THC
HealthcareTenet Healthcare Corporation · Medical - Care Facilities · $15B
What is Tenet Healthcare Corporation?
Tenet Healthcare Corporation is a large-cap, diversified healthcare services company headquartered in Dallas, Texas. It operates general hospitals, ambulatory surgery centers, and a healthcare business process services segment across the United States.
Tenet generates revenue through three segments: Hospital Operations, Ambulatory Care, and Conifer. The Hospital Operations segment runs acute care hospitals offering surgery, radiology, intensive care, and specialty services such as cardiac and neuroscience care. The Ambulatory Care segment operates surgery centers, urgent care clinics, and imaging centers. Conifer provides revenue cycle management and patient engagement services to hospitals and health systems nationwide, creating a diversified but operationally complex business model.
Founded in 1980, Tenet Healthcare has grown into one of the larger hospital systems operating in the US.
- Acute care hospital services including surgery and critical care
- Ambulatory surgery centers and urgent care clinics
- Imaging centers and off-campus emergency departments
- Conifer revenue cycle management and value-based care solutions
- Specialty services including cardiac, neuroscience, and transplant care
Is THC a Good Stock to Buy?
UQS Score rates THC as Below Average overall, reflecting meaningful headwinds across several key pillars.
Among the brighter spots in Tenet's profile, the Quality pillar earns a Good rating, suggesting the company maintains a degree of operational consistency relative to its size and complexity. The Valuation pillar is rated Attractive, meaning the stock may be priced at a discount relative to its fundamentals — a point worth examining for value-oriented investors.
The Moat, Growth, and Risk pillars all register as Weak, indicating limited competitive differentiation, constrained growth prospects, and an elevated risk profile that investors should weigh carefully.
See the full pillar breakdown and underlying financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does THC pay dividends?
No — Tenet Healthcare Corporation does not currently pay a dividend.
Tenet Healthcare does not currently pay a dividend. For a capital-intensive hospital operator carrying significant debt obligations, retaining cash for operations, debt service, and strategic investments — such as expanding its ambulatory care network — is a common priority over returning capital to shareholders through dividends.
When does THC report earnings?
Tenet Healthcare reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Tenet's results tend to reflect the operational complexity of running a large hospital system alongside its ambulatory and business services segments. Revenue trends, cost pressures, and volume shifts across care settings are key factors to watch each quarter.
For the most recent quarter's results and guidance, visit Tenet Healthcare's official investor relations page.
THC Price History
+177.3% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Tenet Healthcare Corporation?
Based on Tenet Healthcare Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
THC Long-term Outlook
The UQS Growth and Risk pillars both register as Weak for THC, pointing to a fundamental outlook that carries more uncertainty than opportunity in the near term. Hospital operators face persistent cost inflation, labor market pressures, and reimbursement rate dynamics that can compress margins. While the Attractive Valuation rating suggests the market may already be pricing in some of these headwinds, the weak moat profile limits confidence in a durable recovery trajectory.
Growth drivers
- Continued expansion of the higher-margin ambulatory surgery center network
- Conifer segment growth through outsourced revenue cycle management demand
- Potential volume recovery in elective procedures across hospital facilities
Key risks
- Elevated debt load creating financial flexibility constraints
- Labor cost inflation and staffing challenges across hospital operations
- Reimbursement rate pressure from government and commercial payers
THC vs Peers
Tenet Healthcare operates in a competitive healthcare services landscape alongside companies spanning dialysis, medical solutions, and post-acute care.
Fresenius Medical Care focuses primarily on dialysis services and products globally, giving it a narrower but more specialized care niche than Tenet's broad hospital network.
Solventum operates in healthcare technology and medical solutions, differentiating itself from Tenet through a product and technology-driven model rather than direct patient care delivery.
Ensign Group concentrates on post-acute and long-term care facilities, occupying a different segment of the care continuum compared to Tenet's acute hospital and ambulatory focus.
Frequently Asked Questions
What does Tenet Healthcare do?
Tenet Healthcare operates general hospitals, ambulatory surgery centers, urgent care clinics, and imaging centers across the United States. It also runs Conifer, a business services segment that provides revenue cycle management and patient engagement solutions to hospitals and health systems.
Does THC pay dividends?
