Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
HCA Healthcare Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | HCA Healthcare Inc. debt to capital ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | HCA Healthcare Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | HCA Healthcare Inc. debt to assets ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | HCA Healthcare Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | HCA Healthcare Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | HCA Healthcare Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Debt to Equity
HCA Healthcare Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt due within one year | 237) | 209) | 145) | 788) | 200) | |
| Long-term debt due after one year, less debt issuance costs and discounts | 34,342) | 30,795) | 33,577) | 32,033) | 32,858) | |
| Total debt | 34,579) | 31,004) | 33,722) | 32,821) | 33,058) | |
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (933) | 572) | (2,808) | (4,950) | (6,806) | |
| Solvency Ratio | ||||||
| Debt to equity1 | — | 54.20 | — | — | — | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Abbott Laboratories | 0.50 | 0.57 | 0.58 | — | — | |
| Cigna Group | 0.71 | 0.65 | 0.83 | — | — | |
| CVS Health Corp. | 0.75 | 0.93 | 1.07 | — | — | |
| Elevance Health Inc. | 0.64 | 0.60 | 0.63 | — | — | |
| Humana Inc. | 0.80 | 0.51 | 0.49 | — | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | — | — | |
| Medtronic PLC | 0.51 | 0.49 | 0.51 | 0.51 | — | |
| Shockwave Medical Inc. | 0.07 | 0.07 | 0.07 | — | — | |
| UnitedHealth Group Inc. | 0.64 | 0.66 | 0.71 | — | — | |
| Debt to Equity, Sector | ||||||
| Health Care Equipment & Services | 0.63 | 0.65 | 0.72 | — | — | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.80 | 0.91 | 0.92 | — | — | |
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).
1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 34,579 ÷ -933 = —
2 Click competitor name to see calculations.
Debt to Equity (including Operating Lease Liability)
HCA Healthcare Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt due within one year | 237) | 209) | 145) | 788) | 200) | |
| Long-term debt due after one year, less debt issuance costs and discounts | 34,342) | 30,795) | 33,577) | 32,033) | 32,858) | |
| Total debt | 34,579) | 31,004) | 33,722) | 32,821) | 33,058) | |
| Right-of-use current operating lease obligations | 392) | 379) | 350) | —) | —) | |
| Right-of-use noncurrent operating lease obligations | 1,755) | 1,673) | 1,499) | —) | —) | |
| Total debt (including operating lease liability) | 36,726) | 33,056) | 35,571) | 32,821) | 33,058) | |
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (933) | 572) | (2,808) | (4,950) | (6,806) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | — | 57.79 | — | — | — | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.54 | 0.61 | 0.61 | — | — | |
| Cigna Group | 0.73 | 0.67 | 0.84 | — | — | |
| CVS Health Corp. | 1.01 | 1.23 | 1.39 | — | — | |
| Elevance Health Inc. | 0.67 | 0.63 | 0.65 | — | — | |
| Humana Inc. | 0.84 | 0.54 | 0.53 | — | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | — | — | |
| Medtronic PLC | 0.53 | 0.51 | 0.51 | 0.51 | — | |
| Shockwave Medical Inc. | 0.20 | 0.11 | 0.12 | — | — | |
| UnitedHealth Group Inc. | 0.70 | 0.73 | 0.77 | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.71 | 0.74 | 0.81 | — | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.86 | 0.97 | 0.98 | — | — | |
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).
