Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.92, read 2026-11-03
Ethical does not pass the values gate
Price283.33 USD
Fair value280.11
Ethical score70.0/100
Value readFairas of 7 Nov 2026
Our investment reviews on this name
2026-10-21Read Accumulation271.60+4.3% to today ✓Markdown gives way to Accumulation
2026-09-14Read Markdown263.49+7.5% to today Markup gives way to Markdown with volume flow in agreement
2026-08-14Read Markup262.63+7.9% to today ✓Distribution gives way to Markup after a 62% rise in 6 weeks
2026-07-02Read Distribution162.06+74.8% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Tenet Healthcare Corp holds its Markup at $283.33. The statistical read favours the sellers, held for 40 days.
As held on the ledger · 2026-11-07
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 40 days
Price at the screen
$283.33
Valuation
8.26 trailing · 13.85 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.20
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
44.38%
Below 33%
Interest-bearing debt is 44.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
18.36%
Below 49%
Money owed to the company is 18.4% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Tenet Healthcare's business is in a permissible area, but its interest-bearing debt is about 44% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 7 Nov 2026: it trades above our $280.11 fair value estimate, narrow competitive moat, 6.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-07 screen. The gold marker is the market price at the same screen. The price runs 1.1% above the base estimate.
Third-party analyst targets: 22 covering, consensus Buy. The average target sits +7% from the screen price.
Reading the gap · Our more conservative model reads it as roughly fairly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $280.11, with a range of $238.50 to $322.12, dated to the 2026-11-07 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
US Hospitals Run Well Yet Offer No Edge
Think of a regional hospital network where patients keep arriving and bills get paid, yet every new clinic or rival network chips away at the same pool of revenue. Tenet shows an 8 percent profit margin, 3 percent revenue growth and a narrow moat that leaves it exposed to reimbursement changes and local competition. With only an 8 percent margin of safety at the current price and no clear opportunity, the solid 30 percent ROE and ethical pass are not enough to move us.
Forward earnings sit at 11 times, which looks reasonable until you weigh the limited growth runway and the fact that analysts already price in better days with a median target well above fair value.
The main risk lies in healthcare policy shifts that can squeeze volumes or rates without warning, turning a steady operation into a thinner one quickly. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
THC trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Accumulation$292.25+8.7%Entry 17
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244.
2026-10-29Accumulation$268.95+0.0%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$268.95+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$268.95-1.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Accumulation$271.60+0.0%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$271.60+0.0%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 26% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Accumulation$271.60+0.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 26% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Accumulation$271.60+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 26% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Accumulation$271.60+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 26% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 26% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 5%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (21 analysts) rates it strong buy, with a mean price target of $244.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
