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Universal Health Services (UHS) stock

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

C+ Fundamentals grade

Universal Health Services 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

Fair value per share

~$320

Cash-flow model

Base case. Range ~$220–$450 across our lower- and higher-growth cases (4.8%–14.8% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 78% above it.

Price used: $179.27, November 3, 2026

Universal Health Services 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.

  • Insiders0 buying, 2 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds278 adding, 363 cuttingOf 74 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Universal Health Services files

Where Universal Health Services stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $18.1bn, up 10.0% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 4.7%. The diluted share count is down 6.7% 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 4 of our 6 financial-health checks. Our cash-flow model value is $296 a share, against a share price of $185. At that price, our model says the market is pricing in about 3.4% a year of cash-flow growth for five years, slower than the 7.5% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

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)

Universal Health Services's trailing-twelve-month revenue grew 10.0% year on year, with a free-cash-flow margin of 4.7%. Where it stands out: change in share count of -6.7% ranks 3 of 13 health care facilities companies we cover. Where it lags: days sales outstanding of 56 days ranks 10 of 12 health care facilities companies we cover.

Our discounted-cash-flow model values the business at ~$320 per share in the base case (~$220–$450 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 6.2% while net income grew 21.0%: a 27pp 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

  • Priced below our value. The share price of $180.65 is 77% below our value per share of $320.
  • Shrinking share count. Diluted shares fell 6.7% in a year, so each share owns more of the business.

Things to watch

  • Weak cash conversion. Free cash flow was 55% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 56 days ranks 10 of 12 health care facilities companies we cover (median 48 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 5.0% over 90 days.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$5.22 against an average estimate of $5.15: beat by 1.3%
Revenue
$4.64bn, up 8.3% on a year earlier
Share reaction
-7.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
net revenues $18.5bn to $18.76bn (the year ended December 31, 2026); adjusted EBITDA, net of NCI $2.61bn to $2.72bn (the year ended December 31, 2026)
Next report
October 27, 2026; average EPS estimate $5.73

Universal Health Services' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.8%
  • 1 week+1.1%
  • 1 month+2.0%
  • This year-16.8%
  • 1 year-18.4%
  • 5 years+45.8%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$18.1B
Operating margin
11.4%
Net margin
8.4%
EPS (TTM, diluted)
$24.57

Growth

Revenue growth
+10.0%
Change in growth rate
−0.4 pts
Share count change
−6.7%

Cash

Free cash flow (TTM)
$845M
FCF margin
4.7%
Stock pay % of revenue
0.5%

Earnings

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

News & updates

Updated October 31, 2026

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

  1. Results
  2. Our research
  3. Agreement
  4. Financing
  5. Agreement
  6. Results
  7. Guidance
  8. Agreement

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

Universal Health Services valuation models and calculator

What the price is pricing in

The share price implies about 1.1% a year of cash-flow growth for five years.That is slower than the 7.5% a year revenue growth Universal Health Services has delivered.

  • Priced in1.1%
  • Last 12 months10.0%
  • 3 years a year9.5%
  • 5 years a year7.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($178.65, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$320
Price used
$178.65close November 3, 2026
Implied change
▲ +79%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Universal Health Services's free cash flow after stock-based pay with after-tax interest added back ($990M, FY2026 Q2 TTM), growing 6.4% and 8% in the next two years (forecasts, guidance and its record), then back to 9.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$220–~$450 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Universal Health Services's free cash flow after stock-based pay ( $990M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Universal Health Services as an operating company, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.75 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$320 ~$220–$450 Primary model, counts double
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. ~$330 ~$360–$470 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$320 ~$220–$500 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$300 ~$250–$370 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) 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. ~$320 ~$300–$330 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Universal Health Services 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.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −23%
  • Last year's free-cash-flow margin change, if it persists ▼ −16%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $157$242$355$504$698$949
8.5% $101$163$244$351$489$667
10% $67$115$177$259$364$500

