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HCA Healthcare (HCA) stock

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NYSE: HCA NYSE Health Care Facilities Next results ~January 26, 2027

C+ Fundamentals grade

HCA Healthcare is a US-listed company in the health care facilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$380

Forward price-to-earnings vs peers

Base case. Range ~$310–$620. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

HCA Healthcare valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter HCA Healthcare files

10-Q filed October 29: HCA Healthcare

Model value −1.4%

HCA Healthcare's revenue reached $78.7bn over the twelve months to September 2026, up 5.8% on a year earlier but slower than the 7.3% growth recorded a quarter earlier. Free-cash-flow margin slipped to 7.6%, down from 10.9% a year ago. A diluted share count 8.7% lower than a year earlier has lifted the value of each remaining share. The fundamentals grade improves from C to C+. Our model value, meanwhile, falls from $530 to $523 a share, against a share price of $474. The rating remains Hold. At that price, the market appears to be pricing in cash-flow growth of about 5.4% a year over five years, not far off the 6.0% a year revenue growth HCA has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where HCA Healthcare stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $78.0bn, up 7.3% on a year earlier, faster than 6.7% a quarter earlier. Free-cash-flow margin fell to 7.7% from 10.0% a year earlier. The diluted share count is down 9.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $433 a share, against a share price of $462. At that price, our model says the market is pricing in about 8.6% a year of cash-flow growth for five years, faster than the 5.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

HCA Healthcare's trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 7.6%. Where it stands out: change in share count of -8.7% ranks 2 of 13 health care facilities companies we cover. Where it lags: long-term debt as % of assets of 66.8% ranks 12 of 13 health care facilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 26.2% while net income grew 6.8%: a 33pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 8.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 5 insiders sold $31M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 66.8% ranks 12 of 13 health care facilities companies we cover (median 37.7%).
  • Below peers: revenue growth. Revenue growth of 5.8% ranks 10 of 13 health care facilities companies we cover (median 14.0%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$7.22 against an average estimate of $6.63: beat by 8.9%
Revenue
$19.85bn, up 3.6% on a year earlier
Share reaction
-0.4% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenues $77,000m to $79,500m (For the Year Ending December 31, 2026); net income attributable to HCA Healthcare, Inc. $6,300m to $6,700m (For the Year Ending December 31, 2026)
Next report
January 26, 2027; average EPS estimate $8.18

HCA Healthcare's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.2%
  • 1 week+0.5%
  • 1 month+9.6%
  • This year+0.7%
  • 1 year+2.4%
  • 5 years+95.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$78.7B
Net margin
8.6%
EPS (TTM, diluted)
$30.21

Growth

Revenue growth
+5.8%
Change in growth rate
−1.5 pts
Share count change
−8.7%

Cash

Free cash flow (TTM)
$6B
FCF margin
7.6%
Stock pay % of revenue
0.6%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Financing
  2. Announcement
  3. Announcement
  4. Results
  5. Guidance
  6. Our research
  7. Our research
  8. Announcement
  9. Announcement
  10. Deal
  11. Leadership
  12. Financing
  13. Results
  14. Announcement
  15. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

HCA Healthcare valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value HCA Healthcare as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$380 ~$310–$620 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$380 ~$310–$620 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare HCA Healthcare with Health Care Facilities in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$68.44$81.22$116.44$140.02$156.66$246.87$232.94$265.17$296.33$464.38$467.73
Market value$27.1bn$30.2bn$41.4bn$48.8bn$53.8bn$81.2bn$68.6bn$73.3bn$77.6bn$111.2bn$104.9bn
+ Net debt (− = net cash)$30.9bn$32.5bn$32.5bn$33.3bn$29.4bn$33.4bn$37.5bn$39.0bn$41.5bn$45.9bn$50.0bn
Enterprise value$58.0bn$62.7bn$73.8bn$82.1bn$83.3bn$114.5bn$106.1bn$112.3bn$119.0bn$157.1bn$154.9bn
Multiples
Price / sales 0.7x0.7x0.9x0.9x1.0x1.4x1.1x1.1x1.1x1.5x1.3x
Price / earnings 9.4x13.6x10.9x13.9x14.3x11.7x12.2x14.0x13.5x16.4x15.5x
Price / free cash flow 9.4x12.5x13.0x14.2x8.4x15.1x16.6x15.6x13.8x14.5x17.6x
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard HCA Healthcare's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Net income has been a median 10.2% of total assets over 10 years.

