income $78.2M (1.2% margin) (SEC filings).
- Valuation: P/E 22.3x (avg 10.0x at the last 2 fiscal year-ends), net debt $377M.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $186K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.54 on a 1–5 scale) (13 analysts), mean target USD 12.67 (range 10.5–14).
- Total return with dividends: 1Y -16.5% vs S&P 500 +14.9%; 5Y -28.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.25, revenue estimate $1.60B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $5.13B | $5.41B | $5.97B | $6.32B | $6.41B |
| Net income | $189M | $53.9M | $210M | $136M | $78.2M |
| EPS (diluted) | $1.50 | $0.43 | $1.58 | $0.96 | — |
| Net margin | 3.7% | 1.0% | 3.5% | 2.1% | 1.2% |
| Revenue growth | — | +5.5% | +10.3% | +6.0% | — |
| Cash + short-term investments | $456M | $438M | $557M | $710M | — |
| Total debt | — | $1.19B | $1.11B | $1.12B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.3x · P/S 0.3x · EV/Sales 0.3x · P/B 1.3x · Earnings yield 4.49% · Net debt $377M · EV $2.12B
P/E at fiscal year-ends: Dec 2025 9.2x, Dec 2024 10.8x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $186K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-05 | Demichiei Robert | Director | 11,260 | $98K | 8.73 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Lumsdaine Alfred | Chief Financial Officer | 10,000 | $88K | 8.81 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.54 on a 1–5 scale), 13 analysts; mean target USD 12.67 (low 10.5, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | BMO Capital | Initiated | Market Perform | $11 |
| 2026-09-18 | Leerink Partners | Maintained | Outperform | $14 |
| 2026-08-10 | RBC Capital | Target raised | Outperform | $12 → $13 |
| 2026-08-06 | Truist Securities | Target raised | Buy | $12 → $13 |
| 2026-08-06 | Guggenheim | Target raised | Buy | $13 → $14 |
| 2026-07-14 | Truist Securities | Target lowered | Buy | $13 → $12 |
| 2026-07-09 | RBC Capital | Target lowered | Outperform | $13 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-07-15) |
|---|---|---|
| Total return | -16.5% | -28.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -16.6% | -13.8% |
| Volatility (annualized) | 59.4% | 51.2% |
| Max drawdown | -48.5% (Oct 2025→Jun 2026) | -58.8% (Aug 2024→Jan 2026) |

## Peers (Medical Care Facilities)
AMN (AMN Healthcare Services Inc) USD 46.82 +8.86% · HCSG (Healthcare Services Group, Inc.) USD 24.79 +14.19% · SNDA (Sonida Senior Living, Inc.) USD 33.87 +1.20% · CMPS (COMPASS Pathways Plc - American) USD 11.63 -1.77% · ASTH (Astrana Health Inc.) USD 38.01 +1.77% · AGL (agilon health, inc.) USD 90.29 -0.77%

## More
Full page: https://nexqual.com/ARDT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.24 | $0.25 | -3.0% | $1.60B | 4 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.43 | -19.3% | $1.63B | 4 |
| Current fiscal year (ends 2026-12-31) | $1.09 | $1.29 | -15.7% | $6.46B | 4 |
| Next fiscal year (ends 2027-12-31) | $1.25 | $1.25 | +0.8% | $6.73B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±17.6%; last 8 reports averaged ±9.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 78.1% | ±17.6% |
| 2027-01-15 | 84 | 52.8% | ±20.2% |
| 2027-02-19 | 119 | 47.8% | ±21.6% |
| 2027-05-21 | 210 | 42.2% | ±25.1% |