U.S. Hospital Chain Restructures Performance and Financials with 2 Trillion Won Conifer Stake Redemption

Tenet Healthcare Corporation announced that its subsidiary Conifer Health Solutions has completed a strategic transaction to repurchase a 23.8% stake in partner CommonSpirit Health, under which it will receive approximately $1.9 billion (about KRW 2.6 trillion) over the next three years. Conifer’s payment of roughly $540 million (about KRW 700 billion) to eliminate its capital account with CommonSpirit reduced noncontrolling interests and other liabilities by approximately $885 million, increased additional capital by about $305 million, and ensures that by 2026 all subsidiary earnings will be fully reflected in Tenet’s results. The company reported net income of $1.407 billion and adjusted EBITDA of $4.566 billion for 2025, and set a target of $4.485–4.785 billion in adjusted EBITDA for 2026, along with strong free cash flow.

Market attention has zeroed in on how this roughly $2.7 billion transaction—which includes the Conifer stake repurchase and unwind of the CommonSpirit agreement—will affect Tenet’s future performance and valuation. Analysts generally maintain buy ratings and see potential for double-digit share-price gains. Tenet plans to release its Q4 and full-year 2025 results before U.S. trading opens on February 11 (Eastern Time) and will provide additional guidance on its post-Conifer financial outlook.

Headquartered in Dallas, Texas, Tenet Healthcare is a diversified healthcare services company operating hospitals, specialty facilities, and ambulatory surgery centers nationwide. Through its subsidiary Conifer, it delivers revenue-cycle and billing management services to hospitals and health systems. Facing high interest rates and labor-cost pressures, U.S. hospitals are pursuing cost efficiency and debt restructuring, and increasingly relying on revenue-cycle management and AI-driven automation solutions like those offered by Conifer.