Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3%, FCF Yield is 15%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Oncology Treatments, Show more.

Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -108%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 118%

Key risks
ARDT key risks include [1] significant adverse accounting adjustments to revenue and liability reserves, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.3%, FCF Yield is 15%
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Geriatric Care, Oncology Treatments, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -108%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 118%
4 Key risks
ARDT key risks include [1] significant adverse accounting adjustments to revenue and liability reserves, Show more.

ARDT in ETFs

Weight = ARDT's share of each fund

VTI0.00%
IWM0.01%
IWN0.02%
VTWO0.01%
SCHA0.01%
AVUV0.00%
DFAS0.00%
SCHB0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/8/2026

Ardent Health (ARDT) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Ardent Health reported strong financial results for its fiscal Q1 2026, which ended March 31, 2026, significantly surpassing analyst expectations. The company announced diluted earnings per share (EPS) of $0.28, exceeding the analyst consensus of $0.18 by 55.56%. Additionally, total revenue reached $1.60 billion, outperforming analyst estimates of $1.58 billion. Adjusted EBITDA also demonstrated robust growth, increasing 26.3% year-over-year to $124 million, or 15% when excluding a one-time $10.9 million gain from an investment option. This performance was attributed to a 2.0% increase in adjusted admissions and effective cost management, including sustained labor improvements from its IMPACT program.

2. Management provided confidence in future performance by reaffirming its full-year 2026 financial guidance. Ardent Health reiterated its projections for total revenue to be between $6.4 billion and $6.7 billion, with Adjusted EBITDA expected to range from $485 million to $535 million. This consistent outlook offered clarity and stability to investors regarding the company's expected financial trajectory for the year, despite some transient seasonal volume impacts in Q1.

Show more
Updated on 7/8/2026

Ardent Health (ARDT) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Ardent Health reported strong financial results for its fiscal Q1 2026, which ended March 31, 2026, significantly surpassing analyst expectations. The company announced diluted earnings per share (EPS) of $0.28, exceeding the analyst consensus of $0.18 by 55.56%. Additionally, total revenue reached $1.60 billion, outperforming analyst estimates of $1.58 billion. Adjusted EBITDA also demonstrated robust growth, increasing 26.3% year-over-year to $124 million, or 15% when excluding a one-time $10.9 million gain from an investment option. This performance was attributed to a 2.0% increase in adjusted admissions and effective cost management, including sustained labor improvements from its IMPACT program.

2. Management provided confidence in future performance by reaffirming its full-year 2026 financial guidance. Ardent Health reiterated its projections for total revenue to be between $6.4 billion and $6.7 billion, with Adjusted EBITDA expected to range from $485 million to $535 million. This consistent outlook offered clarity and stability to investors regarding the company's expected financial trajectory for the year, despite some transient seasonal volume impacts in Q1.

3. Positive analyst sentiment and favorable price targets contributed to the stock's upward movement. Wall Street analysts maintained a generally optimistic view of Ardent Health's stock, with a consensus "Buy" rating based on the assessments of 18 analysts. The average 12-month price target for ARDT ranged from approximately $12.80 to $16.03, suggesting a significant upside from its trading price during the period. For instance, UBS maintained a "Buy" rating with a price target of $13.50 on May 7, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 17.8% change in ARDT stock from 3/31/2026 to 7/10/2026 was primarily driven by a 19.0% change in the company's P/E Multiple.
(LTM values as of)33120267102026Change
Stock Price ($)8.5610.0817.8%
Change Contribution By: 
Total Revenues ($ Mil)6,3246,4291.7%
Net Income Margin (%)2.1%2.1%-2.7%
P/E Multiple8.910.619.0%
Shares Outstanding (Mil)1411410.0%
Cumulative Contribution17.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/10/2026
ReturnCorrelation
ARDT17.8% 
Market (SPY)16.1%18.7%
Sector (XLV)9.7%34.4%

