Ardent Health, Inc. ARDT
Ardent Health, Inc. was initially formed in Delaware in 2015 as Ardent Health Partners, LLC. On July 17, 2024, Ardent Health Partners, LLC converted from a Delaware limited liability company into a Delaware corporation in connection with its initial public offering and changed its name to Ardent Health Partners, Inc. On June 3, 2025, Ardent Health Partners, Inc. changed its name to Ardent Health, Inc. Ardent Health, Inc. is a holding company that has affiliates that operate acute care hospitals and other healthcare facilities and employ physicians. The terms "Ardent," the "Company," "we," "our" and "us," as used in this Annual Report on Form 10-K ("Annual Report"), refer to Ardent Health, Inc. and its affiliates and, on or prior to July 16, 2024, Ardent Health Partners, LLC and its affiliates, unless stated otherwise or indicated by context. The term "affiliates" includes direct and indirect subsidiaries of Ardent and partnerships and joint ventures in which such subsidiaries are equity owners.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $6.32B | $5.97B | $5.41B | $5.13B | — |
| SG&A | $140.8M | $132.4M | $114.6M | $75.3M | — |
| Total operating expenses | $6.04B | $5.60B | $5.26B | $4.82B | — |
| Pre-tax income | $286.4M | $363.1M | $151.6M | $311.5M | — |
| Income tax | $56.2M | $63.4M | $22.6M | $46.1M | — |
| Net income | $230 | $300 | $53.9M | $188.9M | — |
| EPS, basic | 0.96 | 1.59 | 0.43 | 1.50 | — |
| EPS, diluted | 0.96 | 1.58 | 0.43 | 1.50 | — |
| Shares, diluted (wtd. avg.) | $141.5M | $132.7M | $126.1M | $126.1M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $709.6M | $556.8M | $437.6M | $456.1M | $718.2M |
| Receivables | $686.1M | $743.0M | $775.5M | — | — |
| Inventory | $118.6M | $115.1M | $105.5M | — | — |
| Total current assets | $2.06B | $1.83B | $1.62B | — | — |
| Property, plant and equipment | — | $861.9M | $811.1M | — | — |
| Goodwill | $879.5M | $852.1M | $844.7M | $844.7M | — |
| Other intangibles | $12.4M | — | — | — | — |
| Total assets | $5.29B | $4.96B | $4.73B | — | — |
| Accounts payable | $457.9M | $401.2M | $474.5M | — | — |
| Short-term debt | $23.4M | $9.2M | $18.6M | — | — |
| Total current liabilities | $1.05B | $945.4M | $994.1M | — | — |
| Long-term debt | $1.08B | $1.09B | $1.17B | — | — |
| Total liabilities | $3.61B | $3.43B | $3.65B | — | — |
| Retained earnings | $501.6M | $365.8M | $155.5M | — | — |
| Total equity | $1.29B | $1.13B | $1.08B | $1.04B | $978.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $470.5M | $315.0M | $221.7M | -$38.4M | — |
| Depreciation and amortisation | $155.7M | $146.3M | $140.8M | $138.2M | — |
| Investing cash flow | -$214.2M | -$220.5M | -$138.0M | $46.6M | — |
| Financing cash flow | -$103.5M | $24.6M | -$102.3M | -$270.3M | — |
| Dividends paid | — | $0 | $0 | $174.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-024244.
Others in SIC 8062
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|---|---|---|---|---|
| HCA | HCA Healthcare, Inc. | $89.85B | 14.3x | 7.1% |
| THC | TENET HEALTHCARE CORP | $21.34B | 17.1x | 3.1% |
| UHS | UNIVERSAL HEALTH SERVICES INC | $10.12B | 7.3x | 9.7% |
| SGRY | Surgery Partners, Inc. | $1.87B | — | 6.2% |
| CYH | COMMUNITY HEALTH SYSTEMS INC | $407.5M | 0.8x | -1.2% |