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HCA Healthcare (HCA) Financials

HCA Healthcare logo
$407.55 +2.50 (+0.62%)
Closing price 08/28/2025 03:59 PM Eastern
Extended Trading
$407.33 -0.22 (-0.05%)
As of 08/28/2025 05:23 PM Eastern
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Annual Income Statements for HCA Healthcare

Annual Income Statements for HCA Healthcare

This table shows HCA Healthcare's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 1,875 2,129 2,890 2,216 3,787 3,505 3,754 6,956 5,643 5,242 5,760
Consolidated Net Income / (Loss)		 2,373 2,696 3,432 2,743 4,389 4,145 4,387 7,721 6,834 6,091 6,657
Net Income / (Loss) Continuing Operations		 2,373 2,696 3,432 2,743 4,389 4,145 4,387 7,721 6,834 6,091 6,657
Total Pre-Tax Income 		3,481 3,957 4,810 4,381 5,335 5,244 5,430 9,833 8,580 7,706 8,523
Total Operating Income		 5,594 5,960 6,467 6,065 7,090 7,236 7,255 11,298 10,354 9,622 10,584
Total Gross Profit		 14,015 21,563 22,593 36,298 17,528 42,855 27,659 31,973 50,862 35,481 28,678
Total Revenue		 40,087 43,591 41,490 43,614 46,677 51,336 51,533 58,752 60,233 64,968 70,603
Operating Revenue		 40,087 43,591 41,490 43,614 46,677 51,336 51,533 58,752 60,233 64,968 70,603
Total Cost of Revenue		 26,072 22,028 18,897 7,316 29,149 8,481 23,874 26,779 9,371 29,487 41,925
Operating Cost of Revenue		 22,903 18,115 18,897 7,316 29,149 8,481 23,874 26,779 9,371 29,487 41,925
Total Operating Expenses		 8,421 15,603 16,126 30,233 10,438 35,619 20,404 20,675 40,508 25,859 18,094
Selling, General & Admin Expense		 6,755 13,694 14,429 28,110 8,608 33,041 17,676 19,442 38,840 22,777 14,819
Depreciation Expense		 1,820 1,904 1,966 2,131 2,278 2,596 2,721 2,853 2,969 3,077 3,312
Other Operating Expenses / (Income)		 -125 - -246 - -20 - - - - - -23
Other Special Charges / (Income)		 -29 5.00 -23 -8.00 -428 -18 7.00 -1,620 -1,301 5.00 -14
Total Other Income / (Expense), net		 -2,113 -2,003 -1,657 -1,684 -1,755 -1,992 -1,825 -1,465 -1,774 -1,916 -2,061
Interest Expense		 2,078 1,800 1,711 1,729 1,755 2,035 1,879 1,578 1,819 1,938 2,061
Income Tax Expense		 1,108 1,261 1,378 1,638 946 1,099 1,043 2,112 1,746 1,615 1,866
Net Income / (Loss) Attributable to Noncontrolling Interest		 498 567 542 527 602 640 633 765 1,191 849 897
Basic Earnings per Share		 $4.30 $5.14 $7.53 $6.12 $10.90 $10.27 $11.10 $21.52 $19.43 $19.25 $22.27
Weighted Average Basic Shares Outstanding		 435.67M 414.19M 383.59M 362.31M 347.30M 341.21M 338.27M 323.32M 290.35M 272.40M 258.60M
Diluted Earnings per Share		 $4.16 $4.99 $7.30 $5.95 $10.66 $10.07 $10.93 $21.16 $19.15 $18.97 $22.00
Weighted Average Diluted Shares Outstanding		 450.35M 426.72M 395.85M 372.22M 355.30M 348.23M 343.61M 328.75M 294.67M 276.41M 261.81M
Weighted Average Basic & Diluted Shares Outstanding		 436M 414.20M 383.80M 362.10M 347.40M 338.43M 339.92M 303.60M 276.97M 264.50M 248.34M
Cash Dividends to Common per Share		 - - - - $1.40 $1.60 $0.43 $1.92 $2.24 $2.40 $2.64

Quarterly Income Statements for HCA Healthcare

This table shows HCA Healthcare's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 2,081 1,363 1,193 1,079 1,607 1,591 1,461 1,270 1,438 1,610 1,653
Consolidated Net Income / (Loss)		 2,646 1,543 1,412 1,275 1,861 1,802 1,687 1,482 1,686 1,825 1,891
Net Income / (Loss) Continuing Operations		 2,646 1,543 1,412 1,275 1,861 1,802 1,687 1,482 1,686 1,825 1,891
Total Pre-Tax Income 		3,302 1,922 1,809 1,630 2,345 2,247 2,237 1,906 2,133 2,327 2,415
Total Operating Income		 3,739 2,401 2,301 2,094 2,826 2,759 2,743 2,406 2,676 2,856 2,964
Total Gross Profit		 26,756 8,507 13,383 8,657 4,934 6,961 14,858 9,626 -2,767 10,324 10,467
Total Revenue		 15,497 15,591 15,861 16,213 17,303 17,339 17,492 17,487 18,285 18,321 18,605
Operating Revenue		 15,497 15,591 15,861 16,213 17,303 17,339 17,492 17,487 18,285 18,321 18,605
Total Cost of Revenue		 -11,259 7,084 2,478 7,556 12,369 10,378 2,634 7,861 21,052 7,997 8,138
Operating Cost of Revenue		 -11,259 7,084 2,478 7,556 12,369 10,378 2,634 7,861 21,052 7,997 8,138
Total Operating Expenses		 23,017 6,106 11,082 6,563 2,108 4,202 12,115 7,220 -5,443 7,468 7,503
Selling, General & Admin Expense		 23,593 5,317 10,320 5,796 1,344 3,606 11,308 6,374 -6,469 6,609 6,637
Depreciation Expense		 750 756 763 769 789 795 819 842 856 860 863
Other Special Charges / (Income)		 -1,326 15 -1.00 -2.00 -7.00 -201 -12 4.00 195 -1.00 3.00
Total Other Income / (Expense), net		 -437 -479 -492 -464 -481 -512 -506 -500 -543 -529 -549
Interest Expense		 453 479 485 483 491 512 506 515 528 547 568
Interest & Investment Income		 16 - -7.00 19 - - 0.00 15 - 18 19
Income Tax Expense		 656 379 397 355 484 445 550 424 447 502 524
Net Income / (Loss) Attributable to Noncontrolling Interest		 565 180 219 196 254 211 226 212 248 215 238
Basic Earnings per Share		 $7.30 $4.92 $4.35 $3.98 $6.00 $6.01 $5.60 $4.94 $5.72 $6.52 $6.91
Weighted Average Basic Shares Outstanding		 290.35M 276.91M 274.49M 271.17M 272.40M 264.44M 261.16M 256.76M 258.60M 246.94M 239.17M
Diluted Earnings per Share		 $7.20 $4.85 $4.29 $3.91 $5.92 $5.93 $5.53 $4.88 $5.66 $6.45 $6.83
Weighted Average Diluted Shares Outstanding		 294.67M 280.96M 278.20M 275.42M 276.41M 268.02M 264.07M 259.92M 261.81M 249.44M 241.91M
Weighted Average Basic & Diluted Shares Outstanding		 276.97M 275.19M 271.99M 267.66M 264.50M 261.91M 258.07M 253.30M 248.34M 240.57M 233.99M
Cash Dividends to Common per Share		 - $0.60 $0.60 $0.60 - $0.66 $0.66 $0.66 - $0.72 $0.72

