HCA Healthcare, Inc. (HCA) 10-Year Financial Performance & Capital Metrics

HCA •

HealthcareHealthcare FacilitiesHospitals and inpatient facilities

AboutHCA Healthcare, Inc., through its subsidiaries, provides health care services company in the United States. The company operates general and acute care hospitals that offers medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic, and emergency services; and outpatient services, such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology, and physical therapy. It also operates outpatient health care facilities consisting of freestanding ambulatory surgery centers, freestanding emergency care facilities, urgent care facilities, walk-in clinics, diagnostic and imaging centers, rehabilitation and physical therapy centers, radiation and oncology therapy centers, physician practices, and various other facilities. In addition, the company operates psychiatric hospitals, which provide therapeutic programs comprising child, adolescent and adult psychiatric care, adolescent and adult alcohol, drug abuse treatment, and counseling services. As of December 31, 2021, it operated 182 hospitals, including 175 general and acute care hospitals, five psychiatric hospitals, and two rehabilitation hospitals; 125 freestanding surgery centers; and 21 freestanding endoscopy centers in 20 states and England. The company was formerly known as HCA Holdings, Inc. HCA Healthcare, Inc. was founded in 1968 and is headquartered in Nashville, Tennessee.Show more

Revenue $75.6B +7.1%
EBITDA $15.49B +11.8%
Net Income $6.78B +17.8%
EPS (Diluted) 28.38 +29.0%
Gross Margin 41.5% +2.2%
EBITDA Margin 20.49% +4.4%
Operating Margin 15.83% +5.9%
Net Margin 8.97% +10.0%
ROE -
ROIC 19.89% +7.9%
Debt/Equity -
Interest Coverage 5.32 +4.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 887.8%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 11.9% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.66%

5Y7.97%

3Y7.87%

TTM7.08%

Profit (Net Income) CAGR

10Y12.29%

5Y12.56%

3Y6.33%

TTM17.78%

EPS CAGR

10Y18.98%

5Y21.03%

3Y14.01%

TTM29.06%

ROCE

10Y Avg22.38%

5Y Avg23.84%

3Y Avg24.45%

Latest26.98%

Peer Comparison

Hospitals and inpatient facilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UHTUniversal Health Realty Income Trust	605.21M	43.62	34.35	-100%	11.84%	11.56%	8.11%
HCAHCA Healthcare, Inc.	118.45B	529.70	18.66	7.08%	8.97%		6.49%
THCTenet Healthcare Corporation	21.04B	239.39	15.45	3.12%	6.6%	15.68%	12.03%	1.47
AUNAAuna S.A.	160.71M	5.34	10.99	14.47%	4.33%	10.05%	100%	2.32
UHSUniversal Health Services, Inc.	2.58M	206.10	8.92	9.71%	8.57%	20.09%	100%	0.70
ARDTArdent Health Partners, LLC	1.34B	9.39	5.94	10.29%	3.24%	12.57%	9.51%	1.50
CYHCommunity Health Systems, Inc.	484.81M	3.46	0.92	-1.18%	4.08%		42.9%
ACHCAcadia Healthcare Company, Inc.	2.12B	23.44	-1.93	5.04%	-33.29%	-51.52%		1.23

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	41.49B	43.61B	46.68B	51.34B	51.53B	58.75B	60.23B	64.97B	70.6B	75.6B
Revenue Growth %	4.57%	5.12%	7.02%	9.98%	0.38%	14.01%	2.52%	7.86%	8.67%	7.08%
Cost of Goods Sold+	6.93B	7.32B	7.72B	8.48B	8.37B	36.26B	37.06B	39.39B	41.92B	44.23B
COGS % of Revenue	16.71%	16.77%	16.55%	16.52%	16.24%	61.72%	61.52%	60.63%	59.38%	58.5%
Gross Profit+	34.56B	36.3B	38.95B	42.85B	43.16B	22.49B	23.18B	25.58B	28.68B	31.37B
Gross Margin %	83.29%	83.23%	83.45%	83.48%	83.76%	38.28%	38.48%	39.37%	40.62%	41.5%
Gross Profit Growth %	4.59%	5.04%	7.31%	10.02%	0.72%	-47.89%	3.05%	10.36%	12.12%	9.4%
Operating Expenses+	28.36B	30.24B	32.31B	35.64B	35.9B	12.81B	14.12B	15.95B	18.13B	19.41B
OpEx % of Revenue	68.35%	69.34%	69.22%	69.42%	69.67%	21.81%	23.45%	24.55%	25.68%	25.67%
Selling, General & Admin	18.9B	20.06B	21.43B	23.56B	23.87B	26.78B	27.68B	29.49B	31.17B	8B
SG&A % of Revenue	45.55%	45.99%	45.9%	45.89%	46.33%	45.58%	45.96%	45.39%	44.15%	10.58%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	9.46B	10.18B	10.89B	12.08B	12.03B	-13.96B	-13.56B	-13.54B	-13.04B	11.41B
Operating Income+	6.2B	6.06B	6.64B	7.22B	7.26B	9.68B	9.05B	9.63B	10.55B	11.96B
Operating Margin %	14.94%	13.89%	14.23%	14.06%	14.09%	16.47%	15.03%	14.82%	14.94%	15.83%
Operating Income Growth %	3.91%	-2.27%	9.66%	8.67%	0.61%	33.27%	-6.46%	6.34%	9.56%	13.44%
EBITDA+	8.16B	8.19B	8.92B	9.81B	9.98B	12.53B	12.02B	12.7B	13.86B	15.49B
EBITDA Margin %	19.68%	18.77%	19.11%	19.12%	19.37%	21.33%	19.96%	19.55%	19.63%	20.49%
EBITDA Growth %	3.75%	0.29%	8.94%	10.02%	1.72%	25.52%	-4.06%	5.67%	9.09%	11.75%
D&A (Non-Cash Add-back)	1.97B	2.13B	2.28B	2.6B	2.72B	2.85B	2.97B	3.08B	3.31B	3.52B
EBIT	6.52B	6.07B	7.09B	7.07B	7.01B	11.4B	10.32B	9.64B	10.58B	12.08B
Net Interest Income+	-1.6B	-1.67B	-1.76B	-1.84B	-1.56B	-1.53B	-1.74B	-1.94B	-2.06B	-2.25B
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.6B	1.67B	1.76B	1.84B	1.56B	1.53B	1.74B	1.94B	2.06B	2.25B
Other Income/Expense	-1.39B	-1.68B	-1.31B	-1.97B	-1.83B	155M	-473M	-1.92B	-2.02B	-2.13B
Pretax Income+	4.81B	4.38B	5.33B	5.24B	5.43B	9.83B	8.58B	7.71B	8.52B	9.83B
Pretax Margin %	11.59%	10.04%	11.43%	10.22%	10.54%	16.74%	14.24%	11.86%	12.07%	13.01%
Income Tax+	1.38B	1.64B	946M	1.1B	1.04B	2.11B	1.75B	1.61B	1.87B	2.05B
Effective Tax Rate %	60.08%	50.58%	70.98%	66.84%	69.13%	70.74%	65.77%	68.02%	67.58%	69%
Net Income+	2.89B	2.22B	3.79B	3.5B	3.75B	6.96B	5.64B	5.24B	5.76B	6.78B
Net Margin %	6.97%	5.08%	8.11%	6.83%	7.28%	11.84%	9.37%	8.07%	8.16%	8.97%
Net Income Growth %	35.74%	-23.32%	70.89%	-7.45%	7.1%	85.3%	-18.88%	-7.11%	9.88%	17.78%
Net Income (Continuing)	3.43B	2.74B	4.39B	4.14B	4.39B	7.72B	6.83B	6.09B	6.66B	7.78B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.67B	1.81B	2.03B	2.24B	2.32B	2.42B	2.69B	2.83B	3.05B	3.26B
EPS (Diluted)+	7.30	5.95	10.66	10.07	10.93	21.16	19.15	18.96	22.00	28.38
EPS Growth %	46.29%	-18.49%	79.16%	-5.53%	8.54%	93.6%	-9.5%	-0.99%	16.03%	29%
EPS (Basic)	7.80	6.33	11.04	10.27	11.08	21.51	19.44	19.24	22.27	28.62
Diluted Shares Outstanding	395.85M	372.22M	355.3M	348.23M	345.37M	328.75M	294.67M	276.41M	261.81M	230.71M
Basic Shares Outstanding	370.54M	350.09M	342.9M	341.21M	339.43M	323.31M	290.35M	272.4M	258.6M	230.71M
Dividend Payout Ratio	-	-	12.86%	15.69%	4.08%	8.97%	11.57%	12.61%	11.98%	10.01%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	9.09B	9.98B	10.21B	11.2B	12.33B	13.54B	13.64B	14.93B	16.41B	13.56B
