Year End 2022 2022

Company Name HCA Tenant

Net Income 6,834 1,001

Total Assets 52,438 27,156
Current Ratio 1.38 1.34
Days' Cash on Hand 7.33 19.08
Accounts Receivable Turnover 7.09 6.71
Days in Accounts Receivable 53.88 56.02
Average age of plant 9.83 7.37
Fixed Asset Turnover ratio 2.64 3.03
Total asset turnover 1.17 0.70

Debt Ratio 1.00 0.83

Equity Ratio 0.00 0.17
Debt to Capitalization Ratio 1.00 0.76
Cash Flow Coverage Ratio 6.79 2.93
Time Interest Earned 6.91 2.62

Operating Profit Margin % 19.96% 12.17%

Profit Margin % 11.35% 5.11%
Return on Assets 13.25% 3.66%
Return on Equity 965.25% 22.58%

Price Earnings $ 12.35 $ 12.71

EPS $ 0.02 $ 0.01

Summary Comparisons of HCA and Tenants financials: Based on the comparison of

financial between HCA and Tenant, HCA demonstrates a stronger financial portfolio with
stronger financial performance, efficiency and profitability. This is demonstrated by HCA
having a greater net income, total assets, better profit margins, and higher return on assets
and equity. Tenant on the other hand has a more favorable capital structure in light of having
a higher equity ratio and lower debt levels. Minimal difference exists between EPS (HCA
slightly higher) and PE ratios for both companies.
ALYSIS SPREADSHEET
HCA 2022
LIQUIDITY
1 Current Ratio
Current Assets 13,643 1.38
Current Liabilities 9,902
2 Days' Cash on Hand
Cash + Equivalents (Includes Short-Term Investments) $ 908 7.33
(Operating Expenses - (Depreciation+Amortization))/365 123.95
3 Accounts Receivable Turnover
Net Sales $ 60,233 7.09
Average Net Accounts Receivable 8,493
4 Days in Patient Accounts Receivable
Net Patient AR 8,891 53.88
Net Patient Service Revenue / 365 $ 165.02
5 Average age of plant
Accumulated Depreciation 29,182 9.83
Depreciation Expense 2,969
6 Fixed Asset Turnover ratio
Total Revenues = Net patient revenues + non operating revenues 60,233 2.64
Net Fixed Assets $ 22,776.00 60232

7 Total asset turnover

Total Revenues = Net patient revenues + non operating revenues $ 60,233 1.17
Average Total Assets 51,590