Annual Cash Flow Statements for HCA Healthcare

This table details how cash moves in and out of HCA Healthcare's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 152 175 -95 86 -215 119 1,172 -342 -543 27 998
Net Cash From Operating Activities		 4,448 4,633 5,653 5,426 6,761 7,602 9,232 8,959 8,522 9,431 10,514
Net Cash From Continuing Operating Activities		 4,448 4,734 5,653 5,426 6,761 7,602 9,232 8,959 8,522 9,431 10,514
Net Income / (Loss) Continuing Operations		 2,373 2,696 3,432 2,743 4,389 4,145 4,387 7,721 6,834 6,091 6,657
Consolidated Net Income / (Loss)		 2,373 2,696 3,432 2,743 4,389 4,145 4,387 7,721 6,834 6,091 6,657
Depreciation Expense		 1,820 1,904 1,966 2,131 2,278 2,596 2,721 2,853 2,969 3,077 3,312
Amortization Expense		 42 35 34 31 31 30 30 27 29 35 35
Non-Cash Adjustments To Reconcile Net Income		 3,729 4,595 56 315 -44 669 775 -1,069 -729 456 594
Changes in Operating Assets and Liabilities, net		 -3,516 -4,597 165 206 107 162 1,319 -573 -581 -228 -84
Net Cash From Investing Activities		 -2,918 -2,583 -3,240 -4,279 -3,901 -5,720 -3,393 -2,643 -3,389 -5,317 -4,933
Net Cash From Continuing Investing Activities		 -2,918 -2,583 -3,240 -4,279 -3,901 -5,720 -3,393 -2,643 -3,389 -5,317 -4,933
Purchase of Property, Plant & Equipment		 -2,176 -2,375 -2,760 -3,015 -3,573 -4,158 -2,835 -3,577 -4,395 -4,744 -4,875
Purchase of Investments		 -766 -351 -576 -1,285 -1,253 -1,682 -568 -1,105 -224 -635 -266
Divestitures		 51 73 26 25 808 61 68 2,160 1,237 193 328
Sale and/or Maturity of Investments		 -37 63 64 - 57 25 -20 -117 14 -112 -115
Other Investing Activities, net		 10 7.00 6.00 -4.00 60 34 -38 -4.00 -21 -19 -5.00
Net Cash From Financing Activities		 -1,378 -1,976 -2,508 -1,061 -3,075 -1,771 -4,677 -6,655 -5,656 -4,094 -4,582
Net Cash From Continuing Financing Activities		 -1,378 -1,976 -2,508 -1,061 -3,075 -1,771 -4,677 -6,655 -5,656 -4,094 -4,582
Repayment of Debt		 -4,688 -4,632 -4,723 -824 -2,617 -6,099 -6,157 -1,411 -2,975 -2,206 -4,634
Repurchase of Common Equity		 -1,750 -2,397 -2,751 -2,051 -1,530 -1,031 -441 -8,215 -7,000 -3,811 -6,042
Payment of Dividends		 -442 -495 -434 -448 -928 -1,092 -779 -1,373 -1,678 -1,301 -1,401
Issuance of Debt		 5,502 5,548 5,400 2,262 2,000 6,451 2,700 4,344 5,997 3,224 7,495
Other Net Changes in Cash		 - - 0.00 - - - - - - 7.00 -1.00
Cash Interest Paid		 1,758 1,650 1,666 1,700 1,744 1,914 1,607 1,502 1,662 1,892 1,938
Cash Income Taxes Paid		 1,057 1,186 1,255 1,205 872 849 1,002 2,182 1,175 1,386 1,844

Quarterly Cash Flow Statements for HCA Healthcare

This table details how cash moves in and out of HCA Healthcare's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -91 -66 20 29 44 349 -453 2,057 -955 -873 -121
Net Cash From Operating Activities		 2,527 1,803 2,475 2,479 2,674 2,469 1,971 3,515 2,559 1,651 4,210
Net Cash From Continuing Operating Activities		 2,527 1,803 2,475 2,479 2,674 2,469 1,971 3,515 2,559 1,651 4,210
Net Income / (Loss) Continuing Operations		 2,646 1,543 1,412 1,275 1,861 1,802 1,687 1,482 1,686 1,825 1,891
Consolidated Net Income / (Loss)		 2,646 1,543 1,412 1,275 1,861 1,802 1,687 1,482 1,686 1,825 1,891
Depreciation Expense		 750 756 763 769 789 795 819 842 856 860 863
Amortization Expense		 7.00 9.00 8.00 9.00 9.00 9.00 8.00 9.00 9.00 11 14
Non-Cash Adjustments To Reconcile Net Income		 -1,214 165 119 99 73 -51 187 117 341 150 150
Changes in Operating Assets and Liabilities, net		 338 -670 173 327 -58 -86 -730 1,065 -333 -1,195 1,292
Net Cash From Investing Activities		 -793 -1,151 -1,257 -1,312 -1,597 -903 -1,332 -1,352 -1,346 -1,032 -1,251
Net Cash From Continuing Investing Activities		 -793 -1,151 -1,257 -1,312 -1,597 -903 -1,332 -1,352 -1,346 -1,032 -1,251
Purchase of Property, Plant & Equipment		 -1,323 -1,197 -1,241 -1,147 -1,159 -1,118 -1,281 -1,191 -1,285 -991 -1,176
Purchase of Investments		 -48 -115 -9.00 -157 -354 -96 -35 -93 -42 -227 -99
Divestitures		 585 165 7.00 11 10 310 1.00 1.00 16 161 6.00
Sale and/or Maturity of Investments		 4.00 -13 -3.00 -14 -82 2.00 -16 -71 -30 28 13
Other Investing Activities, net		 -11 9.00 -11 -5.00 -12 -1.00 -1.00 2.00 -5.00 -3.00 5.00
Net Cash From Financing Activities		 -1,838 -725 -1,198 -1,132 -1,039 -1,216 -1,093 -110 -2,163 -1,495 -3,089
Net Cash From Continuing Financing Activities		 -1,838 -725 -1,198 -1,132 -1,039 -1,216 -1,093 -110 -2,163 -1,495 -3,089
Repayment of Debt		 291 483 -3,182 323 170 -4,182 631 -966 -117 -3,822 -239
Repurchase of Common Equity		 -1,519 -846 -915 -1,140 -910 -1,180 -1,367 -1,795 -1,700 -2,506 -2,505
Payment of Dividends		 -631 -362 -319 -317 -303 -337 -357 -361 -346 -400 -345
Cash Interest Paid		 333 574 351 535 432 538 405 462 533 539 535
Cash Income Taxes Paid		 244 7.00 766 297 316 1.00 998 487 358 10 136

Annual Balance Sheets for HCA Healthcare

This table presents HCA Healthcare's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 30,980 32,744 33,758 36,593 39,207 45,058 47,490 50,742 52,438 56,211 59,513
Total Current Assets		 8,930 9,232 9,086 9,977 10,213 11,196 12,333 13,542 13,643 14,927 16,414
Cash & Equivalents		 566 741 646 732 502 621 1,793 1,451 908 935 1,933
Accounts Receivable		 5,694 5,889 5,826 6,501 6,789 7,380 7,051 8,095 8,891 9,958 10,751
Inventories, net		 1,279 1,439 1,503 1,573 1,732 1,849 2,025 1,986 2,068 2,021 1,738
Other Current Assets		 1,025 1,163 1,111 1,171 1,190 1,346 1,464 2,010 1,776 2,013 1,992
Plant, Property, & Equipment, net		 14,355 15,014 16,352 17,895 19,757 22,715 23,199 24,063 25,575 27,715 29,414
Plant, Property & Equipment, gross		 32,980 34,614 37,055 40,084 85,930 47,235 49,317 51,350 54,757 58,548 62,514
Accumulated Depreciation		 18,625 19,600 20,703 22,189 23,208 24,520 26,118 27,287 29,182 30,833 33,100
Total Noncurrent Assets		 7,695 8,498 8,320 8,721 9,237 11,147 11,570 13,137 13,220 13,569 13,685
Long-Term Investments		 659 610 542 617 594 564 422 886 1,204 1,233 1,231
Goodwill		 6,416 6,731 6,704 7,394 7,953 8,269 8,578 9,540 9,653 9,945 10,093
Other Noncurrent Operating Assets		 620 1,157 1,074 710 690 2,314 2,570 2,711 2,363 2,391 2,361
Total Liabilities & Shareholders' Equity		 30,980 32,744 33,758 36,593 39,207 45,058 47,490 50,742 52,438 56,211 59,513
Total Liabilities		 37,478 38,790 39,391 41,588 42,125 45,623 44,598 49,253 52,511 55,151 58,958
Total Current Liabilities		 5,480 5,516 5,834 6,158 7,569 7,757 8,704 9,582 9,902 12,655 15,177
Short-Term Debt		 338 233 216 200 788 145 209 237 370 2,424 4,698
Accounts Payable		 2,035 2,170 2,318 2,606 2,577 2,905 3,535 4,111 4,239 4,233 4,276
Accrued Expenses		 3,107 3,113 3,300 3,352 4,204 4,707 4,960 5,234 5,293 5,998 6,203
Total Noncurrent Liabilities		 31,998 33,274 33,557 35,430 34,556 37,866 35,894 39,671 42,609 42,496 43,781
Long-Term Debt		 29,088 30,255 31,160 32,858 32,033 33,577 30,795 34,342 37,714 37,169 38,333
Noncurrent Deferred & Payable Income Tax Liabilities		 1,832 1,904 1,249 1,374 1,248 1,420 1,940 2,060 1,615 1,867 2,041
Other Noncurrent Operating Liabilities		 1,078 1,115 1,148 1,198 1,275 2,869 3,159 3,269 3,280 3,460 3,407
Total Equity & Noncontrolling Interests		 -6,498 -6,046 -5,633 -4,995 -2,918 -565 2,892 1,489 -73 1,060 555
Total Preferred & Common Equity		 -7,894 -7,599 -7,302 -6,806 -4,950 -2,808 572 -933 -2,767 -1,774 -2,499
Total Common Equity		 -7,894 -7,599 -7,302 -6,806 -4,950 -2,808 572 -933 -2,767 -1,774 -2,499
Common Stock		 4.00 4.00 4.00 4.00 3.00 3.00 297 3.00 3.00 3.00 3.00
Retained Earnings		 -7,575 -7,338 -6,968 -6,532 -4,572 -2,351 777 -532 -2,280 -1,352 -2,115
Accumulated Other Comprehensive Income / (Loss)		 -323 -265 -338 -278 -381 -460 -502 -404 -490 -425 -387
Noncontrolling Interest		 1,396 1,553 1,669 1,811 2,032 2,243 2,320 2,422 2,694 2,834 3,054

Quarterly Balance Sheets for HCA Healthcare

This table presents HCA Healthcare's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 52,438 52,711 53,594 54,589 56,211 56,962 57,379 59,459 59,513 59,798 59,536
Total Current Assets		 13,643 13,541 13,888 14,294 14,927 15,282 15,173 16,662 16,414 16,258 15,563
Cash & Equivalents		 908 842 862 891 935 1,284 831 2,888 1,933 1,060 939
Accounts Receivable		 8,891 8,657 8,713 9,182 9,958 10,044 10,239 9,915 10,751 11,088 10,459
Inventories, net		 2,068 2,085 2,050 2,030 2,021 1,903 1,800 1,776 1,738 1,794 1,792
Other Current Assets		 1,776 1,957 2,263 2,191 2,013 2,051 2,303 2,083 1,992 2,316 2,373
Plant, Property, & Equipment, net		 25,575 26,053 26,644 27,117 27,715 28,096 28,639 29,047 29,414 29,738 30,123
Plant, Property & Equipment, gross		 54,757 55,463 56,667 57,772 58,548 59,440 60,625 61,750 62,514 63,680 64,388
Accumulated Depreciation		 29,182 29,410 30,023 30,655 30,833 31,344 31,986 32,703 33,100 33,942 34,265
Total Noncurrent Assets		 13,220 13,117 13,062 13,178 13,569 13,584 13,567 13,750 13,685 13,802 13,850
Long-Term Investments		 1,204 1,176 1,115 1,121 1,233 1,207 1,185 1,258 1,231 1,207 1,185
Goodwill		 9,653 9,590 9,641 9,778 9,945 9,967 9,963 9,982 10,093 10,237 10,273
Other Noncurrent Operating Assets		 2,363 2,351 2,306 2,279 2,391 2,410 2,419 2,510 2,361 2,358 2,392
Total Liabilities & Shareholders' Equity		 52,438 52,711 53,594 54,589 56,211 56,962 57,379 59,459 59,513 59,798 59,536
Total Liabilities		 52,511 52,479 53,133 54,232 55,151 55,692 56,040 58,673 58,958 60,236 60,774
Total Current Liabilities		 9,902 11,028 11,545 12,407 12,655 13,141 14,301 14,900 15,177 13,631 15,939
Short-Term Debt		 370 2,378 2,395 2,553 2,424 3,028 4,574 4,682 4,698 3,519 5,104
Accounts Payable		 4,239 3,769 3,823 4,139 4,233 4,735 4,029 4,235 4,276 4,488 4,250
Accrued Expenses		 5,293 4,881 5,327 5,715 5,998 5,378 5,698 5,983 6,203 5,624 6,585
Total Noncurrent Liabilities		 42,609 41,451 41,588 41,825 42,496 42,551 41,739 43,773 43,781 46,605 44,835
Long-Term Debt		 37,714 36,478 36,537 36,793 37,169 37,163 36,306 38,283 38,333 41,057 39,379
Noncurrent Deferred & Payable Income Tax Liabilities		 1,615 1,692 1,691 1,666 1,867 1,905 1,966 1,982 2,041 2,191 2,069
Other Noncurrent Operating Liabilities		 3,280 3,281 3,360 3,366 3,460 3,483 3,467 3,508 3,407 3,357 3,387
Total Equity & Noncontrolling Interests		 -73 232 461 357 1,060 1,270 1,339 786 555 -438 -1,238
Total Preferred & Common Equity		 -2,767 -2,495 -2,303 -2,477 -1,774 -1,615 -1,600 -2,182 -2,499 -3,519 -4,394
Total Common Equity		 -2,767 -2,495 -2,303 -2,477 -1,774 -1,615 -1,600 -2,182 -2,499 -3,519 -4,394
Common Stock		 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 2.00 2.00
Retained Earnings		 -2,280 -2,028 -1,850 -1,989 -1,352 -1,185 -1,170 -1,807 -2,115 -3,164 -4,087
Accumulated Other Comprehensive Income / (Loss)		 -490 -470 -456 -491 -425 -433 -433 -378 -387 -357 -309
Noncontrolling Interest		 2,694 2,727 2,764 2,834 2,834 2,885 2,939 2,968 3,054 3,081 3,156

