Tenet Healthcare Corporation

THCNYSEHealthcare● Active

$161.07

$-0.99(-0.61%)

Market Cap$13.9B

P/E Ratio—

52W High$247.21

52W Low$146.6

Avg Volume1.4M

Open$162.25

Beta1.28

Free Cash Flow Financials Revenue

Tenet Healthcare Corporation (THC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

THC · free cash flow · updated Jun 8, 2026

Core FCF metrics

THC · FCF · TTM · margin & CAGR

Free cash flow was $2.53B for FY2025 (fiscal year ending 2025-12-31), up 126.7% year-over-year The FCF margin was 11.9%. Five-year CAGR stands at -2.5%.

FY2025 Free Cash Flow$2.53B▲ +126.7% YoY

Trailing 12M (TTM)$3.35Btrailing 4 quarters sum

FCF Margin11.9%$2.53B ÷ revenue

3-Year CAGR+99.0%FY2022 → FY2025

5-Year CAGR-2.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

THC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$3.54B(1.01B)$2.53B▲ +126.7%11.9%

FY2024$2.05B(931M)$1.12B▼ 31.2%5.4%

FY2023$2.37B(751M)$1.62B▲ +405.6%7.9%

FY2022$1.08B(762M)$321.0M▼ 64.7%1.7%

FY2021$1.57B(658M)$910.0M▼ 68.3%4.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

THC · P/FCF · FCF yield · FCF per share

Tenet Healthcare Corporation (THC) trades at a FCF yield of 24.10% and a price-to-free-cash-flow ratio of 4.3x. FCF per share stands at $37.15, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

24.10%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$37.15

TTM FCF ÷ Shares Outstanding

Price / FCF

x4.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x7.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

THC · cash flow statement · operating / investing / financing

For FY2025, Tenet Healthcare Corporation generated $3.54B in operating cash flow and spent 1.01B in capital expenditures, yielding $2.53B in free cash flow.

Operating Activities

+$3.54B

Cash from core business operations

2025-12-31

Investing Activities

−$1.27B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$2.40B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($3.54B) − |CapEx| (1.01B) = FCF ($2.53B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

THC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Tenet Healthcare CorporationYOU

THC

$2.53B+126.7%11.9%

13%

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Tenet Healthcare Corporation (THC) reported free cash flow of $2.53B for FY2025 (fiscal year ending 2025-12-31), up 126.7% year-over-year. The FCF margin was 11.9%.

Based on available data, Tenet Healthcare Corporation has maintained positive free cash flow for at least 12 fiscal year(s). FCF peaked at $2.87B in FY2020. The 5-year CAGR stands at -2.5%.

Tenet Healthcare Corporation's FCF yield is 24.10% and price-to-FCF ratio is 4.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

THC free cash flow · 8 questions

Tenet Healthcare Corporation free cash flow was $2.53B for FY2025, up 126.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.35B.

THC free cash flowTHC FCFTHC FCF 2025THC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Tenet Healthcare Corporation · Tenet Healthcare Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026