What is the 13F Pro Quality Score for THC?

13F Pro ranks TENET HEALTHCARE CORP (THC) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View THC's current score at https://13fpro.ai/research/THC (free sign-up required for the full ranking).

Which hedge funds own the most THC stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of THC include BlackRock,, FMR, VANGUARD PORTFOLIO MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/THC as soon as new 13F filings post.

Where does 13F Pro source THC data?

All TENET HEALTHCARE CORP fundamentals and ownership data come directly from SEC EDGAR. TENET HEALTHCARE CORP files with the SEC under CIK 70318. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is THC in?

TENET HEALTHCARE CORP (THC) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

What drives THC's revenue?

Per TENET HEALTHCARE CORP's latest 10-Q filed with the SEC on 2026-04-30, the biggest revenue drivers are: Hospital Operations ($4.048B, +0.5% YoY); Ambulatory Care ($1.320B, +10.6% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/THC.

What are THC's largest expenses?

TENET HEALTHCARE CORP's latest 10-Q reports these as the largest expense items: Salaries, wages and benefits ($2.174B, +2.6% YoY); Supplies ($961M, +6.0% YoY); Other operating expenses, net ($1.122B, +2.9% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is THC research updated on 13F Pro?

THC's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

TENET HEALTHCARE CORP(THC)Stock Analysis

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13F Pro Quality Score

66.6/100

Rank #510 of 2,879 stocksTOP 25%

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

37.6/100

Profitability

61.4/100

Balance Sheet

84.3/100

Earnings Quality

27.7/100

Free Cash Flow

75.3/100

Institutional Flow

75.5/100

Revenue Scale

93.1/100

Dilution Risk

75.7/100

THC Stock Analysis & AI Quality Score

AI stock analysis and institutional research for TENET HEALTHCARE CORP (THC), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores THC at 66.6/100 on a 32-signal composite quality model, placing it at rank #510 of 2,879 stocks — the top 25% of the AI-ranked universe. THC scores in the top quartile across revenue scale (93.1), balance sheet strength (84.3), institutional flow (75.5). Areas of concern include earnings quality (27.7) and revenue growth (37.6), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), TENET HEALTHCARE CORP reports quarterly revenue of $5.4B, net income of $906.0M, free cash flow of $1.5B. Top institutional holders of THC by reported 13-F value include BlackRock,, FMR, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. THC trades on the NYSE exchange and files with the SEC under CIK 70318. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate THC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for TENET HEALTHCARE CORP directly from SEC EDGAR. TENET HEALTHCARE CORP's 13F Pro composite quality score has ranged between 8 and 78 since 2021, currently 66.6 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

What's Driving THC's Business? Latest 10-Q Breakdown

✓ 15/15 datapoints verified

AI-extracted from TENET HEALTHCARE CORP's 10-Q filed 2026-04-30 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Tenet Healthcare reported Q1 2026 net operating revenues of $5.4B (+2.8% YoY), with operating income of $1.3B (+37% YoY), driven by $413M contract termination revenue from the Conifer-CHI settlement.

Biggest Revenue Drivers

Total revenue: $5.4B+2.8% YoY

Hospital Operations$4.048B+0.5% YoY

Higher patient volumes partially offset by less favorable payer mix; includes $413M revenue from contract termination.

Ambulatory Care$1.320B+10.6% YoY

Driven by 2025 and 2026 acquisitions, de novo development, and negotiated commercial rate increases; same-facility revenue growth of 5.3%.

Largest Expense Items

Salaries, wages and benefits$2.174B+2.6% YoY

Annual merit increases and higher employee benefits costs, partially offset by lower incentive compensation and contract labor costs.

Supplies$961M+6.0% YoY

Higher patient volumes, partially offset by cost-efficiency measures including product standardization and contract management.

Other operating expenses, net$1.122B+2.9% YoY

Increased medical fees and professional consulting costs, partially offset by lower malpractice expense.

Depreciation and amortization$229M+11.2% YoY

Reflects capital investments in facilities and equipment.

Margins: Operating income margin expanded to 24.1% in Q1 2026 from 18.1% in Q1 2025, primarily due to $413M contract termination revenue and strong operational performance. Excluding the contract termination, operating margin would reflect continued cost management discipline despite wage inflation and acquisition investments.

Watch Items from the Filing

Contract termination revenue of $413M recognized in Q1 2026 from CHI/CommonSpirit settlement; $1.36B non-interest-bearing promissory note recorded with payments due January 2027-2029. Revenue cycle management agreement with CHI concludes December 31, 2026.
Managed care represents 68.9% of hospital net patient service revenues; top 10 managed care payers generate 67% of managed care revenues. Payer concentration risk with negotiations and consolidation pressures ongoing.
Ambulatory Care segment acquired controlling interests in seven ASCs for $120M in Q1 2026; 28 net new consolidated facilities year-to-date. Integration and execution risks on acquisition strategy.
One Big Beautiful Bill Act enacted July 2025 will implement Medicaid work requirements, caps on state payments, and eligibility reforms beginning 2027. CBO projects millions lose coverage by 2034; timing and state-level impact unestimated.
Hospital Operations emergency department visits declined 3.4% QoQ to 458.4K, and outpatient paying visits down 4.6% YoY despite slight admission growth. Trend suggests outpatient volume pressure.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$5.4B