Annual Metrics And Ratios for HCA Healthcare

This table displays calculated financial ratios and metrics derived from HCA Healthcare's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.38% 8.74% -4.82% 5.12% 7.02% 9.98% 0.38% 14.01% 2.52% 7.86% 8.67%
EBITDA Growth		 11.96% 3.69% 10.68% -2.83% 14.25% 4.93% 1.46% 41.70% -5.83% -4.63% 9.40%
EBIT Growth		 15.35% 3.54% 13.24% -6.22% 16.90% 2.06% 0.26% 55.73% -8.36% -7.07% 10.00%
NOPAT Growth		 17.70% 6.48% 13.63% -17.70% 53.60% -1.94% 2.48% 51.35% -7.04% -7.78% 8.70%
Net Income Growth		 18.89% 13.61% 27.30% -20.08% 60.01% -5.56% 5.84% 76.00% -11.49% -10.87% 9.29%
EPS Growth		 23.44% 19.95% 46.29% -18.49% 79.16% -5.53% 8.54% 93.60% -9.50% -0.94% 15.97%
Operating Cash Flow Growth		 20.87% 4.16% 22.02% -4.02% 24.60% 12.44% 21.44% -2.96% -4.88% 10.67% 11.48%
Free Cash Flow Firm Growth		 17.69% 14.29% 17.87% -47.99% 128.26% -31.69% 156.03% -1.64% -5.51% -17.43% 26.10%
Invested Capital Growth		 7.29% 6.40% 6.34% 8.79% 7.83% 10.99% -2.12% 7.79% 6.43% 7.20% 5.03%
Revenue Q/Q Growth		 1.28% 2.00% -6.90% 8.22% 1.55% 2.49% 1.52% 1.33% 0.72% 2.86% 1.41%
EBITDA Q/Q Growth		 3.25% -1.15% 3.22% -0.96% 1.68% 1.84% 7.48% 1.86% 6.57% -6.41% -0.59%
EBIT Q/Q Growth		 4.53% -1.87% 3.87% -2.05% 1.78% 0.92% 11.14% 1.76% 8.37% -8.67% -1.40%
NOPAT Q/Q Growth		 6.36% 2.59% 3.23% -12.08% 15.54% -0.68% 12.41% 0.48% 9.61% -9.05% -1.53%
Net Income Q/Q Growth		 5.42% 2.35% 11.25% -13.93% 15.96% 0.68% 10.62% 4.20% 10.35% -11.42% -2.56%
EPS Q/Q Growth		 6.12% 4.83% 15.32% -15.12% 19.11% 0.70% 10.52% 7.79% 8.75% -6.32% -1.17%
Operating Cash Flow Q/Q Growth		 9.91% -3.54% 4.47% 0.65% 6.98% 4.54% -39.74% 205.46% 1.00% 1.58% -1.08%
Free Cash Flow Firm Q/Q Growth		 -8.28% 15.74% -1.43% -6.38% 8.27% 10.41% -45.05% 325.61% 30.06% -13.28% -2.34%
Invested Capital Q/Q Growth		 2.82% 1.47% 2.18% 0.43% 2.17% 1.05% 25.42% 4.54% 2.23% 2.11% 2.06%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 34.96% 49.47% 54.45% 83.23% 37.55% 83.48% 53.67% 54.42% 84.44% 54.61% 40.62%
EBITDA Margin		 18.41% 17.55% 20.41% 18.86% 20.14% 19.21% 19.42% 24.13% 22.17% 19.60% 19.73%
Operating Margin		 13.95% 13.67% 15.59% 13.91% 15.19% 14.10% 14.08% 19.23% 17.19% 14.81% 14.99%
EBIT Margin		 13.76% 13.10% 15.59% 13.91% 15.19% 14.10% 14.08% 19.23% 17.19% 14.81% 14.99%
Profit (Net Income) Margin		 5.92% 6.18% 8.27% 6.29% 9.40% 8.07% 8.51% 13.14% 11.35% 9.38% 9.43%
Tax Burden Percent		 68.17% 68.13% 71.35% 62.61% 82.27% 79.04% 80.79% 78.52% 79.65% 79.04% 78.11%
Interest Burden Percent		 63.11% 69.29% 74.38% 72.23% 75.25% 72.47% 74.84% 87.03% 82.87% 80.09% 80.53%
Effective Tax Rate		 31.83% 31.87% 28.65% 37.39% 17.73% 20.96% 19.21% 21.48% 20.35% 20.96% 21.89%
Return on Invested Capital (ROIC)		 18.19% 18.13% 19.37% 14.81% 21.01% 18.82% 18.53% 27.29% 23.69% 20.45% 20.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 12.98% 13.37% 15.38% 11.41% 16.46% 13.92% 13.69% 23.49% 19.55% 16.32% 16.79%
Return on Net Nonoperating Assets (RNNOA)		 -53.54% -61.12% -78.14% -66.43% -131.94% -256.83% 358.52% 325.19% 941.57% 1,213.80% 803.44%
Return on Equity (ROE)		 -35.35% -42.98% -58.77% -51.62% -110.93% -238.01% 377.05% 352.48% 965.25% 1,234.25% 824.40%
Cash Return on Invested Capital (CROIC)		 11.15% 11.93% 13.22% 6.39% 13.47% 8.41% 20.68% 19.79% 17.46% 13.50% 16.04%
Operating Return on Assets (OROA)		 18.44% 17.92% 19.45% 17.24% 18.71% 17.17% 15.68% 23.00% 20.07% 17.71% 18.29%
Return on Assets (ROA)		 7.94% 8.46% 10.32% 7.80% 11.58% 9.84% 9.48% 15.72% 13.25% 11.21% 11.51%
Return on Common Equity (ROCE)		 -42.56% -53.09% -74.99% -68.52% -164.81% -530.15% -362.31% -29.04% -2,522.20% -5,678.53% -2,181.20%
Return on Equity Simple (ROE_SIMPLE)		 -30.06% -35.48% -47.00% -40.30% -88.67% -147.61% 766.96% -827.55% -246.98% -343.35% -266.39%
Net Operating Profit after Tax (NOPAT)		 3,813 4,061 4,614 3,797 5,833 5,720 5,861 8,871 8,247 7,605 8,267
NOPAT Margin		 9.51% 9.32% 11.12% 8.71% 12.50% 11.14% 11.37% 15.10% 13.69% 11.71% 11.71%
Net Nonoperating Expense Percent (NNEP)		 5.20% 4.76% 3.99% 3.41% 4.55% 4.90% 4.84% 3.79% 4.14% 4.13% 4.17%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 21.70% 18.71% 18.97%
Cost of Revenue to Revenue		 65.04% 50.53% 45.55% 16.77% 62.45% 16.52% 46.33% 45.58% 15.56% 45.39% 59.38%
SG&A Expenses to Revenue		 16.85% 31.41% 34.78% 64.45% 18.44% 64.36% 34.30% 33.09% 64.48% 35.06% 20.99%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 21.01% 35.79% 38.87% 69.32% 22.36% 69.38% 39.59% 35.19% 67.25% 39.80% 25.63%
Earnings before Interest and Taxes (EBIT)		 5,516 5,711 6,467 6,065 7,090 7,236 7,255 11,298 10,354 9,622 10,584
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7,378 7,650 8,467 8,227 9,399 9,862 10,006 14,178 13,352 12,734 13,931
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 94.22 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.75 0.59 0.63 0.67 0.87 0.94 1.05 1.33 1.11 1.11 1.08
Price to Earnings (P/E)		 15.95 12.17 9.02 13.19 10.76 13.78 14.36 11.22 11.82 13.71 13.20
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 1.18% 1.12% 0.48% 0.87% 0.95% 0.89% 0.88%
Earnings Yield		 6.27% 8.21% 11.08% 7.58% 9.29% 7.26% 6.97% 8.91% 8.46% 7.29% 7.58%
Enterprise Value to Invested Capital (EV/IC)		 2.74 2.45 2.36 2.35 2.59 2.60 2.72 3.34 2.94 2.91 2.94
Enterprise Value to Revenue (EV/Rev)		 1.48 1.30 1.40 1.44 1.60 1.62 1.65 1.92 1.75 1.73 1.68
Enterprise Value to EBITDA (EV/EBITDA)		 8.07 7.40 6.84 7.63 7.93 8.42 8.50 7.95 7.89 8.81 8.54
Enterprise Value to EBIT (EV/EBIT)		 10.79 9.91 8.96 10.35 10.51 11.48 11.72 9.98 10.18 11.66 11.24
Enterprise Value to NOPAT (EV/NOPAT)		 15.61 13.94 12.55 16.53 12.77 14.52 14.50 12.71 12.78 14.75 14.39
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.38 12.22 10.25 11.57 11.02 10.93 9.21 12.58 12.36 11.89 11.31
Enterprise Value to Free Cash Flow (EV/FCFF)		 25.45 21.18 18.39 38.30 19.92 32.52 13.00 17.52 17.33 22.34 18.79
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -4.53 -5.04 -5.57 -6.62 -11.25 -59.69 10.72 23.22 -521.70 37.35 77.53
Long-Term Debt to Equity		 -4.48 -5.00 -5.53 -6.58 -10.98 -59.43 10.65 23.06 -516.63 35.07 69.07
Financial Leverage		 -4.12 -4.57 -5.08 -5.82 -8.02 -18.45 26.19 13.84 48.17 74.36 47.86
Leverage Ratio		 -4.45 -5.08 -5.69 -6.62 -9.58 -24.19 39.77 22.42 72.87 110.08 71.66
Compound Leverage Factor		 -2.81 -3.52 -4.24 -4.78 -7.21 -17.53 29.77 19.51 60.38 88.16 57.70
Debt to Total Capital		 128.34% 124.74% 121.88% 117.80% 109.76% 101.70% 91.47% 95.87% 100.19% 97.39% 98.73%
