TENET HEALTHCARE CORP

THC · Services-General Medical & Surgical Hospitals, NEC · 86.1M shares · +0%/yr ↑ shares · EDGAR filings ↗

Net buyback after stock comp: $134M (gross $200M, SBC $66M)

Reference price $173.12 · est. market cap ~$14.9B — last insider sale, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B74

Tenet Healthcare — hospital/ASC operator with strong margins and cash flow.

Strengths

Operating margin 16.5% (82nd pct)
Free cash flow 96th pct, cash 95th
High-margin USPI ambulatory-surgery growth

Risks

High financial leverage (typical for hospitals)
Reimbursement and labor-cost exposure
Payer-mix sensitivity

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $4.3B cash & investments
Insider sellingInsider selling — 13 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$12M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $5.3B2025-09-30 · $5.3B2025-12-31 · $5.5B2026-03-31 · $5.4B

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

16.5%

Net margin

11.1%

Return on equity

56.1%

Return on assets

8.0%

Revenue growth (QoQ)

-2.9%

Net-income growth

-41.8%

Current ratio

1.8×

Free cash flow

$2.5B

EBITDA

$4.4B

Tangible book value

-$8.3B

Cash & investments

$4.3B

Stock comp / revenue

0.5%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-28	KERREY J ROBERT	Sell	713	$175.13
2026-05-28	KERREY J ROBERT	Sell	905	$176.89
2026-05-28	KERREY J ROBERT	Sell	361	$177.52
2026-05-28	KERREY J ROBERT	Sell	2.0K	$173.12
2026-05-28	KERREY J ROBERT	Sell	1.7K	$173.97
2026-05-27	West Nadja	Sell	3.0K	$177.35
2026-05-22	West Nadja	Option exercise	1.3K	—
2026-05-22	West Nadja	Disposition	493	$173.78
2026-05-22	Romo Tammy	Option exercise	1.3K	—
2026-05-22	Romo Tammy	Disposition	493	$173.78
2026-05-22	FISHER RICHARD W	Option exercise	1.3K	—
2026-05-22	Agarwala Vineeta	Option exercise	1.3K	—
2026-05-22	FISHER RICHARD W	Disposition	493	$173.78
2026-05-22	Fitzgerald Meghan	Option exercise	1.3K	—
2026-05-22	Fitzgerald Meghan	Disposition	493	$173.78
2026-05-22	MARK RICHARD J	Option exercise	1.3K	—
2026-05-22	MARK RICHARD J	Disposition	493	$173.78
2026-05-22	HANEY CECIL D	Option exercise	1.3K	—
2026-05-22	HANEY CECIL D	Disposition	493	$173.78
2026-05-22	KERREY J ROBERT	Option exercise	1.6K	—
2026-05-22	BIERMAN JAMES L	Option exercise	1.3K	—
2026-05-22	KERREY J ROBERT	Disposition	607	$173.78
2026-05-22	Blunt Roy	Option exercise	1.3K	—
2026-05-22	Blunt Roy	Disposition	493	$173.78
2026-05-22	Lynch Christopher S.	Option exercise	1.3K	—
2026-03-11	Arbour Paola M	Sell	6.5K	$238.43
2026-03-09	Arnst Thomas W	Sell	4.7K	$238.42
2026-03-09	Arnst Thomas W	Sell	3.3K	$239.46
2026-03-02	Arnst Thomas W	Sell	24K	$234.04
2026-03-02	Ramsey R. Scott	Sell	4.5K	$233.21
2026-03-02	Ramsey R. Scott	Sell	2.1K	$230.98
2026-03-02	Ramsey R. Scott	Sell	1.4K	$233.69
2026-02-27	Foo Lisa Y	Option exercise	4.2K	—
2026-02-27	Sutaria Saumya	Option exercise	22K	—
2026-02-27	Sutaria Saumya	Option exercise	36K	—
2026-02-27	Sutaria Saumya	Tax withheld	9.3K	$237.58
2026-02-27	Sutaria Saumya	Tax withheld	30K	$239.39
2026-02-27	Sutaria Saumya	Tax withheld	125K	$239.39
2026-02-27	Park Sun	Option exercise	4.7K	—
