HCA Healthcare vs Johnson & Johnson
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KIRA’s take AI analyst
I put HCA Healthcare and Johnson & Johnson side by side, using each one’s latest annual report. Here is what stands out:
- 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 40.4x against 16.0x for HCA Healthcare.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
HCA Healthcare
HCA
4/8
Revenue growth5-year growthPiotroski F-scoreShare count change
Johnson & Johnson
JNJ
4/8
Net marginFCF marginReturn on capitalNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | HCA FY25 | JNJ FY25 |
|---|---|---|
| Size | ||
| Market cap | $105.5B | $652.1B |
| 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 | 16.0x | 40.4x |
| Piotroski F-score | 6 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.