Tenet Healthcare (THC)
Market Price (10/29/2026): $254.8 | Market Cap: $20.5 BilSector: Health Care | Industry: Health Care Facilities
Tenet Healthcare (THC)
Market Price (10/29/2026): $254.8Market Cap: $20.5 BilSector: Health CareIndustry: Health Care Facilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 13% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 4.0 Bil, FCF LTM is 3.0 Bil Stock buyback supportStock Buyback 3Y Total is 3.5 Bil Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Health Data Analytics, Show more. | Trading close to highsDist 52W High is -4.4%, Dist 3Y High is -4.4% | Short seller reportFuzzy Panda Research report on 6/11/2025. Key risksTHC key risks include [1] significant labor cost pressures from its 21% unionized hospital workforce, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.9%, FCF Yield is 13% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 4.0 Bil, FCF LTM is 3.0 Bil |
| Stock buyback supportStock Buyback 3Y Total is 3.5 Bil |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Telehealth Platforms, Health Data Analytics, Show more. |
| Trading close to highsDist 52W High is -4.4%, Dist 3Y High is -4.4% |
| Short seller reportFuzzy Panda Research report on 6/11/2025. |
| Key risksTHC key risks include [1] significant labor cost pressures from its 21% unionized hospital workforce, Show more. |
Qualitative Assessment
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Tenet Healthcare (THC) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Tenet Healthcare reported a significant beat in its fiscal Q2 2026 earnings and subsequently raised its full-year guidance. The company's adjusted earnings per share (EPS) of $6.12 for fiscal Q2 2026 substantially exceeded the consensus estimate of $4.26 by 43.6%. Revenue for the quarter reached $6.04 billion, surpassing analysts' expectations of $5.43 billion and marking a 6.8% increase year-over-year. Following these strong results, Tenet raised its fiscal year 2026 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance to between $4.8 billion and $5 billion, up from the previous range of $4.5 billion to $4.8 billion.
2. The company's Ambulatory Care segment, United Surgical Partners International (USPI), demonstrated robust performance and continued growth. This segment is a key driver for Tenet, with its surgical business reporting a 7.2% increase in same-facility system-wide net patient service revenues in fiscal Q2 2026, driven by a 1.6% rise in cases and a 5.5% increase in net revenue per case, attributed to higher acuity and a favorable payer mix. Expectations for fiscal Q3 2026 further highlight this strength, with Ambulatory Care revenues projected to grow by 8.4% and the segment's adjusted EBITDA anticipated to increase by 9.3%.
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Tenet Healthcare (THC) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Tenet Healthcare reported a significant beat in its fiscal Q2 2026 earnings and subsequently raised its full-year guidance. The company's adjusted earnings per share (EPS) of $6.12 for fiscal Q2 2026 substantially exceeded the consensus estimate of $4.26 by 43.6%. Revenue for the quarter reached $6.04 billion, surpassing analysts' expectations of $5.43 billion and marking a 6.8% increase year-over-year. Following these strong results, Tenet raised its fiscal year 2026 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance to between $4.8 billion and $5 billion, up from the previous range of $4.5 billion to $4.8 billion.
2. The company's Ambulatory Care segment, United Surgical Partners International (USPI), demonstrated robust performance and continued growth. This segment is a key driver for Tenet, with its surgical business reporting a 7.2% increase in same-facility system-wide net patient service revenues in fiscal Q2 2026, driven by a 1.6% rise in cases and a 5.5% increase in net revenue per case, attributed to higher acuity and a favorable payer mix. Expectations for fiscal Q3 2026 further highlight this strength, with Ambulatory Care revenues projected to grow by 8.4% and the segment's adjusted EBITDA anticipated to increase by 9.3%.
3. Positive analyst sentiment and multiple price target upgrades contributed to investor confidence. Wall Street analysts maintained a "Moderate Buy" consensus rating for Tenet Healthcare, with 18 analysts recommending "Buy" and three "Hold" as of October 22, 2026. The average price target across analysts was $278.45. Several firms raised their price objectives, including Guggenheim, which boosted its target from $283.00 to $307.00 in October 2026, and Leerink Partners, which set a $309.00 price target in September 2026. Morgan Stanley also increased its price objective from $254.00 to $274.00 in July 2026.
4. Tenet effectively navigated and mitigated industry-wide challenges, particularly those stemming from Affordable Care Act (ACA) exchanges. Despite facing "turmoil on the Affordable Care Act exchanges" that impacted other healthcare providers, Tenet Healthcare was able to raise its fiscal year 2026 outlook. Although declining admissions from ACA patients led to a $65 million reduction in revenue in fiscal Q2 2026, the company's strategic growth initiatives and disciplined cost management helped offset these headwinds, bolstering its overall financial performance.
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Stock Movement Drivers
Fundamental Drivers
The 43.5% change in THC stock from 6/30/2026 to 10/28/2026 was primarily driven by a 27.1% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 187.08 | 268.50 | 43.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,868 | 22,638 | 3.5% |
| Net Income Margin (%) | 7.8% | 9.9% | 27.1% |
| P/E Multiple | 9.5 | 10.0 | 4.9% |
| Shares Outstanding (Mil) | 87 | 84 | 3.9% |
| Cumulative Contribution | 43.5% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| THC | 43.5% | |
| Market (SPY) | 3.4% | 5.3% |
| Sector (XLV) | 13.3% | 40.9% |
Fundamental Drivers
The 42.3% change in THC stock from 3/31/2026 to 10/28/2026 was primarily driven by a 49.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 188.71 | 268.50 | 42.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,310 | 22,638 | 6.2% |
| Net Income Margin (%) | 6.6% | 9.9% | 49.9% |
| P/E Multiple | 11.7 | 10.0 | -14.5% |
| Shares Outstanding (Mil) | 87 | 84 | 4.5% |
| Cumulative Contribution | 42.3% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| THC | 42.3% | |
| Market (SPY) | 19.1% | 8.7% |
| Sector (XLV) | 23.1% | 35.3% |
Fundamental Drivers
The 32.2% change in THC stock from 9/30/2025 to 10/28/2026 was primarily driven by a 38.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 203.04 | 268.50 | 32.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,693 | 22,638 | 9.4% |
| Net Income Margin (%) | 7.2% | 9.9% | 38.0% |
| P/E Multiple | 12.5 | 10.0 | -19.7% |
| Shares Outstanding (Mil) | 91 | 84 | 9.1% |
| Cumulative Contribution | 32.2% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| THC | 32.2% | |
| Market (SPY) | 16.9% | 14.6% |
| Sector (XLV) | 30.8% | 29.5% |
Fundamental Drivers
The 307.5% change in THC stock from 9/30/2023 to 10/28/2026 was primarily driven by a 294.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.89 | 268.50 | 307.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,894 | 22,638 | 13.8% |
| Net Income Margin (%) | 2.5% | 9.9% | 294.7% |
| P/E Multiple | 13.4 | 10.0 | -25.5% |
| Shares Outstanding (Mil) | 102 | 84 | 21.8% |
| Cumulative Contribution | 307.5% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| THC | 307.5% | |
| Market (SPY) | 86.9% | 30.6% |
| Sector (XLV) | 46.2% | 33.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| THC Return | 105% | -40% | 55% | 67% | 57% | 32% | 556% |
| Peers Return | 26% | 8% | 12% | -1% | 20% | 49% | 169% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| THC Win Rate | 92% | 33% | 67% | 67% | 75% | 50% | |
| Peers Win Rate | 62% | 52% | 58% | 46% | 56% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| THC Max Drawdown | -20% | -59% | -37% | -26% | -24% | -34% | |
| Peers Max Drawdown | -18% | -41% | -30% | -39% | -35% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACHC, INNV, STLN, HCA, THC. See THC Returns vs. Peers.
[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 10/28/2026 (YTD)
How Low Can It Go
| Event | THC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.6% | -18.8% |
| % Gain to Breakeven | 22.9% | 23.1% |
| Time to Breakeven | 8 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.8% | -9.5% |
| % Gain to Breakeven | 46.6% | 10.5% |
| Time to Breakeven | 60 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.3% | -6.7% |
| % Gain to Breakeven | 16.6% | 7.1% |
| Time to Breakeven | 23 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.1% | -24.5% |
| % Gain to Breakeven | 113.2% | 32.4% |
| Time to Breakeven | 251 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.0% | -33.7% |
| % Gain to Breakeven | 202.8% | 50.9% |
| Time to Breakeven | 237 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.2% | -19.2% |
| % Gain to Breakeven | 67.2% | 23.8% |
| Time to Breakeven | 65 days | 105 days |
In The Past
Tenet Healthcare's stock fell -18.6% during the 2025 US Tariff Shock. Such a loss loss requires a 22.9% gain to breakeven.
