Tenet Healthcare (THC) Financials

$120.73 -4.18 (-3.35%)

As of 03:58 PM Eastern

Annual Income Statements for Tenet Healthcare

This table shows Tenet Healthcare's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-140	-192	-704	104	-215	399	914	411	611	3,200
Consolidated Net Income / (Loss)	78	176	-320	459	171	768	1,476	1,001	1,311	4,064
Net Income / (Loss) Continuing Operations	76	181	-320	456	160	768	1,477	1,001	1,311	4,064
Total Pre-Tax Income	144	248	-101	629	320	671	1,888	1,345	1,617	5,248
Total Operating Income	1,077	1,116	969	1,487	1,537	1,820	2,653	2,333	2,510	5,956
Total Gross Profit	6,681	7,169	6,820	6,676	9,781	7,122	7,470	10,524	11,418	11,874
Total Revenue	20,111	21,070	20,613	18,313	18,479	18,522	191	19,368	20,564	20,675
Operating Revenue	20,111	21,070	20,613	18,313	18,479	18,522	191	19,368	20,564	20,675
Total Cost of Revenue	13,430	13,901	13,793	11,637	8,698	11,400	-7,279	8,844	9,146	8,801
Operating Cost of Revenue	11,953	12,452	12,359	11,637	8,698	11,400	-7,279	8,844	9,146	8,801
Total Operating Expenses	5,703	6,053	5,851	5,189	8,244	5,302	4,817	8,191	8,908	5,918
Selling, General & Admin Expense	4,555	4,891	4,561	4,267	4,171	4,125	4,206	7,271	8,105	8,139
Depreciation Expense	797	850	870	802	850	857	855	841	870	818
Other Operating Expenses / (Income)	-72	-32	-	-	2,882	-	-	-216	-228	-260
Impairment Charge	318	202	541	209	185	290	85	226	137	102
Other Special Charges / (Income)	105	142	-121	-89	156	30	-329	69	24	-2,881
Total Other Income / (Expense), net	-834	-868	-1,070	-858	-1,217	-1,149	-765	-988	-893	-708
Interest Expense	913	979	1,192	1,003	1,212	1,319	997	999	912	834
Other Income / (Expense), net	-20	-20	-22	-5.00	-5.00	1.00	14	11	19	126
Income Tax Expense	68	67	219	173	160	-97	411	344	306	1,184
Net Income / (Loss) Attributable to Noncontrolling Interest	218	368	384	355	386	369	562	590	700	864
Basic Earnings per Share	($1.41)	($1.93)	($7.00)	$1.02	($2.08)	$3.80	$8.55	$3.84	$6.01	$33.02
Weighted Average Basic Shares Outstanding	99.17M	99.32M	100.59M	102.11M	103.40M	105.01M	106.83M	106.93M	101.64M	96.90M
Diluted Earnings per Share	($1.41)	($1.93)	($7.00)	$1.00	($2.08)	$3.75	$8.42	$3.79	$5.71	$32.70
Weighted Average Diluted Shares Outstanding	99.17M	99.32M	100.59M	103.88M	103.40M	106.26M	108.57M	110.52M	104.80M	97.88M
Weighted Average Basic & Diluted Shares Outstanding	99.30M	99.50M	100.60M	101.80M	104.29M	106.20M	107.42M	102.27M	100.00M	95.12M

This table shows Tenet Healthcare's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	131	102	143	123	101	244	2,151	259	472	318
Consolidated Net Income / (Loss)	268	274	296	293	266	456	2,334	477	681	572
Net Income / (Loss) Continuing Operations	268	275	296	293	266	456	2,334	477	681	572
Total Pre-Tax Income	380	322	380	373	345	519	3,084	587	922	655
Total Operating Income	545	687	603	550	568	789	3,285	700	1,089	882
Total Gross Profit	1,808	5,137	1,875	1,914	2,781	4,848	2,119	2,032	2,908	4,815
Total Revenue	4,855	5,030	5,024	5,090	5,069	5,381	5,368	5,108	5,126	5,073
Operating Revenue	4,855	5,030	5,024	5,090	5,066	5,384	5,368	5,108	5,122	5,077
Total Cost of Revenue	3,047	-107	3,149	3,176	2,288	533	3,249	3,076	2,218	258
Operating Cost of Revenue	3,047	-107	3,149	3,176	2,288	533	3,249	3,076	2,218	258
Total Operating Expenses	1,263	4,450	1,272	1,364	2,213	4,059	-1,166	1,332	1,819	3,933
Depreciation Expense	209	213	217	213	224	216	208	208	209	193
Impairment Charge	24	129	21	16	47	53	27	29	19	27
Other Special Charges / (Income)	12	19	-9.00	10	15	8.00	-2,496	-53	-339	7.00
Total Other Income / (Expense), net	-165	-365	-223	-177	-223	-270	-201	-113	-167	-227
Interest Expense	222	219	221	237	227	227	226	203	202	203
Other Income / (Expense), net	6.00	5.00	-2.00	6.00	4.00	11	25	29	35	37
Income Tax Expense	112	47	84	80	79	63	750	110	241	83
Net Income / (Loss) Attributable to Noncontrolling Interest	137	172	153	170	165	212	183	218	209	254
Basic Earnings per Share	$1.21	$0.98	$1.40	$1.21	$0.99	$2.41	$21.60	$2.66	$4.93	$3.83
Weighted Average Basic Shares Outstanding	107.92M	106.93M	102.29M	101.77M	101.54M	101.64M	99.58M	97.27M	95.67M	96.90M
Diluted Earnings per Share	$1.16	$1.00	$1.32	$1.15	$0.94	$2.30	$21.38	$2.64	$4.89	$3.79
Weighted Average Diluted Shares Outstanding	109.89M	110.52M	106.01M	104.78M	104.43M	104.80M	100.60M	98.44M	96.65M	97.88M
Weighted Average Basic & Diluted Shares Outstanding	108.12M	102.27M	101.94M	101.54M	101.55M	100.00M	97.68M	95.82M	95.10M	95.12M

