HCA Healthcare HCA

NYSE · Services-General Medical & Surgical Hospitals, Nec · $110.6B

Every report since 2023 →

No closes on file for HCA yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$110.6B

EV / True FCF21.8x

Revenue$75.6B +7.1%

True FCF (ex-SBC)$7.3B +36.4%

Rule of 4017.3%

True FCF Yield6.6%

EPS, diluted$28.33 +28.8%

Modern Valuation (EOD)

Market Cap$110.6B

Enterprise Value$158.7B

EV / True FCF21.77

EV / FCF20.63

EV / Gross Profit—

EV / EBIT—

EV / Sales2.10

P / E (GAAP)16.30

P / FCF14.37

P / Oper. CF8.75

P / Book—

Owner & Cash Yields

True FCF Yield6.6%

FCF Yield7.0%

Owner Earn. Yield4.5%

Earnings Yield6.1%

Shareholder Yield+9.4%

Buyback Yield9.1%

Dividend Yield—

Dividend / sh$2.88

Payout Ratio10%

FCF / sh$36.82

EPS (diluted)$28.33

Compounder & Returns

Rule of 4017.3%

ROIC—

Cash ROIC (CROIC)17.0%

GP / Assets—

ROE-244.8%

ROA11.2%

Gross Margin—

Oper. Margin—

Net Margin9.0%

FCF Margin10.2%

True FCF Margin9.6%

Quality & Dilution

Cash Conversion113%

Accrual Ratio−9.6%

SBC % of FCF5.2%

SBC % of Rev0.5%

Reinvest. Rate39%

Sales Growth Y/Y+7.1%

Sales 3Y CAGR+7.9%

EPS Growth Y/Y+28.8%

FCF Growth Y/Y+36.4%

FCF 3Y CAGR+23.1%

Share Change Y/Y−8.5%

Balance Sheet & Scale

Revenue (FY)$75.6B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$6.8B

True FCF (ex-SBC)$7.3B

Cash & Equiv$1.0B

Total Debt$49.2B

Net Cash (Debt)$-48.1B

Net Cash % MCap−43.5%

Debt / FCF (yrs)6.4y

Current Ratio0.97208.89M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of HCA revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$68.8B ($91.0 / $100)

Net Profit Kept$6.8B ($9.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$6.8B (9.0% margin)

Operating Cash Flow (OCF)$12.6B(16.7% of rev)

Less: Capital Expenditures−$4.9B(6.5% of rev)

Standard Free Cash Flow (FCF)$7.7B(10.2% margin)

Less: Stock-Based Comp (SBC)−$401.0M(5.2% of FCF)

True FCF (Owner Cash ex-SBC)$7.3B(9.6% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$58.8B	$60.2B	$65.0B	$70.6B	$75.6B	+7.1%	+6.5%
Interest Expense	$1.6B	$1.7B	$1.9B	$2.1B	$2.2B	+9.1%	+9.5%
Income Tax Expense	$2.1B	$1.7B	$1.6B	$1.9B	$2.0B	+9.9%	−0.7%
GAAP Net Income	$7.0B	$5.6B	$5.2B	$5.8B	$6.8B	+17.8%	−0.6%
Diluted EPS	$21.16	$19.15	$18.97	$22.00	$28.33	+28.8%	+7.6%
Diluted Shares	328.8M	294.7M	276.4M	261.8M	239.5M	−8.5%	−7.6%
Balance Sheet
Cash & Equivalents	$1.5B	$908.0M	$935.0M	$1.9B	$1.0B	−46.2%	−8.0%
Inventory	$2.0B	$2.1B	$2.0B	$1.7B	$1.7B	−4.9%	−4.5%
Total Current Assets	$13.5B	$13.6B	$14.9B	$16.4B	$15.8B	−3.8%	+3.9%
Total Assets	$50.7B	$52.4B	$56.2B	$59.5B	$60.7B	+2.0%	+4.6%
Total Current Liabilities	$9.6B	$9.9B	$12.7B	$15.2B	$16.4B	+7.7%	+14.3%
Total Debt (Short + Long Term)	$34.8B	$38.5B	$42.0B	$47.7B	$49.2B	+3.0%	+9.0%
Total Liabilities	$45.6B	$45.6B	$45.6B	$45.6B	$45.6B	+0.0%	+0.0%
Stockholders' Equity	$1.5B	$-73.0M	$1.1B	$555.0M	$-2.8B	−599.3%	—
Net Cash / (Net Debt)	$-33.4B	$-37.5B	$-41.1B	$-45.8B	$-48.1B	−5.1%	—
Invested Capital	$34.9B	$37.5B	$42.1B	$46.4B	$45.4B	−2.1%	+6.8%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$9.0B	$8.5B	$9.4B	$10.5B	$12.6B	+20.2%	+9.0%
Depreciation & Amortization (D&A)	$2.9B	$3.0B	$3.1B	$3.3B	$3.5B	+6.4%	+5.4%
Stock-Based Compensation (SBC)	$440.0M	$341.0M	$262.0M	$360.0M	$401.0M	+11.4%	−2.3%
Capital Expenditures (CapEx)	$3.6B	$4.4B	$4.7B	$4.9B	$4.9B	+1.4%	+8.4%
Free Cash Flow (FCF)	$5.4B	$4.1B	$4.7B	$5.6B	$7.7B	+36.4%	+9.3%
True FCF (ex-SBC Owner Cash)	$4.9B	$3.8B	$4.4B	$5.3B	$7.3B	+38.1%	+10.2%
Share Repurchases (Buybacks)	$8.2B	$7.0B	$3.8B	$6.0B	$10.1B	+66.6%	+5.2%
Dividends Paid	$624.0M	$653.0M	$661.0M	$690.0M	$679.0M	−1.6%	+2.1%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what HCA did at the next close after each story

