ARDT

MKT CAP:$1B

Ardent Health Partners, LLC

Market Cap

$1B

Healthcare·Medical - Care Facilities·🇺🇸 United States·NYSE

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$9.62+$0.98 (+11.34%)

Apr 24, 2026

Company Details

Ardent Health Partners, LLC owns and operates a network of hospitals and clinics that provides a range of healthcare services in the United States. It operates acute care hospitals, including rehabilitation hospitals and surgical hospitals....

CEO

Martin J. Bonick

IPO Date

Jul 18, 2024

Website

www.ardenthealth.com

Key Metrics TTM

Revenue

$6.1B

+46.7% YoY

Net Income

$160M

EPS (Diluted)

$1.18

Free Cash Flow

$259M

Revenue / Share

$43.21

Gross Margin

69.8%

Operating Margin

8.3%

Net Margin

2.6%

FCF Margin

4.2%

P/S

0.2x

P/E

8.6x

Earnings Reports

Q4 2025

May 12, 2026

PENDING

Q3 2025

Nov 14, 2025

$1.6B+8.8%EPS -$0.17

Q4 2024

Feb 27, 2025

$1.6BEPS $0.86

Q3 2024

Nov 7, 2024

$1.4BEPS $0.19

Q2 2024

Aug 14, 2024

$1.5BEPS $0.30

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 14	$538M	$325M	$93M
Q2 14	$538M	$325M	$93M
Q1 15	$505M	$275M	$109M
Q2 15	$505M	$275M	$109M
Q1 17	$685M	$367M	$100M
Q2 17	$685M	$367M	$100M
Q3 17	$782M	$414M	$104M
Q1 18	$990M	$510M	$127M
Q2 18	$990M	$510M	$127M
Q3 18	$1.1B	$1.1B	$52M
Q4 18	$1.1B	$1.1B	$52M
Q2 24	$1.5B	$1.2B	-$157M
Q3 24	$1.4B	$1.2B	$70M
Q4 24	$1.6B	$952M	$337M
Q3 25	$1.6B	$900M	$254M

Valuation

Quarter	P/S	P/E
Q1 14	—	—
Q2 14	—	—
Q1 15	—	—
Q2 15	0.7x	6.5x
Q1 17	0.6x	11.5x
Q2 17	0.6x	54.0x
Q3 17	0.5x	143.2x
Q1 18	0.4x	—
Q2 18	0.4x	—
Q3 18	0.4x	—
Q4 18	0.3x	—
Q2 24	0.3x	—
Q3 24	0.3x	656.8x
Q4 24	0.2x	12.4x
Q3 25	0.2x	8.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 14	$3M	-$4M
Q2 14	$3M	-$4M
Q1 15	$34M	$18M
Q2 15	$34M	$18M
Q1 17	$25M	-$4M
Q2 17	$25M	-$4M
Q3 17	$46M	$14M
Q1 18	$15M	-$16M
Q2 18	$15M	-$16M
Q3 18	$33M	$4M
Q4 18	$96M	$28M
Q2 24	$118M	$79M
Q3 24	$92M	$49M
Q4 24	$120M	$38M
Q3 25	$152M	$93M

Capital Expenditures

Quarter	CapEx
Q1 14	$7M
Q2 14	$7M
Q1 15	$15M
Q2 15	$15M
Q1 17	$30M
Q2 17	$30M
Q3 17	$32M
Q1 18	$32M
Q2 18	$32M
Q3 18	$29M
Q4 18	$69M
Q2 24	$39M
Q3 24	$43M
Q4 24	$81M
Q3 25	$59M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 17	+27.4%	+31.5%
Q2 17	+27.4%	+31.5%
Q3 17	+54.8%	+70.9%
Q1 18	+95.9%	+117.5%
Q2 18	+44.5%	+47.5%
Q3 18	+59.0%	+77.2%
Q4 18	+39.7%	+53.5%
Q2 24	+48.6%	+88.7%
Q3 24	+46.5%	+59.8%
Q4 24	+47.5%	+22.4%
Q3 25	+44.3%	+27.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 14	$625.0K	0.1%
Q2 14	$625.0K	0.1%
Q1 15	$625.0K	0.1%
Q2 15	$625.0K	0.1%
Q1 17	$625.0K	0.1%
Q2 17	$625.0K	0.1%
Q3 17	$723.0K	0.1%
Q1 18	$725.0K	0.1%
Q2 18	$725.0K	0.1%
Q3 18	$2M	0.2%
Q4 18	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 14	—	$63M	$170M
Q2 14	—	$63M	$170M
Q1 15	—	$61M	$106M
Q2 15	—	$61M	$106M
Q1 17	$6M	$87M	$174M
Q2 17	$6M	$87M	$174M
Q3 17	$6M	$108M	$196M
Q1 18	$5M	$141M	$238M
Q2 18	$5M	$141M	$238M
Q3 18	$4M	$145M	$253M
Q4 18	$3M	$557M	$450M
Q2 24	—	$958M	—
Q3 24	—	$973M	—
Q4 24	—	$286M	$329M
Q3 25	—	$305M	$340M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 15	$194M	$0	$194M
Q1 17	$0	$0	$0
Q4 17	$72M	$0	$72M
Q1 18	$99M	$0	$99M
Q2 18	$99M	$0	$99M
Q3 18	$61M	$0	$61M
Q4 18	$60M	$0	$60M
Q4 23	$438M	$0	$438M
Q1 24	$373M	$0	$373M
Q2 24	$335M	$0	$335M
Q3 24	$563M	$0	$563M
Q4 24	$557M	$0	$557M
Q1 25	$495M	$0	$495M
Q2 25	$541M	$0	$541M
Q3 25	$609M	$0	$609M
Q4 25	$710M	$0	$710M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 14	0	—	—
Q2 14	0	—	—
Q1 15	76M	—	—
Q2 15	76M	0.0%	—
Q1 17	141M	+85.5%	—
Q2 17	0	-100.0%	—
Q3 17	0	—	-100.0%
Q1 18	386M	—	+407.4%
Q2 18	386M	0.0%	+173.5%
Q3 18	141M	-63.4%	—
Q4 18	474M	+236.1%	—
Q2 24	143M	-69.9%	-63.0%
Q3 24	138M	-3.7%	-64.3%
Q4 24	133M	-3.5%	-5.8%
Q3 25	141M	+6.4%	-70.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 14	—	—
Q2 14	—	—
Q1 15	—	—
Q2 15	—	—
Q1 17	—	—
Q2 17	—	—
Q3 17	—	—
Q1 18	—	—
Q2 18	—	—
Q3 18	—	—
Q4 18	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$42.3K	38K
Q3 25	$41.5K	38K

Revenue / Employee