HCA Healthcare
HCA · Health Care Facilities
$469.03
0.4%Tenet Health
THC · Health Care Facilities
$268.45
0.8%The short version
- HCA Healthcare is the larger business, with $75.6B of revenue in fiscal 2025 against $21.3B for Tenet Health, about 3.5 times as much.
- HCA Healthcare grew revenue faster (7.1%, against 3.1%).
- Tenet Health turned more of its sales into free cash flow (11.9% FCF margin, against 10.2% FCF margin).
- HCA Healthcare earned a higher return on the capital invested in it (22.3%, against 18.3%).
- Investors pay more for each dollar of HCA Healthcare’s earnings: a P/E of 16.2x against 10.4x for Tenet Health.
| Latest fiscal year | HCA · FY25 | THC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $106.3B | $22.5B |
| Revenue | $75.6B | $21.3B |
| Free cash flow | $7.7B | $2.5B |
| Net income | $6.8B | $1.4B |
| Growth | ||
| Revenue growth | 7.1% | 3.1% |
| 5-year growth | 8.0% | 3.9% |
| Share count change | −8.5% | −7.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 16.5% |
| Net margin | 9.0% | 6.6% |
| FCF margin | 10.2% | 11.9% |
| Return on capital | 22.3% | 18.3% |
| Return on equity | — | 33.5% |
| Balance sheet | ||
| Net debt | $46.2B | $10.4B |
| Net debt / EBITDA | 3.0x | 2.4x |
| Dividends and buybacks | $10.7B | $1.4B |
| Valuation & quality | ||
| P/E | 16.2x | 10.4x |
| Piotroski F-score | 6 | 6 |
FY16
HCA $41.5B
THC $19.6B
FY17
HCA $43.6B
THC $19.2B
FY18
HCA $46.7B
THC $18.3B
FY19
HCA $51.3B
THC $18.5B
FY20
HCA $51.5B
THC $17.6B
FY21
HCA $58.8B
THC $19.5B
FY22
HCA $60.2B
THC $19.2B
FY23
HCA $65.0B
THC $20.6B
FY24
HCA $70.6B
THC $20.7B
FY25
HCA $75.6B
THC $21.3B
HCA
THC
FY16
HCA —
THC 6.4%
FY17
HCA —
THC 5.8%
FY18
HCA —
THC 8.9%
FY19
HCA —
THC 8.3%
FY20
HCA —
THC 11.3%
FY21
HCA —
THC 14.7%
FY22
HCA —
THC 12.2%
FY23
HCA —
THC 12.2%
FY24
HCA —
THC 28.8%
FY25
HCA —
THC 16.5%
HCA
THC
FY16
HCA $2.9B
THC −$317M
FY17
HCA $2.4B
THC $493M
FY18
HCA $3.2B
THC $432M
FY19
HCA $3.4B
THC $563M
FY20
HCA $6.4B
THC $2.9B
FY21
HCA $5.4B
THC $910M
FY22
HCA $4.1B
THC $321M
FY23
HCA $4.7B
THC $1.6B
FY24
HCA $5.6B
THC $1.1B
FY25
HCA $7.7B
THC $2.5B
HCA
THC
FY16
HCA 19.1%
THC 5.8%
FY17
HCA 14.5%
THC 5.7%
FY18
HCA 20.6%
THC 7.8%
FY19
HCA 17.9%
THC 5.1%
FY20
HCA 17.3%
THC 13.5%
FY21
HCA 26.4%
THC 15.0%
FY22
HCA 22.5%
THC 10.8%
FY23
HCA 19.5%
THC 12.0%
FY24
HCA 20.0%
THC 27.9%
FY25
HCA 22.3%
THC 18.3%
HCA
THC
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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.