Ardent Health (ARDT)


Market Price (11/6/2026): $16.3 | Market Cap: $2.3 BilSector: Health Care | Industry: Health Care Facilities

Ardent Health (ARDT)


Market Price (11/6/2026): $16.3
Market Cap: $2.3 Bil
Sector: Health Care
Industry: Health Care Facilities

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

0

Attractive yield
FCF Yield is 17%

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 -60%, 3Y Excs Rtn is -101%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 84%

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.4%

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

0 Attractive yield
FCF Yield is 17%
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 -60%, 3Y Excs Rtn is -101%
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 84%
4 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.4%
5 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%
AVUV0.03%
IWN0.02%
VTWO0.01%
SCHA0.01%
DFAS0.00%
SCHB0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Ardent Health (ARDT) stock has gained about 50% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Earnings Beat and Significant Turnaround to Profitability.

Ardent Health reported diluted earnings per share (EPS) of $0.31 for its fiscal Q3 2026 (ended September 30, 2026), substantially exceeding analyst consensus estimates of $0.23-$0.25. This marked a significant turnaround from a net loss of $0.17 per share in the prior-year period. Net income attributable to Ardent Health reached $45 million in fiscal Q3 2026, compared to a $23 million loss in fiscal Q3 2025. The company also posted Adjusted EBITDA of $138 million, a considerable increase from $45.252 million in fiscal Q3 2025. Revenue for the quarter was $1.625 billion, surpassing the consensus estimate of $1.60 billion and representing a 3.1% year-over-year growth.

2. Raised Full-Year Fiscal 2026 Financial Guidance.

Following the strong fiscal Q3 2026 performance, Ardent Health increased its full-year fiscal 2026 Adjusted EBITDA guidance to a range of $500–$535 million, up from its previous guidance of $485–$535 million. The company also raised its full-year net income guidance to $132 million–$167 million and diluted EPS guidance to $0.93–$1.18. Revenue guidance for the full year remained affirmed at $6.4 billion–$6.7 billion. This upward revision in profitability outlook signaled management's confidence in continued financial improvement.

Show more
Updated on 11/5/2026

Ardent Health (ARDT) stock has gained about 50% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Earnings Beat and Significant Turnaround to Profitability.

Ardent Health reported diluted earnings per share (EPS) of $0.31 for its fiscal Q3 2026 (ended September 30, 2026), substantially exceeding analyst consensus estimates of $0.23-$0.25. This marked a significant turnaround from a net loss of $0.17 per share in the prior-year period. Net income attributable to Ardent Health reached $45 million in fiscal Q3 2026, compared to a $23 million loss in fiscal Q3 2025. The company also posted Adjusted EBITDA of $138 million, a considerable increase from $45.252 million in fiscal Q3 2025. Revenue for the quarter was $1.625 billion, surpassing the consensus estimate of $1.60 billion and representing a 3.1% year-over-year growth.

2. Raised Full-Year Fiscal 2026 Financial Guidance.

Following the strong fiscal Q3 2026 performance, Ardent Health increased its full-year fiscal 2026 Adjusted EBITDA guidance to a range of $500–$535 million, up from its previous guidance of $485–$535 million. The company also raised its full-year net income guidance to $132 million–$167 million and diluted EPS guidance to $0.93–$1.18. Revenue guidance for the full year remained affirmed at $6.4 billion–$6.7 billion. This upward revision in profitability outlook signaled management's confidence in continued financial improvement.

3. Successful "IMPACT" Initiatives and Improved Operational Efficiency.

The company's enhanced financial performance was significantly driven by disciplined execution and the success of its "IMPACT" efficiency program. Ardent Health reported a 4% reduction in salaries, wages, and benefits (SWB) expense in fiscal Q3 2026, and its IMPACT initiatives remained on track to deliver at least $70 million in savings for the full fiscal year 2026. These cost control measures directly contributed to the substantial increase in Adjusted EBITDA and overall profitability.