This table details how cash moves in and out of Tenet Healthcare's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	163	360	-105	-200	-149	2,184	-82	-1,506	370	1,791
Net Cash From Operating Activities	1,026	558	1,200	1,049	1,233	3,407	1,568	1,083	2,374	2,047
Net Cash From Continuing Operating Activities	1,047	564	1,205	1,054	1,238	3,408	1,568	1,083	2,374	2,047
Net Income / (Loss) Continuing Operations	75	182	-320	455	156	768	1,477	1,001	1,311	4,064
Consolidated Net Income / (Loss)	78	176	-320	459	171	768	1,476	1,001	1,311	4,064
Depreciation Expense	797	850	870	802	850	857	855	841	870	818
Amortization Expense	41	41	44	45	35	38	33	33	32	26
Non-Cash Adjustments To Reconcile Net Income	1,730	1,156	1,916	-31	371	281	-310	142	38	-2,894
Changes in Operating Assets and Liabilities, net	-1,596	-1,665	-1,305	-217	-174	1,464	-487	-934	123	33
Net Cash From Investing Activities	-1,317	-430	21	-115	-619	-1,608	-714	-808	-969	3,429
Net Cash From Continuing Investing Activities	-1,317	-430	21	-115	-636	-1,608	-714	-808	-969	3,429
Purchase of Property, Plant & Equipment	-842	-875	-707	-617	-670	-540	-658	-762	-751	-931
Acquisitions	-1,074	-156	-50	-113	-25	-1,177	-1,220	-234	-224	-571
Purchase of Investments	-	-	-81	-148	-62	-44	-108	-92	-104	-94
Divestitures	549	573	827	543	63	77	1,248	210	71	4,981
Sale and/or Maturity of Investments	60	62	36	199	82	59	31	76	50	63
Other Investing Activities, net	-6.00	-3.00	6.00	6.00	-24	17	-7.00	-6.00	-11	-19
Net Cash From Financing Activities	454	232	-1,326	-1,134	-763	385	-936	-1,781	-1,035	-3,685
Net Cash From Continuing Financing Activities	454	232	-1,326	-1,134	-763	385	-936	-1,781	-1,035	-3,685
Repayment of Debt	-4,907	-2,045	-5,142	-1,208	-8,825	-4,048	-3,316	-2,921	-1,558	-2,520
Repurchase of Common Equity	-40	-	-	-	-	0.00	0.00	-250	-200	-672
Payment of Dividends	-378	-404	-987	-935	-318	-326	-450	-660	-761	-881
Issuance of Debt	5,753	2,655	4,765	973	8,359	4,558	2,872	2,023	1,441	23
Other Financing Activities, net	11	22	31	20	21	201	-42	27	43	365
Cash Interest Paid	859	932	939	976	946	962	937	848	882	851
Cash Income Taxes Paid	7.00	33	56	25	12	12	92	161	243	1,271

This table details how cash moves in and out of Tenet Healthcare's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-143	-350	-92	168	120	174	1,253	399	1,214	-1,075
Net Cash From Operating Activities	315	421	449	598	503	824	586	747	1,045	-331
Net Cash From Continuing Operating Activities	316	420	449	598	503	824	586	747	1,045	-331
Net Income / (Loss) Continuing Operations	268	275	296	293	266	456	2,334	477	681	572
Consolidated Net Income / (Loss)	268	274	296	293	266	456	2,334	477	681	572
Depreciation Expense	209	213	217	213	224	216	208	208	209	193
Amortization Expense	8.00	10	9.00	9.00	7.00	7.00	8.00	6.00	7.00	5.00
Non-Cash Adjustments To Reconcile Net Income	-58	85	-3.00	-4.00	40	5.00	-2,471	-49	-366	-8.00
Changes in Operating Assets and Liabilities, net	-111	-163	-70	87	-34	140	507	105	514	-1,093
Net Cash From Investing Activities	-302	-306	-286	-181	-169	-333	3,328	-194	667	-372
Net Cash From Continuing Investing Activities	-302	-306	-286	-181	-169	-333	3,328	-194	667	-372
Purchase of Property, Plant & Equipment	-165	-290	-235	-132	-176	-208	-240	-145	-216	-330
Acquisitions	-158	-10	-48	-48	-14	-114	-449	-61	-14	-47
Purchase of Investments	-27	-24	-18	-19	-17	-50	-10	-16	-20	-48
Divestitures	-	1.00	13	3.00	22	33	4,030	18	917	16
Sale and/or Maturity of Investments	52	15	9.00	17	14	10	7.00	10	8.00	38
Other Investing Activities, net	-4.00	2.00	-7.00	-2.00	2.00	-4.00	-10	-	-8.00	-1.00
Net Cash From Financing Activities	-156	-465	-255	-249	-214	-317	-2,661	-154	-498	-372
Net Cash From Continuing Financing Activities	-156	-465	-255	-249	-214	-317	-2,661	-154	-498	-372
Repayment of Debt	-16	-62	-45	-1,407	-29	-77	-2,176	-40	-173	-131
Payment of Dividends	-154	-167	-175	-174	-203	-209	-214	-197	-212	-258
Issuance of Debt	7.00	3.00	-10	1,367	11	73	2.00	6.00	8.00	7.00
Other Financing Activities, net	7.00	11	25	5.00	7.00	6.00	5.00	347	3.00	10
Cash Interest Paid	185	247	177	268	144	293	162	297	96	296
Cash Income Taxes Paid	8.00	13	0.00	158	54	31	5.00	235	68	963

This table presents Tenet Healthcare's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	23,682	24,701	23,385	22,409	23,365	27,106	27,579	27,156	28,312	28,936
Total Current Assets	5,171	5,257	5,573	4,636	5,081	7,147	7,075	5,981	7,167	7,682
Cash & Equivalents	356	716	611	411	262	2,446	2,364	858	1,228	3,019
Accounts Receivable	2,704	2,897	2,616	2,595	2,743	2,690	2,770	2,943	2,914	2,536
Inventories, net	309	326	289	305	310	368	384	405	411	346
Other Current Assets	1,245	1,285	1,035	1,197	1,369	1,503	1,557	1,775	1,839	1,760
Other Current Nonoperating Assets	550	29	1,017	107	387	140	-	0.00	775	21
Plant, Property, & Equipment, net	7,915	8,053	7,030	6,993	6,878	6,692	6,427	6,462	6,236	6,049
Total Noncurrent Assets	10,596	11,391	10,782	10,780	11,406	13,267	14,077	14,713	14,909	15,205
Long-Term Investments	1,175	1,250	1,543	1,456	2,369	2,534	3,254	3,147	3,157	3,037
Goodwill	6,970	7,425	7,018	7,281	7,252	8,808	9,261	10,123	10,307	10,691
Intangible Assets	1,675	1,845	1,766	1,731	1,602	1,600	1,497	1,424	1,368	1,397
Noncurrent Deferred & Refundable Income Taxes	776	871	455	312	183	325	65	19	77	80
Total Liabilities & Shareholders' Equity	23,682	24,701	23,385	22,409	23,365	27,106	27,579	27,156	28,312	28,936
Total Liabilities	20,458	21,226	20,980	20,302	21,422	24,217	23,322	22,548	22,804	20,389
Total Current Liabilities	4,308	4,034	4,332	3,857	4,205	4,847	5,109	4,476	4,760	4,310
Short-Term Debt	127	191	146	182	171	145	135	145	120	92
Accounts Payable	1,380	1,329	1,175	1,207	1,204	1,207	1,300	1,504	1,408	1,294
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	23	18
Current Employee Benefit Liabilities	880	872	848	838	877	942	896	778	930	899
Other Current Liabilities	1,615	1,423	1,427	1,347	1,664	2,235	2,575	1,836	2,010	1,845
Other Current Nonoperating Liabilities	306	219	736	283	289	318	203	213	269	162
Total Noncurrent Liabilities	16,150	17,192	16,648	16,445	17,217	19,370	18,213	18,072	18,044	16,079
Long-Term Debt	14,383	15,064	14,791	14,644	14,580	15,574	15,511	14,934	14,882	13,081
Asset Retirement Reserve & Litigation Obligation	578	613	654	666	635	735	791	790	792	900
Noncurrent Deferred & Payable Income Tax Liabilities	37	279	36	36	27	29	36	217	326	227
Noncurrent Employee Benefit Liabilities	595	626	536	521	560	497	421	331	335	298
Other Noncurrent Operating Liabilities	557	610	631	578	1,415	2,535	1,454	1,800	1,709	1,573
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	2,266	2,393	1,866	1,420	1,506	1,952	2,203	2,149	2,391	2,727
Total Equity & Noncontrolling Interests	958	1,082	539	687	437	937	2,054	2,459	3,117	5,820
Total Preferred & Common Equity	691	417	-147	-119	-417	28	1,028	1,142	1,608	4,171
Total Common Equity	691	417	-147	-119	-417	28	1,028	1,142	1,608	4,171
Common Stock	4,822	4,834	4,866	4,754	4,767	4,851	4,885	4,786	4,842	4,881
Retained Earnings	-1,550	-1,742	-2,390	-2,236	-2,513	-2,128	-1,214	-803	-192	3,008
Treasury Stock	-2,417	-2,417	-2,419	-2,414	-2,414	-2,414	-2,410	-2,660	-2,861	-3,538
Accumulated Other Comprehensive Income / (Loss)	-164	-258	-204	-223	-257	-281	-233	-181	-181	-180
Noncontrolling Interest	267	665	686	806	854	909	1,026	1,317	1,509	1,649

