HCA Healthcare Inc
HCA—
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HCA Healthcare Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-5.3B) with 46.3B debt yet generating 8.1B FCF TTM - leveraged buyout structure funding 2.5B buybacks annually[Common Stockholders Equity]
- Operating margin 15.6% vs industry median 2.5% - 6x advantage on 74.4B revenue base generates 11.6B operating income TTM[Operating Margin TTM]
- Interest expense 2.2B TTM consumes 19% of operating income - debt service sustainable but limits flexibility[Interest Expense TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 2.5B or >25% of operating income — Signals debt burden becoming unsustainable given negative equity position
- Free Cash Flow TTM: Falls below 6B — Would force choice between buybacks, dividends, or debt service
- Accounts Receivable: Exceeds 15% of TTM revenue — Collection slowdown would stress already negative working capital
Bull Case
Scale advantage: 74.4B revenue (54x industry median) with 15.6% operating margin creates 11.6B annual profit engine competitors cannot replicate
Total Revenue TTMOperating Margin TTMOperating Income TTM
Capital return machine: 8.1B FCF funds 2.5B buybacks + 2.8B dividends while maintaining operations - 4.6% combined yield
Free Cash Flow TTMNet Common Stock IssuanceDividends Paid Per Share TTM
Bear Case
Debt/EBITDA of 3.1x with negative equity (-5.3B) leaves no margin for operational missteps; 2.2B interest expense is non-negotiable
Total DebtEBITDA TTMInterest Expense TTM
Working capital deficit (-2.6B) and 10.4B receivables (14% of revenue) creates liquidity risk if collections slow
Working CapitalAccounts ReceivableCurrent Liabilities
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF generation will sustain aggressive buybacks despite negative equity structure
1-3yhigh
- 8.1B FCF on 74.4B revenue = 10.9% FCF margin
- 2.5B net buybacks TTM reducing share count
- Asset-heavy model (32.7B PPE) creates barriers
FCF 8.1B vs capex 4.7B TTMNet common stock issuance -2.5B TTMOperating CF 12.8B covers all uses
Valuation Context
Caveats
Public Strategies Rankings
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HCA Fundamentals
Health Care and Social Assistance → Hospitals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$108.81B | — | ||
$156.46B | — | ||
17 | — | ||
$75.6B | +7.1% | — | |
$28.33 | +28.5% | — | |
15.8% | +0.9% | — | |
8.97% | +0.8% | — | |
$7.69B | +36.4% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
HCA Dividend History
34 dividends
2026
$0.780003/17/26$0.7800
2025
$2.880012/15/25$0.7200
09/16/25$0.7200
06/16/25$0.7200
03/17/25$0.7200
2024
$2.640012/13/24$0.6600
09/16/24$0.6600
06/14/24$0.6600
03/14/24$0.6600
2023
$2.400012/13/23$0.6000
09/14/23$0.6000
06/15/23$0.6000
03/16/23$0.6000
2022
$2.240012/13/22$0.5600
09/15/22$0.5600
06/15/22$0.5600
03/16/22$0.5600
2021
$1.920012/13/21$0.4800
09/15/21$0.4800
06/15/21$0.4800
03/16/21$0.4800
2020
$0.697812/30/20$0.2678
02/28/20$0.4300
2019
$1.600011/29/19$0.4000
08/30/19$0.4000
05/31/19$0.4000
02/28/19$0.4000
2018
$1.400011/30/18$0.3500
08/31/18$0.3500
05/31/18$0.3500
02/28/18$0.3500
2012
$6.500012/13/12$2.0000
10/31/12$2.5000
02/14/12$2.0000
HCA Stock Splits
No stock splits
HCA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/10/26 | 12/31/25 | Unknown | |
10/30/25 | 09/30/25 | 10-Q | |
08/04/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
07/29/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/17/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/01/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/18/22 | 12/31/21 | 10-K | |
11/01/21 | 09/30/21 | 10-Q | |
08/02/21 | 06/30/21 | 10-Q | |
04/30/21 | 03/31/21 | 10-Q | |
02/19/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
11/01/19 | 09/30/19 | 10-Q | |
08/02/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
02/22/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
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02/26/15 | 12/31/14 | 10-K | |
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02/24/12 | 12/31/11 | 10-K | |
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05/11/11 | 03/31/11 | 10-Q | |
03/11/11 | 12/31/10 | 424B4 | |
11/09/10 | 09/30/10 | 10-Q | |
08/11/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
05/07/10 | 12/31/09 | S-1 | |
11/12/09 | 09/30/09 | 10-Q | |
08/14/09 | 06/30/09 | 10-Q | |
05/14/09 | 03/31/09 | 10-Q | |
03/04/09 | 12/31/08 | 10-K | |
11/13/08 | 09/30/08 | 10-Q | |
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05/12/08 | 03/31/08 | 10-Q | |
03/28/08 | 12/31/07 | 10-K | |
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04/01/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
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05/11/00 | 03/31/00 | 10-Q |