HCA Healthcare

Health Care Health Care Facilities Nashville, Tennessee Last filing Feb 10, 2026 · FY2025

                    Revenue
                    FY2025
                
$75.6B
                    3y CAGR +7.9%
                    
                    P67
                    
                    +7.1%
                    
                    Net income
                    FY2025
                
$6.8B
                    Net margin +9.0%
                    
                    P35
                    
                    +17.8%
                    
                    Total assets
                    FY2025
                
$60.7B
                    ROA +11.2%
                    
                    P77
                    
                    +2.0%
                    
                    Operating cash flow
                    FY2025
                
$12.6B
                    FCF margin +10.2%
                    
                    P27
                    
                    +20.2%

17 yrs · FY2009–FY2025 7 filed · 1 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

24 accounts · 3 years

Total assets $60.7B

Total liabilities ~$66.7B

Shareholders equity $-6.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	1.7%	3.2%	1.7%
Accounts Receivable	17.9%	18.1%	17.7%
Inventory	2.7%	2.9%	3.6%
Other Current Assets	3.7%	3.3%	3.6%
Total Current Assets	26.0%	27.6%	26.6%
Property,Plant and Equipment	51.3%	49.4%	49.3%
Operating Lease Assets	3.5%	3.6%	3.9%
Intangible Assets	17.0%	17.0%	17.7%
Long Term Investments	1.0%	1.1%	1.3%
Other Noncurrent Assets	1.2%	1.3%	1.2%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	7.7%	7.2%	7.5%
Accrued Liabilities	11.2%	10.4%	10.7%
Current Portion of Long Term Debt	8.1%	7.9%	4.3%
Total Current Liabilities	26.9%	25.5%	22.5%
Long Term Debt	68.5%	64.4%	66.1%
Operating Lease Liabilities Noncurrent	3.1%	3.1%	3.4%
Other Noncurrent Liabilities	6.1%	6.0%	6.1%
Equity
Common Stock	0.0%	0.0%	0.0%
Retained Earnings	-9.4%	-3.6%	-2.4%
Accumulated Other Comprehensive Income	-0.5%	-0.7%	-0.8%
Total Stockholders Equity	-9.9%	-4.2%	-3.2%
Noncontrolling Interest	5.4%	5.1%	5.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

12 accounts · 3 years

Revenue $75.6B

Operating income Not reported

Net income $6.8B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	124.5%	118.6%	115.6%
Expenses Depreciation and Amortization	5.8%	5.6%	5.5%
Other Income Expense Interest Expense	3.7%	3.5%	3.4%
Other Income Expense Other Income/expense	-98.8%	-95.3%	-92.9%
Other Income Expense Income Before Tax	16.2%	14.3%	13.7%
Income Tax Income Tax Expense	3.4%	3.1%	2.9%
net Income Other Items Below Tax	-1.6%	-1.5%	-1.5%
net Income net Income	11.2%	9.7%	9.3%
net Income Comprehensive Income	11.3%	9.7%	9.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.4%	0.4%	0.5%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $12.6B

Investing cash flow $-5.0B

Financing cash flow $-8.6B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	12.8%	11.2%	10.8%
Operating Activities Depreciation and Amortization	5.8%	5.6%	5.5%
Operating Activities Stock Based Compensation	0.7%	0.6%	0.5%
Operating Activities Deferred Income Taxes	0.5%	0.0%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	0.7%	-0.2%	-0.8%
Operating Activities Other Non Cash Items	0.3%	0.5%	0.4%
Operating Activities net Cash From Operating Activities	20.8%	17.7%	16.8%
Investing Activities Capital Expenditures	-8.1%	-8.2%	-8.4%
Investing Activities Business Acquisitions	-0.7%	-0.4%	-1.1%
Investing Activities Other Investing Activities	0.6%	0.3%	0.1%
Investing Activities net Cash From Investing Activities	-8.2%	-8.3%	-9.5%
Financing Activities Proceeds From Debt	17.6%	9.4%	3.9%
Financing Activities Repayment of Debt	-12.2%	-4.0%	-1.6%
Financing Activities Repurchase of Common Stock	-16.6%	-10.2%	-6.8%
Financing Activities Dividends Paid	-1.1%	-1.2%	-1.2%
Financing Activities Other Financing Activities	-1.8%	-1.8%	-1.6%
Financing Activities net Cash From Financing Activities	-14.1%	-7.7%	-7.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%
Cash Reconciliation net Change In Cash	-1.5%	1.7%	0.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	—	—	—
Net margin	+9.0%	+8.2%	+8.1%
FCF margin	+10.2%	+8.0%	+7.2%
Growth
Revenue CAGR (3y)	+7.9%	+6.3%	+8.0%
Returns
ROE	-112.6%	-230.5%	-295.5%
ROA	+11.2%	+9.7%	+9.3%
ROIC	—	—	—
Liquidity
Current ratio	0.97x	1.08x	1.18x
Quick ratio	0.73x	0.84x	0.86x
Leverage
D/E	-11.07x	-24.81x	-32.69x
Interest coverage	—	—	—
Efficiency
Asset turnover	1.25x	1.19x	1.16x
Cash conversion cycle	—	—	—

Valuation

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HCA Healthcare

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