HCA Healthcare, Inc.

HCA · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Valuation
Market cap	$106,535	$76,027	$72,450	$67,841	$79,908	$51,151	$45,972	$38,707	$27,320	$23,022	$27,571	$30,859	$20,974	$13,371	$10,500	–	–	–	–	–	–	–	–	$15,853	$16,263	$16,984	$20,495	$20,014	$20,568	$20,842	$20,702	$16,027	$14,978	$1,014	$773	$553
Enterprise value	$158,949	$122,297	$116,208	$109,827	$117,502	$84,618	$83,165	$73,058	$61,457	$55,421	$58,871	$61,115	$50,278	$42,915	$38,423	–	–	–	–	–	–	–	–	$23,246	$24,101	$23,994	$27,512	$27,235	$30,702	$28,547	$28,572	$20,202	$18,509	$1,541	$1,037	$754
P/E (TTM) at period end	15.70×	13.20×	13.82×	12.02×	11.49×	13.63×	13.12×	10.22×	12.33×	7.97×	12.95×	16.46×	13.48×	8.33×	4.26×	–	–	–	–	–	–	–	–	19.03×	18.36×	58.16×	27.70×	42.49×	–	13.85×	21.54×	25.44×	29.54×	39.77×	50.85×	56.40×
P/S (TTM) at period end	1.41×	1.08×	1.12×	1.13×	1.36×	0.99×	0.90×	0.83×	0.63×	0.55×	0.69×	0.84×	0.61×	0.36×	0.35×	–	–	–	–	–	–	–	–	0.80×	0.91×	1.02×	1.23×	1.07×	1.09×	1.05×	1.17×	1.44×	1.46×	1.33×	1.68×	2.03×
P/B at period end	–	–	–	–	–	89.42×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	2.78×	3.42×	3.86×	3.65×	2.64×	2.84×	2.42×	2.90×	3.19×	4.32×	3.83×	6.54×	13.35×
EV / EBITDA (TTM)	10.26×	8.82×	9.15×	9.14×	9.38×	8.48×	8.47×	8.19×	7.51×	6.79×	7.48×	8.28×	7.68×	6.61×	6.62×	–	–	–	–	–	–	–	–	7.60×	7.36×	1.36×	1.57×	1.50×	12.74×	7.04×	7.88×	9.54×	23.58×	616.57×	–	142.25×
EV / Sales (TTM)	2.10×	1.73×	1.79×	1.82×	2.00×	1.64×	1.62×	1.57×	1.41×	1.34×	1.48×	1.66×	1.47×	1.17×	1.29×	–	–	–	–	–	–	–	–	1.18×	1.34×	1.44×	1.65×	1.46×	1.63×	1.43×	1.61×	1.81×	1.81×	2.02×	2.25×	2.77×
Returns
Return on equity	–	–	–	–	–	656.3%	–	–	–	–	–	–	–	–	–	10.1%	–	–	–	–	29.3%	28.3%	21.5%	14.6%	18.6%	6.6%	13.2%	6.2%	(4.2%)	17.5%	13.5%	12.5%	14.6%	9.6%	12.9%	23.7%
Return on invested capital	20.4%	18.8%	18.1%	18.4%	20.7%	17.2%	16.6%	18.6%	13.9%	17.6%	17.1%	17.0%	15.4%	16.8%	17.6%	17.3%	15.0%	13.1%	12.5%	10.2%	12.2%	11.0%	11.2%	9.0%	10.6%	61.5%	69.7%	56.2%	3.2%	10.6%	10.5%	9.9%	11.7%	3.1%	3.2%	5.1%
Dividend yield	0.6%	0.9%	0.9%	1.0%	0.8%	0.3%	1.2%	1.3%	–	–	–	0.0%	0.1%	23.5%	0.3%	–	–	–	–	–	–	–	–	0.3%	0.3%	0.3%	–	–	–	0.3%	0.2%	0.2%	0.3%	0.4%	0.5%	0.7%
Financial health
Current ratio	0.97×	1.08×	1.18×	1.38×	1.41×	1.42×	1.44×	1.35×	1.62×	1.56×	1.67×	1.63×	1.41×	1.26×	1.30×	1.62×	1.52×	1.61×	1.61×	1.70×	1.34×	1.48×	1.52×	1.20×	1.30×	1.08×	1.08×	1.09×	1.60×	1.50×	1.53×	1.44×	1.30×	1.67×	1.70×	1.28×
Debt / equity	(7.71×)	(17.22×)	(22.32×)	(13.76×)	(37.06×)	54.20×	(12.01×)	(6.63×)	(4.86×)	(4.30×)	(4.01×)	(3.73×)	(3.43×)	(2.99×)	(3.28×)	2.37×	(2.86×)	(2.63×)	(2.59×)	(2.50×)	2.15×	2.39×	1.40×	1.22×	1.55×	1.53×	1.15×	0.89×	1.30×	0.81×	1.04×	0.78×	1.07×	2.11×	2.13×	4.53×
Effective tax rate	20.9%	21.9%	21.0%	20.3%	21.5%	19.2%	21.0%	17.7%	37.4%	28.6%	31.9%	31.8%	32.2%	30.7%	20.2%	29.5%	31.3%	22.9%	26.6%	37.7%	33.7%	36.8%	38.2%	42.7%	40.0%	57.6%	46.5%	50.8%	53.1%	40.2%	40.2%	39.5%	40.7%	39.3%	39.2%	27.4%
Share count
Diluted shares outstanding	239	262	276	295	329	344	348	355	372	396	427	450	462	459	496	437	432	349	349	410	448	484	510	524	537	554	667	645	663	678	672	517	492	33	25	18