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$114.14$101.95$109.01$112.46$139.03$133.46$126.57$138.43$150.66$178.05$217.25$180.65
Market value$11.5bn$10.0bn$10.5bn$10.5bn$12.4bn$11.4bn$10.6bn$10.2bn$10.6bn$12.1bn$14.0bn$11.2bn
+ Net debt (− = net cash)$3.4bn$4.1bn$4.0bn$3.9bn$3.9bn$2.6bn$4.1bn$4.7bn$4.8bn$4.4bn$4.7bn$4.8bn
Enterprise value$14.9bn$14.2bn$14.5bn$14.5bn$16.3bn$14.1bn$14.7bn$14.9bn$15.4bn$16.5bn$18.7bn$16.0bn
Multiples
Price / sales 1.3x1.0x1.0x1.0x1.1x1.0x0.8x0.8x0.7x0.8x0.8x0.6x
Price / earnings 16.9x14.3x14.0x13.5x15.2x12.1x10.7x15.1x14.7x10.6x9.4x7.4x
Price / free cash flow 16.7x12.3x15.2x17.3x15.4x7.0xn/m39.0x20.1x10.8x16.5x13.3x
EV / EBITDA 9.0x8.3x8.4x8.9x9.6x7.5x7.7x9.4x8.8x7.3x7.1x5.9x

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

68 /100

Moderate moat

How hard Universal Health Services'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 10 / 20

    Net income has been a median 6.8% of total assets over 10 years.

  • Durability 12 / 20

    Operating margin has been a median 10.9%; its worst year was 7.9%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 27.4% 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $22.48 +3% $18.6bn +7%
Next $23.89 +6% $19.5bn +5%

Next year's EPS estimate has moved −5.0% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.9% on 90 days ago. In the last 30 days, 2 analysts raised Universal Health Services's forecast and 2 cut it.

Consensus EPS forecast Universal Health Services, last 90 days
$22.00 $23.00 $24.00 $25.00 $26.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $23.39 Current fiscal year, 60 days ago: $22.54 Current fiscal year, 30 days ago: $22.59 Current fiscal year, 7 days ago: $22.55 Current fiscal year, Now: $22.48 $22.48 Next fiscal year, 90 days ago: $25.16 Next fiscal year, 60 days ago: $24.05 Next fiscal year, 30 days ago: $24.00 Next fiscal year, 7 days ago: $23.90 Next fiscal year, Now: $23.89 $23.89

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $23.39$25.16
60 days ago $22.54$24.05
30 days ago $22.59$24.00
7 days ago $22.55$23.90
Now $22.48$23.89

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $5.15 $5.22 +1.3%
Jun 2026 $6.01 $5.98 −0.4%
Mar 2026 $5.46 $5.62 +2.9%
Dec 2025 $5.91 $5.88 −0.5%

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

Management guidance

Earnings release, July 28, 2026
  • Net revenues the year ended December 31, 2026 $18.501bn to $18.762bn Raised
    “Net revenues $18.501 billion $18.762 billion $18.417 billion $18.789 billion” source
  • Adjusted EPS – diluted the year ended December 31, 2026 $22.28 to $23.65 Non-GAAP Lowered
    “Adjusted EPS - diluted $22.28 per share $23.65 per share $22.64 per share $24.52 per share” source
  • Adjusted EBITDA, net of NCI the year ended December 31, 2026 $2.61bn to $2.717bn Non-GAAP Lowered
    “Adjusted EBITDA, net of NCI $2.610 billion $2.717 billion $2.641 billion $2.789 billion” 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.

How our valuation uses these forecasts

Our cash-flow model grows Universal Health Services's revenue by +6.4% next year and +8.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.1%, weight 56%) , management guidance (+5.3%, weight 19%) and the company's own record (+9.8%, weight 25%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy630%
Hold1365%
Sell15%

Monthly trend

  1. Oct 202661320
  2. Sep 202661220
  3. Aug 202661220
  4. Jul 202661220

Counts of recommendations published by analysts covering Universal Health Services, 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
6.2%
of tradable shares
Days to cover
3.27
at average volume
Short interest, 1 month
−1%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
5.0%
of shares
Employees
102,000
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

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −16.4%

$216.07 on October 31, 2025 to $180.65

ThenNowEffect
Revenue (last 12 months) $16.5bn $18.1bn +10.0%
Net margin 7.7% 8.4% +10.0%
P/E multiple 11.4x 7.4x −35.5%
Share count 67m 62m +7.2%

Biggest factor: p/e multiple.

