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Side-by-side financial comparison of TENET HEALTHCARE CORP (THC) and TIGO ENERGY, INC. (TYGO). Click either name above to swap in a different company.
TIGO ENERGY, INC. is the larger business by last-quarter revenue ($9.2B vs $5.5B, roughly 1.7× TENET HEALTHCARE CORP). TENET HEALTHCARE CORP produced more free cash flow last quarter ($367.0M vs $-39.3M).
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.
Tigo Energy is an American private corporation, headquartered in Los Gatos, California, United States. It provides products, technologies, software, and services to installers, distributors, and original equipment manufacturers within the photovoltaic industry. It specializes in module-level power optimizers and smart module power electronics.
THC vs TYGO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2023
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $9.2B |
| Net Profit | $644.0M | — |
| Gross Margin | — | 0.0% |
| Operating Margin | 15.4% | — |
| Net Margin | 11.7% | — |
| Revenue YoY | 9.0% | — |
| Net Profit YoY | 12.6% | -1736.1% |
| EPS (diluted) | $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 | $5.5B | — | ||
| Q3 25 | $5.3B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.1B | — | ||
| Q1 24 | $5.4B | — |
| Q4 25 | $644.0M | — | ||
| Q3 25 | $579.0M | — | ||
| Q2 25 | $522.0M | — | ||
| Q1 25 | $622.0M | — | ||
| Q4 24 | $572.0M | — | ||
| Q3 24 | $681.0M | — | ||
| Q2 24 | $477.0M | — | ||
| Q1 24 | $2.3B | — |
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.8% | — | ||
| Q2 25 | 15.6% | — | ||
| Q1 25 | 18.1% | — | ||
| Q4 24 | 16.2% | — | ||
| Q3 24 | 21.3% | — | ||
| Q2 24 | 14.9% | — | ||
| Q1 24 | 61.2% | — |
| Q4 25 | 11.7% | — | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | 11.9% | — | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 9.3% | — | ||
| Q1 24 | 43.5% | — |
| Q4 25 | $4.22 | — | ||
| Q3 25 | $3.86 | — | ||
| Q2 25 | $3.14 | — | ||
| Q1 25 | $4.27 | — | ||
| Q4 24 | $3.79 | — | ||
| Q3 24 | $4.89 | — | ||
| Q2 24 | $2.64 | — | ||
| Q1 24 | $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 | $2.9B | $31.2M |
| Total DebtLower is stronger | $13.1B | $50.0M |
| Stockholders' EquityBook value | $4.2B | $62.8M |
| Total Assets | $29.7B | $127.8M |
| Debt / EquityLower = less leverage | 3.10× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.5B | — |
| Q4 25 | $13.1B | — | ||
| Q3 25 | $13.1B | — | ||
| Q2 25 | $13.1B | — | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $13.1B | — | ||
| Q3 24 | $12.8B | — | ||
| Q2 24 | $12.8B | — | ||
| Q1 24 | $12.8B | — |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $3.8B | — | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $29.7B | — | ||
| Q3 25 | $29.4B | — | ||
| Q2 25 | $28.7B | — | ||
| Q1 25 | $29.2B | — | ||
| Q4 24 | $28.9B | — | ||
| Q3 24 | $29.4B | — | ||
| Q2 24 | $29.3B | — | ||
| Q1 24 | $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 | $731.0M | $-37.2M |
| Free Cash FlowOCF − Capex | $367.0M | $-39.3M |
| FCF MarginFCF / Revenue | 6.6% | -0.4% |
| Capex IntensityCapex / Revenue | 6.6% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $-70.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $731.0M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $936.0M | — | ||
| Q1 25 | $815.0M | — | ||
| Q4 24 | $-331.0M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $747.0M | — | ||
| Q1 24 | $586.0M | — |
| Q4 25 | $367.0M | — | ||
| Q3 25 | $778.0M | — | ||
| Q2 25 | $743.0M | — | ||
| Q1 25 | $642.0M | — | ||
| Q4 24 | $-661.0M | — | ||
| Q3 24 | $829.0M | — | ||
| Q2 24 | $602.0M | — | ||
| Q1 24 | $346.0M | — |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 14.1% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | -13.0% | — | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 11.8% | — | ||
| Q1 24 | 6.4% | — |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 5.3% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 3.3% | — | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 4.2% | — | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 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
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
TYGO
Segment breakdown not available.
