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Medical care facilities · Healthcare · Fiscal year ends Dec 31
Ardent Health reported revenue of $6.3B in the fiscal year ended Dec 2025, up 6.0% from the year before. Operating income was $286M, an operating margin of 4.5%, and net income was $136M. Net debt was $390M.
Ranks among the 26 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 5,130 | 5,409 | 5,966 | 6,324 |
| Operating incomederived: revenue − total costs | 311 | 152 | 363 | 286 |
| Interest expense | – | 74.3 | 65.6 | 55.2 |
| Pre-tax income | 311 | 152 | 363 | 286 |
| Income tax | 46.1 | 22.6 | 63.4 | 56.2 |
| Net income | 189 | 53.9 | 210 | 136 |
| Diluted EPS | 1.50 | 0.43 | 1.58 | 0.96 |
| Diluted shares | 126 | 126 | 133 | 141 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 456 | 438 | 557 | 710 |
| Receivables | – | 775 | 743 | 686 |
| Inventory | – | 105 | 115 | 119 |
| Current assets | – | 1,618 | 1,833 | 2,059 |
| Net PP&E | – | 811 | 862 | 936 |
| Goodwill | 845 | 845 | 852 | 879 |
| Total assets | – | 4,732 | 4,956 | 5,290 |
| Payables | – | 475 | 401 | 458 |
| Current liabilities | – | 994 | 945 | 1,047 |
| Short-term debt | – | 18.6 | 9.2 | 23.4 |
| Long-term debt | – | 1,168 | 1,086 | 1,076 |
| Total liabilities | – | 3,649 | 3,434 | 3,605 |
| Shareholders' equity | 1,040 | 671 | 1,131 | 1,288 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −38.4 | 222 | 315 | 471 |
| Depreciation & amortisation | 138 | 141 | 146 | 156 |
| Acquisitions | 0.0 | 0.0 | 35.5 | 2.5 |
| Dividends paid | 175 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.5% | 10.3% | 6.0% |
| Operating income growth (YoY) | – | −51.3% | 139.5% | −21.1% |
| EPS growth (YoY) | – | −71.3% | 267.4% | −39.2% |
| Operating margin | 6.1% | 2.8% | 6.1% | 4.5% |
| Net margin | 3.7% | 1.0% | 3.5% | 2.1% |
| Return on equityBlank when equity is negative | 18.2% | 8.0% | 18.6% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 4.1% | 9.1% | 6.7% |
| Cash conversion (CFO ÷ net income) | −0.20x | 4.11x | 1.50x | 3.46x |
| Receivable days | – | 52 | 45 | 40 |
| Interest cover | – | 2.04x | 5.54x | 5.19x |
| Debt ÷ equity | – | 1.77x | 0.97x | 0.85x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 749 | 538 | 390 |
| Current ratio | – | 1.63x | 1.94x | 1.97x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.