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Not Investment Advice

HCA

NYSE · USD
HCA Healthcare, Inc.
Healthcare · Medical - Care Facilities
CEO Samuel N. Hazen Employees 320,000 R&D / revenue 0.0%
Last price
$458.84−2.06%last session
Market cap
$99.3B
P/E (TTM)
15.3x
From 52w high
−17.6%
From 52w low
+29.6%
1-year return
+9.5%
RSI 14 · vs SMA200
62.9 · +3.2%
IS score
53.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

HCA   SPY   XLV (sector ETF) · weekly closes
90100110120130Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116HCA 109

Score DNA

Each bar is a 0-100 score within the scored universe
32
Profitability
66
Growth
65
Value
83
Momentum
65
Risk (safety)
60
Quality
29
Balance sheet
70
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for HCA (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 6 / 9Altman Z 2.5Beta 1.113 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 5, $29.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
8
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−79
124 new holders, 188 closed
1,340 filers hold 59.4% · 446 added, 571 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+27
1,032 funds adding shares
1,005 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
46.0%
20-day avg 57.8%, 50-day avg 62.9%
Latest 11.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$75.6B
Revenue growth YoY+7.1%
Gross margin41.5%
Operating income$12.0B
Operating margin15.8%
Net income$6.8B
Net margin9.0%
EPS (diluted)$28.38
Cash flow
Operating cash flow$12.6B
Capital expenditure$4.9B
Free cash flow$7.7B
FCF conversion (FCF / OCF)60.9%
Stock-based compensation$0
FCF less SBC$7.7B
Buybacks$10.1B
Dividends$679.0M
Balance sheet & returns
Cash & short-term investments$1.0B
Total debt$48.3B
Net debt$47.3B
Shareholders' equity−$2.8B
Goodwill & intangibles$10.3B
Debt / equity-7.42
ROE (TTM)-112.9%
ROIC (TTM)19.4%
Operating margin by fiscal year
16.5%FY202115.0%FY202214.8%FY202314.9%FY202415.8%FY2025
Revenue $58.8B (FY2021) to $75.6B (FY2025), a 6.5% CAGR.

Valuation

P/E (TTM)15.3x
EV / EBITDA9.3x
Price / sales1.27x
Price / FCF16.6x
FCF yield6.04%
Buyback yield10.13%
SBC / revenue0.0%
Price / bookn/m
Forward P/E FY202615.6x
Forward P/E FY202714.3x
Forward P/E FY202813.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $452.73 across 11 analysts last quarter is theirs, not ours.

HCA vs industry median

157 companies in Medical - Care Facilities
Gross margin 28.4% 29.6% Operating margin 15.5% 2.4% Net margin 8.8% 1.2% ROIC 19.4% 5.6%
HCA (TTM)Industry median Asset turnover 1.29 vs industry 0.88 · financial leverage -9.21

Earnings delivery

Next report 2026-10-27 · consensus EPS $6.66
92%
beat rate, 11 of 12 quarters
+8.1%
median EPS surprise
11
longest beat streak
-2+17+18+14+1+1+12+9+20+7+0+0
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-24 to 2026-07-24. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
HCA HCA Healthcare, Inc. $99.3B15.3x-112.9%8.8%+7.1% +9.5%
THC Tenet Healthcare Corporation $21.5B10.2x53.3%14.7%+5.4% +34.2%
EHC Encompass Health Corporation $12.6B20.6x25.5%9.6%+9.5% +4.0%
DVA DaVita Inc. $12.0B16.1x-149.4%7.5%+6.4% +49.5%
UHS Universal Health Services, I $10.9B7.5x21.0%7.7%+10.0% −9.3%
ENSG The Ensign Group, Inc. $10.3B26.9x17.0%6.9%+18.9% —
ELV Elevance Health Inc. $92.9B19.0x11.2%2.9%+6.3% —
SYK Stryker Corporation $113.0B30.3x16.5%19.4%+8.5% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-07-29Financial Obligation; Other Events
2026-07-24Earnings Release; Regulation FD; Other Events; Exhibits
2026-07-14Earnings Release; Regulation FD; Exhibits
2026-06-18Officer/Director Change
2026-04-30Material Agreement; Financial Obligation; Other Events; Exhibits
2026-04-28Shareholder Vote

