Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 9.3x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $94.5B | $107.7B | $78.6B | $74.8B | $70.7B | $84.5B | $56.8B | $51.5B | $44.2B | $32.7B | $29.3B |
| Enterprise Value | $143.7B | $156.9B | $121.9B | $115.7B | $110.0B | $119.7B | $88.1B | $86.4B | $76.5B | $65.0B | $60.0B |
| P/E Ratio → | 15.38 | 16.45 | 13.64 | 14.28 | 12.53 | 12.14 | 15.05 | 14.68 | 11.67 | 14.76 | 10.14 |
| P/S Ratio | 1.25 | 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 | 12.29 | 14.00 | 13.94 | 15.96 | 17.13 | 15.69 | 8.88 | 14.95 | 13.87 | 13.56 | 10.13 |
| P/OCF | 7.48 | 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
| 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 | 9.28 | 10.13 | 8.79 | 9.11 | 9.15 | 9.56 | 8.82 | 8.81 | 8.58 | 7.94 | 7.35 |
| EV / EBIT | 12.01 | 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
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
| 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 | 5.37 | 5.37 | 5.14 | 4.98 | 5.94 | 7.46 | 4.50 | 3.84 | 4.02 | 3.64 | 4.08 |
Short-term solvency ratios and asset-utilisation metrics
| 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
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 | 0.7% | 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 | 6.5% | 6.1% | 7.3% | 7.0% | 8.0% | 8.2% | 6.6% | 6.8% | 8.6% | 6.8% | 9.9% |
| FCF Yield | 8.1% | 7.1% | 7.2% | 6.3% | 5.8% | 6.4% | 11.3% | 6.7% | 7.2% | 7.4% | 9.9% |
| Buyback Yield | 10.7% | 9.3% | 7.7% | 5.1% | 9.9% | 9.7% | 0.8% | 2.0% | 3.5% | 6.3% | 9.4% |
| Total Shareholder Yield | 11.3% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HCA stock.
HCA Healthcare, Inc.'s current P/E ratio is 15.4x. The historical average is 12.9x. This places it at the 87th percentile of its historical range.
HCA Healthcare, Inc.'s current EV/EBITDA is 9.3x. 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 15.4x. This is at the 87th 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 0.67% 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.
Key Metrics
Top Statement Risk
Site-neutral payment policy risk
Metrics are mathematically derived from official filings.
Discounted Multiple Reflects Policy Overhang
HCA trades at 8.8x EV/EBITDA and 14.2x trailing P/E, a discount to peers like THC and UHS, according to current market data, suggesting the market prices in regulatory and leverage risks.
The forward P/E of 13.6x and PEG of 0.67 imply the market expects earnings growth to outpace the multiple, but the discount to THC (16.5x P/E) and UHS (7.3x P/E) appears to reflect concerns over site-neutral payment reforms and the heavy debt load. Given HCA's superior scale and margins, the valuation gap may be excessive if policy risks do not materialize, but investors should monitor legislative developments closely.
Margin Resilience Amid Cost Pressures
Operating margin held near 15% in 2026Q2 despite a gross margin reclassification, as reported in financial statements, indicating that HCA's pricing power and cost controls are offsetting labor inflation.
The gross margin drop from 41.9% to 15.2% appears to be a reclassification of costs rather than operational deterioration, as operating margin remained stable. Net margin of 8.4% in 2026Q2 is slightly below the 9.6% peak in 2025Q4, but the consistent operating margin suggests HCA's earning power is intact. The true profitability metric to watch is EBITDA margin, which likely remains strong given the EV/EBITDA multiple of 8.8x.
ROIC Stable Despite Rising Leverage
ROIC has hovered around 5% over the past year, as per quarterly data, while ROE is distorted by negative equity, indicating that returns on invested capital are steady but not expanding.
ROIC of 5.1% in 2026Q2 is consistent with the prior four quarters, suggesting that HCA is maintaining returns on its capital base despite heavy investment in facilities and acquisitions. The negative equity makes ROE meaningless, but the stable ROIC implies that management is deploying capital efficiently. However, the high debt-to-EBITDA of 12.2x indicates that leverage is amplifying returns, and any margin compression could quickly erode ROIC.
Working Capital Efficiency Improves
Cash conversion cycle improved to 37 days in 2026Q2 from 31 days a year earlier, according to reported figures, driven by faster collection and extended payables, though DSO remains elevated.
DSO of 53 days is slightly higher than the 50 days seen in late 2025, but DPO increased to 25 days from 37 days in 2025Q4, indicating HCA is stretching supplier payments. The CCC of 37 days is manageable for a hospital operator, but the thin current ratio of 0.78 suggests reliance on operating cash flow to meet short-term obligations. Asset turnover of 0.33x is typical for the capital-intensive healthcare sector.
Debt Load Pressures Coverage
Debt-to-EBITDA stands at 12.2x with interest coverage of 5.1x, as per recent filings, indicating that HCA's leverage is high but serviceable given stable cash flows.
The debt-to-EBITDA ratio has remained above 12x for the past year, reflecting the $48.8B debt load, but interest coverage of 5.1x suggests that operating income comfortably covers interest expense. However, the negative equity of -$6.6B makes traditional D/E ratios meaningless, and the debt-to-assets ratio of 81% highlights the balance sheet strain. Rising interest rates could pressure coverage if HCA needs to refinance maturing debt, but the company's scale and cash generation provide a buffer.
Thin Liquidity Relies on Cash Flow
Current ratio fell to 0.78 in 2026Q2, with quick ratio at 0.69, as reported in financial statements, indicating a tight liquidity position that depends on steady operating cash flow.
The current ratio has declined from 1.16 in 2024Q1 to 0.78, reflecting increased short-term obligations and reduced cash balances. While HCA generates robust operating cash flow, the thin liquidity buffer leaves little room for unexpected shocks. The quick ratio of 0.69 suggests that even without inventory, HCA can cover most short-term liabilities, but the reliance on receivables collection is high.
Premium Multiple Justified by Scale
HCA's EV/EBITDA of 8.8x is above CYH's distressed levels but below THC's 7.5x, according to peer data, reflecting its superior margins and market position.
HCA's net margin of 8.4% exceeds THC's 6.6% and UHS's 8.6%, and its ROIC of 5.1% is lower than THC's 13.2% due to its larger asset base. The valuation discount to THC may be unwarranted given HCA's stronger balance sheet and cluster strategy, but the market may be pricing in the site-neutral payment risk. HCA's P/E of 14.2x is below THC's 16.5x, suggesting investors are cautious about HCA's growth sustainability.
Misapplied ROE Distorts Picture
ROE is commonly used to evaluate HCA, but negative equity makes it meaningless, as per balance sheet data, so investors should rely on ROIC and debt-adjusted metrics instead.
HCA's negative shareholders' equity of -$6.6B renders ROE non-computable or misleadingly high, as seen in 2024 quarters. The most commonly misapplied ratio is ROE, which obscures the true return on capital because of the company's aggressive buybacks and debt-funded growth. Instead, ROIC of around 5% and EBITDA margin should be used to assess profitability, as they reflect operational performance without the distortion of capital structure.