Analysis of Solvency Ratios
Quarterly Data
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 (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
| 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 deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
| Debt to capital (including operating lease liability) ratio | 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) deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | HCA Healthcare Inc. debt to assets ratio deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
| Debt to assets (including operating lease liability) ratio | 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) deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
| 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 Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level. |
Debt to Equity
HCA Healthcare Inc., debt to equity calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Long-term debt due within one year | 1,486) | 237) | 250) | 253) | 234) | 209) | 172) | 163) | 162) | 145) | 148) | 2,073) | 3,796) | 788) | 191) | 1,692) | 1,697) | 200) | 202) | 213) | 212) | |||||||
| Long-term debt due after one year, less debt issuance costs and discounts | 36,210) | 34,342) | 32,049) | 32,319) | 30,838) | 30,795) | 30,792) | 30,779) | 34,699) | 33,577) | 34,097) | 34,120) | 31,019) | 32,033) | 32,916) | 31,500) | 31,594) | 32,858) | 32,751) | 31,448) | 31,302) | |||||||
| Total debt | 37,696) | 34,579) | 32,299) | 32,572) | 31,072) | 31,004) | 30,964) | 30,942) | 34,861) | 33,722) | 34,245) | 36,193) | 34,815) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (2,033) | (933) | (695) | (593) | 247) | 572) | (974) | (1,786) | (2,962) | (2,808) | (3,565) | (3,902) | (4,354) | (4,950) | (5,605) | (5,989) | (6,244) | (6,806) | (6,780) | (6,792) | (7,017) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | 125.80 | 54.20 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 0.48 | 0.50 | 0.53 | 0.55 | 0.55 | 0.57 | 0.59 | 0.64 | 0.60 | 0.58 | 0.60 | 0.61 | 0.62 | — | — | — | — | — | — | — | — | |||||||
| Cigna Group | 0.72 | 0.71 | 0.72 | 0.68 | 0.66 | 0.65 | 0.75 | 0.77 | 0.81 | 0.83 | 0.87 | 0.89 | 0.95 | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 0.76 | 0.75 | 0.79 | 0.81 | 0.87 | 0.93 | 0.97 | 1.05 | 1.10 | 1.07 | 1.10 | 1.16 | 1.25 | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 0.65 | 0.64 | 0.64 | 0.66 | 0.69 | 0.60 | 0.61 | 0.62 | 0.68 | 0.63 | 0.65 | 0.63 | 0.64 | — | — | — | — | — | — | — | — | |||||||
| Humana Inc. | 0.87 | 0.80 | 0.77 | 0.50 | 0.54 | 0.51 | 0.51 | 0.56 | 0.66 | 0.49 | 0.55 | 0.50 | 0.58 | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 0.50 | 0.51 | 0.60 | 0.60 | 0.57 | 0.49 | 0.49 | 0.51 | 0.52 | 0.51 | 0.50 | 0.50 | 0.50 | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.65 | 0.64 | 0.67 | 0.70 | 0.70 | 0.66 | 0.67 | 0.72 | 0.91 | 0.71 | 0.82 | 0.80 | 0.74 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 37,696 ÷ -2,033 = —
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 (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Long-term debt due within one year | 1,486) | 237) | 250) | 253) | 234) | 209) | 172) | 163) | 162) | 145) | 148) | 2,073) | 3,796) | 788) | 191) | 1,692) | 1,697) | 200) | 202) | 213) | 212) | |||||||
| Long-term debt due after one year, less debt issuance costs and discounts | 36,210) | 34,342) | 32,049) | 32,319) | 30,838) | 30,795) | 30,792) | 30,779) | 34,699) | 33,577) | 34,097) | 34,120) | 31,019) | 32,033) | 32,916) | 31,500) | 31,594) | 32,858) | 32,751) | 31,448) | 31,302) | |||||||
| Total debt | 37,696) | 34,579) | 32,299) | 32,572) | 31,072) | 31,004) | 30,964) | 30,942) | 34,861) | 33,722) | 34,245) | 36,193) | 34,815) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Right-of-use noncurrent operating lease obligations | 1,790) | 1,755) | 1,742) | 1,767) | 1,730) | 1,673) | 1,635) | 1,531) | 1,497) | 1,499) | 1,440) | 1,460) | 1,494) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Total debt (including operating lease liability) | 39,486) | 36,334) | 34,041) | 34,339) | 32,802) | 32,677) | 32,599) | 32,473) | 36,358) | 35,221) | 35,685) | 37,653) | 36,309) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (2,033) | (933) | (695) | (593) | 247) | 572) | (974) | (1,786) | (2,962) | (2,808) | (3,565) | (3,902) | (4,354) | (4,950) | (5,605) | (5,989) | (6,244) | (6,806) | (6,780) | (6,792) | (7,017) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | — | — | — | — | 132.80 | 57.13 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| CVS Health Corp. | 1.03 | 1.01 | 1.06 | 1.09 | 1.16 | 1.23 | 1.27 | 1.35 | 1.42 | 1.39 | 1.43 | 1.50 | 1.60 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 39,486 ÷ -2,033 = —
