Tenet Healthcare (THC) FCF Margin (2009 - 2026)
Tenet Healthcare's FCF Margin was 19.23% in Q3 2026, up 4.52 percentage points from 14.71% a year earlier and up 11.82 percentage points from the prior quarter.
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Analysis
Tenet Healthcare (THC) FCF Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Tenet Healthcare's FCF Margin was 15.02% through Sep 30, 2026, up 7.82 percentage points year-over-year; for FY2025, it was 11.87%, up 6.47 percentage points from FY2024.
- FCF Margin shows a five-year change of -4.38 percentage points (FY2020 to FY2025).
- In earlier years, FCF Margin was 5.40% in FY2024 (-2.49 pp), 7.89% in FY2023 (+6.22 pp), 1.67% in FY2022 (-3.00 pp) and 4.67% in FY2021 (-11.58 pp).
- Quarterly FCF Margin has moved between -13.03% (Q4 2024) and 27.22% (Q1 2026) over five years.
- Compared with a year earlier, FCF Margin was higher in five of the last eight quarters, with an average year-over-year change of +1.83 percentage points.
- The best year-over-year quarter for FCF Margin over five years was Q4 2025 (a gain of 19.67 percentage points); the worst was Q4 2024 (a drop of 24.45 percentage points).
- Per Business Quant data, THC's FCF Margin in the three quarters before Q3 2026 was 7.41% (Q2 2026), 27.22% (Q1 2026) and 6.64% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | HCA Healthcare | 106.13 Bn | 102.23 Bn | - | 15.64% |
| 2 | Natera | 44.93 Bn | 40.56 Bn | 513.47 Mn | 0.66% |
| 3 | Labcorp Holdings | 29.97 Bn | 28.06 Bn | 1.11 Bn | 10.82% |
| 4 | Quest Diagnostics | 28.09 Bn | 25.85 Bn | 1.04 Bn | 14.37% |
| 5 | Tenet Healthcare | 22.72 Bn | 12.03 Bn | - | 19.23% |
| 6 | Guardant Health | 20.11 Bn | 15.73 Bn | 236.15 Mn | -10.30% |
| 7 | BrightSpring Health Services | 13.90 Bn | 11.66 Bn | 518.55 Mn | 4.33% |
| 8 | Tempus AI | 13.80 Bn | 10.95 Bn | 266.70 Mn | -0.03% |
| 9 | Encompass Health | 13.52 Bn | 13.15 Bn | - | 7.92% |
| 10 | Davita | 12.21 Bn | 9.59 Bn | 1.13 Bn | 10.04% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 19.23% |
| Jun 30, 2026 | 7.41% |
| Mar 31, 2026 | 27.22% |
| Dec 31, 2025 | 6.64% |
| Sep 30, 2025 | 14.71% |
| Jun 30, 2025 | 14.10% |
| Mar 31, 2025 | 12.29% |
| Dec 31, 2024 | -13.03% |
| Sep 30, 2024 | 16.17% |
| Jun 30, 2024 | 11.79% |
| Mar 31, 2024 | 6.45% |
| Dec 31, 2023 | 11.42% |
| Sep 30, 2023 | 6.45% |
| Jun 30, 2023 | 9.17% |
| Mar 31, 2023 | 4.26% |
| Dec 31, 2022 | 2.63% |
| Sep 30, 2022 | 3.12% |
| Jun 30, 2022 | -0.71% |
| Mar 31, 2022 | 1.54% |
| Dec 31, 2021 | 1.09% |
API Access
Tenet Healthcare FCF 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=fcf-margin&ticker=THC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-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=fcf-margin&ticker=THC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();