Ardent Health Inc.
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Range $13 – $14
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About the company
Ardent Health, Inc. owns and operates a network of hospitals and clinics that provides healthcare services in the United States. The company offers general and specialty services, including internal medicine, general surgery, cardiology, oncology, orthopedics, women’s services, neurology, urology, and emergency services within inpatient and ambulatory care settings.
- CEO
- Dave Caspers
- IPO
- 2024
- Employees
- 22,350
- HQ
- Brentwood, TN, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.51B
- P/E
- 19.14
- Fwd P/E
- 10.32
- PEG
- -0.27
- P/S
- 0.24
- P/B
- 1.10
- EV/EBITDA
- 7.59
- Div Yield
- 0.00%
- Gross Margin
- 29.96%
- Op Margin
- 7.54%
- Net Margin
- 1.22%
- ROE
- 5.21%
- ROIC
- 9.26%
Latest fiscal year · YoY change
- Revenue
- $6.32B+6.0%
- Gross Profit
- $6.17B+25.0%
- Op Income
- $325.58M
- Net Income
- $135.81M-35.4%
- EPS
- $0.96-39.6%
- OCF Growth
- +49.4%
- FCF Growth
- +102.8%
- 52W High
- $15.48
- 52W Low
- $7.71
- 50D MA
- $10.28
- 200D MA
- $9.65
- Beta
- 0.70
- RSI (14)
- 46
- Avg Volume
- 552.35K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Ardent Health said softer volumes pressured the quarter, but cost actions, payer repricing and operational changes support reaffirmed 2026 EBITDA guidance.· August 5, 2026
- Q2 revenue was $1.62 billion and adjusted EBITDA was $115 million, with surgeries down 2.9% and admissions down 1% year over year.
- Management reaffirmed full-year 2026 adjusted EBITDA guidance of $485 million to $535 million and revenue guidance of $6.4 billion to $6.7 billion, but said revenue is now biased toward the low end.
- The company raised its IMPACT savings target to at least $70 million from $55 million, helped by workforce reductions and a new payer contract.
- Labor control improved: SW&B rose just 0.7% year over year, contract labor spend fell 42%, and contract labor as a share of SW&B improved to 2.2% from 3.8%.
- Cash generation was strong, with $197 million of operating cash flow in Q2, $724 million of cash, $992 million of total available liquidity, and net leverage of 0.8x.
Ardent reported second-quarter 2026 revenue of $1.62 billion and adjusted EBITDA of $115 million. Surgeries declined 2.9% year over year and admissions declined 1%; adjusted admissions increased 2.5%, while net patient service revenue per adjusted admission declined 3.9%. SW&B grew 0.7% year over year, contract labor spend fell 42%, and contract labor as a percentage of SW&B improved to 2.2% from 3.8% a year ago. Operating cash flow was $197 million in the quarter versus $117 million a year ago, and first-half operating cash flow was $137 million, up 47% from $93 million in the first half of 2025. For full-year 2026, management maintained revenue guidance of $6.4 billion to $6.7 billion and adjusted EBITDA guidance of $485 million to $535 million. Revenue is expected to skew toward the lower end of the range because of softer volumes, while EBITDA guidance incorporates an approximate $25 million headwind from lower volumes that management expects to offset with $20 million to $30 million from IMPACT savings and payer repricing. Management also reiterated its $35 million exchange headwind assumption for the year and said third-quarter adjusted EBITDA should improve from the $115 million reported in Q2 and approach Q1's $124 million.
Dave Caspers emphasized that Ardent has a strong platform but needs more consistency and operational rigor. He framed IMPACT, Capacity IQ, and service-line rationalization as central to improving margins, standardizing operations, and directing capital toward higher-return opportunities such as cardiology and women's and children's services. His tone was constructive and disciplined, repeatedly stressing faster execution, clearer accountability, and a willingness to act if assets or service lines are not a long-term fit.
