HCA
HCA Healthcare, Inc.
Healthcare • CIK: 0000860730
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Market Cap
$103.47B
P/E (TTM)
16.3x
Rev Growth (TTM)
+6.8%
Net Margin (TTM)
8.5%
FCF Yield (TTM)
7.8%
FCF Margin (TTM)
10.9%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$8.1B
Q3 '25
$3.1B+3%
Q2 '25
$3.0B+360%
FCF Margin
TTM10.9%
Q3 '2516.3%
Sector: 5.8%Above Avg
OCF Margin17.3%
OCF/NI2.02x
CapEx Coverage2.7x
FCF Yield7.8%
FCF Growth (2Y)+25%
Cash Conversion Cycle
52 days
DSO: 52+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM9.6%
Div Yield0.7%
+Buyback (TTM)8.9%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.7%
FCF Payout Ratio8.5%
Free Cash Flow (TTM)$8.1B
Stock Repurchases (TTM)$9.2B
Capital Return / FCF122.2%
Est. Dividends Paid (TTM)$684.6M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
18.1%
Moderate
+0.0% YoY-2.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
9.8%
8Q: 9.9%
Asset Turnover
1.25x
8Q: 1.23x
Leverage (1+D/E)
-7.34x
D/E: -8.34x
DuPont: -90.0% ≈ 18.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.50x
8Q:2.49x
Flat
Invested Cap Turn
2.27x
8Q:2.18x
+22.1%
CapEx Intensity
14.5%
8Q:14.6%
CapEx/Depreciation
1.37x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $74.4B | $19.2B↑3.0% | $18.6B↑1.6% | $18.3B↑0.2% | $18.3B↑4.6% | $17.5B↓0.0% | $17.5B↑0.9% | $17.3B↑0.2% | $17.3B |
Operating Income | $9.3B | $2.4B↑0.1% | $2.4B | $0↓100.0% | $2.3B↑9.1% | $2.1B↑11.9% | $1.9B↓14.8% | $2.2B↓0.4% | $2.2B |
Net Income | $6.3B | $1.6B↓0.6% | $1.7B↑2.7% | $1.6B↑12.0% | $1.4B↑13.2% | $1.3B↓13.1% | $1.5B↓8.2% | $1.6B↓1.0% | $1.6B |
Operating Cash Flow | $12.8B | $4.4B↑4.9% | $4.2B↑155.0% | $1.7B↓35.5% | $2.6B↓27.2% | $3.5B↑78.3% | $2.0B↓20.2% | $2.5B↓7.7% | $2.7B |
Free Cash Flow | $8.1B | $3.1B↑3.1% | $3.0B↑359.7% | $660.0M↓48.2% | $1.3B↓45.2% | $2.3B↑236.8% | $690.0M↓48.9% | $1.4B↓10.8% | $1.5B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
16.3x
Volatile
8Q: 55.5x+532%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
16.3x
vs – sector
Cash Flow
16.1x
EV/FCF vs –
Growth-Adj
1.0xPEG
Undervalued for growth
Quality-Adj
0.9P/E per %ROIC
ROIC: 18.1%
Shareholder Returns
Dividend
0.7%
Buyback
8.9%
Total Yield
9.6%
Market Cap$103.47B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-111/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
-1.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
18.1%
8Q:–
-2.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 9.8%
Asset Turnover: 1.25x
Earnings Quality
Cash Conversion
2.02x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover2.27x
Working Capital
Cash Conversion Cycle52 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
67/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
6.8%
OpInc Growth YoY
13.4%
EPS Growth YoY
16.3%
FCF 3Y CAGR
24.7%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
12.5%
Above Avg in sector
Net
8.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+2.4 pts
FCF: 10.9% | Net: 8.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $43.51B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
-8.34x
Balance sheet risk & solvency analysis