This table presents Tenet Healthcare's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	27,076	27,067	27,157	27,590	28,907	29,265	29,372
Total Current Assets	5,998	5,869	5,995	6,359	7,821	7,955	8,759
Cash & Equivalents	1,208	766	934	1,054	2,481	2,880	4,094
Accounts Receivable	2,826	2,883	2,914	2,897	3,148	2,817	2,598
Inventories, net	394	407	404	413	395	382	356
Other Current Assets	1,566	1,671	1,602	1,855	1,775	1,855	1,691
Other Current Nonoperating Assets	-	142	141	140	22	21	20
Plant, Property, & Equipment, net	6,291	6,319	6,268	6,260	5,855	5,857	5,552
Total Noncurrent Assets	14,787	14,879	14,894	14,971	15,231	15,453	15,061
Long-Term Investments	3,312	3,175	3,130	3,152	3,244	3,156	3,064
Goodwill	9,979	10,258	10,350	10,415	10,568	10,799	10,588
Intangible Assets	1,441	1,432	1,406	1,400	1,399	1,413	1,373
Noncurrent Deferred & Refundable Income Taxes	55	14	8.00	4.00	20	85	36
Total Liabilities & Shareholders' Equity	27,076	27,067	27,157	27,590	28,907	29,265	29,372
Total Liabilities	22,501	22,262	22,156	22,409	21,236	21,396	21,297
Total Current Liabilities	4,276	4,219	4,152	4,432	5,416	5,493	5,538
Short-Term Debt	131	148	141	141	107	102	95
Accounts Payable	1,240	1,192	1,246	1,202	1,335	1,270	1,265
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	805	715	826
Current Employee Benefit Liabilities	781	602	718	787	775	788	879
Other Current Liabilities	1,875	2,006	1,831	2,012	2,134	2,458	2,213
Other Current Nonoperating Liabilities	249	271	216	290	260	160	260
Total Noncurrent Liabilities	18,225	18,043	18,004	17,977	15,820	15,903	15,759
Long-Term Debt	14,962	14,935	14,907	14,901	12,772	12,769	12,776
Asset Retirement Reserve & Litigation Obligation	804	810	793	787	794	844	855
Noncurrent Deferred & Payable Income Tax Liabilities	235	220	243	278	231	245	260
Noncurrent Employee Benefit Liabilities	400	330	329	327	334	334	308
Other Noncurrent Operating Liabilities	1,824	1,748	1,732	1,684	1,689	1,711	1,560
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	2,068	2,225	2,277	2,303	2,728	2,813	2,649
Total Equity & Noncontrolling Interests	2,507	2,580	2,724	2,878	4,943	5,056	5,426
Total Preferred & Common Equity	1,235	1,233	1,343	1,464	3,453	3,475	3,834
Total Common Equity	1,235	1,233	1,343	1,464	3,453	3,475	3,834
Common Stock	4,779	4,782	4,808	4,826	4,814	4,848	4,857
Retained Earnings	-905	-660	-537	-436	1,959	2,218	2,690
Treasury Stock	-2,410	-2,710	-2,750	-2,750	-3,141	-3,414	-3,538
Accumulated Other Comprehensive Income / (Loss)	-229	-179	-178	-176	-179	-177	-175
Noncontrolling Interest	1,272	1,347	1,381	1,414	1,490	1,581	1,592

