Ardent Health, Inc.
For the period ended May 20, 2026. Filed Apr 8, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 20, 2026 · Filed Apr 8, 2026
Contents
Pay Versus Performance
The following table and supporting narrative contain information regarding compensation actually paid ("CAP") to our NEOs
and the relationship to Company performance in accordance with SEC rules. Neither CAP nor the amount reported in the
Summary Compensation Table reflect the amount of compensation actually paid, earned or received during the applicable
year. Per SEC rules, CAP was calculated by adjusting Summary Compensation Table total compensation values for the
applicable year as described in the footnotes to the table.
Pay Versus Performance Table
| Year · Summary Compensation Table Total for PEO (1) · Compensation Actually Paid to PEO (1) · Average Summary Compensation Table Total for Non-PEO NEOs (2) · Average Compensation Actually Paid to Non-PEO NEOs (2) · Value of Initial Fixed $100 Investment Based On: · Net Income($M) · Adjusted EBITDAR ($M) (4) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total Shareholder Return · Peer Group Total Shareholder Return (3) | ||||||||
| 2025 | $6,090,004 | $(3,171,355) | $2,026,300 | $216,369 | $55 | $105 | $230 | $709 |
| 2024 | $6,939,257 | $18,696,908 | $2,493,471 | $4,440,157 | $106 | $94 | $300 | $659 |
(1)Reflects compensation for our CEO, Marty Bonick, who served as our Principal Executive Officer ("PEO") in 2024 and 2025.
(2)For both years presented, reflects compensation for Alfred Lumsdaine, Stephen C. Petrovich, David Schultz and Ethan Chernin, and, with respect to
2025, additionally reflects compensation for David Caspers, as shown in the Summary Compensation Table above.
(3)Peer Group used for TSR comparisons reflects the S&P Health Care Index. TSR calculation assumes an initial investment of $100 at the market close of
July 18, 2024, the date our stock commenced trading on the NYSE. Data for the S&P Health Care Index assumes reinvestment of dividends.
(4)The Company-selected measure is Adjusted EBITDAR, as defined in the "Supplemental Non-GAAP Valuation Measure" section in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC.
To calculate CAP for our PEO and other NEOs, the following adjustments were made to Summary Compensation Table total
compensation for the year ended December 31, 2025.
| Adjustments | PEO | Other NEOs |
|---|---|---|
| Summary Compensation Table Total | $6,090,004 | $2,026,300 |
| Deduction for amount reported in “Stock Awards” column of the Summary Compensation Table | (5,000,004) | (1,185,011) |
| Addition of fair value at fiscal year (FY) end of equity awards granted during the FY that remained outstanding | 2,905,859 | 566,773 |
| Addition of fair value at vesting date of equity awards granted during the FY that vested during the FY | — | 43,245 |
| Addition of change in fair value at FY end versus prior FY end for awards granted in prior FY that remained outstanding | (5,849,014) | (996,308) |
| Addition of change in fair value at vesting date versus prior FY end for awards granted in prior FY that vested during the FY | (1,318,200) | (238,630) |
| Compensation Actually Paid | $(3,171,355) | $216,369 |
Equity Valuation Assumptions
Measurement date equity fair values are calculated with assumptions derived on a basis consistent with those used for
grant date fair value purposes. Restricted stock units are valued based on the closing stock price on the relevant
measurement date. Performance stock units subject to non-market-based conditions are valued based on revised
assumptions of the probable payout on the applicable measurement dates and the closing stock price on that date.
Tabular List of Company Performance Measures
The following table alphabetically lists the measures we believe are most important in linking compensation actually paid to
Company performance during 2025.
Adjusted EBITDAR
Adjusted EBITDAR margin
Net revenue
Further details on these measures and how they feature in our compensation plans can be found in the section entitled
"Compensation Discussion and Analysis."
Pay Versus Performance: Graphical Description
The illustrations below depict CAP (as calculated in accordance with the SEC rules) and its relationship to the following
measures:
the Company’s cumulative TSR and the Peer Group’s cumulative TSR;
the Company’s net income; and
the Company-selected measure, which is Adjusted EBITDAR.
CAP and Cumulative TSR / Cumulative TSR of the Peer Group
CAP and Net Income
CAP and Adjusted EBITDAR
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.