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Universal Health Services, Inc.

UHS Healthcare Medical Care Facilities

Universal Health Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.4 billion, up 9.71% from fiscal 2024.

Revenue
+5.30%
EPS
−9.98%
Free cash flow
+216.7%
Total debt
+21.7%

Quarter to September 2026, against a year earlier

195.98 2.61 −1.31%
Market cap
$11.7B
P/E
8.2×
Fwd P/E
8.0×
Dividend yield
0.40%
F-score
8/9
Altman Z
3.29
Beneish M
−2.45
Dividend safety
88/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Acute Care Hospital Services
  • Behavioral Health Services
  • State Medicaid programs
  • Other

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 0.13
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 — — — — — — — —
Insider Ownership 17.02%

Capital & Financial Ratios $m

Size
Market Cap 11,700.00
Revenue ttm 18,352.59
Net income ttm 1,484.44
Free cash flow ttm 1,133.90
Net debt Q 5,538.59
Valuation
P/E 8.16
Forward P/E 8.00
Price / sales 0.63
Forward P/S Powerpack
Price / FCF 10.26
Price / book 163.82 (above 6: high)
Financial health
Current ratio Q 1.37
Debt / equity Q 0.74
Interest coverage Q 8.08
Growth
Revenue growth Q +5.30% (above 0%: growing)
Operating income growth Q −12.89% (below 0%: shrinking)
EPS, this year +3.15%
EPS, next year A +2.81%
Revenue, next year A +7.17%
EPS, past 5 yrs +16.02% (at or above 15%: strong)
EPS, next 5 yrs A +4.59%

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 0.9×, against a ten-year median of 1.2×; over the ten years it ranged from 0.7× in 2026 to 1.8× in 2016.
P/E against its own 10 years 6.27%
10-year low 10-year high
P/S against its own 10 years 10.38%
10-year low 10-year high
P/B against its own 10 years 100.00%
10-year low 10-year high
EV/Sales against its own 10 years 8.47%
10-year low 10-year high
EV/FCF against its own 10 years 16.86%
10-year low 10-year high

Dividends

Yield
0.40%
Annual rate
0.80
Payout ratio
3.34%
Growth, 2017–25
+9.05%/yr
  1. 0.40 ’17
  2. 0.40 ’18 +0
  3. 0.60 ’19 +50
  4. 0.20 ’20 −67
  5. 0.80 ’21 +300
  6. 0.80 ’22 +0
  7. 0.80 ’23 +0
  8. 0.80 ’24 +0
  9. 0.80 ’25 +0
  10. 0.82 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 119 126 138 169
Receivables 2,238 2,178 2,602 2,814
Inventory 217 221 232 236
Other 237 292 436 462
2,811 2,816 3,408 3,680
2023 2024 2025 Q'26
Payables 614 632 750 2,521
ST’ Debt 127 40 748 80
Other 5 — — —
2,013 2,210 3,240 2,687

Compound Annual Growth %

10y 5y 3y
Sales 6.74% 8.48% 9.03%
Cash Flow 5.73% (4.61%) 23.24%
Earnings 8.15% 9.61% 30.18%
Book Value 5.47% 2.77% 7.15%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 5.31 Actual 5.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 5.92 5.88 Miss by 0.04
Q1 FY26 5.29 5.62 Beat by 0.33
Q2 FY26 5.66 5.98 Beat by 0.32
Q3 FY26 5.31 5.22 Miss by 0.09
Q4 FY26 5.77 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 5.65 5.98 5.30 — —
’25 4.80 5.43 5.86 7.06 23.10
’24 3.82 4.26 3.80 4.96 16.82
’23 2.28 2.42 2.40 3.16 10.23
’22 2.02 2.20 2.50 2.43 9.14
’21 2.43 3.79 2.60 3.00 11.82
’20 1.64 2.95 2.82 3.60 10.99
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,495 4,638 4,733 — —
’25 4,100 4,284 4,495 4,486 17,365
’24 3,844 3,908 3,963 4,114 15,828
’23 3,468 3,548 3,563 3,704 14,282
’22 3,293 3,323 3,336 3,447 13,399
’21 3,013 3,198 3,156 3,275 12,642
’20 2,830 2,730 2,913 3,087 11,559
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 402 443 637 — —
’25 360 549 381 575 1,864
’24 396 679 333 658 2,067
’23 291 363 162 452 1,268
’22 445 33 221 297 996
’21 72 48 442 322 884
’20 502 949 767 142 2,360
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 184 216 422 — —
’25 121 283 133 312 849
’24 188 438 85 412 1,123
’23 122 195 (38) 246 525
’22 245 (175) 59 133 262
’21 (176) (187) 258 132 28
’20 318 779 575 (43) 1,629
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 3.5% a year for ten years. It grew 2.8% a year over the last ten.

