stockrowTenet Healthcare Corporation
THC Healthcare Medical Care Facilities
Tenet Healthcare Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.3 billion, up 3.07% from fiscal 2024.
- Revenue
- +6.47%
- EPS
- +291.1%
- Free cash flow
- +39.2%
- Total debt
- +0.42%
Quarter to September 2026, against a year earlier
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Tenet Healthcare Corporation (THC) Altman Z-score
Tenet Healthcare Corporation's Altman Z-score for fiscal 2025 is 1.91, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.91 | (0.09) |
| FY2024 | 2.00 | 0.70 |
| FY2023 | 1.29 | 0.15 |
| FY2022 | 1.14 | (0.14) |
| FY2021 | 1.28 | 0.30 |
| FY2020 | 0.98 | (0.02) |
| FY2019 | 1.01 | 0.00 |
| FY2018 | 1.01 | 0.07 |
| FY2017 | 0.94 | (0.02) |
| FY2016 | 0.96 | (0.01) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.11 | — | 0.14 | |
| Retained earnings / total assets | 0.15 | — | 0.21 | |
| EBIT / total assets | 0.12 | — | 0.39 | |
| Market value of equity / total liabilities | 0.76 | — | 0.45 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Grey zone | 1.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.29 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CHE Chemed Corporation compare | 11.7× |
| ENSG The Ensign Group, Inc. compare | 3.6× |
| UHS Universal Health Services, Inc. compare | 3.3× |
| EHC Encompass Health Corporation compare | 3.2× |
| PACS PACS Group, Inc. compare | 2.0× |
| THC Tenet Healthcare Corporation | 1.9× |
| FMS Fresenius Medical Care AG & Co. KGaA compare | 1.9× |
| CON Concentra Group Holdings Parent, Inc. compare | 1.8× |
| DVA DaVita Inc. compare | 1.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on THC
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement