{"schemaVersion":1,"research":true,"symbol":"hca","name":"HCA Healthcare","topic":"moat","path":"/stock/hca/moat","status":"published","version":6,"updatedAt":"2026-10-19T15:56:39.573Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"HCA's centralized operating platform and regulatory entry barriers in some markets support plausible competitive advantages, but the passages do not establish relative cost savings, local indispensability or durable insulation from competition. Managed-care contractual increases demonstrate some realized pricing ability, constrained by payer negotiations and government reimbursement. Continuing same-facility demand contrasts with realized payer-mix pressure, margin compression and declining first-half cash generation. The evidence supports an established business, but cannot establish its moat.","advantages":[{"mechanism":"cost_advantage","claim":"National purchasing contracts and centralized services constitute an existing operating platform; a cost advantage over competitors remains unproven. Management's economies-of-scale strategy is supporting context, not demonstrated comparative savings.","durability":"The platform is established, but the catalog does not quantify its relative savings or demonstrate how difficult they would be to replicate.","risks":"Staffing competition, outpatient substitution and payer bargaining could absorb potential efficiencies. Current payer-mix pressure demonstrates that operating scale does not fully protect earnings.","invalidation":"The cost-advantage hypothesis would fail if comparable-service purchasing and operating costs consistently matched or exceeded competing providers after adjusting for geography, acuity and quality.","competitors":[],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4","e5"]},{"mechanism":"intangible_assets","claim":"HCA operates in states with certificate-of-need or similar approval requirements, providing some existing regulatory protection. Its market-specific economic significance is not established.","durability":"Protection depends on state rules and their application; the disclosures identify removal or possible removal of approval requirements.","risks":"Deregulation, outpatient alternatives and payer steering may weaken protection. Approval requirements also constrain HCA's own expansion.","invalidation":"The regulatory-protection hypothesis would fail in affected markets if repeal or permissive approvals enabled material competing capacity and HCA subsequently lost payer access or patient share.","competitors":[],"evidenceIds":["e6","e7"],"counterEvidenceIds":["e8","e3","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business — centralized management services and national purchasing contracts","excerpt":"Mine Safety Disclosures\nCertain of our affiliates provide a variety of management services to our health care facilities, including patient safety programs, ethics and compliance programs, national supply contracts, equipment purchasing and leasing contracts, accounting, financial and clinical systems, governmental reimbursement assistance, construction planning and coordination, information technology systems and solutions, legal counsel, human resources services and internal audit services."},{"id":"e2","sourceId":"filing-1","location":"Business Strategy — local networks and enterprise economies of scale","excerpt":"We strive to be the health care system of choice in the communities we serve by developing comprehensive networks locally and supporting these networks with enterprise expertise and economies of scale."},{"id":"e3","sourceId":"filing-1","location":"Risk Factors — specialty hospital and outpatient competition","excerpt":"Our hospitals compete with specialty hospitals and with freestanding ASCs and other outpatient providers with regard to certain high margin services and for quality physicians and personnel."},{"id":"e4","sourceId":"filing-1","location":"Risk Factors — staffing competition and shortages","excerpt":"Risks related to human capital: • Our results of operations may be adversely affected by competition for staffing, the shortage of experienced nurses and other health care professionals and labor union activity."},{"id":"e5","sourceId":"filing-7","location":"Second Quarter Commentary — estimated adverse payer-mix impact","excerpt":"The Company estimates this payer mix shift had an unfavorable impact on income before income taxes of approximately $400 million during the second quarter."},{"id":"e6","sourceId":"filing-1","location":"Business — certificate-of-need restrictions on competition","excerpt":"State certificate of need (“CON”) laws, which place limitations on a health care facility’s ability to expand services and facilities, make capital expenditures and otherwise make changes in operations, may also have the effect of restricting competition."},{"id":"e7","sourceId":"filing-1","location":"Business — HCA facilities subject to approval requirements","excerpt":"We currently operate health care facilities in a number of states with CON laws or that require other types of approvals for the establishment or expansion of certain facility types or services."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors — removal of entry approval requirements","excerpt":"Some states that have historically imposed CON or similar prior approval requirements have removed or are considering removing these requirements, which may reduce barriers to entry and increase competition in our service areas."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors — narrow and tiered payer networks","excerpt":"Payers may utilize plan structures such as narrow networks and tiered networks that limit beneficiary provider choices, impose significantly higher cost-sharing obligations when care is obtained from providers in a disfavored tier or otherwise shift greater financial responsibility for care to individuals."},{"id":"e10","sourceId":"filing-1","location":"Sources of Revenue — received annual managed-care payment increases","excerpt":"While we generally have received contracted annual increases to payment rates from managed care payers, there can be no assurance that we will continue to receive increases in the future."},{"id":"e11","sourceId":"filing-1","location":"Medicaid supplemental payments — reimbursement relative to care costs","excerpt":"SDP arrangements and other additional payments supplement Medicaid base rates, which combined are generally insufficient to cover the cost of care provided to Medicaid beneficiaries after accounting for the costs of financing the non-federal share of Medicaid payments, such as the state or local provider taxes levied."},{"id":"e12","sourceId":"filing-2","location":"Note 1 — government-provided and negotiated transaction prices","excerpt":"The contractual relationships with patients, in most cases, also involve a third-party payer (Medicare, Medicaid, managed care health plans and commercial insurance companies, including plans offered through the federal and state-based health insurance exchanges (the “Exchanges”)), and the transaction prices for the services provided are dependent upon the terms provided by (Medicare and Medicaid) or negotiated with (managed care health plans and commercial insurance companies) the third-party payers."},{"id":"e13","sourceId":"filing-7","location":"Second-quarter results — same-facility demand and uninsured payer-mix shift","excerpt":"12\nincreased 2.8 percent to $1.699 billion\n•\nDiluted earnings per share increased 11.6 percent to $7.62 per diluted share, and diluted earnings per share, as adjusted, increased 11.0 percent to $7.59 per diluted share\n•\nAdjusted EBITDA increased 4.6 percent to $4.027 billion\n•\nCash flows from operating activities totaled $2.335 billion, compared to $4.210 billion in the second quarter of 2025\n•\nSame facility admissions increased 2.5 percent and same facility equivalent admissions increased 2.7 percent\nSecond Quarter Commentary\nDuring the second quarter, the Company experienced a payer mix shift driven by an increase in uninsured volume, primarily due to patients who lost coverage on the health insurance exchanges."},{"id":"e14","sourceId":"filing-9","location":"First-quarter results — same-facility admissions growth","excerpt":"increased 0.6 percent to $1.620 billion\n•\nDiluted earnings per share and diluted earnings per share, as adjusted, increased 10.9 percent to $7.15 per diluted share\n•\nAdjusted EBITDA increased 1.9 percent to $3.802 billion\n•\nCash flows from operating activities increased 22.0 percent to $2.014 billion\n•\nSame facility admissions increased 0.9 percent and same facility equivalent admissions increased 1.3 percent"},{"id":"e15","sourceId":"filing-7","location":"Second Quarter Commentary — decline in surgical volume","excerpt":"In addition, to a lesser degree the Company experienced a service mix shift primarily related to a decline in surgical volume."