30 years of historical data (1996–2025) · Healthcare · Medical - Care Facilities
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
HCA Healthcare, Inc. trades at 18.7x earnings, 35% above its 5-year average of 13.8x, sitting at the 100th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a discount of 21%. On a free-cash-flow basis, the stock trades at 15.4x P/FCF, roughly in line with the 5-year average of 15.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $118.5B | $107.7B | $78.6B | $74.8B | $70.7B | $84.5B | $56.8B | $51.5B | $44.2B | $32.7B | $29.3B |
| Enterprise Value | $167.6B | $156.9B | $121.9B | $115.7B | $110.0B | $119.7B | $88.1B | $86.4B | $76.5B | $65.0B | $60.0B |
| P/E Ratio → | 18.66 | 16.45 | 13.64 | 14.28 | 12.53 | 12.14 | 15.05 | 14.68 | 11.67 | 14.76 | 10.14 |
| P/S Ratio | 1.57 | 1.42 | 1.11 | 1.15 | 1.17 | 1.44 | 1.10 | 1.00 | 0.95 | 0.75 | 0.71 |
| P/B Ratio | — | — | 141.59 | 70.58 | — | 56.72 | 19.64 | — | — | — | — |
| P/FCF | 15.40 | 14.00 | 13.94 | 15.96 | 17.13 | 15.69 | 8.88 | 14.95 | 13.87 | 13.56 | 10.13 |
| P/OCF | 9.37 | 8.52 | 7.47 | 7.93 | 8.30 | 9.43 | 6.15 | 6.77 | 6.54 | 6.03 | 5.18 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
HCA Healthcare, Inc.'s enterprise value stands at 10.8x EBITDA, 16% above its 5-year average of 9.3x. The Healthcare sector median is 13.8x, placing the stock at a 22% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.07 | 1.73 | 1.78 | 1.83 | 2.04 | 1.71 | 1.68 | 1.64 | 1.49 | 1.45 |
| EV / EBITDA | 10.82 | 10.13 | 8.79 | 9.11 | 9.15 | 9.56 | 8.82 | 8.81 | 8.58 | 7.94 | 7.35 |
| EV / EBIT | 14.01 | 12.99 | 11.52 | 12.00 | 10.66 | 10.50 | 12.56 | 12.23 | 10.79 | 10.71 | 9.21 |
| EV / FCF | — | 20.39 | 21.61 | 24.69 | 26.65 | 22.25 | 13.77 | 25.09 | 24.01 | 26.97 | 20.75 |
Margins and return-on-capital ratios measuring operating efficiency
HCA Healthcare, Inc. earns an operating margin of 15.8%. Operating margins have expanded from 14.8% to 15.8% over the past 3 years, signaling improving operational efficiency. ROIC of 19.9% represents solid returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.5% | 41.5% | 40.6% | 39.4% | 38.5% | 38.3% | 83.8% | 83.5% | 83.5% | 83.2% | 83.3% |
| Operating Margin | 15.8% | 15.8% | 14.9% | 14.8% | 15.0% | 16.5% | 14.1% | 14.1% | 14.2% | 13.9% | 14.9% |
| Net Profit Margin | 9.0% | 9.0% | 8.2% | 8.1% | 9.4% | 11.8% | 7.3% | 6.8% | 8.1% | 5.1% | 7.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 713.3% | 1062.2% | 797.0% | 317.6% | 322.6% | — | — | — | — |
| ROA | 11.3% | 11.3% | 10.0% | 9.6% | 10.9% | 14.2% | 8.1% | 8.3% | 10.0% | 6.3% | 8.7% |
| ROIC | 19.9% | 19.9% | 18.4% | 17.8% | 17.9% | 20.5% | 15.9% | 17.0% | 17.6% | 17.3% | 19.1% |
| ROCE | 27.0% | 27.0% | 24.0% | 22.4% | 21.6% | 24.2% | 19.1% | 20.9% | 21.4% | 20.8% | 22.5% |
Solvency and debt-coverage ratios — lower is generally safer
HCA Healthcare, Inc. carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (roughly in line with the sector average of 3.1x). Net debt stands at $49.2B ($50.2B total debt minus $1.0B cash). Interest coverage of 5.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 81.51 | 39.49 | — | 24.66 | 11.43 | — | — | — | — |
| Debt / EBITDA | 3.24 | 3.24 | 3.26 | 3.29 | 3.34 | 2.93 | 3.31 | 3.62 | 3.68 | 4.04 | 3.84 |
| Net Debt / Equity | — | — | 78.03 | 38.61 | — | 23.69 | 10.81 | — | — | — | — |
| Net Debt / EBITDA | 3.17 | 3.17 | 3.12 | 3.22 | 3.27 | 2.82 | 3.13 | 3.56 | 3.62 | 3.95 | 3.76 |
