Selected Financial Data
since 2011
Income Statement
HCA Healthcare Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Net income attributable to HCA Healthcare, Inc. |
|---|---|---|
| Dec 31, 2021 | 58,752) | 6,956) |
| Dec 31, 2020 | 51,533) | 3,754) |
| Dec 31, 2019 | 51,336) | 3,505) |
| Dec 31, 2018 | 46,677) | 3,787) |
| Dec 31, 2017 | 43,614) | 2,216) |
| Dec 31, 2016 | 41,490) | 2,890) |
| Dec 31, 2015 | 39,678) | 2,129) |
| Dec 31, 2014 | 36,918) | 1,875) |
| Dec 31, 2013 | 34,182) | 1,556) |
| Dec 31, 2012 | 33,013) | 1,605) |
| Dec 31, 2011 | 29,682) | 2,465) |
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).
The financial performance over the eleven-year period from 2011 to 2021 is characterized by consistent revenue expansion and significant long-term growth in net income, despite period-specific volatility in profitability.
- Revenue Growth Trajectory
- A sustained upward trend in revenues is observed, rising from US$ 29,682 million in 2011 to US$ 58,752 million in 2021. This represents a near doubling of top-line performance over the decade. The growth was steady from 2011 through 2019, experienced a plateau in 2020 with a minimal increase, and concluded with a substantial acceleration in 2021.
- Net Income Volatility and Expansion
- Net income attributable to HCA Healthcare, Inc. exhibited more volatility than revenue. Following a high in 2011, earnings declined through 2013 before entering a recovery phase. A notable peak occurred in 2016, followed by a moderate decline in 2017. From 2018 onward, a strong growth trend emerged, culminating in a sharp spike to US$ 6,956 million in 2021, the highest value in the analyzed period.
- Profitability Analysis
- The correlation between revenue and net income suggests fluctuating profit margins. The period between 2012 and 2015 was marked by compressed margins relative to the 2011 baseline. However, the 2021 fiscal year demonstrates a significant decoupling of net income growth from revenue growth, as net income increased by approximately 85% over the previous year while revenues grew by approximately 14%, indicating a marked increase in bottom-line efficiency.
Overall, the data indicates a company that successfully scaled its operations over a decade, ending the period with an exceptional increase in both total revenue and net profitability.
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Balance Sheet: Assets
HCA Healthcare Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 13,542) | 50,742) |
| Dec 31, 2020 | 12,333) | 47,490) |
| Dec 31, 2019 | 11,196) | 45,058) |
| Dec 31, 2018 | 10,213) | 39,207) |
| Dec 31, 2017 | 9,977) | 36,593) |
| Dec 31, 2016 | 9,086) | 33,758) |
| Dec 31, 2015 | 9,232) | 32,744) |
| Dec 31, 2014 | 8,930) | 31,199) |
| Dec 31, 2013 | 8,037) | 28,831) |
| Dec 31, 2012 | 7,763) | 28,075) |
| Dec 31, 2011 | 7,233) | 26,898) |
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).
A comprehensive analysis of the asset base reveals a consistent and sustained expansion of the company's financial position from 2011 to 2021. Both current and total assets demonstrated a strong upward trajectory, reflecting a significant increase in the scale of operations over the eleven-year period.
- Growth of Total Assets
- Total assets increased from US$ 26,898 million in 2011 to US$ 50,742 million by 2021. This represents a total increase of approximately 88.6%. The growth remained steady for the majority of the decade, with a more pronounced acceleration observed between 2018 and 2021, leading to the asset base nearly doubling since 2011.
- Trend in Current Assets
- Current assets rose from US$ 7,233 million in 2011 to US$ 13,542 million in 2021. Despite a minor decrease observed in 2016, the general trend was one of consistent growth. A notable acceleration in current asset accumulation occurred after 2019, mirroring the growth pattern seen in the total asset figures.
