Financials Tenet Healthcare Corporation

Equities

THC

US88033G4073

Healthcare Facilities & Services

Market Closed - 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

Projected Income Statement: Tenet Healthcare Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	17,640	19,485	19,174	20,548	20,665	21,270	22,177	23,228
Change	-	10.46%	-1.6%	7.17%	0.57%	2.93%	4.26%	4.74%
EBITDA ¹	3,146	3,483	3,469	3,541	3,995	4,526	4,613	4,855
Change	-	10.71%	-0.4%	2.08%	12.82%	13.29%	1.91%	5.25%
EBIT ¹	2,289	2,628	2,628	2,671	3,177	3,703	3,777	3,993
Change	-	14.81%	0%	1.64%	18.94%	16.54%	2%	5.72%
Interest Paid ¹	-1,003	-923	-890	-901	-826	-820.6	-799.2	-795.7
Earnings before Tax (EBT) ¹	671	1,888	1,344	1,617	5,248	2,939	3,067	3,233
Change	-	181.37%	-28.81%	20.31%	224.55%	-44%	4.37%	5.42%
Net income ¹	399	914	411	611	3,200	1,387	1,387	1,482
Change	-	129.07%	-55.03%	48.66%	423.73%	-56.66%	-0.02%	6.9%
Announcement Date	09/02/21	07/02/22	09/02/23	08/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	4,915	4,781	4,954	4,894	4,856	4,745	4,638	4,801	4,990	5,021	5,082	5,066	5,379	5,368	5,103	5,122	5,072	5,223	5,271	5,289	5,468	5,443	5,491	5,526	5,717	5,712	5,728	5,766
Change	-	-2.73%	3.62%	-1.21%	-0.78%	-2.29%	-2.26%	3.51%	3.94%	0.62%	1.21%	-0.31%	6.18%	-0.2%	-4.94%	0.37%	-0.98%	2.98%	0.92%	0.34%	3.38%	-0.46%	0.88%	0.65%	3.44%	-0.08%	0.28%	0.67%
EBITDA ¹	1,278	777	834	855	1,017	888	843	841	897	832	843	854	1,012	1,024	945	978	1,048	1,163	1,121	1,099	1,148	1,167	1,137	1,106	1,198	1,230	1,187	1,161
Change	-	-39.2%	7.34%	2.52%	18.95%	-12.68%	-5.07%	-0.24%	6.66%	-7.25%	1.32%	1.3%	18.5%	1.19%	-7.71%	3.49%	7.16%	10.97%	-3.61%	-1.96%	4.48%	1.62%	-2.54%	-2.75%	8.32%	2.71%	-3.49%	-2.21%
EBIT ¹	1,045	553	613	646	816	685	627	632	684	615	630	630	796	816	737	769	855	957	913	881	943	962.3	930	898.4	1,002	1,015	965.9	956.4
Change	-	-47.08%	10.85%	5.38%	26.32%	-16.05%	-8.47%	0.8%	8.23%	-10.09%	2.44%	0%	26.35%	2.51%	-9.68%	4.34%	11.18%	11.93%	-4.6%	-3.5%	7.03%	2.05%	-3.36%	-3.4%	11.55%	1.32%	-4.87%	-0.98%
Charge d'intérêts ¹	-242	-240	-235	-227	-221	-227	-222	-222	-219	-221	-226	-227	-227	-218	-203	-202	-203	-204	-206	-206	-204.6	-203	-202.5	-202.4	-203.1	-203	-200.3	-201.7
Earnings before Tax (EBT) ¹	676	267	319	774	528	378	265	380	321	380	373	345	519	3,084	587	922	655	765	642	712	752.3	765.3	743.3	719.3	807	813.7	785.3	775.3
Change	-	-60.5%	19.48%	142.63%	-31.78%	-28.41%	-29.89%	43.4%	-15.53%	18.38%	-1.84%	-7.51%	50.43%	494.22%	-80.97%	57.07%	-28.96%	16.79%	-16.08%	10.9%	5.66%	1.73%	-2.87%	-3.23%	12.19%	0.83%	-3.48%	-1.27%
Net income ¹	414	97	120	448	249	140	38	131	102	143	123	101	244	2,151	259	472	318	406	288	342	341.4	384	346.5	328.8	356.5	410.2	372.5	366.5
Change	-	-76.57%	23.71%	273.33%	-44.42%	-43.78%	-72.86%	244.74%	-22.14%	40.2%	-13.99%	-17.89%	141.58%	781.56%	-87.96%	82.24%	-32.63%	27.67%	-29.06%	18.75%	-0.18%	12.48%	-9.77%	-5.12%	8.44%	15.08%	-9.2%	-1.61%
Announcement Date	09/02/21	20/04/21	21/07/21	20/10/21	07/02/22	20/04/22	21/07/22	20/10/22	09/02/23	25/04/23	31/07/23	30/10/23	08/02/24	30/04/24	24/07/24	29/10/24	12/02/25	29/04/25	22/07/25	28/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Tenet Healthcare Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	13,273	13,282	14,221	13,774	10,154	10,269	9,964	9,453
Change	-	0.07%	7.07%	-3.14%	-26.28%	1.13%	-2.97%	-5.13%
Announcement Date	09/02/21	07/02/22	09/02/23	08/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Tenet Healthcare Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	540	658	762	751	931	861.3	893.2	943.1
Change	-	21.85%	15.81%	-1.44%	23.97%	-7.48%	3.7%	5.58%
Free Cash Flow (FCF) ¹	2,867	910	321	1,623	1,116	2,062	1,502	-
Change	-	-68.26%	-64.73%	405.61%	-31.24%	84.78%	-27.16%	-100%
Announcement Date	09/02/21	07/02/22	09/02/23	08/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Tenet Healthcare Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	17.83%	17.88%	18.09%	17.23%	19.33%	21.28%	20.8%	20.9%
EBIT Margin (%)	12.98%	13.49%	13.71%	13%	15.37%	17.41%	17.03%	17.19%
EBT Margin (%)	3.8%	9.69%	7.01%	7.87%	25.4%	13.82%	13.83%	13.92%
Net margin (%)	2.26%	4.69%	2.14%	2.97%	15.49%	6.52%	6.25%	6.38%
FCF margin (%)	16.25%	4.67%	1.67%	7.9%	5.4%	9.69%	6.77%	-
FCF / Net Income (%)	718.55%	99.56%	78.1%	265.63%	34.88%	148.67%	108.32%	-
Profitability
ROA	3.34%	3.34%	2.72%	2.2%	11.18%	4.73%	4.53%	4.61%
ROE	31.49%	173.11%	68.57%	44.44%	110.75%	24.95%	21.09%	20.54%
Financial Health
Leverage (Debt/EBITDA)	4.22x	3.81x	4.1x	3.89x	2.54x	2.27x	2.16x	1.95x
Debt / Free cash flow	4.63x	14.6x	44.3x	8.49x	9.1x	4.98x	6.63x	-
Capital Intensity
CAPEX / Current Assets (%)	3.06%	3.38%	3.97%	3.65%	4.51%	4.05%	4.03%	4.06%
CAPEX / EBITDA (%)	17.16%	18.89%	21.97%	21.21%	23.3%	19.03%	19.36%	19.43%
CAPEX / FCF (%)	18.84%	72.31%	237.38%	46.27%	83.42%	41.77%	59.47%	-
Items per share
Cash flow per share ¹	32.06	14.44	9.8	22.65	20.91	32.9	27.34	29.33
Change	-	-54.96%	-32.15%	131.16%	-7.68%	57.32%	-16.9%	7.28%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	0.264	9.591	24.05	31.19	61.19	57.74	68	80.66
Change	-	3,532.95%	150.75%	29.69%	96.19%	-5.65%	17.78%	18.61%
EPS ¹	3.75	8.42	3.79	5.71	32.7	15.3	16.23	18.05
Change	-	124.53%	-54.99%	50.66%	472.68%	-53.2%	6.05%	11.19%
Nbr of stocks (in thousands)	105,517	107,126	108,123	101,552	95,097	87,885	87,885	87,885
Announcement Date	09/02/21	07/02/22	09/02/23	08/02/24	12/02/25	-	-	-