Ardent Health Inc. (ARDT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+235.0%

$39.61

vs $11.83 price

Levered DCF

$6.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.04

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2018	FY2017	FY2016
P/E	9.2×	10.74×	45.89×	12.17×	14.87×	-15.9×	-64.24×	160.6×
P/B	0.74×	2×	3.43×	3.6×	0×	6.83×	5.99×	8.49×
P/S	0.2×	0.38×	0.43×	0.45×	0.47×	0.54×	0.75×	1.08×
EV / EBITDA	5.63×	6.94×	12.17×	7.96×	0×	14.1×	13.62×	16.88×
Gross margin	97.5%	82.7%	97.4%	81.4%	81.0%	100.0%	100.0%	100.0%
Operating margin	5.1%	6.8%	4.2%	4.2%	9.0%	3.6%	4.1%	4.0%
Net margin	2.1%	3.5%	0.9%	3.7%	3.2%	-3.4%	-1.2%	0.7%
Current ratio	1.97×	1.94×	1.63×	1.74×	0×	1.38×	1.45×	1.44×
Debt / equity	1.34×	2.02×	3.57×	3.74×	0×	3.8×	2.52×	0.9×
Interest coverage	5.9×	6.19×	3.51×	2.65×	4.65×	1.38×	1.72×	3.15×
Dividend yield	0.0%	0.0%	0.0%	7.6%	2.7%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	92.5%	40.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2018	FY2017	FY2016
Return on equity	8.1%	18.6%	7.5%	29.6%	0.0%	-43.1%	-9.4%	5.5%
Return on invested capital	6.1%	8.2%	4.7%	4.5%	0.0%	6.3%	0.1%	9.1%
Return on assets	2.6%	4.2%	1.0%	3.9%	0.0%	-5.2%	-1.5%	1.3%
Free cash flow yield	20.8%	5.6%	3.7%	-8.2%	0.3%	-0.0%	-0.1%	0.2%
Earnings yield	10.9%	9.3%	2.2%	8.2%	6.7%	-6.3%	-1.6%	0.6%
Enterprise value	$2.8B	$4B	$4.3B	$4.2B	$0	$3.5B	$3.1B	$2.4B
Net debt / EBITDA	3.13×	3×	5.6×	3.63×	0×	4.89×	3.81×	1.03×
Cash conversion cycle (days)	-756	-56	-903	-38	0	46	55	45