Latest revenue
$19.11B
as of 2026-03-31
Latest net income
$1.62B
as of 2026-03-31
Net margin
8.5%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $87.42B
- Enterprise value
- $138.02B
- P/E (trailing)
- 12.9×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.7%
- 52-wk high
- $556.52
- 52-wk low
- $330.00
- Beta
- —
- Shares out
- 221.8M
5-year trend
What this company does
HCA Healthcare runs one of the largest for-profit hospital networks in the US, operating roughly 190 hospitals plus surgery centers and emergency facilities across 20 states and the UK. It earns money by billing Medicare, Medicaid, and commercial insurers for inpatient admissions, surgeries, and emergency visits, with Q3 2025 revenue of $19.2 billion driven by a 6.1% rise in revenue per admission and 3.2% volume growth. The company faces a major policy overhang from the One Big Beautiful Bill Act, which cuts Medicaid funding, plus the scheduled expiration of enhanced ACA premium tax credits at year-end 2025 and possible 4% Medicare sequestration in early 2026.
Generated from HCA's filing dated 2024-02-16
Key risks
- OBBBA Medicaid cuts plus potential 4% Medicare sequestration in early 2026 threaten reimbursement; HCA is actively lobbying against the changes.
- Enhanced Premium Tax Credits expire after Dec 31, 2025, likely shrinking marketplace coverage and increasing uninsured admissions and bad debt exposure.
- Significant indebtedness with refinancing risk; aggressive buybacks (21.3M shares YTD 2025) reduce financial cushion against policy headwinds.
Generated from HCA's filing dated 2024-02-16
Profitability
Net margin
9.0%
10.0%Return on equity
-112.6%
51.2%Return on assets
11.2%
15.4%Leverage
Debt / equity
-11.07×
55.4%Long-term debt / equity
-6.90×
55.0%Debt / assets
109.9%
5.5%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $19.11B | +4.3% | $1.62B | +0.6% | 8.5% |
Q4 2025 2025-12-31 | $19.51B | +6.7% | $1.88B | +30.6% | 9.6% |
Q3 2025 2025-09-30 | $19.16B | +9.6% | $1.64B | +29.4% | 8.6% |
Q2 2025 2025-06-30 | $18.61B | +6.4% | $1.65B | +13.1% | 8.9% |
Q1 2025 2025-03-31 | $18.32B | +5.7% | $1.61B | +1.2% | 8.8% |
Q4 2024 2024-12-31 | $18.29B | — | $1.44B | — | 7.9% |
Q3 2024 2024-09-30 | $17.49B | +7.9% | $1.27B | +17.7% | 7.3% |
Q2 2024 2024-06-30 | $17.49B | +10.3% | $1.46B | +22.5% | 8.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-General Medical & Surgical Hospitals, NEC · SIC 8062
Your notes
Keep private notes on HCA — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$32.7M
Net activity
−$32.7M
Distinct insiders
5
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns HCA
Institutional value
$19.84B
Total shares held
44.3M
Distinct holders
771
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 10.2M | $4.82B | — | New |
| 2 | First Eagle Investment Management, LLC | 3.3M | $1.54B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 2.8M | $1.31B | — | New |
| 4 | Invesco Ltd. | 1.4M | $680.8M | — | New |
| 5 | Legal & General Group Plc | 1.1M | $518.1M | — | New |
| 6 | Bank of New York Mellon Corp | 944.2K | $446.8M | — | New |
| 7 | VANGUARD FIDUCIARY TRUST CO | 886.6K | $419.6M | — | New |
| 8 | Nuveen, LLC | 783.5K | $370.8M | — | New |
| 9 | Life Cycle Investment Partners Ltd | 694.2K | $328.5M | — | New |
| 10 | LYRICAL ASSET MANAGEMENT LP | 668.6K | $316.4M | — | New |
| 11 | UBS Group AG | 643.5K | $304.5M | — | New |
| 12 | PRINCIPAL FINANCIAL GROUP INC | 597.4K | $282.7M | — | New |
| 13 | National Pension Service | 588.8K | $278.6M | — | New |
| 14 | DEUTSCHE BANK AG\ | 581.0K | $275.0M | — | New |
| 15 | ROYAL LONDON ASSET MANAGEMENT LTD | 577.1K | $273.1M | — | New |
| 16 | Swiss National Bank | 468.8K | $221.8M | — | New |
| 17 | Russell Investments Group, Ltd. | 468.9K | $221.8M | — | New |
| 18 | Allianz Asset Management GmbH | 458.0K | $216.7M | — | New |
| 19 | Cryder Capital Partners LLP | 454.4K | $215.1M | — | New |
| 20 | TD ASSET MANAGEMENT INC | 454.2K | $215.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
With EPTCs expiring after 2025 and OBBBA Medicaid changes looming, quantify the 2026 EBITDA exposure and your specific mitigation playbook.
- 2
Same-facility revenue per equivalent admission rose 6.6% versus admissions up only 2.1%—how much is sustainable acuity versus SDP/pricing tailwinds that fade?
- 3
You repurchased 21.3M shares YTD against significant leverage; defend the buyback pace given OBBBA, tariff, and refinancing risks ahead.
Refreshed when HCA files a new report · last from 2024-02-16