Cash flow Tenet Healthcare Corporation

Equities

THC

US88033G4073

Healthcare Facilities & Services

Delayed Nyse Other stock markets 21:00:02 16/01/2026 GMT			5-day change	1st Jan Change
196.74 ^USD	-2.27%		-2.22%	-1.00%

01-06	Sector Update: Health Care Stocks Gain Late Afternoon	MT
01-06	Sector Update: Health Care	MT

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Published financial data: TENET HEALTHCARE CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	17.64B	19.48B	19.17B	20.55B	20.66B
Total Revenues	17.64B	19.48B	19.17B	20.55B	20.66B
Cost of Goods Sold, Total	11.41B	12.22B	12.13B	12.74B	12.46B
Gross Profit	6.23B	7.27B	7.05B	7.8B	8.21B
Selling General & Admin Expenses, Total	403M	412M	412M	418M	417M
Depreciation & Amortization - (IS)	857M	855M	841M	870M	818M
Other Operating Expenses	3.4B	3.44B	3.31B	3.73B	3.76B
Other Operating Expenses, Total	4.66B	4.71B	4.56B	5.02B	4.99B
Operating Income	1.57B	2.56B	2.48B	2.79B	3.22B
Interest Expense, Total	-1B	-923M	-890M	-901M	-826M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-1B	-923M	-890M	-901M	-826M
Income (Loss) On Equity Invest.	169M	218M	216M	228M	260M
Other Non Operating Income (Expenses)	9M	25M	19M	26M	134M
EBT, Excl. Unusual Items	745M	1.88B	1.83B	2.14B	2.79B
Restructuring Charges	-184M	-57M	-118M	-79M	-56M
Merger & Related Restructuring Charges	-14M	-20M	-14M	-15M	-39M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	14M	445M	1M	23M	2.92B
Asset Writedown	-92M	-8M	-94M	-43M	-7M
Legal Settlements	-44M	-116M	-70M	-47M	-35M
Other Unusual Items	246M	-238M	-191M	-364M	-317M
EBT, Incl. Unusual Items	671M	1.89B	1.34B	1.62B	5.25B
Income Tax Expense	-97M	411M	344M	306M	1.18B
Earnings From Continuing Operations	768M	1.48B	1B	1.31B	4.06B
Earnings Of Discontinued Operations	-	-1M	1M	-	-
Net Income to Company	768M	1.48B	1B	1.31B	4.06B
Minority Interest	-369M	-562M	-590M	-700M	-864M
Net Income - (IS)	399M	914M	411M	611M	3.2B
Net Income to Common Incl Extra Items	399M	914M	411M	611M	3.2B
Net Income to Common Excl. Extra Items	399M	915M	410M	611M	3.2B
Per Share Items
Net EPS - Basic	3.8	8.56	3.84	6.01	33.02
Basic EPS - Continuing Operations	3.8	8.56	3.83	6.01	33.02
Basic Weighted Average Shares Outstanding	105M	107M	107M	102M	96.9M
Net EPS - Diluted	3.75	8.42	3.79	5.71	32.7
Diluted EPS - Continuing Operations	3.75	8.43	3.78	5.71	32.7
Diluted Weighted Average Shares Outstanding	106M	109M	111M	105M	97.88M
Normalized Basic EPS	0.92	5.75	5.18	6.28	9.05
Normalized Diluted EPS	0.91	5.66	5.01	6.09	8.96
Supplemental Items
EBITDA	2.43B	3.42B	3.33B	3.66B	4.04B
EBITA	1.74B	2.75B	2.66B	2.96B	3.39B
EBIT	1.57B	2.56B	2.48B	2.79B	3.22B
EBITDAR	2.83B	3.83B	3.74B	4.08B	4.45B