Tenet Healthcare does not currently pay a dividend. The company prioritizes retaining capital for debt management and reinvestment into its hospital and ambulatory care operations rather than distributing cash to shareholders.
When does THC report earnings?
Tenet Healthcare follows a standard quarterly earnings schedule. For the exact timing of upcoming results, check the investor relations section of Tenet's official website, where earnings dates and webcasts are posted in advance.
Is THC a good stock to buy?
UQS Score rates THC as Below Average overall. While the Quality pillar earns a Good rating and Valuation is Attractive, the Moat, Growth, and Risk pillars are all Weak. Investors should weigh these trade-offs carefully. The full pillar breakdown is available to UQS Pro members.
Is THC overvalued?
The UQS Valuation pillar for THC is rated Attractive, suggesting the stock may be trading at a relative discount compared to its fundamentals. However, valuation alone does not tell the full story — the Weak Risk and Moat ratings add important context for any investment decision.
How does THC compare to its competitors?
Tenet operates a broad acute care and ambulatory network, which differs from peers like Fresenius Medical Care's dialysis focus, Solventum's healthcare technology model, and Ensign Group's post-acute care specialization. Each competitor occupies a distinct segment of the healthcare services landscape.
What is THC's market cap bracket?
Tenet Healthcare is classified as a large-cap company, placing it among the larger publicly traded healthcare services operators in the United States.
Who founded Tenet Healthcare?
Tenet Healthcare was founded in 1980. Detailed founding history, including the names of original founders and early corporate history, is widely available through public sources and the company's own corporate background materials.
Is THC a long-term quality indicator?
From a long-term quality standpoint, THC's UQS profile presents a mixed picture. The Good Quality pillar suggests operational consistency, but Weak Moat and Growth ratings indicate the company may face challenges sustaining a durable competitive advantage over time. Pro members can access the complete multi-pillar view.
What is the main competitive advantage of Tenet Healthcare?
Tenet's scale — operating dozens of hospitals and hundreds of ambulatory facilities — provides some geographic reach and service breadth. However, the UQS Moat pillar rates this advantage as Weak, reflecting the competitive and reimbursement pressures common across the hospital industry.
What sector does THC belong to?
Tenet Healthcare belongs to the Healthcare sector, specifically within healthcare services and hospital operations. It is one of the larger diversified hospital operators listed on US exchanges, also spanning ambulatory care and business process services.
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Pro Analysis
THC — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 47.4 | 73.3 | 33.0 | 17.2 | 18.4 | 97.4 | +0.6 |
| May 7, 2026 | 46.8 | 68.3 | 33.0 | 17.6 | 24.4 | 95.0 | -0.3 |
| May 3, 2026 | 47.1 | 68.3 | 33.0 | 17.6 | 24.4 | 97.1 | 0.0 |
| May 2, 2026 | 47.1 | 68.3 | 33.0 | 17.6 | 24.4 | 97.6 | +0.3 |
| Apr 26, 2026 | 46.8 | 68.3 | 33.0 | 16.7 | 24.4 | 96.3 | +0.6 |
| Apr 21, 2026 | 46.2 | 68.3 | 33.0 | 16.6 | 24.4 | 92.9 | -0.1 |
| Apr 19, 2026 | 46.3 | 68.3 | 33.0 | 16.9 | 24.4 | 93.1 | -0.2 |
| Apr 18, 2026 | 46.5 | 68.3 | 33.0 | 16.9 | 24.4 | 94.0 | +0.2 |
| Apr 14, 2026 | 46.3 | 68.3 | 33.0 | 16.9 | 24.4 | 92.8 | -4.1 |
| Apr 13, 2026 | 50.4 | 68.3 | 50.0 | 16.9 | 24.4 | 92.1 | +4.2 |
THC — Pillar Breakdown
Quality
— 73.3/100 (25%)Tenet Healthcare Corporation shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 17.2/100 (20%)Tenet Healthcare Corporation faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 18.4/100 (15%)Tenet Healthcare Corporation presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 97.3/100 (15%)Tenet Healthcare Corporation appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 33/100 (25%)Tenet Healthcare Corporation operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for THC.
Score Composition
Financial Data
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How is the THC UQS Score Calculated?
The UQS (Unified Quality Score) for Tenet Healthcare Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Tenet Healthcare Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Tenet Healthcare Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.