Context

Shares outstanding216,501,500
Free float66.8%
Institutional ownership59.4%
Beta1.11
Dividend yield0.67%
Last dividend$0.78 on 2026-09-16
50 / 200-day average$425.49 / $445.00
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where HCA sits among 33 scored companies in Medical - Care Facilities (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureHCAIndustry medianIndustry percentileSector median
P/E (TTM) 14.5x 21.1x
35th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 1.04 0.89
69th		 1.28
Price / sales 1.3x 1.2x
53rd		 3.7x
Price / book —
Price / tangible book —
Price / free cash flow 16.6x 15.2x
56th		 21.2x
Price / operating cash flow 8.9x 11.9x
31st		 17.1x
Enterprise value $147.1B $3.6B
100th		 $2.5B
EV / sales 1.9x 1.6x
69th		 3.8x
EV / EBITDA 9.3x 12.3x
43rd		 16.2x
EV / EBIT 12.1x 14.6x
33rd		 23.0x
EV / free cash flow 24.5x 21.4x
63rd		 24.6x
Earnings yield 6.9% 4.0%
75th		 -0.3%
FCF yield 6.0% 5.3%
53rd		 1.7%
Operating cash flow yield 11.2% 7.5%
72nd		 2.9%
Graham number (per share) —

Profitability (TTM)

MeasureHCAIndustry medianIndustry percentileSector median
Gross margin 28.4% 27.8%
53rd		 65.1%
EBITDA margin 20.3% 11.3%
84th		 6.6%
Operating margin 15.5% 8.0%
88th		 3.5%
EBIT margin 15.6% 7.7%
81st		 2.4%
Net margin 8.8% 4.8%
75th		 0.3%
NOPAT margin 12.3% 6.1%
84th		 2.7%
FCF margin 7.7% 6.7%
59th		 4.3%
Operating cash flow margin 14.3% 10.3%
78th		 7.1%
R&D / revenue 0.0% 0.0%
0th		 12.4%
SG&A / revenue 21.2% 15.5%
81st		 37.9%
Stock comp / revenue 0.0% 0.8%
0th		 4.5%
Effective tax rate 20.4% 21.9%
16th		 21.0%

Returns on capital

MeasureHCAIndustry medianIndustry percentileSector median
ROE (on average equity) —
ROA 11.4% 6.2%
81st		 -0.3%
ROIC 23.3% 10.3%
84th		 5.5%
ROCE 29.4% 12.4%
91st		 2.3%
Return on tangible assets 20.3% 10.5%
88th		 1.7%
Cash ROIC (OCF / invested capital) 27.0% 15.0%
78th		 9.7%
Gross profitability (GP / assets) 36.5% 31.1%
59th		 29.9%
ROIC, 3-yr average 16.4% 4.7%
96th		 2.6%
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC —

Growth

MeasureHCAIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.3% 10.0%
44th		 10.5%
Revenue growth (QoQ) 5.9% 4.0%
75th		 7.2%
Revenue CAGR, 3 yr 8.0% 11.3%
29th		 10.7%
Revenue CAGR, 5 yr 6.8% 10.8%
31st		 12.1%
Gross profit CAGR, 3 yr 33.5% 12.7%
88th		 10.6%
Operating income CAGR, 3 yr 9.1% 12.3%
42nd		 11.7%
Net income growth (TTM YoY) 14.6% 21.0%
28th		 17.5%
Net income CAGR, 3 yr 5.8% 23.5%
20th		 11.3%
EPS growth (TTM YoY) 24.4% 26.0%
44th		 19.2%
EPS CAGR, 3 yr 14.0% 22.5%
27th		 14.0%
EPS CAGR, 5 yr 15.5% 14.1%
64th		 8.1%
FCF growth (TTM YoY) -17.8% 43.8%
8th		 18.6%
FCF CAGR, 3 yr 6.7% 22.1%
29th		 15.4%
Operating cash flow CAGR, 3 yr 4.2% 18.9%
26th		 11.9%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr 7.5% 2.1%
78th		 2.2%
Sustainable growth rate —

