Enterprise Value to EBITDA (EV/EBITDA)
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HCA Healthcare Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2011
- Price to Earnings (P/E) since 2011
- Price to Book Value (P/BV) since 2011
- Analysis of Debt
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
HCA Healthcare Inc., EBITDA calculation
US$ in millions
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).
The financial data reveals a consistent upward trajectory in key profitability metrics over the five-year period ending December 31, 2021.
- Net Income Attributable to HCA Healthcare, Inc.
- This metric shows a significant increase overall, rising from 2,216 million US dollars in 2017 to 6,956 million US dollars in 2021. There was a notable jump between 2020 and 2021, where net income nearly doubled, indicating an accelerated growth phase or a particularly successful fiscal year.
- Earnings Before Tax (EBT)
- EBT increased steadily from 4,381 million US dollars in 2017 to 5,430 million US dollars in 2020, showing moderate annual growth. A marked surge occurred in 2021, reaching 9,833 million US dollars, which aligns with the sharp rise in net income in the same year.
- Earnings Before Interest and Tax (EBIT)
- EBIT experienced a consistent but more gradual growth from 6,071 million US dollars in 2017 to just over 7,000 million US dollars through 2018 to 2020. In 2021, EBIT increased substantially to 11,399 million US dollars, mirroring the strong upward trends seen in other profitability measures for that year.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA shows a steady increase from 8,202 million US dollars in 2017 to 9,735 million US dollars in 2020. The most pronounced growth is observed in 2021, with EBITDA surging to 14,252 million US dollars, suggesting improved operational efficiency or higher revenue generation before accounting for non-cash expenses and financial structuring costs.
Overall, the data indicates that while the company demonstrated steady growth from 2017 through 2020, the year 2021 was characterized by exceptional improvements across all earnings measures. This pattern may reflect enhanced operational performance, successful strategic initiatives, or favorable market conditions that significantly boosted profitability in the terminal year analyzed.
Enterprise Value to EBITDA Ratio, Current
HCA Healthcare Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Abbott Laboratories | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| EV/EBITDA, Sector | |
| Health Care Equipment & Services | |
| EV/EBITDA, Industry | |
| Health Care | |
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.
Enterprise Value to EBITDA Ratio, Historical
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 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Health Care Equipment & Services | ||||||
| EV/EBITDA, Industry | ||||||
| Health Care | ||||||
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).
3 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- There has been a consistent upward trend in enterprise value from 2017 to 2021. The EV increased from approximately 69.4 billion USD in 2017 to around 109.7 billion USD in 2021, reflecting a substantial growth of about 58%. This steady rise indicates increasing market capitalization or improved valuation metrics over the five-year period.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA exhibits gradual growth from 2017 through 2020, rising from 8.2 billion USD in 2017 to nearly 9.7 billion USD in 2020. A significant jump is observed in 2021, with EBITDA reaching approximately 14.3 billion USD, marking a notable increase of roughly 47% compared to the previous year. This sharp rise in 2021 may indicate improved operational performance or other positive business developments.
- EV/EBITDA Ratio
- The EV/EBITDA ratio ranged between 8.46 and 9.43 from 2017 to 2020, indicating relative stability in valuation multiples during this period. However, the ratio declined to 7.69 in 2021, which reflects the company's EBITDA growing at a faster rate than its enterprise value. A lower EV/EBITDA ratio typically signals enhanced valuation attractiveness or improved operational efficiency relative to enterprise value.