Short-Term Debt to Total Capital		 1.47% 0.95% 0.84% 0.71% 2.64% 0.44% 0.62% 0.66% 0.97% 5.96% 10.78%
Long-Term Debt to Total Capital		 126.87% 123.78% 121.04% 117.09% 107.12% 101.27% 90.85% 95.21% 99.22% 91.43% 87.95%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 6.09% 6.35% 6.48% 6.45% 6.80% 6.76% 6.84% 6.72% 7.09% 6.97% 7.01%
Common Equity to Total Capital		 -34.43% -31.09% -28.37% -24.25% -16.55% -8.47% 1.69% -2.59% -7.28% -4.36% -5.73%
Debt to EBITDA		 3.99 3.99 3.71 4.02 3.49 3.42 3.10 2.44 2.85 3.11 3.09
Net Debt to EBITDA		 3.82 3.81 3.57 3.85 3.38 3.30 2.88 2.27 2.69 2.94 2.86
Long-Term Debt to EBITDA		 3.94 3.95 3.68 3.99 3.41 3.40 3.08 2.42 2.82 2.92 2.75
Debt to NOPAT		 7.72 7.51 6.80 8.71 5.63 5.90 5.29 3.90 4.62 5.21 5.21
Net Debt to NOPAT		 7.40 7.18 6.54 8.35 5.44 5.69 4.91 3.63 4.36 4.92 4.82
Long-Term Debt to NOPAT		 7.63 7.45 6.75 8.65 5.49 5.87 5.25 3.87 4.57 4.89 4.64
Altman Z-Score		 2.15 2.13 2.09 2.04 2.29 2.32 2.43 2.92 2.59 2.52 2.52
Noncontrolling Interest Sharing Ratio		 -20.39% -23.51% -27.59% -32.74% -48.57% -122.74% 196.09% 108.24% 361.30% 560.08% 364.58%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.63 1.67 1.56 1.62 1.35 1.44 1.42 1.41 1.38 1.18 1.08
Quick Ratio		 1.14 1.20 1.11 1.17 0.96 1.03 1.02 1.00 0.99 0.86 0.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,338 2,673 3,150 1,638 3,740 2,555 6,540 6,433 6,079 5,019 6,330
Operating Cash Flow to CapEx		 204.41% 195.07% 204.82% 179.97% 189.22% 182.83% 325.64% 250.46% 193.90% 198.80% 215.67%
Free Cash Flow to Firm to Interest Expense		 1.13 1.48 1.84 0.95 2.13 1.26 3.48 4.08 3.34 2.59 3.07
Operating Cash Flow to Interest Expense		 2.14 2.57 3.30 3.14 3.85 3.74 4.91 5.68 4.69 4.87 5.10
Operating Cash Flow Less CapEx to Interest Expense		 1.09 1.25 1.69 1.39 1.82 1.69 3.40 3.41 2.27 2.42 2.74
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.34 1.37 1.25 1.24 1.23 1.22 1.11 1.20 1.17 1.20 1.22
Accounts Receivable Turnover		 7.35 7.53 7.08 7.08 7.02 7.25 7.14 7.76 7.09 6.89 6.82
Inventory Turnover		 21.21 16.21 12.85 4.76 17.64 4.74 12.33 13.35 4.62 14.42 22.31
Fixed Asset Turnover		 2.87 2.97 2.65 2.55 2.48 2.42 2.24 2.49 2.43 2.44 2.47
Accounts Payable Turnover		 13.59 10.48 8.42 2.97 11.25 3.09 7.41 7.00 2.24 6.96 9.85
Days Sales Outstanding (DSO)		 49.63 48.49 51.53 51.58 51.96 50.37 51.11 47.05 51.47 52.95 53.53
Days Inventory Outstanding (DIO)		 17.21 22.52 28.41 76.73 20.69 77.06 29.61 27.34 78.95 25.31 16.36
Days Payable Outstanding (DPO)		 26.87 34.84 43.34 122.83 32.45 117.97 49.23 52.11 162.62 52.43 37.04
Cash Conversion Cycle (CCC)		 39.97 36.17 36.60 5.48 40.20 9.46 31.49 22.28 -32.20 25.82 32.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 21,703 23,091 24,555 26,714 28,807 31,972 31,293 33,731 35,899 38,485 40,422
Invested Capital Turnover		 1.91 1.95 1.74 1.70 1.68 1.69 1.63 1.81 1.73 1.75 1.79
Increase / (Decrease) in Invested Capital		 1,475 1,388 1,464 2,159 2,093 3,165 -679 2,438 2,168 2,586 1,937
Enterprise Value (EV)		 59,509 56,608 57,929 62,756 74,502 83,064 85,005 112,730 105,370 112,148 118,948
Market Capitalization		 29,912 25,918 26,072 29,236 40,745 48,284 53,896 78,066 66,704 71,889 76,027
Book Value per Share		 ($18.21) ($18.64) ($19.49) ($19.22) ($14.38) ($8.28) $1.69 ($3.00) ($9.79) ($6.63) ($9.87)
Tangible Book Value per Share		 ($33.01) ($35.15) ($37.38) ($40.11) ($37.49) ($32.66) ($23.66) ($33.67) ($43.93) ($43.78) ($49.71)
Total Capital		 22,928 24,442 25,743 28,063 29,903 33,157 33,896 36,068 38,011 40,653 43,586
Total Debt		 29,426 30,488 31,376 33,058 32,821 33,722 31,004 34,579 38,084 39,593 43,031
Total Long-Term Debt		 29,088 30,255 31,160 32,858 32,033 33,577 30,795 34,342 37,714 37,169 38,333
Net Debt		 28,201 29,137 30,188 31,709 31,725 32,537 28,789 32,242 35,972 37,425 39,867
Capital Expenditures (CapEx)		 2,176 2,375 2,760 3,015 3,573 4,158 2,835 3,577 4,395 4,744 4,875
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 3,222 3,208 2,822 3,287 2,930 2,963 2,045 2,746 3,203 3,761 4,002
Debt-free Net Working Capital (DFNWC)		 3,788 3,949 3,468 4,019 3,432 3,584 3,838 4,197 4,111 4,696 5,935
Net Working Capital (NWC)		 3,450 3,716 3,252 3,819 2,644 3,439 3,629 3,960 3,741 2,272 1,237
Net Nonoperating Expense (NNE)		 1,440 1,365 1,182 1,054 1,444 1,575 1,474 1,150 1,413 1,514 1,610
Net Nonoperating Obligations (NNO)		 28,201 29,137 30,188 31,709 31,725 32,537 28,401 32,242 35,972 37,425 39,867
Total Depreciation and Amortization (D&A)		 1,862 1,939 2,000 2,162 2,309 2,626 2,751 2,880 2,998 3,112 3,347
Debt-free, Cash-free Net Working Capital to Revenue		 8.04% 7.36% 6.80% 7.54% 6.28% 5.77% 3.97% 4.67% 5.32% 5.79% 5.67%
Debt-free Net Working Capital to Revenue		 9.45% 9.06% 8.36% 9.21% 7.35% 6.98% 7.45% 7.14% 6.83% 7.23% 8.41%
Net Working Capital to Revenue		 8.61% 8.52% 7.84% 8.76% 5.66% 6.70% 7.04% 6.74% 6.21% 3.50% 1.75%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.30 $5.14 $7.53 $6.12 $10.90 $10.27 $11.10 $21.52 $19.43 $19.25 $22.27
Adjusted Weighted Average Basic Shares Outstanding		 435.67M 414.19M 383.59M 362.31M 347.30M 341.21M 338.27M 323.32M 290.35M 272.40M 258.60M
Adjusted Diluted Earnings per Share		 $4.16 $4.99 $7.30 $5.95 $10.66 $10.07 $10.93 $21.16 $19.15 $18.97 $22.00
Adjusted Weighted Average Diluted Shares Outstanding		 450.35M 426.72M 395.85M 372.22M 355.30M 348.23M 343.61M 328.75M 294.67M 276.41M 261.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $10.27 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 420.58M 396.96M 370.15M 349.90M 342.38M 338.43M 339.92M 303.60M 276.97M 264.50M 248.34M
Normalized Net Operating Profit after Tax (NOPAT)		 3,794 4,064 4,598 3,792 5,481 5,705 5,867 7,599 7,211 7,609 8,256
Normalized NOPAT Margin		 9.46% 9.32% 11.08% 8.70% 11.74% 11.11% 11.39% 12.93% 11.97% 11.71% 11.69%
Pre Tax Income Margin		 8.68% 9.08% 11.59% 10.04% 11.43% 10.22% 10.54% 16.74% 14.24% 11.86% 12.07%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.65 3.17 3.78 3.51 4.04 3.56 3.86 7.16 5.69 4.96 5.14
NOPAT to Interest Expense		 1.84 2.26 2.70 2.20 3.32 2.81 3.12 5.62 4.53 3.92 4.01
EBIT Less CapEx to Interest Expense		 1.61 1.85 2.17 1.76 2.00 1.51 2.35 4.89 3.28 2.52 2.77
NOPAT Less CapEx to Interest Expense		 0.79 0.94 1.08 0.45 1.29 0.77 1.61 3.36 2.12 1.48 1.65
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 18.63% 18.36% 12.65% 16.33% 21.14% 26.35% 17.76% 17.78% 24.55% 21.36% 21.05%
Augmented Payout Ratio		 92.37% 107.27% 92.80% 91.10% 56.00% 51.22% 27.81% 124.18% 126.98% 83.93% 111.81%