Effective Tax Rate - (Ratio)	-14.46	21.77	25.6	18.92	22.56
Current Domestic Taxes	30M	161M	135M	254M	1.29B
Total Current Taxes	30M	161M	135M	254M	1.29B
Deferred Domestic Taxes	-127M	250M	209M	52M	-103M
Total Deferred Taxes	-127M	250M	209M	52M	-103M
Normalized Net Income	96.62M	614M	554M	639M	877M
Interest Capitalized	5M	4M	8M	9M	8M
Interest on Long-Term Debt	16M	950M	864M	899M	866M
Non-Cash Pension Expense	8M	-6M	4M	25M	28M
Supplemental Operating Expense Items
Net Rental Expense, Total	403M	412M	412M	418M	417M
Imputed Operating Lease Interest Expense	199M	181M	179M	187M	182M
Imputed Operating Lease Depreciation	204M	231M	233M	231M	235M
Stock-Based Comp., COGS (Total)	44M	56M	56M	66M	67M
Stock-Based Comp., Other (Total)	23M	-	-	-	-
Total Stock-Based Compensation	67M	56M	56M	66M	67M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	2.45B	2.36B	858M	1.23B	3.02B
Total Cash And Short Term Investments	2.45B	2.36B	858M	1.23B	3.02B
Accounts Receivable, Total	3.35B	3.37B	3.46B	3.4B	3.05B
Other Receivables	1M	-	577M	542M	555M
Total Receivables	3.35B	3.37B	4.04B	3.95B	3.61B
Inventory	368M	384M	405M	411M	346M
Prepaid Expenses	-	-	400M	391M	368M
Other Current Assets, Total	981M	960M	279M	1.19B	340M
Total Current Assets	7.15B	7.08B	5.98B	7.17B	7.68B
Gross Property Plant And Equipment	13.8B	13.39B	13.79B	13.8B	12.9B
Accumulated Depreciation	-6.04B	-5.96B	-6.2B	-6.48B	-5.81B
Net Property Plant And Equipment	7.75B	7.43B	7.59B	7.32B	7.09B
Long-term Investments	1.03B	1.82B	1.8B	1.56B	1.53B
Goodwill	8.81B	9.26B	10.12B	10.31B	10.69B
Other Intangibles, Total	1.6B	1.5B	1.42B	1.37B	1.4B
Accounts Receivable Long-Term	206M	213M	197M	334M	274M
Deferred Tax Assets Long-Term	325M	65M	19M	77M	80M
Deferred Charges Long-Term	24M	23M	24M	-	-
Other Long-Term Assets, Total	215M	201M	-	180M	194M
Total Assets	27.11B	27.58B	27.16B	28.31B	28.94B
Liabilities
Accounts Payable, Total	1.21B	1.3B	1.5B	1.41B	1.29B
Accrued Expenses, Total	1.5B	1.38B	1.27B	1.41B	1.31B
Current Portion of Long-Term Debt	23M	29M	46M	36M	38M
Current Portion of Leases	310M	307M	306M	288M	258M
Current Income Taxes Payable	-	-	-	-	18M
Unearned Revenue Current, Total	659M	959M	117M	-	80M
Other Current Liabilities	1.15B	1.14B	1.23B	1.62B	1.31B
Total Current Liabilities	4.85B	5.11B	4.48B	4.76B	4.31B
Long-Term Debt	15.42B	15.34B	14.77B	14.76B	12.69B
Long-Term Leases	1.15B	1.1B	1.21B	1.13B	1.34B
Unearned Revenue Non Current	918M	15M	13M	-	13M
Pension & Other Post Retirement Benefits	497M	421M	331M	335M	298M
Deferred Tax Liability Non Current	29M	36M	217M	326M	227M
Other Non Current Liabilities	1.35B	1.31B	1.53B	1.49B	1.51B
Total Liabilities	24.22B	23.32B	22.55B	22.8B	20.39B
