HCA Healthcare, Inc.HCA
NYSE•Healthcare•Medical Care Facilities
HCA Healthcare, Inc., through its subsidiaries, provides health care services in the United States. The company owns, manages, and operates hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics, diagnostic and imaging centers, radiation and oncology therapy centers, as well as rehabilitation and physical therapy centers, physician practices, home health agencies, hospices, outpatient physical therapy providers, home and community-based services providers, and various other facilities. Its general and acute care hospitals offer medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services, and emergency services; and outpatient services, such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology, and physical therapy. The company was formerly known as HCA Holdings, Inc. HCA Healthcare, Inc. was founded in 1968 and is headquartered in Nashville, Tennessee.
HCA Healthcare, Inc. (HCA) reported trailing twelve months revenue of $76.39B as of March 2026, a 6.7% increase year-over-year. Quarterly revenue reached $19.11B, reflecting continued top-line momentum.
HCA Healthcare, Inc. generated $6.79B in TTM net income, with quarterly EBITDA of $3.22B. The operating margin contracted from 12.7% to 12.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (12.0%) and net margin (8.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 8.8% a year ago, reflecting increased costs or interest expense.
HCA trades at a P/E of 15.4x (in line with broad market averages) and a P/S of 1.4x.
The company generated $895.00M in free cash flow over the trailing twelve months, a 35.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $61.45B in total assets with $39.49B in long-term debt against $-6.30B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~12.4%, suggesting durable pricing power and cost discipline.
Limited ROE data for a reliable assessment.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~11.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~12.8% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 14.4% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation