HCAHCA Healthcare, Inc.

Services-General Medical & Surgical Hospitals, NEC

Revenue: $75.6B; 7.1% YoY
Operating margin: —
EBITDA: —
Market cap: $99.8B
Employees: 320,000; $236K revenue each
Net debt / EBITDA: —; $49.6B net debt
AI in 10-K: 6.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
186% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
85% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$236K · 54th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.0 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$99.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$31M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$58.8B	$60.2B	$65.0B	$70.6B	$75.6B	7.1%
Net income	$7.0B	$5.6B	$5.2B	$5.8B	$6.8B	18%
Operating cash flow	$9.0B	$8.5B	$9.4B	$10.5B	$12.6B	20%
Capex	$3.6B	$4.4B	$4.7B	$4.9B	$4.9B	1.4%
Stock-based comp	$440M	$341M	$262M	$360M	$401M	11%
Buybacks	$8.2B	$7.0B	$3.8B	$6.0B	$10.1B	67%
Dividends	$624M	$653M	$661M	$690M	$679M	1.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 10, 2026	Frisco Holding II	SCHEDULE 13D	65.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $31M · 13
Net: −$31M

Pay vs performance

No pay-versus-performance disclosure yet.