HCA Healthcare Inc
HCA - Insider Information
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+ FollowMarket Cap$102.79B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Q3 operating performance: solid core momentum; EPS up
- Demand/volume improved: Same-facility adjusted admissions +3% YoY (vs +2.3% year-to-date). The quarter marked the 20th consecutive quarter of company-wide volume growth.
- In the insured book (excluding exchanges): Equivalent admissions +~3% YoY.
- Net revenue per adjusted admission (insured excluding supplemental payments): Improved faster than H1, helping offset payer-mix pressure.
- Profitability: Diluted EPS (adjusted) up ~4%; management said results slightly exceeded expectations.
Key headwinds: exchange-to-uninsured payer mix remains a major drag
- Exchange volume decline: Exchange admissions/“equivalent admissions” were down ~19% YoY in Q3 (with context that Q3’25 was a high-water mark); there was sequential improvement ~+8% from Q2 to Q3.
- Uninsured migration continues: Patients who lost exchange coverage migrate ~1-for-1 to uninsured; uninsured represented ~10.5% of total equivalent admissions in Q3 vs 8.5% a year ago.
- Estimated financial impact: Management estimates payer-mix shift from exchanges caused ~$400M unfavorable impact to adjusted EBITDA in Q3.
- Full-year outlook: The full-year unfavorable payer-mix impact from exchanges expected to be at or slightly above the upper end of prior Medicaid-STP guidance update (i.e., still a material negative).
Medicaid supplemental payments improved guidance, providing partial offset
- Incremental net benefit recognized in Q3: ~$50M.
- 2026 guidance update (incremental net benefit): Now expected $600M–$800M (previously narrower range), supported by:
- Virginia “grandfathered” application (in 2026)
- One-time payments across other programs
- 2027 preliminary assumption: Management expects ~$550M–$650M less Medicaid supplemental net benefits in 2027 vs 2026 due to grandfather approvals in 2026 reimbursing for prior-year services.
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$295.49
41.8% downside
Current Fair Value
41.8% downsideOvervalued by 41.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $102.79 Billion |
|---|---|
| Enterprise Value | $112.27 Billion |
| Annual dividend | $3.06 |
| Dividend yield | 0.65% |
| Earnings per Share | $28.62 |
| Beta | 1.11 |
| Outstanding Shares | 222,197,000 |
Return
| Return on Equity | NaN% |
|---|---|
| Return on Assets | 6.99% |
| Return on Invested Capital | 14.87% |
Valuation & Multiples
| P/E Ratio | 57.43 |
|---|---|
| PEG | -38.62 |
| Price to Sales | 1.43 |
| Price to Book Ratio | 1.16 |
| Enterprise Value to Revenue | 1.43 |
| Enterprise Value to EBIT | 9.24 |
| Enterprise Value to Net Income | 16 |
| Total Debt to Enterprise | 0.09 |
| Debt to Equity | - |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$6.65
Consensus analyst estimateRevenue Estimate
$19.33 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 26, 2027
EPS Estimate
$8.15
Consensus analyst estimateRevenue Estimate
$20.02 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 57.85% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 2,000▼ 99.75% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.21%▼ 55.24% |
|---|---|
| Total Invested | $3.06B▼ 94.08% |
| Investors Holding | 490▼ 912.00% |
About HCA Healthcare Inc
280,000 employees
CEO: Samuel Hazen
Nashville-based HCA Healthcare is one of the nation's leading providers of healthcare services comprising more than 2,000 sites of care, including 187 hospitals, surgery centers, freestanding ERs, urgent care centers, and physician clini...