# Tenet Healthcare Corporation (THC)

> Source: Nexqual · https://nexqual.com/THC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tenet Healthcare Corporation (THC), nexqual.com/THC" · informational, not investment advice.

**Price:** USD 270.63 (+0.56% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 269.13 · day 264.77–272.88 · 52w 157.58–283.05 · market cap $21.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $21.8B, net income $3.17B (14.6% margin), free cash flow $3.02B (SEC filings).
- Valuation: P/E 6.9x (avg 5.5x at the last 3 fiscal year-ends), EV/EBITDA 6.0x, net debt $10.9B.
- 2 of 80 tracked superinvestors hold THC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $51.5M; 14 not under a Rule 10b5-1 plan ($51.5M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.96 on a 1–5 scale) (23 analysts), mean target USD 286.41 (range 260–315).
- Total return with dividends: 1Y +30.8% vs S&P 500 +14.9%; 5Y +283.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 4.68, revenue estimate $5.51B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.5B | $19.2B | $20.6B | $20.7B | $21.3B | $21.8B |
| Operating income | $2.87B | $2.33B | $2.51B | $5.96B | $3.51B | $4.54B |
| Net income | $1.48B | $1.00B | $1.31B | $4.06B | $2.37B | $3.17B |
| EPS (diluted) | $8.42 | $3.79 | $5.71 | $32.70 | $15.49 | — |
| Free cash flow | $910M | $321M | $1.62B | $1.12B | $2.53B | $3.02B |
| Operating margin | 14.7% | 12.2% | 12.2% | 28.8% | 16.5% | 20.8% |
| Net margin | 7.6% | 5.2% | 6.4% | 19.7% | 11.1% | 14.6% |
| Revenue growth | +10.5% | -1.6% | +7.2% | +0.5% | +3.1% | — |
| Cash + short-term investments | $2.36B | $858M | $1.23B | $3.02B | $2.88B | — |
| Total debt | $15.8B | $15.2B | $15.1B | $13.3B | $13.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 6.9x · P/S 1.0x · EV/EBITDA 6.0x · EV/Sales 1.5x · P/FCF 7.2x · P/B 4.7x · FCF yield 13.87% · Earnings yield 14.57% · Buyback yield (TTM) 7.58% · Net debt $10.9B · EV $32.7B
P/E at fiscal year-ends: Dec 2025 7.6x, Dec 2024 3.0x, Dec 2023 6.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold THC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.7M | Added +68.6% |
| Bill Nygren | Oakmark Funds | <0.01% | $449K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Kerrey J Robert | Director | 12,010 | $3.2M | 71.5% | No | Too little history (no open-market trades in 2023) |
| 2026-09-10 | Mark Richard J | Director | 10,000 | $2.6M | 28.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-02 | West Nadja | Director | 1,152 | $298K | 4.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-31 | Foo Lisa Y | EVP, Chief Operating Officer | 24,000 | $6.4M | 74.9% | No | Too little history (no open-market trades in 2023) |
| 2026-08-24…2026-08-25 | Sutaria Saumya | CEO | 100,000 | $27.6M | 18.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-24 | Haney Cecil D | Director | 1,300 | $361K | 9.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-06…2026-08-07 | Romo Tammy | Director | 7,422 | $2.0M | 20.8% | No | Too little history (no open-market trades in 2024) |
| 2026-08-05 | Blunt Roy | Director | 600 | $158K | 11.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-29 | Foo Lisa Y | EVP, Chief Operating Officer | 10,000 | $2.6M | 23.8% | No | Too little history (no open-market trades in 2023) |
| 2026-07-27 | Lynch Christopher S. | Director | 3,837 | $934K | 28.6% | No | Too little history (no open-market trades in 2023) |
| 2026-07-27 | Arbour Paola M | EVP, Chief Information Officer | 10,878 | $2.7M | 37.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-27 | Bierman James L | Director | 5,000 | $1.2M | 13.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-28 | Kerrey J Robert | Director | 5,638 | $984K | 25.1% | No | Too little history (no open-market trades in 2023) |
| 2026-05-27 | West Nadja | Director | 3,000 | $532K | 10.8% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
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 Buy (mean 1.96 on a 1–5 scale), 23 analysts; mean target USD 286.41 (low 260, high 315).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Guggenheim | Target raised | Buy | $283 → $307 |
| 2026-09-23 | BMO Capital | Initiated | Market Perform | $265 |
| 2026-09-18 | Leerink Partners | Maintained | Outperform | $309 |
| 2026-08-03 | Wells Fargo | Target raised | Overweight | $231 → $281 |
| 2026-07-28 | Truist Securities | Target raised | Buy | $270 → $290 |
| 2026-07-28 | Baird | Target raised | Neutral | $210 → $280 |
| 2026-07-28 | Guggenheim | Target raised | Buy | $242 → $283 |
| 2026-07-27 | UBS | Target raised | Buy | $288 → $308 |
| 2026-07-27 | TD Cowen | Target raised | Buy | $233 → $263 |
| 2026-07-27 | Morgan Stanley | Target raised | Overweight | $254 → $274 |
| 2026-07-27 | RBC Capital | Target raised | Outperform | $236 → $283 |
| 2026-07-24 | Barclays | Target raised | Overweight | $240 → $271 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +30.8% | +283.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +30.9% | +30.7% |
| Volatility (annualized) | 42.2% | 44.6% |
| Max drawdown | -34.1% (Mar 2026→Jun 2026) | -58.9% (Feb 2022→Oct 2022) |

## Peers (Medical Care Facilities)
EHC (Encompass Health Corporation) USD 126.01 +4.60% · DVA (DaVita Inc.) USD 186.1 +5.25% · FMS (Fresenius Medical Care AG) USD 22.23 +3.11% · UHS (Universal Health Services, Inc.) USD 188.13 +2.88% · ENSG (The Ensign Group, Inc.) USD 178.35 +2.88% · PACS (PACS Group, Inc.) USD 47.5 +1.58%

## More
Full page: https://nexqual.com/THC · 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

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hospital Operations | $4.24B | 75.3% | +6.0% |
| Ambulatory Care | $1.39B | 24.7% | +9.3% |
| Total revenue | $5.63B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Health Care Patient Service | $1.32B | 23.4% | +8.6% |
| Health Care Other Sources | $70.0M | 1.2% | +25.0% |
| Total revenue | $5.63B | 100% | — |
The lines above cover 24.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.68 | $4.09 | +14.2% | $5.51B | 20 |
| Next quarter (ends 2026-12-31) | $5.67 | $4.73 | +20.1% | $5.77B | 20 |
| Current fiscal year (ends 2026-12-31) | $21.23 | $17.85 | +18.9% | $22.42B | 21 |
| Next fiscal year (ends 2027-12-31) | $21.09 | $17.79 | +18.5% | $22.52B | 21 |