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Side-by-side financial comparison of COMMUNITY HEALTH SYSTEMS INC (CYH) and TENET HEALTHCARE CORP (THC). Click either name above to swap in a different company.
TENET HEALTHCARE CORP is the larger business by last-quarter revenue ($5.5B vs $3.1B, roughly 1.8× COMMUNITY HEALTH SYSTEMS INC). TENET HEALTHCARE CORP runs the higher net margin — 11.7% vs 3.5%, a 8.1% gap on every dollar of revenue. On growth, TENET HEALTHCARE CORP posted the faster year-over-year revenue change (9.0% vs -4.8%). TENET HEALTHCARE CORP produced more free cash flow last quarter ($367.0M vs $172.0M). Over the past eight quarters, TENET HEALTHCARE CORP's revenue compounded faster (1.5% CAGR vs -0.5%).
Community Health Systems (CHS) is a Fortune 500 company based in Franklin, Tennessee. It was the largest provider of general hospital healthcare services in the United States in terms of number of acute care facilities. In 2014, CHS had around 200 hospitals, but the number had declined to around 85 in 2021.
Tenet Healthcare Corporation is an American for-profit multinational healthcare services company based in Dallas. Through its brands, subsidiaries, joint ventures, and partnerships including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet also runs Conifer Health Solutions, which provides healthcare support services to health systems and other clients.
CYH vs THC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $5.5B |
| Net Profit | $110.0M | $644.0M |
| Gross Margin | 85.6% | — |
| Operating Margin | 14.5% | 15.4% |
| Net Margin | 3.5% | 11.7% |
| Revenue YoY | -4.8% | 9.0% |
| Net Profit YoY | 254.9% | 12.6% |
| EPS (diluted) | $0.82 | $4.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.1B | $5.5B | ||
| Q3 25 | $3.1B | $5.3B | ||
| Q2 25 | $3.1B | $5.3B | ||
| Q1 25 | $3.2B | $5.2B | ||
| Q4 24 | $3.3B | $5.1B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $3.1B | $5.1B | ||
| Q1 24 | $3.1B | $5.4B |
| Q4 25 | $110.0M | $644.0M | ||
| Q3 25 | $130.0M | $579.0M | ||
| Q2 25 | $282.0M | $522.0M | ||
| Q1 25 | $-13.0M | $622.0M | ||
| Q4 24 | $-71.0M | $572.0M | ||
| Q3 24 | $-391.0M | $681.0M | ||
| Q2 24 | $-13.0M | $477.0M | ||
| Q1 24 | $-41.0M | $2.3B |
| Q4 25 | 85.6% | — | ||
| Q3 25 | 85.1% | — | ||
| Q2 25 | 85.0% | — | ||
| Q1 25 | 84.5% | — | ||
| Q4 24 | 84.5% | — | ||
| Q3 24 | 84.8% | — | ||
| Q2 24 | 84.6% | — | ||
| Q1 24 | 84.5% | — |
| Q4 25 | 14.5% | 15.4% | ||
| Q3 25 | 7.9% | 16.8% | ||
| Q2 25 | 16.3% | 15.6% | ||
| Q1 25 | 9.0% | 18.1% | ||
| Q4 24 | 8.5% | 16.2% | ||
| Q3 24 | -6.6% | 21.3% | ||
| Q2 24 | 7.6% | 14.9% | ||
| Q1 24 | 7.4% | 61.2% |
| Q4 25 | 3.5% | 11.7% | ||
| Q3 25 | 4.2% | 10.9% | ||
| Q2 25 | 9.0% | 9.9% | ||
| Q1 25 | -0.4% | 11.9% | ||
| Q4 24 | -2.2% | 11.3% | ||
| Q3 24 | -12.7% | 13.3% | ||
| Q2 24 | -0.4% | 9.3% | ||
| Q1 24 | -1.3% | 43.5% |
| Q4 25 | $0.82 | $4.22 | ||
| Q3 25 | $0.96 | $3.86 | ||
| Q2 25 | $2.09 | $3.14 | ||
| Q1 25 | $-0.10 | $4.27 | ||
| Q4 24 | $-0.53 | $3.79 | ||
| Q3 24 | $-2.95 | $4.89 | ||