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Asset Allocation
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| Event | THC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.8% | -9.5% |
| % Gain to Breakeven | 46.6% | 10.5% |
| Time to Breakeven | 60 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.1% | -24.5% |
| % Gain to Breakeven | 113.2% | 32.4% |
| Time to Breakeven | 251 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.0% | -33.7% |
| % Gain to Breakeven | 202.8% | 50.9% |
| Time to Breakeven | 237 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -40.2% | -19.2% |
| % Gain to Breakeven | 67.2% | 23.8% |
| Time to Breakeven | 65 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -35.7% | -3.7% |
| % Gain to Breakeven | 55.5% | 3.9% |
| Time to Breakeven | 75 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -56.8% | -12.2% |
| % Gain to Breakeven | 131.6% | 13.9% |
| Time to Breakeven | 1869 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -63.0% | -6.8% |
| % Gain to Breakeven | 170.3% | 7.3% |
| Time to Breakeven | 1937 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -42.7% | -17.9% |
| % Gain to Breakeven | 74.4% | 21.8% |
| Time to Breakeven | 357 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.5% | -15.4% |
| % Gain to Breakeven | 48.2% | 18.2% |
| Time to Breakeven | 161 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.5% | -53.4% |
| % Gain to Breakeven | 504.4% | 114.4% |
| Time to Breakeven | 186 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -50.4% | -8.6% |
| % Gain to Breakeven | 101.5% | 9.5% |
| Time to Breakeven | 227 days | 47 days |
In The Past
Tenet Healthcare's stock fell -18.6% during the 2025 US Tariff Shock. Such a loss loss requires a 22.9% 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 Tenet Healthcare (THC)
Tenet Healthcare Corporation (THC) is a diversified healthcare services provider primarily focused on delivering a broad spectrum of medical care across inpatient and outpatient settings. The company operates a significant network of hospitals offering comprehensive acute care services, alongside an extensive footprint of ambulatory care facilities dedicated to outpatient needs.
Within its Hospital Operations, Tenet provides a wide array of acute care services, ranging from general operating and recovery rooms, radiology, and critical care, to highly specialized procedures. These advanced services include cardiovascular surgery, neurosciences, obstetrics, heart and kidney transplants, limb-salvaging vascular procedures, and acute Level 1 trauma care. The Ambulatory Care segment complements these hospital services with surgical hospitals, ambulatory surgery centers, urgent care centers, imaging centers, off-campus emergency departments, and micro-hospitals, catering to various outpatient and immediate care requirements.
Beyond direct patient care, Tenet also operates the Conifer segment, which offers healthcare business process services. Conifer provides essential solutions such as hospital and physician revenue cycle management, patient communications and engagement support, and value-based care solutions. This allows Tenet to serve a dual customer base: individual patients seeking medical attention across its extensive facility network, and other healthcare organizations, health systems, physician practices, and employers utilizing its specialized business support services.
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Tenet Healthcare operates a nationwide network of hospitals and other healthcare facilities, and also provides business process services to the healthcare industry.
- HCA Healthcare for diversified facilities: Think of it as HCA Healthcare, but operating an even broader network that includes hospitals, hundreds of ambulatory surgery centers, urgent care clinics, and imaging centers.
- HCA Healthcare meets R1 RCM: Imagine a company that operates a large portfolio of patient care facilities, similar to HCA Healthcare, but also has a significant division providing essential back-office services like revenue cycle management for other healthcare organizations, akin to R1 RCM.
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- Hospital Acute Care Services: Comprehensive medical and surgical treatments provided in general hospitals, encompassing emergency care, specialized units, and various therapeutic services.
- Quaternary Care Services: Highly specialized and complex medical procedures such as organ transplants, advanced trauma care, and complex cardiovascular interventions.
- Ambulatory Surgery Centers: Facilities offering same-day surgical procedures that do not require an overnight hospital stay.
- Urgent Care Centers: Walk-in clinics providing immediate medical attention for illnesses and injuries that are not life-threatening.
- Diagnostic Imaging Services: Centers providing various imaging modalities like X-rays, CT scans, and MRIs for diagnostic purposes.
- Healthcare Business Process Services: Solutions for healthcare providers covering revenue cycle management, patient engagement, and value-based care optimization.
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Tenet Healthcare (THC) primarily sells its healthcare services directly to **individuals**, who are its patients. Based on the services described, its major customer categories are:
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Patients requiring hospital-based acute and specialized care: This category includes individuals seeking emergency services, critical care, complex surgical procedures (such as cardiothoracic surgery, complex spinal surgery, neurosurgery), and highly specialized treatments across various medical fields like cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics. It also encompasses patients requiring quaternary care services, including heart and kidney transplants, and level 1 trauma care.
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Patients utilizing ambulatory and outpatient services: This group comprises individuals who receive care at Tenet's extensive network of ambulatory surgery centers, urgent care centers, imaging centers, surgical hospitals, off-campus emergency departments, and micro-hospitals. Services include physical therapy, minimally invasive cardiac valve replacement, and other outpatient procedures and diagnostic services.
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Patients seeking general diagnostic and supportive care: This category covers individuals who utilize essential services within Tenet's facilities, such as clinical laboratories, pharmacies, radiology, and respiratory therapy services, for general medical needs, diagnostics, and ongoing support.