Common Stock, Total	7M	8M	8M	8M	8M
Additional Paid In Capital	4.84B	4.88B	4.78B	4.83B	4.87B
Retained Earnings	-2.13B	-1.21B	-803M	-192M	3.01B
Treasury Stock	-2.41B	-2.41B	-2.66B	-2.86B	-3.54B
Comprehensive Income and Other	-281M	-233M	-181M	-181M	-180M
Total Common Equity	28M	1.03B	1.14B	1.61B	4.17B
Minority Interest	2.86B	3.23B	3.47B	3.9B	4.38B
Total Equity	2.89B	4.26B	4.61B	5.51B	8.55B
Total Liabilities And Equity	27.11B	27.58B	27.16B	28.31B	28.94B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	106M	107M	102M	100M	95.12M
ECS Total Common Shares Outstanding	106M	107M	102M	99.95M	95.11M
Book Value / Share	0.26	9.59	11.17	16.09	43.85
Tangible Book Value	-10.38B	-9.73B	-10.4B	-10.07B	-7.92B
Tangible Book Value Per Share	-97.86	-90.77	-101.76	-100.72	-83.24
Total Debt	16.91B	16.77B	16.33B	16.21B	14.33B
Net Debt	14.46B	14.4B	15.47B	14.94B	11.26B
Debt Equivalent of Unfunded Proj. Benefit Obligation	560M	446M	354M	359M	322M
Debt Equivalent Oper. Leases	3.22B	3.3B	3.3B	3.34B	3.34B
Minority Interest, Total (Incl. Fin. Div)	2.86B	3.23B	3.47B	3.9B	4.38B
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	-	3	3
Inventories - Others	368M	384M	405M	411M	346M
Land - (BS)	612M	635M	661M	625M	539M
Buildings, Total	6.98B	6.65B	6.65B	6.69B	6.13B
Machinery, Total	4.59B	4.46B	4.75B	4.75B	4.4B
Full Time Employees	85.8K	76.84K	75.78K	78.81K	74.48K
Part Time Employees	24.2K	24.26K	26.62K	27.69K	23.52K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	399M	914M	411M	611M	3.2B
Depreciation & Amortization - CF	685M	667M	669M	696M	646M
Amortization of Goodwill and Intangible Assets - (CF)	172M	188M	172M	174M	172M
Depreciation & Amortization, Total	857M	855M	841M	870M	818M
Amortization of Deferred Charges, Total - (CF)	38M	33M	33M	32M	26M
(Gain) Loss From Sale Of Asset	1M	-423M	-1M	-23M	-2.92B
(Gain) Loss on Sale of Investments - (CF)	-	-	-117M	-29M	-4M
Asset Writedown & Restructuring Costs	-57M	-68M	12M	-17M	-90M
(Income) Loss On Equity Investments - (CF)	-37M	-10M	2M	-13M	-29M
Stock-Based Compensation (CF)	44M	56M	56M	66M	67M
Provision and Write-off of Bad Debts	-	-	-	-	-
Net Cash From Discontinued Operations	-1M	-	-1M	-	-
Other Operating Activities, Total	571M	948M	990M	806M	839M
Change In Accounts Receivable	195M	-197M	-140M	-29M	245M
Change In Inventories	-145M	-52M	-64M	-139M	-86M
Change In Accounts Payable	1.3B	-584M	-898M	215M	-30M
Change In Income Taxes	19M	68M	-26M	10M	16M
Change in Other Net Operating Assets	221M	28M	-15M	14M	-9M
Cash from Operations	3.41B	1.57B	1.08B	2.37B	2.05B
Capital Expenditure	-540M	-658M	-762M	-751M	-931M
Cash Acquisitions	-1.18B	-1.22B	-234M	-224M	-571M
Divestitures	77M	1.25B	210M	71M	4.98B
Investment in Marketable and Equity Securities, Total	15M	-77M	-16M	-54M	-31M
Other Investing Activities, Total	17M	-7M	-6M	-11M	-19M
Cash from Investing	-1.61B	-714M	-808M	-969M	3.43B
Short Term Debt Issued, Total	740M	-	-	-	-
Long-Term Debt Issued, Total	3.82B	2.87B	2.02B	1.37B	23M
Total Debt Issued	4.56B	2.87B	2.02B	1.37B	23M
Short Term Debt Repaid, Total	-740M	-	-	-	-
Long-Term Debt Repaid, Total	-3.29B	-3.22B	-2.85B	-1.54B	-2.24B
Total Debt Repaid	-4.03B	-3.22B	-2.85B	-1.54B	-2.24B
Issuance of Common Stock	23M	-	-	-	-
Repurchase of Common Stock	-	-	-250M	-200M	-672M
Other Financing Activities, Total	-163M	-587M	-703M	-663M	-793M
Cash from Financing	385M	-936M	-1.78B	-1.04B	-3.68B
Net Change in Cash	2.18B	-82M	-1.51B	370M	1.79B
Supplemental Items
Cash Interest Paid	962M	937M	848M	882M	851M
Cash Income Tax Paid (Refund)	12M	92M	161M	243M	1.27B
Levered Free Cash Flow	1.53B	1.56B	104M	893M	2.33B
Unlevered Free Cash Flow	2.12B	2.1B	627M	1.42B	2.82B
Change In Net Working Capital	-757M	-249M	1.06B	504M	-854M
Net Debt Issued / Repaid	525M	-349M	-828M	-172M	-2.22B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.89	5.86	5.68	6.29	7.03
Return on Total Capital	5.23	7.84	7.4	8.17	9.02
Return On Equity %	31.79	41.34	22.56	25.92	57.83
Return on Common Equity	-205.14	173.3	37.79	44.44	110.75
Margin Analysis
Gross Profit Margin %	35.33	37.3	36.76	37.98	39.72
SG&A Margin	2.28	2.11	2.15	2.03	2.02
EBITDA Margin %	13.76	17.54	17.35	17.81	19.53
EBITA Margin %	9.88	14.11	13.86	14.42	16.4
EBIT Margin %	8.9	13.15	12.96	13.57	15.57
Income From Continuing Operations Margin %	4.35	7.58	5.22	6.38	19.67
Net Income Margin %	2.26	4.69	2.14	2.97	15.49
Net Avail. For Common Margin %	2.26	4.7	2.14	2.97	15.49
Normalized Net Income Margin	0.55	3.15	2.89	3.11	4.25
Levered Free Cash Flow Margin	8.69	8	0.54	4.35	11.27
Unlevered Free Cash Flow Margin	12.03	10.79	3.27	6.93	13.64
Asset Turnover
Asset Turnover	0.7	0.71	0.7	0.74	0.72
Fixed Assets Turnover	2.27	2.57	2.55	2.76	2.87
Receivables Turnover (Average Receivables)	5.33	5.8	5.67	5.99	6.4
Inventory Turnover (Average Inventory)	33.65	32.49	30.74	31.23	32.91
Short Term Liquidity
Current Ratio	1.47	1.38	1.34	1.51	1.78
Quick Ratio	1.2	1.12	1.09	1.09	1.54
Operating Cash Flow to Current Liabilities	0.7	0.31	0.24	0.5	0.47
Days Sales Outstanding (Average Receivables)	68.62	62.92	64.42	60.98	57.19
Days Outstanding Inventory (Average Inventory)	10.88	11.23	11.87	11.69	11.12
Average Days Payable Outstanding	38.48	37.4	42.13	41.68	39.9
Cash Conversion Cycle (Average Days)	41.02	36.75	34.16	30.98	28.41
Long Term Solvency
Total Debt/Equity	585.19	393.96	354.43	294.35	167.63
