Tenet Healthcare (THC) EV to EBITDA (2010 - 2026)
Tenet Healthcare's EV to EBITDA came in at 3.14 for Q3 2026, down 23.6% from 4.11 a year earlier but up 14.0% from the prior quarter.
Powered by 
Analysis
Tenet Healthcare (THC) EV to EBITDA (2010 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Tenet Healthcare reported EV to EBITDA of 1.87, down 11.4% year-over-year; for FY2025, it was 3.95, up 129.2% from FY2024.
- Going back by year, EV to EBITDA was 1.72 in FY2024 (-32.6%), 2.56 in FY2023 (+30.5%), 1.96 in FY2022 (-14.5%) and 2.29 in FY2021 (+76.4%).
- The five-year range for quarterly EV to EBITDA is 1.65 (Q2 2022) to 4.11 (Q3 2025).
- Year-over-year, EV to EBITDA increased in five of the last eight quarters, with growth averaging 36.7%.
- The fastest year-over-year change in EV to EBITDA over five years came in Q4 2025 (growth of 129.2%), and the weakest in Q4 2024 (a decline of 32.6%).
- Business Quant data shows THC's EV to EBITDA at 2.76 (Q2 2026), 3.23 (Q1 2026) and 3.95 (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | HCA Healthcare | 108.44 Bn | 104.53 Bn | - |
| 2 | Natera | 46.38 Bn | 42.00 Bn | 513.47 Mn |
| 3 | Labcorp Holdings | 30.37 Bn | 28.45 Bn | 1.11 Bn |
| 4 | Quest Diagnostics | 28.52 Bn | 26.28 Bn | 1.04 Bn |
| 5 | Tenet Healthcare | 23.21 Bn | 12.51 Bn | - |
| 6 | Guardant Health | 21.35 Bn | 16.97 Bn | 236.15 Mn |
| 7 | Tempus AI | 15.33 Bn | 12.48 Bn | 266.70 Mn |
| 8 | BrightSpring Health Services | 14.30 Bn | 12.05 Bn | 518.55 Mn |
| 9 | Encompass Health | 13.86 Bn | 13.49 Bn | - |
| 10 | Davita | 11.86 Bn | 9.23 Bn | 1.13 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 3.14 |
| Jun 30, 2026 | 2.76 |
| Mar 31, 2026 | 3.23 |
| Dec 31, 2025 | 3.95 |
| Sep 30, 2025 | 4.11 |
| Jun 30, 2025 | 3.49 |
| Mar 31, 2025 | 2.75 |
| Dec 31, 2024 | 1.72 |
| Sep 30, 2024 | 2.13 |
| Jun 30, 2024 | 2.03 |
| Mar 31, 2024 | 1.73 |
| Dec 31, 2023 | 2.56 |
| Sep 30, 2023 | 2.47 |
| Jun 30, 2023 | 2.98 |
| Mar 31, 2023 | 2.37 |
| Dec 31, 2022 | 1.96 |
| Sep 30, 2022 | 1.89 |
| Jun 30, 2022 | 1.65 |
| Mar 31, 2022 | 2.64 |
| Dec 31, 2021 | 2.29 |
API Access
Tenet Healthcare EV to EBITDA 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=ev-to-ebitda&ticker=THC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "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=ev-to-ebitda&ticker=THC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();