A Business at a Glance
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HCA Healthcare, Inc. is one of the leading health care services companies in the United States. At December 31, 2025, we operated 190 hospitals, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals. In addition, we operated 121 freestanding ambulatory surgery centers (“ASCs”) and 31 freestanding endoscopy centers. Our facilities are located in 19 states and England. The terms “Company,” “HCA,” “HCA Healthcare,” “we,” “our” or “us,” as used herein and unless otherwise stated or indicated by context, refer to HCA Healthcare, Inc. and its affiliates. The term “affiliates” means direct and indirect subsidiaries of HCA Healthcare, Inc. and partnerships and joint ventures in which such subsidiaries are partners. The terms “facilities” or “hospitals” refer to entities owned and operated by affiliates of HCA, and the term “employees” refers to employees of affiliates of HCA.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 75.6B | 75.6B | 70.6B | 65.0B | 60.2B | 58.8B |
| Net Income | 6.8B | 6.8B | 5.8B | 5.2B | 5.6B | 7.0B |
| EPS | $28.33 | $28.33 | $22.00 | $18.97 | $19.15 | $21.16 |
| Free Cash Flow | 7.7B | 7.7B | 5.6B | 4.7B | 4.1B | 5.4B |
| ROIC | 19.2% | 20.3% | 17.7% | 17.9% | 21.1% | 26.1% |
| Gross Margin | 56.5% | 56.5% | 55.9% | 54.6% | 54.0% | 54.4% |
| Debt/Equity | 0.00 | -8.53 | -19.10 | -23.68 | -13.90 | -37.32 |
| Dividends/Share | $2.84 | $2.88 | $2.64 | $2.40 | $2.24 | $1.92 |
| Operating Income | 11.1B | 11.1B | 9.7B | 8.8B | 9.1B | 10.6B |
| Operating Margin | 14.7% | 14.7% | 13.7% | 13.5% | 15.2% | 18.1% |
| ROE | 0.0% | -159.1% | -230.5% | -295.5% | -203.9% | - |
| Shares Outstanding | 239M | 239M | 262M | 276M | 295M | 329M |
HCA Healthcare, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
HCA Healthcare, Inc. trades at 17.6x trailing earnings, compared to its 15-year median P/E of 13.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.5x vs a median of 14.2x. The company's 5-year average ROIC is 20.6% with a gross margin of 55.1%. Total shareholder yield (dividends + buybacks) is 9.0%. At current prices, the estimated annualized return to fair value is +15.4%.
HCA Healthcare, Inc. (HCA) has a current P/E ratio of 17.6, compared to its historical median P/E of 13.7. The stock is currently considered Expensive based on its historical valuation range.
HCA Healthcare, Inc. (HCA) has a 5-year average return on invested capital (ROIC) of 20.6%. This indicates strong capital allocation and a potential competitive advantage.
HCA Healthcare, Inc. (HCA) has a market capitalization of $119.1B. It is classified as a large-cap stock.
Yes, HCA Healthcare, Inc. (HCA) pays a dividend with a trailing twelve-month yield of 0.57%. The company also returns capital through share buybacks, with a buyback yield of 8.45%.
Based on historical P/E analysis, HCA Healthcare, Inc. (HCA) appears expensive. The current P/E of 17.6 is 28% above its historical median of 13.7. The estimated fair value CAGR (P/E method) is 16.8%.
HCA Healthcare, Inc. (HCA) operates in the Services-General Medical & Surgical Hospitals, Nec industry, within the Healthcare sector.
HCA Healthcare, Inc. (HCA) reported annual revenue of $75.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
HCA Healthcare, Inc. (HCA) has a net profit margin of 9.0%. This is a modest margin.
HCA Healthcare, Inc. (HCA) generated $7.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HCA Healthcare, Inc. (HCA) reported earnings per share (EPS) of $28.33 in its most recent fiscal year.
HCA Healthcare, Inc. (HCA) has a return on equity (ROE) of -159.1%. A negative ROE may indicate losses or negative equity.
HCA Healthcare, Inc. (HCA) has a 5-year average gross margin of 55.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for HCA Healthcare, Inc. (HCA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HCA Healthcare, Inc. (HCA) has a book value per share of $-25.17, based on its most recent annual SEC filing.