Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

HCA Healthcare Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
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)
Earnings before tax (EBT)	9,833)	5,430)	5,244)	5,335)	4,381)
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: Depreciation and amortization	2,853)	2,721)	2,596)	2,278)	2,131)
Earnings before interest, tax, depreciation and amortization (EBITDA)	14,252)	9,735)	9,664)	9,368)	8,202)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	HCA Healthcare Inc. EBITDA increased from 2019 to 2020 and from 2020 to 2021.

HCA Healthcare Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	99,463)
Earnings before interest, tax, depreciation and amortization (EBITDA)	14,252)
Valuation Ratio
EV/EBITDA	6.98
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	19.94
Cigna Group	11.05
CVS Health Corp.	7.03
Elevance Health Inc.	8.42
Humana Inc.	5.39
Intuitive Surgical Inc.	74.98
Medtronic PLC	16.19
UnitedHealth Group Inc.	16.07
EV/EBITDA, Sector
Health Care Equipment & Services	15.75
EV/EBITDA, Industry
Health Care	15.34

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

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

HCA Healthcare Inc., historical EV/EBITDA 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)
Enterprise value (EV)¹	109,659)	91,822)	85,468)	82,972)	69,421)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	14,252)	9,735)	9,664)	9,368)	8,202)
Valuation Ratio
EV/EBITDA³	7.69	9.43	8.84	8.86	8.46
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	17.42	25.99	21.70	—	—
Cigna Group	9.06	6.31	8.42	—	—
CVS Health Corp.	10.41	8.56	9.43	—	—
Elevance Health Inc.	10.05	7.57	9.05	—	—
Humana Inc.	11.22	6.91	9.30	—	—
Intuitive Surgical Inc.	44.54	59.12	37.53	—	—
Medtronic PLC	24.41	17.92	16.01	—	—
UnitedHealth Group Inc.	17.39	13.39	13.82	—	—
EV/EBITDA, Sector
Health Care Equipment & Services	15.20	12.74	12.95	—	—
EV/EBITDA, Industry
Health Care	13.31	16.61	14.16	—	—

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 See details »

² See details »

³ 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 109,659 ÷ 14,252 = 7.69

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	HCA Healthcare Inc. EV/EBITDA ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

HCA Healthcare Inc. (NYSE:HCA)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical