HCA Healthcare, Inc.
HCA · Services-General Medical & Surgical Hospitals, NEC · 221.8M shares · -6%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $3.5B (gross $3.8B, SBC $262M)
Reference price $533.37 · est. market cap ~$118.3B — last insider sale, 2026-02-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80HCA Healthcare — dominant, highly profitable hospital operator.
Strengths
- ROA 91st pct, strong FCF (98th) and cash (90th)
- Scale and pricing power across acute care
Risks
- Negative book equity (D/E -7.7) from aggressive buybacks
- Reimbursement, labor and leverage exposure
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -7.71)
- Weak liquidityCurrent ratio 0.97 (<1)
- Strong balance sheetStrong balance sheet — $1.5B cash & investments
- Buying back stockNet buyback — share count -6%/yr over 4y
- Insider sellingInsider selling — 12 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$29M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
9.0%
Return on equity
-112.6%
Return on assets
11.2%
Revenue growth (QoQ)
-2.1%
Net-income growth
17.8%
Debt / equity
-7.7×
Current ratio
1.0×
Free cash flow
$7.7B
Tangible book value
-$6.0B
Cash & investments
$1.5B
Stock comp / revenue
0.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-07 | Marks Mike A | Gift | 3.3K | — |
| 2026-05-07 | Marks Mike A | Gift | 3.3K | — |
| 2026-04-28 | Johnston Hugh F | Grant | 809 | — |
| 2026-04-28 | DEPARLE NANCY ANN | Grant | 509 | — |
| 2026-04-28 | CHIDSEY JOHN | Grant | 809 | — |
| 2026-04-28 | Frist William R | Grant | 809 | — |
| 2026-04-28 | FRIST THOMAS F III | Grant | 1.0K | — |
| 2026-04-28 | Riley Wayne Joseph | Grant | 509 | — |
| 2026-04-28 | Smith Andrea B | Grant | 509 | — |
| 2026-04-28 | MICHELSON MICHAEL W | Grant | 925 | — |
| 2026-02-18 | McAlevey Michael R | Sell | 1.7K | $533.37 |
| 2026-02-13 | McAlevey Michael R | Option exercise | 5.0K | $236.61 |
| 2026-02-13 | McAlevey Michael R | Tax withheld | 3.3K | $540.29 |
| 2026-02-11 | Wyatt Christopher F. | Sell | 4.0K | $505.00 |
| 2026-02-11 | Berres Jennifer | Sell | 4.0K | $503.00 |
| 2026-02-11 | Berres Jennifer | Sell | 4.0K | $526.16 |
| 2026-02-10 | Wyatt Christopher F. | Tax withheld | 1.0K | $502.05 |
| 2026-02-10 | Wyatt Christopher F. | Grant | 3.4K | — |
| 2026-02-10 | Rossitto Erica | Grant | 1.7K | — |
| 2026-02-10 | Rossitto Erica | Tax withheld | 418 | $502.05 |
| 2026-02-10 | McAlevey Michael R | Grant | 8.4K | — |
| 2026-02-10 | McAlevey Michael R | Tax withheld | 3.0K | $502.05 |
| 2026-02-10 | Marks Mike A | Grant | 5.0K | — |
| 2026-02-10 | Marks Mike A | Tax withheld | 1.7K | $502.05 |
| 2026-02-10 | HAZEN SAMUEL N | Grant | 55K | — |
| 2026-02-10 | HAZEN SAMUEL N | Tax withheld | 21K | $502.05 |
| 2026-02-10 | Foster Jon M | Grant | 16K | — |
| 2026-02-10 | Foster Jon M | Tax withheld | 5.9K | $502.05 |
| 2026-02-10 | Cuffe Michael S. | Grant | 9.6K | — |
| 2026-02-10 | Cuffe Michael S. | Tax withheld | 3.5K | $502.05 |
| 2026-02-10 | Berres Jennifer | Grant | 7.1K | — |
| 2026-02-10 | Berres Jennifer | Tax withheld | 2.5K | $502.05 |
| 2026-02-06 | FRIST THOMAS F JR | Other | 36.6M | — |
| 2026-02-06 | Frist William R | Other | 36.6M | — |
