Two of the country’s largest for-profit health systems — Dallas-based Tenet Healthcare and Nashville, Tenn.-based HCA Healthcare — are closing out 2025 with record stock highs and strategic portfolio moves that reflect growing investor confidence in scaled, financially disciplined operators.
Tenet reached an all-time high stock price of $218 on Nov. 25, a milestone in its ongoing shift toward value-based care and outpatient services. As of Dec. 12, the company’s stock remained elevated at $199 — nearly 60% above its Jan. 2 opening price of $125.
The stock surge reflects investor optimism around Tenet’s portfolio transformation, which includes the sale of 14 hospitals in 2024 for a combined $4.8 billion and continued expansion of its ambulatory platform through United Surgical Partners International. The system now operates 50 acute-care hospitals while USPI has ownership interests in 530 ASCs and 26 surgical hospitals across 37 states.
Tenet’s asset-light strategy — coupled with strong margins in outpatient surgical care — has resonated with Wall Street, particularly as hospitals continue to face labor constraints and reimbursement pressure. The company has also paid down a substantial portion of its debt and plans additional investments in its specialty care platform heading into 2026.
HCA, the nation’s largest for-profit hospital operator, also hit a record high in 2025. Shares peaked at $515.85 on Nov. 25 and remained strong at $503 as of Dec. 2 — more than 38% above its July 2024 high of $363.05.
In the third quarter alone, HCA reported $1.6 billion in net income (8.6% margin), a 29% increase year over year. Revenue jumped nearly 10% to $19.2 billion, driven by growth in same-facility admissions and surgical volumes. The company posted $4.9 billion in net income for the first nine months of 2025, up from $4.3 billion in the same period last year.
The 191-hospital system reported $1.6 billion in net income in the third quarter (8.6% margin), up 29% year over year. Revenue grew nearly 10% to $19.2 billion, driven by increases in same-facility admissions and surgical volumes. For the first nine months of 2025, HCA posted $4.9 billion in net income, compared to $4.3 billion during the same period last year.
HCA was also active on the M&A front this year, acquiring Catholic Medical Center in Manchester, N.H., and Lehigh Regional Medical Center in Lehigh Acres, Fla., while divesting the 252-bed Regional Medical Center in San Jose, Calif. Capital expenditures are projected at $5 billion for 2025, excluding acquisitions.
Both Tenet and HCA continue to deliver some of the strongest returns in the hospital sector. Investors are rewarding operators that pair scale with strategic discipline, whether through divestitures, outpatient growth or targeted acquisitions.
