THCTENET HEALTHCARE CORP
Services-General Medical & Surgical Hospitals, NEC
- Revenue
- $21.3B
- 3.1% YoY
- Operating margin
- 16.5%
- 43% YoY
- EBITDA
- $4.4B
- 35% YoY
- Market cap
- $21.7B
- Employees
- 100,000
- $213K revenue each
- Net debt / EBITDA
- 2.4×
- $10.4B net debt
- AI in 10-K
- 1.8
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo150% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo39% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo37% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$213K · 49th pctBottom quartile of its SIC industry
- Quiet on AINo1.8 per 10K words · 52nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$21.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$71M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $19.5B | $19.2B | $20.6B | $20.7B | $21.3B | 3.1% |
| Operating income | $2.9B | $2.3B | $2.5B | $6.0B | $3.5B | 41% |
| Net income | $1.5B | $1.0B | $1.3B | $4.1B | $2.4B | 42% |
| Operating cash flow | $1.6B | $1.1B | $2.4B | $2.0B | $3.5B | 73% |
| Capex | $658M | $762M | $751M | $931M | $1.0B | 8.5% |
| Stock-based comp | $56M | $56M | $66M | $67M | $104M | 55% |
| Buybacks | $0 | $250M | $200M | $672M | $1.4B | 106% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 22, 2021 | GLENVIEW CAPITAL MANAGEMENT, LLC | SC 13D/A | 10.0% | Passive |
| Mar 25, 2021 | GLENVIEW CAPITAL MANAGEMENT, LLC | SC 13D/A | 12.9% | Passive |
| Feb 4, 2021 | GLENVIEW CAPITAL MANAGEMENT, LLC | SC 13D/A | 15.4% | Passive |
| Dec 22, 2020 | GLENVIEW CAPITAL MANAGEMENT, LLC | SC 13D/A | 17.3% | Passive |
| Aug 15, 2019 | GLENVIEW CAPITAL MANAGEMENT, LLC | SC 13D/A | 18.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $71M · 42
- Net
- −$71M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 498 | 148 |
| FY2024 | — | — | 316 | 129 |
| FY2023 | — | — | 189 | 126 |
| FY2022 | — | — | 122 | 124 |
| FY2021 | — | — | 205 | 126 |