Tenet Healthcare Corporation is a diversified healthcare services company headquartered in Dallas with 110,000 employees. Through an expansive care network that includes United Surgical Partners International, we operate 65 hospitals and approximately 550 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other care sites and clinics. Tenet Healthcare Corporation also operates Conifer Health Solutions, which provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve.

Company profile
Ticker
THC
Exchange
Website
CEO
Ronald Rittenmeyer
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
NATIONAL MEDICAL ENTERPRISES INC /NV/
SEC CIK
Corporate docs
Subsidiaries
601 N 30th Street I, L.L.C. • 601 N 30th Street II, L.L.C. • 601 N 30th Street III, Inc. • The 6300 West Roosevelt Partnership • Abrazo Health Network EP Clinical Services, LLC • Advantage Health Care Management Company, LLC • Advantage Health Network, Inc. • AHM Acquisition Co., Inc. • Alabama Cardiovascular Associates, L.L.C. • Alabama Hand and Sports Medicine, L.L.C. ...
IRS number
952557091
THC stock data
News
United Surgical Partners International, United Urology Group to Form Joint Venture
21 Jun 22
Expert Ratings for Tenet Healthcare
17 Jun 22
Benzinga's Top Ratings Upgrades, Downgrades For June 17, 2022
17 Jun 22
Loop Capital Initiates Coverage On Tenet Healthcare with Buy Rating, Announces Price Target of $80
17 Jun 22
Stocks That Hit 52-Week Lows On Monday
13 Jun 22
Press releases
Tenet to Participate in the Goldman Sachs 43rd Annual Global Healthcare Conference
6 Jun 22
Tenet Calls for Full Redemption of 6.750% Senior Notes due 2023
1 Jun 22
Tenet Announces Upsizing and Pricing of its $2.000 Billion Private Offering of Senior Secured Notes
1 Jun 22
Tenet Announces $1.800 Billion Private Offering of Senior Secured Notes
1 Jun 22
Conifer Health Announces Multi-Year Agreement to Provide Revenue Cycle Solutions to Brookwood Baptist Health
24 May 22
Analyst ratings and price targets
Current price
Average target
$101.14
Low target
$80.00
High target
$110.00
Loop Capital
Initiated
$80.00
Wells Fargo
Maintains
$90.00
Deutsche Bank
Maintains
$110.00
Citigroup
Maintains
$110.00
Barclays
Maintains
$104.00
SVB Leerink
Maintains
$110.00
RBC Capital
Maintains
$104.00
Calendar
29 Apr 22
26 Jun 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 1.41B | 1.41B | 1.41B | 1.41B | 1.41B | 1.41B |
Cash burn (monthly) | 319.67M | 61.33M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 917.62M | 176.06M | n/a | n/a | n/a | n/a |
Cash remaining | 487.38M | 1.23B | n/a | n/a | n/a | n/a |
Runway (months of cash) | 1.5 | 20.0 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
9 May 22 | Bierman James L | Common Stock | Grant | Acquire A | No | No | 0 | 3,836 | 0 | 50,038 |
9 May 22 | Fisher Richard W | Common Stock | Grant | Acquire A | No | No | 0 | 3,836 | 0 | 41,801 |
9 May 22 | Fitzgerald Meghan | Common Stock | Grant | Acquire A | No | No | 0 | 3,836 | 0 | 31,587 |
9 May 22 | Cecil D Haney | Common Stock | Grant | Acquire A | No | No | 0 | 3,836 | 0 | 10,853 |
9 May 22 | Kerrey J Robert | Common Stock | Grant | Acquire A | No | No | 0 | 4,794 | 0 | 85,564 |
Institutional ownership, Q1 2022
97.7% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 406 |
Opened positions | 77 |
Closed positions | 47 |
Increased positions | 129 |
Reduced positions | 134 |
13F shares | Current |
---|---|
Total value | 8.98B |
Total shares | 105.19M |
Total puts | 1.99M |
Total calls | 1.52M |
Total put/call ratio | 1.3 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 12.53M | $1.08B |
Vanguard | 10.93M | $939.78M |
Glenview Capital Management | 6.38M | $548.51M |
IVZ Invesco | 5.97M | $513.39M |
Harris Associates L P | 5.91M | $507.95M |
FMR | 5.32M | $456.91M |
STT State Street | 3.38M | $290.37M |
Viking Global Investors | 2.23M | $192M |
GS Goldman Sachs | 2.18M | $187.45M |
Geode Capital Management | 1.96M | $168.53M |
Financial report summary
?Risks
- The COVID-19 pandemic has significantly affected our operations and financial condition, and it continues to do so; moreover, our liquidity could be negatively impacted, particularly if the U.S. economy remains volatile for a significant period of time.
