vs
Side-by-side financial comparison of Surgery Partners, Inc. (SGRY) and TENET HEALTHCARE CORP (THC), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
TENET HEALTHCARE CORP is the larger business by last-quarter revenue ($5.5B vs $885.0M, roughly 6.2× Surgery Partners, Inc.). TENET HEALTHCARE CORP runs the higher net margin — -1.7% vs 11.7%, a 13.3% gap on every dollar of revenue. On growth, TENET HEALTHCARE CORP posted the faster year-over-year revenue change (9.0% vs 2.4%). TENET HEALTHCARE CORP produced more free cash flow last quarter ($367.0M vs $90.6M). Over the past eight quarters, Surgery Partners, Inc.'s revenue compounded faster (11.1% CAGR vs 1.5%).
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
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.
SGRY vs THC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $885.0M | $5.5B |
| Net Profit | $-15.0M | $644.0M |
| Gross Margin | — | — |
| Operating Margin | 12.5% | 15.4% |
| Net Margin | -1.7% | 11.7% |
| Revenue YoY | 2.4% | 9.0% |
| Net Profit YoY | 86.2% | 12.6% |
| EPS (diluted) | $-0.11 | $4.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $885.0M | $5.5B | ||
| Q3 25 | $821.5M | $5.3B | ||
| Q2 25 | $826.2M | $5.3B | ||
| Q1 25 | $776.0M | $5.2B | ||
| Q4 24 | $864.4M | $5.1B | ||
| Q3 24 | $770.4M | $5.1B | ||
| Q2 24 | $762.1M | $5.1B | ||
| Q1 24 | $717.4M | $5.4B |
| Q4 25 | $-15.0M | $644.0M | ||
| Q3 25 | $-22.7M | $579.0M | ||
| Q2 25 | $-2.5M | $522.0M | ||
| Q1 25 | $-37.7M | $622.0M | ||
| Q4 24 | $-108.5M | $572.0M | ||
| Q3 24 | $-31.7M | $681.0M | ||
| Q2 24 | $-15.5M | $477.0M | ||
| Q1 24 | $-12.4M | $2.3B |
| Q4 25 | 12.5% | 15.4% | ||
| Q3 25 | 12.9% | 16.8% | ||
| Q2 25 | 13.5% | 15.6% | ||
| Q1 25 | 8.0% | 18.1% | ||
| Q4 24 | 14.7% | 16.2% | ||
| Q3 24 | 7.9% | 21.3% | ||
| Q2 24 | 11.1% | 14.9% | ||
| Q1 24 | 10.6% | 61.2% |
| Q4 25 | -1.7% | 11.7% | ||
| Q3 25 | -2.8% | 10.9% | ||
| Q2 25 | -0.3% | 9.9% | ||
| Q1 25 | -4.9% | 11.9% | ||
| Q4 24 | -12.6% | 11.3% | ||
| Q3 24 | -4.1% | 13.3% | ||
| Q2 24 | -2.0% | 9.3% | ||
| Q1 24 | -1.7% | 43.5% |
| Q4 25 | $-0.11 | $4.22 | ||
| Q3 25 | $-0.18 | $3.86 | ||
| Q2 25 | $-0.02 | $3.14 | ||
| Q1 25 | $-0.30 | $4.27 | ||
| Q4 24 | $-0.86 | $3.79 | ||
| Q3 24 | $-0.25 | $4.89 | ||
| Q2 24 | $-0.12 | $2.64 | ||
| Q1 24 | $-0.10 | $21.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $239.9M | $2.9B |
| Total DebtLower is stronger | $3.6B | $13.1B |
| Stockholders' EquityBook value | $1.7B | $4.2B |
| Total Assets | $8.1B | $29.7B |
| Debt / EquityLower = less leverage | 2.10× | 3.10× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $239.9M | $2.9B | ||
| Q3 25 | $203.4M | $3.0B | ||