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Revenue and gross profit
Revenue	$78,013	$75,600	$70,603	$64,968	$60,233	$58,752	$51,533	$51,336	$46,677	$43,614	$41,490	$39,678	$36,918	$34,182	$36,783	$29,682	$30,683	$30,052	$28,374	$26,858	$25,477	$24,455	$23,502	$21,808	$19,729	$17,953	$16,670	$16,657	$18,681	$18,819	$19,909	$17,695	$11,132	$10,252	$762	$461	$273
Cost of revenue	($55,892)	($44,226)	($41,925)	($39,389)	($37,056)	($36,260)	($8,369)	($8,481)	($7,724)	($7,316)	($6,933)	($6,638)	($6,262)	($5,970)	–	–	–	($4,868)	($4,620)	($4,395)	($4,322)	($4,126)	($3,901)	–	–	–	–	–	–	–	–	–	–	($3,512)	($230)	($135)	($81)
Gross profit	$22,121	$31,374	$28,678	$25,579	$23,177	$22,492	$43,164	$42,855	$38,953	$36,298	$34,557	$33,040	$30,656	$28,212	–	–	–	$25,184	$23,754	$22,463	$21,155	$20,329	$19,601	–	–	–	–	–	–	–	–	–	–	$6,740	$531	$326	$191
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($8,715)	($548)	($421)	($353)	($307)	($337)	($416)	($370)	($344)	($340)	($343)	($327)	($285)	($287)	($248)	($228)	($182)	($164)	($11,440)	($10,714)	($10,409)	($9,928)	($9,419)	($8,682)	($7,952)	($7,279)	($6,639)	($6,749)	($7,811)	($7,631)	($7,205)	($6,779)	–	($4,757)	($452)	($283)	($162)
Total operating expenses	($10,048)	($19,409)	($18,131)	($15,952)	($14,124)	($12,814)	($35,902)	($35,637)	($32,311)	($30,241)	($28,359)	($27,075)	($25,091)	($23,420)	–	–	–	($21,383)	($20,819)	($19,511)	($18,319)	($17,425)	($16,885)	–	–	–	–	–	–	–	–	–	–	($5,356)	($490)	($306)	($174)
Total costs and expenses	($65,940)	($63,635)	($60,056)	($55,341)	($51,180)	($49,074)	($44,271)	($44,118)	($40,035)	($37,557)	($35,292)	($33,713)	($31,353)	($29,390)	($31,967)	($25,344)	($26,518)	($26,251)	($25,439)	($23,906)	($22,641)	($21,551)	($20,786)	($19,011)	($17,680)	($15,728)	($117)	($220)	($1,789)	($17,648)	($17,011)	($15,051)	($9,624)	($8,868)	($721)	($441)	($255)
Operating income	$12,073	$11,965	$10,547	$9,627	$9,053	$9,678	$7,262	$7,218	$6,642	$6,057	$6,198	$5,965	$5,565	$4,792	$4,816	$4,338	$4,165	$3,801	$2,935	$2,952	$2,836	$2,904	$2,716	$2,797	$2,049	$2,225	$16,553	$16,437	$16,892	$1,171	$2,898	$2,644	$1,508	$1,384	$41	$20	$17
Earnings
EBITDA	$15,747	$15,488	$13,859	$12,704	$12,022	$12,531	$9,983	$9,814	$8,920	$8,188	$8,164	$7,869	$7,385	$6,545	$6,495	$5,803	$5,586	$5,226	$4,351	$4,378	$4,227	$4,278	$3,966	$3,909	$3,059	$3,273	$17,586	$17,531	$18,139	$2,409	$4,053	$3,625	$2,117	$785	$2	($3)	$5