Fundamental Drivers

The 14.2% change in ARDT stock from 12/31/2025 to 7/10/2026 was primarily driven by a 74.4% change in the company's P/E Multiple.
(LTM values as of)123120257102026Change
Stock Price ($)8.8310.0814.2%
Change Contribution By: 
Total Revenues ($ Mil)6,3266,4291.6%
Net Income Margin (%)3.2%2.1%-35.6%
P/E Multiple6.110.674.4%
Shares Outstanding (Mil)1411410.0%
Cumulative Contribution14.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/10/2026
ReturnCorrelation
ARDT14.2% 
Market (SPY)11.0%29.1%
Sector (XLV)4.3%37.0%

Fundamental Drivers

The -26.2% change in ARDT stock from 6/30/2025 to 7/10/2026 was primarily driven by a -44.0% change in the company's Net Income Margin (%).
(LTM values as of)63020257102026Change
Stock Price ($)13.6610.08-26.2%
Change Contribution By: 
Total Revenues ($ Mil)6,0246,4296.7%
Net Income Margin (%)3.7%2.1%-44.0%
P/E Multiple8.510.624.5%
Shares Outstanding (Mil)140141-0.9%
Cumulative Contribution-26.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/10/2026
ReturnCorrelation
ARDT-26.2% 
Market (SPY)23.2%27.6%
Sector (XLV)20.9%25.1%

Fundamental Drivers

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Market Drivers

6/30/2023 to 7/10/2026
ReturnCorrelation
ARDT  
Market (SPY)76.3%25.4%
Sector (XLV)26.9%30.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ARDT Return---6%-48%14%-37%
Peers Return64%-30%13%12%23%-2%73%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
ARDT Win Rate---50%42%57% 
Peers Win Rate65%45%55%55%57%49% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
ARDT Max Drawdown-----52%-24% 
Peers Max Drawdown-29%-58%-42%-35%-29%-34% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HCA, THC, UHS, CYH, SGRY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)

How Low Can It Go

EventARDTS&P 500
2025 US Tariff Shock
  % Loss-20.5%-18.8%
  % Gain to Breakeven25.7%23.1%
  Time to Breakeven17 days79 days

Compare to HCA, THC, UHS, CYH, SGRY

In The Past

Ardent Health's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventARDTS&P 500
2025 US Tariff Shock
  % Loss-20.5%-18.8%
  % Gain to Breakeven25.7%23.1%
  Time to Breakeven17 days79 days

Compare to HCA, THC, UHS, CYH, SGRY

In The Past

Ardent Health's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ardent Health (ARDT)

Ardent Health (ARDT) is a prominent, privately held, for-profit operator of healthcare services in the United States, ranking as the fourth largest based on the number of hospitals. It operates in eight growing mid-sized urban markets across six states: Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas. The company delivers care through an integrated system comprising 30 acute care hospitals, over 200 sites of care, and a network of more than 1,700 employed or affiliated providers. Ardent focuses on a consumer-centric approach, aiming to optimize patient access and continuity of care throughout their healthcare journey.

Ardent provides a comprehensive range of general and specialty healthcare services, including internal medicine, surgery, cardiology, oncology, orthopedics, women’s services, neurology, urology, and emergency care. These services are delivered across various inpatient and ambulatory settings, such as hospitals, primary and specialty care clinics, ambulatory surgery centers, urgent care centers, free-standing emergency departments, and diagnostic imaging centers, supplemented by telehealth services. A key differentiator for Ardent is its well-established Joint Venture (JV) model, where it often holds a majority ownership and serves as the day-to-day operator in partnerships with premier academic medical centers, large not-for-profit systems, and community foundations. This model enhances market penetration, expands access points, and strengthens clinical services.