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Saum Sutaria, M.D., Chairman and Chief Executive Officer
Dr. Saum Sutaria was appointed Chief Executive Officer of Tenet Healthcare in September 2021 and assumed the additional role of Chairman in 2023. Prior to this, he served as President and Chief Operating Officer, a position he took in January 2019. Before joining Tenet, Dr. Sutaria spent nearly two decades at McKinsey & Company, where he was a prominent leader in both the healthcare and private equity practices. In this role, he provided strategic, operational, and financial counsel to various clients. He also held an associate clinical faculty appointment at the University of California at San Francisco, focusing on internal medicine and cardiology after completing his postgraduate training there.
Sun Park, Executive Vice President and Chief Financial Officer
Sun Park was appointed Executive Vice President and Chief Financial Officer of Tenet Healthcare, effective January 1, 2024, succeeding the retiring Dan Cancelmi. Before his tenure at Tenet, Mr. Park served as Executive Vice President and Group Chief Financial Officer for Pharmaceutical Distribution and Strategic Global Sourcing at AmerisourceBergen, a global pharmaceutical sourcing and distribution services company. His prior experience also includes various leadership roles at MedImmune, AstraZeneca, and Merrill Lynch & Company.
Howard Hacker, Executive Vice President and Chief Compliance Officer
Howard Hacker was appointed Tenet Healthcare's Chief Compliance Officer in May 2016 and later became Executive Vice President in March 2019. In this role, he is responsible for overseeing the company's ethics and compliance programs. Before joining Tenet, Mr. Hacker spent more than a decade at Pfizer Inc., where he held various leadership positions within their legal and compliance teams, including Chief Compliance Counsel for Pfizer's Global Established Pharma business. Earlier in his career, he worked for the law firms of Jones Day and Akin Gump Strauss Hauer & Feld LLP, specializing in securities law and mergers and acquisitions.
Paola Arbour, Executive Vice President and Chief Information Officer
Paola Arbour serves as Tenet Healthcare's Executive Vice President and Chief Information Officer. She is responsible for the company's information technology strategy and operations. (Background details not extensively available in search results for specific founding/selling of companies or private equity patterns).
Tom Arnst, Executive Vice President, Chief Administrative Officer and General Counsel
Tom Arnst holds the positions of Executive Vice President, Chief Administrative Officer, General Counsel, and Corporate Secretary at Tenet Healthcare. (Background details not extensively available in search results for specific founding/selling of companies or private equity patterns).
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Tenet Healthcare (THC) faces several key risks to its business operations and financial performance:
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Changes in Healthcare Policy and Regulations: Tenet Healthcare is significantly exposed to potential changes in government healthcare policy and regulations. Revisions to the Affordable Care Act (ACA), for instance, could lead to a rise in uninsured patients, subsequently increasing the company's bad debt expenses. Proposed cuts to Medicaid funding and the ongoing debate surrounding site neutrality policies, which aim to standardize payments for services regardless of the care setting, could also adversely affect reimbursement rates, patient volumes, and the company's pricing strategy, particularly within its ambulatory surgery centers.
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Labor Cost Pressures and Staffing Shortages: The company faces ongoing challenges in recruiting and retaining qualified healthcare professionals amidst nationwide shortages of medical support staff. This intense competition for talent, coupled with union activities and the need to offer competitive wages and benefits, contributes to increased operational costs and can impact overall profitability.
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High Financial Leverage and Interest Rate Exposure: Tenet Healthcare operates with a significant debt load, characterized by a debt-to-equity ratio that is above the average for the broader Health Care Facilities industry. This high level of financial leverage exposes the company to risks associated with interest rate fluctuations, which can increase debt servicing costs. Furthermore, strategic growth initiatives, such as the expansion of its United Surgical Partners International (USPI) segment, necessitate substantial capital investment, further highlighting the importance of managing its debt profile effectively.
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Tenet Healthcare Corporation faces clear emerging threats from two primary areas:
- Vertical Integration by Large Payers and Technology Companies: Major health insurance companies and large technology firms are increasingly acquiring or developing their own networks of providers, including primary care clinics, urgent care centers, and specialty practices. This trend creates integrated healthcare ecosystems that can direct patient flow within their own systems, potentially diverting patients away from Tenet's hospitals and ambulatory care facilities. These entities often have vast financial resources and technological capabilities to build comprehensive care delivery models, threatening Tenet's market share across its hospital and ambulatory segments, and potentially competing with its Conifer business process services if they develop robust in-house administrative solutions.
