THC vs. UNH: Tenet Healthcare vs. UnitedHealth Stock Comparison

November 11, 2026

How do Tenet Healthcare (THC) and UnitedHealth (UNH) 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

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

Company profile comparison for Tenet Healthcare (THC) and UnitedHealth (UNH)
Profile Item	THC	UNH
Name	Tenet Healthcare Corp.	UnitedHealth Group Inc.
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	Health Care Facilities	Managed Health Care
Market Capitalization	22.55 billion USD	353.17 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	March 17, 1980	October 17, 1984
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

THC

UNH

GSPC

Tenet Healthcare (THC) vs. UnitedHealth (UNH), 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 Tenet Healthcare (THC) and UnitedHealth (UNH). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
Total Return (1Y)	43.40%	26.08%
Total Return (3Y, Annualized)	77.47%	-7.69%
Total Return (5Y, Annualized)	29.92%	-1.26%

Risk Profile

Drawdown History

THC

UNH

GSPC

Tenet Healthcare (THC) vs. UnitedHealth (UNH), 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 Tenet Healthcare (THC) and UnitedHealth (UNH). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
Volatility (1Y, Annualized)	43.80%	34.76%
Beta (5Y)	1.17	0.52
Max Drawdown (5Y)	-58.88%	-61.39%
Avg. Volume (3M)	768.24K	5.13M

Risk-Adjusted Performance

Risk-Return Positioning

THC and UNH 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 Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
Sharpe Ratio (1Y)	0.89	0.63
Sortino Ratio (1Y)	1.71	0.86

Profitability

ROE (TTM)

Both Tenet Healthcare (THC) at 41.70% and UnitedHealth (UNH) at 15.77% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

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%

UNH

Health Care Equipment & Services industry group

15.77%

Max: 47.61%
UNH: 15.77%
Q3: 14.36%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

Tenet Healthcare (THC) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH) at 3.53%, which keeps about the industry-typical share.

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%

UNH

Health Care Equipment & Services industry group

3.53%

Max: 29.35%
Q3: 9.33%
UNH: 3.53%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Tenet Healthcare (THC) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH) at 5.82%, which runs around its industry’s norm.

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%

UNH

Health Care Equipment & Services industry group

5.82%

Max: 35.43%
Q3: 14.14%
Median: 6.81%
UNH: 5.82%
Q1: -0.28%
Min: -16.29%

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

Profitability Metrics

Profitability metrics for Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
ROE (TTM)	41.70%	15.77%
ROA (TTM)	8.68%	5.24%
Net Margin (TTM)	13.09%	3.53%
Operating Margin (TTM)	19.04%	5.82%
Gross Margin (TTM)	42.47%	20.05%

Growth

Revenue Growth

UnitedHealth (UNH) at 11.81% 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.

Tenet Healthcare (THC) vs. UnitedHealth (UNH): A comparison of their Revenue Growth across different time periods.

EPS Growth

UnitedHealth (UNH) at -14.70% is around its peer norm for EPS growth, while Tenet Healthcare (THC) at -52.63% drops into the bottom quartile, signaling weaker earnings momentum.

Tenet Healthcare (THC) vs. UnitedHealth (UNH): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
Revenue Growth (YoY)	3.07%	11.81%
Revenue Growth (3Y CAGR)	3.58%	11.35%
EPS Growth (YoY)	-52.63%	-14.70%
EPS Growth (3Y CAGR)	59.88%	-14.52%

Financial Strength

Current Ratio (MRQ)

Tenet Healthcare (THC) at 1.59 keeps current ratio within its industry’s typical mid-range, while UnitedHealth (UNH) at 0.74 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for UNH.

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

UNH

Health Care Equipment & Services industry group

0.74

Max: 7.59
Q3: 4.00
Median: 1.98
Q1: 1.37
UNH: 0.74
Min: 0.30

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

Debt / Equity (MRQ)

UnitedHealth (UNH) at 0.70 carries an industry-typical debt-to-equity mix, while Tenet Healthcare (THC) at 1.38 uses more debt funding than most peers.

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

UNH

Health Care Equipment & Services industry group

0.70

Max: 1.88
Q3: 0.91
UNH: 0.70
Median: 0.58
Q1: 0.16
Min: 0.00

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

Financial Strength Metrics

Financial strength metrics for Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
Current Ratio (MRQ)	1.59	0.74
Debt / Equity (MRQ)	1.38	0.70
Net Debt / EBITDA	2.06	1.58

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 UnitedHealth (UNH) reports a yield of 2.29%, ranking against industry peers normally.

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%

UNH

Health Care Equipment & Services industry group

2.29%

UNH: 2.29%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Tenet Healthcare (THC) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH) reports a payout of 51.71%, ranking against industry peers normally.

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%

UNH

Health Care Equipment & Services industry group

51.71%

UNH: 51.71%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
Dividend Yield (TTM)	0.00%	2.29%
Dividend Payout Ratio (TTM)	0.00%	51.71%

Valuation

P/E Ratio (TTM)

Tenet Healthcare (THC) at 8.26 sits in the cheaper P/E ratio quartile, while UnitedHealth (UNH) at 22.50 is closer to its industry’s usual earnings multiple — a discount for THC, though growth and earnings durability still matter.

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

UNH

Health Care Equipment & Services industry group

22.50

Max: 80.41
Q3: 47.62
Median: 29.93
UNH: 22.50
Q1: 21.19
Min: 4.21

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

P/S Ratio (TTM)

Both Tenet Healthcare (THC) at 1.02 and UnitedHealth (UNH) at 0.78 fetch a relatively low price per dollar of sales, landing in the cheaper P/S ratio quartile of their industries.

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

UNH

Health Care Equipment & Services industry group

0.78

Max: 8.80
Q3: 4.32
Median: 2.13
Q1: 1.10
UNH: 0.78
Min: 0.03

Tenet Healthcare (THC) vs. UnitedHealth (UNH): 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 Tenet Healthcare (THC) at 4.14 and UnitedHealth (UNH) at 3.60 are valued close to their industries’ norm against book — neither stands out from peers.

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

UNH

Health Care Equipment & Services industry group

3.60

Max: 11.68
Q3: 6.12
UNH: 3.60
Median: 3.00
Q1: 1.73
Min: -1.31

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

Valuation Metrics

Valuation metrics for Tenet Healthcare (THC) and UnitedHealth (UNH)
Metric	THC	UNH
P/E Ratio (TTM)	8.26	22.50
P/S Ratio (TTM)	1.02	0.78
P/B Ratio (MRQ)	4.14	3.60
Free Cash Flow Yield (TTM)	8.99%	7.50%