Total Debt / Total Capital	85.41	79.76	77.99	74.64	62.63
LT Debt/Equity	573.66	386.07	346.79	288.47	164.16
Long-Term Debt / Total Capital	83.72	78.16	76.31	73.15	61.34
Total Liabilities / Total Assets	89.34	84.56	83.03	80.55	70.46
EBIT / Interest Expense	1.57	2.78	2.79	3.1	3.9
EBITDA / Interest Expense	2.82	4.15	4.2	4.52	5.39
(EBITDA - Capex) / Interest Expense	2.28	3.44	3.34	3.69	4.26
Total Debt / EBITDA	5.97	4.38	4.37	3.98	3.22
Net Debt / EBITDA	5.11	3.76	4.14	3.66	2.53
Total Debt / (EBITDA - Capex)	7.38	5.29	5.49	4.87	4.07
Net Debt / (EBITDA - Capex)	6.31	4.54	5.2	4.49	3.2
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-4.54	10.46	-1.6	7.17	0.57
Gross Profit, 1 Yr. Growth %	-7	16.64	-3.03	10.74	5.18
EBITDA, 1 Yr. Growth %	-15.9	40.85	-2.66	10.01	10.12
EBITA, 1 Yr. Growth %	-21.67	57.96	-3.38	11.52	14.18
EBIT, 1 Yr. Growth %	-22.89	63.29	-3.01	12.23	15.13
Earnings From Cont. Operations, 1 Yr. Growth %	380	92.32	-32.3	31.1	209.99
Net Income, 1 Yr. Growth %	-285.58	129.07	-55.03	48.66	423.73
Normalized Net Income, 1 Yr. Growth %	-75.32	535.7	-9.85	15.35	36.54
Diluted EPS Before Extra, 1 Yr. Growth %	-271.23	124.8	-55.13	50.87	473.12
Accounts Receivable, 1 Yr. Growth %	2.67	0.48	4.72	-1.68	-10.28
Inventory, 1 Yr. Growth %	18.71	4.35	5.47	1.48	-15.82
Net Property, Plant and Equip., 1 Yr. Growth %	-0.46	-4.19	2.18	-3.58	-3.18
Total Assets, 1 Yr. Growth %	16.01	1.74	-1.53	4.26	2.2
Tangible Book Value, 1 Yr. Growth %	11.96	-6.26	6.94	-3.25	-21.36
Common Equity, 1 Yr. Growth %	-106.71	3.57K	11.09	40.81	159.39
Cash From Operations, 1 Yr. Growth %	176.32	-53.98	-30.93	119.21	-13.77
Capital Expenditures, 1 Yr. Growth %	-19.4	21.85	15.81	-1.44	23.97
Levered Free Cash Flow, 1 Yr. Growth %	194.95	1.74	-93.34	759.69	159.72
Unlevered Free Cash Flow, 1 Yr. Growth %	92.84	-0.87	-70.18	127.09	97.44
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.85	2.69	4.26	2.69	3.82
Gross Profit, 2 Yr. CAGR %	-3.27	4.04	6.35	3.63	7.92
EBITDA, 2 Yr. CAGR %	-6.77	8.57	17.09	3.48	10.16
EBITA, 2 Yr. CAGR %	-10.51	10.87	23.54	3.8	12.95
EBIT, 2 Yr. CAGR %	-11.18	11.82	25.85	4.34	13.8
Earnings From Cont. Operations, 2 Yr. CAGR %	29.78	203.83	14.11	-5.79	101.49
Net Income, 2 Yr. CAGR %	95.87	106.18	1.49	-18.24	179.03
Normalized Net Income, 2 Yr. CAGR %	-48.33	25.26	139.39	1.97	25.79
Diluted EPS Before Extra, 2 Yr. CAGR %	96.62	96.2	0.43	-17.72	194.05
Accounts Receivable, 2 Yr. CAGR %	4.09	1.57	1.64	1.47	-6.08
Inventory, 2 Yr. CAGR %	9.84	11.3	4.91	3.46	-7.57
Net Property, Plant and Equip., 2 Yr. CAGR %	5.3	-2.34	-1.06	-0.74	-3.38
Total Assets, 2 Yr. CAGR %	9.98	8.64	0.09	1.32	3.23
Tangible Book Value, 2 Yr. CAGR %	6.62	2.45	0.12	1.72	-12.77
