Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Ardent Health, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
5,130
5,409
5,966
6,324
General and administrative
75.3
115
132
141
Pre-tax income
311
152
363
286
Income tax
46.1
22.6
63.4
56.2
Net income to minority interests
76.5
75.1
89.4
94.3
Net income
189
53.9
210
136
EPS, basic
1.50
0.43
1.59
0.96
EPS, diluted
1.50
0.43
1.58
0.96
Shares, basic (weighted)
126
126
132
141
Shares, diluted (weighted)
126
126
133
141
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
456
438
557
710
Receivables
775
743
686
Inventory
105
115
119
Other current assets
222
304
432
Total current assets
1,618
1,833
2,059
Property, plant and equipment
811
862
936
Goodwill
845
845
852
879
Intangible assets
12.4
Other non-current assets
147
143
112
Total assets
4,732
4,956
5,290
Accounts payable
475
401
458
Short-term debt
18.6
9.23
23.4
Total current liabilities
994
945
1,047
Long-term debt
1,168
1,086
1,076
Lease liabilities
1,141
1,165
Other non-current liabilities
76
34.7
76.6
Total liabilities
3,649
3,434
3,605
Total debt
1,187
1,114
1,116
Paid-in capital
0
754
788
Retained earnings
155
366
502
Other comprehensive income
18.6
9.74
-3.61
Shareholders' equity
671
1,131
1,288
Minority interests
404
390
398
Total equity
1,040
1,075
1,521
1,686
Total liabilities and equity
4,732
4,956
5,290
Shares outstanding
0
143
143
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
265
129
300
230
Depreciation and amortization
138
141
146
156
Deferred income tax
46.1
4.75
23.3
43.6
Change in receivables
-17.2
-181
40
59.2
Change in inventory
4.67
1.67
-9.41
-3.15
Cash from operations
-38.4
222
315
471
Acquisitions
0
0
-35.5
-2.5
Cash from investing
46.6
-138
-220
-214
Debt issued
0.88
6.62
3.6
0
Debt repaid
-17.3
-13.6
-108
-7.99
Dividends paid
-175
0
0
Cash from financing
-270
-102
24.6
-103
Net change in cash
-262
-18.5
119
153
Income taxes paid
55.8
19.4
41.6
36.5
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.54 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
3.2%
Pre-tax income / revenue.
Net margin
1.2%
Net income / revenue.
Operating cash flow margin
8.0%
Cash from operations / revenue.
Effective tax rate
18.9%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
5.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.5%
Net income / average total assets.
D&A / revenue
2.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
6.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
7.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y
-35.4%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
-10.4%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
-39.2%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
-13.8%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
49.4%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
13.8%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
6.7%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
6.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.10x
Current assets / current liabilities.
Quick ratio
1.45x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.74x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.82x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
20.9%
Total debt / total assets.
Liabilities / assets
67.0%
Total liabilities / total assets.
Net debt
$377.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$44.78
Revenue / diluted weighted shares.
Operating cash flow per share
$3.60
Cash from operations / diluted weighted shares.
Book value per share
$9.52
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
19.0x
Market cap / net income. Only when net income is positive.
P/S
0.23x
Market cap / revenue.
P/B
1.10x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.15x
Market cap / tangible book value, when positive.
P/OCF
2.89x
Market cap / cash from operations, when positive.
EV/Sales
0.29x
Enterprise value / revenue.
Earnings yield
5.3%
Net income / market cap (the inverse of P/E).
What was Ardent Health, Inc.'s revenue in fiscal 2025?
Ardent Health, Inc. reported revenue of $6.32B for fiscal 2025, 6% higher than the year before.
Was Ardent Health, Inc. profitable in fiscal 2025?
Yes. Net income was $135.8M, a net margin of 2.1%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.