1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 36,726 ÷ -933 = —
2 Click competitor name to see calculations.
Debt to Capital
HCA Healthcare Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt due within one year | 237) | 209) | 145) | 788) | 200) | |
| Long-term debt due after one year, less debt issuance costs and discounts | 34,342) | 30,795) | 33,577) | 32,033) | 32,858) | |
| Total debt | 34,579) | 31,004) | 33,722) | 32,821) | 33,058) | |
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (933) | 572) | (2,808) | (4,950) | (6,806) | |
| Total capital | 33,646) | 31,576) | 30,914) | 27,871) | 26,252) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 1.03 | 0.98 | 1.09 | 1.18 | 1.26 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Abbott Laboratories | 0.34 | 0.36 | 0.37 | — | — | |
| Cigna Group | 0.42 | 0.40 | 0.45 | — | — | |
| CVS Health Corp. | 0.43 | 0.48 | 0.52 | — | — | |
| Elevance Health Inc. | 0.39 | 0.38 | 0.39 | — | — | |
| Humana Inc. | 0.44 | 0.34 | 0.33 | — | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | — | — | |
| Medtronic PLC | 0.34 | 0.33 | 0.34 | 0.34 | — | |
| Shockwave Medical Inc. | 0.07 | 0.07 | 0.07 | — | — | |
| UnitedHealth Group Inc. | 0.39 | 0.40 | 0.41 | — | — | |
| Debt to Capital, Sector | ||||||
| Health Care Equipment & Services | 0.38 | 0.39 | 0.42 | — | — | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.44 | 0.48 | 0.48 | — | — | |
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).
1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 34,579 ÷ 33,646 = 1.03
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | HCA Healthcare Inc. debt to capital ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Debt to Capital (including Operating Lease Liability)
HCA Healthcare Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt due within one year | 237) | 209) | 145) | 788) | 200) | |
| Long-term debt due after one year, less debt issuance costs and discounts | 34,342) | 30,795) | 33,577) | 32,033) | 32,858) | |
| Total debt | 34,579) | 31,004) | 33,722) | 32,821) | 33,058) | |
| Right-of-use current operating lease obligations | 392) | 379) | 350) | —) | —) | |
| Right-of-use noncurrent operating lease obligations | 1,755) | 1,673) | 1,499) | —) | —) | |
| Total debt (including operating lease liability) | 36,726) | 33,056) | 35,571) | 32,821) | 33,058) | |
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (933) | 572) | (2,808) | (4,950) | (6,806) | |
| Total capital (including operating lease liability) | 35,793) | 33,628) | 32,763) | 27,871) | 26,252) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 1.03 | 0.98 | 1.09 | 1.18 | 1.26 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.35 | 0.38 | 0.38 | — | — | |
| Cigna Group | 0.42 | 0.40 | 0.46 | — | — | |
| CVS Health Corp. | 0.50 | 0.55 | 0.58 | — | — | |
| Elevance Health Inc. | 0.40 | 0.39 | 0.40 | — | — | |
| Humana Inc. | 0.46 | 0.35 | 0.34 | — | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | — | — | |
| Medtronic PLC | 0.35 | 0.34 | 0.34 | 0.34 | — | |
| Shockwave Medical Inc. | 0.16 | 0.10 | 0.11 | — | — | |
| UnitedHealth Group Inc. | 0.41 | 0.42 | 0.44 | — | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.41 | 0.43 | 0.45 | — | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.46 | 0.49 | 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).
1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 36,726 ÷ 35,793 = 1.03
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | HCA Healthcare Inc. debt to capital ratio (including operating lease liability) improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Debt to Assets
HCA Healthcare Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt due within one year | 237) | 209) | 145) | 788) | 200) | |
| Long-term debt due after one year, less debt issuance costs and discounts | 34,342) | 30,795) | 33,577) | 32,033) | 32,858) | |
| Total debt | 34,579) | 31,004) | 33,722) | 32,821) | 33,058) | |
| Total assets | 50,742) | 47,490) | 45,058) | 39,207) | 36,593) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.68 | 0.65 | 0.75 | 0.84 | 0.90 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Abbott Laboratories | 0.24 | 0.26 | 0.27 | — | — | |
| Cigna Group | 0.22 | 0.21 | 0.24 | — | — | |
| CVS Health Corp. | 0.24 | 0.28 | 0.31 | — | — | |
| Elevance Health Inc. | 0.24 | 0.23 | 0.26 | — | — | |
| Humana Inc. | 0.29 | 0.20 | 0.20 | — | — | |
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | — | — | |
| Medtronic PLC | 0.28 | 0.27 | 0.28 | 0.28 | — | |
| Shockwave Medical Inc. | 0.05 | 0.06 | 0.06 | — | — | |
| UnitedHealth Group Inc. | 0.22 | 0.22 | 0.23 | — | — | |
| Debt to Assets, Sector | ||||||
| Health Care Equipment & Services | 0.23 | 0.24 | 0.26 | — | — | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.29 | 0.31 | 0.31 | — | — | |
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).
