FMS vs THC: Fresenius Medical Care and Tenet Healthcare compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Tenet Healthcare is the larger company, worth $21.9B, about 1.9 times Fresenius Medical Care.
- Tenet Healthcare grew revenue faster over the last year (+6.8% vs -0.3%).
- Tenet Healthcare keeps more of each dollar of revenue as operating profit (20.8% vs 9.3%).
- On earnings, Fresenius Medical Care is the cheaper stock (11.2x vs 13.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FMS | THC |
|---|---|---|
| Market cap | $11.5B | $21.9B |
| Share price | $21.06 | $259.83 |
| Revenue (last fiscal year) | $19.6B | $21.3B |
| Free cash flow (last fiscal year) | $2.7B | $2.5B |
| Revenue growth, last year | -0.3% | +6.8% |
| Revenue growth per year, last 5 fiscal years | +2.7% | +2.3% |
| Operating margin | 9.3% | 20.8% |
| Net margin | 5.0% | 10.3% |
| Return on equity | 7.3% | 48.1% |
| P/E (trailing) | 11.2x | 13.2x |
| Price / free cash flow | 6.81x | 8.65x |
| EV / EBITDA | 5.65x | 5.74x |
| FCF growth the price implies | — | -6.2% |
| Dividend yield | 3.8% | — |
| Debt / equity | 1.26x | 4.72x |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 7 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Fresenius Medical Care
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.6B | $2.5B | 10.5% |
| 2022 | $19.4B | $2.1B | 7.8% |
| 2023 | $19.5B | $2.6B | 7.0% |
| 2024 | $19.3B | $2.4B | 7.2% |
| 2025 | $19.6B | $2.7B | 9.3% |
Tenet Healthcare
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.5B | $910M | 14.7% |
| 2022 | $19.2B | $321M | 12.2% |
| 2023 | $20.6B | $1.6B | 12.2% |
| 2024 | $20.7B | $1.1B | 28.8% |
| 2025 | $21.3B | $2.5B | 16.5% |
Where the revenue comes from
Fresenius Medical Care · by segments, 2025
Care Delivery$13.2B67%
Care Enablement$4.1B21%
Value-Based Care$2.2B11%
Tenet Healthcare · by segments, 2025
Hospital Operations$16.1B76%
Ambulatory Care$5.2B24%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FMS in InvestinglyQuestions
Which is bigger, Fresenius Medical Care or Tenet Healthcare?
Tenet Healthcare (THC), at $21.9B against $11.5B.
Is FMS or THC cheaper?
By trailing P/E, Fresenius Medical Care (11.2x) is cheaper than Tenet Healthcare (13.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, FMS or THC?
Tenet Healthcare: revenue grew +6.8% over the last year, against -0.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.