HCA Healthcare vs Tenet Health
HCA Healthcare reported revenue of $75.6 billion in fiscal 2025, 3.5 times Tenet Health's $21.3 billion in fiscal 2025. HCA Healthcare's revenue grew 7.1% in its latest year, and Tenet Health's grew 3.1%. Free cash flow was $7.7 billion at HCA Healthcare and $2.5 billion at Tenet Health.
Side by side
| HCA Healthcare | Tenet Health | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $75.6B | $21.3B |
| Revenue growth | 7.1% | 3.1% |
| Revenue growth a year, last 5 years | 8.0% | 3.9% |
| Gross margin | — | — |
| Operating margin | — | 16.5% |
| Net margin | 9.0% | 6.6% |
| Free cash flow | $7.7B | $2.5B |
| Free cash flow margin | 10.2% | 11.9% |
| Return on capital | 22.3% | 18.3% |
| Net debt to EBITDA | 3.0x | 2.4x |
| Dividends and buybacks | $10.7B | $1.4B |
| Change in diluted share count | −8.5% | −7.2% |
| Last close | $465.26 | $268.95 |
| P/E at the last close | 16.0× | 10.4× |
| Insider trades, last 12 months | sold $31.1 million | sold $71.7 million |
| Piotroski F-score | 6 of 8 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
HCA HealthcareTenet Health
Operating margin
Percent of revenue
HCA HealthcareTenet Health
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
HCA HealthcareTenet Health
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the HCA Healthcare and Tenet Health pages.