1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 34,579 ÷ 50,742 = 0.68
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | HCA Healthcare Inc. debt to assets ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Debt to Assets (including Operating Lease Liability)
HCA Healthcare Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Long-term debt due within one year | 237) | 209) | 145) | 788) | 200) | |
| Long-term debt due after one year, less debt issuance costs and discounts | 34,342) | 30,795) | 33,577) | 32,033) | 32,858) | |
| Total debt | 34,579) | 31,004) | 33,722) | 32,821) | 33,058) | |
| Right-of-use current operating lease obligations | 392) | 379) | 350) | —) | —) | |
| Right-of-use noncurrent operating lease obligations | 1,755) | 1,673) | 1,499) | —) | —) | |
| Total debt (including operating lease liability) | 36,726) | 33,056) | 35,571) | 32,821) | 33,058) | |
| Total assets | 50,742) | 47,490) | 45,058) | 39,207) | 36,593) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.72 | 0.70 | 0.79 | 0.84 | 0.90 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Abbott Laboratories | 0.26 | 0.27 | 0.28 | — | — | |
| Cigna Group | 0.22 | 0.22 | 0.24 | — | — | |
| CVS Health Corp. | 0.33 | 0.37 | 0.40 | — | — | |
| Elevance Health Inc. | 0.25 | 0.24 | 0.27 | — | — | |
| Humana Inc. | 0.31 | 0.21 | 0.22 | — | — | |
| Intuitive Surgical Inc. | 0.01 | 0.01 | 0.01 | — | — | |
| Medtronic PLC | 0.29 | 0.28 | 0.28 | 0.28 | — | |
| Shockwave Medical Inc. | 0.14 | 0.09 | 0.10 | — | — | |
| UnitedHealth Group Inc. | 0.24 | 0.24 | 0.26 | — | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Health Care Equipment & Services | 0.27 | 0.27 | 0.29 | — | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.31 | 0.33 | 0.33 | — | — | |
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).
1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 36,726 ÷ 50,742 = 0.72
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | HCA Healthcare Inc. debt to assets ratio (including operating lease liability) improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021. |
Financial Leverage
HCA Healthcare Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 50,742) | 47,490) | 45,058) | 39,207) | 36,593) | |
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (933) | 572) | (2,808) | (4,950) | (6,806) | |
| Solvency Ratio | ||||||
| Financial leverage1 | — | 83.02 | — | — | — | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Abbott Laboratories | 2.10 | 2.21 | 2.18 | — | — | |
| Cigna Group | 3.29 | 3.09 | 3.44 | — | — | |
| CVS Health Corp. | 3.10 | 3.32 | 3.48 | — | — | |
| Elevance Health Inc. | 2.70 | 2.61 | 2.44 | — | — | |
| Humana Inc. | 2.76 | 2.55 | 2.42 | — | — | |
| Intuitive Surgical Inc. | 1.14 | 1.15 | 1.18 | — | — | |
| Medtronic PLC | 1.81 | 1.79 | 1.79 | 1.80 | — | |
| Shockwave Medical Inc. | 1.43 | 1.21 | 1.20 | — | — | |
| UnitedHealth Group Inc. | 2.96 | 3.01 | 3.02 | — | — | |
| Financial Leverage, Sector | ||||||
| Health Care Equipment & Services | 2.67 | 2.70 | 2.75 | — | — | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.79 | 2.96 | 2.93 | — | — | |
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).