| 2026-02-06 | FRIST THOMAS F III | Other | 36.6M | — |
| 2026-02-06 | FRIST THOMAS F III | Other | 36.6M | — |
| 2026-02-06 | Elcan Patricia F | Other | 36.6M | — |
| 2026-02-06 | Elcan Patricia F | Other | 36.6M | — |
| 2026-02-06 | HERCULES HOLDING II | Other | 36.6M | — |
| 2026-02-06 | Frisco Holding II | Other | 36.6M | — |
| 2026-02-06 | Frisco Holding II | Other | 36.6M | — |
| 2026-02-06 | FRIST THOMAS F JR | Other | 36.6M | — |
| 2026-02-06 | Frist William R | Other | 36.6M | — |
| 2026-02-05 | Wyatt Christopher F. | Option exercise | 11K | $139.06 |
| 2026-02-05 | Wyatt Christopher F. | Tax withheld | 5.7K | $513.76 |
| 2026-02-05 | Foster Jon M | Option exercise | 29K | $139.06 |
| 2026-02-05 | Foster Jon M | Tax withheld | 16K | $513.76 |
| 2026-02-04 | HAZEN SAMUEL N | Other | 1.0K | $498.35 |
| 2026-02-04 | HAZEN SAMUEL N | Other | 1.0K | $498.35 |
| 2026-02-03 | HAZEN SAMUEL N | Sell | 15K | $502.95 |
| 2026-02-03 | HAZEN SAMUEL N | Sell | 5.0K | $502.15 |
| 2026-02-03 | HAZEN SAMUEL N | Sell | 7.4K | $500.69 |
| 2026-02-03 | HAZEN SAMUEL N | Sell | 6.2K | $500.02 |
| 2026-02-03 | HAZEN SAMUEL N | Sell | 5.2K | $498.80 |
| 2026-02-03 | HAZEN SAMUEL N | Sell | 4.3K | $498.12 |
| 2026-02-03 | HAZEN SAMUEL N | Sell | 120 | $497.18 |
| 2026-02-03 | Cuffe Michael S. | Sell | 1.5K | $498.09 |
| 2026-02-03 | Cuffe Michael S. | Gift | 4.0K | — |
| 2026-01-30 | HAZEN SAMUEL N | Option exercise | 84K | $81.96 |
| 2026-01-30 | HAZEN SAMUEL N | Tax withheld | 41K | $488.27 |
| 2025-11-14 | HAZEN SAMUEL N | Gift | 15K | — |
| 2025-11-05 | McAlevey Michael R | Sell | 3.9K | $473.79 |
| 2025-11-05 | Marks Mike A | Gift | 165 | — |
| 2025-11-03 | McAlevey Michael R | Tax withheld | 9.3K | $461.56 |
| 2025-11-03 | McAlevey Michael R | Option exercise | 13K | $236.61 |
| 2025-11-03 | Marks Mike A | Gift | 165 | — |
| 2025-11-03 | Marks Mike A | Gift | 165 | — |
| 2025-10-31 | HAZEN SAMUEL N | Option exercise | 58K | $69.58 |
| 2025-10-31 | HAZEN SAMUEL N | Tax withheld | 28K | $459.68 |
| 2025-09-08 | Cuffe Michael S. | Sell | 3.8K | $418.84 |
| 2025-09-04 | Cuffe Michael S. | Option exercise | 11K | $173.12 |
| 2025-09-04 | Cuffe Michael S. | Tax withheld | 7.1K | $411.59 |
| 2025-07-29 | CHIDSEY JOHN | Grant | 496 | — |
| 2025-05-13 | Foster Jon M | Gift | 2.1K | — |
| 2025-05-13 | Foster Jon M | Gift | 2.1K | — |
| 2025-05-13 | Foster Jon M | Other | 16K | $367.19 |
| 2025-05-13 | Foster Jon M | Other | 16K | $367.19 |
| 2025-05-13 | HAZEN SAMUEL N | Gift | 90K | — |
| 2025-05-13 | HAZEN SAMUEL N | Gift | 90K | — |
| 2025-05-13 | Foster Jon M | Sell | 16K | $369.32 |
| 2025-05-13 | Foster Jon M | Gift | 1.1K | — |
| 2025-05-13 | Foster Jon M | Gift | 1.1K | — |
| 2025-05-07 | Marks Mike A | Gift | 181 | — |
| 2025-05-07 | Marks Mike A | Gift | 181 | — |
| 2025-05-07 | Marks Mike A | Other | 285 | $356.84 |
| 2025-05-07 | Marks Mike A | Other | 285 | $356.84 |
| 2025-05-07 | Marks Mike A | Gift | 144 | — |
| 2025-05-06 | Marks Mike A | Gift | 466 | — |
| 2025-05-06 | Marks Mike A | Gift | 466 | — |
| 2025-05-06 | Marks Mike A | Other | 288 | $353.57 |
| 2025-05-06 | Marks Mike A | Other | 288 | $353.57 |
