Question 1

What is HCA Healthcare's P/B ratio?

Accepted Answer

HCA Healthcare (HCA) P/B ratio is 345.0× as of July 30, 2021. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for HCA Healthcare?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For HCA Healthcare specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

Is HCA Healthcare's P/B ratio high or low?

Accepted Answer

HCA Healthcare's P/B ratio of 345.0× is above the sector median of 3.2×. That places the current reading at the 75th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is HCA Healthcare's historical P/B ratio range?

Accepted Answer

In the available daily series, HCA Healthcare (HCA) P/B ratio has ranged from a low of 2.2× in 2005 to a high of 345.4× in 2021.

Question 7

What was HCA Healthcare's P/B ratio in 2020?

Accepted Answer

HCA Healthcare (HCA) P/B ratio at the end of 2020 was 97.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does HCA Healthcare's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$108B	-$6.03B	—	—	Dec 31, 2025
2024	$75.7B	-$2.5B	—	—	Dec 31, 2024
2023	$71.9B	-$1.77B	—	—	Dec 31, 2023
2022	$66.6B	-$2.77B	—	—	Dec 31, 2022
2021	$78.5B	-$933M	—	—	Dec 31, 2021
2020	$55.8B	$572M	97.6×	—	Dec 31, 2020
2019	$50B	-$2.81B	—	—	Dec 31, 2019
2018	$42.7B	-$4.95B	—	—	Dec 31, 2018
2017	$30.8B	-$6.81B	—	—	Dec 31, 2017
2016	$27.4B	-$7.3B	—	—	Dec 31, 2016
2015	$27B	-$7.6B	—	—	Dec 31, 2015
2014	$30.9B	-$7.89B	—	—	Dec 31, 2014
2013	$21B	-$8.27B	—	—	Dec 31, 2013
2012	$13.4B	-$9.66B	—	—	Dec 31, 2012
2011	$9.62B	-$8.26B	—	—	Dec 31, 2011
2010	$13.2B	-$11.9B	—	—	Dec 31, 2010
2009	$13.2B	-$8.99B	—	—	Dec 31, 2009
2008	$13.2B	-$10.3B	—	—	Dec 31, 2008
2007	$13.2B	-$10.5B	—	—	Dec 31, 2007
2006	$13.2B	-$11.4B	—	—	Dec 31, 2006
2005	$12.6B	$4.86B	2.6×	-0.4×	Dec 31, 2005
2004	$13.3B	$4.41B	3.0×	+0.6×	Dec 31, 2004
2003	$15.1B	$6.21B	2.4×	-0.3×	Dec 31, 2003
2002	$15.8B	$5.7B	2.8×	—	Dec 31, 2002


Charles River (CRL)	2.6×
Danaher (DHR)	2.6×
Spruce Biosciences (SPRB)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Solventum (SOLV)	2.3×
Medtronic (MDT)	2.2×
Elevance Health (ELV)	1.9×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Zimmer Biomet Holdings (ZBH)	1.4×
Revvity (RVTY)	1.4×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Ovid Therapeutics (OVID)	0.8×
Centene (CNC)	0.8×
Teladoc Health (TDOC)	0.7×

P/B Ratio for HCA Healthcare (HCA) 2002-2026

P/B Ratio daily chart for HCA Healthcare (HCA)

Historical P/B Ratio for HCA Healthcare (HCA) from 2002 to 2025

About P/B Ratio at HCA Healthcare (HCA)

HCA Healthcare P/B Ratio by Year

HCA Healthcare P/B Ratio 2020: 97.6×

HCA Healthcare P/B Ratio 2005: 2.6×

HCA Healthcare P/B Ratio 2004: 3.0×

HCA Healthcare P/B Ratio 2003: 2.4×

HCA Healthcare P/B Ratio 2002: 2.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

HCA Healthcare (HCA) Key Financials