2 Click competitor name to see calculations.
Debt to Capital
HCA Healthcare Inc., debt to capital calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Long-term debt due within one year | 1,486) | 237) | 250) | 253) | 234) | 209) | 172) | 163) | 162) | 145) | 148) | 2,073) | 3,796) | 788) | 191) | 1,692) | 1,697) | 200) | 202) | 213) | 212) | |||||||
| Long-term debt due after one year, less debt issuance costs and discounts | 36,210) | 34,342) | 32,049) | 32,319) | 30,838) | 30,795) | 30,792) | 30,779) | 34,699) | 33,577) | 34,097) | 34,120) | 31,019) | 32,033) | 32,916) | 31,500) | 31,594) | 32,858) | 32,751) | 31,448) | 31,302) | |||||||
| Total debt | 37,696) | 34,579) | 32,299) | 32,572) | 31,072) | 31,004) | 30,964) | 30,942) | 34,861) | 33,722) | 34,245) | 36,193) | 34,815) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (2,033) | (933) | (695) | (593) | 247) | 572) | (974) | (1,786) | (2,962) | (2,808) | (3,565) | (3,902) | (4,354) | (4,950) | (5,605) | (5,989) | (6,244) | (6,806) | (6,780) | (6,792) | (7,017) | |||||||
| Total capital | 35,663) | 33,646) | 31,604) | 31,979) | 31,319) | 31,576) | 29,990) | 29,156) | 31,899) | 30,914) | 30,680) | 32,291) | 30,461) | 27,871) | 27,502) | 27,203) | 27,047) | 26,252) | 26,173) | 24,869) | 24,497) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital1 | 1.06 | 1.03 | 1.02 | 1.02 | 0.99 | 0.98 | 1.03 | 1.06 | 1.09 | 1.09 | 1.12 | 1.12 | 1.14 | 1.18 | 1.20 | 1.22 | 1.23 | 1.26 | 1.26 | 1.27 | 1.29 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 0.33 | 0.34 | 0.35 | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.38 | 0.37 | 0.38 | 0.38 | 0.38 | — | — | — | — | — | — | — | — | |||||||
| Cigna Group | 0.42 | 0.42 | 0.42 | 0.40 | 0.40 | 0.40 | 0.43 | 0.44 | 0.45 | 0.45 | 0.46 | 0.47 | 0.49 | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 0.43 | 0.43 | 0.44 | 0.45 | 0.47 | 0.48 | 0.49 | 0.51 | 0.52 | 0.52 | 0.52 | 0.54 | 0.56 | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 0.39 | 0.39 | 0.39 | 0.40 | 0.41 | 0.38 | 0.38 | 0.38 | 0.41 | 0.39 | 0.39 | 0.39 | 0.39 | — | — | — | — | — | — | — | — | |||||||
| Humana Inc. | 0.46 | 0.44 | 0.43 | 0.33 | 0.35 | 0.34 | 0.34 | 0.36 | 0.40 | 0.33 | 0.35 | 0.33 | 0.37 | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 0.34 | 0.34 | 0.37 | 0.37 | 0.36 | 0.33 | 0.33 | 0.34 | 0.34 | 0.34 | 0.33 | 0.34 | 0.33 | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.39 | 0.39 | 0.40 | 0.41 | 0.41 | 0.40 | 0.40 | 0.42 | 0.48 | 0.41 | 0.45 | 0.44 | 0.43 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 37,696 ÷ 35,663 = 1.06
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 deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
Debt to Capital (including Operating Lease Liability)
HCA Healthcare Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Long-term debt due within one year | 1,486) | 237) | 250) | 253) | 234) | 209) | 172) | 163) | 162) | 145) | 148) | 2,073) | 3,796) | 788) | 191) | 1,692) | 1,697) | 200) | 202) | 213) | 212) | |||||||
| Long-term debt due after one year, less debt issuance costs and discounts | 36,210) | 34,342) | 32,049) | 32,319) | 30,838) | 30,795) | 30,792) | 30,779) | 34,699) | 33,577) | 34,097) | 34,120) | 31,019) | 32,033) | 32,916) | 31,500) | 31,594) | 32,858) | 32,751) | 31,448) | 31,302) | |||||||
| Total debt | 37,696) | 34,579) | 32,299) | 32,572) | 31,072) | 31,004) | 30,964) | 30,942) | 34,861) | 33,722) | 34,245) | 36,193) | 34,815) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Right-of-use noncurrent operating lease obligations | 1,790) | 1,755) | 1,742) | 1,767) | 1,730) | 1,673) | 1,635) | 1,531) | 1,497) | 1,499) | 1,440) | 1,460) | 1,494) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Total debt (including operating lease liability) | 39,486) | 36,334) | 34,041) | 34,339) | 32,802) | 32,677) | 32,599) | 32,473) | 36,358) | 35,221) | 35,685) | 37,653) | 36,309) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (2,033) | (933) | (695) | (593) | 247) | 572) | (974) | (1,786) | (2,962) | (2,808) | (3,565) | (3,902) | (4,354) | (4,950) | (5,605) | (5,989) | (6,244) | (6,806) | (6,780) | (6,792) | (7,017) | |||||||