- Asset Composition and Liquidity Proportionality
- The ratio of current assets to total assets remained remarkably stable throughout the analyzed period. The proportion of current assets relative to total assets consistently fluctuated within a narrow range of approximately 26% to 27%. This stability indicates that the growth in liquidity was managed in strict proportion to the overall expansion of the company's asset base, maintaining a consistent financial structure over time.
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Balance Sheet: Liabilities and Stockholders’ Equity
HCA Healthcare Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Long-term debt | Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | |
|---|---|---|---|
| Dec 31, 2021 | 9,582) | 34,579) | (933) |
| Dec 31, 2020 | 8,704) | 31,004) | 572) |
| Dec 31, 2019 | 7,757) | 33,722) | (2,808) |
| Dec 31, 2018 | 7,569) | 32,821) | (4,950) |
| Dec 31, 2017 | 6,158) | 33,058) | (6,806) |
| Dec 31, 2016 | 5,834) | 31,376) | (7,302) |
| Dec 31, 2015 | 5,516) | 30,488) | (7,599) |
| Dec 31, 2014 | 5,480) | 29,645) | (7,894) |
| Dec 31, 2013 | 5,695) | 28,376) | (8,270) |
| Dec 31, 2012 | 6,172) | 28,930) | (9,660) |
| Dec 31, 2011 | 5,554) | 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).
The financial position between 2011 and 2021 is characterized by a sustained increase in total liabilities and a gradual recovery of stockholders' equity from a substantial deficit. While total obligations expanded over the decade, the equity position exhibited a long-term trend toward stabilization, reaching a positive balance in 2020 before returning to a deficit in 2021.
- Current Liabilities Trend
- An upward trajectory is observed in short-term obligations, which rose from 5,554 million in 2011 to 9,582 million by 2021. This increase represents a growth of approximately 73% over the analyzed period, with a more pronounced acceleration occurring after 2017.
- Long-term Debt Profile
- Long-term debt exhibited a general upward trend, increasing from 27,052 million in 2011 to 34,579 million in 2021. A notable fluctuation occurred in 2020, where debt decreased to 31,004 million, followed by a sharp increase of approximately 11.5% in the subsequent year.
- Stockholders' Equity Dynamics
- A persistent equity deficit was present for the majority of the period, starting at -8,258 million in 2011. A steady recovery was observed over the following nine years, culminating in a positive equity balance of 572 million in 2020. This recovery was reversed in 2021, as the balance returned to a deficit of 933 million.
- Capital Structure Analysis
- The company maintained a highly leveraged capital structure throughout the period. The combination of substantial long-term debt and a prolonged equity deficit suggests a strategic reliance on debt financing and indicates that liabilities significantly exceeded assets for most of the decade.
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Cash Flow Statement
HCA Healthcare Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Dec 31, 2021 | 8,959) | (2,643) | (6,655) |
| Dec 31, 2020 | 9,232) | (3,393) | (4,677) |
| Dec 31, 2019 | 7,602) | (5,720) | (1,771) |
| Dec 31, 2018 | 6,761) | (3,901) | (3,075) |
| Dec 31, 2017 | 5,426) | (4,279) | (1,061) |
| Dec 31, 2016 | 5,653) | (3,240) | (2,508) |
| Dec 31, 2015 | 4,734) | (2,583) | (1,976) |
| Dec 31, 2014 | 4,448) | (2,918) | (1,378) |
| Dec 31, 2013 | 3,680) | (2,346) | (1,625) |
| Dec 31, 2012 | 4,175) | (2,063) | (1,780) |
| Dec 31, 2011 | 3,933) | (2,995) | (976) |
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).
The financial profile from 2011 to 2021 exhibits a sustained expansion in operational cash generation, paired with strategic capital allocations toward investing and financing activities.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a consistent long-term upward trajectory, increasing from 3,933 million US dollars in 2011 to 8,959 million US dollars in 2021. A period of accelerated growth is observed between 2018 and 2020, with a peak reaching 9,232 million US dollars in 2020. This growth indicates a strengthening of the core business's ability to generate liquidity over the analyzed decade.