Last 3 years +42.7%

$126.56 on November 3, 2023 to $180.65

ThenNowEffect
Revenue (last 12 months) $13.8bn $18.1bn +31.3%
Net margin 5.0% 8.4% +68.0%
P/E multiple 13.1x 7.4x −44.0%
Share count 72m 62m +15.6%

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
UHS−5%+9%+9%+18%+22%−17%
Industry peers (median)+21%−9%+14%+12%+31%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UHS50%67%50%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UHS−27%−43%−24%−27%−22%−40%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 56% from September 10, 2019 to March 18, 2020. Getting back needed a 129% gain, reached on May 7, 2021, 415 days after the low.

Price behaviour

52-week range
$141.00 – $243.12
From 52-week high
−25.7%
vs 50-day average
+1.9%
vs 200-day average
+2.3%
Volatility (1 year)
32%
Beta vs S&P 500
0.03

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
6 up, 6 down
typical move ±6.1%
After a week
7 up, 4 down
typical move ±7.4%
After a month
8 up, 3 down
typical move ±13.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −7.3% +0.9% — —
July 28, 2026 +5.6% −1.3% +5.4% +12.2%
April 28, 2026 −6.4% −0.5% −7.9% −16.4%
February 26, 2026 −10.7% −1.0% −14.6% −20.2%
October 28, 2025 +5.3% +0.3% +4.7% +14.1%
July 29, 2025 +6.8% −0.4% +6.3% +17.7%
April 29, 2025 +2.4% +0.7% +6.5% +10.5%
February 27, 2025 −2.7% −0.1% −2.5% +3.5%
October 25, 2024 −9.0% +0.3% −8.6% −11.3%
July 25, 2024 +14.9% +0.6% +16.1% +25.4%
April 25, 2024 +0.1% +0.6% +2.4% +6.3%
February 27, 2024 −1.6% +0.1% +6.9% +10.8%

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.

Options strategies

All options ideas

How Universal Health Services’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Universal Health Services in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