2026-02-27	Park Sun	Tax withheld	1.6K	$237.58
2026-02-27	Park Sun	Tax withheld	2.0K	$239.39
2026-02-27	Arbour Paola M	Option exercise	1.9K	—
2026-02-27	Arbour Paola M	Option exercise	2.8K	—
2026-02-27	Arbour Paola M	Tax withheld	499	$237.58
2026-02-27	Arbour Paola M	Tax withheld	1.8K	$239.39
2026-02-27	Arbour Paola M	Tax withheld	6.8K	$239.39
2026-02-27	Foo Lisa Y	Option exercise	4.7K	—
2026-02-27	Foo Lisa Y	Tax withheld	1.8K	$237.58
2026-02-27	Foo Lisa Y	Tax withheld	4.3K	$239.39
2026-02-27	Foo Lisa Y	Tax withheld	14K	$239.39
2026-02-27	Ramsey R. Scott	Option exercise	934	—
2026-02-27	Ramsey R. Scott	Option exercise	1.4K	—
2026-02-27	Ramsey R. Scott	Tax withheld	175	$237.58
2026-02-27	Ramsey R. Scott	Tax withheld	919	$239.39
2026-02-27	Ramsey R. Scott	Tax withheld	3.1K	$239.39
2026-02-27	Arnst Thomas W	Option exercise	5.6K	—
2026-02-27	Arnst Thomas W	Option exercise	5.6K	—
2026-02-27	Arnst Thomas W	Tax withheld	1.5K	$237.58
2026-02-27	Arnst Thomas W	Tax withheld	4.4K	$239.39
2026-02-27	Arnst Thomas W	Tax withheld	15K	$239.39
2026-02-24	Sutaria Saumya	Option exercise	18K	—
2026-02-24	Arbour Paola M	Option exercise	1.3K	—
2026-02-24	Foo Lisa Y	Option exercise	3.8K	—
2026-02-24	Arnst Thomas W	Option exercise	3.8K	—
2026-02-24	Ramsey R. Scott	Option exercise	443	—
2026-02-24	Park Sun	Option exercise	3.8K	—
2026-02-17	West Nadja	Gift	1.5K	—
2026-02-13	Arnst Thomas W	Grant	38K	—
2026-02-13	Foo Lisa Y	Grant	28K	—
2026-02-13	Arbour Paola M	Grant	19K	—
2026-02-13	Sutaria Saumya	Grant	246K	—
2026-02-13	Ramsey R. Scott	Grant	9.4K	—
2025-12-31	Sutaria Saumya	Tax withheld	6.6K	$198.72
2025-12-31	Sutaria Saumya	Option exercise	13K	—
2025-12-15	West Nadja	Sell	2.2K	$197.47
2025-11-06	Ramsey R. Scott	Sell	200	$206.51
2025-11-06	Ramsey R. Scott	Sell	8.1K	$204.75
2025-11-06	Ramsey R. Scott	Sell	5.1K	$205.62
2025-11-05	Romo Tammy	Sell	645	$205.20
2025-11-04	Romo Tammy	Sell	11K	$204.04
2025-11-04	Romo Tammy	Sell	346	$204.93
2025-11-03	Romo Tammy	Sell	500	$202.27
2025-11-03	Romo Tammy	Sell	8.7K	$200.43
2025-11-03	Romo Tammy	Sell	5.9K	$201.23
2025-10-29	FISHER RICHARD W	Sell	2.5K	$208.43
2025-10-29	KERREY J ROBERT	Gift	971	—
2025-09-10	Sutaria Saumya	Sell	59K	$190.48
2025-09-10	Sutaria Saumya	Sell	19K	$191.70
2025-08-29	Sutaria Saumya	Tax withheld	27K	$184.33
2025-08-29	Sutaria Saumya	Tax withheld	54K	$184.33
2025-08-29	Sutaria Saumya	Option exercise	53K	—
2025-08-28	Lynch Christopher S.	Sell	8	$183.44
2025-08-20	Foo Lisa Y	Sell	8.0K	$179.53
2025-08-19	Lynch Christopher S.	Sell	4.0K	$176.39
2025-08-13	Park Sun	Option exercise	21K	—
2025-08-13	Park Sun	Tax withheld	8.8K	$171.87
2025-08-13	Sutaria Saumya	Grant	107K	—
2025-06-05	FISHER RICHARD W	Sell	836	$173.16
2025-06-05	Arbour Paola M	Sell	7.7K	$173.00
2025-05-29	BIERMAN JAMES L	Sell	4.6K	$170.00
2025-05-27	KERREY J ROBERT	Sell	1.2K	$164.96
2025-05-27	FISHER RICHARD W	Sell	3.1K	$165.72
2025-05-27	BIERMAN JAMES L	Sell	1.6K	$165.72
2025-05-23	West Nadja	Option exercise	1.6K	—
2025-05-23	West Nadja	Disposition	573	$161.33
2025-05-23	RUSCKOWSKI STEPHEN H	Option exercise	1.6K	—
2025-05-23	Romo Tammy	Option exercise	1.6K	—