Quarterly Metrics And Ratios for HCA Healthcare

This table displays calculated financial ratios and metrics derived from HCA Healthcare's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.87% 4.32% 7.02% 8.30% 11.65% 11.21% 10.28% 7.86% 5.68% 5.66% 6.36%
EBITDA Growth		 22.41% 7.32% 2.06% -0.83% -19.40% 12.54% 16.21% 13.41% -2.29% 4.60% 7.59%
EBIT Growth		 27.22% 8.59% 1.63% -2.15% -24.42% 14.91% 19.21% 14.90% -5.31% 3.52% 8.06%
NOPAT Growth		 31.49% 7.95% 1.25% -2.96% -25.15% 14.79% 15.18% 14.21% -5.69% 1.23% 12.20%
Net Income Growth		 31.97% 5.32% 2.39% -5.13% -29.67% 16.79% 19.48% 16.24% -9.40% 1.28% 12.09%
EPS Growth		 27.21% 17.15% 10.00% 0.00% -17.78% 22.27% 28.90% 24.81% -4.39% 8.77% 23.51%
Operating Cash Flow Growth		 3.44% 34.05% 51.84% -17.91% 5.82% 36.94% -20.36% 41.79% -4.30% -33.13% 113.60%
Free Cash Flow Firm Growth		 619.86% 81.97% 125.15% 19.45% -141.45% 223.83% -253.17% 95.38% 151.91% -311.49% 295.28%
Invested Capital Growth		 6.43% 6.25% 3.68% 7.33% 7.20% 5.13% 7.45% 5.08% 5.03% 7.44% 2.28%
Revenue Q/Q Growth		 3.51% 0.61% 1.73% 2.22% 6.72% 0.21% 0.88% -0.03% 4.56% 0.20% 1.55%
EBITDA Q/Q Growth		 55.25% -29.58% -2.97% -6.51% 26.18% -1.68% 0.20% -8.77% 8.72% 5.25% 3.06%
EBIT Q/Q Growth		 74.72% -35.79% -4.16% -9.00% 34.96% -2.37% -0.58% -12.29% 11.22% 6.73% 3.78%
NOPAT Q/Q Growth		 77.51% -35.67% -6.82% -8.80% 36.92% -1.34% -6.51% -9.56% 13.07% 5.89% 3.62%
Net Income Q/Q Growth		 96.88% -41.69% -8.49% -9.70% 45.96% -3.17% -6.38% -12.15% 13.77% 8.24% 3.62%
EPS Q/Q Growth		 84.14% -32.64% -11.55% -8.86% 51.41% 0.17% -6.75% -11.75% 15.98% 13.96% 5.89%
Operating Cash Flow Q/Q Growth		 -16.32% -28.65% 37.27% 0.16% 7.87% -7.67% -20.17% 78.34% -27.20% -35.48% 155.00%
Free Cash Flow Firm Q/Q Growth		 171.27% -130.48% 285.79% -299.57% 63.33% 191.06% -329.82% 93.98% 512.25% -470.99% 312.20%
Invested Capital Q/Q Growth		 2.23% 3.26% 0.93% 0.74% 2.11% 1.26% 3.16% -1.49% 2.06% 3.58% -1.79%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 172.65% 54.56% 84.38% 53.40% 28.52% 40.15% 84.94% 55.05% -15.13% 56.35% 56.26%
EBITDA Margin		 29.01% 20.31% 19.37% 17.71% 20.94% 20.55% 20.41% 18.63% 19.37% 20.34% 20.65%
Operating Margin		 24.13% 15.40% 14.51% 12.92% 16.33% 15.91% 15.68% 13.76% 14.63% 15.59% 15.93%
EBIT Margin		 24.13% 15.40% 14.51% 12.92% 16.33% 15.91% 15.68% 13.76% 14.63% 15.59% 15.93%
Profit (Net Income) Margin		 17.07% 9.90% 8.90% 7.86% 10.76% 10.39% 9.64% 8.47% 9.22% 9.96% 10.16%
Tax Burden Percent		 80.13% 80.28% 78.05% 78.22% 79.36% 80.20% 75.41% 77.75% 79.04% 78.43% 78.30%
Interest Burden Percent		 88.31% 80.05% 78.62% 77.84% 82.98% 81.44% 81.55% 79.22% 79.71% 81.48% 81.48%
Effective Tax Rate		 19.87% 19.72% 21.95% 21.78% 20.64% 19.80% 24.59% 22.25% 20.96% 21.57% 21.70%
Return on Invested Capital (ROIC)		 33.45% 20.92% 19.08% 17.53% 22.64% 22.39% 20.83% 19.27% 20.70% 21.65% 22.30%
ROIC Less NNEP Spread (ROIC-NNEP)		 32.42% 19.84% 18.04% 16.54% 21.60% 21.29% 19.82% 18.25% 19.59% 20.61% 21.24%
Return on Net Nonoperating Assets (RNNOA)		 1,561.92% 2,190.24% -1,965.48% -2,876.48% 1,606.35% 1,056.56% 834.85% 1,215.96% 937.58% 1,982.42% 17,084.29%
Return on Equity (ROE)		 1,595.37% 2,211.16% -1,946.41% -2,858.95% 1,628.99% 1,078.95% 855.68% 1,235.23% 958.28% 2,004.07% 17,106.59%
Cash Return on Invested Capital (CROIC)		 17.46% 17.26% 19.27% 15.90% 13.50% 15.76% 13.85% 16.77% 16.04% 13.34% 18.76%
Operating Return on Assets (OROA)		 28.17% 17.87% 17.08% 15.38% 19.53% 19.36% 19.32% 16.80% 17.86% 19.11% 19.81%
Return on Assets (ROA)		 19.93% 11.49% 10.48% 9.37% 12.86% 12.64% 11.88% 10.35% 11.25% 12.21% 12.64%
Return on Common Equity (ROCE)		 -4,168.70% -15,498.65% -17,100.35% -39,706.19% -7,494.69% -2,952.39% -1,855.39% -5,034.94% -2,535.45% -12,366.45% -1,015,216.81%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -277.03% -301.56% -277.59% 0.00% -393.19% -414.06% -313.11% 0.00% -189.83% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,996 1,928 1,796 1,638 2,243 2,213 2,069 1,871 2,115 2,240 2,321
NOPAT Margin		 19.33% 12.36% 11.32% 10.10% 12.96% 12.76% 11.83% 10.70% 11.57% 12.23% 12.47%
Net Nonoperating Expense Percent (NNEP)		 1.03% 1.08% 1.04% 0.99% 1.04% 1.10% 1.01% 1.02% 1.11% 1.04% 1.06%
Return On Investment Capital (ROIC_SIMPLE)		 7.88% - - - 5.52% - - - 4.85% 5.07% 5.37%
Cost of Revenue to Revenue		 -72.65% 45.44% 15.62% 46.60% 71.48% 59.85% 15.06% 44.95% 115.13% 43.65% 43.74%
SG&A Expenses to Revenue		 152.24% 34.10% 65.07% 35.75% 7.77% 20.80% 64.65% 36.45% -35.38% 36.07% 35.67%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 148.53% 39.16% 69.87% 40.48% 12.18% 24.23% 69.26% 41.29% -29.77% 40.76% 40.33%
Earnings before Interest and Taxes (EBIT)		 3,739 2,401 2,301 2,094 2,826 2,759 2,743 2,406 2,676 2,856 2,964
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,496 3,166 3,072 2,872 3,624 3,563 3,570 3,257 3,541 3,727 3,841
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.11 1.19 1.34 1.05 1.11 1.34 1.23 1.51 1.08 1.20 1.27
Price to Earnings (P/E)		 11.82 12.60 14.35 11.61 13.71 16.29 14.67 17.69 13.20 14.85 15.44
Dividend Yield		 0.95% 0.87% 0.77% 0.97% 0.89% 0.74% 0.78% 0.63% 0.88% 0.78% 0.72%
Earnings Yield		 8.46% 7.93% 6.97% 8.61% 7.29% 6.14% 6.82% 5.65% 7.58% 6.73% 6.48%
Enterprise Value to Invested Capital (EV/IC)		 2.94 3.02 3.27 2.83 2.91 3.33 3.13 3.70 2.94 3.13 3.35
Enterprise Value to Revenue (EV/Rev)		 1.75 1.84 1.98 1.69 1.73 1.94 1.84 2.11 1.68 1.83 1.89
Enterprise Value to EBITDA (EV/EBITDA)		 7.89 8.24 8.99 7.83 8.81 9.88 9.24 10.47 8.54 9.31 9.58
Enterprise Value to EBIT (EV/EBIT)		 10.18 10.61 11.58 10.11 11.66 12.99 12.09 13.66 11.24 12.28 12.63
Enterprise Value to NOPAT (EV/NOPAT)		 12.78 13.33 14.57 12.74 14.75 16.43 15.43 17.47 14.39 15.82 16.11
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.36 12.45 12.47 11.48 11.89 12.84 13.13 13.80 11.31 13.53 11.54
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.33 18.01 17.30 18.41 22.34 21.65 23.43 22.63 18.79 24.33 18.05
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -521.70 167.48 84.45 110.21 37.35 31.65 30.53 54.66 77.53 -101.77 -35.93
Long-Term Debt to Equity		 -516.63 157.23 79.26 103.06 35.07 29.26 27.11 48.71 69.07 -93.74 -31.81
Financial Leverage		 48.17 110.39 -108.94 -173.94 74.36 49.63 42.12 66.63 47.86 96.16 804.19
Leverage Ratio		 72.87 162.41 -154.45 -251.95 110.08 73.02 61.65 99.78 71.66 140.34 1,157.57
Compound Leverage Factor		 64.35 130.01 -121.42 -196.13 91.34 59.47 50.28 79.04 57.12 114.34 943.17