This table displays calculated financial ratios and metrics derived from Tenet Healthcare's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.30%	4.77%	-2.17%	-11.16%	0.91%	0.23%	-98.97%	10,040.31%	6.18%	0.54%
EBITDA Growth	5.16%	4.85%	-6.34%	25.15%	3.78%	12.37%	30.89%	-9.48%	6.62%	101.87%
EBIT Growth	14.27%	3.69%	-13.59%	56.49%	3.37%	18.86%	46.46%	-12.11%	7.89%	140.49%
NOPAT Growth	-7.82%	43.29%	-16.72%	58.93%	-28.71%	171.06%	-0.37%	-16.34%	17.20%	126.65%
Net Income Growth	2.63%	125.64%	-281.82%	243.44%	-62.75%	349.12%	92.19%	-32.18%	30.97%	209.99%
EPS Growth	-1,275.00%	-36.88%	-262.69%	114.29%	-308.00%	280.29%	124.53%	-54.99%	50.66%	472.68%
Operating Cash Flow Growth	49.35%	-45.61%	115.05%	-12.58%	17.54%	176.32%	-53.98%	-30.93%	119.21%	-13.77%
Free Cash Flow Firm Growth	-46,835.53%	93.93%	1,609.86%	-72.74%	175.30%	9.61%	-37.85%	-76.37%	601.78%	91.53%
Invested Capital Growth	28.52%	6.23%	-12.07%	2.25%	-8.38%	-1.14%	4.94%	9.71%	-1.74%	1.19%
Revenue Q/Q Growth	3.06%	-0.95%	0.43%	-3.60%	1.02%	29.27%	-99.19%	13,012.00%	1,879.21%	-1.47%
EBITDA Q/Q Growth	-2.62%	-9.06%	15.16%	-3.84%	12.79%	12.14%	-6.74%	2.52%	10.46%	1.38%
EBIT Q/Q Growth	-1.95%	-15.89%	36.26%	-5.48%	19.78%	18.63%	-7.78%	2.85%	14.75%	2.00%
NOPAT Q/Q Growth	-27.25%	13.87%	36.29%	84.53%	18.24%	-19.94%	-8.41%	3.29%	16.68%	1.86%
Net Income Q/Q Growth	-50.32%	13.55%	-61.62%	73.21%	20.42%	121.97%	-7.92%	-12.65%	16.12%	2.94%
EPS Q/Q Growth	-883.33%	8.96%	-27.04%	186.21%	3.70%	2,073.68%	-16.05%	-25.39%	29.48%	4.77%
Operating Cash Flow Q/Q Growth	-2.66%	-46.45%	188.46%	-18.68%	28.04%	-2.13%	-5.37%	6.28%	20.45%	-36.07%
Free Cash Flow Firm Q/Q Growth	-46.67%	33.81%	127.73%	-20.29%	49.53%	-57.31%	48.57%	166.79%	137.26%	-33.61%
Invested Capital Q/Q Growth	4.16%	3.95%	-4.51%	-0.14%	-3.99%	16.07%	9.57%	3.23%	-3.39%	12.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.22%	34.02%	33.09%	36.46%	52.93%	38.45%	3,910.99%	54.34%	55.52%	57.43%
EBITDA Margin	9.42%	9.43%	9.03%	12.72%	13.08%	14.66%	1,861.26%	16.62%	16.68%	33.50%
Operating Margin	5.36%	5.30%	4.70%	8.12%	8.32%	9.83%	1,389.01%	12.05%	12.21%	28.81%
EBIT Margin	5.26%	5.20%	4.59%	8.09%	8.29%	9.83%	1,396.34%	12.10%	12.30%	29.42%
Profit (Net Income) Margin	0.39%	0.84%	-1.55%	2.51%	0.93%	4.15%	772.77%	5.17%	6.38%	19.66%
Tax Burden Percent	54.17%	70.97%	316.83%	72.97%	53.44%	114.46%	78.18%	74.42%	81.08%	77.44%
Interest Burden Percent	13.62%	22.63%	-10.67%	42.44%	20.89%	36.85%	70.79%	57.38%	63.94%	86.29%
Effective Tax Rate	47.22%	27.02%	0.00%	27.50%	50.00%	-14.46%	21.77%	25.58%	18.92%	22.56%
Return on Invested Capital (ROIC)	4.01%	4.95%	4.26%	7.15%	5.26%	15.00%	14.67%	11.43%	12.92%	29.36%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.09%	0.08%	-3.43%	2.32%	0.51%	3.54%	9.00%	4.60%	6.15%	23.04%
Return on Net Nonoperating Assets (RNNOA)	-0.47%	0.31%	-15.14%	13.19%	3.18%	16.79%	26.64%	11.15%	13.00%	28.47%
Return on Equity (ROE)	3.54%	5.25%	-10.88%	20.35%	8.44%	31.79%	41.31%	22.58%	25.92%	57.83%
Cash Return on Invested Capital (CROIC)	-20.95%	-1.10%	17.11%	4.93%	14.01%	16.15%	9.85%	2.17%	14.67%	28.17%
Operating Return on Assets (OROA)	5.08%	4.53%	3.94%	6.47%	6.69%	7.22%	9.75%	8.56%	9.12%	21.25%
Return on Assets (ROA)	0.37%	0.73%	-1.33%	2.00%	0.75%	3.04%	5.40%	3.66%	4.73%	14.20%
Return on Common Equity (ROCE)	1.08%	0.87%	-0.50%	-1.20%	-1.12%	-2.56%	6.10%	5.53%	7.05%	23.78%
Return on Equity Simple (ROE_SIMPLE)	11.29%	42.21%	217.69%	-385.71%	-41.01%	2,742.86%	143.58%	87.65%	81.53%	97.43%
Net Operating Profit after Tax (NOPAT)	568	815	678	1,078	769	2,083	2,075	1,736	2,035	4,612
NOPAT Margin	2.83%	3.87%	3.29%	5.89%	4.16%	11.25%	1,086.63%	8.96%	9.90%	22.31%
Net Nonoperating Expense Percent (NNEP)	4.09%	4.87%	7.68%	4.83%	4.75%	11.47%	5.67%	6.83%	6.77%	6.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.90%	11.23%	24.28%
Cost of Revenue to Revenue	66.78%	65.98%	66.91%	63.55%	47.07%	61.55%	-3,810.99%	45.66%	44.48%	42.57%
SG&A Expenses to Revenue	22.65%	23.21%	22.13%	23.30%	22.57%	22.27%	2,202.09%	37.54%	39.41%	39.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.36%	28.73%	28.39%	28.34%	44.61%	28.63%	2,521.99%	42.29%	43.32%	28.62%
Earnings before Interest and Taxes (EBIT)	1,057	1,096	947	1,482	1,532	1,821	2,667	2,344	2,529	6,082
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,895	1,987	1,861	2,329	2,417	2,716	3,555	3,218	3,431	6,926
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.37	3.55	0.00	0.00	0.00	150.47	8.51	4.62	4.77	2.88
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.15	0.07	0.07	0.10	0.21	0.23	45.82	0.27	0.37	0.58
Price to Earnings (P/E)	0.00	0.00	0.00	16.89	0.00	10.56	9.57	12.84	12.56	3.75
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	5.92%	0.00%	9.47%	10.44%	7.79%	7.96%	26.66%
Enterprise Value to Invested Capital (EV/IC)	1.16	1.05	1.13	1.11	1.32	1.29	1.52	1.25	1.42	1.49
Enterprise Value to Revenue (EV/Rev)	0.92	0.85	0.82	0.93	1.00	0.96	115.23	1.02	1.08	1.14
Enterprise Value to EBITDA (EV/EBITDA)	9.78	8.97	9.06	7.27	7.63	6.56	6.19	6.16	6.47	3.39
Enterprise Value to EBIT (EV/EBIT)	17.53	16.26	17.81	11.43	12.03	9.78	8.25	8.45	8.77	3.86
Enterprise Value to NOPAT (EV/NOPAT)	32.60	21.89	24.86	15.72	23.98	8.55	10.60	11.41	10.90	5.09
Enterprise Value to Operating Cash Flow (EV/OCF)	18.06	31.95	14.05	16.15	14.95	5.23	14.04	18.30	9.35	11.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	6.19	22.80	9.01	7.94	15.79	60.17	9.60	5.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.50	4.39	6.21	7.04	7.59	5.44	3.68	3.27	2.72	1.54
Long-Term Debt to Equity	4.46	4.34	6.15	6.95	7.50	5.39	3.64	3.24	2.70	1.53
Financial Leverage	5.43	3.91	4.42	5.68	6.21	4.75	2.96	2.43	2.12	1.24
Leverage Ratio	9.44	7.22	8.18	10.15	11.30	10.45	7.65	6.17	5.48	4.07
Compound Leverage Factor	1.29	1.63	-0.87	4.31	2.36	3.85	5.42	3.54	3.51	3.51
Debt to Total Capital	81.82%	81.45%	86.13%	87.56%	88.36%	84.47%	78.61%	76.59%	73.14%	60.65%
Short-Term Debt to Total Capital	0.72%	1.02%	0.84%	1.07%	1.02%	0.78%	0.68%	0.74%	0.59%	0.42%
Long-Term Debt to Total Capital	81.10%	80.43%	85.29%	86.48%	87.34%	83.70%	77.93%	75.86%	72.56%	60.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	14.28%	16.33%	14.72%	13.15%	14.14%	15.38%	16.22%	17.61%	19.02%	20.15%
Common Equity to Total Capital	3.90%	2.23%	-0.85%	-0.70%	-2.50%	0.15%	5.17%	5.80%	7.84%	19.20%
Debt to EBITDA	7.66	7.68	8.03	6.37	6.10	5.79	4.40	4.69	4.37	1.90
Net Debt to EBITDA	6.85	6.69	6.87	5.56	5.01	3.95	2.82	3.44	3.09	1.03
Long-Term Debt to EBITDA	7.59	7.58	7.95	6.29	6.03	5.73	4.36	4.64	4.34	1.89
Debt to NOPAT	25.53	18.73	22.02	13.75	19.19	7.55	7.54	8.68	7.37	2.86
Net Debt to NOPAT	22.83	16.32	18.85	12.02	15.77	5.16	4.83	6.38	5.22	1.54
Long-Term Debt to NOPAT	25.30	18.49	21.81	13.58	18.97	7.48	7.47	8.60	7.31	2.84
Altman Z-Score	1.04	1.00	0.98	0.99	1.01	1.00	0.58	1.16	1.32	2.05
Noncontrolling Interest Sharing Ratio	69.57%	83.46%	95.41%	105.90%	113.23%	108.05%	85.22%	75.52%	72.82%	58.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.30	1.29	1.20	1.21	1.47	1.38	1.34	1.51	1.78
Quick Ratio	0.71	0.90	0.74	0.78	0.71	1.06	1.00	0.85	0.87	1.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,973	-181	2,725	743	2,046	2,242	1,393	329	2,311	4,426
Operating Cash Flow to CapEx	121.28%	61.59%	167.36%	174.25%	184.03%	630.93%	238.30%	142.13%	316.11%	219.87%
Free Cash Flow to Firm to Interest Expense	-3.26	-0.18	2.29	0.74	1.69	1.70	1.40	0.33	2.53	5.31
Operating Cash Flow to Interest Expense	1.12	0.57	1.01	1.05	1.02	2.58	1.57	1.08	2.60	2.45
Operating Cash Flow Less CapEx to Interest Expense	0.20	-0.36	0.41	0.45	0.46	2.17	0.91	0.32	1.78	1.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.97	0.87	0.86	0.80	0.81	0.73	0.01	0.71	0.74	0.72
Accounts Receivable Turnover	7.87	7.52	7.48	7.03	6.92	6.82	0.07	6.78	7.02	7.59
Inventory Turnover	45.91	43.78	44.86	39.18	28.29	33.63	0.00	22.42	22.42	23.25
Fixed Asset Turnover	2.57	2.64	2.73	2.61	2.66	2.73	0.03	3.01	3.24	3.37
Accounts Payable Turnover	10.50	10.26	11.02	9.77	7.22	9.46	0.00	6.31	6.28	6.51
Days Sales Outstanding (DSO)	46.35	48.51	48.81	51.93	52.72	53.53	5,217.02	53.83	51.98	48.11
Days Inventory Outstanding (DIO)	7.95	8.34	8.14	9.32	12.90	10.85	0.00	16.28	16.28	15.70
Days Payable Outstanding (DPO)	34.77	35.57	33.13	37.36	50.59	38.60	0.00	57.86	58.11	56.03
Cash Conversion Cycle (CCC)	19.53	21.29	23.82	23.89	15.04	25.79	5,217.02	12.25	10.16	7.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,959	16,954	14,907	15,242	13,965	13,806	14,488	15,895	15,619	15,805
Invested Capital Turnover	1.42	1.28	1.29	1.21	1.27	1.33	0.01	1.27	1.31	1.32
Increase / (Decrease) in Invested Capital	3,541	995	-2,047	335	-1,277	-159	682	1,407	-276	186
Enterprise Value (EV)	18,532	17,826	16,865	16,942	18,431	17,813	22,008	19,815	22,191	23,497
Market Capitalization	3,020	1,479	1,530	1,757	3,951	4,213	8,751	5,275	7,674	12,004
Book Value per Share	$6.93	$4.19	($1.46)	($1.16)	($4.01)	$0.27	$9.60	$10.56	$15.83	$43.86
Tangible Book Value per Share	($79.80)	($88.85)	($88.48)	($89.08)	($89.23)	($98.37)	($90.83)	($96.23)	($99.13)	($83.25)
Total Capital	17,734	18,730	17,342	16,933	16,694	18,608	19,903	19,687	20,510	21,720
Total Debt	14,510	15,255	14,937	14,826	14,751	15,719	15,646	15,079	15,002	13,173
Total Long-Term Debt	14,383	15,064	14,791	14,644	14,580	15,574	15,511	14,934	14,882	13,081
Net Debt	12,979	13,289	12,783	12,959	12,120	10,739	10,028	11,074	10,617	7,117
Capital Expenditures (CapEx)	846	906	717	602	670	540	658	762	751	931
Debt-free, Cash-free Net Working Capital (DFCFNWC)	634	698	776	550	785	-1.00	-263	792	1,299	445
Debt-free Net Working Capital (DFNWC)	990	1,414	1,387	961	1,047	2,445	2,101	1,650	2,527	3,464
Net Working Capital (NWC)	863	1,223	1,241	779	876	2,300	1,966	1,505	2,407	3,372
Net Nonoperating Expense (NNE)	490	639	998	619	598	1,315	599	735	724	548
Net Nonoperating Obligations (NNO)	12,735	13,479	12,502	13,135	12,022	10,917	10,231	11,287	10,111	7,258
Total Depreciation and Amortization (D&A)	838	891	914	847	885	895	888	874	902	844
Debt-free, Cash-free Net Working Capital to Revenue	3.15%	3.31%	3.76%	3.00%	4.25%	-0.01%	-137.70%	4.09%	6.32%	2.15%
Debt-free Net Working Capital to Revenue	4.92%	6.71%	6.73%	5.25%	5.67%	13.20%	1,100.00%	8.52%	12.29%	16.75%
Net Working Capital to Revenue	4.29%	5.80%	6.02%	4.25%	4.74%	12.42%	1,029.32%	7.77%	11.70%	16.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.41)	($1.93)	($7.00)	$1.09	($2.24)	$3.80	$8.55	$3.84	$6.01	$33.02
Adjusted Weighted Average Basic Shares Outstanding	99.17M	99.32M	100.59M	102.11M	103.40M	105.01M	106.83M	106.93M	101.64M	96.90M
Adjusted Diluted Earnings per Share	($1.41)	($1.93)	($7.00)	$1.07	($2.24)	$3.75	$8.42	$3.79	$5.71	$32.70
Adjusted Weighted Average Diluted Shares Outstanding	99.17M	99.32M	100.59M	103.88M	103.40M	106.26M	108.57M	110.52M	104.80M	97.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	98.53M	99.81M	101.11M	102.67M	104.29M	106.20M	107.42M	102.27M	100.00M	95.12M
Normalized Net Operating Profit after Tax (NOPAT)	792	1,066	972	1,165	939	1,498	1,885	1,956	2,166	2,460
Normalized NOPAT Margin	3.94%	5.06%	4.72%	6.36%	5.08%	8.09%	986.69%	10.10%	10.53%	11.90%
Pre Tax Income Margin	0.72%	1.18%	-0.49%	3.43%	1.73%	3.62%	988.48%	6.94%	7.86%	25.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.16	1.12	0.79	1.48	1.26	1.38	2.68	2.35	2.77	7.29
NOPAT to Interest Expense	0.62	0.83	0.57	1.07	0.63	1.58	2.08	1.74	2.23	5.53
EBIT Less CapEx to Interest Expense	0.23	0.19	0.19	0.88	0.71	0.97	2.02	1.58	1.95	6.18
NOPAT Less CapEx to Interest Expense	-0.30	-0.09	-0.03	0.47	0.08	1.17	1.42	0.98	1.41	4.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	484.62%	229.55%	-308.44%	203.70%	185.96%	42.45%	30.49%	65.93%	58.05%	21.68%
Augmented Payout Ratio	535.90%	229.55%	-308.44%	203.70%	185.96%	42.45%	30.49%	90.91%	73.30%	38.21%

This table displays calculated financial ratios and metrics derived from Tenet Healthcare's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.80%	134.72%	5.75%	7.57%	4.41%	6.98%	6.85%	0.35%	1.12%	-5.72%
EBITDA Growth	-37.96%	9.45%	1.72%	7.76%	4.56%	11.80%	326.36%	21.21%	66.87%	9.19%
EBIT Growth	-46.03%	10.37%	-0.17%	11.42%	3.81%	15.61%	450.75%	31.12%	96.50%	14.88%
NOPAT Growth	-49.15%	17.26%	5.71%	28.18%	13.94%	18.15%	429.29%	31.66%	83.67%	11.11%
Net Income Growth	-53.63%	-34.61%	5.71%	63.69%	-0.75%	66.42%	688.51%	62.80%	156.02%	25.44%
EPS Growth	-71.91%	-56.33%	3.13%	228.57%	-18.97%	130.00%	1,519.70%	129.57%	420.21%	64.78%
Operating Cash Flow Growth	-27.08%	17.93%	96.93%	402.52%	59.68%	95.72%	30.51%	24.92%	107.75%	-140.17%
Free Cash Flow Firm Growth	-212.83%	-351.55%	-71.29%	26.10%	81.45%	218.16%	490.83%	304.81%	986.38%	-39.72%
Invested Capital Growth	16.44%	9.71%	9.28%	8.84%	5.00%	-1.74%	-6.30%	-7.58%	-13.23%	1.19%
Revenue Q/Q Growth	2.60%	3.60%	135.52%	1.31%	-0.41%	6.16%	-0.24%	-4.84%	0.35%	-1.03%
EBITDA Q/Q Growth	6.37%	19.14%	18.48%	-5.93%	3.21%	27.40%	228.31%	-73.26%	42.10%	-16.64%
EBIT Q/Q Growth	10.42%	25.59%	26.53%	-7.49%	2.88%	39.86%	288.95%	-77.98%	54.18%	-18.24%
NOPAT Q/Q Growth	14.04%	52.65%	16.83%	-8.02%	1.37%	58.29%	236.86%	-77.12%	41.41%	-4.24%
Net Income Q/Q Growth	49.72%	2.24%	8.03%	-1.01%	-9.22%	71.43%	411.84%	-79.56%	42.77%	-16.01%
EPS Q/Q Growth	231.43%	-13.79%	32.00%	-12.88%	-18.26%	144.68%	829.57%	-87.65%	85.23%	-22.49%
Operating Cash Flow Q/Q Growth	164.71%	33.65%	6.65%	33.18%	-15.89%	63.82%	-28.88%	27.47%	39.89%	-131.67%
Free Cash Flow Firm Q/Q Growth	-51.67%	54.17%	10.91%	2.61%	61.92%	391.88%	245.07%	-48.96%	64.82%	-80.15%
Invested Capital Q/Q Growth	4.34%	3.23%	1.14%	-0.10%	0.67%	-3.39%	-3.56%	-1.46%	-5.49%	12.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.24%	102.13%	37.32%	37.60%	54.86%	90.09%	39.47%	39.78%	56.73%	94.91%
EBITDA Margin	15.82%	18.19%	16.46%	15.28%	15.84%	19.01%	65.69%	18.46%	26.14%	22.02%
Operating Margin	11.23%	13.66%	12.00%	10.81%	11.21%	14.66%	61.20%	13.70%	21.24%	17.39%
EBIT Margin	11.35%	13.76%	11.96%	10.92%	11.28%	14.87%	61.66%	14.27%	21.93%	18.12%
Profit (Net Income) Margin	5.52%	5.45%	5.89%	5.76%	5.25%	8.47%	43.48%	9.34%	13.29%	11.28%
Tax Burden Percent	70.53%	85.09%	77.89%	78.55%	77.10%	87.86%	75.68%	81.26%	73.86%	87.33%
Interest Burden Percent	68.97%	46.53%	63.23%	67.09%	60.31%	64.88%	93.17%	80.52%	82.03%	71.27%
Effective Tax Rate	29.47%	14.60%	22.11%	21.45%	22.90%	12.14%	24.32%	18.74%	26.14%	12.67%
Return on Invested Capital (ROIC)	0.00%	14.87%	0.28%	0.45%	0.57%	16.81%	62.19%	15.08%	21.81%	19.98%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	11.96%	-1.33%	-0.83%	-1.01%	14.60%	60.56%	14.06%	20.35%	17.70%
Return on Net Nonoperating Assets (RNNOA)	0.00%	29.04%	-3.10%	-1.97%	-2.25%	30.87%	90.60%	19.70%	26.01%	21.87%
Return on Equity (ROE)	27.75%	43.91%	-2.82%	-1.51%	-1.68%	47.69%	152.79%	34.79%	47.82%	41.85%
Cash Return on Invested Capital (CROIC)	-3.45%	2.17%	1.53%	2.49%	6.17%	14.67%	32.35%	34.81%	44.16%	28.17%
Operating Return on Assets (OROA)	0.00%	9.74%	0.21%	0.34%	0.43%	11.02%	46.07%	10.59%	16.15%	13.08%
Return on Assets (ROA)	0.00%	3.86%	0.10%	0.18%	0.20%	6.28%	32.48%	6.93%	9.79%	8.14%
Return on Common Equity (ROCE)	6.58%	10.75%	-0.70%	-0.40%	-0.47%	12.96%	57.39%	13.02%	19.11%	17.21%
Return on Equity Simple (ROE_SIMPLE)	92.79%	0.00%	82.48%	84.21%	77.12%	0.00%	96.99%	101.67%	102.97%	0.00%
Net Operating Profit after Tax (NOPAT)	384	587	470	432	438	693	2,486	569	804	770
NOPAT Margin	7.92%	11.66%	9.35%	8.49%	8.64%	12.88%	46.31%	11.14%	15.69%	15.18%
Net Nonoperating Expense Percent (NNEP)	1.14%	2.91%	1.61%	1.28%	1.58%	2.22%	1.63%	1.02%	1.46%	2.28%
Return On Investment Capital (ROIC_SIMPLE)	-	3.35%	-	-	-	3.83%	-	-	-	4.06%
Cost of Revenue to Revenue	62.76%	-2.13%	62.68%	62.40%	45.14%	9.91%	60.53%	60.22%	43.27%	5.09%
SG&A Expenses to Revenue	20.97%	85.59%	21.76%	22.10%	0.00%	0.00%	21.50%	22.47%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.01%	88.47%	25.32%	26.80%	43.66%	75.43%	-21.72%	26.08%	35.49%	77.53%
Earnings before Interest and Taxes (EBIT)	551	692	601	556	572	800	3,310	729	1,124	919
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	768	915	827	778	803	1,023	3,526	943	1,340	1,117
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.51	4.62	4.93	6.18	4.57	4.77	3.09	3.74	4.15	2.88
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.27	13.01	10.06	6.44	0.37	0.51	0.62	0.76	0.58
Price to Earnings (P/E)	9.97	12.84	14.68	16.62	14.26	12.56	4.08	4.72	5.09	3.75
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	10.03%	7.79%	6.81%	6.02%	7.01%	7.96%	24.54%	21.20%	19.63%	26.66%
Enterprise Value to Invested Capital (EV/IC)	1.27	1.25	1.29	1.43	1.31	1.42	1.46	1.63	1.84	1.49
Enterprise Value to Revenue (EV/Rev)	0.00	1.02	44.52	27.80	20.45	1.08	1.05	1.16	1.23	1.14
Enterprise Value to EBITDA (EV/EBITDA)	6.21	6.16	6.90	7.47	6.84	6.47	3.60	3.85	3.79	3.39
Enterprise Value to EBIT (EV/EBIT)	8.55	8.45	9.78	10.51	9.64	8.77	4.21	4.48	4.34	3.86
Enterprise Value to NOPAT (EV/NOPAT)	11.59	11.41	12.99	13.60	12.18	10.90	5.48	5.82	5.72	5.09
Enterprise Value to Operating Cash Flow (EV/OCF)	19.11	18.30	15.94	12.86	10.78	9.35	8.78	9.11	8.08	11.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	60.17	88.36	59.86	21.81	9.60	4.38	4.50	3.88	5.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.30	3.27	3.14	3.01	2.90	2.72	1.68	1.64	1.59	1.54
Long-Term Debt to Equity	3.27	3.24	3.11	2.98	2.88	2.70	1.67	1.62	1.58	1.53
Financial Leverage	2.47	2.43	2.34	2.38	2.24	2.12	1.50	1.40	1.28	1.24
Leverage Ratio	6.42	6.17	5.83	5.90	5.60	5.48	4.49	4.38	4.30	4.07
Compound Leverage Factor	4.43	2.87	3.68	3.96	3.38	3.56	4.18	3.53	3.52	2.90
Debt to Total Capital	76.74%	76.59%	75.84%	75.06%	74.38%	73.14%	62.67%	62.06%	61.45%	60.65%
