HCA Healthcare, Inc. (HCA) Key Metrics
HCA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $99.34B
- Enterprise value
- $145.39B
- P/E (TTM)
- 15.4 10-yr median 14.0
- Forward P/E
- 13.9
- PEG ratio
- 1.34
- Price / sales
- 1.3 10-yr median 1.1
- Price / book
- 291.3 10-yr median 63.7
- EV / EBITDA
- 9.2 10-yr median 8.6
- Dividend yield
- 0.68% $3.12 a year
- Beta
- 1.11
HCA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHCA valuation Price multiples at each fiscal year-end price.
HCA returns How much profit the business earns on the capital it uses.
HCA per-share figures Results divided by the shares outstanding at year-end.
HCA financial health Debt, liquidity and how easily interest is covered.
HCA efficiency & capital use Working capital cycle and where the cash goes.
HCA valuation history
HCA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HCA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HCA cash returned to shareholders
HCA price vs earnings per share
HCA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $107.71B | $78.58B | $74.82B | $70.71B | $84.46B | $56.80B | $51.47B | $44.22B | $32.70B | $29.30B |
| Enterprise value | $155.37B | $121.80B | $115.74B | $110.00B | $119.74B | $88.06B | $86.42B | $76.54B | $65.02B | $60.03B |
| P/E ratio | 15.9 | 13.6 | 14.3 | 12.5 | 12.1 | 15.1 | 14.7 | 11.7 | 14.8 | 10.1 |
| Price / sales | 1.4 | 1.1 | 1.2 | 1.2 | 1.4 | 1.1 | 1.0 | 0.9 | 0.7 | 0.7 |
| Price / book | — | 141.6 | 70.6 | — | 56.7 | 19.6 | — | — | — | — |
| Price / free cash flow | 14.0 | 13.9 | 16.0 | 17.1 | 15.7 | 8.9 | 14.9 | 13.9 | 13.6 | 10.1 |
| Price / operating cash flow | 8.5 | 7.5 | 7.9 | 8.3 | 9.4 | 6.2 | 6.8 | 6.5 | 6.0 | 5.2 |
| EV / sales | 2.1 | 1.7 | 1.8 | 1.8 | 2.0 | 1.7 | 1.7 | 1.6 | 1.5 | 1.4 |
| EV / EBITDA | 10.0 | 8.8 | 9.1 | 8.3 | 8.4 | 9.0 | 8.9 | 8.2 | 7.9 | 7.1 |
| EV / free cash flow | 20.2 | 21.6 | 24.7 | 26.7 | 22.2 | 13.8 | 25.1 | 24.0 | 27.0 | 20.8 |
| Earnings yield | 6.3% | 7.3% | 7.0% | 8.0% | 8.2% | 6.6% | 6.8% | 8.6% | 6.8% | 9.9% |
| Free cash flow yield | 7.1% | 7.2% | 6.3% | 5.8% | 6.4% | 11.3% | 6.7% | 7.2% | 7.4% | 9.9% |
| Dividend yield | 0.6% | 0.9% | 0.9% | 0.9% | 0.7% | 0.3% | 1.1% | 1.1% | 1.4% | 1.5% |
| Shareholder yield (dividends + buybacks) | 10.0% | 8.6% | 6.0% | 10.8% | 10.5% | 1.0% | 3.1% | 4.6% | 7.6% | 10.9% |
| Share price at fiscal year-end | $466.86 | $300.15 | $270.68 | $239.96 | $256.92 | $164.46 | $147.81 | $124.45 | $87.84 | $74.02 |
| Per share | ||||||||||
| Revenue per share | $327.68 | $269.68 | $235.04 | $204.41 | $178.71 | $149.21 | $147.42 | $131.37 | $117.17 | $104.81 |
| Earnings per share | $29.40 | $22.00 | $18.96 | $19.15 | $21.16 | $10.87 | $10.07 | $10.66 | $5.95 | $7.30 |
| Operating cash flow per share | $54.77 | $40.16 | $34.12 | $28.92 | $27.25 | $26.73 | $21.83 | $19.03 | $14.58 | $14.28 |
| Free cash flow per share | $33.34 | $21.54 | $16.96 | $14.01 | $16.37 | $18.52 | $9.89 | $8.97 | $6.48 | $7.31 |
| Cash per share | $4.51 | $7.72 | $3.38 | $3.08 | $4.41 | $5.19 | $1.78 | $1.41 | $1.97 | $1.63 |
| Book value per share | −$12.01 | $2.12 | $3.83 | −$0.25 | $4.53 | $8.37 | −$1.62 | −$8.21 | −$13.42 | −$14.23 |
| Tangible book value per share | −$101.16 | −$36.43 | −$32.14 | −$33.01 | −$24.49 | −$16.46 | −$25.37 | −$30.60 | −$33.28 | −$31.17 |
| Dividends per share | $2.94 | $2.64 | $2.39 | $2.22 | $1.90 | $0.44 | $1.58 | $1.37 | $1.20 | $1.10 |
| Capex per share | $21.43 | $18.62 | $17.16 | $14.92 | $10.88 | $8.21 | $11.94 | $10.06 | $8.10 | $6.97 |
