HCA Healthcare, Inc.
Services-General Medical & Surgical Hospitals, Nec
HCA Healthcare is a Nashville-based healthcare provider organization operating the largest collection of acute-care hospitals in the United States. As of December 2025, the firm owned and operated 190 hospitals and over 2,500 outpatient facillities across 19 states and a small foothold in the United Kingdom.
It is a $96.3B healthcare company. Revenue grew 7.3% over the last year, it keeps 9¢ of every dollar of sales as profit, and its net debt equals ~7.6 years of free cash flow. It trades at 14.3× earnings — around the middle of its own history.
- Website
- hcahealthcare.com
- Location
- Nashville, TN
- Employees
- 320 000
- Sector
- Healthcare
- Founded
- 1968
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation, profitability and quality; Growth and Health lag behind.
Valuation82
- P/E vs own history55th pct · 12/25
- FCF yield6.2% · 20/25
- P/S1.3x · 25/25
- EV/EBITDA9.3x · 25/25
Growth42
- Revenue CAGR6.5% · 12/25
- Net income CAGR-0.6% · 0/25
- EPS CAGR ~5Y21.0% · 25/25
- Fwd implied growth2.3% · 5/25
Profitability78
- ROIC21.7% · 20/25
- ROE695.7% · 25/25
- Net margin8.8% · 13/25
- Operating margin15.5% · 20/25
Health24
- Altman Zn/a · 0/25
- Current ratio0.99 · 6/25
- Interest coverage5.5x · 18/25
- Net cash / debtD/A 75% · 0/25
Quality94
- Piotroski F7/9 · 22/25
- Beneish M-3.07 · 25/25
- FCF conversion88% · 22/25
- Margin stabilityσ 2.3% · 25/25
Moat68
- ROIC >12% years10/10 yrs · 25/25
- Median gross margin12.5% · 0/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 6.8% · 18/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2021FinancialBest year on record$6.96B net income
- FY2019FinancialRevenue crossed $50B$51.3B for the year
- FY2018FinancialRevenue crossed $1B$46.7B for the year
- FY2018FinancialRevenue crossed $10B$46.7B for the year
- 2017MilestoneThe corporation was renamed HCA Healthcare
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2011MilestoneHCA sold 126.2 million shares for $30 each, raising about $3.79 billion, at that time, the largest…
- Nov 17, 2006AcquisitionHCA became a private company for the third time when it completed a merger in which the…
- 1994AcquisitionHCA Healthcare merged with Louisville, Kentucky-based Columbia Hospital Corporation
- 1993MilestoneColumbia did another stock purchase, worth $3.4 billion, of Galen Healthcare
- 1989MilestoneThe total transaction was valued at approximately $33 billion, making it the largest leveraged buyout in history at…
- 1987MilestoneHCA Healthcare, which had grown to operate 463 hospitals (255 owned and 208 managed), spun off HealthTrust,…
- 1969IPOThe company included 11 hospitals when it filed its initial public offering on the New York Stock Exchange (NYSE) in…
- 1968FoundedHCA Healthcare, Inc. (historically known as Hospital Corporation of America) is an American global for-profit…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (85.3%)
- Interest covered 5.5× by operating earnings
- High returns on invested capital (ROIC 21.7%)
- Piotroski F-Score 7/9 — fundamentally strong checklist
Watch-outs
- Net debt equals ~7.6 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+7.3% YoY
- Profitable — makes more than it spends$6.84B TTM
- Profit growing — earnings are higher than last year+13.9% YoY
- Generates cash — cash left after running and investing$6.00B TTM
- Debt under control — could handle its obligations~7.6y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$96.3B market cap
- Not printing shares — share count not ballooning — you keep your slice-30.3% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 24/100
- Pays a dividend — returns cash to shareholdersyield 0.70%
- Valuation not extreme — price not wildly above earningsP/E 14.3
Peer comparisonHCA Healthcare, Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| HCA this company | $96.3B | 14.3 | +7.3% | 8.8% | Strained |
| LLY Eli Lilly & Co. | $1.0T | 41.6 | +49.6% | 33.5% | Solid |
| JNJ Johnson & Johnson | $630.9B | 29.9 | +8.1% | 21.5% | Mixed |
| ABBV Abbvie Inc. | $488.5B | 77.4 | +10.4% | 9.8% | Mixed |
| MRK Merck & Co., Inc. | $361.0B | 113.2 | +4.6% | 4.8% | Mixed |
| UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) | $340.7B | 24.1 | +6.5% | 3.1% | Mixed |
| NVS Novartis AG | $273.2B | 20.3 | +9.6% | 24.7% | Solid |
Head-to-head: HCA vs LLY · HCA vs JNJ · HCA vs ABBV
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/HCA
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of HCA on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $445.04 · market cap $96.3B.