HCA Healthcare, Inc. — Earnings Quality Grade F
HCA · Healthcare
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 52 days, change -3 days YoY
AR growth 1.1% vs revenue growth 7.1%
Revenue 7.1%, CFFO 20.2%. Cash follows revenue
Expense Quality
Inventory -4.9% vs COGS 5.5%. Normal
CapEx growth 1.4% vs revenue 7.1%. Normal
Insufficient data
Gross margin 41.5%, change +0.9pp. Stable
Cash Flow Quality
CFFO/NI = 1.86. Profits backed by cash
FCF $7.7B, FCF/NI = 1.13
Accruals ratio = -9.6%. Low accruals
Cash $1.0B covers only 2% of debt $48.7B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 3.1x. Healthy
Other assets 10.9% vs revenue 7.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25