| Total capital (including operating lease liability) | 37,453) | 35,401) | 33,346) | 33,746) | 33,049) | 33,249) | 31,625) | 30,687) | 33,396) | 32,413) | 32,120) | 33,751) | 31,955) | 27,871) | 27,502) | 27,203) | 27,047) | 26,252) | 26,173) | 24,869) | 24,497) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 1.05 | 1.03 | 1.02 | 1.02 | 0.99 | 0.98 | 1.03 | 1.06 | 1.09 | 1.09 | 1.11 | 1.12 | 1.14 | 1.18 | 1.20 | 1.22 | 1.23 | 1.26 | 1.26 | 1.27 | 1.29 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| CVS Health Corp. | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.58 | 0.59 | 0.58 | 0.59 | 0.60 | 0.62 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 39,486 ÷ 37,453 = 1.05
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital (including operating lease liability) ratio | 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) deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
Debt to Assets
HCA Healthcare Inc., debt to assets calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Long-term debt due within one year | 1,486) | 237) | 250) | 253) | 234) | 209) | 172) | 163) | 162) | 145) | 148) | 2,073) | 3,796) | 788) | 191) | 1,692) | 1,697) | 200) | 202) | 213) | 212) | |||||||
| Long-term debt due after one year, less debt issuance costs and discounts | 36,210) | 34,342) | 32,049) | 32,319) | 30,838) | 30,795) | 30,792) | 30,779) | 34,699) | 33,577) | 34,097) | 34,120) | 31,019) | 32,033) | 32,916) | 31,500) | 31,594) | 32,858) | 32,751) | 31,448) | 31,302) | |||||||
| Total debt | 37,696) | 34,579) | 32,299) | 32,572) | 31,072) | 31,004) | 30,964) | 30,942) | 34,861) | 33,722) | 34,245) | 36,193) | 34,815) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Total assets | 52,208) | 50,742) | 49,562) | 48,164) | 47,277) | 47,490) | 51,016) | 48,709) | 45,421) | 45,058) | 43,912) | 45,449) | 43,379) | 39,207) | 38,044) | 37,742) | 37,299) | 36,593) | 35,731) | 34,566) | 33,795) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets1 | 0.72 | 0.68 | 0.65 | 0.68 | 0.66 | 0.65 | 0.61 | 0.64 | 0.77 | 0.75 | 0.78 | 0.80 | 0.80 | 0.84 | 0.87 | 0.88 | 0.89 | 0.90 | 0.92 | 0.92 | 0.93 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 0.23 | 0.24 | 0.25 | 0.25 | 0.25 | 0.26 | 0.27 | 0.29 | 0.27 | 0.27 | 0.28 | 0.28 | 0.28 | — | — | — | — | — | — | — | — | |||||||
| Cigna Group | 0.22 | 0.22 | 0.22 | 0.21 | 0.21 | 0.21 | 0.22 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.26 | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 0.24 | 0.24 | 0.25 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.31 | 0.31 | 0.31 | 0.33 | 0.34 | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 0.23 | 0.24 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.26 | 0.26 | 0.26 | 0.25 | 0.26 | — | — | — | — | — | — | — | — | |||||||
| Humana Inc. | 0.29 | 0.29 | 0.28 | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | 0.23 | 0.20 | 0.22 | 0.21 | 0.22 | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 0.28 | 0.28 | 0.31 | 0.31 | 0.31 | 0.27 | 0.28 | 0.28 | 0.29 | 0.28 | 0.28 | 0.28 | 0.28 | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | 0.22 | 0.23 | 0.24 | 0.27 | 0.23 | 0.26 | 0.25 | 0.24 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 37,696 ÷ 52,208 = 0.72
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 deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
Debt to Assets (including Operating Lease Liability)
HCA Healthcare Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Long-term debt due within one year | 1,486) | 237) | 250) | 253) | 234) | 209) | 172) | 163) | 162) | 145) | 148) | 2,073) | 3,796) | 788) | 191) | 1,692) | 1,697) | 200) | 202) | 213) | 212) | |||||||
