HCA Healthcare Inc. (NYSE:HCA)

Total Asset Turnover

The reported total asset turnover ratio remained steady at 1.19 between 2017 and 2018, then experienced a decline to 1.14 in 2019 and further down to 1.09 in 2020. It slightly recovered to 1.16 in 2021. The adjusted total asset turnover ratio showed a similar trend, maintaining 1.15 from 2017 through 2019, dropping to 1.09 in 2020, and increasing to 1.17 in 2021. This pattern indicates a temporary decrease in asset efficiency in 2020, followed by a rebound in 2021.

Debt to Equity Ratios

Reported debt to equity data is incomplete, with only a 54.2 ratio recorded for 2019. Adjusted debt to equity exhibits significant variation, at 13.19 in 2019 and rising sharply to 33.57 in 2020. The increasing ratio suggests a growing reliance on debt relative to equity during this period, implying a potential change in the capital structure or financing approach.

Debt to Capital Ratios

Both reported and adjusted debt to capital ratios demonstrate a downward trend from 2017 through 2020, with reported ratios decreasing from 1.26 to 0.98 and adjusted ratios falling from 1.19 to 0.93. In 2021, both ratios marginally rose to just above 1.00 and 0.97 respectively. This pattern suggests a gradual reduction in debt relative to total capital until 2020, with a slight increase in leverage observed in 2021.

Financial Leverage

Reported financial leverage data is available only for 2019, at an elevated level of 83.02. Adjusted financial leverage shows notable growth from 18.79 in 2019 to 46.02 in 2020. The limited data prevents a full trend analysis, but the increased adjusted leverage indicates a higher use of debt financing in 2020 compared to the prior year.

Net Profit Margin

Reported net profit margin shows a variable pattern, rising from 5.08% in 2017 to 8.11% in 2018, declining slightly to 6.83% in 2019, then increasing to 7.28% in 2020 and reaching a high of 11.84% in 2021. Adjusted net profit margins follow a similar trajectory, improving overall with a peak at 13.34% in 2021. The consistent increase in profitability margins in recent years highlights improved operational efficiency or cost management.

Return on Equity (ROE)

Reported ROE is only provided for 2020 at an extremely high figure of 656.29%, which is likely influenced by extraordinary items or accounting adjustments. Adjusted ROE was 168.97% in 2020 and sharply increased to 716.27% in 2021. These exceptionally high adjusted ROE values suggest significant earnings relative to shareholders' equity, potentially resulting from increased profitability combined with changes in equity structure or leverage.

Return on Assets (ROA)

Reported ROA grew from 6.06% in 2017 to 9.66% in 2018, then declined to 7.78% in 2019, remained stable in 2020 at 7.9%, and rose substantially to 13.71% in 2021. Adjusted ROA mirrors this progression, with a peak at 15.56% in 2021. This indicates improved asset utilization and profitability through 2021 despite some volatility in prior years.

Revenues

The revenues exhibited a consistent upward trajectory over the examined period. Starting at 43,614 million USD in 2017, revenues increased annually, reaching 58,752 million USD by 2021. The most substantial revenue growth occurred between 2020 and 2021.

Total Assets

Total assets showed a steady rise throughout the years. Beginning at 36,593 million USD in 2017, total assets grew almost every year, culminating at 50,742 million USD in 2021. This upward movement indicates ongoing asset accumulation over the period.

Reported Total Asset Turnover

The reported total asset turnover ratio demonstrated a declining trend from 2017 through 2020, falling from 1.19 to 1.09. However, in 2021, the ratio rebounded to 1.16, suggesting enhanced efficiency in using assets to generate revenues during that year.

Adjusted Total Assets

Adjusted total assets followed a pattern similar to total assets, increasing steadily from 37,808 million USD in 2017 to 50,347 million USD in 2021. This reflects consistent growth in asset base when adjusted for specified factors.

Adjusted Total Asset Turnover

The adjusted total asset turnover ratio remained stable at 1.15 from 2017 to 2019, then decreased to 1.09 in 2020, mirroring the trend observed in the reported measure. In 2021, the ratio improved to 1.17, indicating a recovery in asset utilization efficiency after a dip in 2020.

The analysis of the financial data reveals several key trends and changes over the five-year period ending December 31, 2021.