Cash & Short-Term Investments	646M	732M	502M	621M	1.79B	1.45B	908M	935M	2.02B	1.04B
Cash Only	646M	732M	502M	621M	1.79B	1.45B	908M	935M	1.93B	1.04B
Short-Term Investments	0	0	0	0	0	0	0	0	88M	0
Accounts Receivable	5.83B	6.5B	6.79B	7.38B	7.05B	8.1B	8.89B	9.96B	10.75B	10.87B
Days Sales Outstanding	51.25	54.41	53.09	52.47	49.94	50.29	53.88	55.95	55.58	52.47
Inventory	1.5B	1.57B	1.73B	1.85B	2.02B	1.99B	2.07B	2.02B	1.74B	1.65B
Days Inventory Outstanding	79.13	78.48	81.85	79.58	88.32	19.99	20.37	18.73	15.13	13.63
Other Current Assets	1.11B	1.17B	1.19B	1.35B	1.46B	2.01B	1.78B	2.01B	1.9B	0
Total Non-Current Assets+	24.67B	26.62B	28.99B	33.86B	35.16B	37.2B	38.8B	41.28B	43.1B	47.16B
Property, Plant & Equipment	16.35B	17.89B	19.76B	24.55B	25.22B	26.18B	27.64B	29.92B	31.55B	31.14B
Fixed Asset Turnover	2.54x	2.44x	2.36x	2.09x	2.04x	2.24x	2.18x	2.17x	2.24x	2.43x
Goodwill	6.33B	7.04B	7.61B	7.94B	8.21B	9.14B	9.29B	9.61B	9.77B	0
Intangible Assets	374M	359M	342M	330M	369M	403M	359M	339M	323M	10.29B
Long-Term Investments	542M	617M	594M	564M	810M	886M	1.2B	1.23B	1.23B	633M
Other Non-Current Assets	1.07B	710M	690M	480M	546M	598M	298M	184M	230M	5.09B
Total Assets+	33.76B	36.59B	39.21B	45.06B	47.49B	50.74B	52.44B	56.21B	59.51B	60.72B
Asset Turnover	1.23x	1.19x	1.19x	1.14x	1.09x	1.16x	1.15x	1.16x	1.19x	1.25x
Asset Growth %	3.1%	8.4%	7.14%	14.92%	5.4%	6.85%	3.34%	7.2%	5.87%	2.03%
Total Current Liabilities+	5.83B	6.16B	7.57B	7.76B	8.7B	9.58B	9.9B	12.65B	15.18B	16.35B
Accounts Payable	2.32B	2.61B	2.58B	2.9B	3.54B	4.11B	4.24B	4.23B	4.28B	4.66B
Days Payables Outstanding	122.04	130.01	121.78	125.02	154.17	41.38	41.75	39.23	37.23	38.45
Short-Term Debt	216M	200M	788M	145M	209M	237M	370M	2.42B	4.7B	6.74B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	67M	459M	528M	547M	549M	794M	867M	910M	2.42B
Current Ratio	1.56x	1.62x	1.35x	1.44x	1.42x	1.41x	1.38x	1.18x	1.08x	0.83x
Quick Ratio	1.30x	1.36x	1.12x	1.20x	1.18x	1.21x	1.17x	1.02x	0.97x	0.73x
Cash Conversion Cycle	8.35	2.87	13.16	7.02	-15.91	28.9	32.49	35.45	33.48	27.65
Total Non-Current Liabilities+	33.56B	35.43B	34.56B	37.87B	35.89B	39.67B	42.61B	42.5B	43.78B	47.14B
Long-Term Debt	31.16B	32.86B	32.03B	33.58B	30.8B	33.77B	37.13B	37.17B	38.33B	41.6B
Capital Lease Obligations	0	0	0	1.5B	1.67B	2.33B	2.33B	1.9B	1.86B	1.85B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.4B	2.57B	2.52B	2.79B	3.43B	3.57B	3.14B	3.42B	3.58B	3.69B
Total Liabilities	39.39B	41.59B	42.13B	45.62B	44.6B	49.25B	52.51B	55.15B	58.96B	63.49B
Total Debt+	31.38B	33.06B	32.82B	35.57B	33.06B	36.73B	40.2B	41.86B	45.24B	50.2B
Net Debt	30.73B	32.33B	32.32B	34.95B	31.26B	35.27B	39.29B	40.92B	43.3B	49.16B
Debt / Equity	-	-	-	-	11.43x	24.66x	-	39.49x	81.51x	-
Debt / EBITDA	3.84x	4.04x	3.68x	3.62x	3.31x	2.93x	3.34x	3.29x	3.26x	3.24x
Net Debt / EBITDA	3.76x	3.95x	3.62x	3.56x	3.13x	2.82x	3.27x	3.22x	3.12x	3.17x
Interest Coverage	3.88x	3.63x	3.76x	3.92x	4.66x	6.33x	5.21x	4.97x	5.12x	5.32x
Total Equity+	-5.63B	-5B	-2.92B	-565M	2.89B	1.49B	-73M	1.06B	555M	-2.77B
Equity Growth %	6.83%	11.33%	41.58%	80.64%	611.86%	-48.51%	-104.9%	1552.05%	-47.64%	-599.28%
Book Value per Share	-14.23	-13.42	-8.21	-1.62	8.37	4.53	-0.25	3.83	2.12	-12.01
Total Shareholders' Equity	-7.3B	-6.81B	-4.95B	-2.81B	572M	-933M	-2.77B	-1.77B	-2.5B	-6.03B