| 2025-05-06 | Marks Mike A | Gift | 144 | — |
| 2025-04-30 | Frist William R | Other | 11K | $340.60 |
| 2025-04-29 | Smith Andrea B | Grant | 645 | — |
| 2025-04-29 | Frist William R | Grant | 1.0K | — |
| 2025-04-29 | FRIST THOMAS F III | Grant | 1.3K | — |
| 2025-04-29 | Riley Wayne Joseph | Grant | 645 | — |
| 2025-04-29 | MICHELSON MICHAEL W | Grant | 1.2K | — |
| 2025-04-29 | Johnston Hugh F | Grant | 1.0K | — |
| 2025-04-29 | DEPARLE NANCY ANN | Grant | 645 | — |
| 2025-04-29 | Dennis Robert J | Grant | 1.0K | — |
| 2025-02-14 | Berres Jennifer | Sell | 4.2K | $322.95 |
| 2025-02-14 | Berres Jennifer | Sell | 5.4K | $322.31 |
| 2025-02-13 | Mosier Sammie S | Grant | 845 | — |
| 2025-02-13 | Mosier Sammie S | Tax withheld | 227 | $321.92 |
| 2025-02-13 | McAlevey Michael R | Grant | 2.1K | — |
| 2025-02-13 | McAlevey Michael R | Tax withheld | 531 | $321.92 |
| 2025-02-13 | Marks Mike A | Grant | 638 | — |
| 2025-02-13 | Marks Mike A | Tax withheld | 172 | $321.92 |
| 2025-02-13 | HAZEN SAMUEL N | Grant | 13K | — |
| 2025-02-13 | HAZEN SAMUEL N | Tax withheld | 4.7K | $321.92 |
| 2025-02-13 | Foster Jon M | Grant | 2.8K | — |
| 2025-02-13 | Foster Jon M | Tax withheld | 684 | $321.92 |
| 2025-02-13 | Cuffe Michael S. | Grant | 2.3K | — |
| 2025-02-13 | Cuffe Michael S. | Tax withheld | 583 | $321.92 |
| 2025-02-13 | Berres Jennifer | Grant | 1.6K | — |
| 2025-02-13 | Berres Jennifer | Tax withheld | 407 | $321.92 |
| 2025-02-13 | Wyatt Christopher F. | Grant | 845 | — |
| 2025-02-13 | Wyatt Christopher F. | Tax withheld | 227 | $321.92 |
| 2025-02-07 | Berres Jennifer | Option exercise | 7.4K | $101.16 |
| 2025-02-07 | Berres Jennifer | Option exercise | 4.3K | $139.06 |
| 2025-02-07 | Berres Jennifer | Tax withheld | 6.7K | $322.05 |
| 2025-02-03 | Mosier Sammie S | Option exercise | 138 | — |
| 2025-02-03 | Mosier Sammie S | Tax withheld | 41 | $334.30 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Exec/director change | filing ↗ |
| 2026-04-30 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-04-28 | Shareholder vote | filing ↗ |
| 2026-04-27 | OtherExhibits | filing ↗ |
| 2026-04-24 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-02-25 | Exec/director changeExhibits | filing ↗ |
| 2026-01-27 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-10-31 | Material agreementDebt obligationOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-15 | 0001193125-26-275086 ↗ |
| 8-K | 2026-04-30 | 2026-04-27 | 0001193125-26-197278 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001193125-26-191444 ↗ |
| 8-K | 2026-04-28 | 2026-04-23 | 0001193125-26-187155 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001193125-26-182265 ↗ |
| 8-K | 2026-04-24 | 2026-04-24 | 0001193125-26-174933 ↗ |
| 8-K | 2026-02-25 | 2026-02-20 | 0001193125-26-071880 ↗ |
| 10-K | 2026-02-10 | 2025-12-31 | 0001193125-26-044769 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0001193125-26-023323 ↗ |
| 8-K | 2025-10-31 | 2025-10-27 | 0001193125-25-260809 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001193125-25-258667 ↗ |
| 8-K | 2025-10-27 | 2025-10-27 | 0001193125-25-251612 ↗ |