| Long-term debt due after one year, less debt issuance costs and discounts | 36,210) | 34,342) | 32,049) | 32,319) | 30,838) | 30,795) | 30,792) | 30,779) | 34,699) | 33,577) | 34,097) | 34,120) | 31,019) | 32,033) | 32,916) | 31,500) | 31,594) | 32,858) | 32,751) | 31,448) | 31,302) | |||||||
| Total debt | 37,696) | 34,579) | 32,299) | 32,572) | 31,072) | 31,004) | 30,964) | 30,942) | 34,861) | 33,722) | 34,245) | 36,193) | 34,815) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Right-of-use noncurrent operating lease obligations | 1,790) | 1,755) | 1,742) | 1,767) | 1,730) | 1,673) | 1,635) | 1,531) | 1,497) | 1,499) | 1,440) | 1,460) | 1,494) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Total debt (including operating lease liability) | 39,486) | 36,334) | 34,041) | 34,339) | 32,802) | 32,677) | 32,599) | 32,473) | 36,358) | 35,221) | 35,685) | 37,653) | 36,309) | 32,821) | 33,107) | 33,192) | 33,291) | 33,058) | 32,953) | 31,661) | 31,514) | |||||||
| Total assets | 52,208) | 50,742) | 49,562) | 48,164) | 47,277) | 47,490) | 51,016) | 48,709) | 45,421) | 45,058) | 43,912) | 45,449) | 43,379) | 39,207) | 38,044) | 37,742) | 37,299) | 36,593) | 35,731) | 34,566) | 33,795) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.76 | 0.72 | 0.69 | 0.71 | 0.69 | 0.69 | 0.64 | 0.67 | 0.80 | 0.78 | 0.81 | 0.83 | 0.84 | 0.84 | 0.87 | 0.88 | 0.89 | 0.90 | 0.92 | 0.92 | 0.93 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||
| CVS Health Corp. | 0.33 | 0.33 | 0.33 | 0.34 | 0.36 | 0.37 | 0.37 | 0.39 | 0.40 | 0.40 | 0.41 | 0.42 | 0.43 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 39,486 ÷ 52,208 = 0.76
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets (including operating lease liability) ratio | 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) deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022. |
Financial Leverage
HCA Healthcare Inc., financial leverage calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Total assets | 52,208) | 50,742) | 49,562) | 48,164) | 47,277) | 47,490) | 51,016) | 48,709) | 45,421) | 45,058) | 43,912) | 45,449) | 43,379) | 39,207) | 38,044) | 37,742) | 37,299) | 36,593) | 35,731) | 34,566) | 33,795) | |||||||
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. | (2,033) | (933) | (695) | (593) | 247) | 572) | (974) | (1,786) | (2,962) | (2,808) | (3,565) | (3,902) | (4,354) | (4,950) | (5,605) | (5,989) | (6,244) | (6,806) | (6,780) | (6,792) | (7,017) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | 191.40 | 83.02 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 2.09 | 2.10 | 2.14 | 2.17 | 2.17 | 2.21 | 2.20 | 2.25 | 2.21 | 2.18 | 2.15 | 2.16 | 2.19 | — | — | — | — | — | — | — | — | |||||||
| Cigna Group | 3.31 | 3.29 | 3.25 | 3.17 | 3.16 | 3.09 | 3.33 | 3.37 | 3.43 | 3.44 | 3.46 | 3.52 | 3.64 | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 3.15 | 3.10 | 3.16 | 3.16 | 3.24 | 3.32 | 3.38 | 3.46 | 3.54 | 3.48 | 3.52 | 3.57 | 3.68 | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 2.79 | 2.70 | 2.74 | 2.75 | 2.83 | 2.61 | 2.55 | 2.55 | 2.60 | 2.44 | 2.48 | 2.46 | 2.48 | — | — | — | — | — | — | — | — | |||||||
| Humana Inc. | 3.02 | 2.76 | 2.79 | 2.56 | 2.64 | 2.55 | 2.44 | 2.67 | 2.80 | 2.42 | 2.52 | 2.44 | 2.61 | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 1.13 | 1.14 | 1.13 | 1.13 | 1.14 | 1.15 | 1.15 | 1.16 | 1.16 | 1.18 | 1.18 | 1.17 | 1.17 | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 1.78 | 1.81 | 1.92 | 1.91 | 1.87 | 1.79 | 1.79 | 1.80 | 1.81 | 1.79 | 1.78 | 1.78 | 1.79 | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 3.04 | 2.96 | 3.03 | 3.05 | 3.09 | 3.01 | 2.93 | 3.03 | 3.32 | 3.02 | 3.16 | 3.15 | 3.12 | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.