Common Stock	4M	4M	3M	3M	3M	3M	3M	3M	3M	0
Retained Earnings	-6.97B	-6.53B	-4.57B	-2.35B	777M	-532M	-2.28B	-1.35B	-2.12B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-338M	-278M	-381M	-460M	-502M	-404M	-490M	-425M	-387M	0
Minority Interest	1.67B	1.81B	2.03B	2.24B	2.32B	2.42B	2.69B	2.83B	3.05B	3.26B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	5.65B	5.43B	6.76B	7.6B	9.23B	8.96B	8.52B	9.43B	10.51B	12.64B
Operating CF Margin %	13.63%	12.44%	14.48%	14.81%	17.91%	15.25%	14.15%	14.52%	14.89%	16.71%
Operating CF Growth %	19.41%	-4.02%	24.6%	12.44%	21.44%	-2.96%	-4.88%	10.67%	11.48%	20.18%
Net Income	3.43B	2.74B	4.39B	4.14B	4.39B	7.72B	6.83B	5.24B	6.66B	6.78B
Depreciation & Amortization	1.97B	2.13B	2.28B	2.6B	2.72B	2.85B	2.97B	3.08B	3.31B	3.52B
Stock-Based Compensation	251M	270M	268M	347M	362M	440M	341M	262M	360M	0
Deferred Taxes	123M	433M	74M	250M	41M	-70M	571M	229M	22M	0
Other Non-Cash Items	-161M	145M	-281M	352M	443M	-1.48B	-1.04B	1.08B	269M	1.6B
Working Capital Changes	42M	-296M	33M	-88M	1.28B	-503M	-1.15B	-457M	-106M	728M
Change in Receivables	-3.25B	-4.64B	-423M	-326M	327M	-962M	-797M	0	-799M	-94M
Change in Inventory	-112M	-69M	-242M	-158M	-304M	-540M	-59M	0	334M	-154M
Change in Payables	144M	374M	698M	396M	1.25B	999M	-296M	0	359M	666M
Cash from Investing+	-3.24B	-4.28B	-3.9B	-5.72B	-3.39B	-2.64B	-3.39B	-5.32B	-4.93B	-4.99B
Capital Expenditures	-2.76B	-3.02B	-3.57B	-4.16B	-2.83B	-3.58B	-4.39B	-4.74B	-4.88B	-4.94B
CapEx % of Revenue	6.65%	6.91%	7.65%	8.1%	5.5%	6.09%	7.3%	7.3%	6.9%	6.54%
Acquisitions	-576M	-1.21B	-445M	-1.62B	-500M	1.05B	1.01B	-442M	0	-128M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	96M	-52M	60M	59M	-58M	-121M	-7M	-131M	-58M	12M
Cash from Financing+	-2.51B	-1.06B	-3.08B	-1.77B	-4.68B	-6.66B	-5.66B	-4.09B	-4.58B	-8.55B
Debt Issued (Net)	815M	1.51B	-344M	567M	-3.22B	3.25B	3.29B	1.29B	3.21B	3.21B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	-487M	-550M	-153M	-624M	-653M	-661M	-690M	-679M
Share Repurchases	-2.75B	-2.05B	-1.53B	-1.03B	-441M	-8.21B	-7B	-3.81B	-6.04B	-10.07B
Other Financing	-572M	-519M	-714M	-757M	-866M	-1.07B	-1.29B	-917M	-1.05B	-1.01B
Net Change in Cash	-95M	86M	-230M	119M	1.17B	-342M	-543M	27M	998M	-893M
Free Cash Flow+	2.89B	2.41B	3.19B	3.44B	6.4B	5.38B	4.13B	4.69B	5.64B	7.69B
FCF Margin %	6.97%	5.53%	6.83%	6.71%	12.41%	9.16%	6.85%	7.21%	7.99%	10.17%
FCF Growth %	22.64%	-16.66%	32.23%	8.03%	85.74%	-15.87%	-23.32%	13.57%	20.31%	36.41%
FCF per Share	7.31	6.48	8.97	9.89	18.52	16.37	14.01	16.96	21.54	33.34
FCF Conversion (FCF/Net Income)	1.96x	2.45x	1.79x	2.17x	2.46x	1.29x	1.51x	1.80x	1.83x	1.86x
Interest Paid	1.67B	1.7B	1.74B	1.91B	1.61B	1.5B	1.66B	1.89B	1.94B	0
Taxes Paid	1.25B	1.21B	872M	849M	1B	2.18B	1.18B	1.39B	1.84B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	322.65%	317.55%	797.03%	1062.21%	713.31%	-
Return on Invested Capital (ROIC)	19.05%	17.33%	17.56%	16.97%	15.89%	20.47%	17.87%	17.78%	18.43%	19.89%
Gross Margin	83.29%	83.23%	83.45%	83.48%	83.76%	38.28%	38.48%	39.37%	40.62%	41.5%
Net Margin	6.97%	5.08%	8.11%	6.83%	7.28%	11.84%	9.37%	8.07%	8.16%	8.97%
Debt / Equity	-	-	-	-	11.43x	24.66x	-	39.49x	81.51x	-
Interest Coverage	3.88x	3.63x	3.76x	3.92x	4.66x	6.33x	5.21x	4.97x	5.12x	5.32x
FCF Conversion	1.96x	2.45x	1.79x	2.17x	2.46x	1.29x	1.51x	1.80x	1.83x	1.86x
Revenue Growth	4.57%	5.12%	7.02%	9.98%	0.38%	14.01%	2.52%	7.86%	8.67%	7.08%

