ELV vs. THC: Elevance Health vs. Tenet Healthcare Stock Comparison

November 11, 2026

How do Elevance Health (ELV) and Tenet Healthcare (THC) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Elevance Health (ELV) and Tenet Healthcare (THC) both belong to the Health Care Providers & Services industry, though ELV is classified under Managed Health Care while THC falls under Health Care Facilities.

Company profile comparison for Elevance Health (ELV) and Tenet Healthcare (THC)
Profile Item	ELV	THC
Name	Elevance Health, Inc.	Tenet Healthcare Corp.
Country/Region	United States	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Health Care Equipment & Services	Health Care Equipment & Services
GICS Industry	Health Care Providers & Services	Health Care Providers & Services
GICS Sub-Industry	Managed Health Care	Health Care Facilities
Market Capitalization	91.96 billion USD	22.55 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	October 30, 2001	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ELV

THC

GSPC

Elevance Health (ELV) vs. Tenet Healthcare (THC), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Elevance Health (ELV) and Tenet Healthcare (THC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Elevance Health (ELV) and Tenet Healthcare (THC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
Total Return (1Y)	35.51%	43.40%
Total Return (3Y, Annualized)	-0.68%	77.47%
Total Return (5Y, Annualized)	1.10%	29.92%

Risk Profile

Drawdown History

ELV

THC

GSPC

Elevance Health (ELV) vs. Tenet Healthcare (THC), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Elevance Health (ELV) and Tenet Healthcare (THC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
Volatility (1Y, Annualized)	35.05%	43.80%
Beta (5Y)	0.61	1.17
Max Drawdown (5Y)	-50.38%	-58.88%
Avg. Volume (3M)	1.19M	768.24K

Risk-Adjusted Performance

Risk-Return Positioning

ELV and THC are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
Sharpe Ratio (1Y)	0.89	0.89
Sortino Ratio (1Y)	1.25	1.71

Profitability

ROE (TTM)

Tenet Healthcare (THC) at 41.70% sits in the top ROE quartile, while Elevance Health (ELV) at 11.48% is closer to the peer norm — stronger capital efficiency for THC.

ELV

Health Care Equipment & Services industry group

11.48%

Max: 47.61%
Q3: 14.36%
ELV: 11.48%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

THC

Health Care Equipment & Services industry group

41.70%

Max: 47.61%
THC: 41.70%
Q3: 14.36%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their ROE against the Health Care Equipment & Services industry group benchmark.

Net Margin (TTM)

Tenet Healthcare (THC) at 13.09% retains a top-quartile share of revenue as profit, ahead of Elevance Health (ELV) at 2.55%, which keeps about the industry-typical share.

ELV

Health Care Equipment & Services industry group

2.55%

Max: 29.35%
Q3: 9.33%
ELV: 2.55%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

THC

Health Care Equipment & Services industry group

13.09%

Max: 29.35%
THC: 13.09%
Q3: 9.33%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their net margin against the Health Care Equipment & Services industry group benchmark.

Operating Margin (TTM)

Tenet Healthcare (THC) at 19.04% operates in the top operating margin quartile, ahead of Elevance Health (ELV) at 4.22%, which runs around its industry’s norm.

ELV

Health Care Equipment & Services industry group

4.22%

Max: 35.43%
Q3: 14.14%
Median: 6.81%
ELV: 4.22%
Q1: -0.28%
Min: -16.29%

THC

Health Care Equipment & Services industry group

19.04%

Max: 35.43%
THC: 19.04%
Q3: 14.14%
Median: 6.81%
Q1: -0.28%
Min: -16.29%

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their operating margin against the Health Care Equipment & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
ROE (TTM)	11.48%	41.70%
ROA (TTM)	4.01%	8.68%
Net Margin (TTM)	2.55%	13.09%
Operating Margin (TTM)	4.22%	19.04%
Gross Margin (TTM)	26.43%	42.47%

Growth

Revenue Growth

Elevance Health (ELV) at 12.62% is around its peer norm for revenue growth, while Tenet Healthcare (THC) at 3.07% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their Revenue Growth across different time periods.

EPS Growth

Elevance Health (ELV) at -1.83% is around its peer norm for EPS growth, while Tenet Healthcare (THC) at -52.63% drops into the bottom quartile, signaling weaker earnings momentum.