Net Income

Q1 2026

$906.0M

Free Cash Flow

Q1 2026

$1.5B

ROIC

Q1 2026

7.2%

D/E Ratio

Q1 2026

2.74

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+11.1% YoY

$21.31BFY 2025

FY19 $18.48BFY21 $19.48BFY22 $19.17BFY25 $21.31B

Net Income

+136.5% YoY

$2.37BFY 2025

FY19 —FY21 $1.48BFY22 $1.00BFY25 $2.37B

Operating Income

+50.4% YoY

$3.51BFY 2025

FY19 $1.54BFY21 $2.87BFY22 $2.33BFY25 $3.51B

EPS (Diluted)

+308.7% YoY

$15.49FY 2025

FY19 $-2.08FY21 $8.42FY22 $3.79FY25 $15.49

Total Assets

+9.3% YoY

$29.68BFY 2025

FY19 $23.36BFY21 $27.58BFY22 $27.16BFY25 $29.68B

Total Debt

-12.7% YoY

$13.17BFY 2025

FY19 $14.75BFY21 $15.65BFY22 $15.08BFY25 $13.17B

Op. Cash Flow

+226.9% YoY

$3.54BFY 2025

FY19 $1.23BFY21 $1.57BFY22 $1.08BFY25 $3.54B

Metric	FY 2025	FY 2022	FY 2021	FY 2019	FY 2017	FY 2016
Revenue	$21.31B +11.1%	$19.17B -1.6%	$19.48B +5.4%	$18.48B -3.6%	$19.18B -2.3%	$19.62B
Net Income	$2.37B +136.5%	$1.00B -32.2%	$1.48B	—	—	—
Operating Income	$3.51B +50.4%	$2.33B -18.7%	$2.87B +86.8%	$1.54B +38.1%	$1.11B -10.7%	$1.25B
EPS (Diluted)	$15.49 +308.7%	$3.79 -55.0%	$8.42 +504.8%	$-2.08 +70.3%	$-7.00 -262.7%	$-1.93
Total Assets	$29.68B +9.3%	$27.16B -1.5%	$27.58B +18.0%	$23.36B -0.1%	$23.39B -5.3%	$24.70B
Total Debt	$13.17B -12.7%	$15.08B -3.6%	$15.65B +6.1%	$14.75B -1.2%	$14.94B -2.1%	$15.26B
Operating Cash Flow	$3.54B +226.9%	$1.08B -30.9%	$1.57B +27.2%	$1.23B +2.8%	$1.20B +115.1%	$558.0M

AI Insight: THC Ratio Trends

Operating margin and ROIC surged dramatically in Q1 2026, reaching 24.1% and 28.8% respectively — the strongest levels in the trailing dataset.

• OpMargin jumped 870bp quarter-over-quarter to 24.1% in Q1 2026, highest in dataset. ROIC expanded 920bp to 28.8%.

• Debt-to-equity improved to 2.74 in Q1 2026, lowest since Q2 2024, signaling deleveraging progress.

• TTM ROIC stands at 21.4%, up from 18.6% in Q2 2024, reflecting sustained capital efficiency gains.

⚠ Q1 2026 margins are an outlier versus prior four quarters (15.4%–18.1%). Confirm sustainability in Q2 2026.

⚠ D/E spiked to 3.51 in Q2 2025 despite operational strength — monitor leverage volatility going forward.

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Available Research

13F Pro tracks comprehensive data for TENET HEALTHCARE CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of THC

BlackRock, Inc.
$1.6B8,704,644 sh
FMR LLC
$1.5B7,776,579 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$814.6M4,316,887 sh
VANGUARD CAPITAL MANAGEMENT LLC
$738.1M3,911,408 sh
Boston Partners
$723.7M3,834,961 sh
STATE STREET CORP
$512.5M2,715,925 sh
WELLINGTON MANAGEMENT GROUP LLP
$442.5M2,344,919 sh
LONE PINE CAPITAL LLC
$426.2M2,258,717 sh
GEODE CAPITAL MANAGEMENT, LLC
$364.4M1,930,447 sh
Invesco Ltd.
$337.2M1,787,016 sh

Fund	Value	Shares
BlackRock, Inc.	$1.6B	8,704,644
FMR LLC	$1.5B	7,776,579
VANGUARD PORTFOLIO MANAGEMENT LLC	$814.6M	4,316,887
VANGUARD CAPITAL MANAGEMENT LLC	$738.1M	3,911,408
Boston Partners	$723.7M	3,834,961
STATE STREET CORP	$512.5M	2,715,925
WELLINGTON MANAGEMENT GROUP LLP	$442.5M	2,344,919
LONE PINE CAPITAL LLC	$426.2M	2,258,717
GEODE CAPITAL MANAGEMENT, LLC	$364.4M	1,930,447
Invesco Ltd.	$337.2M	1,787,016

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Is THC a good stock to buy?

13F Pro's AI-powered analysis of TENET HEALTHCARE CORP (THC) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for THC are available on the THC stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own THC?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling THC. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of TENET HEALTHCARE CORP's investment landscape.