Tenet Healthcare Corp. (THC) intrinsic value & 10-year financials
Tenet Healthcare Corp. (THC) has a Graham intrinsic value of $514.51 per share. At $267.25 on Oct 17, 2026, the stock trades 48% below that value. Over the last 10 fiscal years revenue grew 0.1% a year to $21.3B, with an average return on invested capital of 13.3%.
- Graham intrinsic value
- $514.51
- Share price (Oct 17, 2026)
- $267.25
- Price vs Graham value
- 48% below
- Market cap
- $24.3B
- Revenue (FY2025)
- $21.3B
- Revenue growth (10-yr CAGR)
- 0.1%
- ROIC (10-yr avg)
- 13.3%
- Free cash flow (FY2025)
- $2.5B
THC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $21.3B | $2.4B | $15.49 | $2.5B | 16.5% | 20.4% |
| FY2024 | $20.7B | $4.1B | $32.70 | $1.1B | 28.8% | 30.8% |
| FY2023 | $20.5B | $1.3B | $5.71 | $1.6B | 12.2% | 13.1% |
| FY2022 | $19.2B | $1.0B | $3.79 | $321.0M | 12.2% | 11.6% |
| FY2021 | $19.5B | $1.5B | $8.42 | $910.0M | 14.7% | 16.1% |
| FY2020 | $17.6B | $768.0M | $3.75 | $2.9B | 11.3% | 14.3% |
| FY2019 | $18.5B | $154.0M | -$2.24 | $563.0M | 8.2% | 5.3% |
| FY2018 | $18.3B | $466.0M | $1.07 | $432.0M | 9.0% | 8.3% |
| FY2017 | $20.6B | -$320.0M | -$7.00 | $493.0M | 5.4% | 7.5% |
| FY2016 | $21.1B | $176.0M | -$1.93 | -$317.0M | 5.8% | 5.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TENET HEALTHCARE CORP has demonstrated mature, steady growth, with revenue compounding at 0.1% annually over the past decade.
TENET HEALTHCARE CORP returns on capital have been average, hovering around 13.3% ROIC over the decade.
TENET HEALTHCARE CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TENET HEALTHCARE CORP is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $514.51 per share.