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HCA Healthcare key statistics and ratios

In fiscal 2025, HCA Healthcare had a net margin of 9.0% and a current ratio of 0.97. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin7.0%5.1%8.1%6.8%7.3%11.8%9.4%8.1%8.2%9.0%8.6%
Free-cash-flow margin7.0%5.5%6.8%6.7%12.4%9.2%6.9%7.2%8.0%10.2%7.6%
Return on assets8.6%6.3%10.0%8.3%8.1%14.2%10.9%9.6%10.0%11.3%10.9%
Asset turnover1.231.241.231.221.111.201.171.201.221.261.27
Current ratio1.561.621.351.441.421.411.381.181.080.970.82
Debt to equity————>999%——————
Effective tax rate28.6%37.4%17.7%21.0%19.2%21.5%20.3%21.0%21.9%20.9%20.6%
Capital spending as % of revenue6.7%6.9%7.7%8.1%5.5%6.1%7.3%7.3%6.9%6.5%6.6%
Free cash flow ÷ net income100.1%108.8%84.2%98.3%170.4%77.4%73.1%89.4%97.9%113.4%88.1%
Dividends ÷ net income—0.0%12.9%15.7%4.1%9.0%11.6%12.6%12.0%10.0%10.1%
Dividends and buybacks ÷ free cash flow95.1%85.1%63.3%45.9%9.3%164.2%185.4%95.4%119.4%139.7%164.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: HCA vs UHSENSG vs HCAHCA vs PACS

More: Health Care Facilities stocks compared, Health Care sector, rankings of US companies

Figures from HCA Healthcare's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to HCA Healthcare.