| Q2 24 | $-0.10 | $2.64 | ||
| Q1 24 | $-0.32 | $21.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $260.0M | $2.9B |
| Total DebtLower is stronger | $10.4B | $13.1B |
| Stockholders' EquityBook value | $-1.4B | $4.2B |
| Total Assets | $13.2B | $29.7B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $260.0M | $2.9B | ||
| Q3 25 | $123.0M | $3.0B | ||
| Q2 25 | $456.0M | $2.6B | ||
| Q1 25 | $431.0M | $3.0B | ||
| Q4 24 | $37.0M | $3.0B | ||
| Q3 24 | $33.0M | $4.1B | ||
| Q2 24 | $39.0M | $2.9B | ||
| Q1 24 | $48.0M | $2.5B |
| Q4 25 | $10.4B | $13.1B | ||
| Q3 25 | — | $13.1B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | $11.5B | $13.1B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $12.8B |
| Q4 25 | $-1.4B | $4.2B | ||
| Q3 25 | $-1.5B | $4.0B | ||
| Q2 25 | $-1.6B | $3.7B | ||
| Q1 25 | $-1.9B | $4.2B | ||
| Q4 24 | $-1.9B | $4.2B | ||
| Q3 24 | $-1.8B | $3.8B | ||
| Q2 24 | $-1.4B | $3.5B | ||
| Q1 24 | $-1.4B | $3.5B |
| Q4 25 | $13.2B | $29.7B | ||
| Q3 25 | $13.2B | $29.4B | ||
| Q2 25 | $13.6B | $28.7B | ||
| Q1 25 | $13.9B | $29.2B | ||
| Q4 24 | $14.1B | $28.9B | ||
| Q3 24 | $13.9B | $29.4B | ||
| Q2 24 | $14.4B | $29.3B | ||
| Q1 24 | $14.4B | $28.9B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 3.70× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $266.0M | $731.0M |
| Free Cash FlowOCF − Capex | $172.0M | $367.0M |
| FCF MarginFCF / Revenue | 5.5% | 6.6% |
| Capex IntensityCapex / Revenue | 3.0% | 6.6% |
| Cash ConversionOCF / Net Profit | 2.42× | 1.14× |
| TTM Free Cash FlowTrailing 4 quarters | $208.0M | $2.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $266.0M | $731.0M | ||
| Q3 25 | $69.0M | $1.1B | ||
| Q2 25 | $88.0M | $936.0M | ||
| Q1 25 | $120.0M | $815.0M | ||
| Q4 24 | $216.0M | $-331.0M | ||
| Q3 24 | $67.0M | $1.0B | ||
| Q2 24 | $101.0M | $747.0M | ||
| Q1 24 | $96.0M | $586.0M |
| Q4 25 | $172.0M | $367.0M | ||
| Q3 25 | $4.0M | $778.0M | ||
| Q2 25 | $-3.0M | $743.0M | ||
| Q1 25 | $35.0M | $642.0M | ||
| Q4 24 | $107.0M | $-661.0M | ||
| Q3 24 | $-3.0M | $829.0M | ||
| Q2 24 | $13.0M | $602.0M | ||
| Q1 24 | $3.0M | $346.0M |
| Q4 25 | 5.5% | 6.6% | ||
| Q3 25 | 0.1% | 14.7% | ||
| Q2 25 | -0.1% | 14.1% | ||
| Q1 25 | 1.1% | 12.3% | ||
| Q4 24 | 3.3% | -13.0% | ||
| Q3 24 | -0.1% | 16.2% | ||
| Q2 24 | 0.4% | 11.8% | ||
| Q1 24 | 0.1% | 6.4% |
| Q4 25 | 3.0% | 6.6% | ||
| Q3 25 | 2.1% | 5.3% | ||
| Q2 25 | 2.9% | 3.7% | ||
| Q1 25 | 2.7% | 3.3% | ||
| Q4 24 | 3.3% | 6.5% | ||
| Q3 24 | 2.3% | 4.2% | ||
| Q2 24 | 2.8% | 2.8% | ||
| Q1 24 | 3.0% | 4.5% |
| Q4 25 | 2.42× | 1.14× | ||
| Q3 25 | 0.53× | 1.83× | ||
| Q2 25 | 0.31× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | -0.58× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | — | 1.57× | ||
| Q1 24 | — | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CYH
| Managed Care And Other Third Party Payors | $1.5B | 49% |
| Medicare Managed Care | $570.0M | 18% |
| Medicare | $512.0M | 16% |
| Medicaid | $464.0M | 15% |
| Self Pay Revenue | $34.0M | 1% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