- Expansion of "Hospital-at-Home" Programs and Advanced Virtual Care Models: The growing adoption and reimbursement for "hospital-at-home" programs, which deliver acute-level care to patients in their homes, pose a direct threat to Tenet's traditional inpatient hospital segment. Coupled with the rapid advancements and acceptance of other advanced virtual care models for a broader range of conditions, these alternatives can reduce the necessity for physical hospital admissions and emergency department visits, thereby impacting Tenet's patient volume and revenue for its most capital-intensive assets.
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Tenet Healthcare (THC) operates in several significant addressable markets within the United States.
Hospital Operations and Other
Tenet's Hospital Operations and Other segment, which includes general hospitals offering acute care and a variety of specialized services, addresses the broader U.S. hospital services market. This market was valued at approximately USD 3.23 trillion in 2024.
Ambulatory Care
The Ambulatory Care segment encompasses ambulatory surgery centers and urgent care centers.
- For ambulatory surgery centers, the U.S. Ambulatory Surgery Center market is estimated to be valued at USD 72.58 billion in 2025.
- The U.S. urgent care centers industry size was worth USD 75.1 billion in 2023.
Conifer
Tenet's Conifer segment provides healthcare business process services, primarily in revenue cycle management. The U.S. healthcare revenue cycle management market size is calculated at approximately USD 65.38 billion in 2025.
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Tenet Healthcare (THC) is expected to drive future revenue growth over the next 2-3 years through several key strategies, primarily focusing on its Ambulatory Care segment and enhancing services within its Hospital Operations.
- Expansion of the Ambulatory Care Segment (USPI): Tenet Healthcare is heavily focused on expanding its Ambulatory Care segment, United Surgical Partners International (USPI), through both strategic mergers and acquisitions (M&A) and the development of new de novo centers. The company plans to invest approximately $250 million annually in M&A within the ambulatory space and anticipates adding 10 to 12 new de novo centers in 2025. This aggressive expansion aims to capture a larger market share in outpatient services, aligning with broader healthcare trends favoring lower-cost, high-acuity surgical care in outpatient settings.
- Increasing Higher-Acuity Procedures: A significant driver of revenue growth is Tenet's focus on increasing its capacity for higher-acuity procedures within its Ambulatory Surgery Centers (ASCs), such as total joint replacements, orthopedics, cardiology interventions, and neurosurgery. This strategy caters to evolving patient needs and is a key profitability driver for the company. Similarly, within its Hospital Operations segment, the company is investing in organic growth and higher-acuity service lines, including cardiac care, intensive care, high-end imaging, trauma, and invasive cancer surgery.
- Strategic Partnerships for Market Expansion: Tenet is forming strategic partnerships to expand its Ambulatory Surgery Center network into new markets. For example, a collaboration with Providence, a 52-hospital system, aims to establish 15 to 20 new centers within two years, accelerating growth and extending Tenet's reach.
- Leveraging Technology and AI in Revenue Cycle Management (Conifer): The Conifer segment is focusing on integrating advanced technologies and AI-driven workflows to optimize cash flow performance and improve patient engagement for its clients. Recent strategic transactions related to Conifer are expected to provide incremental earnings for Tenet and support Conifer's investments in artificial intelligence, automation, and global operating capabilities to enhance revenue cycle management services.
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Share Repurchases
- Tenet Healthcare repurchased $1.386 billion of common stock in 2025.
- The company repurchased $672 million of common stock in 2024 and $200 million in 2023.
- As of July 22, 2025, Tenet Healthcare had $1.781 billion remaining under its share repurchase authorization, following a $1.5 billion increase.
Share Issuance
- The number of shares outstanding has consistently declined, with a 7.2% decrease in 2025 from 2024, a 6.6% decrease in 2024 from 2023, and a 5.17% decrease in 2023 from 2022, primarily due to share repurchases.
Outbound Investments
- Tenet Healthcare plans to invest approximately $250 million annually towards mergers and acquisitions in the ambulatory space.
- In 2025, the company invested nearly $350 million to expand its portfolio by 35 facilities.
- Tenet added nearly 70 ambulatory surgery centers (ASCs) to its portfolio in 2024 through acquisitions and new facility openings.
Capital Expenditures
- The outlook for capital expenditures in fiscal year 2026 is projected to be between $700 million and $800 million.
- For 2025, the company's capital expenditures guidance was raised to a range of $875 million to $975 million to support growth, including an additional $150 million planned for hospital segment infrastructure upgrades.
- The primary focus of capital expenditures includes supporting the high-acuity strategy, with infrastructure upgrades covering cardiac care units, intensive care units, imaging, cath labs, and surgical programs.