- Changes to existing COVID-19-related relief measures may have an adverse impact on our business, financial condition, results of operations or cash flows, and we cannot predict whether we will qualify for, apply for, receive or benefit from additional financial assistance in the future, if any, or how any future laws and regulations related to or in response to the COVID-19 pandemic will impact our operations.
- We cannot predict the impact that future modifications of the Affordable Care Act may have on our business, financial condition, results of operations or cash flows.
- Future changes in the Medicare and Medicaid programs or other government healthcare programs, including reductions in scale and scope, could have an adverse effect on our business.
- Violations of existing regulations or failure to comply with new or changed regulations could harm our business and financial results.
- We could be subject to substantial uninsured liabilities or increased insurance costs as a result of significant legal actions.
- If we are unable to enter into, maintain and renew managed care contractual arrangements on competitive terms, if we experience material reductions in the contracted rates we receive from managed care payers or if we have difficulty collecting from managed care payers, our results of operations could be adversely affected.
- The industry trends toward value-based purchasing and alternative payment models may negatively impact our revenues.
- Our hospitals, outpatient centers and other healthcare businesses operate in competitive environments, and competition in our markets can adversely affect patient volumes and other aspects of our operations.
- It is essential to our ongoing business that we attract an appropriate number of quality physicians in the specialties required to support our services and that we maintain good relations with those physicians.
- Our labor costs have been, and we expect will continue to be, adversely affected by competition for staffing, the shortage of experienced nurses and labor union activity.
- Employee vaccine mandates may adversely impact our business.
- Our business could be significantly and negatively impacted by security threats, catastrophic events and other disruptions affecting our information technology and related systems.
- Any future cost-reduction initiatives may not deliver the benefits we expect, and actions taken may adversely affect our business.
- Trends affecting our actual or anticipated results may require us to record charges that may negatively impact our results of operations.
- The utilization of our tax losses could be substantially limited if we experience an ownership change as defined in the Internal Revenue Code.
- When we acquire new assets or businesses, we become subject to various risks and uncertainties that could adversely affect our results of operations and financial condition.
- We cannot provide any assurances that we will be successful in divesting assets we wish to sell.
- USPI and our hospital-based joint ventures depend on existing relationships with key health system partners. If we are unable to maintain historical relationships with these systems, or enter into new relationships, we may be unable to implement our business strategies successfully.
- The remaining put/call arrangements associated with USPI, if settled in cash, will require us to utilize our cash flow or incur additional indebtedness to satisfy the payment obligations in respect of such arrangements.
- Our joint venture arrangements are subject to a number of operational risks that could have a material adverse effect on our business, results of operations and financial condition.
- We cannot provide any assurances that we will be successful in completing the proposed spin-off of Conifer.
- A spin-off of Conifer could adversely affect our earnings and cash flows.
- Conifer operates in a highly competitive industry, and its current or future competitors may be able to compete more effectively than Conifer does, which could have a material adverse effect on Conifer’s margins, growth rate and market share.
- Violations of existing regulations or failure to comply with new or changed regulations could harm Conifer’s business and financial results.
- Our level of indebtedness could, among other things, adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and prevent us from meeting our obligations under the agreements relating to our indebtedness.
- We may not be able to generate sufficient cash to service all of our indebtedness, and we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
- Restrictive covenants in the agreements governing our indebtedness may adversely affect us.
- Despite current indebtedness levels, we have the ability and may decide to incur substantially more debt or otherwise increase our leverage. This could further exacerbate the risks described above.
Management Discussion
- •Conifer, which provides revenue cycle management and value‑based care services to hospitals, health systems, physician practices, employers and other clients.
- Same‑hospital net operating revenues increased $1.496 billion, or 11.3%, during the year ended December 31, 2021 compared to the year ended December 31, 2020, primarily due to increased patient and surgical volumes, higher patient acuity, a more favorable payer mix and negotiated commercial rate increases. Our Hospital Operations segment also recognized grant income from federal, state and local grants totaling $142 million and $823 million in the years ended December 31, 2021 and 2020, respectively, which is not included in net operating revenues. Same‑hospital admissions during the year ended December 31, 2021 were consistent with the year ended December 31, 2020, while outpatient visits increased 15.7% and same‑hospital adjusted admissions increased 2.4% year‑over‑year.
