HCA Healthcare, Inc.
- Open
- 373.44
- Day high
- 376.78
- Day low
- 368.00
- Prev close
- 371.18
- Volume
- 1.5M
- Mkt cap
- $82.2B
- P/E (TTM)
- 12.7
- EPS (TTM)
- $29.25
- P/B
- -13.0
- P/S
- 1.1
- Yield
- 0.81%
- Per share
- $3.00
HCA Healthcare, Inc. (HCA) is a Healthcare company listed on NYSE. The stock is up 1% over the past year.
HCA Healthcare, Inc. (HCA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HCA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $7.12 | $7.15 | +0.4% | $19.1B | +0.1% |
| Jan 27, 2026 | $7.46 | $8.01 | +7.4% | $19.5B | -0.9% |
| Oct 24, 2025 | $5.79 | $6.96 | +20.2% | $19.2B | +3.0% |
| Jul 25, 2025 | $6.29 | $6.84 | +8.7% | $18.6B | +0.6% |
| Apr 25, 2025 | $5.75 | $6.45 | +12.2% | $18.3B | +0.3% |
| Jan 24, 2025 | $6.13 | $6.22 | +1.5% | $18.3B | +0.3% |
| Oct 25, 2024 | $4.99 | $5.03 | +0.8% | $17.5B | -0.3% |
| Jul 23, 2024 | $4.85 | $5.53 | +14.0% | $17.5B | +2.6% |
| Apr 26, 2024 | $5.01 | $5.93 | +18.4% | $17.3B | +3.1% |
| Jan 30, 2024 | $5.06 | $5.93 | +17.2% | $17.3B | +4.8% |
| Jul 27, 2023 | $4.22 | $4.29 | +1.7% | $15.9B | +1.6% |
| Apr 21, 2023 | $3.93 | $4.93 | +25.4% | $15.6B | +2.1% |
HCA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 30, 2026 | Johnston Hugh Fdirector | Grant | 809 | — |
| Apr 30, 2026 | DEPARLE NANCY ANNdirector | Grant | 509 | — |
| Apr 30, 2026 | MICHELSON MICHAEL Wdirector | Grant | 925 | — |
| Apr 30, 2026 | Smith Andrea Bdirector | Grant | 509 | — |
| Apr 30, 2026 | Frist William Rdirector, 10 percent owner: | Grant | 809 | — |
| Apr 30, 2026 | FRIST THOMAS F IIIdirector, 10 percent owner: | Grant | 1,041 | — |
| Apr 30, 2026 | Riley Wayne Josephdirector | Grant | 509 | — |
| Apr 30, 2026 | CHIDSEY JOHNdirector | Grant | 809 | — |
| Feb 18, 2026 | McAlevey Michael Rofficer: EVP & Chief Legal & Admin Off. | Sell | 1,694 | $533.37 |
| Feb 18, 2026 | McAlevey Michael Rofficer: EVP & Chief Legal & Admin Off. | Tax | 3,306 | $540.29 |
| Feb 18, 2026 | McAlevey Michael Rofficer: EVP & Chief Legal & Admin Off. | Option | 5,000 | $236.61 |
| Feb 12, 2026 | Foster Jon Mofficer: EVP and COO | Grant | 15,696 | — |
| Feb 12, 2026 | HAZEN SAMUEL Ndirector, officer: CEO | Tax | 21,323 | $502.05 |
| Feb 12, 2026 | Wyatt Christopher F.officer: SVP & Controller | Grant | 3,350 | — |
| Feb 12, 2026 | HAZEN SAMUEL Ndirector, officer: CEO | Grant | 54,934 | — |
Source: HCA SEC Form 4 filings, latest Apr 30, 2026. For informational purposes only — not investment advice.
See the full HCA insider & 13F page →HCA Healthcare, Inc. company profile
Overview
HCA Healthcare, Inc. (NYSE:HCA) is one of the largest for-profit hospital operators in the United States, founded in 1968 and headquartered in Nashville, Tennessee. The company went public in 2011 following a leveraged buyout period and has since grown to become a dominant player in the American healthcare delivery system. HCA operates an extensive network of hospitals and healthcare facilities across 20 states and England, serving millions of patients annually through both inpatient and outpatient services.
Business
HCA Healthcare operates in the healthcare services industry, specifically focusing on acute care hospital operations and related medical services. The company's core business revolves around providing comprehensive medical care through a network of hospitals and outpatient facilities. The company's primary offering is general and acute care hospital services, which includes emergency medicine, surgical procedures, intensive care, cardiac care, diagnostic services, and comprehensive inpatient treatment. Acute care refers to short-term medical treatment for severe injuries, urgent medical conditions, or recovery from surgery - essentially the type of care patients receive when they need immediate medical attention or hospitalization. HCA's business segments include: 1. **Hospital Operations** (approximately 85-90% of revenue) - This encompasses 182 hospitals including 175 general acute care hospitals, 5 psychiatric hospitals, and 2 rehabilitation hospitals. These facilities provide the full spectrum of medical services from emergency care to complex surgical procedures. 2. **Outpatient Services** (approximately 10-15% of revenue) - Operating 125 freestanding surgery centers, 21 endoscopy centers, and various outpatient facilities including urgent care centers, diagnostic imaging centers, and physician practices. These facilities handle medical procedures that don't require overnight hospital stays. The company also operates specialized facilities including psychiatric hospitals that provide mental health services, substance abuse treatment, and counseling services. HCA's network spans across high-growth markets in states like Florida, Texas, Tennessee, and other regions with favorable demographics and healthcare demand patterns.