| Debt per share | $211.07 | $172.79 | $151.44 | $136.43 | $111.71 | $95.71 | $102.15 | $92.37 | $88.81 | $79.26 |
| Shares outstanding | 230.7M | 261.8M | 276.4M | 294.7M | 328.8M | 345.4M | 348.2M | 355.3M | 372.2M | 395.9M |
| Change in shares outstanding | −11.9% | −5.3% | −6.2% | −10.4% | −4.8% | −0.8% | −2.0% | −4.5% | −6.0% | −7.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | 713.3% | — | — | 317.6% | 322.6% | — | — | — | — |
| Return on invested capital (ROIC) | 21.4% | 19.2% | 18.7% | 19.0% | 21.4% | 17.1% | 17.9% | 19.3% | 14.5% | 18.1% |
| Return on assets (ROA) | 11.3% | 10.0% | 9.6% | 10.9% | 14.2% | 8.1% | 8.3% | 10.0% | 6.3% | 8.7% |
| Return on tangible assets | 16.9% | 11.7% | 11.3% | 13.2% | 16.9% | 9.6% | 9.5% | 12.1% | 7.6% | 10.7% |
| Free cash flow margin | 10.2% | 8.0% | 7.2% | 6.9% | 9.2% | 12.4% | 6.7% | 6.8% | 5.5% | 7.0% |
| Income quality (OCF / net income) | 1.86 | 1.83 | 1.80 | 1.51 | 1.29 | 2.46 | 2.17 | 1.79 | 2.45 | 1.96 |
| Financial health | ||||||||||
| Total debt | $48.70B | $45.24B | $41.86B | $40.20B | $36.73B | $33.06B | $35.57B | $32.82B | $33.06B | $31.38B |
| Cash & short-term investments | $1.04B | $2.02B | $935.0M | $908.0M | $1.45B | $1.79B | $621.0M | $502.0M | $732.0M | $646.0M |
| Net debt | $47.66B | $43.22B | $40.92B | $39.29B | $35.27B | $31.26B | $34.95B | $32.32B | $32.33B | $30.73B |
| Debt / equity | — | 81.51 | 39.49 | — | 24.66 | 11.43 | — | — | — | — |
| Debt / assets | 0.80 | 0.76 | 0.74 | 0.77 | 0.72 | 0.70 | 0.79 | 0.84 | 0.90 | 0.93 |
| Net debt / EBITDA | 3.05 | 3.11 | 3.22 | 2.96 | 2.48 | 3.21 | 3.62 | 3.45 | 3.94 | 3.62 |
| Current ratio | 0.83 | 1.08 | 1.18 | 1.38 | 1.41 | 1.42 | 1.44 | 1.35 | 1.62 | 1.56 |
| Quick ratio | 0.73 | 0.97 | 1.02 | 1.17 | 1.21 | 1.18 | 1.20 | 1.12 | 1.36 | 1.30 |
| Interest coverage | 5.3 | 5.1 | 5.0 | 5.2 | 6.3 | 4.7 | 3.9 | 3.8 | 3.6 | 3.9 |
| Working capital | −$2.79B | $1.24B | $2.27B | $3.74B | $3.96B | $3.63B | $3.44B | $2.64B | $3.82B | $3.25B |
| Invested capital | $44.89B | $43.77B | $41.98B | $39.22B | $36.76B | $34.16B | $34.38B | $29.40B | $27.33B | $25.10B |
| Tangible asset value | −$23.34B | −$9.54B | −$8.88B | −$9.73B | −$8.05B | −$5.69B | −$8.83B | −$10.87B | −$12.39B | −$12.34B |
| Net current asset value | −$49.93B | −$42.54B | −$40.22B | −$38.87B | −$35.71B | −$32.27B | −$34.43B | −$31.91B | −$31.61B | −$30.30B |
| Graham number | — | $32.39 | $40.45 | — | $46.44 | $45.25 | — | — | — | — |
| Graham net-net per share | −$231.78 | −$183.36 | −$165.47 | −$148.98 | −$123.92 | −$105.69 | −$110.68 | −$100.38 | −$94.55 | −$84.94 |
| Capital allocation | ||||||||||
| Dividends paid | $679.0M | $690.0M | $661.0M | $653.0M | $624.0M | $153.0M | $550.0M | $487.0M | $448.0M | $434.0M |
| Share buybacks (net) | $10.07B | $6.04B | $3.81B | $7.00B | $8.21B | $441.0M | $1.03B | $1.53B | $2.05B | $2.75B |
| Dividend payout ratio | 10.0% | 12.0% | 12.6% | 11.6% | 9.0% | 4.1% | 15.7% | 12.9% | 20.2% | 15.0% |
| Dividends + buybacks / free cash flow | 139.7% | 119.4% | 95.4% | 185.4% | 164.2% | 9.3% | 45.9% | 63.3% | 103.6% | 110.1% |
| Capex / revenue | 6.5% | 6.9% | 7.3% | 7.3% | 6.1% | 5.5% | 8.1% | 7.7% | 6.9% | 6.7% |
| Capex / operating cash flow | 39.1% | 46.4% | 50.3% | 51.6% | 39.9% | 30.7% | 54.7% | 52.8% | 55.6% | 48.8% |
| Capex / depreciation | 1.40 | 1.47 | 1.54 | 1.48 | 1.25 | 1.04 | 1.60 | 1.57 | 1.41 | 1.40 |
| Stock-based compensation / revenue | 0.5% | 0.5% | 0.4% | 0.6% | 0.7% | 0.7% | 0.7% | 0.6% | 0.6% | 0.6% |