2025-05-23	Romo Tammy	Disposition	465	$161.33
2025-05-23	Lynch Christopher S.	Option exercise	1.6K	—
2025-05-23	MARK RICHARD J	Option exercise	1.6K	—
2025-05-23	MARK RICHARD J	Disposition	573	$161.33
2025-05-23	KERREY J ROBERT	Option exercise	1.9K	—
2025-05-23	KERREY J ROBERT	Disposition	717	$161.33
2025-05-23	Fitzgerald Meghan	Option exercise	1.6K	—
2025-05-23	Fitzgerald Meghan	Disposition	573	$161.33
2025-05-23	Agarwala Vineeta	Option exercise	1.6K	—
2025-05-23	HANEY CECIL D	Option exercise	1.6K	—
2025-05-23	HANEY CECIL D	Disposition	573	$161.33
2025-05-23	BIERMAN JAMES L	Option exercise	1.6K	—
2025-05-23	BIERMAN JAMES L	Sell	8.8K	$159.35
2025-05-23	BIERMAN JAMES L	Sell	5.0K	$160.00
2025-05-23	Blunt Roy	Option exercise	1.6K	—
2025-05-23	FISHER RICHARD W	Option exercise	1.6K	—
2025-05-23	FISHER RICHARD W	Disposition	573	$161.33
2025-05-21	Arnst Thomas W	Sell	9.8K	$166.00
2025-05-15	Arbour Paola M	Sell	6.5K	$160.20
2025-05-09	KERREY J ROBERT	Sell	4.6K	$148.45
2025-05-09	KERREY J ROBERT	Sell	411	$149.07
2025-03-11	KERREY J ROBERT	Sell	2.2K	$126.43
2025-03-11	KERREY J ROBERT	Sell	3.4K	$124.67
2025-03-11	KERREY J ROBERT	Sell	1.7K	$125.61
2025-03-11	KERREY J ROBERT	Sell	938	$124.60
2025-03-11	KERREY J ROBERT	Sell	1.1K	$126.08
2025-03-11	KERREY J ROBERT	Sell	126	$126.80
2025-03-11	Arnst Thomas W	Gift	16K	—
2025-03-04	HANEY CECIL D	Sell	2.5K	$124.26
2025-03-03	Arbour Paola M	Tax withheld	1.8K	$126.59
2025-03-03	Foo Lisa Y	Tax withheld	4.3K	$126.59
2025-03-03	Sutaria Saumya	Tax withheld	31K	$126.59
2025-03-03	Arnst Thomas W	Tax withheld	4.4K	$126.59
2025-03-03	Ramsey R. Scott	Tax withheld	865	$126.59
2025-03-03	Park Sun	Tax withheld	2.0K	$126.59
2025-02-28	Arnst Thomas W	Option exercise	5.6K	—
2025-02-28	Arnst Thomas W	Option exercise	5.6K	—
2025-02-28	Arbour Paola M	Option exercise	1.9K	—
2025-02-28	Ramsey R. Scott	Option exercise	934	—
2025-02-28	Ramsey R. Scott	Option exercise	1.4K	—
2025-02-28	Arbour Paola M	Option exercise	2.8K	—
2025-02-28	Foo Lisa Y	Option exercise	4.2K	—
2025-02-28	Park Sun	Option exercise	4.7K	—
2025-02-28	Sutaria Saumya	Option exercise	22K	—
2025-02-28	Sutaria Saumya	Option exercise	36K	—
2025-02-28	Foo Lisa Y	Option exercise	4.7K	—
2025-02-21	Foo Lisa Y	Tax withheld	1.0K	$129.60
2025-02-21	Foo Lisa Y	Option exercise	2.1K	—
2025-02-21	Foo Lisa Y	Tax withheld	5.0K	$129.60
2025-02-21	Arbour Paola M	Option exercise	2.1K	—
2025-02-21	Arbour Paola M	Tax withheld	830	$129.60
2025-02-21	Arbour Paola M	Tax withheld	3.8K	$129.60
2025-02-21	Sutaria Saumya	Option exercise	21K	—
2025-02-21	Sutaria Saumya	Tax withheld	11K	$129.60
2025-02-21	Sutaria Saumya	Tax withheld	67K	$129.60
2025-02-21	Ramsey R. Scott	Option exercise	1.1K	—
2025-02-21	Ramsey R. Scott	Tax withheld	257	$129.60
2025-02-21	Ramsey R. Scott	Tax withheld	1.6K	$129.60
2025-02-21	Arnst Thomas W	Option exercise	4.2K	—
2025-02-21	Arnst Thomas W	Tax withheld	1.7K	$129.60
2025-02-21	Arnst Thomas W	Tax withheld	8.8K	$129.60
2025-02-11	Ramsey R. Scott	Grant	6.3K	—
2025-02-11	Arnst Thomas W	Grant	25K	—
2025-02-11	Sutaria Saumya	Grant	126K	—
2025-02-11	Arbour Paola M	Grant	13K	—
2025-02-11	Foo Lisa Y	Grant	13K	—