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) Universal Health Services
$14B $16B $18B $20B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $14B Revenue (TTM), FY23 Q4: $14.3B Revenue (TTM), FY24 Q1: $14.7B Revenue (TTM), FY24 Q2: $15B Revenue (TTM), FY24 Q3: $15.4B Revenue (TTM), FY24 Q4: $15.8B Revenue (TTM), FY25 Q1: $16.1B Revenue (TTM), FY25 Q2: $16.5B Revenue (TTM), FY25 Q3: $17B Revenue (TTM), FY25 Q4: $17.4B Revenue (TTM), FY26 Q1: $17.8B Revenue (TTM), FY26 Q2: $18.1B $18.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $14B
FY23 Q4 $14.3B
FY24 Q1 $14.7B
FY24 Q2 $15B
FY24 Q3 $15.4B
FY24 Q4 $15.8B
FY25 Q1 $16.1B
FY25 Q2 $16.5B
FY25 Q3 $17B
FY25 Q4 $17.4B
FY26 Q1 $17.8B
FY26 Q2 $18.1B
Revenue growth, TTM YoY Universal Health Services
6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.0% Revenue growth, TTM YoY, FY23 Q4: 6.6% Revenue growth, TTM YoY, FY24 Q1: 8.0% Revenue growth, TTM YoY, FY24 Q2: 8.8% Revenue growth, TTM YoY, FY24 Q3: 9.9% Revenue growth, TTM YoY, FY24 Q4: 10.8% Revenue growth, TTM YoY, FY25 Q1: 9.7% Revenue growth, TTM YoY, FY25 Q2: 9.6% Revenue growth, TTM YoY, FY25 Q3: 10.2% Revenue growth, TTM YoY, FY25 Q4: 9.7% Revenue growth, TTM YoY, FY26 Q1: 10.4% Revenue growth, TTM YoY, FY26 Q2: 10.0% 10.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.0%
FY23 Q4 6.6%
FY24 Q1 8.0%
FY24 Q2 8.8%
FY24 Q3 9.9%
FY24 Q4 10.8%
FY25 Q1 9.7%
FY25 Q2 9.6%
FY25 Q3 10.2%
FY25 Q4 9.7%
FY26 Q1 10.4%
FY26 Q2 10.0%
Operating margin (TTM) Universal Health Services
7% 8% 9% 10% 11% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 7.9% Operating margin (TTM), FY23 Q4: 8.2% Operating margin (TTM), FY24 Q1: 8.8% Operating margin (TTM), FY24 Q2: 9.6% Operating margin (TTM), FY24 Q3: 10.0% Operating margin (TTM), FY24 Q4: 10.6% Operating margin (TTM), FY25 Q1: 10.9% Operating margin (TTM), FY25 Q2: 11.0% Operating margin (TTM), FY25 Q3: 11.5% Operating margin (TTM), FY25 Q4: 11.5% Operating margin (TTM), FY26 Q1: 11.5% Operating margin (TTM), FY26 Q2: 11.4% 11.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 7.9%
FY23 Q4 8.2%
FY24 Q1 8.8%
FY24 Q2 9.6%
FY24 Q3 10.0%
FY24 Q4 10.6%
FY25 Q1 10.9%
FY25 Q2 11.0%
FY25 Q3 11.5%
FY25 Q4 11.5%
FY26 Q1 11.5%
FY26 Q2 11.4%
FCF margin (TTM) Universal Health Services
2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 2.9% FCF margin (TTM), FY23 Q4: 3.7% FCF margin (TTM), FY24 Q1: 4.0% FCF margin (TTM), FY24 Q2: 5.5% FCF margin (TTM), FY24 Q3: 6.2% FCF margin (TTM), FY24 Q4: 7.1% FCF margin (TTM), FY25 Q1: 6.6% FCF margin (TTM), FY25 Q2: 5.5% FCF margin (TTM), FY25 Q3: 5.7% FCF margin (TTM), FY25 Q4: 4.9% FCF margin (TTM), FY26 Q1: 5.1% FCF margin (TTM), FY26 Q2: 4.7% 4.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 2.9%
FY23 Q4 3.7%
FY24 Q1 4.0%
FY24 Q2 5.5%
FY24 Q3 6.2%
FY24 Q4 7.1%
FY25 Q1 6.6%
FY25 Q2 5.5%
FY25 Q3 5.7%
FY25 Q4 4.9%
FY26 Q1 5.1%
FY26 Q2 4.7%

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.

Where the money goes

FY2025, from the 10-K

Each dollar Universal Health Services took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $17.4B
  2. Other operating costs $15.4B · 88.5%
  3. Operating income $2B · 11.5%
  4. Income tax $461M · 2.7%
  5. Net income $1.5B · 8.6%