The company leverages an advanced technology platform to drive care coordination, system productivity, and an improved consumer experience, leading to better patient outcomes. Ardent is actively engaged in value-based care initiatives, designing its services to deliver high-quality, cost-effective care that exceeds CMS benchmarks, positioning itself favorably in the evolving healthcare reimbursement landscape. Its growth strategy involves accelerating ambulatory and physician alignment initiatives to expand physical and virtual consumer access points, aiming to capture additional market share and capitalize on the significant and growing healthcare services sector, primarily serving patients in its targeted mid-sized urban markets.

AI Analysis | Feedback

Here are 1-2 brief analogies for Ardent Health (ARDT):

  • A partnership-driven HCA Healthcare (HCA).

  • A regional hospital operator, similar to Tenet Healthcare (THC), that specializes in joint ventures with local health systems.

AI Analysis | Feedback

  • Hospital Services: Operating acute care hospitals that provide comprehensive medical care for surgeries, complex conditions, and injuries.
  • Specialty Medical Care: Delivering a wide array of specialized treatments, including internal medicine, general surgery, cardiology, oncology, orthopedics, women’s services, neurology, and urology.
  • Primary Care Services: Providing accessible general medical care through a network of primary care clinics.
  • Ambulatory Surgery Services: Performing surgical procedures in outpatient settings at dedicated ambulatory surgery centers.
  • Urgent Care Services: Offering immediate medical attention for non-life-threatening conditions through urgent care centers.
  • Emergency Services: Providing care for medical emergencies through hospital emergency departments and free-standing emergency departments.
  • Diagnostic Imaging Services: Operating diagnostic imaging centers to provide various medical imaging services.
  • Telehealth Services: Delivering virtual healthcare consultations and services to enhance patient access and convenience.
  • Value-Based Care Programs: Participating in accountable care organizations (ACOs) to offer coordinated, high-quality, and cost-effective patient care.

AI Analysis | Feedback

Ardent Health (ARDT) primarily sells its healthcare services to individuals, referred to as "patients" or "consumers" in the provided description.

The company serves a broad spectrum of the population across various healthcare needs and settings. Based on the services and facilities described, the major categories of customers it serves include:

  1. Patients requiring Acute and Specialty Hospital Care: These are individuals who utilize Ardent's 30 acute care hospitals for general and specialty services, including internal medicine, general surgery, cardiology, oncology, orthopedics, women’s services, neurology, urology, and emergency services, often involving complex medical conditions, injuries, or inpatient stays.
  2. Patients accessing Ambulatory and Outpatient Services: This category includes individuals who receive care at Ardent's extensive network of ambulatory facilities, such as primary care and specialty care clinics, ambulatory surgery centers, urgent care centers, free-standing emergency departments, and diagnostic imaging centers. These services generally cover routine check-ups, specialized consultations, minor procedures, and urgent non-life-threatening conditions.
  3. Patients utilizing Virtual and Telehealth Services: These are individuals who leverage Ardent's telehealth services and virtual care platforms for remote consultations, follow-ups, and other healthcare needs, emphasizing convenience and accessibility.

AI Analysis | Feedback

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AI Analysis | Feedback

Marty Bonick, President & Chief Executive Officer

Marty Bonick has been President and CEO of Ardent Health Services since August 2020. He brings nearly 25 years of healthcare leadership experience across for-profit, non-profit, public, and private companies. Prior to joining Ardent, he was CEO of PhyMed Healthcare Group, a national provider of anesthesia and pain management services, where he was instrumental in driving substantial growth organically and through acquisitions. He also held the role of Division President at Community Health Systems, where he led operations for 36 hospitals. Bonick began his career in healthcare at Hillcrest HealthCare System, which was acquired by Ardent during his time there.

Alfred Lumsdaine, Chief Financial Officer

Alfred Lumsdaine has served as Ardent's Chief Financial Officer since 2021, bringing more than 30 years of healthcare finance experience. Previously, he was Executive Vice President and CFO of Quorum Health Corporation from 2018 to 2021, where he oversaw financial operations for 22 acute care hospitals and led a significant financial restructuring. Before Quorum Health, he was President of Population Health for Sharecare and spent five years as CFO for Tivity Health (formerly Healthways) prior to its acquisition by Sharecare. He started his career at Ernst & Young in external audit, focusing on healthcare.

