UHSUNIVERSAL HEALTH SERVICES INC

Services-General Medical & Surgical Hospitals, NEC

Revenue: $17.4B; 9.7% YoY
Operating margin: 11.5%; 8.1% YoY
EBITDA: $2.6B; 15% YoY
Market cap: $10.7B
Employees: 88,100; $197K revenue each
Net debt / EBITDA: -0.0×; −$118M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
125% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentYes
69% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$197K · 44th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$980K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$12.6B	$13.4B	$14.3B	$15.8B	$17.4B	9.7%
Operating income	$1.4B	$1.0B	$1.2B	$1.7B	$2.0B	19%
Net income	$992M	$676M	$718M	$1.1B	$1.5B	30%
Operating cash flow	$884M	$996M	$1.3B	$2.1B	$1.9B	9.8%
Capex	$856M	$734M	$743M	$944M	$1.0B	7.6%
Stock-based comp	$74M	$85M	$88M	$99M	$96M	3.7%
Buybacks	$1.2B	$833M	$547M	$671M	$968M	44%
Dividends	$66M	$58M	$55M	$53M	$51M	3.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $980K · 4
Net: −$980K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	163	284
FY2024	—	—	133	187
FY2023	—	—	113	168
FY2022	—	—	104	146
FY2021	—	—	95	158