Shares of revenue. Source: Universal Health Services's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 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 Jun 2026
Income
Revenue 4.9 6.8 7.0 7.4 8.2 9.0 9.8 10.4 10.8 11.4 11.6 12.6 13.4 14.3 15.8 17.4 18.1
EBITDA 0.7 1.2 1.3 1.4 1.4 1.7 1.7 1.7 1.6 1.7 1.9 1.9 1.6 1.7 2.3 2.6 2.7
Operating income 0.5 0.9 0.9 1.0 1.1 1.3 1.3 1.3 1.2 1.2 1.4 1.4 1.0 1.2 1.7 2.0 2.1
Net income 0.2 0.4 0.4 0.5 0.5 0.7 0.7 0.8 0.8 0.8 0.9 1.0 0.7 0.7 1.1 1.5 1.5
Diluted EPS $2.34 $4.04 $4.53 $5.14 $5.42 $6.76 $7.14 $7.81 $8.31 $9.13 $10.99 $11.82 $9.14 $10.23 $16.82 $23.10 $24.57
Growth (year on year)
Revenue — +38.0% +3.0% +5.8% +11.4% +10.2% +8.0% +6.6% +3.5% +5.6% +1.6% +9.4% +6.0% +6.6% +10.8% +9.7% +10.0%
EBITDA — +63.5% +4.9% +8.1% +6.4% +15.2% +2.4% +1.8% −5.8% +4.8% +9.5% +1.5% −16.4% +10.0% +30.0% +15.3% +12.1%
Operating income — +77.4% +5.1% +7.7% +4.7% +18.4% +1.7% −0.1% −8.2% +3.5% +11.7% +0.3% −26.4% +17.1% +43.1% +18.6% +13.6%
Net income — +73.0% +11.4% +15.2% +6.8% +24.8% +3.2% +7.1% +3.6% +4.5% +15.8% +5.0% −31.9% +6.2% +59.1% +30.4% +21.0%
Diluted EPS — +72.6% +12.1% +13.5% +5.4% +24.7% +5.6% +9.4% +6.4% +9.9% +20.4% +7.6% −22.7% +11.9% +64.4% +37.3% +29.7%
Margins
EBITDA margin 14.9% 17.6% 18.0% 18.4% 17.5% 18.3% 17.4% 16.6% 15.1% 15.0% 16.2% 15.0% 11.8% 12.2% 14.3% 15.0% 14.9%
Operating margin 10.3% 13.3% 13.5% 13.8% 13.0% 13.9% 13.1% 12.3% 10.9% 10.7% 11.8% 10.8% 7.5% 8.2% 10.6% 11.5% 11.4%
Net margin 4.7% 5.9% 6.4% 6.9% 6.6% 7.5% 7.2% 7.2% 7.2% 7.2% 8.2% 7.8% 5.0% 5.0% 7.2% 8.6% 8.4%
Free-cash-flow margin 5.3% 6.3% 6.3% 7.1% 7.9% 7.6% 8.3% 6.6% 5.7% 7.1% 14.1% 0.2% 2.0% 3.7% 7.1% 4.9% 4.7%
Cash flow
Cash from operations 0.5 0.7 0.8 0.9 1.0 1.1 1.3 1.2 1.3 1.4 2.4 0.9 1.0 1.3 2.1 1.9 1.8
Capital spending 0.2 0.3 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.6 0.7 0.9 0.7 0.7 0.9 1.0 1.0
Free cash flow 0.3 0.4 0.4 0.5 0.6 0.7 0.8 0.7 0.6 0.8 1.6 0.0 0.3 0.5 1.1 0.8 0.8
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.2 0.4 0.4 0.5 0.6 0.6 0.8 0.6 0.5 0.7 1.6 −0.0 0.2 0.4 1.0 0.8 0.8
Balance sheet
Cash 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 1.2 0.1 0.1 0.1 0.1 0.1 0.1
Total debt 3.9 3.7 3.7 3.3 3.3 3.5 4.2 4.1 4.0 4.0 3.9 4.2 4.8 4.9 4.5 4.8 4.9
Net debt (negative = net cash) 3.9 3.6 3.7 3.3 3.2 3.4 4.1 4.0 3.9 3.9 2.6 4.1 4.7 4.8 4.4 4.7 4.8
Diluted shares 98m 99m 98m 99m 101m 101m 98m 96m 94m 89m 86m 84m 74m 70m 68m 64m 62m
Returned to shareholders
Dividends 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.0
Buybacks 0.0 0.1 0.0 0.0 0.1 0.2 0.4 0.4 0.4 0.8 0.2 1.2 0.8 0.5 0.7 1.0 1.1
Total returned 0.0 0.1 0.1 0.0 0.1 0.2 0.4 0.4 0.4 0.8 0.2 1.3 0.9 0.6 0.7 1.0 1.1

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

4 of 6 checks passed · June 30, 2026
What it owns · $15.9bn
Short-term assets $3.7bnLonger-term assets $12.3bn
What it owes, and who funded it · $10.8bn
Short-term liabilities $3.3bnShareholders' equity $7.5bn
  • Short-term assets cover short-term liabilities $3.7bn of assets due within a year against $3.3bn 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 $139m of cash against $4.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 65% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 68% to 65% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $4.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.1bn against $158m of interest.

