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HCA Healthcare, Inc. is one of the leading health care services companies in the United States. At December 31, 2025, we operated 190 hospitals, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals.
13.01% operating margin is respectable but not wide. ROIC at 17.90%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 7.1%, steady but not accelerating.
Net debt of $48.41B represents 6.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$75.60B
▲ +7.1% YoY
Net Income (TTM)
$6.78B
▲ +17.8% YoY
Op. Margin
13.01%
▲ +0.9pp YoY
ROIC
17.90%
▲ +2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$7.69B
▲ +36.4% YoY
Op. Cash Flow (TTM)
$12.64B
▲ +20.2% YoY
Net Debt
$48.41B
Cash & Equiv.
$1.04B
5Y CAGR: +8.0%
5Y CAGR: +3.8%
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