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HCA Healthcare, Inc.

HCA Healthcare Medical Care Facilities

HCA Healthcare, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $75.6 billion, up 7.08% from fiscal 2024.

Revenue
+3.59%
EPS
+23.8%
Free cash flow
−0.77%
Total debt
+13.4%

Quarter to September 2026, against a year earlier

496.04 11.44 −2.25%
Market cap
$106.0B
P/E
15.7×
Fwd P/E
15.6×
Dividend yield
0.62%
F-score
7/9
Altman Z
2.80
Beneish M
−2.87
Dividend safety
78/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • American Group
  • Atlantic Group
  • National Group
  • Corporate and Other

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 29.28
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 5 — — — — — — — — —
Insider Ownership 34.95%

Capital & Financial Ratios $m

Size
Market Cap 106,010.00
Revenue ttm 78,701.00
Net income ttm 7,799.00
Free cash flow ttm 5,973.00
Net debt Q 49,585.00
Valuation
P/E 15.73
Forward P/E 15.60
Price / sales 1.35
Forward P/S Powerpack
Price / FCF 17.82
Price / book 0.00
Financial health
Current ratio Q 0.82 (below 1: weak)
Debt / equity Q (10.98) (negative: negative equity)
Interest coverage Q 4.88
Growth
Revenue growth Q +3.59% (above 0%: growing)
Operating income growth Q −0.57% (below 0%: shrinking)
EPS, this year +6.71%
EPS, next year A +4.10%
Revenue, next year A +4.67%
EPS, past 5 yrs +20.98% (at or above 15%: strong)
EPS, next 5 yrs A +7.39%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 1.7×; over the ten years it ranged from 1.2× in 2020 to 2.3× in 2026.
P/E against its own 10 years 77.60%
10-year low 10-year high
P/S against its own 10 years 87.24%
10-year low 10-year high
EV/Sales against its own 10 years 90.73%
10-year low 10-year high
EV/FCF against its own 10 years 74.85%
10-year low 10-year high

Dividends raised 5 years running

Yield
0.62%
Annual rate
3.06
Payout ratio
9.74%
Growth, 2018–25
+10.9%/yr
  1. 1.40 ’18
  2. 1.60 ’19 +14
  3. 0.50 ’20 −69
  4. 1.92 ’21 +282
  5. 2.24 ’22 +17
  6. 2.40 ’23 +7
  7. 2.64 ’24 +10
  8. 2.88 ’25 +9
  9. 3.12 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 935 1,933 1,040 908
Receivables 9,958 10,751 10,867 11,509
Inventory 2,021 1,738 1,652 1,670
Other 2,013 1,992 2,224 2,132
14,927 16,414 15,783 16,219
2023 2024 2025 Q'26
Payables 4,233 4,276 4,659 5,103
ST’ Debt 2,424 4,698 4,889 8,093
Other — — — —
12,655 15,177 16,350 19,779

Compound Annual Growth %

10y 5y 3y
Sales 6.66% 7.97% 7.87%
Cash Flow 10.32% 6.48% 14.03%
Earnings 12.29% 12.56% 6.33%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 6.74 Actual 7.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 7.36 8.01 Beat by 0.65
Q1 FY26 7.17 7.15 Miss by 0.02
Q2 FY26 7.57 7.59 Beat by 0.02
Q3 FY26 6.74 7.22 Beat by 0.48
Q4 FY26 8.15 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 7.15 7.62 8.51 — —
’25 6.45 6.83 6.96 8.14 28.33
’24 5.93 5.53 4.88 5.63 22.00
’23 4.85 4.29 3.91 5.93 18.97
’22 4.14 3.90 3.91 7.28 19.15
’21 4.14 4.36 7.00 5.75 21.16
’20 1.69 3.16 1.95 4.13 10.93
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 19,109 20,230 19,849 — —
’25 18,321 18,605 19,161 19,513 75,600
’24 17,339 17,492 17,487 18,285 70,603
’23 15,591 15,861 16,213 17,303 64,968
’22 14,945 14,820 14,971 15,497 60,233
’21 13,977 14,435 15,276 15,064 58,752
’20 12,861 11,068 13,311 14,293 51,533
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,014 2,335 4,461 — —
’25 1,651 4,210 4,416 2,359 12,636
’24 2,469 1,971 3,515 2,559 10,514
’23 1,803 2,475 2,479 2,674 9,431
’22 1,345 1,630 3,020 2,527 8,522
’21 1,988 2,251 2,277 2,443 8,959
’20 1,375 8,723 2,717 (3,583) 9,232
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 895 1,104 3,104 — —
’25 660 3,034 3,128 870 7,692
’24 1,351 690 2,324 1,274 5,639
’23 606 1,234 1,332 1,515 4,687
’22 484 550 1,889 1,204 4,127
’21 1,334 1,409 1,388 1,251 5,382
’20 522 7,978 2,228 (4,331) 6,397
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.6% a year for ten years. It grew 11.4% a year over the last ten.

