Debt to Equity
since 2011
Calculation
HCA Healthcare Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt1 | ÷ | Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | — | = | 34,579) | ÷ | (933) |
| Dec 31, 2020 | 54.20 | = | 31,004) | ÷ | 572) |
| Dec 31, 2019 | — | = | 33,722) | ÷ | (2,808) |
| Dec 31, 2018 | — | = | 32,821) | ÷ | (4,950) |
| Dec 31, 2017 | — | = | 33,058) | ÷ | (6,806) |
| Dec 31, 2016 | — | = | 31,376) | ÷ | (7,302) |
| Dec 31, 2015 | — | = | 30,488) | ÷ | (7,599) |
| Dec 31, 2014 | — | = | 29,645) | ÷ | (7,894) |
| Dec 31, 2013 | — | = | 28,376) | ÷ | (8,270) |
| Dec 31, 2012 | — | = | 28,930) | ÷ | (9,660) |
| Dec 31, 2011 | — | = | 27,052) | ÷ | (8,258) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
1 US$ in millions
The financial trajectory from 2011 to 2021 is characterized by a consistent expansion of long-term debt and a persistent stockholders' equity deficit, indicating a highly leveraged capital structure. While debt levels grew steadily over the decade, the equity position remained negative for nearly the entire period, only briefly turning positive in 2020.
- Long-term Debt Trends
- Long-term debt exhibited a general upward trajectory, rising from 27,052 million US dollars in 2011 to 34,579 million US dollars by 2021. This represents a total increase of approximately 27.8% over the analyzed period. A temporary contraction was observed in 2020, where debt decreased to 31,004 million US dollars, before returning to its growth trend in 2021.
- Stockholders' Equity Dynamics
- The equity position was marked by a structural deficit for the majority of the decade. The deficit deepened to a peak of 9,660 million US dollars in 2012, followed by a steady recovery trend. This narrowing of the deficit continued through 2019, culminating in a transition to positive equity of 572 million US dollars in 2020. However, this positive position was not sustained, as the equity reverted to a deficit of 933 million US dollars by the end of 2021.
- Debt to Equity Ratio Analysis
- Due to the prevalence of negative stockholders' equity, the debt to equity ratio remained mathematically undefined or non-meaningful for most of the period. A ratio of 54.20 was recorded in 2020, coinciding with the only instance of positive equity. This high ratio underscores a significant reliance on debt relative to the small equity base available at that time. The return to a deficit in 2021 suggests a continuation of the high-leverage financial strategy.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Comparison to Competitors
HCA Healthcare Inc., debt to equity, long-term trends, comparison to competitors
| HCA Healthcare Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Dec 31, 2021 | — | 0.50 | 0.64 | 0.00 | 0.51 | 0.64 |
| Dec 31, 2020 | 54.20 | 0.57 | 0.60 | 0.00 | 0.49 | 0.66 |
| Dec 31, 2019 | — | 0.58 | 0.63 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2018 | — | 0.64 | 0.67 | 0.00 | 0.51 | 0.71 |
| Dec 31, 2017 | — | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Dec 31, 2016 | — | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Dec 31, 2015 | — | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Dec 31, 2014 | — | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Dec 31, 2013 | — | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Dec 31, 2012 | — | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Dec 31, 2011 | — | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Sector (Health Care Equipment & Services)
HCA Healthcare Inc., debt to equity, long-term trends, comparison to sector (health care equipment & services)
| HCA Healthcare Inc. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2021 | — | 0.55 |
| Dec 31, 2020 | 54.20 | 0.56 |
| Dec 31, 2019 | — | 0.58 |
| Dec 31, 2018 | — | 0.60 |
| Dec 31, 2017 | — | 0.71 |
| Dec 31, 2016 | — | 0.72 |
| Dec 31, 2015 | — | 0.69 |
| Dec 31, 2014 | — | 0.52 |
| Dec 31, 2013 | — | 0.47 |
| Dec 31, 2012 | — | 0.61 |
| Dec 31, 2011 | — | 0.49 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Industry (Health Care)
HCA Healthcare Inc., debt to equity, long-term trends, comparison to industry (health care)
| HCA Healthcare Inc. | Health Care | |
|---|---|---|
| Dec 31, 2021 | — | 0.80 |
| Dec 31, 2020 | 54.20 | 0.92 |
| Dec 31, 2019 | — | 0.90 |
| Dec 31, 2018 | — | 0.80 |
| Dec 31, 2017 | — | 0.82 |
| Dec 31, 2016 | — | 0.77 |
| Dec 31, 2015 | — | 0.69 |
| Dec 31, 2014 | — | 0.54 |
| Dec 31, 2013 | — | 0.50 |
| Dec 31, 2012 | — | 0.54 |
| Dec 31, 2011 | — | 0.47 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).