HCA Healthcare
HCA NYSE Health Care Facilities Financials FY2016–FY2025
HCA Healthcare's revenue rose 7.1% to $75.6 billion in fiscal 2025. Its net margin was 9.0%, up from 8.2% a year earlier. Free cash flow was $7.7 billion, up 36.4%. It paid out $10.7 billion in dividends and buybacks, 140% of free cash flow. The diluted share count fell 8.5%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What HCA Healthcare does
HCA Healthcare runs hospitals and other health care facilities in 19 U.S. states and England. At the end of 2025 it operated 190 hospitals: 179 general acute care hospitals, seven behavioral hospitals and four rehabilitation hospitals. It also ran 121 freestanding ambulatory surgery centers and 31 freestanding endoscopy centers.
Its general hospitals provide medical services such as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, plus diagnostic and emergency care. It also provides outpatient care through surgery centers, emergency and urgent care facilities, walk-in clinics, physician practices, diagnostic centers, home health agencies, hospices and rehabilitation facilities. The behavioral hospitals provide mental health care.
HCA earns its money by charging for care, paid for by government programs, private insurers and patients. Its 10-K ties its results to changes in government health care programs, to keeping patients with private insurance, and to the number of uninsured patients. It began operating through its predecessors in 1968 and is based in Nashville, Tennessee.
- Legal name
- HCA Healthcare, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 10, 2026
- Accession · CIK
- 0001193125-26-044769
0000860730
Revenue and margins
HCA Healthcare had $75.6B of revenue in fiscal 2025, up 7.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 16.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $7.7B in fiscal 2025, 10.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
HCA Healthcare returned $10.7B to shareholders in fiscal 2025, 140% of free cash flow. The diluted share count fell 8.5%.
Value HCA Healthcare yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$46.2B and divides by 239.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 16.2x · peers 33.5x · sector 28.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably HCA Healthcare can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.6B | $908M | $935M | $1.9B | $1.0B |
| Debt incl. finance leases | $35.3B | $38.8B | $40.3B | $43.8B | $47.3B |
| Net debt / EBITDA | 2.4x | 2.9x | 3.1x | 3.0x | 3.0x |
| Interest coverage | 7.3x | 5.9x | 5.0x | 5.1x | 5.4x |
| Current ratio | 1.4x | 1.4x | 1.2x | 1.1x | 1.0x |
| Quick ratio | 1.2x | 1.2x | 1.0x | 1.0x | 0.9x |
| Total assets | $50.7B | $52.4B | $56.2B | $59.5B | $60.7B |
| Total liabilities | $49.3B | $52.5B | $55.2B | $59.0B | $63.5B |
| Shareholders' equity | −$933M | −$2.8B | −$1.8B | −$2.5B | −$6.0B |