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HCA Healthcare, Inc. (HCA) 10-Year Financial Performance & Capital Metrics

HCA •

HealthcareHealthcare FacilitiesHospitals and inpatient facilities

Revenue $75.6B +7.1%
EBITDA $15.49B +11.8%
Net Income $6.78B +17.8%
EPS (Diluted) 28.38 +29.0%
Gross Margin 41.5% +2.2%
EBITDA Margin 20.49% +4.4%
Operating Margin 15.83% +5.9%
Net Margin 8.97% +10.0%
ROE -
ROIC 19.89% +7.9%
Debt/Equity -
Interest Coverage 5.32 +4.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 887.8%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 11.9% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.66%

5Y7.97%

3Y7.87%

TTM7.08%

Profit (Net Income) CAGR

10Y12.29%

5Y12.56%

3Y6.33%

TTM17.78%

EPS CAGR

10Y18.98%

5Y21.03%

3Y14.01%

TTM29.06%

ROCE

10Y Avg22.38%

5Y Avg23.84%

3Y Avg24.45%

Latest26.98%

Peer Comparison

Hospitals and inpatient facilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UHTUniversal Health Realty Income Trust	605.21M	43.62	34.35	-100%	11.84%	11.56%	8.11%
HCAHCA Healthcare, Inc.	118.45B	529.70	18.66	7.08%	8.97%		6.49%
THCTenet Healthcare Corporation	21.04B	239.39	15.45	3.12%	6.6%	15.68%	12.03%	1.47
AUNAAuna S.A.	160.71M	5.34	10.99	14.47%	4.33%	10.05%	100%	2.32
UHSUniversal Health Services, Inc.	2.58M	206.10	8.92	9.71%	8.57%	20.09%	100%	0.70
ARDTArdent Health Partners, LLC	1.34B	9.39	5.94	10.29%	3.24%	12.57%	9.51%	1.50
CYHCommunity Health Systems, Inc.	484.81M	3.46	0.92	-1.18%	4.08%		42.9%
ACHCAcadia Healthcare Company, Inc.	2.12B	23.44	-1.93	5.04%	-33.29%	-51.52%		1.23