  • Durability 11 / 20

    Net margin has been a median 8.5%; its worst year was 6.7%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 9 years, at a median 7.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 33.3% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 26, 2027, before the open. Analysts expect revenue of $20.0bn and EPS of $8.18 (range $7.69 to $8.61) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $29.96 +6% $78.9bn +4%
Next $31.61 +6% $81.6bn +3%

Next year's EPS estimate has moved −1.8% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.4% on 90 days ago. In the last 30 days, 0 analysts raised HCA Healthcare's forecast and 1 cut it.

Consensus EPS forecast HCA Healthcare, last 90 days
$29.00 $30.00 $31.00 $32.00 $33.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $29.56 Current fiscal year, 60 days ago: $29.49 Current fiscal year, 30 days ago: $29.49 Current fiscal year, 7 days ago: $29.49 Current fiscal year, Now: $29.96 $29.96 Next fiscal year, 90 days ago: $32.18 Next fiscal year, 60 days ago: $32.11 Next fiscal year, 30 days ago: $32.02 Next fiscal year, 7 days ago: $31.99 Next fiscal year, Now: $31.61 $31.61

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $29.56$32.18
60 days ago $29.49$32.11
30 days ago $29.49$32.02
7 days ago $29.49$31.99
Now $29.96$31.61

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $6.63 $7.22 +8.9%
Jun 2026 $7.50 $7.59 +1.2%
Mar 2026 $7.13 $7.15 +0.3%
Dec 2025 $7.48 $8.01 +7.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Revenues For the Year Ending December 31, 2026 $77,000m to $79,500m Maintained
    “Revenues $ 77,000 $ 79,500” source
  • Diluted earnings per share (Net income attributable to HCA Healthcare, Inc.) For the Year Ending December 31, 2026 $28.70 to $30.50 GAAP Maintained
    “Net income attributable to HCA Healthcare, Inc. $ 28.70 $ 30.50” source
  • Net income attributable to HCA Healthcare, Inc. For the Year Ending December 31, 2026 $6,300m to $6,700m GAAP Maintained
    “Net income attributable to HCA Healthcare, Inc. (a) $ 6,300 $ 6,700” source
  • Adjusted EBITDA For the Year Ending December 31, 2026 $15,400m to $16,100m Non-GAAP Maintained
    “Adjusted EBITDA (a) (b) $ 15,400 $ 16,100” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

26 analysts, Oct 2026
Buy1558%
Hold935%
Sell28%

Monthly trend

  1. Oct 202614926
  2. Sep 2026141026
  3. Aug 2026131025
  4. Jul 2026131025

Counts of recommendations published by analysts covering HCA Healthcare, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.5%
of tradable shares
Days to cover
3.7
at average volume
Short interest, 1 month
−24%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
16.6%
of shares
Employees
230,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +2.4%

$456.56 on October 31, 2025 to $467.73

ThenNowEffect
Revenue (last 12 months) $72.7bn $78.0bn +7.3%
Net margin 8.2% 8.8% +6.7%
P/E multiple 19.2x 15.7x −18.6%
Share count 252m 229m +9.9%

Biggest factor: p/e multiple.

Last 3 years +107.3%

$225.62 on November 3, 2023 to $467.73

ThenNowEffect
Revenue (last 12 months) $61.9bn $78.0bn +26.0%
Net margin 9.3% 8.8% −5.9%
P/E multiple 11.1x 15.7x +41.3%
Share count 284m 229m +23.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HCA+58%−6%+14%+12%+57%+1%
Industry peers (median)+17%−9%+9%+17%+30%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HCA67%50%58%58%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HCA−14%−40%−27%−28%−14%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from February 5, 2020 to March 18, 2020. Getting back needed a 121% gain, reached on November 10, 2020, 237 days after the low.

