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Largest for-profit hospital operator in the US, running acute-care hospitals and outpatient facilities.
Largest for-profit hospital operator in the US, running acute-care hospitals and outpatient facilities.
Is paid per patient by insurers and government programs under negotiated rates, with commercially insured patients paying the most per case. Hospitals in dense urban markets, concentrated in Florida and Texas, feed patients into its outpatient centres and physician groups. Hospital capacity in those fast-growing states carries most of the business.
Moat: narrow (scale, installed base, regulatory licence). Large multi-market hospital network scale gives payer negotiating leverage and referral density.
Headquarters: Nashville, Tennessee, US · Founded: 1968 · Employees: 320,000
Size HCA Healthcare (HCA) is a United States Health Care company (Hospital/Nursing Management) with a market value of $103B, the 120th largest of 3,117 United States companies the cockpit tracks. Shares closed at $494.99 on 6 Nov 2026.
Performance Over six months the shares gained 14.0%, against +10.6% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 5.8% over the last twelve months (peer median +7.6%); the operating margin is 15.3% (peer median 13.2%).
Valuation It trades at 16.2× forward earnings against a peer median of 36.5× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.2 points above its cost of capital (8.7% WACC).
Credit HCA Healthcare has 48 bonds outstanding ($44.2B), rated BBB by the agencies and trading like BBB at a weighted spread of 96 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $78.7B | $75.6B | $70.6B | $65.0B | $60.2B |
| Revenue growth | — | +7% | +9% | +8% | — |
| Gross profit | $12.1B | $12.0B | $10.5B | $9.63B | $9.05B |
| EBITDA | $15.8B | $15.5B | $13.9B | $12.7B | $12.0B |
| Net income | $6.78B | $6.78B | $5.76B | $5.24B | $5.64B |
| Free cash flow | $5.97B | $7.69B | $5.64B | $4.69B | $4.13B |
| Capital expenditure | $5.20B | $4.94B | $4.88B | $4.74B | $4.39B |
| Total debt | $52.4B | $48.7B | $45.2B | $41.9B | $40.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HCA Healthcare HCA | $103B | +14% | +6% | 15% | 16.2× | 3.3% |
| Tenet Healthcare THC | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% |
| Universal Health Services UHS | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% |
| Community Health Systems CYH | $312M | -21% | -8% | 7% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HCA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.2% | +6.3% | 7th highest of 21 |
| 6-month return | +14.0% | +10.6% | 10th highest of 20 |
| Distance from 52-week high | -10.8% | -12.9% | 11th highest of 21 |
| Revenue growth (TTM) | +5.8% | +7.6% | 7th lowest of 21 |
| Operating margin | 15.3% | 13.2% | 7th highest of 21 |
| Forward P/E | 16.2× | 36.5× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.3% | 13.7% | 4th least demanding of 19 |
| Growth delivered (Del g) | +8.0% | +9.2% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | -4.7 pp | +3.8 pp | 6th least demanding of 19 |
| ROIC minus cost of capital | +11.2 pp | -0.7 pp | 3rd highest of 21 |
| EV / EBITDA | 10.0× | 22.2× | 3rd cheapest of 17 |
| Net debt / EBITDA | 3.3× | 2.2× | 8th most indebted of 17 |
| Bond spread | 96 bp | 115 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HCA Healthcare HCA | United States | $103B | +14% | +6% | 15% | 16.2× | 3.3% | +8.0% |
| Fresenius SE & Co. KGaA FRE.DE | Germany | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% | -8.8% |
| Tenet Healthcare THC | United States | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% | +3.9% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | India | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% | +19.0% |
| Universal Health Services UHS | United States | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% | +8.5% |
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
| PACS PACS | United States | $7.87B | +48% | +11% | 8% | 19.2× | 7.6% | +29.7% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
HCA Healthcare has 48 bonds outstanding with $44.2B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.78%, a spread of 96 bp over government bonds.