Name: HCA Healthcare Inc. (NYSE:HCA) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

HCA Healthcare Inc., current enterprise value calculation

Current share price (P)	$216.30
No. shares of common stock outstanding	295,484,400
US$ in millions
Common equity (market value)¹	63,913)
Add: Noncontrolling interests (per books)	2,422)
Total equity	66,335)
Add: Long-term debt due within one year (per books)	237)
Add: Long-term debt due after one year, less debt issuance costs and discounts (per books)	34,342)
Total equity and debt	100,914)
Less: Cash and cash equivalents	1,451)
Enterprise value (EV)	99,463)

Based on: 10-K (reporting date: 2021-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 216.30 × 295,484,400

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HCA Healthcare Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$244.10	$177.37	$148.11	$142.01	$100.84
No. shares of common stock outstanding¹	303,600,000	339,917,500	338,427,300	342,376,700	349,903,700
US$ in millions
Common equity (market value)³	74,109)	60,291)	50,124)	48,621)	35,284)
Add: Noncontrolling interests (book value)	2,422)	2,320)	2,243)	2,032)	1,811)
Total equity	76,531)	62,611)	52,367)	50,653)	37,095)
Add: Long-term debt due within one year (book value)	237)	209)	145)	788)	200)
Add: Long-term debt due after one year, less debt issuance costs and discounts (book value)	34,342)	30,795)	33,577)	32,033)	32,858)
Total equity and debt	111,110)	93,615)	86,089)	83,474)	70,153)
Less: Cash and cash equivalents	1,451)	1,793)	621)	502)	732)
Enterprise value (EV)	109,659)	91,822)	85,468)	82,972)	69,421)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of HCA Healthcare Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 244.10 × 303,600,000

A consistent upward trajectory is observed across all valuation metrics between 2017 and 2021. The total enterprise value increased from 69,421 million US dollars in 2017 to 109,659 million US dollars by the end of 2021, representing a substantial expansion in the overall valuation of the entity.

Market Value of Common Equity: The market capitalization of common equity experienced significant growth, rising from 35,284 million US dollars in 2017 to 74,109 million US dollars in 2021. This represents an increase of approximately 110% over the five-year period, with the most accelerated growth occurring between 2020 and 2021.
Enterprise Value and Capital Structure: Enterprise Value grew steadily from 69,421 million US dollars in 2017 to 109,659 million US dollars in 2021. This figure closely tracks the growth of total equity and debt, which rose from 70,153 million US dollars to 111,110 million US dollars over the same period. The tight correlation between Enterprise Value and the combined total of equity and debt suggests a stable relationship between the company's capital structure and its market-based valuation.
Equity Growth Analysis: Total equity grew from 37,095 million US dollars in 2017 to 76,531 million US dollars in 2021. The progression of total equity closely mirrors the increase in the market value of common equity, indicating that the market valuation of the firm's equity remained largely aligned with its book value throughout the analyzed timeframe.

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HCA Healthcare Inc. (NYSE:HCA)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)