Implied
3.5%
10 years, reported
2.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
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 9,766 10,410 10,772 11,378 11,559 12,642 13,399 14,282 15,828 17,365 18,353 +6.6% 18,610 19,482 20,370 +5.5%
Gross margin, % 89.44 89.38 89.15 89.00 88.86 88.71 89.00 89.27 89.97 90.45 90.74 +1.0 pt
EBT 1,156 1,135 1,035 1,066 1,252 1,293 866 940 1,498 1,972 1,944 +6.1%
EBT margin, % 11.84 10.90 9.60 9.37 10.83 10.23 6.46 6.58 9.46 11.36 10.59 (0.5) pt
Net income 747 771 798 828 953 988 657 719 1,163 1,511 1,484 +8.1%
Per share, $
Per share, $ Revenue 100.47 108.83 115.49 128.19 135.89 153.20 183.26 206.03 237.82 273.11 312.15 +11.8%
Earnings 7.22 7.86 8.35 9.16 11.06 11.99 9.23 10.35 17.16 23.42 24.24 +14.0%
Cash flow 13.72 13.04 13.67 16.21 27.75 10.71 13.62 18.29 31.06 29.32 34.97 +8.8%
Capex (5.57) (5.83) (7.13) (7.14) (8.60) (10.37) (10.04) (10.72) (14.18) (15.97) (15.69) +12.4%
Free cash flow 8.15 7.21 6.54 9.06 19.15 0.34 3.58 7.57 16.88 13.36 19.29 +5.6%
Book value 47.30 52.81 58.60 62.85 75.26 75.05 81.59 89.39 101.41 115.42 130.42 +10.4%
Shares, m 97 96 93 89 85 83 73 69 67 64 61 (4.6%)
Valuation, ×
Valuation, × P/E 14.78 14.71 13.99 15.68 12.41 10.81 15.43 15.10 10.44 9.29 8.16 13.3
P/S 1.06 1.06 1.01 1.12 1.01 0.85 0.78 0.76 0.75 0.80 0.63 0.9
P/B 2.26 2.19 1.99 2.28 1.83 1.73 1.75 1.75 1.77 1.89 163.82 1.9
EV/Sales 1.48 1.44 1.37 1.46 1.24 1.17 1.13 1.09 1.03 1.06 0.94 1.2
EV/FCF 18.27 21.77 24.21 20.71 8.80 526.98 57.75 29.80 14.53 21.76 15.14 74.5
Cash, $m
Cash, $m Operating cash flow 1,334 1,248 1,275 1,438 2,360 884 996 1,268 2,067 1,864 2,056 +3.8%
Capex (541) (558) (665) (634) (731) (856) (734) (743) (944) (1,015) (922) +7.2%
Free cash flow 792 690 610 804 1,629 28 262 525 1,123 849 1,134 +0.8%
Balance, $m
Balance, $m Working capital 364 (50) 489 353 801 279 623 798 606 168 993 (8.2%)
Net debt 4,102 3,966 3,893 3,923 2,632 4,075 4,705 4,793 4,379 4,615 5,539 +1.3%
Shareholders’ equity 4,598 5,051 5,466 5,579 6,402 6,193 5,965 6,197 6,750 7,339 7,668 +5.3%
Returns, %
Returns, % ROA 7.05 7.13 7.07 7.09 7.48 7.46 5.08 5.23 8.03 9.93 8.99 +2.9 pt
ROIC 9.21 8.87 7.85 8.00 9.40 8.30 5.88 6.68 9.45 10.43 9.42 +1.2 pt
ROE 15.77 15.59 14.81 14.72 15.71 15.75 11.10 11.80 17.64 21.14 40.04 +5.4 pt
People
People Employees 75,325 83,100 87,100 90,400 89,000 89,400 93,800 96,700 99,000 101,500 — +3.4%
Revenue/emp, $m 0.13 0.13 0.12 0.13 0.13 0.14 0.14 0.15 0.16 0.17 — +3.1%
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

Universal Health Services owns and operates acute care hospitals, outpatient facilities and behavioral health facilities through its subsidiaries. Acute care hospitals treat patients who need medical or surgical care, including emergency care, while behavioral health facilities provide mental health and related services. The company serves patients whose care is paid for by insurers, government programs or the patients themselves.