SOLVENCY
8 Debt Ratio
Total Liabilities 52,511 1.00
Total Assets 52,438
9 Equity Ratio
Total Equity (73) 0.00
Total Assets 52,438
 Downloaded from 10K Consolidated Balance
Dec. 31, 2022 Dec. 31, 2021
Reorganized into Financial Statement Presentation for Ratio analysis Sheets - USD ($)
Consolidated Balance Sheets - USD ($) $ in Dec. 31, 2022 Dec. 31, 2021 $ in Millions
Current assets: Millions Current assets:
Cash and cash equivalents $ 908 $ 1,451 Cash and cash equivalents 908 1,451
Short-term investments - 0 Accounts receivable 8,891 8,095
Accounts receivable 8,891 8,095 Inventories 2,068 1,986
Inventories 2,068 1,986 Other 1,776 2,010
Prepaid expenses and other current assets 1,776 2,010 Total current assets 13,643 13,542
Total current assets 13,643 13,542 Property and equipment, at cost:
Land 2,799 2,496 Land 2,799 2,496
Buildings 20,221 19,211 Buildings 20,221 19,211
Equipment 29,981 28,256 Equipment 29,981 28,256
Construction in progress 1,756 1,387 Construction in progress 1,756 1,387
Property and equipment, at cost 54,757 51,350 Property and equipment, at cost 54,757 51,350
Accumulated depreciation (29,182) (27,287) Accumulated depreciation (29,182) (27,287)
Property, plant and equipment, net 25,575 24,063 Property and equipment, net 25,575 24,063
Investments of insurance subsidiaries 381 438 Investments of insurance subsidiaries 381 438
Investments in and advances to affiliates 823 448 Investments in and advances to affiliates 823 448
Goodwill and other intangible assets 9,653 9,540 Goodwill and other intangible assets 9,653 9,540
Operating lease right-of-use assets, net 2,065 2,113 Right-of-use operating lease assets 2,065 2,113
Other 298 598 Other 298 598
TOTAL ASSETS 52,438 50,742 Total assets 52,438 50,742
Current liabilities: Current liabilities:
Accounts payable 4,239 4,111 Accounts payable 4,239 4,111
Accrued salaries 1,712 1,912 Accrued salaries 1,712 1,912
Other accrued expenses 3,581 3,322 Other accrued expenses 3,581 3,322
Long-term debt due within one year 370 237 Long-term debt due within one year 370 237
Total current liabilities 9,902 9,582 Total current liabilities 9,902 9,582
Long-term debt, less debt issuance costs and 37,714 34,342 Long-term debt, less debt issuance costs and 37,714 34,342
Professional liability
discounts of $248 andrisks
$236 1,528 1,514 Professional liability
discounts of $301 andrisks
$248 1,528 1,514
Right-of-use operating lease obligations 1,752 1,755 Right-of-use operating lease obligations 1,752 1,755
Income taxes and other liabilities 1,615 2,060 Income taxes and other liabilities 1,615 2,060
Total LIABILITIES 52,511 49,253 Stockholders' equity (deficit):
 Downloaded from 10K Consolidated
Dec. 31, 2022
Reorganized into Financial Statement Presentation for Ratio analysis Income Sheets - USD ($)
Consolidated Statements of Income - USD ($) shares in 12 Months 12 Months Consolidated Income Statements - USD ($) 12 Months Ended
Millions, $ in Millions Dec.Ended
31, 2022Dec.Ended
31, 2021 Dec. 31, 2021
Income Statement [Abstract] Income Statement [Abstract]
Revenues $ 60,233 $ 58,752 Revenues $60,233
Salaries and benefits 27,685 26,779 Salaries and benefits 27,685
Supplies 9,371 9,481 Supplies 9,371
Other operating expenses 11,155 9,961 Other operating expenses 11,155
Cost of sales 48,211 46,221 Equity in earnings of affiliates -45
Gross profit (operating income) 12,022 12,531 Depreciation and amortization 2969
Equity in earnings of affiliates (45) (113) Interest expense 1741
Depreciation and amortization 2,969 2,853 Losses (gains) on sales of facilities -1,301
Interest expense 1,741 1,566 Losses on retirement of debt 78
Losses (gains) on sales of facilities (1,301) (1,620) Total expenses including equity in earnings of affiliates 51,653
Losses on retirement of debt 78 12 Income before income taxes 8580
Total expenses including equity in earnings of affiliates 51,653 48,919 Provision for income taxes 1,746
Income before income taxes 8,580 9,833 Net income 6,834
Provision for income taxes 1,746 2,112 Net income attributable to noncontrolling interests 1,191
NET INCOME 6,834 7,721 Net income attributable to HCA Healthcare, Inc. 5,643
Net income attributable to noncontrolling interests 1,191 765 Per share data:
Net income attributable to HCA Healthcare, Inc. $ 5,643 $ 6,956 Basic earnings per share $19.43
Diluted earnings per share 19.15
Per share data: Shares used in earnings per share calculations (in millions):
Basic earnings per share $ 19.43 $ 21.52 Basic $290,348.00
Diluted earnings per share $ 19.15 $ 21.16 Diluted $294,666.00
Shares used in earnings per share calculations (in millions):
Basic 290,348 323,315
Diluted 294,666 328,752
0
Effective tax rate 0.2035
1- effective tax rate 0.7965

