NATIONAL HEALTHCARE CORP vs TENET HEALTHCARE CORP, two Medical Care stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
20.39 sits at the center of this page: Tenet's free-cash yield, four times National HealthCare's 5.3%, produced by hospital margins the market refuses to annualize. Tenet trades at 9.8 times earnings on a 24.1% operating margin, NHC at 25.5 times on 8.5%; the cheap one earns nearly triple per revenue dollar. The balance sheets grade the risk: NHC debt-free, Tenet at 1.97 turns. What the fifteen-turn multiple gap prices is trust, that skilled-nursing steadiness outlasts elevated hospital acuity, and Tenet's cash yield is the compensation offered for doubting it. Rarely does a sector price boring this far above brilliant.
Comparison updated 2026-07-10.
| Metric | NHC | THC |
|---|---|---|
| Price | $200.71 | $187.50 |
| Market cap | $3.2B | $16.4B |
| Sector | Medical Care | Medical Care |
| Stage | Mature | Mature |
| Implied growth (priced in) | +13.2% | — |
| P/E | 25.5 | 9.8 |
| P/B | 2.89 | 2.45 |
| P/S | 2.07 | 0.77 |
| EV/EBITDA | 17.6 | 5.6 |
| Revenue growth | +11.0% | +4.5% |
| Operating margin | 8.4% | 24.1% |
| Net margin | 8.1% | 12.4% |
| Return on equity | 11.3% | 39.5% |
| Return on assets | 8.1% | 8.5% |
| Return on invested capital | 9.5% | 15.5% |
| FCF yield | 5.3% | 20.4% |
| Dividend yield | 1.3% | — |
| Debt / equity | 0.00 | 1.97 |
| Current ratio | 1.86 | 1.36 |
| Altman Z (solvency) | 6.47 | 1.58 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.