1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 50,742 ÷ -933 = —
2 Click competitor name to see calculations.
Interest Coverage
HCA Healthcare Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to HCA Healthcare, Inc. | 6,956) | 3,754) | 3,505) | 3,787) | 2,216) | |
| Add: Net income attributable to noncontrolling interest | 765) | 633) | 640) | 602) | 527) | |
| Add: Income tax expense | 2,112) | 1,043) | 1,099) | 946) | 1,638) | |
| Add: Interest expense | 1,566) | 1,584) | 1,824) | 1,755) | 1,690) | |
| Earnings before interest and tax (EBIT) | 11,399) | 7,014) | 7,068) | 7,090) | 6,071) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 7.28 | 4.43 | 3.88 | 4.04 | 3.59 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Abbott Laboratories | 16.41 | 10.10 | 7.09 | — | — | |
| Cigna Group | 6.22 | 8.76 | 5.11 | — | — | |
| CVS Health Corp. | 5.16 | 4.36 | 3.96 | — | — | |
| Elevance Health Inc. | 10.93 | 8.96 | 9.02 | — | — | |
| Humana Inc. | 11.49 | 17.52 | 15.34 | — | — | |
| Intuitive Surgical Inc. | — | — | — | — | — | |
| Medtronic PLC | 5.21 | 4.71 | 4.60 | 5.95 | — | |
| Shockwave Medical Inc. | -7.06 | -53.14 | -53.08 | — | — | |
| UnitedHealth Group Inc. | 14.44 | 13.47 | 11.55 | — | — | |
| Interest Coverage, Sector | ||||||
| Health Care Equipment & Services | 9.06 | 8.20 | 6.69 | — | — | |
| Interest Coverage, Industry | ||||||
| Health Care | 12.10 | 7.74 | 8.87 | — | — | |
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).
1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 11,399 ÷ 1,566 = 7.28
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | HCA Healthcare Inc. interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |
Fixed Charge Coverage
HCA Healthcare Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income attributable to HCA Healthcare, Inc. | 6,956) | 3,754) | 3,505) | 3,787) | 2,216) | |
| Add: Net income attributable to noncontrolling interest | 765) | 633) | 640) | 602) | 527) | |
| Add: Income tax expense | 2,112) | 1,043) | 1,099) | 946) | 1,638) | |
| Add: Interest expense | 1,566) | 1,584) | 1,824) | 1,755) | 1,690) | |
| Earnings before interest and tax (EBIT) | 11,399) | 7,014) | 7,068) | 7,090) | 6,071) | |
| Add: Operating lease expense | 478) | 447) | 389) | —) | —) | |
| Earnings before fixed charges and tax | 11,877) | 7,461) | 7,457) | 7,090) | 6,071) | |
| Interest expense | 1,566) | 1,584) | 1,824) | 1,755) | 1,690) | |
| Operating lease expense | 478) | 447) | 389) | —) | —) | |
| Fixed charges | 2,044) | 2,031) | 2,213) | 1,755) | 1,690) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 5.81 | 3.67 | 3.37 | 4.04 | 3.59 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Abbott Laboratories | 10.21 | 6.68 | 5.14 | — | — | |
| Cigna Group | 5.61 | 7.84 | 4.67 | — | — | |
| CVS Health Corp. | 3.03 | 2.75 | 2.56 | — | — | |
| Elevance Health Inc. | 8.48 | 6.10 | 7.34 | — | — | |
| Humana Inc. | 8.05 | 12.02 | 9.76 | — | — | |
| Intuitive Surgical Inc. | 93.66 | 58.48 | 79.65 | — | — | |
| Medtronic PLC | 4.31 | 3.98 | 3.97 | 4.87 | — | |
| Shockwave Medical Inc. | -1.22 | -18.19 | -22.81 | — | — | |
| UnitedHealth Group Inc. | 8.80 | 8.51 | 7.65 | — | — | |
| Fixed Charge Coverage, Sector | ||||||
| Health Care Equipment & Services | 5.95 | 5.51 | 4.75 | — | — | |
| Fixed Charge Coverage, Industry | ||||||
| Health Care | 8.60 | 5.72 | 6.62 | — | — | |
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).
1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 11,877 ÷ 2,044 = 5.81
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | HCA Healthcare Inc. fixed charge coverage ratio improved from 2019 to 2020 and from 2020 to 2021. |