Debt to Total Capital		 100.19% 99.41% 98.83% 99.10% 97.39% 96.94% 96.83% 98.20% 98.73% 100.99% 102.86%
Short-Term Debt to Total Capital		 0.97% 6.08% 6.08% 6.43% 5.96% 7.30% 10.83% 10.70% 10.78% 7.97% 11.80%
Long-Term Debt to Total Capital		 99.22% 93.32% 92.75% 92.67% 91.43% 89.63% 85.99% 87.50% 87.95% 93.02% 91.06%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 7.09% 6.98% 7.02% 7.14% 6.97% 6.96% 6.96% 6.78% 7.01% 6.98% 7.30%
Common Equity to Total Capital		 -7.28% -6.38% -5.85% -6.24% -4.36% -3.90% -3.79% -4.99% -5.73% -7.97% -10.16%
Debt to EBITDA		 2.85 2.86 2.86 2.89 3.11 3.06 3.00 3.07 3.09 3.16 3.10
Net Debt to EBITDA		 2.69 2.72 2.71 2.74 2.94 2.87 2.85 2.77 2.86 3.00 2.95
Long-Term Debt to EBITDA		 2.82 2.69 2.68 2.70 2.92 2.83 2.66 2.73 2.75 2.91 2.74
Debt to NOPAT		 4.62 4.63 4.63 4.71 5.21 5.09 5.01 5.12 5.21 5.37 5.20
Net Debt to NOPAT		 4.36 4.39 4.39 4.46 4.92 4.78 4.76 4.62 4.82 5.10 4.96
Long-Term Debt to NOPAT		 4.57 4.35 4.34 4.40 4.89 4.71 4.45 4.56 4.64 4.95 4.61
Altman Z-Score		 2.17 2.13 2.24 2.01 2.12 2.31 2.24 2.37 2.08 2.19 2.19
Noncontrolling Interest Sharing Ratio		 361.30% 800.93% -778.56% -1,288.84% 560.08% 373.64% 316.83% 507.61% 364.58% 717.07% 6,034.65%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.38 1.23 1.20 1.15 1.18 1.16 1.06 1.12 1.08 1.19 0.98
Quick Ratio		 0.99 0.86 0.83 0.81 0.86 0.86 0.77 0.86 0.84 0.89 0.72
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 828 -252 469 -936 -343 313 -718 -43 178 -661 1,403
Operating Cash Flow to CapEx		 191.01% 150.63% 199.44% 216.13% 230.72% 220.84% 153.86% 295.13% 199.14% 166.60% 357.99%
Free Cash Flow to Firm to Interest Expense		 1.83 -0.53 0.97 -1.94 -0.70 0.61 -1.42 -0.08 0.34 -1.21 2.47
Operating Cash Flow to Interest Expense		 5.58 3.76 5.10 5.13 5.45 4.82 3.90 6.83 4.85 3.02 7.41
Operating Cash Flow Less CapEx to Interest Expense		 2.66 1.27 2.54 2.76 3.09 2.64 1.36 4.51 2.41 1.21 5.34
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.17 1.16 1.18 1.19 1.20 1.22 1.23 1.22 1.22 1.23 1.24
Accounts Receivable Turnover		 7.09 7.09 7.14 7.12 6.89 7.14 7.21 7.29 6.82 6.78 7.02
Inventory Turnover		 4.62 13.62 11.49 11.97 14.42 16.44 17.11 17.47 22.31 21.39 25.08
Fixed Asset Turnover		 2.43 2.42 2.42 2.42 2.44 2.46 2.47 2.48 2.47 2.48 2.47
Accounts Payable Turnover		 2.24 7.16 6.22 5.82 6.96 7.71 8.39 7.94 9.85 8.58 10.88
Days Sales Outstanding (DSO)		 51.47 51.49 51.11 51.24 52.95 51.16 50.61 50.06 53.53 53.87 51.96
Days Inventory Outstanding (DIO)		 78.95 26.81 31.76 30.49 25.31 22.20 21.33 20.90 16.36 17.06 14.55
Days Payable Outstanding (DPO)		 162.62 51.01 58.71 62.66 52.43 47.34 43.51 45.97 37.04 42.57 33.54
Cash Conversion Cycle (CCC)		 -32.20 27.29 24.17 19.07 25.82 26.01 28.43 24.98 32.85 28.37 32.97
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 35,899 37,070 37,416 37,691 38,485 38,970 40,203 39,605 40,422 41,871 41,121
Invested Capital Turnover		 1.73 1.69 1.68 1.74 1.75 1.75 1.76 1.80 1.79 1.77 1.79
Increase / (Decrease) in Invested Capital		 2,168 2,180 1,327 2,574 2,586 1,900 2,787 1,914 1,937 2,901 918
Enterprise Value (EV)		 105,370 111,820 122,522 106,542 112,148 129,685 125,951 146,676 118,948 131,205 137,679
Market Capitalization		 66,704 72,255 82,803 66,374 71,889 89,100 84,148 104,889 76,027 85,815 92,164
Book Value per Share		 ($9.79) ($9.01) ($8.37) ($9.11) ($6.63) ($6.11) ($6.11) ($8.46) ($9.87) ($14.17) ($18.26)
Tangible Book Value per Share		 ($43.93) ($43.63) ($43.40) ($45.06) ($43.78) ($43.80) ($44.15) ($47.13) ($49.71) ($55.39) ($60.97)
Total Capital		 38,011 39,088 39,393 39,703 40,653 41,461 42,219 43,751 43,586 44,138 43,245
Total Debt		 38,084 38,856 38,932 39,346 39,593 40,191 40,880 42,965 43,031 44,576 44,483
Total Long-Term Debt		 37,714 36,478 36,537 36,793 37,169 37,163 36,306 38,283 38,333 41,057 39,379
Net Debt		 35,972 36,838 36,955 37,334 37,425 37,700 38,864 38,819 39,867 42,309 42,359
Capital Expenditures (CapEx)		 1,323 1,197 1,241 1,147 1,159 1,118 1,281 1,191 1,285 991 1,176
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 3,203 4,049 3,876 3,549 3,761 3,885 4,615 3,556 4,002 5,086 3,789
Debt-free Net Working Capital (DFNWC)		 4,111 4,891 4,738 4,440 4,696 5,169 5,446 6,444 5,935 6,146 4,728
Net Working Capital (NWC)		 3,741 2,513 2,343 1,887 2,272 2,141 872 1,762 1,237 2,627 -376
Net Nonoperating Expense (NNE)		 350 385 384 363 382 411 382 389 429 415 430
Net Nonoperating Obligations (NNO)		 35,972 36,838 36,955 37,334 37,425 37,700 38,864 38,819 39,867 42,309 42,359
Total Depreciation and Amortization (D&A)		 757 765 771 778 798 804 827 851 865 871 877
Debt-free, Cash-free Net Working Capital to Revenue		 5.32% 6.65% 6.26% 5.62% 5.79% 5.82% 6.75% 5.11% 5.67% 7.10% 5.21%
Debt-free Net Working Capital to Revenue		 6.83% 8.03% 7.65% 7.03% 7.23% 7.75% 7.97% 9.26% 8.41% 8.59% 6.50%
Net Working Capital to Revenue		 6.21% 4.13% 3.78% 2.99% 3.50% 3.21% 1.28% 2.53% 1.75% 3.67% -0.52%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $7.30 $4.92 $4.35 $3.98 $6.00 $6.01 $5.60 $4.94 $5.72 $6.52 $6.91
Adjusted Weighted Average Basic Shares Outstanding		 290.35M 276.91M 274.49M 271.17M 272.40M 264.44M 261.16M 256.76M 258.60M 246.94M 239.17M
Adjusted Diluted Earnings per Share		 $7.20 $4.85 $4.29 $3.91 $5.92 $5.93 $5.53 $4.88 $5.66 $6.45 $6.83
Adjusted Weighted Average Diluted Shares Outstanding		 294.67M 280.96M 278.20M 275.42M 276.41M 268.02M 264.07M 259.92M 261.81M 249.44M 241.91M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 276.97M 275.19M 271.99M 267.66M 264.50M 261.91M 258.07M 253.30M 248.34M 240.57M 233.99M
Normalized Net Operating Profit after Tax (NOPAT)		 1,934 1,940 1,795 1,636 2,237 2,051 2,060 1,874 2,269 2,239 2,323
Normalized NOPAT Margin		 12.48% 12.44% 11.32% 10.09% 12.93% 11.83% 11.77% 10.72% 12.41% 12.22% 12.49%
Pre Tax Income Margin		 21.31% 12.33% 11.41% 10.05% 13.55% 12.96% 12.79% 10.90% 11.67% 12.70% 12.98%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.25 5.01 4.74 4.34 5.76 5.39 5.42 4.67 5.07 5.22 5.22
NOPAT to Interest Expense		 6.61 4.02 3.70 3.39 4.57 4.32 4.09 3.63 4.01 4.09 4.09
EBIT Less CapEx to Interest Expense		 5.33 2.51 2.19 1.96 3.40 3.21 2.89 2.36 2.63 3.41 3.15
NOPAT Less CapEx to Interest Expense		 3.69 1.53 1.14 1.02 2.21 2.14 1.56 1.32 1.57 2.28 2.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 24.55% 24.48% 24.32% 23.69% 21.36% 20.09% 19.83% 19.88% 21.05% 21.92% 21.09%
Augmented Payout Ratio		 126.98% 107.60% 81.60% 87.97% 83.93% 85.37% 89.22% 96.75% 111.81% 132.22% 144.65%