- Investing Activity Patterns
- Net cash used in investing activities remained negative throughout the entire period, reflecting continuous capital expenditure. Outflows grew steadily from 2011, reaching a maximum of 5,720 million US dollars in 2019. However, a notable contraction in investing outflows occurred in 2020 and 2021, with figures declining to 3,393 million and 2,643 million US dollars, respectively, suggesting a reduction in capital spending toward the end of the period.
- Financing Activity Dynamics
- Cash outflows for financing activities expanded significantly. While outflows were relatively moderate between 2011 and 2017, a sharp increase is evident starting in 2018. This trend culminated in a peak outflow of 6,655 million US dollars in 2021. The acceleration of financing outflows in the latter years suggests a strategic shift toward intensified debt repayment or increased distributions to shareholders.
- Integrated Cash Flow Analysis
- The interplay between the three cash flow categories indicates that the organization increasingly leveraged its operational efficiency to fund its investments and financial obligations. By 2021, the growth in operating cash flow provided substantial coverage for the heightened financing outflows, particularly as investment spending moderated in the final two years of the sequence.
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Per Share Data
HCA Healthcare Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 21.52 | 21.16 | 1.92 |
| Dec 31, 2020 | 11.10 | 10.93 | 0.43 |
| Dec 31, 2019 | 10.27 | 10.07 | 1.60 |
| Dec 31, 2018 | 10.90 | 10.66 | 1.40 |
| Dec 31, 2017 | 6.12 | 5.95 | 0.00 |
| Dec 31, 2016 | 7.53 | 7.30 | 0.00 |
| Dec 31, 2015 | 5.14 | 4.99 | 0.00 |
| Dec 31, 2014 | 4.30 | 4.16 | 0.00 |
| Dec 31, 2013 | 3.50 | 3.37 | 0.00 |
| Dec 31, 2012 | 3.65 | 3.49 | 0.00 |
| Dec 31, 2011 | 5.17 | 4.97 | 0.00 |
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, 2, 3 Data adjusted for splits and stock dividends.
The per share financial performance exhibits a general upward trajectory from 2011 through 2021, characterized by early volatility followed by an accelerated growth phase in the latter half of the decade. Earnings per share experienced significant expansion, particularly between 2017 and 2021, reflecting a substantial increase in profitability attributable to each share of common stock.
- Earnings Per Share Trends
- Basic earnings per share fluctuated in the early period, declining from 5.17 in 2011 to a low of 3.50 in 2013. A recovery phase followed, with values rising to 7.53 by 2016, despite a brief correction to 6.12 in 2017. A period of rapid acceleration occurred thereafter, with basic earnings surpassing 10.00 per share from 2018 onward and peaking at 21.52 in 2021, representing a more than fourfold increase from the 2013 trough.
- Dilutive Impact Analysis
- Diluted earnings per share closely mirrored the movement of basic earnings per share throughout the entire period. The narrow variance between basic and diluted figures suggests a limited impact from dilutive securities, such as stock options or convertible bonds. For instance, in 2021, the difference was minimal, with diluted earnings at 21.16 compared to basic earnings of 21.52.
- Dividend Distribution Patterns
- Dividend payments were absent from 2011 through 2017. Distributions were initiated in 2018 at 1.40 per share and increased to 1.60 in 2019. A significant reduction occurred in 2020, where the dividend fell to 0.43 per share, before recovering and reaching a period high of 1.92 in 2021. This pattern indicates a shift toward returning capital to shareholders starting in 2018, despite a temporary contraction in 2020.
Overall, the data indicates a strong correlation between the surge in earnings per share and the eventual initiation and growth of dividend payments, culminating in a peak performance year in 2021 across all three measured metrics.
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