= 52,208 ÷ -2,033 = —
2 Click competitor name to see calculations.
Interest Coverage
HCA Healthcare Inc., interest coverage calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income attributable to HCA Healthcare, Inc. | 1,273) | 1,814) | 2,269) | 1,450) | 1,423) | 1,426) | 668) | 1,079) | 581) | 1,071) | 612) | 783) | 1,039) | 1,064) | 759) | 820) | 1,144) | 474) | 426) | 657) | 659) | |||||||
| Add: Net income attributable to noncontrolling interest | 192) | 191) | 203) | 214) | 157) | 268) | 111) | 137) | 117) | 202) | 152) | 144) | 142) | 181) | 137) | 146) | 138) | 167) | 104) | 138) | 118) | |||||||
| Add: Income tax expense | 349) | 581) | 685) | 453) | 393) | 378) | 209) | 344) | 112) | 334) | 215) | 271) | 279) | 244) | 173) | 272) | 257) | 736) | 248) | 365) | 289) | |||||||
| Add: Interest expense | 408) | 398) | 398) | 386) | 384) | 383) | 385) | 388) | 428) | 438) | 448) | 477) | 461) | 446) | 442) | 436) | 431) | 433) | 427) | 411) | 419) | |||||||
| Earnings before interest and tax (EBIT) | 2,222) | 2,984) | 3,555) | 2,503) | 2,357) | 2,455) | 1,373) | 1,948) | 1,238) | 2,045) | 1,427) | 1,675) | 1,921) | 1,935) | 1,511) | 1,674) | 1,970) | 1,810) | 1,205) | 1,571) | 1,485) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Interest coverage1 | 7.08 | 7.28 | 7.01 | 5.65 | 5.28 | 4.43 | 4.03 | 3.91 | 3.57 | 3.88 | 3.80 | 3.86 | 3.94 | 4.04 | 4.00 | 3.86 | 3.85 | 3.59 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 18.10 | 16.41 | 16.38 | 14.28 | 12.77 | 10.10 | 7.66 | 6.80 | 7.39 | 7.09 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 5.27 | 5.16 | 4.92 | 4.60 | 4.52 | 4.36 | 4.67 | 4.76 | 4.29 | 3.96 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 11.01 | 10.93 | 10.04 | 8.03 | 9.09 | 8.96 | 9.59 | 11.16 | 9.14 | 9.02 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Humana Inc. | 11.27 | 11.49 | 10.87 | 11.78 | 18.22 | 17.52 | 22.25 | 19.81 | 15.36 | 15.34 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 5.65 | 5.21 | 3.68 | 4.02 | 6.60 | 4.71 | 4.12 | 3.84 | 3.76 | 4.60 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 14.26 | 14.44 | 13.46 | 13.03 | 14.88 | 13.47 | 14.12 | 13.89 | 11.40 | 11.55 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Interest coverage
= (EBITQ1 2022
+ EBITQ4 2021
+ EBITQ3 2021
+ EBITQ2 2021)
÷ (Interest expenseQ1 2022
+ Interest expenseQ4 2021
+ Interest expenseQ3 2021
+ Interest expenseQ2 2021)
= (2,222 + 2,984 + 3,555 + 2,503)
÷ (408 + 398 + 398 + 386)
= 7.08
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 Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level. |