Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-26

Ardent Health (ARDT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,090,004
Marty Bonick total, FY2025
33rd
CEO pay percentile vs peers
107:1
CEO-to-median pay ratio
99.67%
Say-on-pay support, latest vote
Companies that benchmark against ARDT
No companies currently name ARDT as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Marty Bonick$1,076,000$0$5,000,004$0$0$0$14,000$6,090,004
President and Chief Executive Officer
Alfred Lumsdaine650,23550,0002,000,01000014,0002,714,245
Chief Financial Officer
David Caspers511,5410551,38601,325,021059,6222,447,570
Chief Operating Officer
David Schultz389,86601,000,012000674,2412,064,119
Former President, Hospital Operations
Ethan Chernin612,46623,175775,00100073,6721,484,314
Former President, Health Services
Stephen Petrovich547,05135,190825,01000014,0001,421,251
Executive Vice President and General Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Marty Bonick$6,090,004
Alfred Lumsdaine2,714,245
David Caspers2,447,570
David Schultz2,064,119
Ethan Chernin1,484,314
Stephen Petrovich1,421,251

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Marty BonickRSU2025-04-01134,927$1,750,003
Ethan CherninPSU2025-04-0118,56137,12237,12274,244503,746
Stephen PetrovichPSU2025-04-0119,75939,51839,51879,036536,259
David SchultzRSU2025-04-0126,985349,995
David CaspersRSU2025-04-017,711100,012
Marty BonickPSU2025-04-01119,750239,499239,499478,9983,250,001
Ethan CherninRSU2025-04-0120,914271,255
David CaspersPSU2025-04-0129,33958,67858,678117,356796,260
David CaspersRSU2025-04-0133,057428,749
Alfred LumsdaineRSU2025-04-0153,971700,004
Alfred LumsdainePSU2025-04-0147,90095,80095,800191,6001,300,006
Stephen PetrovichRSU2025-04-0122,263288,751
David SchultzPSU2025-04-0123,95147,90147,90195,802650,017
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Marty Bonick$1,750,003$3,250,001$065.0%
Ethan Chernin271,255503,746065.0%
Stephen Petrovich288,751536,259065.0%
David Schultz349,995650,017065.0%
David Caspers528,761796,260060.1%
Alfred Lumsdaine700,0041,300,006065.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David CaspersRSU33,057$291,893
Marty BonickRSU134,9271,191,405
Stephen PetrovichRSU259,2662,289,319
Marty BonickPSU239,4992,114,776
Marty BonickPSU183,6361,621,506
Alfred LumsdainePSU95,800845,914
Marty BonickRSU65,921582,082
David CaspersPSU58,678518,127
Alfred LumsdainePSU57,428507,089
Alfred LumsdaineRSU53,971476,564
Stephen PetrovichPSU39,518348,944
Ethan CherninPSU37,122327,787
Stephen PetrovichPSU32,656288,352
Ethan CherninPSU30,470269,050
Alfred LumsdaineRSU29,295258,675
Alfred LumsdaineRSU27,828245,721
Stephen PetrovichRSU22,263196,582
Stephen PetrovichRSU22,195195,982
Ethan CherninRSU20,914184,671
Alfred LumsdaineRSU20,615182,030
David SchultzPSU15,545137,262
Stephen PetrovichRSU11,723103,514
Ethan CherninRSU10,93795,574
Stephen PetrovichRSU6,46657,095
Alfred LumsdaineRSU4,64941,051
David SchultzPSU3,36329,695
05

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policy
Anti-hedging
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2091,093,535300,746184,47599.67%Passed
20252025-05-21101,457,0241,202,587306,16998.83%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2099.67%a
20252025-05-2198.83%b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)107 : 1
CEO total compensation$6,090,004
Median employee compensation$56,682
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Mark SotirIndependent · Board Chair$225,000$169,716$394,716
William GoodyearIndependent · Audit and Compliance (Chair)137,500169,716307,216
Edmondo RobinsonIndependent · Quality (Chair) · Audit and Compliance135,000169,716304,716
Ellen HavdalaIndependent · Compensation (Chair)130,000169,716299,716
Peter BynoeIndependent · Compensation · Nominating (Chair) · Governance125,000169,716294,716
Rob WebbIndependent · Audit and Compliance125,000169,716294,716
Rahul SenIndependent · Compensation117,500169,716287,216
Suzanne CampionIndependent · Compensation · Nominating117,500169,716287,216
Robert DeMichieiIndependent · Audit and Compliance · Newly elected91,875129,136221,011
Marty BonickEmployee director0
Peter BulgarelliNot independent · Quality · Compensation · Patient Safety and Quality of Care000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$185,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline$500,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,204,375
Equity awards (grant-date value)$1,486,864
All other compensation$0
Total cost of the board$2,691,239

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Ardent Health names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Ardent Health.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1DaVita Inc.2025Javier Rodriguez$1,500,000$11,442,481$2,699,982$2,089,491$18,210,597