| Net debt (− = net cash) | $33.7B | $37.9B | $39.4B | $41.9B | $46.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$31.1M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 18, 2026 | Michael R McAleveyEVP & Chief Legal & Admin Off. | Sold | 1,694 | $533.37 | $0.9M | Form 4 |
| Feb 11, 2026 | Christopher F. WyattSVP & Controller | Sold | 4,000 | $505.00 | $2.0M | Form 4 |
| Feb 11, 2026 | Jennifer BerresSVP & Chief Human Res. Officer | Sold | 8,020 | $514.58 | $4.1M | Form 4 |
| Feb 3, 2026 | Michael S. CuffeEVP and Chief Clinical Officer | Sold | 1,500 | $498.09 | $0.7M | Form 4 |
| Feb 3, 2026 | Samuel N HazenCEO, Director | Sold | 42,877 | $501.04 | $21.5M | Form 4 |
| Nov 5, 2025 | Michael R McAleveyEVP & Chief Legal & Admin Off. | Sold | 3,892 | $473.79 | $1.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | −7.7% | −8.2% | −9.7% |
| Altman Z'' | 1.36 | 1.23 | 0.92 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| HCA Healthcare HCA | $106.3B | 7.1% | — | 10.2% | 22.3% | 16.2x | 6 | |
| UnitedHealth UNH | $378.8B | 11.8% | 4.2% | 3.6% | 11.2% | 26.9x | 7 | Compare → |
| Johnson & Johnson JNJ | $646.0B | 6.1% | — | 20.9% | 28.6% | 40.0x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $41.5B | $43.6B | $46.7B | $51.3B | $51.5B | $58.8B | $60.2B | $65.0B | $70.6B | $75.6B |
| Interest expense | $1.7B | $1.7B | $1.8B | $1.8B | $1.6B | $1.6B | $1.7B | $1.9B | $2.1B | $2.2B |
| Pretax income | $4.8B | $4.4B | $5.3B | $5.2B | $5.4B | $9.8B | $8.6B | $7.7B | $8.5B | $9.8B |
| Income tax | $1.4B | $1.6B | $946M | $1.1B | $1.0B | $2.1B | $1.7B | $1.6B | $1.9B | $2.1B |
| Net income | $2.9B | $2.2B | $3.8B | $3.5B | $3.8B | $7.0B | $5.6B | $5.2B | $5.8B | $6.8B |
| Diluted EPS | $7.30 | $5.95 | $10.66 | $10.07 | $10.93 | $21.16 | $19.15 | $18.97 | $22.00 | $28.33 |
| Diluted shares | 0.40B | 0.37B | 0.36B | 0.35B | 0.34B | 0.33B | 0.29B | 0.28B | 0.26B | 0.24B |
| Cash flow | ||||||||||
| Cash from operations | $5.7B | $5.4B | $6.8B | $7.6B | $9.2B | $9.0B | $8.5B | $9.4B | $10.5B | $12.6B |
| Capital expenditure | $2.8B | $3.0B | $3.6B | $4.2B | $2.8B | $3.6B | $4.4B | $4.7B | $4.9B | $4.9B |
| Free cash flow | $2.9B | $2.4B | $3.2B | $3.4B | $6.4B | $5.4B | $4.1B | $4.7B | $5.6B | $7.7B |
| Depreciation and amortization | $2.0B | $2.1B | $2.3B | $2.6B | $2.7B | $2.9B | $3.0B | $3.1B | $3.3B | $3.5B |
| Stock-based compensation | $251M | $270M | $268M | $347M | $362M | $440M | $341M | $262M | $360M | $401M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $2.8B | $2.1B | $1.5B | $1.0B | $441M | $8.2B | $7.0B | $3.8B | $6.0B | $10.1B |
| Dividends paid | $0.0M | $0.0M | $487M | $550M | $153M | $624M | $653M | $661M | $690M | $679M |
| Dividends and buybacks | $2.8B | $2.1B | $2.0B | $1.6B | $594M | $8.8B | $7.7B | $4.5B | $6.7B | $10.7B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $646M | $732M | $502M | $621M | $1.9B | $1.6B | $908M | $935M | $1.9B | $1.0B |
| Total debt | $31.4B | $33.1B | $32.8B | $33.7B | $31.0B | $34.6B | $38.1B | $39.6B | $43.0B | $46.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $557M | $622M | $720M | $710M | $707M | $786M | $758M |