Price behaviour

52-week range
$359.93 – $542.23
From 52-week high
−13.7%
vs 50-day average
+6.8%
vs 200-day average
+5.6%
Volatility (1 year)
31%
Beta vs S&P 500
0.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.8%
After a week
7 up, 4 down
typical move ±5.6%
After a month
9 up, 2 down
typical move ±11.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −0.4% +0.9% — —
July 24, 2026 +3.5% +0.1% +6.9% +14.0%
July 14, 2026 −3.0% +0.8% −4.5% +6.1%
April 24, 2026 −6.0% +0.9% −8.6% −17.2%
January 27, 2026 +4.0% +0.4% +5.7% +11.3%
October 24, 2025 +6.3% +2.0% +4.4% +13.8%
July 25, 2025 −0.3% +0.4% +4.5% +17.9%
April 25, 2025 −2.8% +0.8% +1.9% +11.0%
January 24, 2025 +2.0% −1.7% +1.4% +2.4%
October 25, 2024 −10.6% +0.3% −10.5% −18.4%
July 23, 2024 +5.7% −2.4% +11.1% +15.8%
April 26, 2024 −0.9% +1.3% −2.0% +1.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

HCA Healthcare in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) HCA Healthcare
$60B $65B $70B $75B $80B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $65B Revenue (TTM), FY24 Q1: $66.7B Revenue (TTM), FY24 Q2: $68.3B Revenue (TTM), FY24 Q3: $69.6B Revenue (TTM), FY24 Q4: $70.6B Revenue (TTM), FY25 Q1: $71.6B Revenue (TTM), FY25 Q2: $72.7B Revenue (TTM), FY25 Q3: $74.4B Revenue (TTM), FY25 Q4: $75.6B Revenue (TTM), FY26 Q1: $76.4B Revenue (TTM), FY26 Q2: $78B Revenue (TTM), FY26 Q3: $78.7B $78.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $65B
FY24 Q1 $66.7B
FY24 Q2 $68.3B
FY24 Q3 $69.6B
FY24 Q4 $70.6B
FY25 Q1 $71.6B
FY25 Q2 $72.7B
FY25 Q3 $74.4B
FY25 Q4 $75.6B
FY26 Q1 $76.4B
FY26 Q2 $78B
FY26 Q3 $78.7B
Revenue growth, TTM YoY HCA Healthcare
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.9% Revenue growth, TTM YoY, FY24 Q1: 9.6% Revenue growth, TTM YoY, FY24 Q2: 10.4% Revenue growth, TTM YoY, FY24 Q3: 10.2% Revenue growth, TTM YoY, FY24 Q4: 8.7% Revenue growth, TTM YoY, FY25 Q1: 7.3% Revenue growth, TTM YoY, FY25 Q2: 6.4% Revenue growth, TTM YoY, FY25 Q3: 6.8% Revenue growth, TTM YoY, FY25 Q4: 7.1% Revenue growth, TTM YoY, FY26 Q1: 6.7% Revenue growth, TTM YoY, FY26 Q2: 7.3% Revenue growth, TTM YoY, FY26 Q3: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.9%
FY24 Q1 9.6%
FY24 Q2 10.4%
FY24 Q3 10.2%
FY24 Q4 8.7%
FY25 Q1 7.3%
FY25 Q2 6.4%
FY25 Q3 6.8%
FY25 Q4 7.1%
FY26 Q1 6.7%
FY26 Q2 7.3%
FY26 Q3 5.8%
FCF margin (TTM) HCA Healthcare
6% 7% 8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.2% FCF margin (TTM), FY24 Q1: 8.1% FCF margin (TTM), FY24 Q2: 7.2% FCF margin (TTM), FY24 Q3: 8.4% FCF margin (TTM), FY24 Q4: 8.0% FCF margin (TTM), FY25 Q1: 6.9% FCF margin (TTM), FY25 Q2: 10.0% FCF margin (TTM), FY25 Q3: 10.9% FCF margin (TTM), FY25 Q4: 10.2% FCF margin (TTM), FY26 Q1: 10.4% FCF margin (TTM), FY26 Q2: 7.7% FCF margin (TTM), FY26 Q3: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.2%
FY24 Q1 8.1%
FY24 Q2 7.2%
FY24 Q3 8.4%
FY24 Q4 8.0%
FY25 Q1 6.9%
FY25 Q2 10.0%
FY25 Q3 10.9%
FY25 Q4 10.2%
FY26 Q1 10.4%
FY26 Q2 7.7%
FY26 Q3 7.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 41.5 43.6 46.7 51.3 51.5 58.8 60.2 65.0 70.6 75.6 78.7
Net income 2.9 2.2 3.8 3.5 3.8 7.0 5.6 5.2 5.8 6.8 6.8