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	41.49B	43.61B	46.68B	51.34B	51.53B	58.75B	60.23B	64.97B	70.6B	75.6B
Revenue Growth %	4.57%	5.12%	7.02%	9.98%	0.38%	14.01%	2.52%	7.86%	8.67%	7.08%
Cost of Goods Sold+	6.93B	7.32B	7.72B	8.48B	8.37B	36.26B	37.06B	39.39B	41.92B	44.23B
COGS % of Revenue	16.71%	16.77%	16.55%	16.52%	16.24%	61.72%	61.52%	60.63%	59.38%	58.5%
Gross Profit+	34.56B	36.3B	38.95B	42.85B	43.16B	22.49B	23.18B	25.58B	28.68B	31.37B
Gross Margin %	83.29%	83.23%	83.45%	83.48%	83.76%	38.28%	38.48%	39.37%	40.62%	41.5%
Gross Profit Growth %	4.59%	5.04%	7.31%	10.02%	0.72%	-47.89%	3.05%	10.36%	12.12%	9.4%
Operating Expenses+	28.36B	30.24B	32.31B	35.64B	35.9B	12.81B	14.12B	15.95B	18.13B	19.41B
OpEx % of Revenue	68.35%	69.34%	69.22%	69.42%	69.67%	21.81%	23.45%	24.55%	25.68%	25.67%
Selling, General & Admin	18.9B	20.06B	21.43B	23.56B	23.87B	26.78B	27.68B	29.49B	31.17B	8B
SG&A % of Revenue	45.55%	45.99%	45.9%	45.89%	46.33%	45.58%	45.96%	45.39%	44.15%	10.58%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	9.46B	10.18B	10.89B	12.08B	12.03B	-13.96B	-13.56B	-13.54B	-13.04B	11.41B
Operating Income+	6.2B	6.06B	6.64B	7.22B	7.26B	9.68B	9.05B	9.63B	10.55B	11.96B
Operating Margin %	14.94%	13.89%	14.23%	14.06%	14.09%	16.47%	15.03%	14.82%	14.94%	15.83%
Operating Income Growth %	3.91%	-2.27%	9.66%	8.67%	0.61%	33.27%	-6.46%	6.34%	9.56%	13.44%
EBITDA+	8.16B	8.19B	8.92B	9.81B	9.98B	12.53B	12.02B	12.7B	13.86B	15.49B
EBITDA Margin %	19.68%	18.77%	19.11%	19.12%	19.37%	21.33%	19.96%	19.55%	19.63%	20.49%
EBITDA Growth %	3.75%	0.29%	8.94%	10.02%	1.72%	25.52%	-4.06%	5.67%	9.09%	11.75%
D&A (Non-Cash Add-back)	1.97B	2.13B	2.28B	2.6B	2.72B	2.85B	2.97B	3.08B	3.31B	3.52B
EBIT	6.52B	6.07B	7.09B	7.07B	7.01B	11.4B	10.32B	9.64B	10.58B	12.08B
Net Interest Income+	-1.6B	-1.67B	-1.76B	-1.84B	-1.56B	-1.53B	-1.74B	-1.94B	-2.06B	-2.25B
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.6B	1.67B	1.76B	1.84B	1.56B	1.53B	1.74B	1.94B	2.06B	2.25B
Other Income/Expense	-1.39B	-1.68B	-1.31B	-1.97B	-1.83B	155M	-473M	-1.92B	-2.02B	-2.13B
Pretax Income+	4.81B	4.38B	5.33B	5.24B	5.43B	9.83B	8.58B	7.71B	8.52B	9.83B
Pretax Margin %	11.59%	10.04%	11.43%	10.22%	10.54%	16.74%	14.24%	11.86%	12.07%	13.01%
Income Tax+	1.38B	1.64B	946M	1.1B	1.04B	2.11B	1.75B	1.61B	1.87B	2.05B
Effective Tax Rate %	60.08%	50.58%	70.98%	66.84%	69.13%	70.74%	65.77%	68.02%	67.58%	69%
Net Income+	2.89B	2.22B	3.79B	3.5B	3.75B	6.96B	5.64B	5.24B	5.76B	6.78B
Net Margin %	6.97%	5.08%	8.11%	6.83%	7.28%	11.84%	9.37%	8.07%	8.16%	8.97%
Net Income Growth %	35.74%	-23.32%	70.89%	-7.45%	7.1%	85.3%	-18.88%	-7.11%	9.88%	17.78%
Net Income (Continuing)	3.43B	2.74B	4.39B	4.14B	4.39B	7.72B	6.83B	6.09B	6.66B	7.78B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.67B	1.81B	2.03B	2.24B	2.32B	2.42B	2.69B	2.83B	3.05B	3.26B
EPS (Diluted)+	7.30	5.95	10.66	10.07	10.93	21.16	19.15	18.96	22.00	28.38
EPS Growth %	46.29%	-18.49%	79.16%	-5.53%	8.54%	93.6%	-9.5%	-0.99%	16.03%	29%
EPS (Basic)	7.80	6.33	11.04	10.27	11.08	21.51	19.44	19.24	22.27	28.62
Diluted Shares Outstanding	395.85M	372.22M	355.3M	348.23M	345.37M	328.75M	294.67M	276.41M	261.81M	230.71M
Basic Shares Outstanding	370.54M	350.09M	342.9M	341.21M	339.43M	323.31M	290.35M	272.4M	258.6M	230.71M
Dividend Payout Ratio	-	-	12.86%	15.69%	4.08%	8.97%	11.57%	12.61%	11.98%	10.01%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	9.09B	9.98B	10.21B	11.2B	12.33B	13.54B	13.64B	14.93B	16.41B	13.56B