Dave Caspers, Chief Operating Officer

Dave Caspers was appointed Chief Operating Officer in March 2025. In this role, he is responsible for overseeing operations across Ardent Health, executing strategic growth initiatives, and driving operational excellence. Before joining Ardent, Caspers served as vice president of omnichannel operations at Walmart Health.

FJ Campbell, MD, Chief Medical Officer

Dr. FJ Campbell has been with Ardent since 2017. Prior to his time at Ardent, he served as the vice president of chief medical services at Community Health Systems (CHS) from 2014 to 2017. He also held the position of chief medical officer for CareSpot Express Healthcare. Dr. Campbell is a board-certified emergency medicine physician.

Steve Petrovich, Chief Legal Officer

Steve Petrovich has been with Ardent since its formation in 2001, having previously served as general counsel for its predecessor, Behavioral Health Corporation. He also holds the title of Executive Vice President.

AI Analysis | Feedback

  • The company's significant reliance on its joint venture (JV) model poses a key risk. Any changes in these JV relationships could disrupt ongoing business, negatively affect cash flows, and distract management and other key personnel. Furthermore, the interests of JV partners may differ from those of Ardent Health, potentially limiting the company's ability to effectively operate the related JVs and maximize economic benefits, especially considering a significant portion of its revenue and net income is attributable to these JVs and variable interest entities (VIEs).

AI Analysis | Feedback

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AI Analysis | Feedback

Ardent Health’s serviceable addressable market for hospital, physician, and clinical services, specifically in markets that align with their strategic focus on mid-sized urban communities, approaches $800 billion. This market size is for the U.S. region. The total expenditures for hospital services and physician and clinical services in the United States collectively amounted to over $2.2 trillion in 2022.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Ardent Health (ARDT)

  • Expansion of ambulatory and physician footprint and virtual care access points: Ardent Health is accelerating its ambulatory and physician alignment initiatives to expand both physical and virtual consumer access points, a strategy expected to grow market share and drive performance. The company has already increased its ambulatory and physician footprint significantly, adding more than 95 ambulatory facilities and 850 providers between 2017 and 2023.

  • Expansion into new markets through acquisitions and strategic Joint Ventures (JVs): Growth through acquisitions and JV partnerships has enabled Ardent Health to enter new attractive markets, and the company believes it has significant opportunities to expand into new markets. The well-established JV model is a core differentiator that facilitates enhanced scale and provides unique opportunities to establish new markets and access points.

  • Increased market share capture in current markets: The company holds a leading position in a majority of its markets and believes it has significant opportunities to capture additional market share in these existing markets. Its consumer-centric approach and comprehensive healthcare ecosystem are designed to engage with patients over their lifetime and expand market presence.

  • Leveraging the strategic Joint Venture (JV) model: Ardent Health's differentiated JV model, where it is the majority owner and day-to-day operator in partnerships with premier academic medical centers and not-for-profit health systems, provides significant advantages such as expanded access points, clinical talent availability, local brand recognition, and scale, which accelerate market penetration. This model contributes a substantial portion of the company's revenue and net income.

  • Growth of value-based care initiatives: Ardent Health is focused on its value-based care initiatives, which are designed to deliver high-quality care that exceeds CMS benchmarks in a cost-effective manner for payors. Participation in multiple collaborative accountable care organizations (ACOs) through its provider network positions the company favorably in the evolving healthcare reimbursement landscape, potentially leading to increased patient volumes and optimized revenue streams.

AI Analysis | Feedback

Outbound Investments

  • Ardent Health pursues growth through acquisitions and joint venture (JV) partnerships to enter new attractive markets.
  • The company expanded its ambulatory and physician footprint by adding more than 95 ambulatory facilities and 850 providers between 2017 and 2023.