- Collection of accounts receivable has been a key area of focus, particularly over the past several years. At December 31, 2021, our Hospital Operations segment collection rate on self‑pay accounts was approximately 26.5%. Our self‑pay collection rate includes payments made by patients, including co‑pays, co‑insurance amounts and deductibles paid by patients with insurance. Based on our accounts receivable from uninsured patients and co‑pays, co‑insurance amounts and deductibles owed to us by patients with insurance at December 31, 2021, a 10% decrease or increase in our self‑pay collection rate, or approximately 3%, which we believe could be a reasonably likely change, would result in an unfavorable or favorable adjustment to patient accounts receivable of approximately $9 million. There are various factors that can impact collection trends, such as changes in the economy, which in turn have an impact on unemployment rates and the number of uninsured and
Content analysis
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H.S. sophomore Avg
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New words:
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Removed:
ACA, administered, Aid, amending, amendment, annualized, applied, ARPA, attempt, Biden, building, calculate, cardiac, chain, Chicago, Codification, conform, contact, corporate, criteria, declared, decline, deduction, degree, distancing, documenting, eased, ensuing, ERISA, estimating, event, evolving, execution, existed, expansive, exploration, fail, finalization, forfeited, frozen, hierarchy, impractical, improvement, incrementally, independent, led, liable, long, MacNeal, marketable, Maryland, master, match, MEP, multiple, musculoskeletal, nearest, neighboring, overhead, package, Paycheck, payroll, pension, periodic, postretirement, prerequisite, President, publicly, Pursuing, ranking, RCM, reliable, reliably, rendered, renegotiation, rent, Rescue, restatement, Restrictive, resume, retired, revision, room, rural, satisfy, secondarily, separately, shareholder, streamlining, summarize, SurgCenter, suspension, termination, timeframe, tracing, traded, trillion, undertook, unpaid, updating, Vicinity, withdrawal, worker
Financial reports
Current reports
8-K
Entry into a Material Definitive Agreement
15 Jun 22
8-K
Tenet Announces $1.800 Billion Private Offering of Senior Secured Notes
1 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
9 May 22
8-K
Maintains 2022 Adjusted EBITDA Outlook
20 Apr 22
8-K
Tenet Announces Amendment to its Credit Agreement
17 Mar 22
8-K
Conifer to Remain Part of Tenet with Strong Path Forward
1 Mar 22
8-K
Departure of Directors or Certain Officers
25 Feb 22
8-K
Provides Detailed 2022 Financial Outlook
7 Feb 22
8-K
Results of Operations and Financial Condition
11 Jan 22
8-K
Tenet and USPI Complete Transaction to Acquire SCD
22 Dec 21
Registration and prospectus
S-8 POS
Registration of securities for employees (post-effective amendment)
15 May 19
S-8
Registration of securities for employees
15 May 19
8-A12B/A
Registration of securities on exchange (amended)
4 Mar 18
8-A12B
Registration of securities on exchange
31 Aug 17
S-8
Registration of securities for employees
1 Aug 16
S-8
Registration of securities for employees
1 Aug 16
424B3
Prospectus supplement
20 Jul 15
S-4
Registration of securities issued in business combination transactions
8 Jul 15
25-NSE
Exchange delisting
11 Aug 14
25-NSE
Exchange delisting
6 Jul 14
Proxies
Other
UPLOAD
Letter from SEC
11 Jun 19
CORRESP
Correspondence with SEC
9 Jun 19
UPLOAD
Letter from SEC
2 Jun 19
UPLOAD
Letter from SEC
12 Dec 16
CORRESP
Correspondence with SEC
30 Nov 16
CORRESP
Correspondence with SEC
17 Nov 16
UPLOAD
Letter from SEC
16 Nov 16
EFFECT
Notice of effectiveness
20 Jul 15
CORRESP
Correspondence with SEC
17 Oct 13
EFFECT
Notice of effectiveness
17 Oct 13
Ownership
4
TENET HEALTHCARE / Nadja West ownership change
11 May 22
4
TENET HEALTHCARE / Tammy Romo ownership change
11 May 22
4
TENET HEALTHCARE / RICHARD J MARK ownership change
11 May 22
4
TENET HEALTHCARE / Christopher S. Lynch ownership change
11 May 22
4
TENET HEALTHCARE / J ROBERT KERREY ownership change
11 May 22
4
TENET HEALTHCARE / CECIL D HANEY ownership change
11 May 22
4
TENET HEALTHCARE / Meghan Fitzgerald ownership change
11 May 22
4
TENET HEALTHCARE / RICHARD W FISHER ownership change
11 May 22
4
TENET HEALTHCARE / JAMES L BIERMAN ownership change
11 May 22
4
TENET HEALTHCARE / Ronald A Rittenmeyer ownership change
1 Apr 22
Transcripts
2022 Q1
Earnings call transcript
21 Apr 22
2021 Q4
Earnings call transcript
8 Feb 22
2021 Q3
Earnings call transcript
21 Oct 21
2021 Q2
Earnings call transcript
22 Jul 21
2021 Q1
Earnings call transcript
21 Apr 21
2020 Q4
Earnings call transcript
10 Feb 21
2020 Q3
Earnings call transcript
21 Oct 20
2020 Q2
Earnings call transcript
4 Aug 20
2020 Q1
Earnings call transcript
5 May 20
2019 Q4
Earnings call transcript
25 Feb 20
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