| Current assets | $9.1B | $10.0B | $10.2B | $11.2B | $12.3B | $13.5B | $13.6B | $14.9B | $16.4B | $15.8B |
| Current liabilities | $5.8B | $6.2B | $7.6B | $7.8B | $8.7B | $9.6B | $9.9B | $12.7B | $15.2B | $16.4B |
| Inventory | $1.5B | $1.6B | $1.7B | $1.8B | $2.0B | $2.0B | $2.1B | $2.0B | $1.7B | $1.7B |
| Property and equipment, net | $16.4B | $17.9B | $19.8B | $22.7B | $23.2B | $24.1B | $25.6B | $27.7B | $29.4B | $31.1B |
| Total assets | $33.8B | $36.6B | $39.2B | $45.1B | $47.5B | $50.7B | $52.4B | $56.2B | $59.5B | $60.7B |
| Total liabilities | $39.4B | $41.6B | $42.1B | $45.6B | $44.6B | $49.3B | $52.5B | $55.2B | $59.0B | $63.5B |
| Shareholders' equity | −$7.3B | −$6.8B | −$5.0B | −$2.8B | $572M | −$933M | −$2.8B | −$1.8B | −$2.5B | −$6.0B |
| Margins | ||||||||||
| EBITDA margin | 20.5% | 18.8% | 20.1% | 18.8% | 18.9% | 24.3% | 22.1% | 19.6% | 19.7% | 20.6% |
| Net margin | 7.0% | 5.1% | 8.1% | 6.8% | 7.3% | 11.8% | 9.4% | 8.1% | 8.2% | 9.0% |
| FCF margin | 7.0% | 5.5% | 6.8% | 6.7% | 12.4% | 9.2% | 6.9% | 7.2% | 8.0% | 10.2% |
| Returns | ||||||||||
| Return on capital | 19.1% | 14.5% | 20.6% | 17.9% | 17.3% | 26.4% | 22.5% | 19.5% | 20.0% | 22.3% |
| Return on capital employed | 23.6% | 20.8% | 22.8% | 20.5% | 18.4% | 28.5% | 24.7% | 22.4% | 24.1% | 27.2% |
| Return on assets | 8.7% | 6.3% | 10.0% | 8.3% | 8.1% | 14.2% | 10.9% | 9.7% | 10.0% | 11.3% |
| Growth | ||||||||||
| Revenue growth | — | 5.1% | 7.0% | 10.0% | 0.4% | 14.0% | 2.5% | 7.9% | 8.7% | 7.1% |
| Net income growth | 35.7% | −23.3% | 70.9% | −7.5% | 7.1% | 85.3% | −18.9% | −7.1% | 9.9% | 17.8% |
| EPS growth | 46.3% | −18.5% | 79.2% | −5.5% | 8.5% | 93.6% | −9.5% | −0.9% | 16.0% | 28.8% |
| FCF growth | 22.6% | −16.7% | 32.2% | 8.0% | 85.7% | −15.9% | −23.3% | 13.6% | 20.3% | 36.4% |
| Share count change | −7.2% | −6.0% | −4.6% | −2.0% | −1.3% | −4.3% | −10.4% | −6.2% | −5.3% | −8.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.6x | 3.9x | 3.5x | 3.5x | 3.1x | 2.4x | 2.9x | 3.1x | 3.0x | 3.0x |
| Interest coverage | 3.8x | 3.6x | 4.0x | 3.9x | 4.4x | 7.3x | 5.9x | 5.0x | 5.1x | 5.4x |
| Current ratio | 1.6x | 1.6x | 1.4x | 1.4x | 1.4x | 1.4x | 1.4x | 1.2x | 1.1x | 1.0x |
| Quick ratio | 1.3x | 1.4x | 1.1x | 1.2x | 1.2x | 1.2x | 1.2x | 1.0x | 1.0x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.7% | 6.9% | 7.7% | 8.1% | 5.5% | 6.1% | 7.3% | 7.3% | 6.9% | 6.5% |
| Stock comp / revenue | 0.6% | 0.6% | 0.6% | 0.7% | 0.7% | 0.8% | 0.6% | 0.4% | 0.5% | 0.5% |
| Payouts / FCF | 95.1% | 85.1% | 63.3% | 45.9% | 9.3% | 164.2% | 185.4% | 95.4% | 119.4% | 139.7% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 6.0 | 7.0 | 5.0 | 6.0 | 4.0 | 6.0 | 6.0 | 6.0 |
| Altman Z'' | 1.1 | 1.1 | 1.2 | 1.4 | 1.6 | 2.0 | 1.7 | 1.4 | 1.2 | 0.9 |
| Accruals ratio | −8.3% | −9.1% | −7.9% | −9.7% | −11.8% | −4.1% | −5.6% | −7.7% | −8.2% | −9.7% |
Source: SEC EDGAR XBRL filings (CIK 0000860730). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.