Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Tenet HealthcareFRA:THC1 -1.79%78 Cyclically Adjusted PB Ratio is 17.03 as of Aug. 01, 2026, which is 59% above its 10-year median of 10.69. GuruFocus rates FRA:THC1 with a GF Score™ of 78/100 and a GF Value™ of €158.32 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 356 Healthcare Providers & Services companies, Tenet Healthcare ranks worse than 96.35% on this metric.
The historical rank and industry rank for Tenet Healthcare's Cyclically Adjusted PB Ratio or its related term are showing as below:
FRA:THC1'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.89 Med: 10.69 Max: 24.98
Current: 17.17
During the past years, Tenet Healthcare's highest Cyclically Adjusted PB Ratio was 24.98. The lowest was 1.89. And the median was 10.69.
FRA:THC1's Cyclically Adjusted PB Ratio is ranked worse than 96.35% of 356
companies
in the Healthcare Providers & Services industry
Industry Median: 1.84
vs FRA:THC1: 17.17
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Tenet Healthcare's adjusted book value per share data for the three months ended in Jun. 2026 was €46.939. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €12.92 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Tenet Healthcare (FRA:THC1) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Tenet Healthcare Cyclically Adjusted PB Ratio Related Terms
Tenet Healthcare Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Tenet Healthcare's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Tenet Healthcare Cyclically Adjusted PB Ratio Chart
FRA:THC1 vs DVA, EHC, ENSG: Cyclically Adjusted PB Ratio Comparison
For the Medical Care Facilities subindustry, Tenet Healthcare's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Tenet Healthcare Cyclically Adjusted PB Ratio vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Tenet Healthcare's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Tenet Healthcare's Cyclically Adjusted PB Ratio falls into.
Tenet Healthcare Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Tenet Healthcare's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 17.03 mean?
Tenet Healthcare (FRA:THC1) has a Cyclically Adjusted PB Ratio of 17.03 as of Aug. 01, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Tenet Healthcare and its competitors. This is 59% above median its historical median of 10.69. Over the past decade, Tenet Healthcare's Cyclically Adjusted PB Ratio has ranged from 1.89 to 24.98. According to the industry distribution chart, Tenet Healthcare ranks #343 out of 356 companies in the Healthcare Providers & Services industry, placing it in the top 96.3%.
Is Tenet Healthcare's Cyclically Adjusted PB Ratio too high?
Tenet Healthcare's current Cyclically Adjusted PB Ratio of 17.03 is 59% above median its 10-year median of 10.69. Over the past 10 years, this metric has ranged from a low of 1.89 to a high of 24.98. The Healthcare Providers & Services industry median Cyclically Adjusted PB Ratio is 1.84. Tenet Healthcare's value of 17.03 is 825.5% above this industry median. Based on the distribution chart, Tenet Healthcare ranks #343 out of 356 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, Tenet Healthcare has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tenet Healthcare's Cyclically Adjusted PB Ratio compare to DVA and EHC?
According to the Healthcare Providers & Services industry distribution chart, Tenet Healthcare ranks #343 out of 356 companies for Cyclically Adjusted PB Ratio. This places Tenet Healthcare in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.84. Tenet Healthcare's value of 17.03 is 825.5% above this benchmark. Historically, Tenet Healthcare's own Cyclically Adjusted PB Ratio has ranged from 1.89 to 24.98 over the past decade. While the company's 10-year median is 10.69 vs. the industry median of 1.84, Tenet Healthcare has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Healthcare Providers & Services company?
The median Cyclically Adjusted PB Ratio among Healthcare Providers & Services companies is 1.84, based on 356 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Tenet Healthcare's current Cyclically Adjusted PB Ratio of 17.03 is 825.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Tenet Healthcare and its competitors. For the Healthcare Providers & Services industry, the median Cyclically Adjusted PB Ratio is 1.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tenet Healthcare's current Cyclically Adjusted PB Ratio is 17.03, which is 59% above median its own 10-year median of 10.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tenet Healthcare stock overvalued right now?
Based on GuruFocus' analysis, Tenet Healthcare (FRA:THC1) is currently considered Significantly Overvalued. The stock's GF Value™ is €158.32, compared to a current price of €220.00 — trading 39% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 17.03, which is 59% above median its 10-year median of 10.69 and 825.5% above the Healthcare Providers & Services industry median of 1.84. Tenet Healthcare's overall GF Score™ is 78/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Tenet Healthcare (FRA:THC1), the current Cyclically Adjusted PB Ratio is 17.03 as of Aug. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Tenet Healthcare (FRA:THC1) Overvalued in 2026?
Based on GuruFocus' analysis, Tenet Healthcare stock appears to be overvalued.
The current stock price of €220.00 is trading 39% above its estimated GF Value™ of €158.32.
GuruFocus considers Tenet Healthcare to be Significantly Overvalued.
Key valuation signals for FRA:THC1:
Cyclically Adjusted PB Ratio: 17.03 (59% above median its 10-year median of 10.69)
GF Value™: €158.32 vs. price of €220.00 (39% above fair value)
Industry Position: 825.5% above the Healthcare Providers & Services median (#343 of 356)
No single metric tells the full story. See the FRA:THC1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tenet Healthcare is a Dallas-based healthcare services organization. It operates acute and specialty hospitals (50 as of December 2025) and hundreds of ambulatory surgery centers and other outpatient facilities across the US, primarily in the South. Through its Conifer segment, Tenet also provides revenue cycle management solutions.
78GF Score
Get the complete analysis for FRA:THC1
Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:THC1 has been successfully added to your 