| Debt / FCF | — | 6.39 | 7.68 | 8.73 | 9.52 | 6.55 | 4.89 | 10.15 | 10.14 | 13.41 | 10.62 |
| Interest Coverage | 5.32 | 5.32 | 5.12 | 4.97 | 5.21 | 6.33 | 4.66 | 3.92 | 3.76 | 3.63 | 3.88 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.83x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.0B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 1.18x to 0.83x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.83 | 0.83 | 1.08 | 1.18 | 1.38 | 1.41 | 1.42 | 1.44 | 1.35 | 1.62 | 1.56 |
| Quick Ratio | 0.73 | 0.73 | 0.97 | 1.02 | 1.17 | 1.21 | 1.18 | 1.20 | 1.12 | 1.36 | 1.30 |
| Cash Ratio | 0.06 | 0.06 | 0.13 | 0.07 | 0.09 | 0.15 | 0.21 | 0.08 | 0.07 | 0.12 | 0.11 |
| Asset Turnover | — | 1.25 | 1.19 | 1.16 | 1.15 | 1.16 | 1.09 | 1.14 | 1.19 | 1.19 | 1.23 |
| Inventory Turnover | 26.77 | 26.77 | 24.12 | 19.49 | 17.92 | 18.26 | 4.13 | 4.59 | 4.46 | 4.65 | 4.61 |
| Days Sales Outstanding | — | 52.47 | 55.58 | 55.95 | 53.88 | 50.29 | 49.94 | 52.47 | 53.09 | 54.41 | 51.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
HCA Healthcare, Inc. returns 9.1% to shareholders annually — split between a 0.6% dividend yield and 8.5% buyback yield. The payout ratio of 10.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 5.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.6% | 0.9% | 0.9% | 0.9% | 0.7% | 0.3% | 1.1% | 1.1% | — | — |
| Payout Ratio | 10.0% | 10.0% | 12.0% | 12.6% | 11.6% | 9.0% | 4.1% | 15.7% | 12.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 6.1% | 7.3% | 7.0% | 8.0% | 8.2% | 6.6% | 6.8% | 8.6% | 6.8% | 9.9% |
| FCF Yield | 6.5% | 7.1% | 7.2% | 6.3% | 5.8% | 6.4% | 11.3% | 6.7% | 7.2% | 7.4% | 9.9% |
| Buyback Yield | 8.5% | 9.3% | 7.7% | 5.1% | 9.9% | 9.7% | 0.8% | 2.0% | 3.5% | 6.3% | 9.4% |
| Total Shareholder Yield | 9.1% | 10.0% | 8.6% | 6.0% | 10.8% | 10.5% | 1.0% | 3.1% | 4.6% | 6.3% | 9.4% |
| Shares Outstanding | — | $231M | $262M | $276M | $295M | $329M | $345M | $348M | $355M | $372M | $396M |
Compare HCA with 8 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| HCAYou | $118B | 18.7 | 10.8 | 15.4 | 41.5% | 15.8% | — | 19.9% | 3.2 |
| THC | $21B | 15.5 | 7.2 | 8.3 | 41.4% | 16.5% | 16.1% | 13.5% | 3.0 |
| MPW | $3B | -16.5 | 100.9 | 14.1 | — | — | -4.2% | — | 4.6 |
| ACHC | $2B | -1.9 | 8.0 | — | 17.6% | 11.7% | -41.4% | 5.9% | 4.6 |
| ARDT | $1B | 5.9 | 5.6 | 10.5 | 82.7% | 6.8% | 16.2% | 9.7% | 4.1 |
| UHT | $605M | 34.3 | 20.7 | 12.3 | — | — | 10.6% | — | — |
| CYH | $485M | 0.9 | 0.5 | 2.3 | 56.7% | 11.9% | — | 21.0% | 0.3 |
| AUNA | $161M | 11.0 | 4.4 | 0.9 | 37.2% | 16.1% | 6.5% | 10.0% | 4.1 |
| UHS | $3M | 8.9 | 1.9 | 0.0 | — | 11.5% | 21.0% | 12.4% | 2.0 |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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View ValuationSee how HCA stacks up against sector leader Tenet Healthcare Corporation.
Start ComparisonHCA Healthcare, Inc.'s current P/E ratio is 18.7x. The historical average is 12.9x. This places it at the 100th percentile of its historical range.
HCA Healthcare, Inc.'s current EV/EBITDA is 10.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.3x.
Based on historical data, HCA Healthcare, Inc. is trading at a P/E of 18.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HCA Healthcare, Inc.'s current dividend yield is 0.56% with a payout ratio of 10.0%.
HCA Healthcare, Inc. has 41.5% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
HCA Healthcare, Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.