Cash & Short-Term Investments	646M	732M	502M	621M	1.79B	1.45B	908M	935M	2.02B	1.04B
Cash Only	646M	732M	502M	621M	1.79B	1.45B	908M	935M	1.93B	1.04B
Short-Term Investments	0	0	0	0	0	0	0	0	88M	0
Accounts Receivable	5.83B	6.5B	6.79B	7.38B	7.05B	8.1B	8.89B	9.96B	10.75B	10.87B
Days Sales Outstanding	51.25	54.41	53.09	52.47	49.94	50.29	53.88	55.95	55.58	52.47
Inventory	1.5B	1.57B	1.73B	1.85B	2.02B	1.99B	2.07B	2.02B	1.74B	1.65B
Days Inventory Outstanding	79.13	78.48	81.85	79.58	88.32	19.99	20.37	18.73	15.13	13.63
Other Current Assets	1.11B	1.17B	1.19B	1.35B	1.46B	2.01B	1.78B	2.01B	1.9B	0
Total Non-Current Assets+	24.67B	26.62B	28.99B	33.86B	35.16B	37.2B	38.8B	41.28B	43.1B	47.16B
Property, Plant & Equipment	16.35B	17.89B	19.76B	24.55B	25.22B	26.18B	27.64B	29.92B	31.55B	31.14B
Fixed Asset Turnover	2.54x	2.44x	2.36x	2.09x	2.04x	2.24x	2.18x	2.17x	2.24x	2.43x
Goodwill	6.33B	7.04B	7.61B	7.94B	8.21B	9.14B	9.29B	9.61B	9.77B	0
Intangible Assets	374M	359M	342M	330M	369M	403M	359M	339M	323M	10.29B
Long-Term Investments	542M	617M	594M	564M	810M	886M	1.2B	1.23B	1.23B	633M
Other Non-Current Assets	1.07B	710M	690M	480M	546M	598M	298M	184M	230M	5.09B
Total Assets+	33.76B	36.59B	39.21B	45.06B	47.49B	50.74B	52.44B	56.21B	59.51B	60.72B
Asset Turnover	1.23x	1.19x	1.19x	1.14x	1.09x	1.16x	1.15x	1.16x	1.19x	1.25x
Asset Growth %	3.1%	8.4%	7.14%	14.92%	5.4%	6.85%	3.34%	7.2%	5.87%	2.03%
Total Current Liabilities+	5.83B	6.16B	7.57B	7.76B	8.7B	9.58B	9.9B	12.65B	15.18B	16.35B
Accounts Payable	2.32B	2.61B	2.58B	2.9B	3.54B	4.11B	4.24B	4.23B	4.28B	4.66B
Days Payables Outstanding	122.04	130.01	121.78	125.02	154.17	41.38	41.75	39.23	37.23	38.45
Short-Term Debt	216M	200M	788M	145M	209M	237M	370M	2.42B	4.7B	6.74B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	67M	459M	528M	547M	549M	794M	867M	910M	2.42B
Current Ratio	1.56x	1.62x	1.35x	1.44x	1.42x	1.41x	1.38x	1.18x	1.08x	0.83x
Quick Ratio	1.30x	1.36x	1.12x	1.20x	1.18x	1.21x	1.17x	1.02x	0.97x	0.73x
Cash Conversion Cycle	8.35	2.87	13.16	7.02	-15.91	28.9	32.49	35.45	33.48	27.65
Total Non-Current Liabilities+	33.56B	35.43B	34.56B	37.87B	35.89B	39.67B	42.61B	42.5B	43.78B	47.14B
Long-Term Debt	31.16B	32.86B	32.03B	33.58B	30.8B	33.77B	37.13B	37.17B	38.33B	41.6B
Capital Lease Obligations	0	0	0	1.5B	1.67B	2.33B	2.33B	1.9B	1.86B	1.85B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	2.4B	2.57B	2.52B	2.79B	3.43B	3.57B	3.14B	3.42B	3.58B	3.69B
Total Liabilities	39.39B	41.59B	42.13B	45.62B	44.6B	49.25B	52.51B	55.15B	58.96B	63.49B
Total Debt+	31.38B	33.06B	32.82B	35.57B	33.06B	36.73B	40.2B	41.86B	45.24B	50.2B
Net Debt	30.73B	32.33B	32.32B	34.95B	31.26B	35.27B	39.29B	40.92B	43.3B	49.16B
Debt / Equity	-	-	-	-	11.43x	24.66x	-	39.49x	81.51x	-
Debt / EBITDA	3.84x	4.04x	3.68x	3.62x	3.31x	2.93x	3.34x	3.29x	3.26x	3.24x
Net Debt / EBITDA	3.76x	3.95x	3.62x	3.56x	3.13x	2.82x	3.27x	3.22x	3.12x	3.17x
Interest Coverage	3.88x	3.63x	3.76x	3.92x	4.66x	6.33x	5.21x	4.97x	5.12x	5.32x
Total Equity+	-5.63B	-5B	-2.92B	-565M	2.89B	1.49B	-73M	1.06B	555M	-2.77B
Equity Growth %	6.83%	11.33%	41.58%	80.64%	611.86%	-48.51%	-104.9%	1552.05%	-47.64%	-599.28%
Book Value per Share	-14.23	-13.42	-8.21	-1.62	8.37	4.53	-0.25	3.83	2.12	-12.01
Total Shareholders' Equity	-7.3B	-6.81B	-4.95B	-2.81B	572M	-933M	-2.77B	-1.77B	-2.5B	-6.03B
Common Stock	4M	4M	3M	3M	3M	3M	3M	3M	3M	0
Retained Earnings	-6.97B	-6.53B	-4.57B	-2.35B	777M	-532M	-2.28B	-1.35B	-2.12B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-338M	-278M	-381M	-460M	-502M	-404M	-490M	-425M	-387M	0
