HCA Healthcare, Inc.

HCAActive

CIK 860730 · Healthcare Compounders

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, HCA filings, SEC EDGAR

$96,543

Market cap ($MM)

$145,448

Enterprise value ($MM)

$76,388

Revenue · LTM ($MM)

$15,662

EBITDA · LTM ($MM)

21%

EBITDA margin

1.9x

EV / revenue

9.3x

EV / EBITDA

2.8x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01HCA is a scaled public consolidator in Healthcare, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is UNH, ELV, MCK, CVS, HUM.

Balance sheet & capacity

Indicative capacity read: 2.8x net debt / EBITDA with EBITDA of $16B.

$940

Cash & equiv. ($MM)

$44,373

Total debt ($MM)

$43,433

Net debt ($MM)

2.8x

Net debt / EBITDA

Valuation

Where it trades against its peer set

HCA versus the scaled public Healthcare Compounders comparables.

Indexed share-price performance

HCA versus available Healthcare Compounders peers and SPY.

+83%

HCA

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
HCA Healthcare, Inc.	HCA	$76,388	$15,662	21%	$96,543	$145,448	1.9x	9.3x	2.8x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

HCA's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

2.4

Acq. cash outflow ($MM)

N/A

Banker read

01HCA reads as a programmatic acquirer: 45 disclosed acquisitions across 19 active years, or 2.4 per active year. The chart shows activity in 8 of the last 12 visible years.
02In the last three years, the file shows 9 acquisitions versus 4 in the prior three; recent activity is running above the prior three-year period.
03Spend changes the read: $12B of disclosed spend is concentrated in lumpy years, with FY19 the largest year at $1.7B. Recent spend is below the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

HCA count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

9 / 4

Last three years is up 125% vs prior three.

Peak count year

FY17

8 disclosed acquisitions in the peak visible year.

Recent spend

$1.3B

is down 32% vs prior three; peak FY19 at $1.7B.