},{"id":"e16","sourceId":"filing-2","location":"Condensed consolidated income statements — first-half revenue, expenses and pretax income","excerpt":"CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE QUARTERS AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 Unaudited (Dollars in millions, except per share amounts) Quarter Six Months 2026 2025 2026 2025 Revenues $ 20,230 $ 18,605 $ 39,339 $ 36,926 Salaries and benefits 8,290 8,138 16,573 16,135 Supplies 2,886 2,844 5,739 5,608 Other operating expenses 5,043 3,793 9,223 7,638 Equity in earnings of affiliates (16 ) (19 ) (25 ) (37 ) Depreciation and amortization 944 863 1,874 1,723 Interest expense 599 568 1,183 1,115 Losses (gains) on sales of facilities (10 ) 3 (9 ) 2 17,736 16,190 34,558 32,184 Income before income taxes 2,494 2,415 4,781 4,742 Provision for income taxes 564 524 994 1,026 Net income 1,930 1,891 3,787 3,716 Net income attributable to noncontrolling interests 231 238 468 453 Net income attributable to HCA Healthcare, Inc."},{"id":"e17","sourceId":"filing-7","location":"Second Quarter Commentary — incremental supplemental Medicaid benefit","excerpt":"During the second quarter, the Company recognized approximately $400 million of incremental net benefit from Medicaid Supplemental Payment Programs, primarily related to the state of Florida program, which is discussed further below."},{"id":"e18","sourceId":"filing-1","location":"Liquidity and Capital Resources — operating cash generation for 2023–2025","excerpt":"Cash provided by operating activities totaled $12.636 billion in 2025 compared to $10.514 billion in 2024 and $9.431 billion in 2023."},{"id":"e19","sourceId":"filing-2","location":"Condensed consolidated cash flows — first-half operating cash, investment and financing","excerpt":"6 HCA HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 Unaudited (Dollars in millions) 2026 2025 Cash flows from operating activities: Net income $ 3,787 $ 3,716 Adjustments to reconcile net income to net cash provided by operating activities: Increase (decrease) in cash from operating assets and liabilities: Accounts receivable (1,417 ) 320 Inventories and other assets (26 ) (427 ) Accounts payable and accrued expenses (439 ) (676 ) Depreciation and amortization 1,874 1,723 Income taxes 269 880 Losses (gains) on sales of facilities (9 ) 2 Amortization of debt issuance costs and discounts 23 25 Share-based compensation 171 197 Other 116 101 Net cash provided by operating activities 4,349 5,861 Cash flows from investing activities: Purchase of property and equipment (2,350 ) (2,167 ) Acquisition of hospitals and health care entities (386 ) (326 ) Sales of hospitals and health care entities 21 167 Change in investments (120 ) 41 Other (4 ) 2 Net cash used in investing activities (2,839 ) (2,283 ) Cash flows from financing activities: Issuance of long-term debt 2,994 5,233 Net change in short-term borrowings and revolving credit facility 2,679 1,768 Repayment of long-term debt (2,608 ) (5,660 ) Distributions to noncontrolling interests (334 ) (394 ) Payment of debt issuance costs (17 ) (57 ) Payment of dividends (354 ) (351 ) Repurchase of common stock (3,635 ) (5,011 ) Other (259 ) (112 ) Net cash used in financing activities (1,534 ) (4,584 ) Effect of exchange rate changes on cash and cash equivalents (3 ) 12 Change in cash and cash equivalents (27 ) (994 ) Cash and cash equivalents at beginning of period 1,040 1,933 Cash and cash equivalents at end of period $ 1,013 $ 939 Interest payments $ 1,163 $ 1,074 Income tax payments, net $ 725 $ 146 The accompanying notes are an integral part of the condensed consolidated financial statements."},{"id":"e20","sourceId":"filing-2","location":"Liquidity and Capital Resources — remaining construction costs","excerpt":"At June 30, 2026, there were projects under construction which had estimated additional costs to complete and equip over the next five years of approximately $8.6 billion."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation — actual ownership-guideline compliance","excerpt":"As of December 31, 2025, each named executive officer’s equity holdings substantially exceeded the minimum ownership guidelines."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation — vesting of 2023 performance awards","excerpt":"The PSUs granted in 2023 (the “2023 PSUs”) vested based on achievement of a cumulative Target EPS for fiscal years 2023 – 2025, subject to the PSU vesting schedule set forth above."},{"id":"e23","sourceId":"filing-3","location":"2025 incentive program — financial and quality weighting","excerpt":"Step 2 Calculation of Financial (80%) and Quality and Care (20%) Performance The actual award amount is determined based upon Company performance on financial and quality and care performance measures."},{"id":"e24","sourceId":"filing-3","location":"Performance awards — cumulative EPS adjustments","excerpt":"Cumulative EPS is defined for purposes of the PSUs as the sum of the Company’s “diluted earnings per share” of each of the three fiscal years of the Company within the performance period as reported in the Company’s audited financial statements for each such year, adjusted to exclude the effects of: (a) gains or losses on sales of facilities, (b) gains or losses on extinguishment of debt, (c) asset or investment impairment charges, (d) legal claim costs or benefits (disclosed as separate line item in consolidated income statement), (e) expenses, or adjustments to expenses, for share-based compensation recognized under FASB ASC 718 related to the PSUs that result from EPS performance above or below the Target EPS during the performance period, (f) the impact of Accounting Standards Update (“ASU”) 2016-09: Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) that results in EPS performance above or below the Target EPS during the performance period, (g) gains or losses on acquisition or disposition of controlling interests in equity investments or consolidated entities, and (h) any other gains, expenses or losses resulting from significant, unusual and/or nonrecurring events, as described in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report for the applicable fiscal year, as determined in good faith by the Board or the Committee."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation — adopted compensation recoupment policy","excerpt":"Recoupment of Compensation. In November 2023, the Committee adopted a Compensation Recoupment Policy applicable to incentive-based compensation awarded to the Company’s executive officers, in compliance with NYSE rules."},{"id":"e26","sourceId":"filing-3","location":"Quality and Patient Care — issuer-reported CMS infection comparison","excerpt":"HCA Healthcare hospitals in the aggregate perform better than the national average across all six publicly reported Healthcare-Associated Infections based on a Standardized Infection Ratio of actual infections/expected infections."},{"id":"e27","sourceId":"filing-7","location":"Updated guidance — reduced earnings outlook","excerpt":"$6.495 to $7.035 billion\n $6.300 to $6.700 billion\n $15.550 to $16.450 billion\n $15.400 to $16.100 billion\n EPS (diluted)\n $29.10 to $31.50 per diluted share\n $28.70 to $30.50 per diluted share\n The Company revised its 2026 key assumptions related to the unfavorable impact on income before income taxes from payer mix shifts due to the health insurance exchanges, as well as the incremental net benefit from Medicaid Supplemental Payment Programs, as follows:"},{"id":"e28","sourceId":"filing-3","location":"Stockholder proposal supporting statement — Mission allegations and cited quality concerns","excerpt":"In addition, almost immediately, HCA allegedly raised prices by 10%, started charging patients surprise fees4 and reduced the number of staff per occupied bed at the flagship Mission Hospital from 6 full time equivalents pre-sale to 3.7 (average across North Carolina is 5.1).5 Patient satisfaction ratings declined precipitously from 4’s and 5’s pre-sale to 1 in 2025,6 and there were significant staff reductions and/or departures in nursing staff and services such as chaplaincy, pharmacy, rehabilitation, sterile processing, laboratory, and environmental services.7 Since 2019, 1 https://www.advisory.com/daily-briefing/2024/04/29/hospital-mergers 2 https://d18rn0p25nwr6d.cloudfront.net/CIK-0000860730/b8ab85b0-3a86-4f3b-b91b-71dcb3124683.pdf 3 https://avlwatchdog.org/how-many-doctors-have-left-mission-hca-wont-say/ 4 https://www.economicliberties.us/our-work/the-harms-of-hospital-mergers-and-how-to-stop-them/#_ftnref3 5 https://hlp.law.wfu.edu/wp-content/uploads/sites/11/2024/08/HCA-Mission-Changes-in-Patient-Care-Following-HCAs-Purchase-working-draft-WFU.pdf; https://avlwatchdog.org/hca-arrived-with-plans-to-cut-800-staff-as-soon-as-it-bought-mission-new-court-filings-in-antitrust-case-show/ 6 https://www.medicare.gov/care-compare/details/hospital/340002/view-all?city=Candler&state=NC&zipcode=28715 7 https://hlp.law.wfu.edu/wp-content/uploads/sites/11/2024/08/HCA-Mission-Changes-in-Patient-Care-Following-HCAs-Purchase-working-draft-WFU.pdf; https://avlwatchdog.org/former-mission-chaplain-the-moral-injury-that-is-happening-there-daily-is-staggering/ 41 Table of Contents Mission has been cited five times for Immediate Jeopardy (IJ) due to multiple patient deaths and two Emergency Medical Treatment and Labor Act (EMTALA) violations and referred for a third EMTALA violation.8 Nursing shortages correlate with at least one IJ citation.9 Prior to HCA’s acquisition, Mission was the only health system designated as one of the nation’s Top 15 Health Systems in six of seven years by IBM/Watson Health (2012-2015; 2017-2018)."},{"id":"e29","sourceId":"filing-3","location":"Corporate governance — majority-independent board","excerpt":"Key Practices and Policies \n Majority of directors are independent"},{"id":"e30","sourceId":"filing-3","location":"Corporate governance — independent committees, annual elections and separate leadership roles","excerpt":"All members of the Audit and Compliance Committee, Compensation Committee and Nominating and Corporate Governance Committee are independent \n Annual election of all directors \n Our current Board structure separates the positions of Chairman of the Board and Chief Executive Officer"},{"id":"e31","sourceId":"filing-1","location":"Ownership risk — approximately 31% Frist-affiliated interest as of January 31, 2026","excerpt":"Through their investment in Hercules Holding II, Frisco Holding II and other holdings, certain of the Frist-affiliated investors continue to hold a significant interest in our outstanding common stock (approximately 31% as of January 31, 2026)."},{"id":"e32","sourceId":"filing-1","location":"Ownership risk — contractual director nomination rights","excerpt":"In addition, pursuant to a stockholders’ agreement we entered into with Hercules Holding II, Frisco Holding II and the Frist-affiliated investors, certain representatives of these investors have the continued right to nominate certain of the members of our Board of Directors."},{"id":"e33","sourceId":"filing-2","location":"Medicaid payments — periodic authorization and reapproval","excerpt":"These payments are generally authorized by CMS and subject to periodic extension or reapproval."}],"changes":["Retain the uncertain moat verdict and null moat grades: current passages establish operating infrastructure and some regulatory barriers, but not durable relative advantage.","Retain the previous pricing and management grades after reassessing their support against this catalog.","Use the supplied first- and second-quarter same-facility growth disclosures for demand assessment; distinguish actual operating outcomes from forecasts, management estimates and stockholder allegations."],"limitations":["Competitive passages identify generic provider categories. Named compensation peers and directors' other affiliations do not establish operating competitor coverage, so competitor arrays are empty.","Relative purchasing costs, local market shares, payer indispensability and market-specific entry economics are missing.","Demand growth supports retention only indirectly; patient repeat-use and payer renewal rates are not disclosed.","Managed-care increase magnitudes and inflation-adjusted pricing outcomes are missing. Aggregate revenue growth mixes volume, price, service mix and supplemental payments.","Quality comparisons are reported by the issuer with reference to CMS; the underlying CMS records are not supplied. Mission concerns appear in a stockholder supporting statement and are not treated as independently verified findings.","All source dates are filing dates. The latest supplied quarterly results cover June 30, 2026; subsequent operating developments are not established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Centralized purchasing and regulatory protection support plausible mechanisms, but relative cost benefits and local competitive insulation are not established.","evidenceIds":["e1","e6","e7"]},{"criterion":"durability","grade":null,"rationale":"The catalog cannot establish durable relative advantage; entry-rule changes and outpatient competition challenge the candidate mechanisms.","evidenceIds":["e8","e3"]},{"criterion":"customer_dependency","grade":null,"rationale":"Same-facility growth demonstrates continuing demand, but does not establish dependence on HCA or meaningful switching friction. Payers can steer patients.","evidenceIds":["e13","e14","e9"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Positive earnings and continuing demand coexist with payer-mix pressure. Without an established moat, these outcomes cannot establish resilience of a competitive advantage.","evidenceIds":["e16","e13","e5"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"HCA reports generally receiving contracted annual managed-care payment increases, demonstrating some realized pricing ability. Magnitudes are missing, and Medicaid reimbursement remains generally below care costs.","evidenceIds":["e10","e11"]},{"criterion":"retention","grade":2,"rationale":"Same-facility admissions and equivalent admissions increased in both 2026 quarters, providing indirect evidence of sustained demand. Lower surgical volume and payer steering temper this evidence; no individual retention or contract renewal rate is inferred.","evidenceIds":["e13","e14","e15","e9"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half pretax income rose slightly while revenue grew faster, demonstrating margin compression despite continued profitability. Management estimated approximately $400 million of adverse second-quarter payer-mix impact, alongside approximately $400 million of incremental supplemental Medicaid benefit. Resilience is mixed and partly policy-dependent.","evidenceIds":["e16","e5","e17","e33"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Transaction prices depend on government terms or negotiated payer contracts, limiting unilateral repricing. Received managed-care increases show some negotiating latitude within those constraints.","evidenceIds":["e12","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation increased across 2023–2025, and first-half 2026 cash funded capital expenditure. However, operating cash declined to $4.349 billion while repurchases consumed $3.635 billion, borrowing increased and $8.6 billion of construction costs remained. Actual spending and financing support a mixed assessment; investment returns and repurchase value creation are unproven.","evidenceIds":["e18","e19","e20"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual ownership-guideline compliance, vested three-year performance awards and an adopted recoupment policy demonstrate meaningful alignment. Financial measures carry 80% of annual incentive weighting, and adjusted EPS definitions limit the strength of that alignment. Future award vesting is not assumed.","evidenceIds":["e21","e22","e25","e23","e24"]},{"criterion":"execution","grade":2,"rationale":"Multi-year cash generation, same-facility growth and issuer-reported infection performance support execution, partly through indirect operating evidence. First-half cash deterioration, payer-mix pressure and reduced earnings guidance temper the record. Mission allegations raise unresolved concerns without being accepted as verified findings.","evidenceIds":["e18","e13","e14","e26","e19","e5","e27","e28"]},{"criterion":"governance","grade":2,"rationale":"A majority-independent board, independent key committees, annual elections, separated chair and CEO roles and adopted recoupment rules provide concrete safeguards. Significant affiliated ownership and contractual nomination rights concentrate influence and qualify accountability.","evidenceIds":["e29","e30","e25","e31","e32"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"eaccded729817e9e6cb670a21c762e07b3d5c02c19a146e963e1279fc7f230e5","updatedAt":"2026-10-19T15:56:39.573Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/860730/000119312526044769/hca-20251231.htm","publishedAt":"2026-02-10","sha256":"2043cd0346a1ca36748348b6bef4bdf02385ee772eb241794fcffc98c8c6ba8c","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/860730/000119312526321077/hca-20260630.htm","publishedAt":"2026-07-28","sha256":"4202b09f0130a6ed9af1ededd058a2ef5e1dcf4b3a1e8ad22be9054b8ec62418","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/860730/000119312526106142/d939252ddef14a.htm","publishedAt":"2026-03-13","sha256":"96a759025fec6df7c927460ea24d95cb3e6a3162a75e2c7893636312634cfb0d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/860730/000095017025020134/hca-20241231.htm","publishedAt":"2025-02-14","sha256":"7ec884b03512710bf295eeb1d9ad102576ae9b0c14ca20c5121e938157174055","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/860730/000095017024016524/hca-20231231.htm","publishedAt":"2024-02-16","sha256":"a3ab0de68c659fc75ea2e7a6cdaf68253223afcc5e27fedc90e8d133747ea515","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/860730/000119312526191444/hca-20260331.htm","publishedAt":"2026-04-29","sha256":"a78186332dd2703232581613e9663ee0478c63416740710f701de48b0f2098a0","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/860730/000119312526315151/hca-ex99_1.htm","publishedAt":"2026-07-24","sha256":"34740eb92baad7423d4c0e13a3b486567435d5804034b82a724f6b789b0f35a1","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/860730/000119312526302539/hca-ex99_1.htm","publishedAt":"2026-07-14","sha256":"798a1085e7926d63b2ff880e8067f2ca6cbca840b7929083c2334b2a2754f9c5","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/860730/000119312526174933/hca-ex99_1.htm","publishedAt":"2026-04-24","sha256":"7b07d90b2738cd30591fef2dffb7e7b49fe784629eb6d1642ac0a18de086acc0","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:b2f5251391b9586d55ce55290f67fc88708465238dbf7b12999d839f4c0a9942","usage":{"input_tokens":125645,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3101,"reasoning_output_tokens":89}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":9.160539215686274,"sbc_revenue":0.7489106753812637},"issues":{"pfcf_growth":"TTM 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