Short-Term Debt to Total Capital	0.67%	0.74%	0.74%	0.70%	0.70%	0.59%	0.52%	0.49%	0.45%	0.42%
Long-Term Debt to Total Capital	76.07%	75.86%	75.10%	74.35%	73.68%	72.56%	62.15%	61.57%	60.99%	60.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	16.98%	17.61%	17.96%	18.25%	18.38%	19.02%	20.53%	21.19%	20.25%	20.15%
Common Equity to Total Capital	6.28%	5.80%	6.20%	6.70%	7.24%	7.84%	16.80%	16.76%	18.30%	19.20%
Debt to EBITDA	4.81	4.69	5.00	4.90	4.84	4.37	2.10	2.04	1.88	1.90
Net Debt to EBITDA	3.37	3.44	3.70	3.58	3.49	3.09	1.17	1.09	0.84	1.03
Long-Term Debt to EBITDA	4.77	4.64	4.95	4.85	4.80	4.34	2.08	2.03	1.87	1.89
Debt to NOPAT	8.98	8.68	9.43	8.92	8.62	7.37	3.20	3.09	2.84	2.86
Net Debt to NOPAT	6.29	6.38	6.96	6.51	6.21	5.22	1.78	1.64	1.26	1.54
Long-Term Debt to NOPAT	8.90	8.60	9.33	8.84	8.54	7.31	3.17	3.07	2.82	2.84
Altman Z-Score	0.24	0.96	0.29	0.38	0.35	1.11	1.60	1.37	1.55	1.46
Noncontrolling Interest Sharing Ratio	76.30%	75.52%	75.17%	73.33%	72.34%	72.82%	62.44%	62.56%	60.03%	58.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.34	1.39	1.44	1.43	1.51	1.44	1.45	1.58	1.78
Quick Ratio	0.94	0.85	0.86	0.93	0.89	0.87	1.04	1.04	1.21	1.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,790	-820	-895	-872	-332	969	3,499	1,786	2,943	584
Operating Cash Flow to CapEx	190.91%	145.17%	191.06%	453.03%	285.80%	396.15%	244.17%	515.17%	483.80%	-100.30%
Free Cash Flow to Firm to Interest Expense	-8.06	-3.75	-4.05	-3.68	-1.46	4.27	15.48	8.80	14.57	2.88
Operating Cash Flow to Interest Expense	1.42	1.92	2.03	2.52	2.22	3.63	2.59	3.68	5.17	-1.63
Operating Cash Flow Less CapEx to Interest Expense	0.68	0.60	0.97	1.97	1.44	2.71	1.53	2.97	4.10	-3.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.71	0.02	0.03	0.04	0.74	0.75	0.74	0.74	0.72
Accounts Receivable Turnover	0.00	6.78	0.16	0.29	0.36	7.02	6.93	7.30	7.64	7.59
Inventory Turnover	0.00	22.42	0.00	0.00	0.00	22.42	32.01	32.41	32.94	23.25
Fixed Asset Turnover	0.00	3.01	0.07	0.13	0.17	3.24	3.43	3.45	3.55	3.37
Accounts Payable Turnover	0.00	6.31	0.00	0.00	0.00	6.28	10.16	10.12	10.27	6.51
Days Sales Outstanding (DSO)	0.00	53.83	2,266.20	1,272.85	1,005.24	51.98	52.64	49.98	47.79	48.11
Days Inventory Outstanding (DIO)	0.00	16.28	0.00	0.00	0.00	16.28	11.40	11.26	11.08	15.70
Days Payable Outstanding (DPO)	0.00	57.86	0.00	0.00	0.00	58.11	35.93	36.05	35.55	56.03
Cash Conversion Cycle (CCC)	0.00	12.25	2,266.20	1,272.85	1,005.24	10.16	28.12	25.19	23.33	7.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,397	15,895	16,076	16,060	16,167	15,619	15,063	14,843	14,028	15,805
Invested Capital Turnover	0.00	1.27	0.03	0.05	0.07	1.31	1.34	1.35	1.39	1.32
Increase / (Decrease) in Invested Capital	2,174	1,407	1,365	1,304	770	-276	-1,013	-1,217	-2,139	186
Enterprise Value (EV)	19,478	19,815	20,791	22,937	21,243	22,191	22,046	24,224	25,880	23,497
Market Capitalization	5,565	5,275	6,077	8,295	6,690	7,674	10,674	12,995	15,926	12,004
Book Value per Share	$11.45	$10.56	$12.06	$13.18	$14.42	$15.83	$34.68	$35.57	$40.01	$43.86
Tangible Book Value per Share	($94.40)	($96.23)	($102.24)	($102.15)	($101.95)	($99.13)	($85.50)	($89.44)	($84.81)	($83.25)
Total Capital	19,668	19,687	19,888	20,049	20,223	20,510	20,550	20,740	20,946	21,720
Total Debt	15,093	15,079	15,083	15,048	15,042	15,002	12,879	12,871	12,871	13,173
Total Long-Term Debt	14,962	14,934	14,935	14,907	14,901	14,882	12,772	12,769	12,776	13,081
Net Debt	10,573	11,074	11,142	10,984	10,836	10,617	7,154	6,835	5,713	7,117
Capital Expenditures (CapEx)	165	290	235	132	176	208	240	145	216	330
Debt-free, Cash-free Net Working Capital (DFCFNWC)	645	792	1,032	1,050	1,014	1,299	31	-316	-778	445
Debt-free Net Working Capital (DFNWC)	1,853	1,650	1,798	1,984	2,068	2,527	2,512	2,564	3,316	3,464
Net Working Capital (NWC)	1,722	1,505	1,650	1,843	1,927	2,407	2,405	2,462	3,221	3,372
Net Nonoperating Expense (NNE)	116	313	174	139	172	237	152	92	123	198
Net Nonoperating Obligations (NNO)	10,822	11,287	11,271	11,059	10,986	10,111	7,392	6,974	5,953	7,258
Total Depreciation and Amortization (D&A)	217	223	226	222	231	223	216	214	216	198
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	4.09%	220.99%	127.27%	97.59%	6.32%	0.15%	-1.51%	-3.71%	2.15%
Debt-free Net Working Capital to Revenue	0.00%	8.52%	385.01%	240.48%	199.04%	12.29%	12.01%	12.25%	15.80%	16.75%
Net Working Capital to Revenue	0.00%	7.77%	353.32%	223.39%	185.47%	11.70%	11.50%	11.77%	15.35%	16.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.21	$0.98	$1.40	$1.21	$0.99	$2.41	$21.60	$2.66	$4.93	$3.83
Adjusted Weighted Average Basic Shares Outstanding	107.92M	106.93M	102.29M	101.77M	101.54M	101.64M	99.58M	97.27M	95.67M	96.90M
Adjusted Diluted Earnings per Share	$1.16	$1.00	$1.32	$1.15	$0.94	$2.30	$21.38	$2.64	$4.89	$3.79
Adjusted Weighted Average Diluted Shares Outstanding	109.89M	110.52M	106.01M	104.78M	104.43M	104.80M	100.60M	98.44M	96.65M	97.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	108.12M	102.27M	101.94M	101.54M	101.55M	100.00M	97.68M	95.82M	95.10M	95.12M
Normalized Net Operating Profit after Tax (NOPAT)	410	713	479	452	486	747	618	549	568	800
Normalized NOPAT Margin	8.44%	14.18%	9.54%	8.89%	9.58%	13.88%	11.50%	10.75%	11.08%	15.77%
Pre Tax Income Margin	7.83%	6.40%	7.56%	7.33%	6.81%	9.65%	57.45%	11.49%	17.99%	12.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.48	3.16	2.72	2.35	2.52	3.52	14.65	3.59	5.56	4.53
NOPAT to Interest Expense	1.73	2.68	2.13	1.82	1.93	3.05	11.00	2.80	3.98	3.79
EBIT Less CapEx to Interest Expense	1.74	1.84	1.66	1.79	1.74	2.61	13.58	2.88	4.50	2.90
NOPAT Less CapEx to Interest Expense	0.99	1.35	1.06	1.27	1.15	2.14	9.94	2.09	2.91	2.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	53.05%	65.93%	67.45%	59.24%	63.68%	58.05%	23.89%	23.29%	21.07%	21.68%
Augmented Payout Ratio	53.05%	90.91%	96.95%	89.30%	93.80%	73.30%	36.67%	41.92%	40.88%	38.21%