Its hospital services include surgery, internal medicine, obstetrics, emergency care, radiology, oncology, diagnostic care and behavioral health services. Facilities also offer services such as pharmacy and pediatric care. UHS provides its facilities with capital and centralized services, including purchasing, finance systems, facility planning and physician recruitment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Acute Care Hospital Services 9,926 57.16%
Behavioral Health Services 7,426 42.76%
State Medicaid programs 56 0.32%
Other 13 0.08%
Gross margin 90.45%
Operating margin 11.48%
Pre-tax margin 11.36%

Revenue by segment since 2010

Universal Health Services, 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
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 21.8× 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 12.6× 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 14.0× 13.0× +4.62% (above 0%: growing) +66.99% (above 0%: growing) −45.83% (below 0%: shrinking) 31.50% 13.95% Compare
UHS Universal Health Services, Inc. $11.7B 8.2× 8.0× +5.30% (above 0%: growing) −9.98% (below 0%: shrinking) +216.74% (above 0%: growing) 90.99% 9.60%
ENSG The Ensign Group, Inc. $10.6B 26.3× 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 28.6× 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 25.5× 24.0× +10.57% (above 0%: growing) +23.09% (above 0%: growing) −45.25% (below 0%: shrinking) 33.72% 13.96% Compare
CON Concentra Group Holdings Parent, Inc. $5.4B 24.9× 25.2× +8.61% (above 0%: growing) +36.84% (above 0%: growing) −19.76% (below 0%: shrinking) 31.42% 18.52% Compare
Median of peers $11.4B 23.4× 21.4× +8.77% +23.37% −3.89% 31.46% 13.96%

All 51 Medical Care Facilities stocks →

From the latest earnings call

Updated

  • Marc Miller said UHS added 177 licensed beds at three hospitals, citing demand trends that support capacity expansion across acute-care and behavioral-health markets.
  • Steve Filton said UHS reduced its full-year volume assumptions after first-half trends, while incorporating Texas facility losses, Cedar Hill’s slower ramp and higher liability costs.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.42%
Held by the ten largest 55.22%
Holder Shares Stake Change
First Eagle Investment Management, LLC 9.11m 15.46% +4.69m
Vanguard 6.34m 10.75% −118.68k
BlackRock 4.06m 6.89% −285.26k
Dimensional Fund Advisors 2.21m 3.75% +429.33k
State Street 2.10m 3.57% −476.78k
Geode Capital Management 1.97m 3.35% +26.20k
PZENA INVESTMENT MANAGEMENT LLC 1.97m 3.34% +57.09k
Invesco 1.95m 3.31% +362.03k
Fidelity (FMR) 1.42m 2.40% +102.10k
Arrowstreet Capital 1.42m 2.40% +189.27k
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.

Universal Health Services, Inc. (UHS) Latest News

3 Nov

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · StockStory

29 Oct

Impact 4 · · healthcaredive.com
Impact 4 · · MarketBeat
Impact 3 · · StockStory

28 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · Zacks
Impact 3 · · Associated Press

27 Oct

Impact 4 · · TIKR
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · StockStory earnings

26 Oct

Impact 3 · · StockStory

21 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · StockStory
Impact 3 · · Barchart

8 Oct

Impact 4 · · Simply Wall St.

7 Oct

Impact 4 · · NYSE

30 Sep

Impact 3 ·

24 Sep

Impact 3 · · Zacks earnings
Impact 3 · · Barchart

22 Sep

Impact 3 ·

28 Aug

Impact 3 ·

20 Aug

Impact 3 ·

18 Aug

Impact 3 ·
Impact 3 ·

17 Aug

Impact 5 · · healthcaredive.com
Impact 4 ·

UHS metrics, ten years each

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