From Universal Health Services'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 Q2 TTM
Buybacks (TTM)
$1.1B
Dividends (TTM)
$49.6M
Returned to shareholders
133%
of free cash flow
Buybacks, last 3 fiscal years
$2.2B
Diluted share count
−6.7%
year over year
Total shareholder yield
10.4%
dividends 0.5% + buybacks 9.9% of market value
Dividend payout ratio
3%
of net income paid out
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care facilities
Last 12 months unless stated UHS ENSG PACS HCA ACHC SGRY Median
Revenue, last 12 months $18.1bn $5.7bn $5.6bn $78.7bn $3.4bn $3.4bn $3.1bn
Revenue growth, last 12 months 10.0% 17.5% 15.2% 5.8% 4.3% 4.0% 14.0%
Revenue growth, 3-year average 9.5% 16.8% — 7.6% 6.6% 8.1% 8.1%
Revenue growth, latest quarter 8.3% 14.5% 9.1% 3.6% −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 8.4% 7.0% 4.8% 8.6% −33.4% −2.6% 4.8%
Cash from operations / revenue 9.9% 12.3% 10.3% 14.2% 6.3% 7.7% 7.7%
Free-cash-flow margin 4.7% 10.1% 8.2% 7.6% −4.0% 5.6% 4.7%
Free-cash-flow margin, 3-year average 5.2% 8.1% 5.9% 9.0% −9.5% 6.0% 5.9%
Stock pay / revenue 0.5% 1.1% 1.3% 0.6% 0.9% 0.3% 0.6%
Change in share count −6.7% 1.3% −4.5% −8.7% −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 10.0% 14.0% 8 of 13
Change in growth rate Growth -0.4pp -1.4pp 5 of 13
Operating margin Profitability 11.4% 9.0% 3 of 9
Net margin Profitability 8.4% 4.8% 5 of 13
Free-cash-flow margin Cash generation 4.7% 4.7% 7 of 13
Stock pay as % of revenue Cash generation 0.5% 0.6% 5 of 12
Long-term debt as % of assets Balance sheet 25.6% 37.7% 6 of 13
Change in share count Balance sheet -6.7% 0.9% 3 of 13
Days sales outstanding Balance sheet 56 days 48 days 10 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
Acute Care Hospital Services $9.9B 57.0% ▲ 11.0%
Behavioral Health Services $7.4B 42.6% ▲ 8.0%
State Medicaid Programs $56M 0.3% ▲ 5.7%
All Other Segments $13.4M 0.1% ▲ 27.1%
Products and services
Line of business Revenue Share YoY
Managed Care $4.9B 28.2% ▲ 9.0%
Medicaid $2.7B 15.5% ▲ 19.3%
Managed Medicaid $2.5B 14.3% ▲ 7.8%
Managed Medicare $2.1B 12.0% ▲ 10.4%
Medicare $1.9B 10.7% ▲ 11.2%
Other Patient Revenue and Adjustments Net $1.2B 7.1% ▲ 11.5%
Other Non Patient Revenue $1.1B 6.4% ▼ 9.3%
UK Revenue $1B 5.8% ▲ 13.8%

From Universal Health Services's 10-K filed February 25, 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
$8.5B
Institutions reporting
591
Shares held vs prior quarter
▲ 10.2%
Positions opened / closed
61 / 122