Alfred Lumsdaine focused on the quarter's volume softness, saying surgeries were down materially in April and May before recovering in June, and noted that July was still below original expectations but better than April and May. He cited $115 million of Q2 adjusted EBITDA, $197 million of operating cash flow, $724 million of cash, $1.1 billion of debt, $992 million of total available liquidity, and net leverage of 0.8x. He said the company expects $15 million to $20 million of additional savings this year from structural changes plus $5 million to $10 million of higher earnings from one payer renewal, taking IMPACT savings to at least $70 million, and he said the full-year EBITDA outlook remains intact despite a roughly $25 million volume headwind.
Analysts focused on how much of the payer contract opportunity remains, what drove the inpatient surgery weakness, and whether June and July volume improvement was broad-based or temporary. Management said payer pricing opportunities exist across most markets, that the inpatient decline was largely a shift from inpatient to outpatient tied to procedures moving off the inpatient-only list, and that the economics of that shift were modest at about $1 million to $2 million of net impact in the quarter. On volumes, management said the recovery in June and July was broad-based but that they are using Q2 run-rate assumptions for the back half because the environment remains volatile and macro pressures could persist.
The bull case from this call is that Ardent believes it can offset volume weakness with controllable actions: cost reductions, payer repricing, and service-line optimization. Management also pointed to strong cash flow, low leverage, and early evidence that virtual care, referral growth, and top-of-funnel activity are improving efficiency and capacity. The reiterated EBITDA guide and higher IMPACT savings target suggest management has visibility into enough offsetting actions to maintain the year.
The main bear case is that hospital volumes were softer than expected, especially in April and May, and management is not assuming a full recovery in the second half. Revenue guidance is now biased to the low end, and management acknowledged broader economic pressure, exchange-related churn, and uncertainty around how much demand is being delayed rather than lost. Payer denials, professional fee inflation, and the need to keep renegotiating contracts also remain active execution risks.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 15.6%
- Shares Outstanding
- 143.35M
- Float Shares
- 22.34M
of shares held by institutions
130 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 1.50M | ▲ 151.69K |
| Two Sigma Advisers, LP | 71.40K | ▲ 71.40K |
| California State Teachers Retirement System | 26.50K | ▼ 172 |
| Comerica Bank | 23.58K | 0 |
| Cwm, LLC | 17.90K | ▲ 11.19K |
| Sunbelt Securities, Inc. | 7 | ▲ 7 |
Held by 117 ETFs
Biggest fund positions in ARDT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 1, 26 | Caspers Dave | other | 103,653 |
| Jun 5, 26 | DeMichiei Robert | buy | 11,260 |
| Jun 5, 26 | LUMSDAINE ALFRED | buy | 10,000 |
| Apr 1, 26 | Bulgarelli Peter J. | other | 14,231 |
| Apr 1, 26 | Havdala Ellen | other | 14,231 |
| Apr 1, 26 | Sotir Mark R | other | 14,231 |
| Apr 1, 26 | Sen Rahul | other | 14,231 |
| Apr 1, 26 | Webb Robert Thomas | other | 14,231 |
| Apr 1, 26 | Robinson Edmondo | other | 14,231 |
| Apr 1, 26 | DeMichiei Robert | other | 14,231 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ARDT coverage
Recent articles, reports, and earnings notes.
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Generate ARDT report →Implied Volatility Surging for Ardent Health Stock Options
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zacks.com · Aug 7
Ardent Health Q2 Earnings Call Highlights
marketbeat.com · Aug 5
Ardent Health, Inc. (ARDT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 5
First Trust Advisors LP Buys 198,595 Shares of Ardent Health, Inc. $ARDT
defenseworld.net · Aug 5
Ardent Health, Inc. (ARDT) Q2 Earnings Lag Estimates
zacks.com · Aug 4
Ardent Health Reports Second Quarter 2026 Results
businesswire.com · Aug 4
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