| Q2 25 | $250.1M | $2.6B | ||
| Q1 25 | $229.3M | $3.0B | ||
| Q4 24 | $269.5M | $3.0B | ||
| Q3 24 | $221.8M | $4.1B | ||
| Q2 24 | $213.5M | $2.9B | ||
| Q1 24 | $185.2M | $2.5B |
| Q4 25 | $3.6B | $13.1B | ||
| Q3 25 | $3.5B | $13.1B | ||
| Q2 25 | $3.5B | $13.1B | ||
| Q1 25 | $3.4B | $13.1B | ||
| Q4 24 | $3.3B | $13.1B | ||
| Q3 24 | $3.1B | $12.8B | ||
| Q2 24 | $3.0B | $12.8B | ||
| Q1 24 | $2.8B | $12.8B |
| Q4 25 | $1.7B | $4.2B | ||
| Q3 25 | $1.7B | $4.0B | ||
| Q2 25 | $1.7B | $3.7B | ||
| Q1 25 | $1.7B | $4.2B | ||
| Q4 24 | $1.8B | $4.2B | ||
| Q3 24 | $1.9B | $3.8B | ||
| Q2 24 | $2.0B | $3.5B | ||
| Q1 24 | $2.0B | $3.5B |
| Q4 25 | $8.1B | $29.7B | ||
| Q3 25 | $7.9B | $29.4B | ||
| Q2 25 | $8.0B | $28.7B | ||
| Q1 25 | $7.9B | $29.2B | ||
| Q4 24 | $7.9B | $28.9B | ||
| Q3 24 | $7.5B | $29.4B | ||
| Q2 24 | $7.5B | $29.3B | ||
| Q1 24 | $7.0B | $28.9B |
| Q4 25 | 2.10× | 3.10× | ||
| Q3 25 | 2.00× | 3.26× | ||
| Q2 25 | 1.98× | 3.49× | ||
| Q1 25 | 1.98× | 3.13× | ||
| Q4 24 | 1.83× | 3.14× | ||
| Q3 24 | 1.63× | 3.33× | ||
| Q2 24 | 1.56× | 3.67× | ||
| Q1 24 | 1.42× | 3.70× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $103.4M | $731.0M |
| Free Cash FlowOCF − Capex | $90.6M | $367.0M |
| FCF MarginFCF / Revenue | 10.2% | 6.6% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.4% | 6.6% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 1.14× |
| TTM Free Cash FlowTrailing 4 quarters | $195.6M | $2.5B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $103.4M | $731.0M | ||
| Q3 25 | $83.6M | $1.1B | ||
| Q2 25 | $81.3M | $936.0M | ||
| Q1 25 | $6.0M | $815.0M | ||
| Q4 24 | $111.4M | $-331.0M | ||
| Q3 24 | $65.2M | $1.0B | ||
| Q2 24 | $82.8M | $747.0M | ||
| Q1 24 | $40.7M | $586.0M |
| Q4 25 | $90.6M | $367.0M | ||
| Q3 25 | $63.8M | $778.0M | ||
| Q2 25 | $57.9M | $743.0M | ||
| Q1 25 | $-16.7M | $642.0M | ||
| Q4 24 | $89.1M | $-661.0M | ||
| Q3 24 | $45.0M | $829.0M | ||
| Q2 24 | $55.9M | $602.0M | ||
| Q1 24 | $19.7M | $346.0M |
| Q4 25 | 10.2% | 6.6% | ||
| Q3 25 | 7.8% | 14.7% | ||
| Q2 25 | 7.0% | 14.1% | ||
| Q1 25 | -2.2% | 12.3% | ||
| Q4 24 | 10.3% | -13.0% | ||
| Q3 24 | 5.8% | 16.2% | ||
| Q2 24 | 7.3% | 11.8% | ||
| Q1 24 | 2.7% | 6.4% |
| Q4 25 | 1.4% | 6.6% | ||
| Q3 25 | 2.4% | 5.3% | ||
| Q2 25 | 2.8% | 3.7% | ||
| Q1 25 | 2.9% | 3.3% | ||
| Q4 24 | 2.6% | 6.5% | ||
| Q3 24 | 2.6% | 4.2% | ||
| Q2 24 | 3.5% | 2.8% | ||
| Q1 24 | 2.9% | 4.5% |
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | 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
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
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% |
