# HCA Healthcare, Inc. (HCA)

> Source: Nexqual · https://nexqual.com/HCA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, HCA Healthcare, Inc. (HCA), nexqual.com/HCA" · informational, not investment advice.

**Price:** USD 467.31 (+1.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 459.4 · day 456.18–467.31 · 52w 353.99–556.52 · market cap $101B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $78.0B, net income $6.84B (8.8% margin), free cash flow $6.00B (SEC filings).
- Valuation: P/E 14.8x (avg 14.8x at the last 3 fiscal year-ends), net debt $48.7B.
- 5 of 80 tracked superinvestors hold HCA (13F, Q2 2026): 0 new, 4 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (26 analysts), mean target USD 460.59 (range 380–579).
- Total return with dividends: 1Y +6.9% vs S&P 500 +14.9%; 5Y +92.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 6.63, revenue estimate $19.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $58.8B | $60.2B | $65.0B | $70.6B | $75.6B | $78.0B |
| Net income | $6.96B | $5.64B | $5.24B | $5.76B | $6.78B | $6.84B |
| EPS (diluted) | $21.16 | $19.15 | $18.97 | $22.00 | $28.33 | — |
| Free cash flow | $5.38B | $4.13B | $4.69B | $5.64B | $7.69B | $6.00B |
| Net margin | 11.8% | 9.4% | 8.1% | 8.2% | 9.0% | 8.8% |
| Revenue growth | +14.0% | +2.5% | +7.9% | +8.7% | +7.1% | — |
| Cash + short-term investments | $1.55B | — | — | $1.93B | $1.04B | — |
| Total debt | $34.6B | $38.1B | $39.6B | $43.0B | $46.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.8x · P/S 1.3x · EV/Sales 1.9x · P/FCF 16.9x · FCF yield 5.93% · Earnings yield 6.76% · Dividend yield (paid, TTM) 0.67% · Buyback yield (TTM) 8.59% · Net debt $48.7B · EV $150B
P/E at fiscal year-ends: Dec 2025 16.5x, Dec 2024 13.6x, Dec 2023 14.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold HCA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 2.14% | $1.28B | Added +1.3% |
| Thomas Gayner | Markel Group | 0.25% | $32.9M | Added +2.4% |
| Richard Pzena | Pzena Investment Management | 0.11% | $37.7M | Added +2.5% |
| Bill Nygren | Oakmark Funds | 0.08% | $60.1M | Reduced -2.6% |
| Glenn Greenberg | Brave Warrior Advisors | 0.04% | $1.9M | Added +262.6% |

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 26 analysts; mean target USD 460.59 (low 380, high 579).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | TD Cowen | Target raised | Buy | $431 → $460 |
| 2026-10-07 | RBC Capital | Target raised | Outperform | $435 → $496 |
| 2026-09-23 | BMO Capital | Initiated | Outperform | $495 |
| 2026-09-18 | Leerink Partners | Maintained | Outperform | $492 |
| 2026-09-08 | RBC Capital | Reiterated | Outperform | $435 |
| 2026-08-20 | JP Morgan | Target lowered | Neutral | $490 → $425 |
| 2026-08-03 | Wells Fargo | Target raised | Equal-Weight | $369 → $381 |
| 2026-07-28 | Goldman Sachs | Target lowered | Buy | $558 → $485 |
| 2026-07-28 | Mizuho | Target lowered | Outperform | $525 → $475 |
| 2026-07-27 | UBS | Target lowered | Buy | $635 → $579 |
| 2026-07-27 | Morgan Stanley | Target lowered | Underweight | $425 → $380 |
| 2026-07-27 | RBC Capital | Reiterated | Outperform | $435 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +6.9% | +92.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +6.9% | +14.0% |
| Volatility (annualized) | 31.2% | 29.9% |
| Max drawdown | -33.6% (Mar 2026→Jun 2026) | -35.4% (Mar 2022→Jul 2022) |

## Peers (Medical Care Facilities)
THC (Tenet Healthcare Corporation) USD 270.63 +0.56% · EHC (Encompass Health Corporation) USD 126.01 +4.60% · DVA (DaVita Inc.) USD 186.1 +5.25% · FMS (Fresenius Medical Care AG) USD 22.23 +3.11% · UHS (Universal Health Services, Inc.) USD 188.13 +2.88% · ENSG (The Ensign Group, Inc.) USD 178.35 +2.88%

## More
Full page: https://nexqual.com/HCA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.63 | $7.00 | -5.3% | $19.32B | 20 |
| Next quarter (ends 2026-12-31) | $8.06 | $8.11 | -0.6% | $19.84B | 20 |
| Current fiscal year (ends 2026-12-31) | $29.49 | $29.92 | -1.5% | $78.51B | 20 |
| Next fiscal year (ends 2027-12-31) | $31.99 | $32.74 | -2.3% | $81.57B | 23 |