HCA Healthcare, Inc. (HCA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-33.7%

$309.21

vs $466.49 price

Levered DCF

$297.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.51

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.31×	13.48×	14.07×	12.34×	11.94×	14.84×	14.39×	11.27×
P/B	-17.87×	-31.06×	-41.56×	-25.18×	-89.03×	97.59×	-17.96×	-8.62×
P/S	1.42×	1.1×	1.13×	1.16×	1.41×	1.08×	0.98×	0.91×
EV / EBITDA	10.05×	8.7×	9.01×	8.2×	8.3×	8.95×	8.84×	8.01×
Gross margin	41.5%	40.6%	39.4%	38.5%	38.3%	83.8%	83.5%	83.5%
Operating margin	15.8%	14.9%	14.8%	15.0%	16.5%	14.1%	14.1%	14.2%
Net margin	9.0%	8.2%	8.1%	9.4%	11.8%	7.3%	6.8%	8.1%
Current ratio	0.83×	1.08×	1.18×	1.38×	1.41×	1.42×	1.44×	1.35×
Debt / equity	-8.33×	-18.1×	-23.6×	-14.53×	-39.36×	57.79×	-12.67×	-6.63×
Interest coverage	5.32×	5.12×	4.97×	5.21×	6.33×	4.66×	3.92×	3.76×
Dividend yield	0.6%	0.9%	0.9%	0.9%	0.8%	0.3%	1.1%	1.1%
Payout ratio	10.0%	12.0%	12.6%	11.6%	9.0%	4.1%	15.7%	12.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-112.6%	-230.5%	-295.5%	-203.9%	-745.6%	656.3%	-124.8%	-76.5%
Return on invested capital	18.5%	16.7%	16.4%	16.7%	18.2%	14.9%	15.1%	16.9%
Return on assets	11.2%	9.7%	9.3%	10.8%	13.7%	7.9%	7.8%	9.7%
Free cash flow yield	7.1%	7.3%	6.4%	5.9%	6.5%	11.5%	6.8%	7.5%
Earnings yield	6.3%	7.4%	7.1%	8.1%	8.4%	6.7%	6.9%	8.9%
Enterprise value	$156.9B	$120.9B	$114.7B	$109B	$118.3B	$87.1B	$85.4B	$75B
Net debt / EBITDA	3.15×	3.12×	3.22×	2.96×	2.48×	3.21×	3.62×	3.45×
Cash conversion cycle (days)	28	33	35	32	29	-16	7	13