Total Debt

Total debt exhibited moderate fluctuations throughout the period. Starting at $33,058 million in 2017, it remained relatively stable around the $32,000–$34,000 million range, with a noticeable decline in 2020 to $31,004 million, followed by an increase to $34,579 million in 2021. This indicates a general pattern of managing debt levels with a slight reduction during 2020, possibly due to operational or market conditions, before increasing again in 2021.

Stockholders' Equity (Deficit) Attributable to HCA Healthcare, Inc.

This item showed a steady improvement over the years, moving from a significant deficit of -$6,806 million in 2017 to a near breakeven point of $572 million in 2020. However, in 2021, the equity returned to a deficit of -$933 million. This transition reflects efforts to strengthen equity, although the reversal in 2021 suggests possible challenges or one-time impacts affecting shareholders’ interests during that year.

Reported Debt to Equity Ratio

Data for this ratio is incomplete, with a value of 54.2 reported in 2021 only. The high ratio indicates a leveraged capital structure in that year, implying significant reliance on debt compared to shareholders’ equity.

Adjusted Total Debt

Adjusted total debt values closely mirror the changes observed in total debt, starting at $34,783 million in 2017 and exhibiting similar fluctuations. A decline occurred in 2020 to $33,056 million, followed by an increase to $36,726 million in 2021. These adjustments likely account for off-balance-sheet liabilities or other factors, yet the overall trend suggests maintained leverage with slight cyclical variation.

Adjusted Total Stockholders’ Equity (Deficit)

There is a clear trend of continuous improvement from a deficit of -$5,505 million in 2017 to a positive value of $2,507 million in 2020. However, this metric decreased again to $1,094 million in 2021. This progression underscores a strengthening of adjusted equity until 2020, with a subsequent decline that might reflect financial or operational impacts reducing equity value.

Adjusted Debt to Equity Ratio

Only two values are available for this ratio: 13.19 in 2020 and 33.57 in 2021. The substantial increase from 13.19 to 33.57 indicates a marked rise in leverage relative to adjusted equity during the last observed period, potentially highlighting increased financial risk or shifts in capital structure management.

In summary, the data reflects an overall attempt to improve equity positions up to 2020, accompanied by a decrease in debt levels during the same period. However, 2021 shows a reversal with rising debt levels and a decline in equity measures, resulting in notably higher leverage ratios. This pattern suggests increased financial risk and may warrant further investigation into factors contributing to these shifts in capital structure.

The financial data exhibits several key trends concerning the debt and capital structure over the five-year period ending December 31, 2021. The total debt values show minor fluctuations, with a decrease from 33,058 million US dollars in 2017 to 31,004 million in 2020, followed by an increase to 34,579 million in 2021. This pattern suggests some variability in debt levels but no consistent upward or downward trajectory.

Total capital demonstrates a steady upward trend, increasing from 26,252 million US dollars in 2017 to 33,646 million in 2021. This continuous growth indicates an expansion in the capital base over the period.

The reported debt to capital ratio reflects a decline from 1.26 in 2017 to 0.98 in 2020, representing a gradual reduction in leverage relative to capital. However, there is a slight increase to 1.03 in 2021, suggesting a modest return to higher leverage.

When examining adjusted total debt, the values mirror the pattern seen in total debt but are slightly higher across all years, increasing from 34,783 million in 2017 to 36,726 million in 2021. This implies inclusion of additional liabilities or adjustments considered more comprehensive than the reported totals.

Adjusted total capital also shows consistent growth, rising from 29,278 million in 2017 to 37,820 million in 2021, aligning closely with the growth in reported total capital but at higher absolute values, reflecting adjustments for a more accurate depiction of capital.

The adjusted debt to capital ratio follows a declining trend from 1.19 in 2017 to 0.93 in 2020, denoting decreasing leverage in relation to adjusted capital. In 2021, this ratio increases to 0.97, similar to the trend observed in the reported ratio, indicating a slight increase in leverage or debt relative to capital.

Overall, the data reveals a general trend of increasing capital alongside stable to slightly fluctuating debt levels, resulting in a modest reduction in leverage ratios until 2020, followed by a slight increase in 2021. The adjusted figures, accounting for a broader scope of debt and capital, corroborate these observations with similarly shaped trends but at higher magnitudes. This indicates prudent management of capital structure with slight variations that warrant monitoring to maintain balanced leverage.

Total Assets

The total assets showed a consistent upward trend from 2017 to 2021. Starting at $36,593 million in 2017, they increased each year, reaching $50,742 million in 2021. This steady growth indicates ongoing asset accumulation over the five-year period.

Stockholders’ Equity (Deficit) Attributable to HCA Healthcare, Inc.

The stockholders’ equity, initially negative at -$6,806 million in 2017, improved gradually to a deficit of -$933 million in 2021. During this period, the equity moved closer to positive territory, particularly notable in 2020 when equity briefly turned positive to $572 million before declining again in 2021. This pattern suggests fluctuations in the company's net asset value attributable to shareholders but overall movement towards recovery of equity position.

Reported Financial Leverage

This ratio was only reported for 2020, with an extremely high value of 83.02, which implies a significant level of debt relative to equity during that year.

Adjusted Total Assets

The adjusted total assets also demonstrated a positive trajectory from 2017 through 2021. Starting at $37,808 million in 2017, these increased annually to $50,347 million in 2021, mirroring the trend observed in total assets but slightly lower in magnitude. This aligns with a consistent growth in asset base after adjustments.

Adjusted Total Stockholders’ Equity (Deficit)

The adjusted equity showed substantive improvement over the years. Beginning at a deficit of -$5,505 million in 2017, the figure improved progressively each year, reaching a positive value of $2,507 million in 2020 before dropping to $1,094 million in 2021. This indicates a significant recovery in adjusted equity, with a slight reversal in 2021 but still remaining positive.

Adjusted Financial Leverage

Adjusted financial leverage figures were available for 2020 and 2021 only. The ratio was 18.79 in 2020, increasing sharply to 46.02 in 2021. This suggests a considerable increase in the proportion of adjusted assets financed by debt relative to adjusted equity in 2021, which could indicate rising financial risk or changes in capital structure.

The financial data reveals several notable trends over the five-year period ending in 2021. Revenue demonstrated a consistent upward trajectory, increasing steadily from $43,614 million in 2017 to $58,752 million in 2021. This represents significant growth in the company's top-line performance, suggesting expanding operations or enhanced market presence.

Net income attributable to the company exhibited variability but overall growth, rising from $2,216 million in 2017 to $6,956 million in 2021. A peak occurred in 2018 at $3,787 million, followed by a slight decline in 2019 and 2020, before more than doubling in 2021. This pattern indicates some volatility in profitability but a strong improvement in the final year of the period.

Reported net profit margin aligns with the net income pattern, increasing from 5.08% in 2017 to a high of 11.84% in 2021. Margins showed improvement after a dip in 2019, suggesting enhanced cost management or pricing power contributing to better profitability in recent years.

The adjusted net income figures also reflect growth, rising from $3,235 million in 2017 to $7,836 million in 2021. This adjusted measure, which likely accounts for non-recurring or non-operational items, shows a relatively smoother trend compared to reported net income, with a peak in 2018 followed by a slight decrease through 2020, and a substantial increase in 2021.

Similarly, the adjusted net profit margin shows a gradual rise over the period, moving from 7.42% in 2017 to 13.34% in 2021. Although the margin slightly decreased in 2020, it rebounded strongly in 2021, exceeding previous levels and indicating improved operational efficiency or favorable adjustments.

Overall, the company experienced consistent revenue growth accompanied by improving profitability and margins, particularly evident in the last reported year. The fluctuations in net income and margins in the middle years may reflect varying operational or market conditions, but the strong recovery and growth in 2021 suggest positive financial momentum.

Revenue Growth

Steady increase from $43.6bn in 2017 to $58.8bn in 2021.

Net Income Trend

Fluctuations with a peak in 2018, slight declines in 2019 and 2020, followed by a significant rise to $7bn in 2021.

Reported Net Profit Margin

Improvement from 5.08% to 11.84%, with some volatility mid-period.

Adjusted Net Income

Smoother trend with growth from $3.2bn to $7.8bn, indicating underlying profitability strengthening.

Adjusted Net Profit Margin

Increased from 7.42% to 13.34%, showing enhanced operational efficiency after slight mid-period dip.

The financial data reveals several noteworthy trends in profitability and equity positions over the five-year period from 2017 to 2021.

Net income attributable to the company

Net income increased substantially from $2,216 million in 2017 to $6,956 million in 2021. This growth was not strictly linear, with a peak in 2018 at $3,787 million followed by a slight decline to $3,505 million in 2019. After a modest rebound to $3,754 million in 2020, the income rose sharply in 2021, nearly doubling the 2020 figure.

