Stock Analysis on Net
Stock Analysis on Net

HCA Healthcare Inc. (NYSE:HCA)

This company has been moved to the archive! The financial data has not been updated since May 3, 2022.

Common-Size Income Statement 
Quarterly Data

HCA Healthcare Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Supplies -15.53 -16.02 -16.12 -16.49 -15.91 -16.58 -15.99 -15.79 -16.51 -16.51 -16.46 -16.81 -16.31 -16.31 -16.51 -16.63 -16.76 -16.84 -16.61 -16.72 -16.92
Gross profit 84.47% 83.98% 83.88% 83.51% 84.09% 83.42% 84.01% 84.21% 83.49% 83.49% 83.54% 83.19% 83.69% 83.69% 83.49% 83.37% 83.24% 83.16% 83.39% 83.28% 83.08%
Salaries and benefits -46.43 -46.46 -46.44 -44.23 -45.08 -44.28 -45.80 -48.16 -47.57 -45.15 -47.04 -46.32 -45.11 -44.69 -46.96 -45.75 -46.30 -44.81 -47.50 -45.62 -46.14
Other operating expenses -18.41 -16.84 -16.56 -17.13 -17.32 -17.37 -16.91 -19.40 -18.87 -18.25 -18.53 -18.74 -18.37 -18.60 -18.31 -18.37 -18.47 -18.00 -19.40 -18.31 -18.17
Government stimulus income (reversal) 0.00 0.00 0.00 0.00 0.00 0.00 -6.18 7.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation and amortization -4.90 -4.83 -4.69 -4.93 -4.99 -4.63 -5.21 -6.24 -5.24 -5.13 -5.10 -5.05 -4.95 -4.73 -5.08 -4.87 -4.84 -4.76 -5.04 -4.85 -4.90
Gains (losses) on sales of facilities 0.07 3.74 6.85 0.06 0.01 -0.01 0.11 -0.24 0.05 0.01 0.00 0.14 -0.01 0.07 0.05 0.08 3.55 -0.02 0.07 0.02 0.01
Operating income 14.79% 19.58% 23.04% 17.27% 16.71% 17.13% 10.01% 17.59% 11.87% 14.97% 12.87% 13.23% 15.26% 15.73% 13.20% 14.46% 17.17% 15.58% 11.51% 14.52% 13.88%
Equity in earnings of affiliates 0.07 0.23 0.23 0.15 0.15 0.04 0.30 0.01 0.05 0.15 0.03 0.06 0.09 0.03 0.08 0.06 0.08 0.08 0.12 0.12 0.09
Interest expense -2.73 -2.64 -2.61 -2.67 -2.75 -2.68 -2.89 -3.51 -3.33 -3.24 -3.53 -3.79 -3.68 -3.63 -3.86 -3.78 -3.77 -3.75 -3.99 -3.83 -3.94
Losses on retirement of debt 0.00 0.00 0.00 -0.08 0.00 0.00 0.00 0.00 -2.29 0.00 -1.66 0.00 0.00 0.00 -0.08 0.00 0.00 0.00 -0.36 0.00 0.00
Income before income taxes 12.14% 17.17% 20.67% 14.67% 14.12% 14.50% 7.42% 14.09% 6.30% 11.88% 7.71% 9.51% 11.66% 12.13% 9.34% 10.74% 13.47% 11.91% 7.27% 10.81% 10.03%
Provision for income taxes -2.34 -3.86 -4.48 -3.14 -2.81 -2.64 -1.57 -3.11 -0.87 -2.47 -1.69 -2.15 -2.23 -1.99 -1.51 -2.36 -2.25 -6.37 -2.32 -3.40 -2.72
Net income 9.80% 13.31% 16.18% 11.53% 11.30% 11.85% 5.85% 10.99% 5.43% 9.41% 6.02% 7.36% 9.44% 10.14% 7.82% 8.38% 11.22% 5.54% 4.96% 7.41% 7.31%
Net income attributable to noncontrolling interests -1.28 -1.27 -1.33 -1.48 -1.12 -1.88 -0.83 -1.24 -0.91 -1.49 -1.20 -1.14 -1.13 -1.47 -1.20 -1.27 -1.21 -1.44 -0.97 -1.29 -1.11
Net income attributable to HCA Healthcare, Inc. 8.52% 12.04% 14.85% 10.05% 10.18% 9.98% 5.02% 9.75% 4.52% 7.92% 4.82% 6.21% 8.30% 8.67% 6.63% 7.11% 10.01% 4.10% 3.98% 6.12% 6.20%

Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The analysis of the quarterly financial percentages relative to revenues reveals several key trends and notable changes over the period examined.

