Tenet Healthcare (THC) EBITDA Margin (2009 - 2026)
Tenet Healthcare's EBITDA Margin was 35.02% in Q3 2026, up 13.98 percentage points from 21.04% a year earlier and up 4.42 percentage points from the prior quarter.
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Analysis
Tenet Healthcare (THC) EBITDA Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Tenet Healthcare's EBITDA Margin was 28.50% through Sep 30, 2026, up 7.76 percentage points year-over-year; for FY2025, it came in at 20.62%, down 12.27 percentage points from FY2024.
- EBITDA Margin shows a five-year change of +4.27 percentage points (FY2020 to FY2025).
- In earlier years, EBITDA Margin was 32.89% in FY2024 (+16.30 pp), 16.59% in FY2023 (-0.13 pp), 16.73% in FY2022 (-2.57 pp) and 19.29% in FY2021 (+2.94 pp).
- The Q3 2026 figure marks the highest quarterly EBITDA Margin since Q1 2024.
- Compared with a year earlier, EBITDA Margin has increased for three straight quarters, with an average year-over-year change of -1.71 percentage points over the last eight quarters.
- The best year-over-year quarter for EBITDA Margin over five years was Q1 2024 (a gain of 48.71 percentage points); the worst was Q1 2025 (a drop of 43.11 percentage points).
- Per Business Quant data, THC's EBITDA Margin in the three quarters before Q3 2026 was 30.60% (Q2 2026), 28.50% (Q1 2026) and 19.70% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 106.13 Bn | 102.23 Bn | - | 19.86% |
| 2 | Natera | 44.93 Bn | 40.56 Bn | 513.47 Mn | -5.84% |
| 3 | Labcorp Holdings | 29.97 Bn | 28.06 Bn | 1.11 Bn | 15.36% |
| 4 | Quest Diagnostics | 28.09 Bn | 25.85 Bn | 1.04 Bn | 20.21% |
| 5 | Tenet Healthcare | 22.72 Bn | 12.03 Bn | - | 35.02% |
| 6 | Guardant Health | 20.11 Bn | 15.73 Bn | 236.15 Mn | -33.96% |
| 7 | BrightSpring Health Services | 13.90 Bn | 11.66 Bn | 518.55 Mn | 4.78% |
| 8 | Tempus AI | 13.80 Bn | 10.95 Bn | 266.70 Mn | - |
| 9 | Encompass Health | 13.52 Bn | 13.15 Bn | - | 23.96% |
| 10 | Davita | 12.21 Bn | 9.59 Bn | 1.13 Bn | 18.57% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 35.02% |
| Jun 30, 2026 | 30.60% |
| Mar 31, 2026 | 28.50% |
| Dec 31, 2025 | 19.70% |
| Sep 30, 2025 | 21.04% |
| Jun 30, 2025 | 19.67% |
| Mar 31, 2025 | 22.11% |
| Dec 31, 2024 | 20.09% |
| Sep 30, 2024 | 25.46% |
| Jun 30, 2024 | 19.09% |
| Mar 31, 2024 | 65.22% |
| Dec 31, 2023 | 17.76% |
| Sep 30, 2023 | 15.77% |
| Jun 30, 2023 | 16.25% |
| Mar 31, 2023 | 16.51% |
| Dec 31, 2022 | 15.21% |
| Sep 30, 2022 | 16.93% |
| Jun 30, 2022 | 16.73% |
| Mar 31, 2022 | 18.10% |
| Dec 31, 2021 | 19.77% |
API Access
Tenet Healthcare EBITDA Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ebitda-margin&ticker=THC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "ticker": "THC", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ebitda-margin&ticker=THC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();