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($2,316)	($2,248)	($2,061)	($1,938)	($1,741)	($1,566)	($1,584)	($1,824)	($1,755)	($1,690)	($1,707)	($1,665)	($1,743)	($1,848)	($1,798)	($2,037)	($2,097)	($1,987)	($2,021)	($2,215)	($955)	($655)	($563)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$9,871	$9,832	$8,523	$7,706	$8,580	$9,833	$5,430	$5,244	$5,335	$4,381	$4,810	$3,957	$3,481	$2,946	$2,894	$3,561	$2,231	$2,002	$1,170	$1,190	$1,662	$2,149	$1,973	$2,156	$1,455	$1,505	$516	$1,227	$1,081	$388	$2,442	$1,714	$1,231	$969	$43	$25	$14
Income tax expense	($2,018)	($2,050)	($1,866)	($1,615)	($1,746)	($2,112)	($1,043)	($1,099)	($946)	($1,638)	($1,378)	($1,261)	($1,108)	($950)	($888)	($719)	($658)	($627)	($268)	($316)	($626)	($725)	($727)	($824)	($622)	($602)	($297)	($570)	($549)	($206)	($981)	($689)	($486)	($394)	($17)	($10)	($4)
Net income	$6,840	$6,784	$5,760	$5,242	$5,643	$6,956	$3,754	$3,505	$3,787	$2,216	$2,890	$2,129	$1,875	$1,556	$1,605	$2,465	$1,207	$1,054	$673	$874	$1,036	$1,424	$1,246	$1,332	$833	$886	$292	$740	$471	($305)	$1,505	$961	$630	$507	$26	$15	$10
Per share
Diluted EPS (GAAP)	$29.87	$28.33	$22.00	$18.97	$19.15	$21.16	$10.93	$10.07	$10.66	$5.95	$7.30	$4.99	$4.16	$3.37	$3.49	$4.97	$2.76	$2.44	$1.93	$2.51	$2.53	$3.18	$2.58	$2.61	$1.59	$1.65	$0.40	$1.11	$0.73	($0.46)	$2.22	$1.43	$1.80	$1.03	$0.78	$0.61	$0.55
Basic EPS (GAAP)	$30.14	$28.70	$22.27	$19.25	$19.43	$21.52	$11.10	$10.27	$10.90	$6.12	$7.53	$5.14	$4.30	$3.50	$3.65	$5.17	$2.83	$2.48	$1.97	$2.56	$2.57	$3.24	$2.62	$2.66	$1.63	$1.69	$0.39	$1.12	$0.73	($0.46)	$2.24	$1.44	$1.80	$1.05	$0.78	$0.61	$0.55
Basic shares outstanding	227	236	259	272	290	323	338	341	347	362	384	414	436	445	440	477	426	426	342	342	403	440	476	501	511	524	548	661	645	663	672	667	517	483	33	25	18
Margins
Gross margin	28.4%	41.5%	40.6%	39.4%	38.5%	38.3%	83.8%	83.5%	83.5%	83.2%	83.3%	83.3%	83.0%	82.5%	–	–	–	83.8%	83.7%	83.6%	83.0%	83.1%	83.4%	–	–	–	–	–	–	–	–	–	–	65.7%	69.7%	70.7%	70.2%
Operating margin	15.5%	15.8%	14.9%	14.8%	15.0%	16.5%	14.1%	14.1%	14.2%	13.9%	14.9%	15.0%	15.1%	14.0%	13.1%	14.6%	13.6%	12.6%	10.3%	11.0%	11.1%	11.9%	11.6%	12.8%	10.4%	12.4%	99.3%	98.7%	90.4%	6.2%	14.6%	14.9%	13.5%	13.5%	5.4%	4.3%	6.3%
Net margin	8.8%	9.0%	8.2%	8.1%	9.4%	11.8%	7.3%	6.8%	8.1%	5.1%	7.0%	5.4%	5.1%	4.6%	4.4%	8.3%	3.9%	3.5%	2.4%	3.3%	4.1%	5.8%	5.3%	6.1%	4.2%	4.9%	1.8%	4.4%	2.5%	(1.6%)	7.6%	5.4%	5.7%	4.9%	3.3%	3.3%	3.6%

Analyst consensus

Buy46 analysts

Bearish · 2 · Hold · 15 · Bullish · 29

Earnings history

	EPS	Estimate
Q3 2024	$5.03	$4.99	Beat
Q4 2024	$6.22	$6.13	Beat
Q1 2025	$6.45	$5.75	Beat
Q2 2025	$6.84	$6.29	Beat
Q3 2025	$6.96	$5.79	Beat
Q4 2025	$8.01	$7.46	Beat
Q1 2026	$7.15	$7.12	Beat
Q2 2026	$7.59	$7.56	Beat

Peers

Company overview

IPO dateMar 10, 2011

CEOSamuel N. Hazen

Employees320,000

SectorHealthcare

IndustryMedical - Care Facilities

CountryUS

ExchangeNew York Stock Exchange

Websitewww.hcahealthcare.com

HCA Healthcare, Inc., operating through its subsidiaries, delivers a comprehensive array of healthcare services throughout the United States. The organization manages a network of general and acute care hospitals that provide a full spectrum of medical and surgical care, encompassing inpatient services, intensive care, cardiac treatment, diagnostic procedures, and emergency services. These hospitals additionally offer a broad range of outpatient care, such as ambulatory surgery, laboratory testing, radiology, respiratory therapy, cardiology, and physical therapy. Beyond its hospital infrastructure, HCA Healthcare operates numerous specialized outpatient facilities. These include standalone ambulatory surgery centers, dedicated emergency care facilities, urgent care clinics, walk-in clinics, advanced diagnostic and imaging centers, rehabilitation and physical therapy centers, radiation and oncology treatment facilities, physician practices, and various other healthcare sites. Furthermore, the company oversees psychiatric hospitals, which offer diverse therapeutic programs. These services cater to child, adolescent, and adult psychiatric care, alongside adolescent and adult alcohol and drug abuse treatment and counseling. As of December 31, 2021, HCA Healthcare's extensive portfolio included 182 hospitals, specifically 175 general and acute care hospitals, five psychiatric hospitals, and two rehabilitation hospitals. Its network also featured 125 freestanding surgery centers and 21 freestanding endoscopy centers, all distributed across 20 states and England. Founded in 1968 and formerly known as HCA Holdings, Inc., the company's corporate headquarters are situated in Nashville, Tennessee.

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