Oct 27

HCA signals flat 2027 earnings as Medicaid payments drop; shares slide

Investing.com · 1:36 PM ET

−3.29%

What happened · big days

19 big days in a year, and what we hold on each

A big day is a close more than 3.22% from the one before, three times HCA’s median day (1.07%). On 12 of the 19, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.22%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayHCAWhat we hold that dayGroup (median of 4) · each

1 Nov 10, 2025−3.63%
Before our storiesgroup −5.1%, moved with HCA
1Nov 10, 2025−3.63%
Before our stories
−5.1% moved with HCASGRY −25.4 · THC −5.2 · ARDT −5.1 · UHS −2.9
2 Dec 10, 2025−4.05%
Before our storiesgroup −1.7%, did not move with it
2Dec 10, 2025−4.05%
Before our stories
−1.7% did not move with itSGRY −5.0 · THC −2.2 · UHS −1.1 · ARDT −0.6
3 Jan 27, 2026+7.08%
Resultsgroup −1.7%, did not move with it
3Jan 27, 2026+7.08%
ResultsFirst close after the Jan 27 results filing
−1.7% did not move with itTHC −0.4 · UHS −1.7 · ARDT −1.8 · SGRY −5.6
4 Feb 5, 2026+4.08%
Before our storiesgroup +1.6%, did not move with it
4Feb 5, 2026+4.08%
Before our stories
+1.6% did not move with itUHS +4.8 · THC +2.8 · ARDT +0.3 · SGRY −4.4
5 Feb 11, 2026+5.86%
Before our storiesgroup +8.2%, moved with HCA
5Feb 11, 2026+5.86%
Before our stories
+8.2% moved with HCATHC +17.3 · UHS +8.7 · SGRY +7.7 · ARDT +4.1
6 Apr 24, 2026−8.77%
Resultsgroup −2.9%, did not move with it
6Apr 24, 2026−8.77%
ResultsFirst close after the Apr 24 results filing
−2.9% did not move with itTHC −4.0 · UHS −3.8 · SGRY −2.0 · ARDT +0.1
7 May 19, 2026−4.28%
Before our storiesgroup −1.7%, did not move with it
7May 19, 2026−4.28%
Before our stories
−1.7% did not move with itARDT −3.4 · UHS −1.7 · SGRY −1.6 · THC −0.6
8 Jun 9, 2026+3.76%
Before our storiesgroup +2.3%, moved with HCA
8Jun 9, 2026+3.76%
Before our stories
+2.3% moved with HCAARDT +6.6 · UHS +2.6 · THC +2.1 · SGRY +0.8
9 Jun 18, 2026−3.35%
Nothing on HCAgroup −1.0%, did not move with it
9Jun 18, 2026−3.35%
Nothing on HCANo HCA story, brief or results filing in our record that day
−1.0% did not move with itTHC −3.3 · ARDT −1.9 · UHS −0.1 · SGRY +2.3
10 Jul 2, 2026+4.39%
Nothing on HCAgroup +5.7%, moved with HCA
10Jul 2, 2026+4.39%
Nothing on HCANo HCA story, brief or results filing in our record that day
+5.7% moved with HCATHC +6.5 · ARDT +6.2 · UHS +5.2 · SGRY +3.8
11 Jul 13, 2026−3.90%
Nothing on HCAgroup −2.2%, moved with HCA
11Jul 13, 2026−3.90%
Nothing on HCANo HCA story, brief or results filing in our record that day
−2.2% moved with HCATHC −4.6 · SGRY −2.6 · UHS −1.8 · ARDT −0.1
12 Jul 14, 2026−6.95%
Nothing on HCAgroup −5.5%, moved with HCA
12Jul 14, 2026−6.95%
Nothing on HCANo HCA story, brief or results filing in our record that day
−5.5% moved with HCATHC −5.7 · UHS −5.6 · SGRY −5.4 · ARDT −2.7
13 Jul 15, 2026+4.19%
Nothing on HCAgroup +3.7%, moved with HCA
13Jul 15, 2026+4.19%
