HCA Healthcare Inc., FCFE 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)
Net income attributable to noncontrolling interests	765)	633)	640)	602)	527)
Net noncash charges	1,741)	3,567)	3,545)	2,339)	2,979)
Increase (decrease) in cash from operating assets and liabilities	(503)	1,278)	(88)	33)	(296)
Net cash provided by operating activities	8,959)	9,232)	7,602)	6,761)	5,426)
Purchase of property and equipment	(3,577)	(2,835)	(4,158)	(3,573)	(3,015)
Issuances of long-term debt	4,344)	2,700)	6,451)	2,000)	1,502)
Net change in revolving credit facilities	2,780)	(2,480)	(560)	(640)	760)
Repayment of long-term debt	(3,869)	(3,437)	(5,324)	(1,704)	(753)
Payment of debt issuance costs	(38)	(35)	(73)	(25)	(26)
Free cash flow to equity (FCFE)	8,599)	3,145)	3,938)	2,819)	3,894)

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
FCFE	Free cash flow to equity is the cash flow available to HCA Healthcare Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	HCA Healthcare Inc. FCFE decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

HCA Healthcare Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	295,484,400
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	8,599)
FCFE per share	29.10
Current share price (P)	216.30
Valuation Ratio
P/FCFE	7.43
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	77.82
Cigna Group	9.03
CVS Health Corp.	3.90
Elevance Health Inc.	12.47
Humana Inc.	9.68
Intuitive Surgical Inc.	257.45
Medtronic PLC	17.20
UnitedHealth Group Inc.	18.44
P/FCFE, Sector
Health Care Equipment & Services	20.82
P/FCFE, Industry
Health Care	18.70

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

¹ Click competitor name to see calculations.

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

HCA Healthcare Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	303,600,000	339,917,500	338,427,300	342,376,700	349,903,700
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	8,599)	3,145)	3,938)	2,819)	3,894)
FCFE per share³	28.32	9.25	11.64	8.23	11.13
Share price^1, 4	244.10	177.37	148.11	142.01	100.84
Valuation Ratio
P/FCFE⁵	8.62	19.17	12.73	17.25	9.06
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	24.52	38.42	53.19	—	—
Cigna Group	10.98	16.30	20.76	—	—
CVS Health Corp.	21.23	11.93	18.52	—	—
Elevance Health Inc.	11.07	7.75	13.72	—	—
Humana Inc.	11.49	8.47	11.73	—	—
Intuitive Surgical Inc.	58.39	81.15	57.31	—	—
Medtronic PLC	38.91	23.06	26.62	—	—
UnitedHealth Group Inc.	20.11	13.93	13.90	—	—
P/FCFE, Sector
Health Care Equipment & Services	20.14	16.68	19.46	—	—
P/FCFE, Industry
Health Care	16.76	17.08	13.39	—	—

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 See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,599,000,000 ÷ 303,600,000 = 28.32

⁴ Closing price as at the filing date of HCA Healthcare Inc. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 244.10 ÷ 28.32 = 8.62

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	HCA Healthcare Inc. P/FCFE ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

HCA Healthcare Inc. (NYSE:HCA)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical