Tenet Healthcare Corporation (THC) Stock Price & How to Invest

Tenet Healthcare is a diversified for-profit healthcare services company that operates through three segments. Hospital Operations runs acute care and specialty hospitals plus affiliated outpatient facilities, imaging centers, and physician practices. United Surgical Partners International (USPI) is the ambulatory segment and operates or holds interests in hundreds of ambulatory surgery centers and surgical hospitals across dozens of states, making it the largest ASC platform in the country. Conifer Health Solutions provides revenue cycle management and value-based care services to hospitals and health systems.

The investment story has shifted toward USPI, which benefits from the secular migration of surgical procedures out of expensive inpatient settings into lower-cost outpatient centers. USPI carries higher margins and grows faster than the hospital base, and Tenet has been acquiring additional surgery centers to expand it. Alongside that mix shift, management has cut debt, reduced interest expense, and earned credit-rating upgrades, which has lifted earnings per share and supported the stock. Founded in 1969 and headquartered in Dallas, Texas, Tenet trades on the NYSE and is a member of the S&P 500.

Hospital operators face reimbursement pressure from Medicare, Medicaid, and commercial payers, and changes to Affordable Care Act exchange subsidies could pressure volumes and payer mix. Labor costs, physician and nurse staffing, and wage inflation weigh on the hospital segment. The company still carries meaningful debt despite deleveraging, so higher-for-longer interest rates matter. Bad debt from uninsured and underinsured patients, regulatory and billing scrutiny, and cyclicality in elective surgical volumes are additional risks. Acquisition-led USPI growth depends on continued access to attractive surgery-center deals at reasonable prices.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Tenet Healthcare Corporation's investor relations page or your broker.

• Revenue (TTM): ~$21.4 billion
• FY2025 net operating revenue: ~$21.3 billion (up ~3.7%)
• FY2025 adjusted diluted EPS: ~$16.78 (up ~41%)
• EBITDA margin: ~22-23%
• Net margin (TTM): ~12%
• Market cap: ~$18 billion
• P/E (TTM, adjusted): ~12x
• Dividend yield: None

Tenet trades at a modest earnings multiple typical of hospital operators, reflecting reimbursement and leverage risk, but the multiple has expanded from prior years as USPI mix shift, margin gains, and deleveraging improved earnings quality. The 2026 outlook calls for net operating revenue of roughly $21.5 to $22.3 billion. Figures are approximate and drawn from reported results and company guidance as of mid 2026.

There are three common ways to get THC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so THC sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where THC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

Tenet Healthcare (THC) is a hybrid hospital and ambulatory surgery operator whose value increasingly rests on the high-growth, higher-margin USPI surgery center business rather than the legacy acute care hospitals. In a portfolio it behaves as a healthcare-services and hospital cyclical holding leveraged to outpatient surgical volumes, payer mix, and continued deleveraging.

Whether THC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is THC a buy?, and where the stock could go from here in the THC stock forecast.

For income investors, whether THC pays a dividend and how the payout looks is covered in does THC pay a dividend?