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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 | 10.5% | 6.0% | -35.4% |
| 2024 | $6.0B | $575M | $210M | $128M | 18.6% | 10.3% | 290.2% |
| 2023 | $5.4B | $367M | $54M | $84M | 8.0% | 5.5% | -71.5% |
| 2022 | $5.1B | $532M | $189M | $-189M | 29.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,129.69 | 5,409.48 | 5,966.07 | 6,324.34 |
| Operating Revenue | - | 5,030.15 | 5,316.42 | 5,859.49 | 6,204.96 |
| 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 |
| Selling General And Administration | - | 960 | 1,223.59 | 1,349.92 | 1,455.14 |
| Total Expenses | - | 4,912.66 | 5,185.18 | 5,560.31 | 5,998.76 |
| Operating Income | - | 217.03 | 224.31 | 405.76 | 325.58 |
| EBITDA | - | 531.70 | 366.76 | 574.93 | 497.26 |
| Normalized EBITDA | - | 531.70 | 366.76 | 578.31 | 504.61 |
| EBIT | - | 393.53 | 225.92 | 428.64 | 341.56 |
| Interest Expense | - | 82.05 | 74.31 | 65.58 | 55.20 |
| Net Interest Income | - | -82.05 | -74.31 | -65.58 | -55.20 |
| Other Non Operating Income Expenses | - | 176.50 | 1.61 | 26.26 | 23.32 |
| Other Income Expense | - | 176.50 | 1.61 | 22.88 | 15.98 |
| Interest Expense Non Operating | - | 82.05 | 74.31 | 65.58 | 55.20 |
| Net Non Operating Interest Income Expense | - | -82.05 | -74.31 | -65.58 | -55.20 |
| Pretax Income | - | 311.48 | 151.61 | 363.06 | 286.36 |
| Tax Provision | - | 46.11 | 22.64 | 63.35 | 56.22 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -0.59 | -1.45 |
| Net Income Continuous Operations | - | 265.37 | 128.98 | 299.71 | 230.14 |
| Net Income From Continuing And Discontinued Operation | - | 188.91 | 53.90 | 210.34 | 135.81 |
| Net Income From Continuing Operation Net Minority Interest | - | 188.91 | 53.90 | 210.34 | 135.81 |
| Net Income | - | 188.91 | 53.90 | 210.34 | 135.81 |
| Net Income Common Stockholders | - | 188.91 | 53.90 | 210.34 | 135.81 |
| Net Income Including Noncontrolling Interests | - | 265.37 | 128.98 | 299.71 | 230.14 |
| Normalized Income | - | 188.91 | 53.90 | 213.14 | 141.71 |
| Diluted NI Availto Com Stockholders | - | 188.91 | 53.90 | 210.34 | 135.81 |
| Basic Average Shares | 140.96 | 140.96 | 140.96 | 132.44 | - |
| Diluted Average Shares | 140.96 | 140.96 | 140.96 | 132.74 | - |
| 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 |
| Total Unusual Items | - | 0 | 0 | -3.39 | -7.34 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -3.39 | -7.34 |
| Minority Interests | - | -76.46 | -75.07 | -89.36 | -94.32 |
| Special Income Charges | - | 0 | 0 | -3.39 | -7.34 |
| Other Special Charges | 52.94 | - | 1.90 | 3.39 | 7.34 |
| 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 |
| Salaries And Wages | 2,294.36 | 2,411.68 | 2,384.06 | 2,534.76 | - |
| Rent Expense Supplemental | - | 223.70 | 243.32 | 252.81 | 262.49 |
| Other Operating Expenses | - | 447.64 | 443.27 | 496.22 | 647.31 |
| Rent And Landing Fees | - | 223.70 | 243.32 | 252.81 | 262.49 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ardent Health, Inc.this co. | ARDT | $1.2B | 9.08 | 0.96 | 10.5% | 5.71 |
| Personalis, Inc. | PSNL | $1.3B | -15.59 | 4.85 | -31.1% | -16.66 |
| Alphatec Holdings, Inc. | ATEC | $1.2B | - | 98.07 | -1154.3% | - |
| Inspire Medical Systems, Inc. | INSP | $1.2B | 8.36 | 1.56 | 18.6% | 14.32 |
| IRADIMED CORPORATION | IRMD | $1.2B | 53.21 |
| - |
| - |
| - |
| - |
| - |
| 12.64 |
| 23.8% |
| 41.92 |
| CareDx, Inc. | CDNA | $1.2B | -55.93 | 3.94 | -7.0% | -248.15 |
| Kestra Medical Technologies, Ltd. | KMTS | $1.2B | -10.49 | 5.81 | -55.4% | -10.21 |
| AMN Healthcare Services, Inc. | AMN | $1.2B | - | 1.85 | -14.9% | 19.35 |
| Schrödinger, Inc. | SDGR | $1.2B | -11.47 | 3.25 | -28.4% | -6.61 |
| Peer Median | - | -10.98 | 4.40 | -21.6% | -6.61 | |