Auna Emerges as the Stronger Ambulatory Care Pick Over Tenet Healthcare

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Auna S.A. and Tenet Healthcare are two leading players in the growing ambulatory care space. Auna's differentiated 'Auna Way' model is driving strong results in Peru and stabilizing operations in Mexico, while its risk-sharing initiatives in Colombia are protecting margins. Auna's recent $825 million debt refinancing has also strengthened its capital structure. In contrast, Tenet Healthcare faces a financial impact from the expiration of enhanced exchange tax credits. While both companies demonstrate positive earnings estimate revisions, Auna's valuation and year-to-date performance make it the more compelling investment option currently.

Why it matters

The global ambulatory healthcare service market is projected to grow at a CAGR of 5.7% through 2026-2033, driven by increasing demand for outpatient care, advancements in medical technologies, and a shift toward cost-effective healthcare delivery models. In this context, Auna and Tenet Healthcare's performance in the ambulatory care space is crucial, as they compete to capture a larger share of this expanding market.

The details

Auna operates a differentiated 'Auna Way' model aimed at transforming healthcare in Spanish-speaking Latin America, where private healthcare remains fragmented and underpenetrated. In Peru, Auna's vertical integration of healthcare plans into healthcare operations continues to generate value, with strong pricing mix and record low medical loss ratio in its Oncosalud business. In Mexico, the company's operations have stabilized, and it is focused on expanding reach into larger segments of privately insured families and aligning with physician groups. Auna is also scaling its oncology capabilities in Mexico and expanding risk-sharing models in Colombia to support stable margins and consistent cash cycles. On the other hand, Tenet Healthcare's Ambulatory Care segment, which includes USPI, reported strong same-facility revenue growth in 2025, driven by double-digit volume growth in total joint replacements across ASCs. However, the company expects a $250 million impact on its 2026 adjusted EBITDA, primarily in the Hospital segment, due to the expiration of enhanced exchange tax credits.

• In the fourth quarter of 2025, Auna's Peru operations were driven by a strong pricing mix in Healthcare Services and a record low medical loss ratio in Oncosalud.
• In December 2025, Auna's high-margin, Out-of-Pocket segment contributed 12% of Mexico revenues, up from 8% in the third quarter, driven by targeted pricing initiatives and pre-negotiated physician rates.
• In September 2025, Tenet Healthcare opened its newest hospital facility in Port St. Lucie, FL, expanding capacity in one of the fastest-growing markets.

What’s next

Analysts continue to project a positive outlook on the earnings estimates for both Auna and Tenet Healthcare, as the companies navigate the evolving ambulatory care market.