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Tenet Healthcare Valuation Multiples
Discover revenue and EBITDA valuation multiples for Tenet Healthcare and similar public comparables like Rede D'Or São Luiz, IHH Healthcare, Aier EYE Hospital Group, Apollo Hospitals and more.
Tenet Healthcare Overview
About Tenet Healthcare
Tenet Healthcare is a Dallas-based healthcare services organization. It operates acute and specialty hospitals (50 as of December 2025) and hundreds of ambulatory surgery centers and other outpatient facilities across the US, primarily in the South. Through its Conifer segment, Tenet also provides revenue cycle management solutions.
Founded
1975
HQ
Employees
99.0K
Website
Financials (LTM)
EV
$28B
Tenet Healthcare Financials
Tenet Healthcare reported last 12-month revenue of $22B and EBITDA of $5B.
In the same LTM period, Tenet Healthcare generated $9B in gross profit, $5B in EBITDA, and $2B in net income.
Revenue (LTM)
Tenet Healthcare P&L
In the most recent fiscal year, Tenet Healthcare reported revenue of $21B and EBITDA of $5B.
Tenet Healthcare expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $22B | XXX | $21B | XXX | XXX | XXX |
| Gross Profit | $9B | XXX | $18B | XXX | XXX | XXX |
| Gross Margin | 41% | XXX | 82% | XXX | XXX | XXX |
| EBITDA | $5B | XXX | $5B | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBIT Margin | 18% | XXX | 17% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 7% | XXX | 7% | XXX | XXX | XXX |
| Net Debt | — | — | $10B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Tenet Healthcare Stock Performance
Tenet Healthcare has current market cap of $17B, and enterprise value of $28B.
Market Cap Evolution
Tenet Healthcare's stock price is $196.64.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $28B | $17B | 2.4% | XXX | XXX | XXX | $17.40 |
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Start Free TrialTenet Healthcare Valuation Multiples
Tenet Healthcare trades at 1.3x EV/Revenue multiple, and 6.0x EV/EBITDA.
EV / Revenue (LTM)
Tenet Healthcare Financial Valuation Multiples
As of April 19, 2026, Tenet Healthcare has market cap of $17B and EV of $28B.
Equity research analysts estimate Tenet Healthcare's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Tenet Healthcare has a P/E ratio of 11.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $17B | XXX | $17B | XXX | XXX | XXX |
| EV (current) | $28B | XXX | $28B | XXX | XXX | XXX |
| EV/Revenue | 1.3x | XXX | 1.3x | XXX | XXX | XXX |
| EV/EBITDA | 6.0x | XXX | 6.0x | XXX | XXX | XXX |
| EV/EBIT | 7.2x | XXX | 7.4x | XXX | XXX | XXX |
| EV/Gross Profit | 3.1x | XXX | 1.6x | XXX | XXX | XXX |
| P/E | 11.4x | XXX | 11.3x | XXX | XXX | XXX |
| EV/FCF | 10.0x | XXX | 10.4x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Tenet Healthcare Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Tenet Healthcare Margins & Growth Rates
Tenet Healthcare's revenue in the last 12 month grew by 3%.
Tenet Healthcare's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.
Tenet Healthcare's rule of 40 is 24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Tenet Healthcare's rule of X is 29% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Tenet Healthcare Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 3% | XXX | 3% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBITDA Growth | 2% | XXX | 2% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 24% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 29% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 41% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 66% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Tenet Healthcare Public Comps
See public comps and valuation multiples for other Hospitals & Clinics and Revenue Cycle Management comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Tenet Healthcare | XXX | XXX | XXX | XXX | XXX | XXX |
| Rede D'Or São Luiz | XXX | XXX | XXX | XXX | XXX | XXX |
| IHH Healthcare | XXX | XXX | XXX | XXX | XXX | XXX |
| Aier EYE Hospital Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Apollo Hospitals | XXX | XXX | XXX | XXX | XXX | XXX |
| Universal Health Services | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Tenet Healthcare M&A Activity
Tenet Healthcare acquired XXX companies to date.
Last acquisition by Tenet Healthcare was on XXXXXXXX, XXXXX. Tenet Healthcare acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Tenet Healthcare
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialTenet Healthcare Investment Activity
Tenet Healthcare invested in XXX companies to date.
Tenet Healthcare made its latest investment on XXXXXXXX, XXXXX. Tenet Healthcare invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Tenet Healthcare
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Tenet Healthcare
| When was Tenet Healthcare founded? | Tenet Healthcare was founded in 1975. |
| Where is Tenet Healthcare headquartered? | Tenet Healthcare is headquartered in United States. |
| How many employees does Tenet Healthcare have? | As of today, Tenet Healthcare has over 99K employees. |
| Who is the CEO of Tenet Healthcare? | Tenet Healthcare's CEO is Saumya Sutaria. |
| Is Tenet Healthcare publicly listed? | Yes, Tenet Healthcare is a public company listed on NYSE. |
| What is the stock symbol of Tenet Healthcare? | Tenet Healthcare trades under THC ticker. |
| When did Tenet Healthcare go public? | Tenet Healthcare went public in 1972. |
| Who are competitors of Tenet Healthcare? | Tenet Healthcare main competitors are Rede D'Or São Luiz, IHH Healthcare, Aier EYE Hospital Group, Apollo Hospitals. |
| What is the current market cap of Tenet Healthcare? | Tenet Healthcare's current market cap is $17B. |
| What is the current revenue of Tenet Healthcare? | Tenet Healthcare's last 12 months revenue is $22B. |
| What is the current revenue growth of Tenet Healthcare? | Tenet Healthcare revenue growth (NTM/LTM) is 3%. |
| What is the current EV/Revenue multiple of Tenet Healthcare? | Current revenue multiple of Tenet Healthcare is 1.3x. |
| Is Tenet Healthcare profitable? | Yes, Tenet Healthcare is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Tenet Healthcare? | Tenet Healthcare's last 12 months EBITDA is $5B. |
| What is Tenet Healthcare's EBITDA margin? | Tenet Healthcare's last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of Tenet Healthcare? | Current EBITDA multiple of Tenet Healthcare is 6.0x. |
| What is the current FCF of Tenet Healthcare? | Tenet Healthcare's last 12 months FCF is $3B. |
| What is Tenet Healthcare's FCF margin? | Tenet Healthcare's last 12 months FCF margin is 13%. |
| What is the current EV/FCF multiple of Tenet Healthcare? | Current FCF multiple of Tenet Healthcare is 10.0x. |
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