What is Tenet Healthcare Corp worth?
With the base-case assumptions below, a discounted cash flow model on Tenet Healthcare Corp's reported free cash flow gives $361.90 per share. The share price was $259.71 on September 25, 2026, 28% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.0% | 10.0% | $177.42 | -32% |
| Base | 4.0% | 9.0% | $361.90 | +39% |
| Bull | 9.0% | 8.0% | $706.38 | +172% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $493.06 | $532.86 | $581.51 | $642.33 | $720.51 |
| 8.0% | $395.37 | $421.18 | $451.69 | $488.29 | $533.04 |
| 9.0% | $323.89 | $341.54 | $361.90 | $385.66 | $413.74 |
| 10.0% | $269.37 | $281.92 | $296.14 | $312.40 | $331.16 |
| 11.0% | $226.44 | $235.64 | $245.92 | $257.49 | $270.60 |
Where the presets come from
Base: years 1 to 5 grow at Tenet Healthcare Corp's revenue growth rate over the last 5 fiscal years (3.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions