HCA Healthcare

HCA Healthcare, Inc.

$462.86-1.04%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Medical Care Facilities
Country: United States
Market cap: 100.2B USD
Enterprise value: 148.0B USD
Full-time employees: 230,000

Overall health

Strength: more profitable than most peersmore profitable than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.11 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.99 vs a peer median of 2.59)higher risk: bigger price swings (beta 1.11 vs peers 0.63) and less liquidity (current ratio 0.99 vs peers 2.59)
About average: growth

Ranks #443 of 1,157 healthcare companies (top 39%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
HCA Healthcare's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Returning more cash than it generates. Paid out $21.9B vs $18.0B of free cash flow over the 3 fiscal years to 2025.
HCA Healthcare returned $21.9B to shareholders over three years, 122% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Share count shrinking. Shares outstanding down 22% from December 2022 to July 2026.
HCA Healthcare had 22% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $51.5B in 2020 to $75.6B in 2025.
HCA Healthcare's fiscal-year revenue rose in each of the five years to 2025, from $51.5B to $75.6B.

StockQuotient Score

57/ 100

Oct 5 57 → Nov 4 57

Valuation

Is the price right?

82/100

Strong▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 2.4%

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 83 → 82

Share price +2.9%-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield6.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 3.61Sector median: 0.0148 · MAD: 0.0148

EBITDA yield10.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score 1.55Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield6.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-6.6%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

54/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.1%

Why

Helped by:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth23.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.47Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth8.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.26Sector median: 0.0584 · MAD: 0.0840

Revenue growth7.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.13Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

88/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin15.8%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 0.72Sector median: 0.0706 · MAD: 0.1217

Return on assets10.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.71Sector median: 0.0166 · MAD: 0.0537

Return on invested capital21.3%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score 1.65Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin42.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.11

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.43Sector median: 0.6250 · MAD: 0.3380

Current ratio0.99×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.15Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about HCA Healthcare

Is HCA Healthcare getting weaker?: Its latest SEC filing (Jul 28, 2026) got stronger: share count down 2.4%. Its overall score is unchanged at 57/100 since Oct 28, 2026.
How is HCA Healthcare valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 82/100 against 1,393 healthcare peers. Earnings yield 6.8% vs a peer median of 1.5% (stronger than 86% of peers).Earnings yield 6.8% vs peers 1.5% (stronger than 86% of peers).
Is HCA Healthcare growing?: At about the same pace as its peers. Growth scores 54/100 against 1,393 healthcare peers. Earnings per share growth 23.8% vs a peer median of 9.8% (stronger than 72% of peers).Earnings per share growth 23.8% vs peers 9.8% (stronger than 72% of peers).
How profitable is HCA Healthcare?: More profitable than most of its peers. Profitability scores 88/100 against 1,393 healthcare peers. Return on assets 10.8% vs a peer median of 1.7% (stronger than 91% of peers).Return on assets 10.8% vs peers 1.7% (stronger than 91% of peers).
How risky is HCA Healthcare?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 0.99× vs a peer median of 2.59× (weaker than 90% of peers).Current ratio 0.99× vs peers 2.59× (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Share count down 2.4%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	76.4B USD	78.0B USD	+2.1%
Net income (12 months)	6.8B USD	6.8B USD	+0.7%
Free cash flow (12 months)	7.9B USD	6.0B USD	−24.3%
Debt	48.0B USD	49.7B USD	+3.5%
Cash	940.0M USD	1.0B USD	+7.8%
Shares outstanding	221.8M	216.5M	−2.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Care Facilities · 27 companies

Valuations in Medical Care Facilities are within their usual range since Jun 2017.

39% of months since Jun 2017 were valued lower than now.
28% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −61% vs the whole market, against a usual −56%.

Jun 2017Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	11.8%	9.4%	8.1%	8.2%	9.0%	▲ 0.8 pts
Return on assets (ROA)	13.7%	10.8%	9.3%	9.7%	11.2%	▲ 1.5 pts
Free cash flow margin	9.2%	6.9%	7.2%	8.0%	10.2%	▲ 2.2 pts
Current ratio	1.41×	1.38×	1.18×	1.08×	0.97×	▼ 11%
Quick ratio	1.21×	1.17×	1.02×	0.97×	0.86×	▼ 11%

HCA price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.11 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.99 vs a peer median of 2.59)higher risk: bigger price swings (beta 1.11 vs peers 0.63) and less liquidity (current ratio 0.99 vs peers 2.59)

About average: growth

Ranks #443 of 1,157 healthcare companies (top 39%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

HCA Healthcare's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Returning more cash than it generates. Paid out $21.9B vs $18.0B of free cash flow over the 3 fiscal years to 2025.

HCA Healthcare returned $21.9B to shareholders over three years, 122% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Share count shrinking. Shares outstanding down 22% from December 2022 to July 2026.

HCA Healthcare had 22% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $51.5B in 2020 to $75.6B in 2025.

HCA Healthcare's fiscal-year revenue rose in each of the five years to 2025, from $51.5B to $75.6B.

Questions investors ask about HCA Healthcare

Is HCA Healthcare getting weaker?

Its latest SEC filing (Jul 28, 2026) got stronger: share count down 2.4%. Its overall score is unchanged at 57/100 since Oct 28, 2026.

How is HCA Healthcare valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 82/100 against 1,393 healthcare peers. Earnings yield 6.8% vs a peer median of 1.5% (stronger than 86% of peers).Earnings yield 6.8% vs peers 1.5% (stronger than 86% of peers).

Is HCA Healthcare growing?

At about the same pace as its peers. Growth scores 54/100 against 1,393 healthcare peers. Earnings per share growth 23.8% vs a peer median of 9.8% (stronger than 72% of peers).Earnings per share growth 23.8% vs peers 9.8% (stronger than 72% of peers).

How profitable is HCA Healthcare?

More profitable than most of its peers. Profitability scores 88/100 against 1,393 healthcare peers. Return on assets 10.8% vs a peer median of 1.7% (stronger than 91% of peers).Return on assets 10.8% vs peers 1.7% (stronger than 91% of peers).

How risky is HCA Healthcare?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 0.99× vs a peer median of 2.59× (weaker than 90% of peers).Current ratio 0.99× vs peers 2.59× (weaker than 90% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

76.4B USD

78.0B USD

+2.1%

Net income (12 months)

6.8B USD

6.8B USD

+0.7%

Free cash flow (12 months)

7.9B USD

6.0B USD

−24.3%

Debt

48.0B USD

49.7B USD

+3.5%

Cash

940.0M USD

1.0B USD

+7.8%

Shares outstanding

221.8M

216.5M

−2.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

11.8%

9.4%

8.1%

8.2%

9.0%

▲ 0.8 pts

Return on assets (ROA)

13.7%

10.8%

9.3%

9.7%

11.2%

▲ 1.5 pts

Free cash flow margin

9.2%

6.9%

7.2%

8.0%

10.2%

▲ 2.2 pts

Current ratio

1.41×

1.38×

1.18×

1.08×

0.97×

▼ 11%

Quick ratio

1.21×

1.17×

1.02×

0.97×

0.86×

▼ 11%