Latest Ratios: P/E Ratio 15.9x · EV/EBITDA 9.9x · 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 | $107.2B | $107.7B | $78.6B | $74.8B | $70.7B | $84.5B | $56.8B | $51.5B | $44.2B | $32.7B | $29.3B |
| Enterprise Value | $156.3B | $156.9B | $121.9B | $115.7B | $110.0B | $119.7B | $88.1B | $86.4B | $76.5B | $65.0B | $60.0B |
| P/E Ratio → | 15.87 | 16.45 | 13.64 | 14.28 | 12.53 | 12.14 | 15.05 | 14.68 | 11.67 | 14.76 | 10.14 |
| P/S Ratio | 1.36 | 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 | 17.94 | 14.00 | 13.94 | 15.96 | 17.13 | 15.69 | 8.88 | 14.95 | 13.87 | 13.56 | 10.13 |
| P/OCF | 8.48 | 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 | 9.89 | 10.13 | 8.79 | 9.11 | 9.15 | 9.56 | 8.82 | 8.81 | 8.58 | 7.94 | 7.35 |
| EV / EBIT | 13.07 | 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 | 0.6% | 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 | 6.3% | 6.1% | 7.3% | 7.0% | 8.0% | 8.2% | 6.6% | 6.8% | 8.6% | 6.8% | 9.9% |
| FCF Yield | 5.6% | 7.1% | 7.2% | 6.3% | 5.8% | 6.4% | 11.3% | 6.7% | 7.2% | 7.4% | 9.9% |
| Buyback Yield | 9.4% | 9.3% | 7.7% | 5.1% | 9.9% | 9.7% | 0.8% | 2.0% | 3.5% | 6.3% | 9.4% |
| Total Shareholder Yield | 10.0% | 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 15.9x. 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 9.9x. 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 15.9x. 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 0.59% 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
Negative equity and leverage
Metrics are mathematically derived from official filings.
Premium Multiples Reflect Buyback-Supported Earnings
Based on reported figures, HCA trades at 17.88x trailing earnings and 10.27x EV/EBITDA, a discount to Ensign Group's 31.23x P/E but a premium to Universal Health Services at 8.60x P/E, suggesting the market prices HCA as a quality operator.
The trailing P/E of 17.88 and forward P/E of 16.93 imply modest expected earnings growth, and a PEG of 0.85 suggests the market is not fully pricing the per-share growth driven by share repurchases. Because the company carries a shareholders' deficit, price-to-book is not meaningful, so EV/EBITDA and P/FCF of 14.28 are the more reliable anchors. Investors should monitor whether the premium relative to UHS and Tenet remains justified if revenue growth continues to moderate.
Net Margin Stability Masks Reclassification Noise
According to recent SEC filings, HCA's net margin held in a 7.3% to 9.6% band across the ten quarters shown, with operating margin near 15% to 16% in 2026 reporting, though the gross margin series shows a break that appears driven by presentation changes.
The reported gross margin shift from roughly 41% to 15% is best read as a reclassification rather than an operating deterioration, so operating and net margins are the more comparable series. Net margin of 8.0% in 2026Q3 sits close to the historical middle of the range, indicating earnings power has been fairly steady. Investors should treat the operating margin as the cleaner measure of core profitability while waiting for consistent cost line disclosure.
ROIC Steady Near Five Percent Despite Leverage
Based on EDBL-style reported figures, HCA's ROIC has oscillated between 4.2% and 5.3% over the period, while ROE is not meaningful after the shift to a shareholders' deficit, which may indicate that buybacks have compressed the equity base.
A flat ROIC near 5% suggests the company is neither compounding nor decaying its invested capital base, and the return sits modestly above a typical cost of debt but well below its own historical levels implied by the earlier ROE readings. The collapse of ROE from above 100% in 2024 to a low single-digit figure reflects equity erosion rather than operating change. Investors should focus on ROIC and ROA as the meaningful return measures here.
Interest Coverage Thin Against Heavy Debt Load
As reported in financial statements, HCA carried total debt of $52.4B in 2026Q3 against interest coverage of roughly 4.9x to 5.7x, with debt-to-EBITDA near 12x to 13x, which may suggest debt service remains manageable but leaves limited room for refinancing stress.
The debt-to-EBITDA ratio near 12x to 13x sits well above what is typically viewed as conservative for hospital operators, though interest coverage in the mid-single-digit range indicates current earnings comfortably service interest. The negative equity base makes the debt-to-equity ratio uninformative as a gauge. Investors should monitor whether coverage holds if interest rates stay elevated at the next refinancing cycle.
Headline Liquidity Ratio Misleads on Solvency
The current ratio is most commonly misapplied to this business model, since HCA's 0.82 reading and negative equity suggest a structural funding gap that a standard liquidity ratio may understate when judged against recurring cash generation.
Many analysts read a current ratio below 1.0 as a warning sign for ordinary industrial companies, but for an acute care operator with predictable patient receivables and daily cash cycles, a sub-1.0 reading is common and does not by itself indicate distress. The more informative lens is operating cash flow coverage of current liabilities and the trend in debt maturities. Investors should pair this with free cash flow durability rather than relying on a point-in-time liquidity figure.