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Universal Health Services

UHS NYSE Health Care Facilities Financials FY2016–FY2025

Universal Health Services' revenue rose 9.7% to $17.4 billion in fiscal 2025. Its operating margin was 11.5%, up from 10.6% a year earlier. Free cash flow was $849 million, down 24.4%. It paid out $1.0 billion in dividends and buybacks, 120% of free cash flow. The diluted share count fell 5.1%.

Last close · Oct 23, 2026

$186.89

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$17.4B
9.7% vs prior year
Operating margin Operating income as a share of revenue.
11.5%
0.8 pts
Net income Profit after all expenses, interest and tax.
$1.5B
30.4%
Free cash flow Cash from operations minus capital spending.
$849M
24.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.1%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
7.6x
On $24.52 EPS (TTM)

What Universal Health Services does

No business description yet.

Legal name
UNIVERSAL HEALTH SERVICES INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-071676
0000352915

Revenue and margins

Universal Health Services had $17.4B of revenue in fiscal 2025, up 9.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $849M in fiscal 2025, 4.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Universal Health Services returned $1.0B to shareholders in fiscal 2025, 120% of free cash flow. The diluted share count fell 5.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Universal Health Services 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 −$4.7B and divides by 64.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 7.6x · peers 22.3x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Universal Health Services can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $115M$103M$119M$126M$138M
Debt incl. finance leases $4.3B$4.9B$5.0B$4.6B$4.8B
Net debt / EBITDA 2.2x3.0x2.8x2.0x1.8x
Debt / equity 0.7x0.8x0.8x0.7x0.7x
Interest coverage 16.3x7.9x5.7x9.0x12.8x
Current ratio 1.1x1.3x1.4x1.3x1.1x
Quick ratio 1.1x1.3x1.4x1.3x1.1x
Total assets $13.1B$13.5B$14.0B$14.5B$15.5B
Total liabilities $6.9B$7.5B$7.8B$7.7B$8.2B
Shareholders' equity $6.1B$5.9B$6.1B$6.7B$7.3B
Net debt (− = net cash) $4.2B$4.8B$4.9B$4.5B$4.7B

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

$1.2M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 13, 2026 Elliot J Md Mba SussmanDirector Sold 356 $193.37 $0.1M Form 4
Mar 11, 2026 Elliot J Md Mba SussmanDirector Sold 318 $186.35 $0.1M Form 4
Nov 11, 2025 Warren J. NimetzDirector Sold 3,817 $223.31 $0.9M Form 4
Oct 29, 2025 Elliot J Md Mba SussmanDirector Sold 965 $225.70 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 8 / 87 / 86 / 8
Accruals ratio −4.0%−6.5%−2.5%
Altman Z'' 3.363.633.55