Margin history & stability

MeasureHCAIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 19.5% 30.0%
24th		 62.6%
Operating margin, 3-yr average 15.2% 6.6%
86th		 1.0%
Net margin, 3-yr average 8.5% 2.1%
90th		 -2.6%
FCF margin, 3-yr average 8.3% 5.9%
72nd		 3.2%
Revenue stability (0-1) 0.98 0.92
93rd		 0.80
Earnings stability (0-1) 0.40 0.33
62nd		 0.37
Margin stability (0-1) 0.68 0.89
21st		 0.93

Liquidity (latest quarter)

MeasureHCAIndustry medianIndustry percentileSector median
Cash & short-term investments $1.0B $185.6M
97th		 $330.9M
Net cash (− = net debt) −$47.8B −$705.2M
0th		 $8.4M
Working capital −$4.2B $116.0M
0th		 $381.1M
Current ratio 0.78 1.27
0th		 3.02
Quick ratio 0.69 1.23
0th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.05 0.39
3rd		 1.43
Defensive interval (days) 483 days 420 days
58th		 415 days

Leverage & solvency (latest quarter)

MeasureHCAIndustry medianIndustry percentileSector median
Total debt $48.8B $1.3B
100th		 $289.1M
Debt / equity —
Net debt / equity —
Debt / assets 80.6% 37.5%
97th		 24.4%
Debt / capital —
Debt / EBITDA 3.08 2.71
57th		 2.62
Net debt / EBITDA 3.02 2.19
61st		 1.42
Interest coverage (EBIT / interest) 5.3x 5.6x
47th		 2.1x
Cash interest coverage 4.8x 9.7x
37th		 3.6x
Debt payback (years of OCF) 4.4 yrs 3.7 yrs
55th		 2.7 yrs
Liabilities / assets 105.2% 61.0%
97th		 49.8%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 225
59th		 225

Efficiency

MeasureHCAIndustry medianIndustry percentileSector median
Asset turnover 1.30 1.03
66th		 0.56
Fixed asset turnover 2.29 3.59
19th		 4.87
Inventory turnover 32.4 35.3
47th		 2.7
Receivables turnover 6.9 8.8
16th		 6.4
Days sales outstanding 53 days 41 days
84th		 57 days
Days inventory outstanding 11 days 10 days
56th		 136 days
Days payables outstanding 29 days 21 days
62nd		 59 days
Cash conversion cycle (days) 35 days 22 days
81st		 70 days
Capex / revenue 6.6% 2.5%
81st		 2.6%
Capex / depreciation 1.40 0.83
81st		 0.55
Operating expense ratio 0.0% 16.0%
0th		 56.5%

Cash flow & earnings quality

MeasureHCAIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.63 1.64
48th		 1.61
FCF / net income 0.88 1.33
22nd		 1.36
FCF / operating cash flow 53.9% 75.3%
29th		 81.2%
Capex / operating cash flow 46.1% 24.7%
71st		 18.8%
Accruals ratio -7.1% -6.3%
44th		 -5.4%
Sloan accruals ratio -12.5% -3.0%
12th		 -1.3%
Earnings quality score (0-1) 0.75 0.75
9th		 0.75

Dividends & buybacks

MeasureHCAIndustry medianIndustry percentileSector median
Dividend yield 0.7% 0.0%
94th		 0.0%
Dividend per share (TTM) $3.06 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 10.0% 0.0%
73rd		 0.0%
Dividends / FCF 11.4% 0.0%
85th		 0.0%
Dividend growth (YoY) 8.1% 3.8%
67th		 4.5%
Buyback yield 8.7% 0.8%
91st		 0.0%
Shareholder yield (dividends + buybacks) 9.4% 1.2%
88th		 0.0%
Share count change (YoY) -7.9% 0.6%
16th		 2.0%
Buybacks, last 5 years $29.6B $60.6M
100th		 $0

Scores & forensic checks

MeasureHCAIndustry medianIndustry percentileSector median
IS score 54 57
41st		 46
IS profitability 32 32
50th		 22
IS growth 66 65
59th		 60
IS value 65 48
78th		 39
IS momentum 83 85
47th		 67
IS risk (safety) 65 65
44th		 80
IS quality 60 61
47th		 49
IS balance sheet 29 50
19th		 55
IS earnings quality 70 72
47th		 56
IS cash flow 45 59
34th		 41
Piotroski F-score (0-9) 6 6
34th		 5
Altman Z-score 2.5 2.7
44th		 3.2
Beneish M-score −2.64 −2.63
47th		 −2.62
Ohlson O-score −7.23 −7.12
47th		 −7.16
IS credit score 52 60
34th		 62