Implied
10.6%
10 years, reported
11.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 41,490 43,614 46,677 51,336 51,533 58,752 60,233 64,968 70,603 75,600 78,701 +6.9% 79,127 81,628 85,302 +4.1%
Gross margin, % 83.29 83.23 83.45 83.48 83.76 83.86 84.44 84.76 84.77 84.96 85.34 +1.7 pt
EBT 4,810 4,381 5,335 5,244 5,430 9,833 8,580 7,706 8,523 9,832 9,823 +8.3%
EBT margin, % 11.59 10.04 11.43 10.22 10.54 16.74 14.24 11.86 12.07 13.01 12.48 +1.4 pt
Net income 3,432 2,743 4,389 4,145 4,387 7,721 6,834 6,091 6,657 7,782 7,799 +9.5%
Per share, $
Per share, $ Revenue 108.16 120.38 134.40 150.45 152.34 181.72 207.45 238.50 273.02 319.78 366.75 +12.8%
Earnings 7.30 5.95 10.66 10.07 10.93 21.16 19.15 18.97 22.00 28.33 31.53 +16.3%
Cash flow 14.74 14.98 19.47 22.28 27.29 27.71 29.35 34.62 40.66 53.45 52.05 +15.4%
Capex (7.20) (8.32) (10.29) (12.19) (8.38) (11.06) (15.14) (17.42) (18.85) (20.91) (24.21) +12.6%
Free cash flow 7.54 6.65 9.18 10.09 18.91 16.65 14.21 17.21 21.81 32.54 27.83 +17.6%
Book value (14.68) (13.79) (8.40) (1.66) 8.55 4.61 (0.25) 3.89 2.15 (11.72) (21.43) (2.5%)
Shares, m 384 362 347 341 338 323 290 272 259 236 224 (5.2%)
Valuation, ×
Valuation, × P/E 10.17 15.07 11.69 14.68 15.05 12.09 12.65 14.51 13.66 16.45 15.73 13.6
P/S 0.69 0.74 0.93 0.98 1.08 1.41 1.17 1.15 1.10 1.46 1.35 1.1
P/B 0.00 0.00 0.00 0.00 19.24 55.79 0.00 70.75 139.86 0.00 0.00 28.6
EV/Sales 1.43 1.48 1.62 1.63 1.65 1.98 1.79 1.75 1.68 2.06 1.98 1.7
EV/FCF 20.50 26.86 23.70 24.26 13.26 21.59 26.12 24.25 21.05 20.26 26.12 22.2
Cash, $m
Cash, $m Operating cash flow 5,653 5,426 6,761 7,602 9,232 8,959 8,522 9,431 10,514 12,636 11,169 +9.3%
Capex (2,760) (3,015) (3,573) (4,158) (2,835) (3,577) (4,395) (4,744) (4,875) (4,944) (5,196) +6.7%
Free cash flow 2,893 2,411 3,188 3,444 6,397 5,382 4,127 4,687 5,639 7,692 5,973 +11.5%
Balance, $m
Balance, $m Working capital 3,252 3,819 2,644 3,439 3,629 3,960 3,741 2,272 1,237 (567) (3,560) n/m
Net debt 30,730 32,326 32,319 33,101 29,211 33,128 37,176 38,658 41,098 45,452 49,585 +4.4%
Shareholders’ equity (5,633) (4,995) (2,918) (565) 2,892 1,489 (73) 1,060 555 (2,771) (4,599) (7.6%)
Returns, %
Returns, % ROA 8.69 6.30 9.99 8.32 8.11 14.16 10.94 9.65 9.95 11.28 11.00 +2.6 pt
ROIC 15.57 13.95 14.18 13.95 14.24 17.68 15.33 15.18 15.86 17.64 16.84 +2.1 pt
ROE (49.49) (41.70) (95.72) (201.26) 322.65 317.55 797.03 1,062.21 713.31 (612.27) (200.53) (562.8) pt
People
People Employees 241,000 253,000 262,000 280,000 275,000 284,000 294,000 310,000 316,000 320,000 — +3.2%
Revenue/emp, $m 0.17 0.17 0.18 0.18 0.19 0.21 0.20 0.21 0.22 0.24 — +3.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

HCA Healthcare is a U.S. health-care services company that operates hospitals and outpatient facilities. It provides medical care to patients, while payments commonly come from Medicare, Medicaid, managed-care plans, private insurers and patients themselves.

