TENET HEALTHCARE CORP
boothcheck covers TENET HEALTHCARE CORP (THC) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed July 11, 2026.
• The number that defines Tenet is the ambulatory margin: its USPI surgery-center business generated a 36.7 percent adjusted EBITDA margin in the first quarter of 2026 on $484 million of adjusted EBITDA, a returns profile that reframes the whole company from levered hospital operator to surgery-center compounder [Source: Q1 2026 results, April 2026]. • The persistent risk is reimbursement: the 10-K notes that a large share of Hospital Operations revenue comes ⟦"from the Medicare program and vari
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670 institutional managers reported holding THC in 13F filings for the quarter ended 2026-03-31. Together they hold about 93% of the company; the top 10 hold 55%. 84 opened new positions that quarter. Held by Vanguard Group, BlackRock, FMR (Fidelity), among others. On the short side, 4.1M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (2.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
THC has cut its share count 18.7% over the past five years, spending $2.83B on repurchases. It pays no dividend. Cash returned over the past three years: $2.49B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at THC over the trailing three years. Absence is a fact about the company, not a signal. 19 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
THC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-01 | +3.3% | -17.7% |
| 2023-10-31 | +1.1% | +41.6% |
| 2024-02-17 | +1.1% | +2.5% |
| 2024-05-01 | +16.9% | +17.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
THC's latest 8-K filings: 2026-07-23 (items 2.02, 9.01); 2026-05-29 (items 5.07); 2026-04-30 (items 2.02, 9.01); 2026-04-10 (items 5.02, 9.01); 2026-03-30 (items 5.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 11, 2026
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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.