Health Care · Health Care Facilities · US stock · price as of 16 Oct 2026
Key indicators
Price
$458.84
52-week range
$353.34 – $553.56
Market cap
$104.0B
P/E (trailing)
15.9×
EV / EBITDA
9.6×
Free-cash-flow yield
7.6%
Dividend yield
0.7%
Revenue (last 12 months)
$76.4B
Revenue growth (3y a year)
7.9%
Operating margin
15.8%
Return on invested capital
23.6%
Net debt / EBITDA
3.0×
Fair value
Blended fair value$995.90 range $906 – $1,097
Versus priceUndervalued+117% to fair value
Peer multiples
$811.60
Fundamentals-adjusted multiple
$979.03
10-year DCF (market-scaled)
$1,197.08
Earnings power value (floor, not blended)
$386.75
Model uncertainty
Medium
X-Ray Score
64/ 100 · High confidence · ahead of 82% of sector peers
Valuation88
Growth66
Profitability72
Financial health33
Dividends44
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
HCA Healthcare operates one of the largest networks of hospitals and outpatient facilities in the United States, with a presence in the United Kingdom as well. Its facilities include acute care hospitals, emergency rooms, surgery centers and urgent care clinics. Revenue comes from patient services paid by government programs such as Medicare and Medicaid, by commercial insurers and by individuals, so reimbursement rates and patient volumes strongly influence results.
The figures show revenue of $76.4 billion for the last twelve months and three-year growth of 7.9% a year. It reports an operating margin of 15.8%. Capital is used to generate a return on invested capital of 24%. Leverage, measured as net debt to EBITDA, is 3.0 times. The company pays a dividend with a yield of 0.7%.
StocksXray gives HCA Healthcare, Inc. an X-Ray Score of 64 out of 100 (high confidence), ahead of 82% of the S&P 500 stocks in its sector. Its strongest lens is valuation (88) and its weakest is financial health (33).
Our fair value blend is $995.90 (range $906.19 to $1,097.26). At $458.84 the stock trades 54% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
HCA Healthcare, Inc. (HCA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$246.87
$232.94
$265.17
$296.33
$464.38
$458.84
Market cap
$81.2B
$68.6B
$73.3B
$77.6B
$111.2B
$104.0B
P/E
11.7×
12.2×
14.0×
13.5×
16.4×
15.9×
EV / revenue
2.0×
1.8×
1.8×
1.7×
2.1×
2.0×
EV / EBITDA
8.2×
8.2×
9.0×
8.8×
10.2×
9.9×
Price / free cash flow
15.1×
16.6×
15.6×
13.8×
14.5×
13.1×
Free-cash-flow yield
6.6%
6.0%
6.4%
7.3%
6.9%
7.6%
Price / book
–
–
–
–
–
–
Dividend yield
0.78%
0.96%
0.91%
0.89%
0.62%
0.67%
Fundamentals checklist ● 8 Good · ● 4 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.1%Good
Free-cash-flow yield7.6%Good
Risk models
Altman Z score0.6×Bad
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)13.9%Good
Free-cash-flow growth (3y)23.1%Good
Revenue growth (3y)7.9%Average
Growth consistency100%Good
Balance sheet
Current ratio0.8×Bad
Net debt / EBITDA3.0×Average
Interest cover5.3×Bad
Valuation
Fair value vs price2.2×Good
EBIT / EV yield7.8%Good
Profitability
Return on invested capital23.6%Good
Operating margin15.8%Average
Red flags
Negative equity — Book equity is negative
XStocksXray
HCA Healthcare, Inc. (HCA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
58,752
60,233
64,968
70,603
75,600
76,388
Gross profit
–
–
–
–
–
–
Operating income
11,399
10,321
9,644
10,584
12,080
12,077
Net income
6,956
5,643
5,242
5,760
6,784
6,794
Diluted EPS ($)
21.16
19.15
18.97
22.00
28.33
28.78
Free cash flow
5,382
4,127
4,687
5,639
7,692
7,927
Gross margin
–
–
–
–
–
–
Operating margin
19.4%
17.1%
14.8%
15.0%
16.0%
15.8%
Net margin
11.8%
9.4%
8.1%
8.2%
9.0%
8.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
50,742
52,438
56,211
59,513
60,720
61,450
Cash
1,451
908
935
1,933
1,040
940
Total debt
34,579
38,084
39,593
43,031
46,492
48,023
Equity
-933
-2,767
-1,774
-2,499
-6,027
-6,303
Dividend per share ($)
1.92
2.24
2.40
2.64
2.88
2.94
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.