Tenet Healthcare Corp

Price has decisively broken below the mid-August consolidation support, shifting control to sellers and confirming a medium-term downtrend. Short-term execution conditions are bearish as price tracks below the 9- and 20-day EMAs, favoring selling now into the EMA resistance zone. Medium-term bias remains bearish based on Support Failure and the Lower Highs & Lower Lows pattern. The long-term uptrend is intact above the 200-day MA, but further downside may accelerate if trapped longs exit.

• ↑2025 adjusted EBITDA $4.57B (+14% YoY; +210 bps margin)
• ↑Free cash flow $2.53B in 2025; 2026 FCF guide $1.495–1.695B; $2.97B cash
• ↓Negative book-to-price and dividend yield scores indicate overvaluation and weak capital return