4. Accelerated Growth in Patient Volumes.

Ardent Health demonstrated improving operational trends with a notable acceleration in adjusted admissions. For fiscal Q3 2026, adjusted admissions increased by 2.9% year-over-year, an improvement from the 2.5% year-over-year increase observed in fiscal Q2 2026. Total admissions also increased by 0.1% year-over-year in fiscal Q3 2026, reversing a 1.0% decline in the prior quarter. This growth in patient volumes indicates robust demand for the company's healthcare services, contributing positively to revenue generation.

5. Positive Analyst Sentiment and Price Target Upgrades.

Several financial analysts reacted positively to Ardent Health's performance, leading to upgrades in ratings and price targets during the period. For instance, Truist Financial lifted its price target from $12.00 to $13.00 with a "buy" rating in August, and Guggenheim raised its price target from $13 to $14 while maintaining a "Buy" rating in the same month. RBC Capital also increased its price target from $12 to $13 with an "Outperform" rating in August. Zacks Research upgraded the stock from a "strong sell" to a "hold" rating in September, reflecting a more favorable outlook from the investment community.

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Stock Movement Drivers

Fundamental Drivers

The 49.0% change in ARDT stock from 7/31/2026 to 11/5/2026 was primarily driven by a 156.6% change in the company's P/E Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)10.6715.9049.0%
Change Contribution By: 
Total Revenues ($ Mil)6,4296,406-0.4%
Net Income Margin (%)2.1%1.2%-41.5%
P/E Multiple11.228.8156.6%
Shares Outstanding (Mil)141142-0.3%
Cumulative Contribution49.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
ARDT49.0% 
Market (SPY)-1.9%-34.5%
Sector (XLV)13.8%6.7%

Fundamental Drivers

The 62.9% change in ARDT stock from 4/30/2026 to 11/5/2026 was primarily driven by a 183.5% change in the company's P/E Multiple.
(LTM values as of)430202611052026Change
Stock Price ($)9.7615.9062.9%
Change Contribution By: 
Total Revenues ($ Mil)6,3246,4061.3%
Net Income Margin (%)2.1%1.2%-43.1%
P/E Multiple10.228.8183.5%
Shares Outstanding (Mil)141142-0.2%
Cumulative Contribution62.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
ARDT62.9% 
Market (SPY)2.3%-14.5%
Sector (XLV)27.2%22.8%

Fundamental Drivers

The 9.2% change in ARDT stock from 10/31/2025 to 11/5/2026 was primarily driven by a 259.1% change in the company's P/E Multiple.
(LTM values as of)1031202511052026Change
Stock Price ($)14.5615.909.2%
Change Contribution By: 
Total Revenues ($ Mil)6,1996,4063.3%
Net Income Margin (%)4.1%1.2%-70.3%
P/E Multiple8.028.8259.1%
Shares Outstanding (Mil)140142-0.9%
Cumulative Contribution9.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
ARDT9.2% 
Market (SPY)8.4%10.9%
Sector (XLV)29.8%24.1%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
ARDT  
Market (SPY)81.3%18.5%
Sector (XLV)55.5%28.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ARDT Return---6%-48%80%-1%
Peers Return64%-30%13%12%23%14%101%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
ARDT Win Rate---50%42%64% 
Peers Win Rate65%45%55%55%57%53% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
ARDT Max Drawdown-----52%-24% 
Peers Max Drawdown-29%-58%-42%-35%-29%-37% 
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 11/5/2026 (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.