Revenue model
HCA Healthcare generates revenue primarily through fee-for-service healthcare delivery, where the company bills patients, insurance companies, and government programs for medical services provided. The company's revenue streams include hospital admissions, outpatient procedures, emergency room visits, surgical services, and diagnostic procedures. The company's paying customers fall into several categories: **Medicare** (government insurance for seniors), **Medicaid** (government insurance for low-income individuals), **commercial insurance** (private employer-sponsored and individual plans), **healthcare exchanges** (marketplace plans under the Affordable Care Act), and **uninsured patients** who pay directly. Commercial insurance typically provides the highest reimbursement rates, while Medicaid offers the lowest, making payer mix a critical factor in profitability. Several factors significantly impact HCA's margins: **Volume growth** drives revenue as more patients seek care, while **payer mix improvements** (more commercially insured patients versus Medicaid) enhance profitability. **Labor costs** represent the largest expense category, with contract labor being particularly expensive during staffing shortages. **Wage inflation** directly impacts margins, though HCA has seen moderation from the extreme levels of 2021-2023. **Regulatory changes** such as the Two-Midnight Rule (which converted some outpatient observations to inpatient admissions) can boost revenues. **Natural disasters** like hurricanes can temporarily disrupt operations and reduce profitability. **Healthcare policy changes** including potential modifications to exchange subsidies or Medicaid expansion could alter patient volumes and payer mix. The company benefits from **demographic trends** including aging populations and population growth in its key markets, while **competition from outpatient surgical centers** and **site-neutral payment policies** pose potential margin pressures.
Competitive moat
HCA Healthcare possesses a moderate to strong competitive moat built primarily on scale advantages, market positioning, and operational expertise. The company's extensive network creates significant barriers to entry, as establishing competing hospital systems requires enormous capital investment, regulatory approvals, and years of development. HCA's scale provides negotiating leverage with suppliers, insurance companies, and enables investment in expensive medical technology and specialized services that smaller competitors cannot match. The company's **geographic concentration** in high-growth markets like Florida and Texas provides defensive positioning, as these markets have favorable demographics, population growth, and limited certificate-of-need restrictions. HCA's **operational expertise** in managing complex healthcare delivery, developed over decades, creates efficiency advantages that are difficult to replicate. The company's **brand recognition** and **physician relationships** in key markets provide referral advantages and patient loyalty. However, the moat faces several challenges: **Regulatory pressures** including site-neutral payment policies could reduce reimbursement advantages. **Outpatient migration** threatens traditional inpatient volumes as more procedures move to lower-cost settings. **Technology disruption** through telemedicine and AI-driven diagnostics could alter care delivery models. **Policy changes** affecting healthcare coverage or reimbursement rates pose ongoing risks. **New market entrants** including tech companies and retail healthcare providers are creating alternative care delivery models. The healthcare industry's heavy regulation and political sensitivity also create ongoing uncertainty that could impact the sustainability of current business models.
Risks & safety
HCA Healthcare presents a **moderate margin of safety** with strong cash generation but high leverage levels that require careful monitoring. **Debt and Solvency:** - Total liabilities of $60.2 billion significantly exceed total assets of $59.8 billion, indicating high leverage - Strong operating cash flow of $10.5 billion annually provides debt service capability - Free cash flow of $5.6 billion demonstrates ability to fund operations and growth - Current ratio of 1.19 indicates adequate short-term liquidity but limited buffer **Valuation Metrics:** - P/E ratio of 13.4x appears reasonable for a healthcare services company - EV/EBITDA of 8.8x suggests moderate valuation relative to cash generation - Strong EBITDA margins around 20% indicate operational efficiency **Other Considerations:** - Highly regulated industry creates ongoing policy risks - Capital-intensive business requiring continuous facility investment - Exposure to labor cost inflation and staffing challenges - Hurricane and natural disaster exposure in key markets
Recent development
Over the past few years, HCA Healthcare has pursued several key strategic initiatives focused on **network expansion, operational efficiency, and technology transformation**. The company has significantly invested in capacity expansion, adding approximately 600 inpatient beds and 100 outpatient facilities, with over $6 billion in development projects underway. This expansion strategy targets high-growth markets where HCA can leverage its scale advantages. **Labor management** has been a critical focus area, with HCA successfully reducing contract labor utilization from peak pandemic levels to 4.8% of total labor costs. The company has invested in workforce development through initiatives like Galen College of Nursing and clinical advancement centers to build a sustainable talent pipeline. **Operational improvements** include enhanced emergency room throughput, reduced length of stay, and improved case management processes. **Technology and digital transformation** represents a major strategic pivot, with HCA establishing a dedicated Digital Transformation and Innovation Group. The company is investing in administrative efficiency tools, operational technology solutions, and carefully developing clinical AI applications with emphasis on accuracy and compliance. These investments aim to improve both operational efficiency and clinical outcomes while positioning HCA for the future of healthcare delivery. **Capital allocation strategy** has emphasized shareholder returns through significant share repurchase programs, including a new $10 billion authorization, while maintaining investment in growth opportunities. The company has also increased its quarterly dividend, demonstrating confidence in cash flow generation capabilities.
HCA company profile · for informational purposes only — not investment advice.
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