Common Equity, 2 Yr. CAGR %	-51.49	57.01	538.64	25.07	91.11
Cash From Operations, 2 Yr. CAGR %	80.22	12.77	-43.62	23.05	37.48
Capital Expenditures, 2 Yr. CAGR %	-6.45	-0.9	18.79	6.83	10.53
Levered Free Cash Flow, 2 Yr. CAGR %	17.1	71.85	-73.97	-24.33	373.51
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.71	37.74	-45.63	-17.71	112.03
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.75	2.09	1.24	5.22	1.98
Gross Profit, 3 Yr. CAGR %	-2.84	2.95	1.63	7.8	4.14
EBITDA, 3 Yr. CAGR %	-1.45	6.97	4.69	14.68	5.71
EBITA, 3 Yr. CAGR %	-1.77	8.13	5.9	19.39	7.22
EBIT, 3 Yr. CAGR %	-1.96	8.79	6.64	21.14	7.9
Earnings From Cont. Operations, 3 Yr. CAGR %	33.89	47.96	84.2	19.51	40.13
Net Income, 3 Yr. CAGR %	-17.24	106.37	24.11	15.26	51.85
Normalized Net Income, 3 Yr. CAGR %	-3.42	19.29	12.25	87.68	12.61
Diluted EPS Before Extra, 3 Yr. CAGR %	-18.78	105.6	19.98	15.02	57.14
Accounts Receivable, 3 Yr. CAGR %	3.47	2.87	1.98	0.52	-2.61
Inventory, 3 Yr. CAGR %	8.39	7.98	9.32	3.75	-3.41
Net Property, Plant and Equip., 3 Yr. CAGR %	3.32	2.04	-0.86	-1.91	-1.56
Total Assets, 3 Yr. CAGR %	5.05	7.16	5.14	1.46	1.61
Tangible Book Value, 3 Yr. CAGR %	5.14	2.14	3.92	-1.02	-6.64
Common Equity, 3 Yr. CAGR %	-42.46	105.19	39.91	285.81	59.5
Cash From Operations, 3 Yr. CAGR %	41.6	14.34	-4.23	-11.35	9.29
Capital Expenditures, 3 Yr. CAGR %	-8.59	2.17	4.38	11.62	12.26
Levered Free Cash Flow, 3 Yr. CAGR %	37.74	11.72	-41.84	-16.48	14.31
Unlevered Free Cash Flow, 3 Yr. CAGR %	21.43	7.34	-17.3	-12.44	10.26
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-1.09	-0.14	-0.01	2.33	2.26
Gross Profit, 5 Yr. CAGR %	-1.38	0.35	0.74	3.22	4.1
EBITDA, 5 Yr. CAGR %	2	5.92	5.57	5.56	6.84
EBITA, 5 Yr. CAGR %	2.43	8.08	7.65	6.38	8.67
EBIT, 5 Yr. CAGR %	2.3	8.38	8.33	6.98	9.45
Earnings From Cont. Operations, 5 Yr. CAGR %	58.82	52.17	25.59	23.52	90.97
Net Income, 5 Yr. CAGR %	23.3	36.62	-10.2	42.5	71.61
Normalized Net Income, 5 Yr. CAGR %	-6.74	28.16	38.86	12.04	17.51
Diluted EPS Before Extra, 5 Yr. CAGR %	21.23	34.96	-11.58	42.53	71.72
Accounts Receivable, 5 Yr. CAGR %	1.65	-0.38	2.74	1.93	-1.32
Inventory, 5 Yr. CAGR %	3.56	3.33	6.98	6.15	2.22
Net Property, Plant and Equip., 5 Yr. CAGR %	-0.41	-1.6	1.55	0.92	-1.88
Total Assets, 5 Yr. CAGR %	2.74	2.23	3.04	4.79	4.37
Tangible Book Value, 5 Yr. CAGR %	5.47	1.91	3.1	1.97	-3.11
Common Equity, 5 Yr. CAGR %	-47.33	19.78	50.68	68.32	58.5
Cash From Operations, 5 Yr. CAGR %	27.13	22.95	-2.03	17.74	10.67
Capital Expenditures, 5 Yr. CAGR %	-8.5	-5.54	1.51	4.01	6.8
Levered Free Cash Flow, 5 Yr. CAGR %	93.43	26.64	-29.27	-4.4	34.56
Unlevered Free Cash Flow, 5 Yr. CAGR %	29.37	14.91	-11.95	-3.49	20.52