Key Financial Trends

HCA Healthcare has demonstrated consistent financial growth and operational strength over the past four years, highlighted by increasing revenues, strong operating cash flows, and effective capital management.

Key Positive Trends:

  • Steady increase in operating revenue from approximately $15.6 billion in Q1 2023 to $18.6 billion in Q2 2025, reflecting strong top-line growth.
  • Consistent net income growth, with consolidated net income rising from about $1.54 billion in Q1 2023 to $1.89 billion in Q2 2025, signaling improved profitability.
  • Robust operating cash flows, increasing to $4.21 billion in Q2 2025, which indicates strong cash generation from core operations.
  • Effective management of depreciation and amortization expenses (~$860 million and $14 million respectively in Q2 2025) to support accurate asset valuation.
  • Regular dividend payments increasing from $0.60 per share in early 2023 to $0.72 per share in Q2 2025, showcasing shareholder returns.
  • Substantial investment in property, plant, and equipment (over $1.1 billion quarterly), highlighting a commitment to growth and maintaining asset base.
  • Reduction of outstanding shares over time (from ~276 million basic shares in early 2023 to ~239 million in Q2 2025), indicating share repurchases to enhance shareholder value.
  • Net income attributable to common shareholders growing, reaching $1.65 billion in Q2 2025 from $1.36 billion in Q1 2023.

Neutral Observations:

  • Total liabilities remain elevated, approximately $60.7 billion in Q2 2025, with long-term debt around $39.4 billion, consistent with capital-intensive healthcare operations.
  • Negative total common equity (~ -$4.39 billion in Q2 2025), partially offset by $3.16 billion in noncontrolling interests, indicating complex equity structure and accounting impacts.

Potential Concerns:

  • Significant repurchase of common equity, totaling $2.5 billion in Q2 2025 alone, which could constrain liquidity if not balanced with cash flows.
  • High levels of short-term debt ($5.1 billion in Q2 2025) contributing to liquidity risk depending on refinancing conditions.
  • Operating expenses remain substantial, with selling, general & administrative expenses around $6.6 billion in Q2 2025, requiring continual operational efficiencies.
  • Consistently high interest expense (~$535-$568 million quarterly) affects net income and could be a concern if interest rates rise.
  • Net cash used in financing activities notable as negative $3.1 billion in Q2 2025, driven by dividends, debt repayment, and equity repurchases.

Summary: HCA Healthcare shows solid top-line and bottom-line growth supported by strong operating cash flow generation and capital investments. The company maintains shareholder-friendly policies through dividends and share repurchases. However, investors should monitor the company’s leverage levels and financing cash outflows, which remain high, possibly reflecting aggressive capital management strategies. Overall, the financials depict a strong healthcare operator with balanced growth and capital deployment, though with typical risks associated with high debt and capital expenditures.

08/29/25 03:56 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About HCA Healthcare's Financials

When does HCA Healthcare's financial year end?

According to the most recent income statement we have on file, HCA Healthcare's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has HCA Healthcare's net income changed over the last 10 years?

HCA Healthcare's net income appears to be on an upward trend, with a most recent value of $6.66 billion in 2024, rising from $2.37 billion in 2014. The previous period was $6.09 billion in 2023. See where experts think HCA Healthcare is headed by visiting HCA Healthcare's forecast page.

What is HCA Healthcare's operating income?
HCA Healthcare's total operating income in 2024 was $10.58 billion, based on the following breakdown:
  • Total Gross Profit: $28.68 billion
  • Total Operating Expenses: $18.09 billion
How has HCA Healthcare's revenue changed over the last 10 years?

Over the last 10 years, HCA Healthcare's total revenue changed from $40.09 billion in 2014 to $70.60 billion in 2024, a change of 76.1%.

How much debt does HCA Healthcare have?

HCA Healthcare's total liabilities were at $58.96 billion at the end of 2024, a 6.9% increase from 2023, and a 57.3% increase since 2014.

How much cash does HCA Healthcare have?

In the past 10 years, HCA Healthcare's cash and equivalents has ranged from $502 million in 2018 to $1.93 billion in 2024, and is currently $1.93 billion as of their latest financial filing in 2024.

How has HCA Healthcare's book value per share changed over the last 10 years?

Over the last 10 years, HCA Healthcare's book value per share changed from -18.21 in 2014 to -9.87 in 2024, a change of -45.8%.


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This page (NYSE:HCA) was last updated on 8/29/2025 by MarketBeat.com Staff
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