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
Revenue Growth (YoY)	12.62%	3.07%
Revenue Growth (3Y CAGR)	8.34%	3.58%
EPS Growth (YoY)	-1.83%	-52.63%
EPS Growth (3Y CAGR)	0.53%	59.88%

Financial Strength

Current Ratio (MRQ)

Both Elevance Health (ELV) at 1.47 and Tenet Healthcare (THC) at 1.59 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

ELV

Health Care Equipment & Services industry group

1.47

Max: 7.59
Q3: 4.00
Median: 1.98
ELV: 1.47
Q1: 1.37
Min: 0.30

THC

Health Care Equipment & Services industry group

1.59

Max: 7.59
Q3: 4.00
Median: 1.98
THC: 1.59
Q1: 1.37
Min: 0.30

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their current ratio against the Health Care Equipment & Services industry group benchmark.

Debt / Equity (MRQ)

Elevance Health (ELV) at 0.69 carries an industry-typical debt-to-equity mix, while Tenet Healthcare (THC) at 1.38 uses more debt funding than most peers.

ELV

Health Care Equipment & Services industry group

0.69

Max: 1.88
Q3: 0.91
ELV: 0.69
Median: 0.58
Q1: 0.16
Min: 0.00

THC

Health Care Equipment & Services industry group

1.38

Max: 1.88
THC: 1.38
Q3: 0.91
Median: 0.58
Q1: 0.16
Min: 0.00

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their debt-to-equity ratio against the Health Care Equipment & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
Current Ratio (MRQ)	1.47	1.59
Debt / Equity (MRQ)	0.69	1.38
Net Debt / EBITDA	-0.81	2.06

Dividends

Dividend Yield (TTM)

Tenet Healthcare (THC) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Elevance Health (ELV) reports a yield of 1.59%, ranking against industry peers normally.

ELV

Health Care Equipment & Services industry group

1.59%

ELV: 1.59%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

THC

Health Care Equipment & Services industry group

0.00%

THC: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their dividend yield against the Health Care Equipment & Services industry group benchmark.

Dividend Payout Ratio (TTM)

Tenet Healthcare (THC) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Elevance Health (ELV) reports a payout of 29.17%, ranking against industry peers normally.

ELV

Health Care Equipment & Services industry group

29.17%

ELV: 29.17%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

THC

Health Care Equipment & Services industry group

0.00%

THC: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their payout ratio against the Health Care Equipment & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
Dividend Yield (TTM)	1.59%	0.00%
Dividend Payout Ratio (TTM)	29.17%	0.00%

Valuation

P/E Ratio (TTM)

Both Elevance Health (ELV) at 18.07 and Tenet Healthcare (THC) at 8.26 sit in the cheaper earnings-multiple quartile for P/E ratio, with the market paying less for a dollar of trailing earnings than it pays for typical peers.

ELV

Health Care Equipment & Services industry group

18.07

Max: 80.41
Q3: 47.62
Median: 29.93
Q1: 21.19
ELV: 18.07
Min: 4.21

THC

Health Care Equipment & Services industry group

8.26

Max: 80.41
Q3: 47.62
Median: 29.93
Q1: 21.19
THC: 8.26
Min: 4.21

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their P/E ratio against the Health Care Equipment & Services industry group benchmark.

P/S Ratio (TTM)

Both Elevance Health (ELV) at 0.46 and Tenet Healthcare (THC) at 1.02 fetch a relatively low price per dollar of sales, landing in the cheaper P/S ratio quartile of their industries.

ELV

Health Care Equipment & Services industry group

0.46

Max: 8.80
Q3: 4.32
Median: 2.13
Q1: 1.10
ELV: 0.46
Min: 0.03

THC

Health Care Equipment & Services industry group

1.02

Max: 8.80
Q3: 4.32
Median: 2.13
Q1: 1.10
THC: 1.02
Min: 0.03

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their P/S ratio against the Health Care Equipment & Services industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Elevance Health (ELV) at 2.06 and Tenet Healthcare (THC) at 4.14 are valued close to their industries’ norm against book — neither stands out from peers.

ELV

Health Care Equipment & Services industry group

2.06

Max: 11.68
Q3: 6.12
Median: 3.00
ELV: 2.06
Q1: 1.73
Min: -1.31

THC

Health Care Equipment & Services industry group

4.14

Max: 11.68
Q3: 6.12
THC: 4.14
Median: 3.00
Q1: 1.73
Min: -1.31

Elevance Health (ELV) vs. Tenet Healthcare (THC): A comparison of their P/B ratio against the Health Care Equipment & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Elevance Health (ELV) and Tenet Healthcare (THC)
Metric	ELV	THC
P/E Ratio (TTM)	18.07	8.26
P/S Ratio (TTM)	0.46	1.02
P/B Ratio (MRQ)	2.06	4.14
Free Cash Flow Yield (TTM)	8.69%	8.99%