HCA (HCA Healthcare) Beneish M-Score: -2.96 (As of Jun. 24, 2026)


HCA HCA Healthcare Inc HCA
93 GF Score
Price $387.76
GF Value $451.47
Valuation Modestly Undervalued
! 3 Warning Signs
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What is HCA Healthcare Beneish M-Score?

HCA Healthcare HCA +0.22% 93 Beneish M-Score is -2.96 as of Jun. 24, 2026. GuruFocus rates HCA with a GF Score™ of 93/100 and a GF Value™ of $451.47 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 632 Healthcare Providers & Services companies, HCA Healthcare ranks better than 77.37% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for HCA Healthcare's Beneish M-Score or its related term are showing as below:

HCA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.66   Med: -2.83   Max: -1.93
Current: -2.96

During the past 13 years, the highest Beneish M-Score of HCA Healthcare was -1.93. The lowest was -3.66. And the median was -2.83.

HCA Healthcare Beneish M-Score Historical Data

* Premium members only.

The historical data trend for HCA Healthcare's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

HCA Healthcare Beneish M-Score Chart

HCA Healthcare Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.70 -2.79 -2.74 -2.82 -2.96

HCA Healthcare Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.72 -2.90 0.00 -2.96 0.00

HCA vs THC, DVA, EHC: Beneish M-Score Comparison

For the Medical Care Facilities subindustry, HCA Healthcare's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

HCA Healthcare Beneish M-Score vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, HCA Healthcare's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where HCA Healthcare's Beneish M-Score falls into.


HCA
93GF Score
HCA Healthcare Inc HCA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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HCA Healthcare Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of HCA Healthcare for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.944+0.528 * 0.9788+0.404 * 0.9896+0.892 * 1.0708+0.115 * 0.9924
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.098271-0.327 * 1.0586
=-2.96

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $10,867 Mil.
Revenue was $75,600 Mil.
Gross Profit was $31,374 Mil.
Total Current Assets was $15,783 Mil.
Total Assets was $60,720 Mil.
Property, Plant and Equipment(Net PPE) was $33,271 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,523 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $16,350 Mil.
Long-Term Debt & Capital Lease Obligation was $43,456 Mil.
Net Income was $6,784 Mil.
Gross Profit was $115 Mil.
Cash Flow from Operations was $12,636 Mil.
 Total Receivables was $10,751 Mil.
Revenue was $70,603 Mil.
Gross Profit was $28,678 Mil.
Total Current Assets was $16,414 Mil.
Total Assets was $59,513 Mil.
Property, Plant and Equipment(Net PPE) was $31,545 Mil.
Depreciation, Depletion and Amortization(DDA) was $3,312 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $15,177 Mil.
Long-Term Debt & Capital Lease Obligation was $40,196 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(10867 / 75600) / (10751 / 70603)
=0.143743 / 0.152274
=0.944

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(28678 / 70603) / (31374 / 75600)
=0.406187 / 0.415
=0.9788

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (15783 + 33271) / 60720) / (1 - (16414 + 31545) / 59513)
=0.192128 / 0.194142
=0.9896

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=75600 / 70603
=1.0708

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(3312 / (3312 + 31545)) / (3523 / (3523 + 33271))
=0.095017 / 0.095749
=0.9924

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 75600) / (0 / 70603)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((43456 + 16350) / 60720) / ((40196 + 15177) / 59513)
=0.984947 / 0.930435
=1.0586

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(6784 - 115 - 12636) / 60720
=-0.098271

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

HCA Healthcare has a M-score of -2.96 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.96 mean?
HCA Healthcare (HCA) has a Beneish M-Score of -2.96 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HCA Healthcare and its competitors. According to the industry distribution chart, HCA Healthcare ranks #143 out of 632 companies in the Healthcare Providers & Services industry, placing it in the top 22.6%.
Is HCA Healthcare's Beneish M-Score too high?
HCA Healthcare's current Beneish M-Score is -2.96. Based on the distribution chart, HCA Healthcare ranks #143 out of 632 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers. Overall, HCA Healthcare has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does HCA Healthcare's Beneish M-Score compare to THC and DVA?
According to the Healthcare Providers & Services industry distribution chart, HCA Healthcare ranks #143 out of 632 companies for Beneish M-Score. This places HCA Healthcare in the top 23% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Healthcare Providers & Services company?
A good Beneish M-Score depends on the Healthcare Providers & Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on HCA Healthcare and its competitors. HCA Healthcare's current Beneish M-Score is -2.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HCA Healthcare stock overvalued right now?
Based on GuruFocus' analysis, HCA Healthcare (HCA) is currently considered Modestly Undervalued. The stock's GF Value™ is $451.47, compared to a current price of $387.76 — trading 14.1% below its estimated fair value. The current Beneish M-Score is -2.96. HCA Healthcare's overall GF Score™ is 93/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For HCA Healthcare (HCA), the current Beneish M-Score is -2.96 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is HCA Healthcare (HCA) Overvalued in 2026?

Based on GuruFocus' analysis, HCA Healthcare stock appears to be undervalued. The current stock price of $387.76 is trading 14.1% below its estimated GF Value™ of $451.47. GuruFocus considers HCA Healthcare to be Modestly Undervalued.

Key valuation signals for HCA:

  • Beneish M-Score: -2.96
  • GF Value™: $451.47 vs. price of $387.76 (14.1% below fair value)
  • GF Score™: 93/100 with 3 warning signs

No single metric tells the full story. See the HCA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

HCA Healthcare Business Description

Address One Park Plaza, Nashville, TN, USA, 37203
HCA Healthcare is a Nashville-based healthcare provider organization operating the largest collection of acute-care hospitals in the United States. As of December 2025, the firm owned and operated 190 hospitals and over 2,500 outpatient facillities across 19 states and a small foothold in the United Kingdom.
93GF Score

Get the complete analysis for HCA

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$387.76
Price
$451.47
GF Value