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Ardent Health, Inc. owns and operates a network of hospitals and clinics that provides healthcare services in the United States. The company offers general and specialty services, including internal medicine, general surgery, cardiology, oncology, orthopedics, women's services, neurology, urology, and emergency services within inpatient and ambulatory care settings. It also operates a network of ambulatory facilities and telehealth services, including primary care and specialty care clinics, ambulatory surgery centers, urgent care centers, free-standing emergency departments, and diagnostic imaging centers. The company operates acute care hospitals, including rehabilitation hospitals and surgical hospitals. Ardent Health, Inc. was formerly known as Ardent Health Partners, Inc. and changed its name to Ardent Health, Inc. in June 2025. The company was founded in 2001 and is based in Brentwood, Tennessee. Ardent Health, Inc. is a subsidiary of EGI-AM Investments, L.L.C.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.3B | $497M | $136M | $259M | 8.1% | 6.0% | -35.4% |
| 2024 | $6.0B | $575M | $210M | $128M | 13.8% | 10.3% | 290.2% |
| 2023 | $5.4B | $367M | $54M | $84M | 5.0% | 5.5% | -71.5% |
| 2022 | $5.1B | $532M | $189M | $-189M | 18.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 5,129.69 | 5,409.48 | 5,966.07 | 6,324.34 |
| Cost Of Revenue | 3,366.84 | 3,377.47 | 3,567.88 | 3,740.61 |
| Gross Profit | 1,762.84 | 2,032.02 | 2,398.19 | 2,583.73 |
| Operating Expense | 1,545.81 | 1,807.71 | 1,992.43 | 2,258.15 |
| Operating Income | 217.03 | 224.31 | 405.76 | 325.58 |
| EBITDA | 531.70 | 366.76 | 574.93 | 497.26 |
| EBIT | 393.53 | 225.92 | 428.64 | 341.56 |
| Pretax Income | 311.48 | 151.61 | 363.06 | 286.36 |
| Tax Provision | 46.11 | 22.64 | 63.35 | 56.22 |
| Net Income | 188.91 | 53.90 | 210.34 | 135.81 |
| Net Income Common Stockholders | 188.91 | 53.90 | 210.34 | 135.81 |
| Total Expenses | 4,912.66 | 5,185.18 | 5,560.31 | 5,998.76 |
| Interest Expense | 82.05 | 74.31 | 65.58 | 55.20 |
| Selling General And Administration | 960 | 1,223.59 | 1,349.92 | 1,455.14 |
| Normalized EBITDA | 531.70 | 366.76 | 578.31 | 504.61 |
| Normalized Income | 188.91 | 53.90 | 213.14 | 141.71 |
| Basic EPS | 1.34 | 0.38 | 1.59 | 0 |
| Diluted EPS | 1.34 | 0.38 | 1.58 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | -0.59 | -1.45 |
| Tax Rate For Calcs | 0.15 | 0.15 | 0.17 | 0.20 |
| Total Unusual Items | 0 | 0 | -3.39 | -7.34 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | -3.39 | -7.34 |
| Net Income From Continuing Operation Net Minority Interest | 188.91 | 53.90 | 210.34 | 135.81 |
| Reconciled Depreciation | 138.17 | 140.84 | 146.29 | 155.70 |
| Reconciled Cost Of Revenue | 3,366.84 | 3,377.47 | 3,567.88 | 3,740.61 |
| Net Interest Income | -82.05 | -74.31 | -65.58 | -55.20 |
| Net Income From Continuing And Discontinued Operation | 188.91 | 53.90 | 210.34 | 135.81 |
| Rent Expense Supplemental | 223.70 | 243.32 | 252.81 | 262.49 |
| Diluted Average Shares | 140.96 | 140.96 | 132.74 | 0 |
| Basic Average Shares | 140.96 | 140.96 | 132.44 | 0 |
| Diluted NI Availto Com Stockholders | 188.91 | 53.90 | 210.34 | 135.81 |
| Minority Interests | -76.46 | -75.07 | -89.36 | -94.32 |
| Net Income Including Noncontrolling Interests | 265.37 | 128.98 | 299.71 | 230.13 |
| Net Income Continuous Operations | 265.37 | 128.98 | 299.71 | 230.13 |
| Other Income Expense | 176.50 | 1.61 | 22.88 | 15.98 |
| Other Non Operating Income Expenses | 176.50 | 1.61 | 26.26 | 23.32 |
| Special Income Charges | 0 | 0 | -3.39 | -7.34 |
| Other Special Charges | 0 | 1.90 | 3.39 | 7.34 |
| Net Non Operating Interest Income Expense | -82.05 | -74.31 | -65.58 | -55.20 |
| Interest Expense Non Operating | 82.05 | 74.31 | 65.58 | 55.20 |
| Other Operating Expenses | 447.64 | 443.27 | 496.22 | 647.31 |
| Depreciation Amortization Depletion Income Statement | 138.17 | 140.84 | 146.29 | 155.70 |
| Depreciation And Amortization In Income Statement | 138.17 | 140.84 | 146.29 | 155.70 |
| General And Administrative Expense | 960 | 1,223.59 | 1,349.92 | 1,455.14 |
| Other Gand A | 736.30 | 980.27 | 1,097.12 | 1,192.64 |
| Rent And Landing Fees | 223.70 | 243.32 | 252.81 | 262.49 |
| Salaries And Wages | 2,411.68 | 2,384.06 | 2,534.76 | 0 |
| Operating Revenue | 5,030.15 | 5,316.42 | 5,859.49 | 6,204.96 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ardent Health, Inc.this co. | ARDT | $1.4B | 10.03 | 1.07 | 8.1% | 7.02 |
| Bicara Therapeutics Inc. | BCAX | $1.4B | - | 2.89 | -34.4% | -6.30 |
| ArriVent BioPharma, Inc. | AVBP | $1.4B | - | 4.15 | -54.1% | - |
| AtriCure, Inc. | ATRC | $1.4B | - | 2.77 | 0.0% | 114.65 |
| Biohaven Ltd. | BHVN | $1.4B | - |
| 23.47 |
| -1418.8% |
| -1.93 |
| NovoCure Limited | NVCR | $1.4B | - | 3.94 | -40.0% | -8.57 |
| Pulse Biosciences, Inc. | PLSE | $1.4B | - | 17.00 | -90.2% | -17.15 |
| Viridian Therapeutics, Inc. | VRDN | $1.4B | - | 2.30 | -47.4% | -1.84 |
| MBX Biosciences, Inc. | MBX | $1.4B | - | 3.48 | -23.6% | -10.08 |
| Peer Median | - | - | 3.71 | -43.7% | -6.30 | |