Peer Outperformance in Health Care Facilities
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 8.6% | 52.6% | 97.9% | CAH 468% · MCK 380% · COR 183% |
| Health Care Services | 20 | 40.1% | 49.1% | 16.2% | HIMS 271% · RDNT 137% · DGX 86% |
| Health Care Facilities ← | 25 | 1.3% | 24.8% | 0.5% | THC 274% · NHC 254% · EHC 152% |
| Managed Health Care | 8 | 26.0% | -1.0% | -4.3% | OSCR 78% · HQY 54% · ELV 3% |
| Health Care Equipment | 50 | -3.3% | 13.8% | -18.1% | UFPT 358% · GKOS 297% · PLSE 160% |
| Pharmaceuticals | 61 | -16.2% | 9.8% | -32.5% | LQDA 1113% · KNSA 770% · LLY 432% |
| Health Care Supplies | 11 | 19.3% | 1.8% | -38.4% | LNTH 337% · HAE 76% · MMSI 36% |
| Life Sciences Tools & Services | 107 | -7.5% | 8.2% | -65.2% | NTRA 262% · AXGN 226% · MEDP 215% |
| Biotechnology | 365 | -22.5% | -17.6% | -80.0% | DNTH 1140% · ELVN 1127% · TRVI 1107% |
| Health Care Technology | 21 | -30.9% | -55.8% | -82.1% | VEEV 1% · DOCS -51% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.24 |
| Mkt Cap | 22.7 |
| Rev LTM | 13,003 |
| Op Inc LTM | 2,378 |
| FCF LTM | 1,510 |
| FCF 3Y Avg | 1,067 |
| CFO LTM | 2,113 |
| CFO 3Y Avg | 1,647 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.4% |
| Rev Chg 3Y Avg | 7.3% |
| Rev Chg Q | 11.7% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 22.7% |
| Op Inc Chg 3Y Avg | 16.5% |
| Op Mgn LTM | 12.8% |
| Op Mgn 3Y Avg | 14.6% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 10.3% |
| CFO/Rev 3Y Avg | 10.9% |
| FCF/Rev LTM | 3.6% |
| FCF/Rev 3Y Avg | 1.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.7 |
| P/S | 1.0 |
| P/Op Inc | 7.8 |
| P/EBIT | 4.8 |
| P/E | 10.1 |
| P/CFO | 9.3 |
| Total Yield | 7.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.9% |
| D/E | 0.6 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.8% |
| 3M Rtn | 6.9% |
| 6M Rtn | 12.6% |
| 12M Rtn | 27.9% |
| 3Y Rtn | 63.4% |
| 1M Excs Rtn | 3.3% |
| 3M Excs Rtn | 3.4% |
| 6M Excs Rtn | 4.1% |
| 12M Excs Rtn | 14.9% |
| 3Y Excs Rtn | -18.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hospital Operations | 16,138 | 16,141 | 16,698 | 15,926 | 16,767 |
| Ambulatory Care | 5,172 | 4,534 | 3,866 | 3,248 | 2,718 |
| Total | 21,310 | 20,675 | 20,564 | 19,174 | 19,485 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Ambulatory Care | 1,874 | 1,676 | 1,424 | 1,215 | 1,102 |
| Hospital Operations | 1,829 | 1,501 | 1,247 | 1,413 | 1,526 |
| Net losses on sales, consolidation and deconsolidation of facilities | -1 | 2,916 | 23 | 1 | 445 |
| Litigation and investigation benefit (costs) | -64 | -35 | -47 | -70 | -116 |
| Impairment and restructuring charges, and acquisition-related costs | -130 | -102 | -137 | -226 | -85 |
| Total | 3,508 | 5,956 | 2,510 | 2,333 | 2,872 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hospital Operations | 16,586 | 16,722 | 17,268 | 16,599 | 18,106 |
| Ambulatory Care | 13,091 | 12,214 | 11,044 | 10,557 | 9,473 |
| Total | 29,677 | 28,936 | 28,312 | 27,156 | 27,579 |
Price Behavior
| Market Price | $268.50 | |
| Market Cap ($ Bil) | 22.4 | |
| First Trading Date | 01/04/1982 | |
| Distance from 52W High | -4.4% | |
| 50 Days | 200 Days | |
| DMA Price | $264.82 | $219.46 |
| DMA Trend | up | up |
| Distance from DMA | 1.4% | 22.3% |
| 3M | 1YR | |
| Volatility | 27.1% | 43.3% |
| Downside Capture | 16.61 | 31.80 |
| Upside Capture | 45.25 | 53.14 |
| Correlation (S&P 500) | 5.7% | 14.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.36 | 0.11 | 0.21 | 0.31 | 0.49 | 0.84 |
| Up Beta | -0.67 | -0.48 | -2.93 | -0.14 | 0.44 | 0.95 |
| Down Beta | 0.66 | -0.55 | 1.01 | 0.50 | 0.91 | 0.87 |
