HCA Healthcare vs Johnson & Johnson
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The short version
- Johnson & Johnson is the larger business, with $94.2B of revenue in fiscal 2025 against $75.6B for HCA Healthcare.
- HCA Healthcare grew revenue faster (7.1%, against 6.1%).
- Johnson & Johnson turned more of its sales into free cash flow (20.9% FCF margin, against 10.2%).
- Johnson & Johnson earned a higher return on the capital invested in it (28.6%, against 22.3%).
- Investors pay more for each dollar of Johnson & Johnson’s earnings: a P/E of 40.0x against 16.2x for HCA Healthcare.
| Latest fiscal year | HCA · FY25 | JNJ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $106.3B | $646.0B |
| Revenue | $75.6B | $94.2B |
| Free cash flow | $7.7B | $19.7B |
| Net income | $6.8B | $26.8B |
| Growth | ||
| Revenue growth | 7.1% | 6.1% |
| 5-year growth | 8.0% | 2.7% |
| Share count change | −8.5% | 0.0% |
| Profitability | ||
| Gross margin | — | 67.9% |
| Operating margin | — | — |
| Net margin | 9.0% | 28.5% |
| FCF margin | 10.2% | 20.9% |
| Return on capital | 22.3% | 28.6% |
| Return on equity | — | 35.0% |
| Balance sheet | ||
| Net debt | $46.2B | $27.8B |
| Net debt / EBITDA | 3.0x | 0.7x |
| Dividends and buybacks | $10.7B | $18.3B |
| Valuation & quality | ||
| P/E | 16.2x | 40.0x |
| Piotroski F-score | 6 | 4 |
FY16
HCA $41.5B
JNJ $71.9B
FY17
HCA $43.6B
JNJ $76.5B
FY18
HCA $46.7B
JNJ $81.6B
FY19
HCA $51.3B
JNJ $82.1B
FY20
HCA $51.5B
JNJ $82.6B
FY21
HCA $58.8B
JNJ $78.7B
FY22
HCA $60.2B
JNJ $80.0B
FY23
HCA $65.0B
JNJ $85.2B
FY24
HCA $70.6B
JNJ $88.8B
FY25
HCA $75.6B
JNJ $94.2B
HCA
JNJ
FY16
HCA —
JNJ —
FY17
HCA —
JNJ —
FY18
HCA —
JNJ —
FY19
HCA —
JNJ —
FY20
HCA —
JNJ —
FY21
HCA —
JNJ —
FY22
HCA —
JNJ —
FY23
HCA —
JNJ —
FY24
HCA —
JNJ —
FY25
HCA —
JNJ —
HCA
JNJ
FY16
HCA $2.9B
JNJ $15.5B
FY17
HCA $2.4B
JNJ $17.8B
FY18
HCA $3.2B
JNJ $18.5B
FY19
HCA $3.4B
JNJ $19.9B
FY20
HCA $6.4B
JNJ $20.2B
FY21
HCA $5.4B
JNJ $19.8B
FY22
HCA $4.1B
JNJ $17.2B
FY23
HCA $4.7B
JNJ $18.2B
FY24
HCA $5.6B
JNJ $19.8B
FY25
HCA $7.7B
JNJ $19.7B
HCA
JNJ
FY16
HCA 19.1%
JNJ 31.7%
FY17
HCA 14.5%
JNJ 14.1%
FY18
HCA 20.6%
JNJ 22.0%
FY19
HCA 17.9%
JNJ 22.2%
FY20
HCA 17.3%
JNJ 21.1%
FY21
HCA 26.4%
JNJ 24.0%
FY22
HCA 22.5%
JNJ 19.5%
FY23
HCA 19.5%
JNJ 16.5%
FY24
HCA 20.0%
JNJ 18.5%
FY25
HCA 22.3%
JNJ 28.6%
HCA
JNJ
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.