Minority Interest	1.67B	1.81B	2.03B	2.24B	2.32B	2.42B	2.69B	2.83B	3.05B	3.26B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	5.65B	5.43B	6.76B	7.6B	9.23B	8.96B	8.52B	9.43B	10.51B	12.64B
Operating CF Margin %	13.63%	12.44%	14.48%	14.81%	17.91%	15.25%	14.15%	14.52%	14.89%	16.71%
Operating CF Growth %	19.41%	-4.02%	24.6%	12.44%	21.44%	-2.96%	-4.88%	10.67%	11.48%	20.18%
Net Income	3.43B	2.74B	4.39B	4.14B	4.39B	7.72B	6.83B	5.24B	6.66B	6.78B
Depreciation & Amortization	1.97B	2.13B	2.28B	2.6B	2.72B	2.85B	2.97B	3.08B	3.31B	3.52B
Stock-Based Compensation	251M	270M	268M	347M	362M	440M	341M	262M	360M	0
Deferred Taxes	123M	433M	74M	250M	41M	-70M	571M	229M	22M	0
Other Non-Cash Items	-161M	145M	-281M	352M	443M	-1.48B	-1.04B	1.08B	269M	1.6B
Working Capital Changes	42M	-296M	33M	-88M	1.28B	-503M	-1.15B	-457M	-106M	728M
Change in Receivables	-3.25B	-4.64B	-423M	-326M	327M	-962M	-797M	0	-799M	-94M
Change in Inventory	-112M	-69M	-242M	-158M	-304M	-540M	-59M	0	334M	-154M
Change in Payables	144M	374M	698M	396M	1.25B	999M	-296M	0	359M	666M
Cash from Investing+	-3.24B	-4.28B	-3.9B	-5.72B	-3.39B	-2.64B	-3.39B	-5.32B	-4.93B	-4.99B
Capital Expenditures	-2.76B	-3.02B	-3.57B	-4.16B	-2.83B	-3.58B	-4.39B	-4.74B	-4.88B	-4.94B
CapEx % of Revenue	6.65%	6.91%	7.65%	8.1%	5.5%	6.09%	7.3%	7.3%	6.9%	6.54%
Acquisitions	-576M	-1.21B	-445M	-1.62B	-500M	1.05B	1.01B	-442M	0	-128M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	96M	-52M	60M	59M	-58M	-121M	-7M	-131M	-58M	12M
Cash from Financing+	-2.51B	-1.06B	-3.08B	-1.77B	-4.68B	-6.66B	-5.66B	-4.09B	-4.58B	-8.55B
Debt Issued (Net)	815M	1.51B	-344M	567M	-3.22B	3.25B	3.29B	1.29B	3.21B	3.21B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	-487M	-550M	-153M	-624M	-653M	-661M	-690M	-679M
Share Repurchases	-2.75B	-2.05B	-1.53B	-1.03B	-441M	-8.21B	-7B	-3.81B	-6.04B	-10.07B
Other Financing	-572M	-519M	-714M	-757M	-866M	-1.07B	-1.29B	-917M	-1.05B	-1.01B
Net Change in Cash	-95M	86M	-230M	119M	1.17B	-342M	-543M	27M	998M	-893M
Free Cash Flow+	2.89B	2.41B	3.19B	3.44B	6.4B	5.38B	4.13B	4.69B	5.64B	7.69B
FCF Margin %	6.97%	5.53%	6.83%	6.71%	12.41%	9.16%	6.85%	7.21%	7.99%	10.17%
FCF Growth %	22.64%	-16.66%	32.23%	8.03%	85.74%	-15.87%	-23.32%	13.57%	20.31%	36.41%
FCF per Share	7.31	6.48	8.97	9.89	18.52	16.37	14.01	16.96	21.54	33.34
FCF Conversion (FCF/Net Income)	1.96x	2.45x	1.79x	2.17x	2.46x	1.29x	1.51x	1.80x	1.83x	1.86x
Interest Paid	1.67B	1.7B	1.74B	1.91B	1.61B	1.5B	1.66B	1.89B	1.94B	0
Taxes Paid	1.25B	1.21B	872M	849M	1B	2.18B	1.18B	1.39B	1.84B	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	322.65%	317.55%	797.03%	1062.21%	713.31%	-
Return on Invested Capital (ROIC)	19.05%	17.33%	17.56%	16.97%	15.89%	20.47%	17.87%	17.78%	18.43%	19.89%
Gross Margin	83.29%	83.23%	83.45%	83.48%	83.76%	38.28%	38.48%	39.37%	40.62%	41.5%
Net Margin	6.97%	5.08%	8.11%	6.83%	7.28%	11.84%	9.37%	8.07%	8.16%	8.97%
Debt / Equity	-	-	-	-	11.43x	24.66x	-	39.49x	81.51x	-
Interest Coverage	3.88x	3.63x	3.76x	3.92x	4.66x	6.33x	5.21x	4.97x	5.12x	5.32x
FCF Conversion	1.96x	2.45x	1.79x	2.17x	2.46x	1.29x	1.51x	1.80x	1.83x	1.86x
Revenue Growth	4.57%	5.12%	7.02%	9.98%	0.38%	14.01%	2.52%	7.86%	8.67%	7.08%

HCA Healthcare, Inc. (HCA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare HCA vs Peers

vs THC

vs MPW

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

HCA Healthcare, Inc. (HCA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare HCA vs Peers

vs THC

vs MPW

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios