HCA Healthcare Inc.
HCAFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$19.1B
Q1 2026 · +4.5% YoY
TTM ROIC
18.1%
FY2025 · NOPAT / Invested Capital (NOPAT = Operating Income × (1 − 25%); Invested Capital = Total Assets − Cash − Non-interest-bearing current liabilities) · WACC ~6.8% · Moat spread +11.2pp
Financial Snapshot
ticker: HCA step: 04 generated: 2026-05-12 source: quick-research
HCA Healthcare, Inc. (HCA) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $60.2B | $64.97B | $70.6B | $75.6B | +7.1% |
| Same-Facility Admissions Growth | -2.0% | +3.6% | +5.5% | +2.4% | |
| Adj EBITDA | $12.2B | $12.65B | $13.88B | $15.57B | +12.1% |
| EBITDA Margin | 20.3% | 19.5% | 19.7% | 20.6% | +90bps |
| Net Income | $5.64B | $5.24B | $5.76B | $6.78B | +18% |
| Diluted EPS | $19.20 | $19.65 | $22.00 | $28.33 | +29% |
FY25: Same-facility admissions +2.4% in Q4; full-year inpatient + outpatient surgery + ER visits all positive. Adj EBITDA +12%; EBITDA margin 20.6% (record high). EPS +29% (driven by share buybacks compounding effect).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$11.5B |
| Free Cash Flow | ~$6.5B |
| Capex | ~$5.2B (record investment) |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$42B |
| Net Debt/EBITDA | ~2.7x |
| Buybacks | $10B authorized (early 2026) |
Key Ratios (approximate)
- P/E: ~16x | EV/EBITDA: ~9-10x | FCF Yield: ~5.5%
- Revenue Growth (TTM): ~7% | Op Margin: ~15%
- Dividend Yield: ~1.0% | Modest dividend; capital return primarily via buybacks
- Aggressive buybacks: ~$8-10B annually = ~7-8% share count reduction
Growth Profile
Long-term: 5-7% revenue growth (admissions + price/acuity) + 100bps margin expansion + 10-12% adj EBITDA growth + 12-15% EPS growth (with aggressive buybacks). $5.2B capex plan adds 600-700 beds annually + ORs + ASCs. Hub-and-spoke + AI/analytics = $400M resiliency program savings.
Forward Estimates
- FY 2026: Revenue ~$80B; adj EBITDA $16-17B; adj EPS $29.10-31.50 (raised guidance)
- ACA + Medicaid headwind: $600-900M EBITDA hit (manageable)
- FY 2027: Adj EPS ~$33-36 with full-year 2026 buybacks compounding
- $10B buyback authorization (Jan 2026) for 2026-27 execution
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $HCA.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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