NYSE: UHS
Universal Health Services
Health Care · Services-General Medical & Surgical Hospitals, NEC
52-week range
$140.08$246.33
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$8.76B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.3B |
| FY2017, ended Dec 31, 2017 | $10.7B |
| FY2018, ended Dec 31, 2018 | $10.6B |
| FY2019, ended Dec 31, 2019 | $12.4B |
| FY2020, ended Dec 31, 2020 | $11.7B |
| FY2021, ended Dec 31, 2021 | $9.70B |
| FY2022, ended Dec 31, 2022 | $9.96B |
| FY2023, ended Dec 31, 2023 | $10.2B |
| FY2024, ended Dec 31, 2024 | $11.7B |
| FY2025, ended Dec 31, 2025 | $13.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.76B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.77B |
| FY2017, ended Dec 31, 2017 | $10.4B |
| FY2018, ended Dec 31, 2018 | $10.8B |
| FY2019, ended Dec 31, 2019 | $11.4B |
| FY2020, ended Dec 31, 2020 | $11.6B |
| FY2021, ended Dec 31, 2021 | $12.6B |
| FY2022, ended Dec 31, 2022 | $13.4B |
| FY2023, ended Dec 31, 2023 | $14.3B |
| FY2024, ended Dec 31, 2024 | $15.8B |
| FY2025, ended Dec 31, 2025 | $17.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $702M | $814M |
| FY2017, ended Dec 31, 2017 | $752M | $690M |
| FY2018, ended Dec 31, 2018 | $780M | $610M |
| FY2019, ended Dec 31, 2019 | $815M | $804M |
| FY2020, ended Dec 31, 2020 | $944M | $1.63B |
| FY2021, ended Dec 31, 2021 | $992M | $28.0M |
| FY2022, ended Dec 31, 2022 | $676M | $262M |
| FY2023, ended Dec 31, 2023 | $718M | $525M |
| FY2024, ended Dec 31, 2024 | $1.14B | $1.12B |
| FY2025, ended Dec 31, 2025 | $1.49B | $849M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.53B | $845M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$139M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $33.7M |
| FY2017, ended Dec 31, 2017 | $74.4M |
| FY2018, ended Dec 31, 2018 | $105M |
| FY2019, ended Dec 31, 2019 | $61.3M |
| FY2020, ended Dec 31, 2020 | $1.22B |
| FY2021, ended Dec 31, 2021 | $115M |
| FY2022, ended Dec 31, 2022 | $103M |
| FY2023, ended Dec 31, 2023 | $119M |
| FY2024, ended Dec 31, 2024 | $126M |
| FY2025, ended Dec 31, 2025 | $138M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $139M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$4.90B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.14B |
| FY2017, ended Dec 31, 2017 | $4.04B |
| FY2018, ended Dec 31, 2018 | $4.00B |
| FY2019, ended Dec 31, 2019 | $3.98B |
| FY2020, ended Dec 31, 2020 | $3.86B |
| FY2021, ended Dec 31, 2021 | $4.19B |
| FY2022, ended Dec 31, 2022 | $4.81B |
| FY2023, ended Dec 31, 2023 | $4.91B |
| FY2024, ended Dec 31, 2024 | $4.50B |
| FY2025, ended Dec 31, 2025 | $4.80B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.90B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 39.0% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.58.9M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 96.6M |
| FY2017, ended Dec 31, 2017 | 94.3M |
| FY2018, ended Dec 31, 2018 | 90.8M |
| FY2019, ended Dec 31, 2019 | 86.7M |
| FY2020, ended Dec 31, 2020 | 85.1M |
| FY2021, ended Dec 31, 2021 | 74.8M |
| FY2022, ended Dec 31, 2022 | 70.7M |
| FY2023, ended Dec 31, 2023 | 67.2M |
| FY2024, ended Dec 31, 2024 | 65.0M |
| FY2025, ended Dec 31, 2025 | 61.1M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 58.9M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $961M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $353M | $48.1M | $9.50M |
| FY2017, ended Dec 31, 2017 | $364M | $56.7M | $10.3M |
| FY2018, ended Dec 31, 2018 | $397M | $66.6M | $10.2M |
| FY2019, ended Dec 31, 2019 | $771M | $69.4M | $10.8M |
| FY2020, ended Dec 31, 2020 | $207M | $65.8M | $12.3M |
| FY2021, ended Dec 31, 2021 | $1.22B | $73.7M | $13.4M |
| FY2022, ended Dec 31, 2022 | $833M | $85.4M | $14.1M |
| FY2023, ended Dec 31, 2023 | $547M | $87.7M | $13.7M |
| FY2024, ended Dec 31, 2024 | $671M | $99.3M | $15.1M |
| FY2025, ended Dec 31, 2025 | $968M | $95.7M | $16.7M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.07B | $95.4M | $17.3M |
Revenue (TTM)
$18.1B
+10.0% YoY
Net income (TTM)
$1.53B
+21.0% YoY
Cash
$139M
+0.9% YoY
Total debt
$4.90B
+6.5% YoY
Valuation
At current price- Market Cap
- $10.4B
- P/E
- 6.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.6×
- Price / Book
- 1.4×
- EV / EBITDA
- 5.6×
Growth
Trailing 12 months- Revenue (TTM)
- $18.1B
- Revenue Growth YoY
- 10.0%
- Revenue CAGR 3Y
- 9.0%
- Revenue CAGR 5Y
- 8.5%
- EPS Growth YoY
- 29.2%
- Net Income Growth YoY
- 21.0%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 11.4%
- Net Margin
- 8.4%
- FCF Margin
- 4.7%
- Return on Equity
- 21.0%
Earnings
Trailing 12 months- Net Income
- $1.53B
- EPS (diluted)
- $24.50
- EBITDA
- $2.70B
- Operating Income
- $2.06B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $139M
- Total Debt
- $4.90B
- Net Debt
- $4.76B
- Total Assets
- $15.9B
- Total Liabilities
- $8.35B
- Shareholders' Equity
- $7.51B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.80B
- Capital Expenditure
- $955M
- Free Cash Flow
- $845M
Dividends and risk
Last 12 months- Dividend Yield
- 0.5%
- Dividend / Share
- $0.80
- Beta (5Y)
- 1.02
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 10.0% year over year, at $18.1B.