Nothing on HCANo HCA story, brief or results filing in our record that day
+3.7% moved with HCASGRY +5.1 · THC +4.7 · UHS +2.6 · ARDT 0.0
14 Jul 17, 2026−3.77%
Nothing on HCAgroup −1.9%, did not move with it
14Jul 17, 2026−3.77%
Nothing on HCANo HCA story, brief or results filing in our record that day
−1.9% did not move with itSGRY −3.9 · THC −2.1 · UHS −1.6 · ARDT −0.5
15 Jul 28, 2026+7.33%
Nothing on HCAgroup +4.5%, moved with HCA
15Jul 28, 2026+7.33%
Nothing on HCANo HCA story, brief or results filing in our record that day
+4.5% moved with HCATHC +7.9 · ARDT +4.8 · UHS +4.3 · SGRY +2.7
16 Aug 21, 2026+5.64%
Nothing on HCAgroup +3.6%, moved with HCA
16Aug 21, 2026+5.64%
Nothing on HCANo HCA story, brief or results filing in our record that day
+3.6% moved with HCAARDT +4.9 · SGRY +4.2 · THC +3.0 · UHS +2.5
17 Sep 9, 2026+4.93%
Nothing on HCAgroup +3.0%, moved with HCA
17Sep 9, 2026+4.93%
Nothing on HCANo HCA story, brief or results filing in our record that day
+3.0% moved with HCATHC +3.9 · ARDT +3.7 · UHS +2.3 · SGRY +1.1
18 Oct 27, 2026−3.29%
Results · 1 storygroup −2.7%, moved with HCA
18Oct 27, 2026−3.29%
Results · 1 storyFirst close after the Oct 27 results filing
−2.7% moved with HCAUHS −4.5 · ARDT −2.9 · THC −2.6 · SGRY +0.5
19 Nov 4, 2026+10.34%
Nothing on HCAgroup +10.3%, moved with HCA
19Nov 4, 2026+10.34%
Nothing on HCANo HCA story, brief or results filing in our record that day
+10.3% moved with HCAARDT +10.9 · UHS +10.9 · THC +9.6 · SGRY +0.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of THC, UHS, SGRY and ARDT that day, the largest companies in HCA’s SEC industry; “moved with HCA” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). HCA reports before the open, so day 1 is that day’s close. Each time, day 6 ended on the same side as day 1.

Reported Jan 27, 2026

day 1+7.08%day 6+5.68%

Reported Apr 24, 2026

day 1−8.77%day 6−8.64%

Reported Jul 24, 2026

day 1+1.51%day 6+6.93%

Reported Oct 27, 2026

day 1−3.29%day 6−0.52%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 27 report: +9.77%. Four reports is a small sample.

Every report since 2023 →

Each line is HCA’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

HCA against four same-industry peers, a year at 100

HCA is up 7.2% in a year. Tenet Healthcare is up 42.4% and Surgery Partners 7.7%. Of these four, Ardent Health (−9.8%) and Universal Health Services (−14.3%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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HCA +7.2%. Tenet Healthcare +42.4%, Surgery Partners +7.7%, Ardent Health −9.8%, Universal Health Services −14.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in HCA’s SEC industry (Services-General Medical & Surgical Hospitals, Nec) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

THC	Tenet Healthcare	$23.5B	−1.98%
UHS	Universal Health Services	$12.7B	+1.08%
SGRY	Surgery Partners	$3.0B	+0.04%
ARDT	Ardent Health	$1.8B	+22.40%
CYH	Community Health Systems	$336M	−4.20%