HCANYSEServices-General Medical & Surgical Hospitals, NECFiscal year ends December 31
HCA Healthcare, Inc.
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 28, 2026
$454.88−3.96 (-0.86%)
Close on Oct 19, 2026
- Market cap
- $103.10B
- P/E (TTM)
- 15.6
- Dividend yield
- 0.63%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
9.0%+1.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.1% | +7.9% | +8.0% | – | |
| Net income | +17.8% | +6.3% | +12.6% | +12.3% | |
| EPS, diluted | +28.8% | +13.9% | +21.0% | +19.0% | |
| Free cash flow | +36.4% | +23.1% | +3.8% | +12.5% | |
| Dividend per share | +9.1% | +8.7% | +46.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -38.8% | -335.8% | -159.1% | |
| Return on assets | 8.7% | 8.1% | 11.3% | |
| Current ratio | 1.56 | 1.42 | 0.97 | |
| Debt to equity | -4.30 | 54.20 | -7.71 | |
| Capex to revenue | 6.7% | 5.5% | 6.5% | |
| Diluted shares | 396M | 344M | 239M |
Where the cash went
Fiscal 2021 to 2025, five years combined
HCA Healthcare generated $50.06B from operations and spent $60.98B on capital expenditure, dividends and share buybacks. 37% of that went back into the business.
Generated
$50.06B
Used
$60.98B
Capital expenditure$22.54B37%Dividends$3.31B5%Share buybacks$35.14B58%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin9.0%
×Asset turnover1.26×
×Equity multiplier-14.10×
=Return on equity, FY2025-159.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.0% | 1.26× | -14.10× | -159.1% |
| FY2024 | 8.2% | 1.22× | -27.08× | -269.6% |
| FY2023 | 8.1% | 1.20× | -23.93× | -230.9% |
| FY2022 | 9.4% | 1.17× | -27.89× | -305.0% |
| FY2021 | 11.8% | 1.20× | -272.11× | -3853.7% |
| FY2020 | 7.3% | 1.11× | -41.39× | -335.8% |
| FY2019 | 6.8% | 1.22× | -10.86× | -90.4% |
| FY2018 | 8.1% | 1.23× | -6.45× | -64.4% |
| FY2017 | 5.1% | 1.24× | -4.99× | -31.4% |
| FY2016 | 7.0% | 1.25× | -4.46× | -38.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$6.78B
- Cash generatingOperating cash flow above zero$12.64B
- Return on assets improvedROA up on the prior year10.2% → 11.4%
- Earnings backed by cashOperating cash flow above net income$12.64B vs $6.78B
- Less leverageLong-term debt to assets fell64.4% → 68.5%
- Better liquidityCurrent ratio rose1.08 → 0.97
- No dilutionShare count did not rise262M → 239M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.26 → 1.27