Frequently Asked Questions About Tenet Healthcare's Financials

When does Tenet Healthcare's fiscal year end?

According to the most recent income statement we have on file, Tenet Healthcare's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Tenet Healthcare's net income changed over the last 9 years?

Tenet Healthcare's net income appears to be on an upward trend, with a most recent value of $4.06 billion in 2024, rising from $78 million in 2015. The previous period was $1.31 billion in 2023.

What is Tenet Healthcare's operating income?

Tenet Healthcare's total operating income in 2024 was $5.96 billion, based on the following breakdown:

Total Gross Profit: $11.87 billion
Total Operating Expenses: $5.92 billion

How has Tenet Healthcare revenue changed over the last 9 years?

Over the last 9 years, Tenet Healthcare's total revenue changed from $20.11 billion in 2015 to $20.68 billion in 2024, a change of 2.8%.

How much debt does Tenet Healthcare have?

Tenet Healthcare's total liabilities were at $20.39 billion at the end of 2024, a 10.6% decrease from 2023, and a 0.3% decrease since 2015.

How much cash does Tenet Healthcare have?

In the past 9 years, Tenet Healthcare's cash and equivalents has ranged from $262 million in 2019 to $3.02 billion in 2024, and is currently $3.02 billion as of their latest financial filing in 2024.

How has Tenet Healthcare's book value per share changed over the last 9 years?

Over the last 9 years, Tenet Healthcare's book value per share changed from 6.93 in 2015 to 43.86 in 2024, a change of 532.6%.

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This page (NYSE:THC) was last updated on 4/15/2025 by MarketBeat.com Staff

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Tenet Healthcare (THC) Financials

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Tenet Healthcare (THC) Financials

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