| Up Capture | 24% | 33% | 179% | 61% | 36% | 81% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 32 | 65 | 123 | 396 |
| Down Capture | 88% | 40% | -3% | 3% | 29% | 79% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 23 | 32 | 61 | 129 | 354 |
[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 THC | |
|---|---|---|---|---|
| THC | 24.3% | 43.3% | 0.61 | - |
| Sector ETF (XLV) | 24.5% | 16.3% | 1.15 | 30.0% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | 13.5% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | 10.2% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -22.7% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 23.6% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 9.0% |
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 THC | |
|---|---|---|---|---|
| THC | 32.4% | 45.1% | 0.77 | - |
| Sector ETF (XLV) | 8.3% | 15.2% | 0.34 | 38.6% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 41.7% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | 7.6% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 7.6% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 42.0% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 14.7% |
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 THC | |
|---|---|---|---|---|
| THC | 27.4% | 56.4% | 0.66 | - |
| Sector ETF (XLV) | 11.7% | 16.7% | 0.57 | 38.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 43.1% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 1.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 18.5% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 43.9% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 9.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 17.2% | 27.0% | 41.1% |
| 4/30/2026 | -1.7% | 8.0% | -2.7% |
| 2/11/2026 | 17.3% | 20.1% | 16.4% |
| 10/28/2025 | -5.3% | -6.8% | 1.1% |
| 7/22/2025 | -10.7% | -10.4% | 1.9% |
| 4/29/2025 | 11.7% | 20.3% | 32.9% |
| 2/12/2025 | -9.1% | -2.3% | -13.9% |
| 10/29/2024 | 16.7% | 16.4% | 4.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 18 |
| # Negative | 9 | 9 | 6 |
| Median Positive | 5.8% | 10.0% | 13.0% |
| Median Negative | -3.8% | -6.8% | -8.9% |
| Max Positive | 17.3% | 27.0% | 41.1% |
| Max Negative | -31.0% | -21.7% | -28.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | 17.2% | 27.0% | 41.1% |
| 4/30/2026 | -1.7% | 8.0% | -2.7% |
| 2/11/2026 | 17.3% | 20.1% | 16.4% |
| 10/28/2025 | -5.3% | -6.8% | 1.1% |
| 7/22/2025 | -10.7% | -10.4% | 1.9% |
| 4/29/2025 | 11.7% | 20.3% | 32.9% |
| 2/12/2025 | -9.1% | -2.3% | -13.9% |
| 10/29/2024 | 16.7% | 16.4% | 4.4% |
| 7/24/2024 | 4.8% | 8.3% | 14.1% |
| 4/30/2024 | 13.3% | 23.4% | 32.7% |
| 2/8/2024 | 1.0% | -0.2% | 12.0% |
| 10/30/2023 | 0.8% | 2.6% | 26.5% |
| 7/31/2023 | 2.7% | 1.3% | 5.1% |
| 4/25/2023 | 2.7% | 4.8% | 0.7% |
| 2/9/2023 | 3.9% | 13.5% | -3.3% |
| 10/20/2022 | -31.0% | -21.7% | -17.0% |
| 7/21/2022 | 6.0% | 10.0% | 6.1% |
| 4/20/2022 | -2.6% | -17.2% | -28.3% |
| 2/7/2022 | 5.8% | 15.8% | 28.0% |
| 10/20/2021 | 7.3% | 6.9% | 19.8% |
| 7/21/2021 | -3.1% | -1.0% | -3.9% |
| 4/20/2021 | 4.8% | 8.5% | 18.6% |
| 2/9/2021 | -3.8% | -2.7% | 7.8% |
| 10/20/2020 | -0.4% | -10.2% | 11.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 18 |
| # Negative | 9 | 9 | 6 |
| Median Positive | 5.8% | 10.0% | 13.0% |
| Median Negative | -3.8% | -6.8% | -8.9% |
| Max Positive | 17.3% | 27.0% | 41.1% |
| Max Negative | -31.0% | -21.7% | -28.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 02/24/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
Insider Activity
Updated 9/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kerrey, J Robert | Direct | Sell | 9162026 | 263.72 | 12,010 | 3,167,330 | 1,264,295 | Form | |
