Price to Earnings (P/E)
since 2011
Calculation
HCA Healthcare Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to HCA Healthcare, Inc.1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2022 | 10.65 | = | 244.10 | ÷ | 22.91 | 22.91 | = | 6,956 | ÷ | 303,600,000 | |
| Feb 19, 2021 | 16.06 | = | 177.37 | ÷ | 11.04 | 11.04 | = | 3,754 | ÷ | 339,917,500 | |
| Feb 20, 2020 | 14.30 | = | 148.11 | ÷ | 10.36 | 10.36 | = | 3,505 | ÷ | 338,427,300 | |
| Feb 21, 2019 | 12.84 | = | 142.01 | ÷ | 11.06 | 11.06 | = | 3,787 | ÷ | 342,376,700 | |
| Feb 23, 2018 | 15.92 | = | 100.84 | ÷ | 6.33 | 6.33 | = | 2,216 | ÷ | 349,903,700 | |
| Feb 22, 2017 | 11.00 | = | 85.91 | ÷ | 7.81 | 7.81 | = | 2,890 | ÷ | 370,153,000 | |
| Feb 26, 2016 | 13.13 | = | 70.44 | ÷ | 5.36 | 5.36 | = | 2,129 | ÷ | 396,958,400 | |
| Feb 26, 2015 | 16.21 | = | 72.27 | ÷ | 4.46 | 4.46 | = | 1,875 | ÷ | 420,576,500 | |
| Feb 26, 2014 | 14.29 | = | 50.48 | ÷ | 3.53 | 3.53 | = | 1,556 | ÷ | 440,512,800 | |
| Feb 27, 2013 | 10.14 | = | 36.68 | ÷ | 3.62 | 3.62 | = | 1,605 | ÷ | 443,609,800 | |
| Feb 24, 2012 | 4.75 | = | 26.74 | ÷ | 5.63 | 5.63 | = | 2,465 | ÷ | 437,618,000 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of HCA Healthcare Inc. Annual Report.
The financial trajectory between February 2012 and February 2022 is characterized by a significant expansion in equity value and a general upward trend in earnings, although valuation multiples remained volatile.
- Equity Valuation Trends
- The share price exhibited consistent growth over the observed period, rising from 26.74 in 2012 to 244.10 in 2022. This represents a substantial increase in market valuation, with the most accelerated price appreciation occurring between 2018 and 2022.
- Earnings per Share (EPS) Dynamics
- Earnings per share experienced an initial decline between 2012 and 2014, dropping from 5.63 to 3.53. This was followed by a recovery and steady climb, reaching 11.04 by 2021. A notable surge occurred in the final year of the sequence, with EPS increasing by more than 100% to reach 22.91 in 2022.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio began at a low level of 4.75 in 2012, subsequently expanding rapidly to peak at 16.21 by 2015. For the remainder of the decade, the ratio fluctuated within a range of 11.00 to 16.06. By February 2022, the P/E ratio compressed to 10.65; this compression occurred despite the record share price, as the growth in earnings per share outpaced the growth in the share price during that specific interval.
The overall trend indicates a transition from a low-multiple valuation environment to a more stabilized pricing structure where market valuation is more closely aligned with consolidated earnings growth.
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Comparison to Competitors
HCA Healthcare Inc., P/E, long-term trends, comparison to competitors
| HCA Healthcare Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 18, 2022 | 10.65 | 29.13 | 18.13 | 59.94 | 46.56 | 26.03 |
| Feb 19, 2021 | 16.06 | 48.49 | 15.87 | 87.47 | 26.30 | 20.54 |
| Feb 20, 2020 | 14.30 | 41.83 | 15.96 | 48.72 | 28.78 | 20.48 |
| Feb 21, 2019 | 12.84 | 56.47 | 21.45 | 53.03 | 37.80 | 21.09 |
| Feb 23, 2018 | 15.92 | 220.29 | 15.44 | 70.95 | 29.96 | 20.77 |
| Feb 22, 2017 | 11.00 | 55.16 | 17.48 | 37.16 | 33.17 | 21.73 |
| Feb 26, 2016 | 13.13 | 12.83 | 12.99 | 34.24 | 40.56 | 18.18 |
| Feb 26, 2015 | 16.21 | 31.30 | 15.29 | 44.77 | 20.75 | 18.50 |
| Feb 26, 2014 | 14.29 | 23.25 | 9.95 | 22.82 | 14.99 | 12.35 |
| Feb 27, 2013 | 10.14 | 9.24 | 7.09 | 35.05 | 10.57 | 10.58 |
| Feb 24, 2012 | 4.75 | 18.67 | 8.36 | 39.05 | 13.37 | 10.78 |
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., P/E, long-term trends, comparison to sector (health care equipment & services)
| HCA Healthcare Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 18, 2022 | 10.65 | 28.98 |
| Feb 19, 2021 | 16.06 | 27.23 |
| Feb 20, 2020 | 14.30 | 25.22 |
| Feb 21, 2019 | 12.84 | 28.84 |
| Feb 23, 2018 | 15.92 | 28.17 |
| Feb 22, 2017 | 11.00 | 27.54 |
| Feb 26, 2016 | 13.13 | 20.20 |
| Feb 26, 2015 | 16.21 | 21.28 |
| Feb 26, 2014 | 14.29 | 14.93 |
| Feb 27, 2013 | 10.14 | 10.51 |
| Feb 24, 2012 | 4.75 | 14.07 |
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., P/E, long-term trends, comparison to industry (health care)
| HCA Healthcare Inc. | Health Care | |
|---|---|---|
| Feb 18, 2022 | 10.65 | 21.55 |
| Feb 19, 2021 | 16.06 | 32.22 |
| Feb 20, 2020 | 14.30 | 22.09 |
| Feb 21, 2019 | 12.84 | 24.32 |
| Feb 23, 2018 | 15.92 | 33.04 |
| Feb 22, 2017 | 11.00 | 21.90 |
| Feb 26, 2016 | 13.13 | 19.53 |
| Feb 26, 2015 | 16.21 | 21.38 |
| Feb 26, 2014 | 14.29 | 18.67 |
| Feb 27, 2013 | 10.14 | 15.77 |
| Feb 24, 2012 | 4.75 | 15.79 |
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).