Note
Net margin of 8.4% over the last 12 months.
Note
Net debt of $4.76B is 1.8× EBITDA.
Note
Free cash flow of $845M, 4.7% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K63Mildly positive
63Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 26, 2025 · Read the filing on EDGAR
- Revenue rose 10.8% to $15.83 billion and net income attributable to UHS rose 59% to $1.14 billion, with both acute and behavioral care improving.
- State Medicaid supplemental programs added a net $1.016 billion, up from $629 million, and management estimates about $997 million for 2025, much of it awaiting approval.
- Juries returned large verdicts against two subsidiaries in 2024, Pavilion and Cumberland, and about 40 more Cumberland plaintiffs have claims pending.
- UHS refinanced in September 2024, extending its credit agreement to 2029 and issuing $1 billion of new notes, while operating cash flow reached $2.07 billion.
Business momentum
Strong improvement
“Net income attributable to UHS increased by $424 million, or 59%, to $1.14 billion during 2024 as compared to $718 million during 2023.”
Outlook
Cautious
“the administration is likely to make other attempts to reduce federal program expenditures and can generally be expected to oppose increases in ACA and Medicaid enrollment”
Financial stress
Low
“We believe that our operating cash flows, cash and cash equivalents, available commitments under existing agreements, as well as access to the capital markets, provide us with sufficient capital resources to fund our operating, investing and financing requirements for the next twelve months.”
Tone against the previous report
About the same
Red flags
- Medium
Major lawsuit
“On March 28, 2024, a jury returned a verdict for compensatory damages of $60 million and punitive damages of $475 million and a related judgment was entered against The Pavilion Behavioral Health System”
- Medium
Major lawsuit
“a jury entered a verdict finding Dr. Davidow and Cumberland liable and awarded these three plaintiffs combined compensatory damages of $60 million for all liability theories, an additional combined $180 million in trebled damages for violation of the VCPA”
Positives
Net income rose sharply on higher revenue and wider margins
“Net income attributable to UHS increased by $424 million, or 59%, to $1.14 billion during 2024 as compared to $718 million during 2023.”
Same-facility behavioral health profit grew strongly
“Income before income taxes increased by $281 million, or 25.9%, amounting to $1.366 billion or 20.4% of net revenues during 2024”
Operating cash flow was strong, and well above capital spending
“Net cash provided by operating activities was $2.067 billion during 2024”
Concerns
Profits lean on Medicaid supplemental programs that need regular approval
“Most of these programs are approved on a year-to-year basis and there is no assurance that these revenues will continue at their current rates or at all.”
Final cost of the two jury verdicts is unknown and could strain insurance
“We are uncertain as to the ultimate financial exposure related to the Pavilion and Cumberland matters”
Malpractice and liability reserves had to be increased again, by more than 2023
“our results of operations included pre-tax increases to our reserves for self-insured professional and general liability claims amounting to approximately $79 million during 2024”
New risks since the previous report
Weaker liability insurance from March 2025, excluding sexual abuse incidents
“our commercial insurance coverage for the period commencing in March, 2025, contains less favorable terms than previous years including coverage exclusions for incidents involving sexual molestation or abuse, higher premiums and potentially lower aggregate limitations”
Proposed deep cuts to federal Medicaid funding after the 2024 elections
“Any significant reduction in federal Medicaid funding to states would likely result in states reducing Medicaid payments to us which would have a material adverse effect on us.”
New tariffs could raise supply costs and disrupt supply chains
“If significant tariffs or other restrictions are imposed on our imported pharmaceutical ingredients, medical devices, medical equipment and their ingredients and components, there could be significant strain on our supply chains”
Insurance exchange subsidies may end after 2025
“If the subsidies are not extended beyond 2025, exchange enrollment may be adversely impacted”
Texas supplemental payments now partly depend on quality performance
“CHIRP payment levels could be reduced materially if our hospitals are not able meet the required APHRIQA pay-for-performance metrics.”
Biggest risks named
- Cuts or changes to Medicare, Medicaid and state supplemental payments
- Large jury verdicts, legal claims and weaker liability insurance
- Labor, physician and other cost inflation with limited ability to raise prices
- Insurer claim denials and pressure on reimbursement rates
- Cyberattacks on UHS or the outside systems it relies on
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −4.8 | |
| New risks | −2 | |
| Score | 63 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 26, 2025 | 63 | Strong improvement | 2 medium | |
| 10-K | Feb 27, 2024 | 63 | Improving | 1 minor | |
| 10-K | Feb 27, 2023 | 50 | Mixed | 1 minor | |
| 10-K | Feb 24, 2022 | 64 | Improving | None | |
| 10-K | Feb 25, 2021 | 52 | Mixed | 1 minor | |
| 10-K | Feb 26, 2020 | 57 | Improving | 2 medium1 minor | |
| 10-K | Feb 27, 2019 | 45 | Mixed | 1 medium2 minor | |
| 10-K | Feb 28, 2018 | 57 | Improving | 1 medium2 minor | |
| 10-K | Feb 28, 2017 | 60 | Improving | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 7, 2026. View filings on SEC EDGAR