Tenet Healthcare (THC)
Runs hospitals and a nationwide ambulatory-surgery platform alongside revenue-cycle services.
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Runs acute-care and specialty hospitals, outpatient facilities, and Conifer revenue-cycle services, while USPI operates a national ambulatory-surgery platform. Revenue comes from patient care and service contracts, with execution tied to reimbursement, clinical labor, physician relationships, regulation, and healthcare joint ventures.
Operates acute-care and specialty hospitals, physician networks, outpatient facilities, and Conifer revenue-cycle services, primarily for urban and suburban communities in a concentrated group of U.S. states. The hospital business earns from inpatient and outpatient care alongside service contracts.
Owns USPI, a national ambulatory-care platform with interests in hundreds of surgery centers and surgical hospitals across most U.S. states. Growth has increasingly centered on ambulatory surgery while the hospital portfolio has become more concentrated through divestitures.
Execution depends on payer reimbursement, government healthcare programs, managed-care contract terms, clinical labor, physician relationships, and regulated care delivery. USPI also relies on forming and operating joint ventures with physicians and health systems, while Conifer is now fully owned after the CommonSpirit transaction changed its major-client structure.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 14, 2026 | Raymond James | Reiterate | Rating: —Target: $270 | Target: $285 |
| Aug 10, 2026 | Mizuho Securities | Target | Target: $225 | Target: $290 |
| Aug 3, 2026 | Wells Fargo | Reiterate | Rating: —Target: $231 | Target: $281 |
| Jul 28, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $224 | Target: $305 |
| Jul 28, 2026 | Truist Financial | Target | Target: $270 | Target: $290 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.17B · Total debt $13.25B · Total assets $30.68B · Shareholders' equity $4.66B
- Revenue
- $5.63B
- Operating income
- $1.02B
- Net income
- $826.0M
No dividends on record.
| Institutions | ≥ 92.38% | 74.38M shares | |
|---|---|---|---|
| 717 holders · as of Jun 30, 2026 · largest filers only | |||
| Insiders | 0.94% | 757.9K shares | |
| 18 holders · as of Sep 16, 2026 | |||
| Other | ≤ 6.68% | 5.38M shares | |
| remainder | |||
80.52M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the 93 largest filers, so at least this.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 10.86% | 8.74M | as of Jun 30, 2026 |
Price T Rowe Associates Inc /MD/Institution | 9.88% | 7.96M | as of Jun 30, 2026 |
Boston PartnersInstitution | 5.51% | 4.43M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.26% | 4.24M | as of Jun 30, 2026 |
FMR LLCInstitution | 4.96% | 3.99M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | J. Robert Kerrey | director | −12,010 | $263.72 |
| Sep 10, 2026 | Richard J. Mark | director | −10,000 | $263.42 |
| Sep 2, 2026 | Nadja West | director | −1,152 | $258.80 |
| Aug 31, 2026 | Lisa Y. Foo | officer: EVP, Chief Operating Officer | −24,000 | $266.32 |
| Aug 25, 2026 | Saumya Sutaria | director, officer: CEO | −50,000 | $274.02 |
- HCA Healthcare
Broad overlap across acute hospitals, outpatient care, and surgery centers
- Surgery Partners
Focused rival in short-stay surgery, ASC partnerships, and surgical hospitals
- UnitedHealth Group
Major ASC and physician-services overlap through Optum and SCA Health
- Community Health Systems
Community-hospital and outpatient overlap across regional delivery systems
- Universal Health Services
Acute-care and outpatient rivalry in overlapping U.S. hospital markets
- Waystar
Cloud healthcare payments rival to Conifer's revenue-cycle services
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Tenet Healthcare | $263.10 | +0.82% | $21.01B | 10.1 | 12.6 | 1.0 | +6.8% |
| HCA Healthcare | $436.23 | +2.41% | $92.22B | 14.3 | 14.3 | 1.2 | +8.7% |
| Surgery Partners | $15.17 | +11.02% | $1.79B | — | 35.3 | 0.5 | +2.8% |
| UnitedHealth Group | $374.45 | −0.82% | $342.88B | 24.3 | 17.5 | 0.8 | +0.4% |
| Community Health Systems | $2.98 | +3.11% | $407.5M | — | — | 0.0 | −9.8% |
| Universal Health Services | $178.84 | +2.35% | $10.58B | 7.2 | 7.8 | 0.6 | +8.3% |
| Waystar | $25.35 | −1.40% | $4.93B | 36.7 | 14.6 | 4.1 | +18.1% |
| Median | 19.3 | 14.6 | 0.7 | +5.5% |