Is the business good?
How good a business is HCA?
HCA Healthcare earns 19% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
19%
Return on invested capital · cost of capital 9.0% · 10.0 points above what the capital costs: growth creates value
- Operating margin
- 13%
Operating margin · Medical Care Facilities median 8.9% · 12 months to Q1 2026
- Cash conversion
- 1.17×
Cash conversion · 0.86× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −9.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 11% |
| FY2021 | 17% |
| FY2022 | 14% |
| FY2023 | 12% |
| FY2024 | 12% |
| FY2025 | 13% |
Details›
- Operating margin12 months to Q1 2026
- 13%
- Net margin12 months to Q1 2026
- 8.9%
- Free cash flow margin
- 10%
- Revenue, trailing twelve months
- $76.4B
- Free cash flow, trailing twelve months
- $7.93B
- Net income, trailing twelve months
- $6.79B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 19%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Care Facilities
Ranks #20 of 28 by Smart Score