2Universal Health Services, Inc.2025Marc Miller1,430,7699,999,90404,292,30716,148,937
3Quest Diagnostics Incorporated2025James Davis1,250,0008,762,8612,999,8732,205,84415,498,479
4Ensign Group, Inc.2025Barry Port549,2642,912,355010,317,24713,804,700
5Encompass Health Corp.2025Mark Tarr1,100,0005,285,3811,165,3762,581,52510,297,258
6Acadia Healthcare Company, Inc.2025Christopher Hunter1,061,0005,712,01201,135,2707,909,463
7Ardent Health2025Marty Bonick1,076,0005,000,004006,090,004
8Surgery Partners, Inc.2025J. Eric Evans1,050,0005,000,000006,083,862
9Brookdale Senior Living Inc.2025Nikolas Stengle229,3104,283,9680403,5715,307,655
10Select Medical Holdings Corp.2025Thomas Mullin618,0001,425,0000939,3603,042,527
Community Health Systems, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Ardent Healthnot disclosednot disclosednot disclosednot disclosed
Acadia Healthcare Company, Inc.85.6%PSU 50 · RSU 50NoWillis Towers Watson
Brookdale Senior Living Inc.125.7%PSU 60 · RSU 40NoF.W. Cook & Co., Inc.
Community Health Systems, Inc.not disclosednot disclosednot disclosednot disclosed
DaVita Inc.93%PSU 60 · RSU 20 · Options 20Yes — Relative TSR v. S&P Health Care Services Select Industry IndexCompensia
Encompass Health Corp.173.8%PSU 60 · RSU 20 · Options 20NoPay Governance
Ensign Group, Inc.not disclosednot disclosednot disclosedWillis Towers Watson
Quest Diagnostics Incorporatednot disclosednot disclosednot disclosedSemler Brossy
Select Medical Holdings Corp.190%RSU 100not disclosednot disclosed
Surgery Partners, Inc.not disclosedPSU 60 · Restricted Stock 40NoFrederic W. Cook & Co., Inc. (FW Cook)
Universal Health Services, Inc.200%RSU 50 · PSU 50NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Marty BonickDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation”. As printed: 6,090,004. Filing ↗
2Section 01, Alfred LumsdaineDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation”. As printed: 2,714,245. Filing ↗
3Section 01, David CaspersDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation”. As printed: 2,447,570. Filing ↗
4Section 01, David SchultzDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation”. As printed: 2,064,119. Filing ↗
5Section 01, Ethan CherninDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation”. As printed: 1,484,314. Filing ↗
6Section 01, Stephen PetrovichDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation”. As printed: 1,421,251. Filing ↗
7Section 03, Marty Bonick RSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1139494–1139503
8Section 03, Ethan Chernin PSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1267018–1267025
9Section 03, Stephen Petrovich PSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1221188–1221195
10Section 03, David Schultz RSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
11Section 03, David Caspers RSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
12Section 03, Marty Bonick PSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1145885–1145894
13Section 03, Ethan Chernin RSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
14Section 03, David Caspers PSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1198266–1198273
15Section 03, David Caspers RSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1191892–1191899
16Section 03, Alfred Lumsdaine RSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
17Section 03, Alfred Lumsdaine PSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1168818–1168827
18Section 03, Stephen Petrovich RSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
19Section 03, David Schultz PSUDEF 14A2026-04-080001628280-26-024244Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1244103–1244110
20Section 07, pay ratioDEF 14A2026-04-080001628280-26-024244Section “CEO Pay Ratio”. As printed: 107 : 1. Filing ↗
21Section 08, Mark SotirDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 394,716. Filing ↗machine: span 1838742–1838749
22Section 08, William GoodyearDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 307,216. Filing ↗machine: span 1828362–1828369
23Section 08, Edmondo RobinsonDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 304,716. Filing ↗machine: span 1833559–1833566
24Section 08, Ellen HavdalaDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 299,716. Filing ↗machine: span 1830959–1830966
25Section 08, Peter BynoeDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 294,716. Filing ↗machine: span 1820466–1820473
26Section 08, Rob WebbDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 294,716. Filing ↗machine: span 1841338–1841345