| SG&A / revenue | 10.6% | 44.1% | 45.4% | 46.0% | 45.6% | 46.3% | 45.9% | 45.9% | 46.0% | 45.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 52.2 | 53.5 | 52.9 | 51.5 | 47.0 | 51.1 | 50.4 | 52.0 | 51.6 | 51.5 |
| Days of inventory on hand | 14.0 | 16.4 | 18.9 | 20.0 | 20.2 | 84.5 | 77.1 | 78.1 | 76.7 | 77.4 |
| Days payables outstanding | 36.9 | 37.0 | 39.3 | 41.1 | 38.5 | 140.4 | 118.0 | 122.5 | 122.8 | 118.1 |
| Cash conversion cycle (days) | 29.3 | 32.9 | 32.6 | 30.3 | 28.8 | -4.8 | 9.5 | 7.6 | 5.5 | 10.8 |
| Receivables turnover | 6.99 | 6.82 | 6.89 | 7.09 | 7.76 | 7.14 | 7.25 | 7.02 | 7.08 | 7.08 |
| Payables turnover | 9.90 | 9.85 | 9.30 | 8.88 | 9.48 | 2.60 | 3.09 | 2.98 | 2.97 | 3.09 |
| Inventory turnover | 26.09 | 22.31 | 19.27 | 18.28 | 18.08 | 4.32 | 4.74 | 4.67 | 4.76 | 4.71 |
| Asset turnover | 1.26 | 1.22 | 1.20 | 1.17 | 1.20 | 1.11 | 1.22 | 1.23 | 1.24 | 1.25 |
| Average receivables | $10.81B | $10.35B | $9.42B | $8.49B | $7.57B | $7.22B | $7.08B | $6.64B | $6.16B | $5.86B |
| Average payables | $4.47B | $4.25B | $4.24B | $4.17B | $3.82B | $3.22B | $2.74B | $2.59B | $2.46B | $2.24B |
| Average inventory | $1.70B | $1.88B | $2.04B | $2.03B | $2.01B | $1.94B | $1.79B | $1.65B | $1.54B | $1.47B |
| Intangibles / total assets | 33.9% | 17.0% | 17.7% | 18.4% | 18.8% | 18.1% | 18.4% | 20.3% | 20.2% | 19.9% |
Computed from HCA's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HCA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), HCA Healthcare traded at 15.9 times earnings, against a 10-year median of 14.0. Based on the latest twelve months, the trailing P/E is 15.4 and the forward P/E is 13.9. HCA Healthcare earned a return on invested capital of 21.4% in fiscal 2025. It ended the year with $48.7 billion of debt and $1.0 billion in cash and short-term investments, net debt of $47.7 billion. It returned $10.7 billion to shareholders: $679.0 million in dividends and $10.1 billion in share buybacks, 140% of free cash flow. The share count fell 41.7% from 395.9M to 230.7M over 9 years.
See the HCA income statement, the HCA chart for price history, or the HCA stock overview for the latest quote and news.
HCA key metrics FAQ
What is HCA Healthcare's P/E ratio?
HCA Healthcare's trailing P/E ratio is 15.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.9. At the end of fiscal 2025 it was 15.9, compared with a 10-year median of 14.0.
What is HCA Healthcare's EV/EBITDA?
HCA Healthcare's enterprise value was 10.0 times EBITDA at the end of fiscal 2025 (enterprise value $155.4 billion, EBITDA $15.6 billion); the current EV/EBITDA is 9.2.
What is HCA Healthcare's ROIC?
HCA Healthcare's return on invested capital was 21.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does HCA Healthcare have?
HCA Healthcare had total debt of $48.7 billion at the end of fiscal 2025 and $47.7 billion of net debt (3.05 times EBITDA).
What is HCA Healthcare's dividend yield?
HCA Healthcare's forward dividend yield is 0.68%. HCA Healthcare paid $679.0 million in dividends in fiscal 2025 ($2.94 per share), a payout ratio of 10.0%.
Does HCA Healthcare buy back its shares?
Yes. HCA Healthcare spent $10.1 billion on net share repurchases in fiscal 2025 Shares outstanding changed −11.9% over the year, to 230.7M..
What is HCA Healthcare's free cash flow yield?
HCA Healthcare generated $7.7 billion of free cash flow in fiscal 2025, a free cash flow yield of 7.1% on its market value at year-end ($107.7 billion).
What is HCA Healthcare's current ratio?
HCA Healthcare's current ratio was 0.83 at the end of fiscal 2025: current assets were 0.83 times current liabilities.