Dallas-based Tenet Healthcare hit an all-time high stock price of $218 on Nov. 25, marking a major milestone in its ongoing portfolio overhaul and accelerating investment in ambulatory care through United Surgical Partners International.
As of Dec. 12, Tenet stock remained elevated at $199, up nearly 60% from $125 on Jan. 2. The spike reflects investor optimism around Tenet’s long-term strategy to transform into a value-based care enterprise anchored by its USPI outpatient arm.
In 2024, Tenet sold 14 hospitals for a combined $4.8 billion as part of a sweeping overhaul. The system now operates 50 acute-care hospitals while aggressively expanding its ambulatory surgery center footprint through USPI.
“Tenet is entering a new era with a greater proportion of our performance coming from our highly efficient ambulatory surgical business and a reduced debt profile,” CEO Saum Sutaria, MD, said during a recent company earnings call. “We will have significant financial and capital flexibility to increase shareholder value over the long-term.”
The for-profit system’s transformation has resonated with Wall Street. Analysts have noted that Tenet’s asset-light strategy — combined with strong margins in outpatient surgical care — positions the company well amid ongoing labor headwinds and reimbursement pressures in the inpatient setting.
Tenet has also paid down a significant portion of its debt, strengthening its balance sheet and improving financial flexibility heading into 2026. The system has signaled continued interest in expanding its outpatient footprint, with capital investments aimed at scaling its specialty care platform and driving long-term earnings growth.
Tenet’s for-profit competitor HCA Healthcare, headquartered in Nashville, Tenn., is also closing out a banner year, with its stock hitting a record high of $515.85 on Nov. 25. The stock price surges are a clear reflection of broader investor momentum behind large, well-capitalized health systems executing on growth and efficiency strategies.