27Section 08, Rahul SenDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 287,216. Filing ↗machine: span 1836156–1836163
28Section 08, Suzanne CampionDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 287,216. Filing ↗machine: span 1823061–1823068
29Section 08, Robert DeMichieiDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 221,011. Filing ↗machine: span 1825774–1825781
30Section 08, Marty BonickDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 0. Filing ↗
31Section 08, Peter BulgarelliDEF 14A2026-04-080001628280-26-024244Section “Director Compensation”. As printed: 0. Filing ↗
32Section 06, 2026 voteForm 8-K2026-05-260001628280-26-038152Item 5.07 · say-on-pay result. As reported: 99.67% (votes for as printed: 91,093,535). Filing ↗
33Section 06, 2025 voteForm 8-K2025-05-230001628280-25-027604Item 5.07 · say-on-pay result. As reported: 98.83% (votes for as printed: 101,457,024). Filing ↗
34Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
35Section 09b board cost (computed)ComputedcomputedCash 1,204,375 + equity 1,486,864 + all other 0 = 2,691,239, summed across the director compensation table rows.machine: formula: Σ = 2,691,239
36DaVita Inc., Section 10b CEO totalDEF 14A2026-04-220000927066-26-000053CEO total compensation as printed in DaVita Inc.'s own proxy. As printed: 18,210,597. Filing ↗machine: r2 · c45 · span 800715–800725
37Universal Health Services, Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-148814CEO total compensation as printed in Universal Health Services, Inc.'s own proxy. As printed: 16,148,937. Filing ↗machine: span 1326856–1326866
38Quest Diagnostics Incorporated, Section 10b CEO totalDEF 14A2026-04-060001140361-26-013356CEO total compensation as printed in Quest Diagnostics Incorporated's own proxy. As printed: 15,498,479. Filing ↗machine: r2 · c17 · span 699327–699337
39Ensign Group, Inc., Section 10b CEO totalDEF 14A2026-04-020001125376-26-000014CEO total compensation as printed in Ensign Group, Inc.'s own proxy. As printed: 13,804,700. Filing ↗machine: span 521316–521326
40Encompass Health Corp., Section 10b CEO totalDEF 14A2026-04-070000785161-26-000105CEO total compensation as printed in Encompass Health Corp.'s own proxy. As printed: 10,297,258. Filing ↗machine: r2 · c48 · span 734470–734480
41Acadia Healthcare Company, Inc., Section 10b CEO totalDEF 14A2026-03-250001140361-26-011130CEO total compensation as printed in Acadia Healthcare Company, Inc.'s own proxy. As printed: 7,909,463. Filing ↗machine: t159 · r1 · c27 · span 558066–558075
42Ardent Health (subject), Section 10b CEO totalDEF 14A2026-04-080001628280-26-024244CEO total compensation as printed in Ardent Health's own proxy. As printed: 6,090,004. Filing ↗
43Surgery Partners, Inc., Section 10b CEO totalDEF 14A2026-04-230001638833-26-000039CEO total compensation as printed in Surgery Partners, Inc.'s own proxy. As printed: 6,083,862. Filing ↗machine: r2 · c24 · span 365862–365872
44Brookdale Senior Living Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197412CEO total compensation as printed in Brookdale Senior Living Inc.'s own proxy. As printed: 5,307,655. Filing ↗machine: t227 · r4 · c27 · span 1161767–1161776
45Select Medical Holdings Corp., Section 10b CEO totalDEF 14A2026-03-040001104659-26-023205CEO total compensation as printed in Select Medical Holdings Corp.'s own proxy. As printed: 3,042,527. Filing ↗machine: r13 · c41 · span 384685–384694
46Section 10a, DaVita Inc. reciprocityDEF 14A0000927066-26-000053DaVita Inc.'s most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗
47Section 10a, Encompass Health Corp. reciprocityDEF 14A0000785161-26-000105Encompass Health Corp.'s most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗
48Section 10a, Acadia Healthcare Company, Inc. reciprocityDEF 14A0001140361-26-011130Acadia Healthcare Company, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗
49Section 10a, Universal Health Services, Inc. reciprocityDEF 14A0001193125-26-148814Universal Health Services, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗
50Section 10a, Quest Diagnostics Incorporated reciprocityDEF 14A0001140361-26-013356Quest Diagnostics Incorporated's most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗
51Section 10a, Ensign Group, Inc. reciprocityDEF 14A0001125376-26-000014Ensign Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗
52Section 10a, Surgery Partners, Inc. reciprocityDEF 14A0001638833-26-000039Surgery Partners, Inc.'s most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗
53Section 10a, Brookdale Senior Living Inc. reciprocityDEF 14A0001193125-26-197412Brookdale Senior Living Inc.'s most recent proxy was read; its disclosed peer group does not include Ardent Health. Filing ↗