Tenet Healthcare Corporation (THC)
NYSE · Healthcare · analysed November 9, 2026
Tenet Healthcare Corporation is a diversified healthcare services company that operates acute care and specialty hospitals, outpatient ambulatory surgery centers through United Surgical Partners International (USPI), and healthcare revenue cycle management services through Conifer Health Solutions. Tracing its origins to 1969 when it was established as National Medical Enterprises, the Dallas-based company has grown into one of the largest outpatient surgery and hospital operators in the United States. Currently, Tenet is focused on accelerating the growth of its higher-margin ambulatory care platform through acquisitions and development, while optimizing its acute care footprint and strengthening its balance sheet through selective hospital divestitures and debt reduction.
Executive summary
Tenet Healthcare Corporation has successfully executed an operational transformation by pivoting capital allocation toward its high-margin ambulatory surgery platform, United Surgical Partners International (USPI), which commands leading market share and delivers roughly 39 percent operating margins2,27. Consolidated financial execution is supported by robust cash generation, with FY2026 adjusted free cash flow expected to surpass 2.8 billion dollars2. However, the stock has gained over 88 percent over the past two years, and the business faces near-term earnings headwinds including the termination of Conifer's contract with CommonSpirit and erosion in individual ACA exchange admissions2,35.
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Key figures
- Market cap
- $21.4B
- P/E, trailing
- 7.8
- P/E, next 12 months
- 11.4
- Revenue growth, fiscal year to Dec 2025
- 3.1%
- Net margin, fiscal year to Dec 2025
- 11.1%
Market cap and P/E as found on November 9, 2026.