Per share

MeasureHCAIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $30.70 $1.22
100th		 −$0.03
Book value per share −$29.51 $9.99
0th		 $7.10
Tangible book per share −$61.95 $0.91
3rd		 $1.91
Revenue per share $350.10 $36.86
100th		 $9.38
FCF per share $26.91 $2.23
94th		 $0.46
Operating cash flow per share $49.92 $2.62
100th		 $0.93
Cash per share $4.55 $1.87
66th		 $3.51

Size (TTM)

MeasureHCAIndustry medianIndustry percentileSector median
Market cap $99.3B $2.4B
100th		 $2.4B
Revenue $78.0B $2.6B
100th		 $770.2M
EBITDA $15.8B $303.8M
100th		 $56.1M
Net income $6.8B $104.9M
100th		 −$3.3M
Free cash flow $6.0B $165.8M
100th		 $41.2M
Total assets $60.5B $2.4B
100th		 $1.3B
Shareholders' equity −$6.6B $741.3M
0th		 $568.4M
Employees 320,000 15,278
100th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 1,898$82.85$157,2490
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 6,290$101.16$636,2960
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 4,400$139.06$611,8640
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 2,420$145.24$351,4810
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 2,100$173.12$363,5520
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 2,370$246.79$584,8920
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 4,160$236.61$984,2980
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 3,789$253.30$959,7540
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 3,577$304.90$1.1M0
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 3,575$328.70$1.2M0
2026-09-01Schlosser Michael J
EVP and Chief Clinical Officer
 — 3,103$482.53$1.5M0
2026-08-26Mcalevey Michael R
EVP & Chief Legal & Admin Off.
 Other 7,769$429.00$3.3M0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired85,920—
GiftDisposed13,336—
GiftAcquired13,336—
OtherDisposed17,769$3.3M
—Disposed1337,682$8.4M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 5 notices · 57,983 shares · $29.1M
FiledFilerShares proposedEst. proceeds
2026-02-18Michael R Mcalevey1,694$903,486
2026-02-11Jennifer L. Berres8,020$4.1M
2026-02-03Michael S Cuffe1,500$747,135
2026-02-03Samuel N. Hazen42,877$21.5M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 11 trades (7 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-06-30William R. KeatingHousePurchase$15,001 - $50,0002026-08-14
2026-06-17Jared MoskowitzHousePurchase$1,001 - $15,0002026-07-27
2026-06-17Jared MoskowitzHousePurchase$1,001 - $15,0002026-07-27
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-02
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-01
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.13,003,600$5.1B6.01%
VANGUARD CAPITAL MANAGEMENT LLC10,141,708$4.0B4.68%
Sanders Capital, LLC8,828,287$3.4B4.08%
STATE STREET CORP7,469,035$2.9B3.45%
WELLINGTON MANAGEMENT GROUP LLP4,707,473$1.8B2.17%
GEODE CAPITAL MANAGEMENT, LLC3,668,008$1.4B1.69%
First Eagle Investment Management, LLC3,295,565$1.3B1.52%
VANGUARD PORTFOLIO MANAGEMENT LLC2,712,828$1.1B1.25%
GOLDMAN SACHS GROUP INC2,464,314$960.8M1.14%
MORGAN STANLEY2,360,127$920.2M1.09%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP2,209,485$861.5M1.02%
NORGES BANK2,145,367$836.5M0.99%
Capital World Investors1,977,121$770.9M0.91%
Capital International Investors1,916,947$747.4M0.89%
FMR LLC1,632,520$636.5M0.75%

Institutional ownership by quarter

2023-092026-0659.4%
% of shares held by 13F filers
2023-092026-061,340
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,34059.4%124446571188
2026-03-311,41959.0%154493553104
2025-12-311,39561.2%21746851982
2025-09-301,28361.4%13543949579
2025-06-301,24665.8%14144147299
2025-03-311,22569.7%166436451103
2024-12-311,18071.3%150396468146
2024-09-301,20070.8%14740445887
2024-06-301,15473.5%11545340874
2024-03-311,12773.6%15836141767
2023-12-311,05575.5%16033042288
2023-09-3099675.9%106360365107