Diluted EPS $7.30 $5.95 $10.66 $10.07 $10.93 $21.16 $19.15 $18.97 $22.00 $28.33 $30.21
Growth (year on year)
Revenue — +5.1% +7.0% +10.0% +0.4% +14.0% +2.5% +7.9% +8.7% +7.1% +5.8%
Net income — −23.3% +70.9% −7.4% +7.1% +85.3% −18.9% −7.1% +9.9% +17.8% +6.8%
Diluted EPS — −18.5% +79.2% −5.5% +8.5% +93.6% −9.5% −0.9% +16.0% +28.8% +17.0%
Margins
Net margin 7.0% 5.1% 8.1% 6.8% 7.3% 11.8% 9.4% 8.1% 8.2% 9.0% 8.6%
Free-cash-flow margin 7.0% 5.5% 6.8% 6.7% 12.4% 9.2% 6.9% 7.2% 8.0% 10.2% 7.6%
Cash flow
Cash from operations 5.7 5.4 6.8 7.6 9.2 9.0 8.5 9.4 10.5 12.6 11.2
Capital spending 2.8 3.0 3.6 4.2 2.8 3.6 4.4 4.7 4.9 4.9 5.2
Free cash flow 2.9 2.4 3.2 3.4 6.4 5.4 4.1 4.7 5.6 7.7 6.0
Stock-based pay 0.3 0.3 0.3 0.3 0.4 0.4 0.3 0.3 0.4 0.4 0.5
Free cash flow after stock pay 2.6 2.1 2.9 3.1 6.0 4.9 3.8 4.4 5.3 7.3 5.5
Balance sheet
Cash 0.6 0.7 0.5 0.6 1.8 1.5 0.9 0.9 1.9 1.0 0.9
Total debt 31.5 33.2 33.0 34.0 31.2 34.8 38.4 39.9 43.4 46.9 50.9
Net debt (negative = net cash) 30.9 32.5 32.5 33.3 29.4 33.4 37.5 39.0 41.5 45.9 50.0
Diluted shares 396m 372m 355m 348m 344m 329m 295m 276m 262m 239m 224m
Returned to shareholders
Dividends — 0.0 0.5 0.6 0.2 0.6 0.7 0.7 0.7 0.7 0.7
Buybacks 2.8 2.1 1.5 1.0 0.4 8.2 7.0 3.8 6.0 10.1 9.2
Total returned 2.8 2.1 2.0 1.6 0.6 8.8 7.7 4.5 6.7 10.7 9.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · September 30, 2026
What it owns · $63.5bn
Short-term assets $16.2bnLonger-term assets $47.2bn
What it owes, and who funded it · $19.8bn
Short-term liabilities $19.8bnShareholders' equity $-8.1bn
  • Short-term assets cover short-term liabilities $16.2bn of assets due within a year against $19.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $908m of cash against $50.5bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $11.2bn of operating cash flow against $50.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From HCA Healthcare's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$9.2B
Dividends (TTM)
$681M
Returned to shareholders
165%
of free cash flow
Buybacks, last 3 fiscal years
$19.9B
Diluted share count
−8.7%
year over year
Total shareholder yield
10.0%
dividends 0.7% + buybacks 9.3% of market value
Dividend payout ratio
10%
of net income paid out
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care facilities
Last 12 months unless stated HCA UHS ENSG PACS ACHC SGRY Median
Revenue, last 12 months $78.7bn $18.1bn $5.7bn $5.6bn $3.4bn $3.4bn $3.1bn
Revenue growth, last 12 months 5.8% 10.0% 17.5% 15.2% 4.3% 4.0% 14.0%
Revenue growth, 3-year average 7.6% 9.5% 16.8% — 6.6% 8.1% 8.1%
Revenue growth, latest quarter 3.6% 8.3% 14.5% 9.1% −0.4% 2.7% 8.6%
Gross margin — — 21.2% — — 23.1% 21.2%
Operating margin — 11.4% 9.0% 7.4% 28.7% 11.4% 9.0%
Operating margin, 3-year average — 10.7% 8.0% 5.2% 23.7% 11.5% 7.9%
Net margin 8.6% 8.4% 7.0% 4.8% −33.4% −2.6% 4.8%
Cash from operations / revenue 14.2% 9.9% 12.3% 10.3% 6.3% 7.7% 7.7%
Free-cash-flow margin 7.6% 4.7% 10.1% 8.2% −4.0% 5.6% 4.7%
Free-cash-flow margin, 3-year average 9.0% 5.2% 8.1% 5.9% −9.5% 6.0% 5.9%
Stock pay / revenue 0.6% 0.5% 1.1% 1.3% 0.9% 0.3% 0.6%
Change in share count −8.7% −6.7% 1.3% −4.5% −1.1% 1.3% 0.9%

