Community Health Systems ended the first quarter with long-term debt of $10.13 billion, far exceeding its market capitalization of about $427 million. Cash and equivalents rose to $712 million from $260 million at year-end 2025, but the net debt-to-capital ratio of 106.1% remains well above the industry average of 65.6%. The company has reduced debt from $13.4 billion at the end of 2019 through asset sales and retirement of expensive obligations, and net debt-to-EBITDA improved to 6.79 from a five-year median of 8.48. Adjusted EBITDA topped $1.5 billion in both 2024 and 2025, and recent divestitures helped lift occupancy to 55.4% in the first quarter. Peers HCA Healthcare and Tenet Healthcare carry long-term debt of $39.5 billion and $13.1 billion respectively, but their net debt-to-EBITDA ratios stand at 3.22 and 2.81.
Community Health Systems IncHigh debt load and net debt-to-capital ratio of 106.1% far above industry average, despite some improvement.
Tenet Healthcare Corporation
HCA Healthcare, Inc.