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (2)

Medicaid
Medicare

Suppliers (0)

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-05-29	Shareholder vote	filing ↗
2026-04-30	ResultsExhibits	filing ↗
2026-04-10	Exec/director changeExhibits	filing ↗
2026-03-30	Exec/director changeExhibits	filing ↗
2026-02-11	ResultsExhibits	filing ↗
2026-02-02	ResultsReg FDOtherExhibits	filing ↗
2025-11-24	Exec/director change	filing ↗
2025-11-18	Material agreementDebt obligationExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-05-29	2026-05-27	0000070318-26-000028 ↗
10-Q	2026-04-30	2026-03-31	0000070318-26-000026 ↗
8-K	2026-04-30	2026-04-30	0000070318-26-000023 ↗
8-K	2026-04-10	2026-04-09	0000070318-26-000019 ↗
8-K	2026-03-30	2026-03-25	0000070318-26-000015 ↗
10-K	2026-02-17	2025-12-31	0000070318-26-000012 ↗
8-K	2026-02-11	2026-02-11	0000070318-26-000007 ↗
8-K	2026-02-02	2026-01-27	0000070318-26-000003 ↗
8-K	2025-11-24	2025-11-21	0000070318-25-000050 ↗
8-K	2025-11-18	2025-11-18	0001193125-25-286146 ↗
8-K	2025-11-05	2025-11-04	0001193125-25-266885 ↗
8-K	2025-11-03	2025-11-03	0000070318-25-000048 ↗