Median of all 13 companies we cover in health care facilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 health care facilities companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% 14.0% 10 of 13
Change in growth rate Growth -1.5pp -1.4pp 9 of 13
Net margin Profitability 8.6% 4.8% 4 of 13
Free-cash-flow margin Cash generation 7.6% 4.7% 5 of 13
Stock pay as % of revenue Cash generation 0.6% 0.6% 7 of 12
Long-term debt as % of assets Balance sheet 66.8% 37.7% 12 of 13
Change in share count Balance sheet -8.7% 0.9% 2 of 13
Days sales outstanding Balance sheet 53 days 48 days 9 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
American Group $26.4B 35.0% ▲ 7.2%
Atlantic Group $24.7B 32.7% ▲ 5.7%
National Group $21.3B 28.1% ▲ 8.3%
Corporate and Other $3.2B 4.2% ▲ 9.3%

From HCA Healthcare's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$52.5B
Institutions reporting
1,330
Shares held vs prior quarter
▲ 2.3%
Positions opened / closed
107 / 183

Top buyers and sellers, Q2 2026: 550 institutions bought and 753 sold ; the biggest buyer was First Eagle Investment Management, LLC (+3.3M shares) and the biggest seller FMR LLC (−2.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.1B 13.0M 9.7% ▼ 2.7%
Vanguard Capital Management LLC $4B 10.1M 7.5% ▼ 0.4%
Sanders Capital, LLC $3.4B 8.8M 6.6% ▼ 1.4%
State Street Corp $2.9B 7.5M 5.5% ▼ 0.9%
First Eagle Investment Management, LLC $2.6B 6.6M 4.9% ▲ 102.5%
Wellington Management Group LLP $1.8B 4.7M 3.5% ▲ 20.5%
Geode Capital Management, LLC $1.4B 3.7M 2.7% ▼ 0.7%
Vanguard Portfolio Management LLC $1.1B 2.7M 2.0% ▼ 1.6%
Morgan Stanley $1B 2.6M 1.9% ▲ 12.7%
Goldman Sachs Group Inc $961M 2.5M 1.8% ▲ 15.4%
Jpmorgan Chase & Co $897M 2.3M 1.7% ▼ 7.2%
Arrowstreet Capital, Limited Partnership $861M 2.2M 1.6% ▲ 2.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not HCA Healthcare's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $31.1M 13 trades by 5 insiders · 0% under pre-set plans
Net ▼ $31.1M net selling
Insider Date Trade Shares Price Value
Mcalevey Michael R EVP & Chief Legal & Admin Off. February 18, 2026 Sell 1,694 $533.37 $903,537
Berres Jennifer SVP & Chief Human Res. Officer February 11, 2026 Sell 4,010 $526.16 $2.1M
Berres Jennifer SVP & Chief Human Res. Officer February 11, 2026 Sell 4,010 $503.00 $2M
Wyatt Christopher F. SVP & Controller February 11, 2026 Sell 4,000 $505.00 $2M
Cuffe Michael S. EVP and Chief Clinical Officer February 3, 2026 Sell 1,500 $498.09 $747,135
Hazen Samuel N CEO February 3, 2026 Sell 120 $497.18 $59,661
Hazen Samuel N CEO February 3, 2026 Sell 4,293 $498.12 $2.1M
Hazen Samuel N CEO February 3, 2026 Sell 5,162 $498.80 $2.6M
Hazen Samuel N CEO February 3, 2026 Sell 6,189 $500.02 $3.1M
Hazen Samuel N CEO February 3, 2026 Sell 7,395 $500.69 $3.7M
Hazen Samuel N CEO February 3, 2026 Sell 5,002 $502.15 $2.5M
