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/THC
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Tenet Healthcare Corp

Tenet Healthcare Corp

THC
$194.91USD↓-2.15%-4.29 today

MARKET CAP

16.8B

P/E (TTM)

10.1x

FWD P/E

—

DAY RANGE

$195 – $200

52W RANGE

$147
$247

AI Summary

Stalk
Buy NowMedium

THC remains in a Stage 2 Advancing phase within a secular uptrend, supported by an active Lockout Rally and Higher Highs & Higher Lows patterns. Price trades above rising 9/21 EMAs and the 50 DMA with tight tracking, signaling demand dominance. The medium-term tradable bias is bullish, and short-term momentum is reinforced by lockout dynamics. Buy now into pullbacks at the rising EMA confluence near prior congestion.

  • ↑Q1 net revenues $5.4B (+7.2% YoY) with 21.6% adj. EBITDA margin.
  • ↑USPI segment EBITDA $484M (+6% YoY) driven by high-acuity procedures.
  • ↓GuruFocus flags ~11.5% overvaluation; weak book-to-price warns stretched valuation.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Tenet Healthcare Corporation (NYSE: THC) operates a diversified healthcare services platform, providing hospitals, outpatient services through Ambulatory Surgery Centers (ASCs), and ancillary services across the United States. With a specific focus on high-acuity care, Tenet is strategically positioned to leverage demographic trends and shifts in patient care consumption, highlighting its commitment to enhancing service offerings while navigating a complex regulatory landscape.

Bull says

  • ↑Q1 net revenues $5.4B (+7.2% YoY) with 21.6% adj. EBITDA margin.
  • ↑USPI segment EBITDA $484M (+6% YoY) driven by high-acuity procedures.
  • ↑Generated $978M free cash flow and repurchased $318M of shares.
  • ↑Average analyst price target $236; Wells Fargo upgraded to $231.
  • ↑Plans $250M in USPI acquisitions to expand high-acuity platform.
  • ↑High earnings yield and strong profitability indicators support upside.

Bear says

  • ↓GuruFocus flags ~11.5% overvaluation; weak book-to-price warns stretched valuation.
  • ↓Management cited rising payer disputes and denials, risking revenue stability.
  • ↓Elevated leverage and negative growth/revision metrics signal earnings pressure.
  • ↓Negative interest-rate sensitivity and high debt heighten financing risk.
  • ↓Regulatory uncertainty on upcoming outpatient rule could compress margins.
  • ↓Intensifying outpatient competition may erode market share gains.

Investment themes with THC

Buybacks↑ +0.48%

Companies repurchasing their own shares

C · JCI · WFC
Health Care Providers↓ -0.61%

UNH · CVS · HCA

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 04-30-2026neutral

Transcript signals

Bull points

  • In the first quarter, we reported net operating revenues of $5.4 billion and consolidated adjusted EBITDA of $1.16 billion, which represents an adjusted EBITDA margin of 21.6%. We are pleased with the start to the year, performing above our previously provided expectations.
  • USPI generated $484 million in adjusted EBITDA, which represents 6% growth over the first quarter of 2025, and a robust 22% of our full year 2026 adjusted EBITDA guidance. We are pleased with USPI's start to the year as we set an aggressive EBITDA target as a percent of the full year for the first quarter that we were able to exceed.
  • same facility revenues grew 5.3% at USPI, highlighted by double digit same store volume growth in total joint replacements in the ASCs over prior year.

Bear points

  • anticipate that the challenge could increase and plan accordingly in a disciplined way to manage to the earnings guidance that we have given.
  • if the impact is less or if the uninsured impact doesn't increase as much, those are all opportunities for outperformance for us.
  • admissions were down, as we said, 9%. And if you do the algebra, I think revenues from HICS is down probably 9% to 10% as well.
Read full transcript analysis ›