At December 31, 2025, HCA operated 190 hospitals: 179 general acute-care hospitals, seven behavioral hospitals and four rehabilitation hospitals. Its acute-care hospitals provide inpatient, intensive, cardiac, diagnostic and emergency care, as well as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy. Its behavioral hospitals provide inpatient, partial-hospitalization and outpatient mental-health care, including psychiatric care and alcohol- and drug-abuse treatment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
American Group 26,445 34.98%
Atlantic Group 24,709 32.68%
National Group 21,278 28.15%
Corporate and Other 3,168 4.19%
Gross margin 84.96%
Operating margin 15.93%
Pre-tax margin 13.01%

Revenue by segment since 2016

HCA Healthcare, Inc. vs peers in Medical Care Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HCA HCA Healthcare, Inc. $106.0B 15.7× 15.6× +3.59% (above 0%: growing) +23.80% (above 0%: growing) −0.77% (below 0%: shrinking) 85.78% 14.93%
THC Tenet Healthcare Corporation $22.8B 7.6× 7.5× +6.47% (above 0%: growing) +291.05% (above 0%: growing) +39.20% (above 0%: growing) 43.95% 31.08% Compare
EHC Encompass Health Corporation $13.9B 21.2× 20.9× +8.93% (above 0%: growing) +20.63% (above 0%: growing) +52.33% (above 0%: growing) 100.00% 17.89% Compare
FMS Fresenius Medical Care AG & Co. KGaA $12.6B 12.5× 14.4× −0.49% (below 0%: shrinking) −10.55% (below 0%: shrinking) −3.47% (below 0%: shrinking) 25.83% 7.78% Compare
DVA DaVita Inc. $12.3B 13.1× 13.0× +4.62% (above 0%: growing) +101.92% (above 0%: growing) −45.83% (below 0%: shrinking) 31.50% 13.95% Compare
UHS Universal Health Services, Inc. $11.7B 8.0× 8.0× +5.30% (above 0%: growing) −9.98% (below 0%: shrinking) +216.74% (above 0%: growing) 90.99% 9.60% Compare
ENSG The Ensign Group, Inc. $10.6B 26.2× 25.4× +14.47% (above 0%: growing) +23.64% (above 0%: growing) +89.21% (above 0%: growing) 16.86% 9.30% Compare
PACS PACS Group, Inc. $8.0B 28.4× 21.8× +11.45% (above 0%: growing) +16.36% (above 0%: growing) −4.31% (below 0%: shrinking) 17.23% 6.65% Compare
CHE Chemed Corporation $7.0B 25.2× 24.0× +10.57% (above 0%: growing) +23.02% (above 0%: growing) −45.25% (below 0%: shrinking) 33.72% 13.96% Compare
Median of peers $12.0B 17.2× 17.7× +7.70% +21.83% +17.87% 32.61% 11.78%

All 51 Medical Care Facilities stocks →

From the latest earnings call

Updated

  • CEO Sam Hazen said insured volumes grew faster in the third quarter than in the first half, while higher insured revenue per admission partly offset payer-mix pressure.
  • Hazen expects 2027 earnings to be generally consistent with 2026, with lower Medicaid supplemental-payment benefits and a continuing impact from changes in payer mix.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bank of America Oct 27, 2026 Target raised Hold 400.00 → 425.00
JPMorgan Oct 27, 2026 Target cut Hold 490.00 → 425.00
TD Cowen Oct 27, 2026 Target raised — 431.00 → 460.00
BMO Capital Oct 27, 2026 Initiated Outperform 495.00
RBC Oct 27, 2026 Target raised — 435.00 → 496.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 61.82%
Held by the ten largest 31.27%
Holder Shares Stake Change
Vanguard 14.49m 6.69% −93.74k
BlackRock 13.00m 6.01% −359.67k
Sanders Capital 8.83m 4.08% −128.86k
State Street 7.47m 3.45% −70.51k
First Eagle Investment Management, LLC 6.59m 3.04% +3.34m
Wellington Management 4.71m 2.17% +799.76k
Capital Group 3.89m 1.80% −1.11m
Geode Capital Management 3.67m 1.69% −24.50k
Morgan Stanley 2.59m 1.19% +291.89k
Goldman Sachs 2.46m 1.14% +328.24k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 13 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 26.46m 78.24m 296.34
2024 23.80m 40.15m 189.11
2023 21.32m 23.59m 169.23
2022 14.64m 9.58m 148.69
2021 20.64m 84.57m 157.59

Ownership

Directors and executive officers, together 1.50%
Frisco Holding II 17.40%
Hercules Holding II 15.50%
The Vanguard Group 7.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

HCA Healthcare, Inc. (HCA) Latest News

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HCA metrics, ten years each

stockrow.com/HCA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com