Stockholders' equity (deficit) attributable to the company

The equity position moved from a significant deficit of $-6,806 million in 2017 towards a less negative balance in 2018 and 2019, reaching -$2,808 million. In 2020, equity turned positive, reaching $572 million, before declining again to a negative $-933 million in 2021. This indicates volatility and challenges in maintaining a stable equity base despite improvements.

Reported return on equity (ROE)

The reported ROE value available for 2020 shows an extremely high figure at 656.29%, reflecting the transition in equity from negative to positive territory and its impact on return calculations. The lack of data for other years limits full trend analysis, but the 2020 data point indicates considerable profitability relative to equity levels at that time.

Adjusted net income

Adjusted net income followed a pattern similar to reported net income but at consistently higher levels. It increased from $3,235 million in 2017 to $7,836 million in 2021, with growth slowing slightly between 2019 and 2020 before accelerating again in 2021. The adjusted figures suggest enhanced profitability when certain accounting adjustments are considered.

Adjusted total stockholders’ equity (deficit)

The adjusted equity measure also improved markedly over the period, moving from a deficit of $-5,505 million in 2017 to a positive $2,507 million in 2020, before retreating to $1,094 million in 2021. This trend indicates a considerable recovery in adjusted equity position, despite some reversal in 2021.

Adjusted return on equity (ROE)

Available for 2020 and 2021, the adjusted ROE was 168.97% in 2020 and soared to 716.27% in 2021. These very high levels reflect the combined effect of improved adjusted profitability and the magnitude of equity changes. Such elevated ROE values indicate exceptional returns relative to equity, although the small equity base likely amplifies these ratios.

Overall, the data demonstrates a trajectory of increasing profitability alongside fluctuating equity positions. The transition from negative to positive equity and back to negative (reported) or continued positive (adjusted) in 2021 suggests ongoing balance sheet challenges amidst improved earnings. The exceptional ROE figures underscore the strong earnings generation relative to equity, though they may also reflect distortions due to low or negative equity bases in certain years.

Net income attributable to HCA Healthcare, Inc.

The net income demonstrated a general upward trend over the five-year period. Starting at $2,216 million in 2017, it increased substantially to $3,787 million in 2018. There was a slight decline in 2019 to $3,505 million, followed by a modest recovery in 2020 at $3,754 million. The most notable increase occurred in 2021, when net income nearly doubled from the previous year, reaching $6,956 million.

Total assets

Total assets showed consistent growth throughout the period. From $36,593 million in 2017, assets increased steadily each year to $50,742 million by the end of 2021. The growth was relatively steady, without any signs of contraction or volatility.

Reported Return on Assets (ROA)

Reported ROA followed a generally increasing trend with some fluctuations. It rose from 6.06% in 2017 to a peak of 9.66% in 2018, then dropped to 7.78% in 2019. A slight improvement was observed in 2020 at 7.9%, followed by a significant increase to 13.71% in 2021, indicating a substantial improvement in the company's efficiency in generating earnings from its asset base during the last year.

Adjusted net income

Adjusted net income moved upward overall but experienced smaller fluctuations compared to reported net income. It increased from $3,235 million in 2017 to $4,396 million in 2018. Then it remained relatively stable around the $4,200 to $4,300 million range through 2019 and 2020 before rising sharply to $7,836 million in 2021. This suggests underlying profitability strengthened considerably in the final year.

Adjusted total assets

Adjusted total assets showed steady growth similar to reported total assets. The values rose consistently from $37,808 million in 2017 to $50,347 million in 2021, reflecting incremental expansion of the asset base over time without significant volatility.

Adjusted Return on Assets (ROA)

Adjusted ROA demonstrated an overall positive trajectory with an initial rise from 8.56% in 2017 to 10.87% in 2018. It then declined gradually to 9.71% in 2019 and further to 8.99% in 2020. In 2021, adjusted ROA surged to 15.56%, marking a pronounced increase in asset utilization efficiency.

Summary of trends

The company exhibited continuous growth in both reported and adjusted total assets, suggesting ongoing investment and expansion. While profitability measured by net income and adjusted net income showed some fluctuations, the substantial increases in 2021 indicate a marked improvement in financial performance. Correspondingly, both reported and adjusted ROA ratios reflect enhanced effectiveness in using assets to generate earnings, especially pronounced in the final year of the period analyzed. The data implies that 2021 was a particularly strong year in terms of profitability and operational efficiency relative to the asset base.