Hazen Samuel N CEO February 3, 2026 Sell 14,716 $502.95 $7.4M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 40 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of HCA Healthcare shares.

  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded June 17, 2026, filed July 26, 2026
  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded June 17, 2026, filed July 26, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 11, 2025, filed October 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 24, 2026
  • July 14, 2026
  • April 24, 2026
  • January 27, 2026
  • October 24, 2025

Recent SEC filings

Data status

When each part of this page on HCA Healthcare was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

HCA Healthcare in brief

What does HCA Healthcare do?
HCA Healthcare is a US-listed company in the health care facilities industry. Its financial year ends in December.
What is HCA Healthcare's stock ticker?
HCA Healthcare trades under the ticker HCA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is HCA Healthcare's revenue, and how fast is it growing?
Over its most recent trailing twelve months, HCA Healthcare reported revenue of $78.7B, 5.8% higher than a year earlier, according to its SEC filings.
What is HCA Healthcare's free cash flow?
HCA Healthcare's free-cash-flow margin is 7.6% of revenue over the trailing twelve months, ranking 5 of the 13 health care facilities companies we cover.
Who are HCA Healthcare's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Sanders Capital, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is HCA Healthcare buying back stock, and does it pay a dividend?
HCA Healthcare spent $9.2B on share repurchases over the trailing twelve months, and its diluted share count fell 8.7% over the year.
What is HCA Healthcare's market cap?
On November 2, 2026, HCA Healthcare's market capitalisation was about $105B, with a price-to-earnings ratio of 15.5 and net debt of $50B. Market figures come from third-party market data and may be delayed.
Does HCA Healthcare pay a dividend?
Yes: HCA Healthcare paid $681M in dividends over the trailing twelve months, a dividend yield of 0.69% and a payout ratio of 10.1%.
Who are HCA Healthcare's competitors?
In our Health Care Facilities peer group, the companies closest to HCA Healthcare are Universal Health Services, Ensign Group, Inc, Pacs Group, Inc., Acadia Healthcare Company, Inc. and Surgery Partners, Inc. The side-by-side comparison below sets their revenue, margins and growth against HCA Healthcare's.
Are insiders buying or selling HCA Healthcare stock?
Over the last 12 months, HCA Healthcare's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is HCA Healthcare's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — HCA Healthcare announces its own schedule.