Capital Expenditures

  • Capital expenditures are primarily focused on accelerating ambulatory and physician alignment initiatives to expand both physical and virtual consumer access points.
  • Investments are also made to leverage an advanced technology platform, aiming to drive enhanced care coordination and system productivity.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
Mkt Price10.08406.59204.25155.573.5716.4085.98
Mkt Cap1.490.917.79.50.52.15.8
Rev LTM6,42976,38821,86817,76012,2913,34415,026
Op Inc LTM33911,9733,8332,0421,0144651,528
FCF LTM2187,9273,349883-200208551
FCF 3Y Avg1276,1022,172843-62185514
CFO LTM43512,9994,3661,9061262801,171
CFO 3Y Avg30810,9313,0511,7703102681,040

Growth & Margins

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
Rev Chg LTM6.7%6.7%6.5%10.4%-2.9%5.4%6.6%
Rev Chg 3Y Avg-7.9%4.1%9.4%0.2%8.7%7.9%
Rev Chg Q7.0%4.3%10.7%9.6%-6.1%4.5%5.7%
QoQ Delta Rev Chg LTM1.7%1.0%2.6%2.3%-1.6%1.1%1.4%
Op Inc Chg LTM-14.5%10.4%25.2%16.8%18.6%2.6%13.6%
Op Inc Chg 3Y Avg-8.9%18.0%25.1%15.8%9.7%15.8%
Op Mgn LTM5.3%15.7%17.5%11.5%8.2%13.9%12.7%
Op Mgn 3Y Avg5.5%15.1%15.0%10.4%7.5%14.5%12.4%
QoQ Delta Op Mgn LTM0.1%-0.2%1.4%0.0%-0.4%-0.3%-0.1%
CFO/Rev LTM6.8%17.0%20.0%10.7%1.0%8.4%9.6%
CFO/Rev 3Y Avg5.1%15.2%14.4%10.9%2.5%8.7%9.8%
FCF/Rev LTM3.4%10.4%15.3%5.0%-1.6%6.2%5.6%
FCF/Rev 3Y Avg2.1%8.5%10.2%5.2%-0.5%6.0%5.6%

Valuation

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
Mkt Cap1.490.917.79.50.52.15.8
P/S0.21.20.80.50.00.60.6
P/Op Inc4.27.64.64.70.54.54.6
P/EBIT4.27.54.44.40.35.44.4
P/E10.613.410.46.21.0-27.78.3
P/CFO3.37.04.15.03.87.54.5
Total Yield9.4%8.2%9.6%16.5%96.7%-3.6%9.5%
Dividend Yield0.0%0.8%0.0%0.5%0.0%0.0%0.0%
FCF Yield 3Y Avg-6.5%16.1%7.2%-12.7%8.0%7.2%
D/E1.60.50.70.522.41.91.2
Net D/E1.20.50.60.520.91.80.9

Returns

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
1M Rtn8.2%9.1%24.0%7.4%20.2%15.5%12.3%
3M Rtn7.2%-17.8%4.6%-13.8%13.3%27.0%5.9%
6M Rtn13.6%-13.6%1.5%-24.7%7.5%1.7%1.6%
12M Rtn-29.4%8.2%17.6%-15.1%-0.3%-26.4%-7.7%
3Y Rtn-37.2%41.2%147.9%3.3%-21.2%-61.8%-9.0%
1M Excs Rtn4.6%6.1%20.2%3.6%21.8%14.9%10.5%
3M Excs Rtn-5.2%-30.7%-9.8%-28.1%2.3%15.7%-7.5%
6M Excs Rtn2.2%-22.8%-8.3%-34.6%0.1%-4.6%-6.5%
12M Excs Rtn-48.2%-12.8%-1.8%-35.4%-19.2%-47.7%-27.3%
3Y Excs Rtn-107.6%-30.9%83.3%-67.7%-88.1%-132.2%-77.9%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Other managed care2,8002,6002,3052,1362,054
Medicare2,4402,3342,1372,0841,944
Medicaid605613607589541
Self-pay and other360313268220232
Other revenue11910793100100
Total6,3245,9665,4095,1304,870


Price Behavior

Price Behavior
Market Price$10.08 
Market Cap ($ Bil)1.4 
First Trading Date07/18/2024 
Distance from 52W High-33.7% 
   50 Days200 Days
DMA Price$9.69$10.16
DMA Trenddownup
Distance from DMA4.0%-0.8%
 3M1YR
Volatility57.7%56.4%
Downside Capture65.35151.99
Upside Capture65.6175.98
Correlation (SPY)15.3%27.8%
ARDT Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.780.420.871.041.25-0.30
Up Beta0.70-0.040.740.891.000.35
Down Beta0.431.000.810.621.900.47
Up Capture150%33%102%132%69%14%
Bmk +ve Days11244067140429
Stock +ve Days12233763129243
Down Capture62%40%98%121%131%90%
Bmk -ve Days10172358112321
Stock -ve Days9182560119236

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ARDT
ARDT-27.3%56.4%-0.32-
Sector ETF (XLV)20.3%15.7%0.9824.8%
Equity (SPY)22.1%12.5%1.3127.9%
Gold (GLD)23.5%27.8%0.757.1%
Commodities (DBC)23.6%18.7%0.99-10.8%
Real Estate (VNQ)13.4%13.9%0.6725.4%
Bitcoin (BTCUSD)-43.4%42.8%-1.2116.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ARDT
ARDT-8.7%53.2%-0.23-
Sector ETF (XLV)6.5%14.9%0.2530.2%
Equity (SPY)13.4%17.1%0.6125.4%
Gold (GLD)17.8%18.3%0.795.0%
Commodities (DBC)7.3%19.5%0.27-3.1%
Real Estate (VNQ)2.9%18.9%0.0528.4%
Bitcoin (BTCUSD)13.5%53.4%0.449.1%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ARDT
ARDT-4.5%53.2%-0.23-
Sector ETF (XLV)10.3%16.6%0.5130.2%
Equity (SPY)15.6%17.9%0.7525.4%
Gold (GLD)11.6%16.1%0.595.0%
Commodities (DBC)6.0%18.0%0.26-3.1%
Real Estate (VNQ)5.1%20.7%0.2128.4%
Bitcoin (BTCUSD)58.3%66.2%0.989.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity3.6 Mil
Short Interest: % Change Since 531202620.1%
Average Daily Volume0.8 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity141.3 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Updated 6/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-7.5%-0.6%-15.1%
3/4/2026-2.1%-6.4%-10.2%
11/12/2025-33.8%-38.6%-36.7%
8/5/20256.1%17.1%20.8%
5/6/20259.2%11.6%13.4%
2/26/20258.2%9.4%-6.1%
11/6/20247.8%4.5%2.3%
8/14/20246.1%5.7%13.4%
SUMMARY STATS   
# Positive554
# Negative334
Median Positive7.8%9.4%13.4%
Median Negative-7.5%-6.4%-12.6%
Max Positive9.2%17.1%20.8%
Max Negative-33.8%-38.6%-36.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-7.5%-0.6%-15.1%
3/4/2026-2.1%-6.4%-10.2%
11/12/2025-33.8%-38.6%-36.7%
8/5/20256.1%17.1%20.8%
5/6/20259.2%11.6%13.4%
2/26/20258.2%9.4%-6.1%
11/6/20247.8%4.5%2.3%
8/14/20246.1%5.7%13.4%
SUMMARY STATS   
# Positive554
# Negative334
Median Positive7.8%9.4%13.4%
Median Negative-7.5%-6.4%-12.6%
Max Positive9.2%17.1%20.8%
Max Negative-33.8%-38.6%-36.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202503/16/202610-K
09/30/202511/14/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/14/202410-Q
03/31/202407/18/2024424B4
12/31/201803/06/2019S-1/A
09/30/201812/21/2018S-1/A
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202503/16/202610-K
09/30/202511/14/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/27/202510-K
09/30/202411/07/202410-Q
06/30/202408/14/202410-Q
03/31/202407/18/2024424B4
12/31/201803/06/2019S-1/A
09/30/201812/21/2018S-1/A

Recent Forward Guidance

Updated 7/9/2026

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Total Revenue6.40 Bil6.55 Bil6.70 Bil0 AffirmedGuidance: 6.55 Bil for 2026
2026 Net income attributable to Ardent Health, Inc.129.00 Mil156.00 Mil183.00 Mil0 AffirmedGuidance: 156.00 Mil for 2026
2026 Adjusted EBITDA485.00 Mil510.00 Mil535.00 Mil0 AffirmedGuidance: 510.00 Mil for 2026
2026 Diluted earnings per share0.91.081.270 AffirmedGuidance: 1.08 for 2026
2026 Adjusted admissions growth1.5%2.0%2.5% 0AffirmedGuidance: 2.0% for 2026
2026 Capital expenditures225.00 Mil245.00 Mil265.00 Mil0 AffirmedGuidance: 245.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 3/4/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Total Revenue6.40 Bil6.55 Bil6.70 Bil3.6% Higher NewGuidance: 6.33 Bil for 2025
2026 Net Income129.00 Mil156.00 Mil183.00 Mil16.9% Higher NewGuidance: 133.50 Mil for 2025
2026 Adjusted EBITDA485.00 Mil510.00 Mil535.00 Mil-6.0% Lower NewGuidance: 542.50 Mil for 2025
2026 Diluted earnings per share0.91.081.2715.4% Higher NewGuidance: 0.94 for 2025
2026 Adjusted admissions growth1.5%2.0%2.5% -0.5%Lower NewGuidance: 2.5% for 2025
2026 Capital expenditures225.00 Mil245.00 Mil265.00 Mil8.9% Higher NewGuidance: 225.00 Mil for 2025

Q3 2025 Earnings Reported 11/12/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Total Revenue6.20 Bil6.33 Bil6.45 Bil0 AffirmedGuidance: 6.33 Bil for 2025
2025 Net income attributable to Ardent Health, Inc.121.00 Mil133.50 Mil146.00 Mil-49.6% LoweredGuidance: 265.00 Mil for 2025
2025 Adjusted EBITDA530.00 Mil542.50 Mil555.00 Mil-8.8% LoweredGuidance: 595.00 Mil for 2025
2025 Diluted earnings per share0.850.941.03-49.7% LoweredGuidance: 1.87 for 2025
2025 Adjusted admissions growth2.0%2.5%3.0% 0AffirmedGuidance: 2.5% for 2025
2025 Net patient service revenue per adjusted admission growth2.1%3.25%4.4% 0AffirmedGuidance: 3.25% for 2025
2025 Capital expenditures215.00 Mil225.00 Mil235.00 Mil0 AffirmedGuidance: 225.00 Mil for 2025

Insider Activity

Updated 6/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Demichiei, Robert DirectBuy60820268.7311,26098,300310,474Form
2Lumsdaine, AlfredChief Financial OfficerDirectBuy60820268.8110,00088,1002,900,102Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Demichiei, Robert DirectBuy60820268.7311,26098,300310,474Form
2Lumsdaine, AlfredChief Financial OfficerDirectBuy60820268.8110,00088,1002,900,102Form

Investor Activity (13F)

Updated Jul 11, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Chai Trust Co LLC$661.2 Mil56.0%12Hold13F
Goldentree Asset Management LP$19.7 Mil1.2%29Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Chai Trust Co LLC$661.2 Mil56.0%12Hold13F
Goldentree Asset Management LP$19.7 Mil1.2%29Hold13F
Core Cache Last Updated: 7/10/2026