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Universal Health Services UHS $11.2B 9.7% 11.5% 4.9% 13.1% 7.6x 6
Tenet Health THC $22.5B 3.1% 16.5% 11.9% 18.3% 10.4x 6 Compare →
Encompass Health EHC $12.4B 10.5% — 7.4% 15.8% 20.2x 8 Compare →
Option Care Health OPCH $4.9B 13.0% 6.0% 3.8% 11.4% 24.4x 5 Compare →
Ensign Group ENSG $10.4B 18.7% 8.4% — 19.7% 27.5x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $9.8B $10.4B $10.8B $11.4B $11.6B $12.6B $13.4B $14.3B $15.8B $17.4B
Operating income $1.3B $1.3B $1.2B $1.2B $1.4B $1.4B $1.0B $1.2B $1.7B $2.0B
Interest expense $125M $145M $155M $163M $106M $83.7M $127M $207M $186M $156M
Pretax income $1.2B $1.1B $1.0B $1.1B $1.3B $1.3B $866M $940M $1.5B $2.0B
Income tax $409M $364M $237M $239M $299M $306M $209M $221M $335M $461M
Net income $702M $752M $780M $815M $944M $992M $676M $718M $1.1B $1.5B
Diluted EPS $7.14 $7.81 $8.31 $9.13 $10.99 $11.82 $9.14 $10.23 $16.82 $23.10
Diluted shares 0.10B 0.10B 0.09B 0.09B 0.09B 0.08B 0.07B 0.07B 0.07B 0.06B
Cash flow
Cash from operations $1.3B $1.2B $1.3B $1.4B $2.4B $884M $996M $1.3B $2.1B $1.9B
Capital expenditure $520M $558M $665M $634M $731M $856M $734M $743M $944M $1.0B
Free cash flow $814M $690M $610M $804M $1.6B $28.0M $262M $525M $1.1B $849M
Depreciation and amortization $417M $448M $453M $490M $511M $533M $582M $568M $585M $619M
Stock-based compensation $48.1M $56.7M $66.6M $69.4M $65.8M $73.7M $85.4M $87.7M $99.3M $95.7M
Acquisitions $614M $22.9M $111M $8.0M $52.0M $105M $20.3M $3.7M $19.0M $47.8M
Share buybacks $353M $364M $397M $771M $207M $1.2B $833M $547M $671M $968M
Dividends paid $38.9M $38.2M $37.3M $53.0M $17.3M $65.9M $58.4M $55.5M $53.3M $51.3M
Dividends and buybacks $392M $403M $435M $824M $224M $1.3B $891M $603M $724M $1.0B
Balance sheet
Cash and short-term investments $33.7M $74.4M $105M $61.3M $1.2B $115M $103M $119M $126M $138M
Total debt $4.1B $4.0B $4.0B $4.0B $3.9B $4.2B $4.8B $4.9B $4.5B $4.8B
Finance lease liabilities $0.0M $0.0M $0.0M $18.0M $52.9M $79.3M $75.6M $72.7M $92.5M $91.1M
Current assets $1.7B $1.8B $1.9B $1.9B $3.3B $2.3B $2.5B $2.8B $2.8B $3.4B
Current liabilities $1.3B $1.8B $1.4B $1.6B $2.5B $2.0B $1.9B $2.0B $2.2B $3.2B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $4.3B $4.6B $4.8B $5.0B $5.4B $5.9B $5.9B $6.1B $6.6B $7.0B
Total assets $10.3B $10.8B $11.3B $11.7B $13.5B $13.1B $13.5B $14.0B $14.5B $15.5B
Total liabilities $5.7B $5.7B $5.8B $6.1B $7.1B $6.9B $7.5B $7.8B $7.7B $8.2B
Shareholders' equity $4.5B $5.0B $5.4B $5.5B $6.3B $6.1B $5.9B $6.1B $6.7B $7.3B
Margins
Operating margin 13.1% 12.3% 10.9% 10.7% 11.8% 10.8% 7.5% 8.2% 10.6% 11.5%
EBITDA margin 17.4% 16.6% 15.1% 15.0% 16.2% 15.0% 11.8% 12.2% 14.3% 15.1%
Net margin 7.2% 7.2% 7.2% 7.2% 8.2% 7.8% 5.0% 5.0% 7.2% 8.6%
FCF margin 8.3% 6.6% 5.7% 7.1% 14.1% 0.2% 2.0% 3.7% 7.1% 4.9%
Returns
Return on capital 10.1% 9.8% 9.9% 10.0% 11.1% 10.7% 7.2% 8.2% 11.7% 13.1%
Return on capital employed 14.6% 14.3% 12.6% 12.2% 12.9% 12.3% 8.9% 10.0% 13.9% 16.3%
Return on equity 16.0% 15.8% 15.0% 15.0% 16.0% 16.0% 11.3% 11.9% 17.8% 21.4%
Return on assets 7.1% 7.1% 7.1% 7.1% 7.5% 7.5% 5.1% 5.2% 8.0% 9.9%
Growth
Revenue growth 8.0% 6.6% 3.5% 5.6% 1.6% 9.4% 6.0% 6.6% 10.8% 9.7%
Net income growth 3.2% 7.1% 3.6% 4.5% 15.8% 5.1% −31.9% 6.2% 59.1% 30.4%
EPS growth 5.6% 9.4% 6.4% 9.9% 20.4% 7.6% −22.7% 11.9% 64.4% 37.3%
FCF growth 18.1% −15.2% −11.6% 31.9% 102.5% −98.3% 834.6% 100.3% 114.1% −24.4%
Share count change −2.3% −2.1% −2.7% −5.0% −3.9% −2.2% −11.8% −5.0% −3.2% −5.1%
Financial health
Net debt / EBITDA 2.4x 2.3x 2.4x 2.3x 1.4x 2.2x 3.0x 2.8x 2.0x 1.8x
Debt / equity 0.9x 0.8x 0.7x 0.7x 0.6x 0.7x 0.8x 0.8x 0.7x 0.7x
Interest coverage 10.3x 8.8x 7.6x 7.5x 12.8x 16.3x 7.9x 5.7x 9.0x 12.8x
Current ratio 1.3x 1.0x 1.3x 1.2x 1.3x 1.1x 1.3x 1.4x 1.3x 1.1x
Quick ratio 1.3x 1.0x 1.3x 1.2x 1.3x 1.1x 1.3x 1.4x 1.3x 1.1x
Capital allocation
Capex / revenue 5.3% 5.4% 6.2% 5.6% 6.3% 6.8% 5.5% 5.2% 6.0% 5.9%
Stock comp / revenue 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Payouts / FCF 48.2% 58.3% 71.3% 102.4% 13.8% 4,589.7% 340.2% 114.9% 64.5% 120.0%
Quality scores
Piotroski F-score 5.0 5.0 6.0 6.0 7.0 3.0 6.0 8.0 7.0 6.0
Altman Z'' 3.5 3.3 3.7 3.5 3.7 3.4 3.2 3.4 3.6 3.6
Accruals ratio −6.3% −4.7% −4.5% −5.4% −11.3% 0.8% −2.4% −4.0% −6.5% −2.5%

Source: SEC EDGAR XBRL filings (CIK 0000352915). 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.

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