Named evidence

10 rows

22% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Nov 17, 2006	Merger with Hercules Acquisition Corporation	Healthcare compounders	$33,000	On July 24, 2006, our Board of Directors approved and we entered into a Merger Agreement (the “Merger Agreement” and the transactions contemplated thereby the “Merger”) with Her...	10-K^†
Oct 1, 2011	HCA-HealthONE LLC	Healthcare compounders	$1,450	During October 2011, we completed the acquisition of the Colorado Health Foundation’s (“Foundation”) approximate 40% remaining ownership interest in the HCA-HealthONE LLC (“Heal...	10-K^†
Oct 1, 2011	HealthONE	Healthcare compounders	$1,450	During October 2011, we completed the acquisition of the Colorado Health Foundation’s (“Foundation”) approximate 40% remaining ownership interest in the HCA-HealthONE LLC (“Heal...	10-K^†
Dec 31, 2019	Seven-hospital health system acquisition in North Carolina	Healthcare compounders	$1,384	During 2019, we paid $1.384 billion to acquire a seven-hospital health system in North Carolina and $298 million to acquire nonhospital health care entities.	10-K^†
2019	Seven-hospital health system acquisition	Healthcare compounders	$1,384	During 2019, we paid $1.384 billion to acquire a seven-hospital health system in North Carolina and $298 million to acquire nonhospital health care entities.	10-K^†
Apr 1, 2003	Health Midwest hospital system	Healthcare compounders	$908	During 2003, HCA completed the acquisition of the Health Midwest hospital system in Kansas City. The purchase price was allocated to the related assets acquired and liabilities...	10-K^†
Dec 31, 2018	Two hospital facilities acquisition	Healthcare compounders	$792	During 2018, we paid $792 million to acquire two hospital facilities and $461 million to acquire nonhospital health care entities.	10-K^†
Jan 1, 2018	Two hospital facilities acquisitions	Healthcare compounders	$792	During 2018, we paid $792 million to acquire two hospital facilities and $461 million to acquire nonhospital health care entities.	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 10, 2026	Annual M&A 10-K	accepted	2	$0.4MM	$0.4MM	SEC filing
FY2024	Feb 14, 2025	Annual M&A 10-K	accepted	3	$266MM	$266MM	SEC filing
FY2023	Feb 16, 2024	Annual M&A 10-K	accepted	4	$635MM	$635MM	SEC filing
FY2022	Feb 17, 2023	Annual M&A 10-K	warning (1 warn)	N/A	$224MM	N/A	SEC filing
FY2021	Feb 18, 2022	Annual M&A 10-K	accepted	4	$1.1B	$1.1B	SEC filing
FY2020	Feb 19, 2021	Annual M&A 10-K	warning (1 warn)	N/A	$568MM	N/A	SEC filing
FY2019	Feb 20, 2020	Annual M&A 10-K	accepted	2	$1.7B	$1.7B	SEC filing
FY2018	Feb 21, 2019	Annual M&A 10-K	accepted	2	$1.3B	$1.3B	SEC filing
FY2017	Feb 23, 2018	Annual M&A 10-K	accepted	8	$1.2B	$1.2B	SEC filing
FY2016	Feb 22, 2017	Annual M&A 10-K	accepted	3	$576MM	$576MM	SEC filing
FY2015	Feb 26, 2016	Annual M&A 10-K	warning (1 warn)	N/A	$351MM	N/A	SEC filing
FY2014	Feb 26, 2015	Annual M&A 10-K	accepted	6	$766MM	$766MM	SEC filing
FY2013	Feb 26, 2014	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2012	Feb 27, 2013	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2011	Feb 24, 2012	Annual M&A 10-K	accepted	1	$1.5B	$1.5B	SEC filing
FY2010	Feb 17, 2011	Annual M&A 10-K	accepted	2	$233MM	$233MM	SEC filing
FY2009	Mar 1, 2010	Annual M&A 10-K	accepted	N/A	$61.0MM	$61.0MM	SEC filing
FY2008	Mar 4, 2009	Annual M&A 10-K	accepted	2	$85.0MM	$85.0MM	SEC filing
FY2007	Mar 28, 2008	Annual M&A 10-K	warning (1 warn)	N/A	$32.0MM	N/A	SEC filing
FY2006	Mar 27, 2007	Annual M&A 10-K	warning (1 warn)	3	$112MM	N/A	SEC filing
FY2005	Mar 14, 2006	Annual M&A 10-K	warning (1 warn)	N/A	$126MM	N/A	SEC filing
FY2004	Mar 11, 2005	Annual M&A 10-K	warning (1 warn)	0	$44.0MM	N/A	SEC filing
FY2003	Mar 12, 2004	Annual M&A 10-K	accepted	11	$908MM	$1.4B	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.9 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 17, 2023	10-K	Acquisition of hospital in New Hampshire and other nonhospital health care entities	Annual M&ANamed deals	SEC filing
Feb 18, 2022	10-K	Network of urgent care centers acquisition	Annual M&ANamed deals	SEC filing
Feb 19, 2021	10-K	Seven-hospital health system acquisition in North Carolina; Two hospital facilities acquisition	Annual M&ANamed deals	SEC filing
Feb 20, 2020	10-K	Seven-hospital health system acquisition	Annual M&ANamed deals	SEC filing
Feb 21, 2019	10-K	Two hospital facilities acquisitions	Annual M&ANamed deals	SEC filing
Feb 26, 2014	10-K	HCA-HealthONE LLC	Annual M&ANamed deals	SEC filing
Feb 24, 2012	10-K	HealthONE	Annual M&ANamed deals	SEC filing
Mar 27, 2007	10-K	Merger with Hercules Acquisition Corporation	Annual M&ANamed deals	SEC filing
Mar 11, 2005	10-K	Health Midwest hospital system	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Merger with Hercules Acquisition Corporation

10-K - Mar 27, 2007

Medium

On July 24, 2006, our Board of Directors approved and we entered into a Merger Agreement (the “Merger Agreement” and the transactions contemplated thereby the “Merger”) with Hercules Acquisition Co...

SEC source

HealthONE Acquisition

10-K - Feb 26, 2014

Medium

During October 2011, we completed the acquisition of the Colorado Health Foundation’s (“Foundation”) approximate 40% remaining ownership interest in the HCA-HealthONE LLC (“HealthONE”) joint ventur...

SEC source

HealthONE Acquisition

10-K - Feb 24, 2012

Medium

SEC source

Seven-hospital health system acquisition in North Carolina

10-K - Feb 19, 2021

Medium

During 2019, we paid $1.384 billion to acquire a seven-hospital health system in North Carolina and $298 million to acquire nonhospital health care entities.

SEC source

Seven-hospital health system acquisition

10-K - Feb 20, 2020

Medium

During 2019, we paid $1.384 billion to acquire a seven-hospital health system in North Carolina and $298 million to acquire nonhospital health care entities.

SEC source

Health Midwest hospital system acquisition

10-K - Mar 11, 2005

Medium

During 2003, HCA completed the acquisition of the Health Midwest hospital system in Kansas City. The purchase price was allocated to the related assets acquired and liabilities assumed based upon t...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive