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Forensic Analysis · Healthcare Providers & Services · as of Nov 8, 2026

Tenet Healthcare Corp (THC)

A forensic read on Tenet Healthcare Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.2
Distress distance
Clean
Earnings quality
1
Forensic signals
33.5%
ROE
3.1%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Tenet Healthcare Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.2, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

13.4%
FY2025
Return on invested capital. Return on invested capital is 13.4% in the latest fiscal year, against 9.1% in FY2023, having run between 9.1% and 20.9% across FY2023–FY2025 with no direction held. After-tax operating profit was $2.0B in FY2023 and $3.0B in FY2025, with operating income at 12.2% of revenue in FY2023, 28.8% in FY2024 and 16.5% in FY2025. The capital base behind it went from $22.4B in FY2023 to $22.1B in FY2025 (-2%), while the revenue it carried went from $20.6B to $21.3B.

Key fundamentals

Latest Revenue$21.31B
Revenue Growth YoY+3.1%
Revenue CAGR (2yr)+1.8%
Net Margin6.6%
Free Cash Flow$2.53B
Return on Equity33.5%
Debt / Equity3.12x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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