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management5.2%11,746,315
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-10SCHEDULE 13DFrisco Holding II17.4%38,896,739
2026-02-10SCHEDULE 13DPatricia F. Elcan31.4%70,166,392
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$1.9B
VTSAX0.08%$1.9B
VTI0.08%$1.9B
VSMPX0.08%$1.9B
VFINX0.10%$1.6B
VFIAX0.10%$1.6B

Share structure

Shares outstanding216,501,500
Float144,671,814
Free float66.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$58.8B$60.2B$65.0B$70.6B$75.6B
Cost of revenue$49.1B$51.2B$55.3B$60.1B$44.2B
Gross profit$9.7B$9.1B$9.6B$10.5B$31.4B
R&D$0$0$0$0$0
SG&A$0$0$0$31.2B$8.0B
Operating income$9.7B$9.1B$9.6B$10.5B$12.0B
EBITDA$14.2B$13.3B$12.7B$13.9B$15.6B
Pretax income$9.8B$8.6B$7.7B$8.5B$9.8B
Income tax$2.1B$1.7B$1.6B$1.9B$2.0B
Net income$7.0B$5.6B$5.2B$5.8B$6.8B
EPS, diluted$21.16$19.15$18.96$22.00$28.38
Diluted shares328.8M294.7M276.4M261.8M230.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$908.0M$935.0M$2.0B$1.0B
Receivables$8.1B$8.9B$10.0B$10.8B$10.9B
Inventory$2.0B$2.1B$2.0B$1.7B$1.7B
Total current assets$13.5B$13.6B$14.9B$16.4B$13.6B
PP&E, net$26.2B$27.6B$29.9B$31.5B$31.1B
Goodwill & intangibles$9.5B$9.7B$9.9B$10.1B$10.3B
Total assets$50.7B$52.4B$56.2B$59.5B$60.7B
Accounts payable$4.1B$4.2B$4.2B$4.3B$4.7B
Total current liabilities$9.6B$9.9B$12.7B$15.2B$16.4B
Long-term debt$33.8B$37.1B$37.2B$38.3B$41.6B
Total liabilities$49.3B$52.5B$55.2B$59.0B$63.5B
Shareholders' equity$1.5B−$73.0M$1.1B$555.0M−$2.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$7.7B$6.8B$5.2B$6.7B$6.8B
Depreciation & amortization$2.9B$3.0B$3.1B$3.3B$3.5B
Stock-based compensation$440.0M$341.0M$262.0M$360.0M$0
Change in working capital−$503.0M−$1.2B−$457.0M−$106.0M$728.0M
Operating cash flow$9.0B$8.5B$9.4B$10.5B$12.6B
Capital expenditure−$3.6B−$4.4B−$4.7B−$4.9B−$4.9B
Free cash flow$5.4B$4.1B$4.7B$5.6B$7.7B
Investing cash flow−$2.6B−$3.4B−$5.3B−$4.9B−$5.0B
Net debt issued / repaid$3.3B$3.3B$1.3B$3.2B$3.2B
Buybacks−$8.2B−$7.0B−$3.8B−$6.0B−$10.1B
Dividends paid−$624.0M−$653.0M−$661.0M−$690.0M−$679.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin16.5%15.0%14.8%14.9%29.1%
Operating margin16.5%15.0%14.8%14.9%15.8%
Net margin11.8%9.4%8.1%8.2%9.0%
FCF margin9.2%6.9%7.2%8.0%10.2%
ROE-3,853.7%-305.0%-230.9%-269.6%-159.1%
ROIC22.1%19.7%19.4%20.2%22.0%
ROA14.2%10.9%9.6%10.0%11.3%
Debt / equity-39.36-14.53-23.60-18.10-8.33
Interest coverage7.4x5.9x5.0x5.1x5.4x
Current ratio1.411.381.181.080.83
Revenue growth+14.0%+2.5%+7.9%+8.7%+7.1%
EPS growth+102.9%−10.4%−2.1%+16.7%+30.3%
P/E at year end11.3x11.9x13.8x13.2x15.9x
EV / EBITDA at year end8.0x8.0x8.9x8.6x10.1x
FCF yield at year end6.87%6.17%6.48%7.41%7.14%
Dividend payout9.0%11.6%12.6%12.0%10.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Managed Care And Other Insurers$30.3B$29.1B$31.8B$35.0B$37.0B
Managed Medicare$8.4B$9.2B$10.5B$12.0B$13.4B
Medicare$10.4B$10.4B$10.6B$10.8B$11.3B
Medicaid$2.3B$2.6B$3.6B$4.7B$5.9B
Managed Medicaid$3.1B$4.0B$3.9B$4.0B$3.7B
International$1.3B$1.3B$1.5B$1.7B$1.9B