| 2 | Mark, Richard J | Direct | Sell | 9142026 | 263.42 | 10,000 | 2,634,200 | 6,617,374 | Form | |
| 3 | West, Nadja | Direct | Sell | 9032026 | 258.80 | 1,152 | 298,138 | 6,121,396 | Form | |
| 4 | Foo, Lisa Y | EVP, Chief Operating Officer | Direct | Sell | 9012026 | 266.32 | 24,000 | 6,391,680 | 2,144,675 | Form |
| 5 | Sutaria, Saumya | CEO | Direct | Sell | 8262026 | 274.02 | 50,000 | 13,701,076 | 118,805,863 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kerrey, J Robert | Direct | Sell | 9162026 | 263.72 | 12,010 | 3,167,330 | 1,264,295 | Form | |
| 2 | Mark, Richard J | Direct | Sell | 9142026 | 263.42 | 10,000 | 2,634,200 | 6,617,374 | Form | |
| 3 | West, Nadja | Direct | Sell | 9032026 | 258.80 | 1,152 | 298,138 | 6,121,396 | Form | |
| 4 | Foo, Lisa Y | EVP, Chief Operating Officer | Direct | Sell | 9012026 | 266.32 | 24,000 | 6,391,680 | 2,144,675 | Form |
| 5 | Sutaria, Saumya | CEO | Direct | Sell | 8262026 | 274.02 | 50,000 | 13,701,076 | 118,805,863 | Form |
| 6 | Haney, Cecil D | Direct | Sell | 8262026 | 278.03 | 1,300 | 361,439 | 3,490,111 | Form | |
| 7 | Sutaria, Saumya | CEO | Direct | Sell | 8262026 | 278.71 | 50,000 | 13,935,259 | 134,771,791 | Form |
| 8 | Romo, Tammy | Direct | Sell | 8102026 | 260.83 | 2,500 | 652,075 | 7,377,316 | Form | |
| 9 | Romo, Tammy | Direct | Sell | 8102026 | 264.15 | 4,922 | 1,300,146 | 8,131,594 | Form | |
| 10 | Blunt, Roy | Direct | Sell | 8072026 | 262.68 | 600 | 157,608 | 1,205,439 | Form | |
| 11 | Foo, Lisa Y | EVP, Chief Operating Officer | Direct | Sell | 7312026 | 258.03 | 10,000 | 2,580,300 | 8,270,636 | Form |
| 12 | Lynch, Christopher S | Direct | Sell | 7282026 | 243.44 | 3,837 | 934,079 | 2,329,234 | Form | |
| 13 | Arbour, Paola M | EVP, Chief Information Officer | Direct | Sell | 7282026 | 243.90 | 10,878 | 2,653,144 | 4,490,931 | Form |
| 14 | Bierman, James L | Direct | Sell | 7282026 | 244.96 | 5,000 | 1,224,800 | 7,741,716 | Form | |
| 15 | Kerrey, J Robert | Direct | Sell | 5292026 | 174.52 | 5,638 | 983,920 | 2,932,565 | Form | |
| 16 | West, Nadja | Direct | Sell | 5282026 | 177.35 | 3,000 | 532,050 | 4,399,167 | Form | |
| 17 | Arbour, Paola M | EVP, Chief Information Officer | Direct | Sell | 3132026 | 238.43 | 6,500 | 1,549,795 | 6,983,853 | Form |
| 18 | Arnst, Thomas W | EVP, Chief Admin. Officer & GC | Direct | Sell | 3102026 | 238.85 | 8,000 | 1,910,777 | 2,866 | Form |
| 19 | Ramsey, R. Scott | Principal Accounting Officer | Direct | Sell | 3032026 | 232.70 | 8,017 | Form | ||
| 20 | Arnst, Thomas W | EVP, Chief Admin. Officer & GC | Direct | Sell | 3032026 | 234.04 | 24,000 | 5,616,960 | 1,875,128 | Form |
| 21 | West, Nadja | Direct | Sell | 12172025 | 197.47 | 2,178 | 430,090 | 5,623,946 | Form | |
| 22 | Ramsey, R. Scott | Principal Accounting Officer | Direct | Sell | 11072025 | 205.11 | 13,322 | Form | ||
| 23 | Romo, Tammy | Direct | Sell | 11072025 | 205.20 | 645 | 132,354 | 7,154,503 | Form | |
| 24 | Romo, Tammy | Direct | Sell | 11052025 | 204.07 | 11,756 | 2,399,002 | 7,246,595 | Form | |
| 25 | Romo, Tammy | Direct | Sell | 11052025 | 200.81 | 15,099 | 3,031,969 | 9,491,493 | Form | |
| 26 | Fisher, Richard W | Direct | Sell | 10312025 | 208.43 | 2,500 | 521,075 | 1,832,517 | Form | |
| 27 | Sutaria, Saumya | CEO | Direct | Sell | 9122025 | 190.78 | 78,762 | 15,026,139 | 70,336,990 | Form |
Investor Activity (13F)
Updated Oct 29, 2026Active 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.
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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