HCA Healthcare, Inc.
$499.05
−1.61 (−0.32%) · delayed · Nov 13, 2026
Five-year price
52w $353.99 to $556.52
- Market cap
- $104.2B
- Enterprise value
- $149.7B
- P/E
- 17.6×
- 21.6× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 7.4%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- –ROE > 15% (5y avg)5y avg ROE n/a
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 90% (5y avg)
- ●Growing revenueRevenue CAGR 5y 8.0%
- ●Shrinking share countDiluted shares -30.3% over 5y
Value
n/a
- ○P/E below 15P/E 17.6
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 7.4%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
33
- –Debt / equity below 0.5D/E n/a
- ○Debt payable in < 4 yrs of earningsNet debt $45.5B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 0.97
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $75.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.97
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 190%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 21.6
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $499.05, the market is pricing in about 5.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $45.5B · 209M shares · 5y revenue CAGR 8.0%
Intrinsic value
$662.10
Price
$499.05
Margin of safety
25%
What the price implies
The market is paying for 5.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
60% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 41,490 | 43,614 | 46,677 | 51,336 | 51,533 | 58,752 | 60,233 | 64,968 | 70,603 | 75,600 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 4,810 | 4,381 | 5,335 | 5,244 | 5,430 | 9,833 | 8,580 | 7,706 | 8,523 | 9,832 |
| Income tax | 1,378 | 1,638 | 946 | 1,099 | 1,043 | 2,112 | 1,746 | 1,615 | 1,866 | 2,050 |
| Net income | 2,890 | 2,216 | 3,787 | 3,505 | 3,754 | 6,956 | 5,643 | 5,242 | 5,760 | 6,784 |
| EPS (diluted) | 7.30 | 5.95 | 10.66 | 10.07 | 10.93 | 21.16 | 19.15 | 18.97 | 22.00 | 28.33 |
| Diluted shares | 396 | 372 | 355 | 348 | 344 | 329 | 295 | 276 | 262 | 239 |
Who owns it