Top buyers and sellers, Q2 2026: 278 institutions bought and 363 sold ; the biggest buyer was First Eagle Investment Management, LLC (+4.7M shares) and the biggest seller Goldman Sachs Group Inc (−729K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $1.4B 9.1M 16.0% ▲ 105.9%
Blackrock, Inc. $604M 4.1M 7.1% ▼ 6.6%
Vanguard Capital Management LLC $504M 3.4M 6.0% ▼ 1.8%
Vanguard Portfolio Management LLC $365M 2.5M 4.3% ▼ 2.2%
Dimensional Fund Advisors LP $329M 2.2M 3.9% ▲ 24.1%
State Street Corp $313M 2.1M 3.7% ▼ 18.5%
Geode Capital Management, LLC $293M 2.0M 3.5% ▲ 1.3%
Pzena Investment Management LLC $293M 2.0M 3.5% ▲ 3.0%
Invesco Ltd. $290M 2.0M 3.4% ▲ 22.8%
FMR LLC $211M 1.4M 2.5% ▲ 7.8%
Arrowstreet Capital, Limited Partnership $211M 1.4M 2.5% ▲ 15.4%
Los Angeles Capital Management LLC $159M 1.1M 1.9% ▲ 60.7%

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 Universal Health Services's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $980,455 4 trades by 2 insiders · 0% under pre-set plans
Net ▼ $980,455 net selling
Insider Date Trade Shares Price Value
Sussman Elliot J Md Mba Director March 13, 2026 Sell 356 $193.37 $68,840
Sussman Elliot J Md Mba Director March 11, 2026 Sell 318 $186.35 $59,259
Nimetz Warren J. Director November 11, 2025 Sell 3,675 $223.28 $820,554
Nimetz Warren J. Director November 11, 2025 Sell 142 $223.96 $31,802

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 8 trades and filings

No trades in Universal Health Services disclosed in the last 12 months; 8 earlier trades on record.

  • Julia Letlow(R-LA 5):Purchase, $1,001 - $15,000, traded October 23, 2025, filed January 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $1,001 - $15,000, traded March 18, 2020, filed April 16, 2020
  • Lizzie Fletcher(D-TX 7):Sale (full), $1,001 - $15,000, traded February 26, 2019, filed April 23, 2019

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 28, 2026
  • April 28, 2026
  • February 26, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Universal Health Services 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.

Universal Health Services in brief

What does Universal Health Services do?
Universal Health Services is a US-listed company in the health care facilities industry. Its financial year ends in December.
What is Universal Health Services's stock ticker?
Universal Health Services trades under the ticker UHS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Universal Health Services's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Universal Health Services reported revenue of $18.1B, 10.0% higher than a year earlier, according to its SEC filings.
What is Universal Health Services's free cash flow?
Universal Health Services's free-cash-flow margin is 4.7% of revenue over the trailing twelve months, ranking 7 of the 13 health care facilities companies we cover.
What is Universal Health Services's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Universal Health Services's free cash flow after stock-based pay gives ~$320 per share in the base case, and ~$220–$450 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Universal Health Services's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Universal Health Services buying back stock, and does it pay a dividend?
Universal Health Services spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count fell 6.7% over the year.
What is Universal Health Services's market cap?
On November 2, 2026, Universal Health Services's market capitalisation was about $11.2B, with a price-to-earnings ratio of 7.4 and net debt of $4.8B. Market figures come from third-party market data and may be delayed.
Does Universal Health Services pay a dividend?
Yes: Universal Health Services paid $49.6M in dividends over the trailing twelve months, a dividend yield of 0.46% and a payout ratio of 3.2%.
How much debt does Universal Health Services have?
Universal Health Services's debt-to-equity ratio is 64.6%, from its latest balance sheet (68.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Universal Health Services's competitors?
In our Health Care Facilities peer group, the companies closest to Universal Health Services are Ensign Group, Inc, Pacs Group, Inc., HCA Healthcare, Acadia Healthcare Company, Inc. and Surgery Partners, Inc. The side-by-side comparison below sets their revenue, margins and growth against Universal Health Services's.
Are insiders buying or selling Universal Health Services stock?
Over the last 12 months, Universal Health Services's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Universal Health Services'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 — Universal Health Services announces its own schedule.