current portion of LTD (debt principal) 370

10 Debt to Capitalization Ratio
Long-Term Debt 37,714 1.00
Long-Term Debt + Equity 37,641

11 Cash Flow Coverage Ratio

EBIT + Lease Payments (ignore) + Depreciation Expense 14,991 6.79
Interest Expense + Lease Payments + Debt Principal (long term debt) / (1 - T) 2,206
12 Time Interest Earned (bond hjolders interest in company)
Income before interest and tax 12,022 6.91 enough cash from operations to cover interest 6.91 times.
Interest Expense 1,741
PROFITABILITY
13 Operating Margin
Operating Income/Gross Profit + Depreciation (EBIT) 12,022 19.96% 8,580
Sales $ 60,233
14 Total/Profit Margin
Net Income $ 6,834 11.35%
Sales $ 60,233
15 Return on Assets
Net Income $ 6,834 13.25%
Average Total Assets 51,590
16 Return on Equity
Net Income $ 6,834 965.25%
Average Shareholder Equity 708.00
MARKET PROSPECTS
17 Price Earnings
Market price per common share $ 239.96 $ 12.35 from Yahoo finance, grabbed end of day price unadjusted
Earnings per share $ 19.43
18 Earnings per Share
Total Earnings $ 6,834 $ 0.02
Shares Outstanding 290,348
 Shareholders' equity: Common stock $0.01 par; authorized 3 3
Stockholders' equity (deficit) attributable to HCA (2,767) (933) Accumulated
1,800,000,000other comprehensive
shares; outstanding loss (490) (404)
Noncontrolling
Healthcare, Inc.interests 2,694 2,422 Retained deficit
277,378,300 shares - 2022 and 305,476,800 (2,280) (532)
Total shareholders' equity (73) 1,489 Stockholders'
shares - 2021 deficit attributable to HCA (2,767) (933)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 52,438 50,742 Noncontrolling
Healthcare, Inc.interests 2,694 2,422
Class A Convertible Common Stock Total stockholders' equity (deficit) (73) 1,489
Shareholders' equity detail: Total liabilities and stockholders' equity $ 52,438 $ 50,742
Common stock $0.01 par; authorized 3 3 (deficit)
Capital in excess
1,800,000,000 of paroutstanding
shares; value 305,476,800 0
Accumulated
shares — 2021other comprehensive
and 339,425,600 loss — 2020
shares (490) (404)
Retained earnings (deficit) (2,280) (532)

price unadjusted
pre tax current portion of LTD 464.53
Tenet THC

RATIO ANALYSIS SPREADSHEET

2022
LIQUIDITY
1 Current
Current Assets 5,981 1.34
Current Liabilities 4,476
2 Days' Cash on Hand
Cash + Equivalents $ 858 19.08
(Operating Expenses - (Depreciation+Amortization))/365 44.959
3 Accounts Receivable Turnover
Net Sales $ 19,174 6.71

2,857
Average Net Accounts Receivable
4 Days in Patient Accounts Receivable
Net Patient AR 2,943 56.02
Net Patient Service Revenue / 365 $ 52.5315
5 Average age of plant

Accumulated Depreciation (needs to be positive always!) 6,201 7.37

Depreciation Expense 841
6 Fixed Asset Turnover ratio
Total Revenues = Net patient revenues + non operating revenues $ 19,584 3.03
Net Fixed Assets 6462
7 Total asset turnover
Sales $ 19,174 0.70
Average Total Assets 27,367.50

SOLVENCY
8 Debt Ratio
Total Liabilities 22,548 0.83
 Reorganized into Financial Statement Presentation for Ratio analysis

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions Dec. 31, 2022 Dec. 31, 2021

Current assets
Cash and cash equivalents $ 858 $ 2,364
Accounts receivable 2,943 2,770
Inventories of supplies, at cost 405 384
Income tax receivable 0 0
Assets held for sale 0 0
Other current assets 1,775 1,557
Total current assets 5,981 7,075
Investments and other assets 3,147 3,254
Deferred income taxes 19 65
Property & equipment, at cost, less accumulated depreciation and amortization 6,462 6,427
($6201 at December 31, 2022 and $5960 at December 31, 2021)
Goodwill 10,123 9,261
Other intangible assets, at cost, less accumulated amortization ($1,428 at 1,424 1,497
December
Total assets31, 2022 and $1,374 at December 31, 2021) 27,156 27,579
Current liabilities
Current portion of long-term debt 145 135
Accounts payable 1,504 1,300
Accrued compensation and benefits 778 896
Professional and general liability reserves 255 254
Accrued interest payable 213 203
Liabilities held for sale 0 0
Contract liabilities 110 959
Other current liabilities 1,471 1,362
Total current liabilities 4,476 5,109
Long-term debt, net of current portion 14,934 15,511
Professional and general liability reserves 790 791
Defined benefit plan obligations 331 421
Deferred income taxes 217 36
 Downloaded from the 10K Reorganized into Financial Statement Presentation for Ratio
Dec. 31, Dec. 31, CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
2022 2021 shares in Thousands
Current assets:
Cash and cash equivalents $ 858 $ 2,364 Income Statement [Abstract]
Accounts receivable $ 2,943 $ 2,770 Net operating revenues
Inventories of supplies, at cost $ 405 $ 384 Grant income
Assets held for sale $ - $ - Equity in earnings of unconsolidated affiliates
Other current assets $ 1,775 $ 1,557 Operating expenses:
Total current assets $ 5,981 $ 7,075 Salaries, wages and benefits
Investments and other assets $ 3,147 $ 3,254 Supplies
Deferred income taxes $ 19 $ 65 Other operating expenses, net
Property and equipment, at cost, less accumulated $ 6,462 $ 6,427 Depreciation and amortization
depreciation and amortization ($6,201 at December 31, 2022
Goodwill $ 10,123 $ 9,261 Impairment and restructuring charges, and acquisition-
and $5,960 at December 31, 2021) related costs
Other intangible assets, at cost, less accumulated $ 1,424 $ 1,497 Litigation and investigation costs
amortization
Total assets ($1,428 at December 31, 2022 and $1,374 at $ 27,156 $ 27,579 Net losses (gains) on sales, consolidation and
December
Current liabilities:
31, 2021) deconsolidation
Cost of Goods Sold
of facilities
Current portion of long-term debt $ 145 $ 135 Operating income
Accounts payable $ 1,504 $ 1,300 Interest expense
Accrued compensation and benefits $ 778 $ 896 Other non-operating income (expense), net
Professional and general liability reserves $ 255 $ 254 Loss from early extinguishment of debt
Accrued interest payable $ 213 $ 203 Income from continuing operations, before income taxes
Liabilities held for sale $ - $ - Income tax benefit (expense)
Contract liabilities $ 110 $ 959 Income from continuing operations, before discontinued
Other current liabilities $ 1,471 $ 1,362 operations operations:
Discontinued
Total current liabilities $ 4,476 $ 5,109 Income (loss) from operations
Long-term debt, net of current portion $ 14,934 $ 15,511 Income tax expense
Professional and general liability reserves $ 790 $ 791 Income (loss) from discontinued operations
Defined benefit plan obligations $ 331 $ 421 Net income
Deferred income taxes $ 217 $ 36 Less: Net income available to noncontrolling interests
Contract liabilities – long-term $ 13 $ 15 Net income available (loss attributable) to Tenet Healthcare
Corporation common shareholders
atement Presentation for Ratio analysis Downloaded from the 10K
CONSOLIDATED
12 Months Ended STATEMENTS OF Dec. 31, 2022 Dec. 31, 2021
OPERATIONS - USD ($)
Dec. 31, 2022 Dec. 31, 2021 shares in Thousands
Net operating revenues $ 19,174 $ 19,485
$ 19,174 $ 19,485 Grant income 194 191
194 191 Equity in earnings of 216 218
216 218 unconsolidated
Operating expenses:
affiliates
Salaries, wages and 8,844 8,878
8,844 8,878 benefits
Supplies 3,273 3,328
3,273 3,328 Other operating 3,998 4,206
3,998 4,206 expenses, netand
Depreciation 841 855
841 855 amortizationand
Impairment 226 85
226 85 restructuring
Litigation andcharges, 70 116
and acquisition-related
investigation costs
70 116 costs
Net losses (gains) on (1) (445)
(1) (445) sales, consolidation
Operating income and 2,333 2,871
17,251 deconsolidation
Interest expenseof (890) (923)
2,333 2,871 Other non-operating
facilities 10 14
(890) (923) Loss
incomefrom early
(expense), net (109) (74)
10 14 extinguishment
Income of debt
from continuing 1,344 1,888
(109) (74) operations,
Income tax benefit
before (344) (411)
1,344 1,888 Income
income taxes
(expense) from continuing 1,000 1,477
(344) (411) operations, before
Discontinued operations:
1,000 1,477 discontinued
Income (loss) operations
from 1 (1)
operations
Income tax expense 1 (1)
1 (1) Income (loss) from 0 0
1 (1) Net income operations
discontinued 1,001 1,476
0 0 Less: Net income 590 562
1,001 1,476 available
Net income to available 411 914
590 562 noncontrolling
(loss
Amountsattributable)
available
interests
to
411 914 Income (loss) from
Tenet Healthcare
(attributable) to Tenet 410 915
continuing
Corporationoperations,
Healthcare Corporation
common
net of taxshareholders
shareholders
common
 Total Assets 27,156
9 Equity Ratio
Total Equity 4,608 0.17
Total Assets 27,156
10 Debt to Capitalization Ratio
Long term Debt 14,934 0.76

19,542
Long term debt + Equity
11 Cash Flow Coverage Ratio
EBIT + Lease Payments + Depreciation Expense 3,174 2.93
Interest Expense + Lease Payments + Debt Principal / (1 - T) 1,085

12 Time Interest Earned

Income before interest and tax 2,333 2.62
Interest Expense 890
PROFITABILITY
13 Operating Margin
Operating Income (EBIT) 2,333 12.17%
Sales $ 19,174
14 Total/Profit Margin
Net Income $ 1,001 5.11%
Total Revenues = Net patient revenues + non operating $ 19,584
15 Return on Assets
Net Income $ 1,001 3.66%
Average Total Assets 27,367.50
16 Return on Equity
Net Income $ 1,001 22.58%
Average Shareholder Equity 4,432.50
MARKET PROSPECTS
17 Price Earnings
Market price per common share $ 48.79 $ 12.71
Earnings per share 3.84
Contract liabilities – long-term 13 15
Other long-term liabilities 1,787 1,439
Total liabilities 22,548 23,322
Commitments and contingencies (see Note 8)
Redeemable noncontrolling interests in equity of consolidated subsidiaries 2,149 2,203
Stockholders’ equity
Common stock, $0.05 par value; authorized 262,500,000 shares; 156,462,456 8 8
shares issued at December 31, 2022 and 155,520,691 shares issued at
December 31, 2021
Additional paid-in capital 4,778 4,877
Accumulated other comprehensive loss (181) (233)
Accumulated deficit (803) (1,214)
Common stock in treasury, at cost, 54,215,871 shares at December 31, 2022 and (2,660) (2,410)
48,331,649 shares at December 31, 2021
Total shareholders’ equity 1,142 1,028
Noncontrolling interests 1,317 1,026
Total Equity 2,459 2,054
Total liabilities and stockholders’ equity 27,156 27,579
Class A Common Stock
Stockholders’ equity 4,608 4,257
Common stock issued 62 62
Class B Convertible Common Stock
Stockholders’ equity
Common stock issued 11 11
Class C Common Stock
Stockholders’ equity
Common stock issued 77 $ 76
Other long-term liabilities $ 1,787 $ 1,439 Amounts available (attributable) to Tenet Healthcare
Total liabilities $ 22,548 $ 23,322 Corporation
Income (loss)common
from continuing
shareholders
operations, net of tax
Commitments and contingencies Income (loss) from discontinued operations, net of tax
Redeemable noncontrolling interests in equity of $ 2,149 $ 2,203 Net income available (loss attributable) to Tenet Healthcare
consolidated subsidiaries
Shareholders’ equity: Corporation common shareholders
Basic
Common stock, $0.05 par value; authorized 262,500,000 $ 8 $ 8 Continuing operations (in dollars per share)
shares; 156,462,456
Additional shares issued at December 31, 2022 and
paid-in capital $ 4,778 $ 4,877 Discontinued operations (in dollars per share)
155,520,691 shares issued at December 31, 2021

Accumulated other comprehensive loss $ (181) $ (233) Total earnings (loss) per share, Basic (in dollars per share)
Accumulated deficit $ (803) $ (1,214) Diluted
Common stock in treasury, at cost, 54,215,871 shares at $ (2,660) $ (2,410) Continuing operations (in dollars per share)
December 31, 2022 equity
Total shareholders’ and 48,331,649 shares at $ 1,142 $ 1,028 Discontinued operations (in dollars per share)
December 31, 2021
Noncontrolling interests $ 1,317 $ 1,026 Total earnings (loss) per share, Diluted (in dollars per share)
Total equity $ 2,459 $ 2,054 Weighted average shares and dilutive securities
Total liabilities and equity $ 27,156 $ 27,579 outstanding
Basic (in shares)
(in thousands):
Diluted (in shares)

effective tax rate

Current portion of LTD

1-tax rate
Interest
 Income (loss) from 1 (1)
410 915 Net income available
discontinued operations, $ 411 $ 914
1 (1) (loss
net ofattributable)
Basic tax to
$ 411 $ 914 Tenet Healthcare
Continuing operations (in $ 3.83 $ 8.56
Corporation
Discontinued
dollars common
operations
per share) 0.01 (0)
$ 3.83 $ 8.56 shareholders
(in dollars
Total per share)
earnings (loss) per 3.84 8.55
0.01 (0) share, Basic (in dollars
Diluted
per share)

3.84 8.55 Continuing operations (in 3.78 8.43

Discontinued operations
dollars per share) 0.01 (0)
3.78 8.43 Total earnings
(in dollars (loss) per
per share) $ 3.79 $ 8.42
0.01 (0) share, Diluted
Weighted average
(in dollars
shares
per share)
and dilutive securities
$ 3.79 $ 8.42 outstanding
Basic (in
(in shares) 106,929 106,833
thousands):
Diluted (in shares) 110,516 108,571
106,929 106,833
110,516 108,571

-0.255952381
0.744047619
$ 145
194.88
890
$ 890.74
18 Earnings per Share
Total Earnings $ 1,001 $ 0.01
Shares Outstanding 106,929