Revenue by region · FY2025

American Group$26.4B · 37%
Atlantic Group$24.7B · 34%
National Group$21.3B · 29%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $6.66 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$78.5B$77.9B – $79.1B$29.50$29.14 – $30.081515.6x
2027$81.5B$80.1B – $82.8B$32.11$30.22 – $34.061614.3x
2028$85.3B$82.4B – $87.6B$35.33$32.85 – $38.401213.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-24$7.56$7.59+0.4%$19.8B$20.2B+2.4%
2026-04-24$7.12$7.15+0.4%$19.1B$19.1B+0.1%
2026-01-27$7.46$8.01+7.4%$19.7B$19.5B−0.9%
2025-10-24$5.79$6.96+20.2%$18.6B$19.2B+3.0%
2025-07-25$6.29$6.84+8.7%$18.5B$18.6B+0.6%
2025-04-25$5.75$6.45+12.2%$18.3B$18.3B+0.3%
2025-01-24$6.13$6.22+1.5%$18.2B$18.3B+0.3%
2024-10-25$4.99$5.03+0.8%$17.5B$17.5B−0.3%
2024-07-23$4.85$5.53+14.0%$17.1B$17.5B+2.6%
2024-04-26$5.01$5.93+18.4%$16.8B$17.3B+3.1%
2024-01-30$5.06$5.93+17.2%$16.5B$17.3B+4.8%
2023-10-24$3.98$3.91−1.8%$15.8B$16.2B+2.4%
2023-07-27$4.22$4.29+1.7%$15.6B$15.9B+1.6%
2023-04-21$3.93$4.93+25.4%$15.3B$15.6B+2.1%
2023-01-27$4.79$4.64−3.1%$15.6B$15.5B−0.9%
2022-10-21$3.88$3.93+1.3%$15.0B$15.0B−0.2%
2022-07-22$3.70$4.21+13.8%$14.7B$14.8B+0.6%
2022-04-22$4.25$4.12−3.1%$14.7B$14.9B+1.3%
2022-01-27$4.53$4.42−2.4%$15.4B$15.1B−1.9%
2021-10-22$4.10$4.57+11.5%$14.3B$15.3B+6.5%
2021-07-20$3.16$4.37+38.3%$14.3B$14.4B+0.7%
2021-04-22$3.32$4.14+24.7%$13.6B$14.0B+2.9%
2021-02-02$3.61$4.13+14.4%$14.0B$14.3B+2.1%
2020-10-26$2.32$1.92−17.2%$16.1B$13.3B−17.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-150.706-220.706-290.907-061.507-131.007-201.307-270.708-030.708-100.908-170.608-240.708-31
Week ofNotionalSharesTrades
2026-08-31$678.9M1,650,52874,684
2026-08-24$574.9M1,348,53558,216
2026-08-17$876.5M2,106,41378,167
2026-08-10$670.7M1,631,71265,970
2026-08-03$709.1M1,744,31872,895
2026-07-27$1.3B3,197,60881,098

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1546.0%
DateShort shareShort volumeTotal volume
2026-10-1546.0%192,872419,481
2026-10-1458.3%197,950339,672
2026-10-1348.8%202,323414,818
2026-10-1249.9%218,796438,558
2026-10-0964.6%233,298361,398
2026-10-0861.7%220,355357,156
2026-10-0761.3%181,512295,888
2026-10-0668.5%237,818346,932
2026-10-0561.8%188,794305,622
2026-10-0270.5%186,946265,221
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+6.2Jan+0.7Feb+1.4Mar+1.2Apr+1.9May+0.9Jun+4.7Jul+0.9Aug+0.5Sep+1.4Oct+3.1Nov+0.7Dec
MonthAvg returnUp yearsYears
Jan+6.2%73%15
Feb+0.7%47%15
Mar+1.4%69%16
Apr+1.2%47%15
May+1.9%53%15
Jun+0.9%47%15
Jul+4.7%60%15
Aug+0.9%60%15
Sep+0.5%67%15
Oct+1.4%53%15
Nov+3.1%60%15
Dec+0.7%60%15
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1462.9
MFI70.7
ADX27.6
Stochastic %K / %D80.7 / 89.3
Williams %R-35.8
CCI117
TSI / signal29.5 / 20.8
Chaikin money flow-0.01
ATR$12.34
Bollinger width13.4%
Volume vs 20-day avg1.14x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$441.00 (+4.0%)
SMA 50$426.35 (+7.6%)
SMA 200$444.81 (+3.2%)
EMA 21$443.55 (+3.4%)
EMA 50$429.79 (+6.8%)
EMA 200$427.80 (+7.3%)
Bollinger upper$470.46 (−2.5%)
Bollinger lower$411.55 (+11.5%)
Parabolic SAR$438.94 (+4.5%)
Open the live chart, 110+ indicators