Gross Profit and Cost of Supplies
Gross profit consistently remained stable around the 83% to 84.5% range of revenues, demonstrating consistent operational efficiency in managing supply costs. The cost of supplies as a percentage of revenues has shown a slight decreasing trend, moving from approximately -16.9% in early 2017 to about -15.5% by the first quarter of 2022, indicating improved supply cost management or favorable procurement conditions.
Salaries and Benefits
Salaries and benefits represented a significant portion of costs, fluctuating mostly between -44.2% and -48.2%. There is no clear trend of improvement or deterioration, but peaks and troughs suggest fluctuations possibly related to labor market conditions or operational adjustments. The highest relative expense was noted near mid-2020, reaching approximately -48.2%, which may correspond with pandemic-related operational changes.
Other Operating Expenses
Other operating expenses maintained a relatively stable range from about -16.5% to -19.4% of revenues. A slight decline is observed towards the latter part of the timeline, with levels dropping to near -16.5% by late 2021, reflecting potential operational efficiencies or cost containment initiatives.
Government Stimulus Income (Reversal)
This item appears only sporadically during 2020, with a notable positive impact of approximately 7.43% of revenues in mid-2020, followed by a reversal of -6.18% shortly thereafter. These entries align with expected one-time government support measures during the COVID-19 pandemic period, impacting operating income temporarily.
Depreciation and Amortization
Depreciation and amortization costs as a percentage of revenues were steady, mainly ranging between -4.6% and -6.2%. These costs peaked briefly at -6.24% in mid-2020 but generally hovered around -5%, indicating stable asset utilization levels.
Gains (Losses) on Sales of Facilities
This category showed considerable variability, with occasional significant positive gains notably in early 2020 and during 2021, where gains reached as high as 6.85% in the third quarter and 3.74% in the fourth quarter. These spikes suggest strategic disposals of facilities contributing positively to income in those periods.
Operating Income
Operating income as a percentage of revenues demonstrated variability, moving mostly between 10% and 17%, but with a marked increase starting in mid-2021, peaking at over 23% in the third quarter of 2021 before retreating to around 14.8% in early 2022. This improvement aligns with increased gains on sale of facilities and possible improved operational leverage.
Interest Expense and Debt-related Losses
Interest expense showed a downward trend as a percentage of revenues, decreasing steadily from near -3.9% in 2017 to approximately -2.6% by 2021, reflecting either declining debt levels or improved borrowing costs. Occasional losses from debt retirement were observed sporadically, slightly impacting income before taxes in select quarters.
Income Before Income Taxes and Provision for Income Taxes
Income before income taxes followed the pattern of operating income, with some notable dips in late 2019 and early 2020. Provisions for income taxes fluctuated but generally remained below -4% of revenues, with an episodic low near -0.87% in early 2020, possibly related to tax adjustments or credits during the pandemic.
Net Income and Net Income Attributable to HCA Healthcare, Inc.
Net income as a percentage of revenues mirrored income before taxes trends, with values ranging from approximately 3.98% at lower points to over 16% during the strongest quarters in 2021. The net income attributable to the company showed a similar pattern, indicating a substantial improvement in profitability post mid-2020, peaking around 14.85% of revenues in the third quarter of 2021 before easing to 8.52% by early 2022. This reflects enhanced earnings quality and operational recovery following pandemic disruptions.
Equity in Earnings of Affiliates
These earnings generally contributed marginally, mostly under 0.3% of revenues, with slight increases in late 2020 and throughout 2021, though their overall impact remained limited relative to total revenues.

In summary, the data suggests that the company maintained stable gross margins and managed supply costs effectively throughout the period. Labor costs and other operating expenses generally remained consistent as a proportion of revenues, with some volatility likely tied to external factors such as the pandemic. Operating and net income experienced notable improvements during 2021, supported by gains from asset sales and possible cost efficiencies, with interest expenses showing a downward trend. Occasional government stimulus income and tax provisions reflect the impact of extraordinary events during 2020. Overall, the financial ratios indicate operational resilience and improved profitability in the later periods analyzed.