Better Bets vs. Ardent Health (ARDT)

Peer Outperformance in Health Care Facilities

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Share of Health Care Facilities constituents that ARDT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
40%
of 30 industry peers · 8.4% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
null
Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Facilities is ARDT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 7.6%56.6%93.6% CAH 498% · MCK 396% · COR 181%
Health Care Services 20 33.8%28.8%6.1% HIMS 189% · RDNT 125% · DGX 100%
Health Care Facilities ← 25 13.9%27.4%-1.4% THC 280% · NHC 210% · EHC 186%
Managed Health Care 8 47.9%1.6%-2.2% OSCR 95% · HQY 52% · ELV 10%
Health Care Equipment 50 11.0%17.8%-17.6% UFPT 355% · GKOS 286% · PLSE 127%
Pharmaceuticals 61 -12.9%10.6%-37.3% LQDA 977% · XERS 571% · KNSA 500%
Health Care Supplies 11 23.9%17.0%-40.1% LNTH 248% · HAE 66% · MMSI 29%
Life Sciences Tools & Services 108 -8.1%-18.9%-74.5% AXGN 255% · NTRA 214% · MEDP 181%
Biotechnology 364 -25.8%-36.1%-82.0% ELVN 1073% · TRVI 995% · DNTH 956%
Health Care Technology 21 -21.4%-50.4%-82.8% VEEV -3% · DOCS -51%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
Mkt Price16.30510.55283.30197.002.2823.19110.09
Mkt Cap2.3109.622.711.80.33.07.4
Rev LTM6,40678,70123,62618,11411,6533,36614,884
Op Inc LTM25812,0525,3212,0588544601,456
FCF LTM3055,9733,328811-122188558
FCF 3Y Avg1776,6502,4088495189519
CFO LTM51411,1694,2381,8002112581,157
CFO 3Y Avg35911,5453,3061,7973532711,078

Growth & Margins

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
Rev Chg LTM3.3%5.8%13.3%10.0%-7.8%4.0%4.9%
Rev Chg 3Y Avg13.6%7.6%5.6%9.5%-2.1%8.2%7.9%
Rev Chg Q-1.4%3.6%18.7%8.3%-10.7%2.7%3.2%
QoQ Delta Rev Chg LTM-0.4%0.9%4.4%2.0%-2.8%0.7%0.8%
Op Inc Chg LTM-40.3%3.6%59.0%13.6%-21.1%-0.8%1.4%
Op Inc Chg 3Y Avg9.7%9.3%32.8%23.6%2.1%7.8%9.5%
Op Mgn LTM4.0%15.3%22.5%11.4%7.3%13.7%12.5%
Op Mgn 3Y Avg5.3%15.3%17.4%10.7%7.4%14.4%12.5%
QoQ Delta Op Mgn LTM-1.3%-0.2%3.0%-0.1%-0.7%-0.2%-0.2%
CFO/Rev LTM8.0%14.2%17.9%9.9%1.8%7.7%9.0%
CFO/Rev 3Y Avg5.8%15.6%15.0%10.9%2.8%8.6%9.8%
FCF/Rev LTM4.8%7.6%14.1%4.5%-1.0%5.6%5.2%
FCF/Rev 3Y Avg2.9%9.0%10.9%5.2%0.0%6.0%5.6%

Valuation

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
Mkt Cap2.3109.622.711.80.33.07.4
P/S0.41.41.00.60.00.90.8
P/Op Inc9.09.14.35.70.46.56.1
P/EBIT8.99.04.15.40.27.86.6
P/E29.516.27.87.78.6-33.78.2
P/CFO4.59.85.46.51.511.65.9
Total Yield3.5%6.8%12.6%13.3%11.6%-3.0%9.2%
Dividend Yield0.0%0.6%0.0%0.4%0.0%0.0%0.0%
FCF Yield 3Y Avg10.4%6.8%13.2%7.9%0.3%7.2%7.5%
D/E1.00.50.60.433.01.40.8
Net D/E0.70.50.50.432.51.30.6

Returns

ARDTHCATHCUHSCYHSGRYMedian
NameArdent H.HCA Heal.Tenet He.Universa.Communit.Surgery . 
1M Rtn52.6%18.1%9.6%11.2%-16.8%72.9%14.7%
3M Rtn40.6%25.1%10.4%16.2%-22.7%55.4%20.7%
6M Rtn64.6%19.5%45.9%15.8%-21.4%62.1%32.7%
12M Rtn11.1%8.6%35.8%-13.2%-41.4%5.6%7.1%
3Y Rtn1.5%126.1%418.8%53.9%-8.1%-6.5%27.7%
1M Excs Rtn51.3%17.7%10.5%14.3%-14.7%70.6%16.0%
3M Excs Rtn42.0%24.6%9.0%14.5%-23.1%50.2%19.6%
6M Excs Rtn59.7%14.6%41.2%11.0%-26.2%57.3%27.9%
12M Excs Rtn-1.9%-4.6%23.0%-25.2%-53.2%-8.1%-6.4%
3Y Excs Rtn-83.9%47.2%345.1%-24.1%-76.8%-83.1%-50.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Other managed care2,8002,6002,305
Medicare2,4402,3342,137
Medicaid605613607
Self-pay and other360313268
Other revenue11910793
Total6,3245,9665,409


Price Behavior

Price Behavior
Market Price$15.90 
Market Cap ($ Bil)2.3 
First Trading Date07/18/2024 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$11.32$10.07
DMA Trendupup
Distance from DMA40.5%57.8%
 3M1YR
Volatility58.1%59.5%
Downside Capture18.55137.64
Upside Capture92.51103.64
Correlation (S&P 500)17.1%24.5%
ARDT Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.170.300.210.271.040.00
Up Beta-0.60-0.21-0.00-0.410.290.07
Down Beta1.801.090.961.341.98-0.36
Up Capture92%52%35%27%78%16%
Bmk +ve Days12182862130427
Stock +ve Days14243264124285
Down Capture-154%-37%-36%-15%115%88%
Bmk -ve Days10253664121325
Stock -ve Days8193159121277

[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
ARDT9.2%59.5%0.39-
Sector ETF (XLV)29.2%16.9%1.3324.1%
Equity (SPY)9.5%13.6%0.4110.8%
Gold (GLD)3.6%28.7%0.1110.4%
Commodities (DBC)37.7%21.2%1.40-15.9%
Real Estate (VNQ)12.0%14.2%0.5525.7%
Bitcoin (BTCUSD)-20.8%43.3%-0.4213.8%

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-0.0%53.4%0.20-
Sector ETF (XLV)8.6%15.4%0.3628.0%
Equity (SPY)11.3%17.3%0.4818.5%
Gold (GLD)17.5%19.1%0.745.7%
Commodities (DBC)8.0%19.6%0.29-6.8%
Real Estate (VNQ)1.2%18.9%-0.0526.7%
Bitcoin (BTCUSD)5.9%51.5%0.298.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ARDT
ARDT-0.0%53.4%0.20-
Sector ETF (XLV)12.2%16.8%0.6028.0%
Equity (SPY)14.9%18.0%0.7018.5%
Gold (GLD)12.0%16.5%0.595.7%
Commodities (DBC)7.6%18.1%0.33-6.8%
Real Estate (VNQ)5.7%20.7%0.2326.7%
Bitcoin (BTCUSD)61.3%66.2%1.018.5%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity3.8 Mil
Short Interest: % Change Since 9302026-19.0%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest6.8 days
Basic Shares Quantity141.7 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Updated 11/6/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/202622.4%  
8/4/20263.8%2.0%1.5%
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%
...
SUMMARY STATS   
# Positive765
# Negative334
Median Positive7.8%7.5%13.4%
Median Negative-7.5%-6.4%-12.6%
Max Positive22.4%17.1%20.8%
Max Negative-33.8%-38.6%-36.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/202622.4%  
8/4/20263.8%2.0%1.5%
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   
# Positive765
# Negative334
Median Positive7.8%7.5%13.4%
Median Negative-7.5%-6.4%-12.6%
Max Positive22.4%17.1%20.8%
Max Negative-33.8%-38.6%-36.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
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
06/30/202608/10/202610-Q
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 11/5/2026

Latest: Q3 2026 Earnings Reported 11/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Rent expense payable to REITsReported 168.00 Mil    
2026 Adjusted admissions growthReported1.5%2.0%2.5% 0.0%AffirmedGuidance: 2.0% for 2026
2026 IMPACT Program SavingsReported70.00 Mil70.00 Mil 0.0% AffirmedGuidance: 70.00 Mil for 2026
2026 Total revenueReported6.40 Bil6.55 Bil6.70 Bil0.0% AffirmedGuidance: 6.55 Bil for 2026
2026 Adjusted EBITDAReported500.00 Mil517.50 Mil535.00 Mil1.5% RaisedGuidance: 510.00 Mil for 2026
2026 Net income attributable to Ardent Health, Inc.Reported132.00 Mil149.50 Mil167.00 Mil9.5% RaisedGuidance: 136.50 Mil for 2026
2026 Net incomeReported209.00 Mil231.50 Mil254.00 Mil   
2026 Diluted earnings per shareReported0.931.061.189.3% RaisedGuidance: 0.97 for 2026
2026 Capital expendituresReported210.00 Mil230.00 Mil250.00 Mil-6.1% LoweredGuidance: 245.00 Mil for 2026


Prior: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted admissions growthReported1.5%2.0%2.5% 0AffirmedGuidance: 2.0% for 2026
2026 IMPACT program savingsReported 70.00 Mil    
2026 Total RevenueReported6.40 Bil6.55 Bil6.70 Bil0 AffirmedGuidance: 6.55 Bil for 2026
2026 Adjusted EBITDAReported485.00 Mil510.00 Mil535.00 Mil0 AffirmedGuidance: 510.00 Mil for 2026
2026 Net Income Attributable to Ardent Health, Inc.Reported110.00 Mil136.50 Mil163.00 Mil-12.5% LoweredGuidance: 156.00 Mil for 2026
2026 Diluted earnings per shareReported0.780.971.15-11.1% LoweredGuidance: 1.09 for 2026
2026 Capital expendituresReported225.00 Mil245.00 Mil265.00 Mil0 AffirmedGuidance: 245.00 Mil for 2026

Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted admissions growthReported1.5%2.0%2.5% 0AffirmedGuidance: 2.0% for 2026
2026 Total RevenueReported6.40 Bil6.55 Bil6.70 Bil0 AffirmedGuidance: 6.55 Bil for 2026
2026 Adjusted EBITDAReported485.00 Mil510.00 Mil535.00 Mil0 AffirmedGuidance: 510.00 Mil for 2026
2026 Net income attributable to Ardent Health, Inc.Reported129.00 Mil156.00 Mil183.00 Mil0 AffirmedGuidance: 156.00 Mil for 2026
2026 Diluted earnings per shareReported0.91.091.270 AffirmedGuidance: 1.09 for 2026
2026 Capital expendituresReported225.00 Mil245.00 Mil265.00 Mil0 AffirmedGuidance: 245.00 Mil for 2026

Q4 2025 Earnings Reported 3/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted admissions growthReported1.5%2.0%2.5% -0.5%Lower NewGuidance: 2.5% for 2025
2026 Total RevenueReported6.40 Bil6.55 Bil6.70 Bil3.6% Higher NewGuidance: 6.33 Bil for 2025
2026 Adjusted EBITDAReported485.00 Mil510.00 Mil535.00 Mil-6.0% Lower NewGuidance: 542.50 Mil for 2025
2026 Net IncomeReported129.00 Mil156.00 Mil183.00 Mil16.9% Higher NewGuidance: 133.50 Mil for 2025
2026 Diluted earnings per shareReported0.91.091.2715.4% Higher NewGuidance: 0.94 for 2025
2026 Capital expendituresReported225.00 Mil245.00 Mil265.00 Mil8.9% Higher NewGuidance: 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 Nov 6, 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, community-bank and charitable/donor-advised 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: 11/5/2026