About HCA Healthcare, Inc.

HCA Healthcare, Inc., operating through its subsidiaries, delivers a comprehensive array of healthcare services throughout the United States. The organization manages a network of general and acute care hospitals that provide a full spectrum of medical and surgical care, encompassing inpatient services, intensive care, cardiac treatment, diagnostic procedures, and emergency services. These hospitals additionally offer a broad range of outpatient care, such as ambulatory surgery, laboratory testing, radiology, respiratory therapy, cardiology, and physical therapy. Beyond its hospital infrastructure, HCA Healthcare operates numerous specialized outpatient facilities. These include standalone ambulatory surgery centers, dedicated emergency care facilities, urgent care clinics, walk-in clinics, advanced diagnostic and imaging centers, rehabilitation and physical therapy centers, radiation and oncology treatment facilities, physician practices, and various other healthcare sites. Furthermore, the company oversees psychiatric hospitals, which offer diverse therapeutic programs. These services cater to child, adolescent, and adult psychiatric care, alongside adolescent and adult alcohol and drug abuse treatment and counseling. As of December 31, 2021, HCA Healthcare's extensive portfolio included 182 hospitals, specifically 175 general and acute care hospitals, five psychiatric hospitals, and two rehabilitation hospitals. Its network also featured 125 freestanding surgery centers and 21 freestanding endoscopy centers, all distributed across 20 states and England. Founded in 1968 and formerly known as HCA Holdings, Inc., the company's corporate headquarters are situated in Nashville, Tennessee.

https://www.hcahealthcare.com

Key executives

NameTitlePayBorn
Samuel N. HazenChief Executive Officer & Director$7.5M1960
Jon Mack FosterExecutive Vice President & Chief Operating Officer$3.8M1962
Michael A. MarksChief Financial Officer & Executive Vice President$3.5M1970
Michael R. McAleveyExecutive Vice President and Chief Legal & Administrative Officer$3.2M1964
Michael S. CuffeExecutive Officer$3.2M1966
Thomas F. Frist Jr.Founder & Chairman Emeritus$17,9731939
Christopher F. WyattSenior Vice President, Principal Accounting Officer & Controller—1978
Harlow SumerfordDirector of Media Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Samuel N. Hazen Chief Executive Officer2025$1.6M$8.5M$5.4M$26.5M
Jon M. Foster Executive Vice President and Chief Operating Officer2025$1.0M$1.9M$2.6M$11.0M
Michael A. Marks Executive Vice President and Chief Financial Officer2025$982,500$1.8M$2.4M$10.4M
Michael R. McAlevey Executive Vice President – Chief Legal and Administrative Officer2025$1.0M$1.3M$2.0M$5.7M
Michael S. Cuffe, M.D. Executive Vice President and Chief Clinical Officer2025$974,834$1.3M$1.9M$5.7M

Employees

262k2018280k2019275k2020284k2021294k2022310k2023316k2024320k2025

Dividends

Ex-dateAmountPaid
2026-09-16$0.782026-09-30
2026-06-16$0.782026-06-30
2026-03-17$0.782026-03-31
2025-12-15$0.722025-12-29
2025-09-16$0.722025-09-30
2025-06-16$0.722025-06-30
2025-03-17$0.722025-03-31
2024-12-13$0.662024-12-27

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage55
Intangibles40
Switching costs59
Network effect65
Efficient scale68
Our component scores (0-100) and overall 55.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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