Ardent Health Inc Model Update

Research evidence excerpt

Ardent Health Inc Model Update

Benjamin Rossi AC North America Equity Research

(1-212) 622-9603 09 June 2026 J P M O R G A N

benjamin.rossi@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

ARDT is one of the largest hospital operators in the U.S. with 30

hospitals and ~4.3K beds across six states. We consider ARDT’s

market positioning to be structurally attractive vs. the national

average, which should drive volume, demand and pricing

growth in line with or above peers, with the company targeting

~HSD long-term growth vs. peers in the ~MSD to HSD range.

We are optimistic that ARDT can potentially drive more

compelling adj EBITDA growth over the long term by capturing

incremental share within existing markets through expansion of

YTD 1m 3m 12m the company’s outpatient footprint and entry into new markets.

Abs 0.0% -12.7% -0.8% -40.6% However, in order to narrow the valuation gap vs. peers, we

Rel -15.0% -12.5% -13.9% -73.7%

believe mgmt needs to build a track record with public markets

Company Data investors and continue improvements towards leverage.

Shares O/S (mn) 141

Valuation52-week range ($) 15.48-7.71

Market cap ($ mn) 1,242.42 We value ARDT using EV/EBITDA and EV/EBITDA-NCI

Exchange rate 1.00 (given its JV structure), consistent with how we evaluate other

Free float (%) 15.8%

3M ADV (mn) 0.44 healthcare facility names within our coverage. We believe

3M ADV ($ mn) 4.0 ARDT should trade at a discount to publicly traded hospital

Volatility (90 Day) 52 peers, as its attractive market exposure and favorable growth

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 7|4|1 algorithm are balanced against its smaller scale, lower-margin

profile, greater execution risk in ambulatory, potential

Key Metrics (FYE Dec)