Detailed financial statements for Universal Health Services, Inc. (UHS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Universal Health Services, Inc. (UHS), operating through its various divisions, is a healthcare entity that both owns and manages a network of acute care hospitals, along with outpatient and specialized behavioral health treatment centers. Its business operations are strategically bifurcated into two main segments: Acute Care Hospital Services and Behavioral Health Care Services.
Analysis Summary
Universal Health Services, Inc. reported revenue of $17.36B in the most recent fiscal year, growing at a 5-year CAGR of 8.5%. Net income reached $1.49B, with a 9.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 67.3%, operating margin 10.8%, net margin 8.0%. Free cash flow grew at -12.2% CAGR over 5 years.
At $172.18 (closing price, October 28, 2026), UHS trades at a P/E of 7.22 and an ROE of 19.50%. Market capitalisation stands at $8.9B.
Balance sheet quality for UHS: current ratio of 1.1, net debt of $5.37B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $849.2M represents 57% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.77B | $10.41B | $10.77B | $11.38B | $11.56B | $12.64B | $13.40B | $14.28B | $15.83B | $17.36B |
| Cost of Revenue | $1.03B | $1.11B | $1.17B | $1.25B | $1.29B | $1.43B | $1.47B | $1.53B | $1.59B | $1.66B |
| Gross Profit | $8.73B | $9.30B | $9.60B | $10.13B | $10.27B | $11.21B | $11.93B | $12.75B | $14.24B | $15.71B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $4.68B | $5.08B | $5.36B | $5.70B | $5.73B | $6.28B | $6.89B | $7.25B | $7.67B | $8.23B |
| Operating Expenses | $7.45B | $8.02B | $8.43B | $8.91B | $8.91B | $9.85B | $10.92B | $11.57B | $12.56B | $13.71B |
| Operating Income | $1.28B | $1.28B | $1.18B | $1.22B | $1.36B | $1.36B | $1.00B | $1.18B | $1.68B | $1.99B |
| EBITDA | $1.68B | $1.72B | $1.63B | $1.72B | $1.87B | $1.91B | $1.58B | $1.72B | $2.27B | $2.74B |
| Interest Expense | $116.7M | $142.8M | $155.0M | $162.7M | $109.1M | $85.3M | $127.3M | $207.2M | $187.5M | $157.3M |
| Pre-tax Income | $1.16B | $1.14B | $1.03B | $1.07B | $1.25B | $1.29B | $866.3M | $940.4M | $1.50B | $1.97B |
| Income Tax | $409.2M | $363.7M | $236.6M | $238.8M | $299.3M | $305.7M | $209.3M | $221.1M | $334.8M | $461.0M |
| Net Income | $702.4M | $752.3M | $779.7M | $814.9M | $944.0M | $991.6M | $675.6M | $717.8M | $1.14B | $1.49B |
| EPS | $7.22 | $7.86 | $8.36 | $9.16 | $11.06 | $11.99 | $9.23 | $10.35 | $17.16 | $23.42 |
| EPS (Diluted) | $7.14 | $7.81 | $8.32 | $9.13 | $10.99 | $11.82 | $9.14 | $10.23 | $16.82 | $23.10 |
| Shares Outstanding (Diluted) | 98.4 M | 96.3 M | 93.8 M | 89.0 M | 85.6 M | 83.7 M | 73.8 M | 70.1 M | 67.9 M | 64.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $4.49B | $4.50B | $4.64B | $4.73B |
| Gross Profit | $4.06B | $4.07B | $4.21B | $454.4M |
| Operating Income | $517.2M | $502.9M | $516.7M | $454.4M |
| EBITDA | $786.0M | $660.5M | $684.0M | $645.0M |
| Net Income | $445.9M | $348.7M | $358.4M | $308.7M |
| EPS | $7.14 | $5.71 | $6.01 | $5.25 |
| EPS (Diluted) | $7.01 | $5.65 | $5.98 | $5.22 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.7M | $74.4M | $105.2M | $61.3M | $1.22B | $115.3M | $102.8M | $119.4M | $126.0M | $137.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.44B | $1.50B | $1.51B | $1.56B | $1.73B | $1.75B | $2.02B | $2.24B | $2.18B | $2.60B |
| Inventory | $125.4M | $136.2M | $148.2M | $159.9M | $190.4M | $206.8M | $218.5M | $217.0M | $220.9M | $232.1M |
| Total Current Assets | $1.68B | $1.80B | $1.94B | $1.92B | $3.28B | $2.26B | $2.54B | $2.81B | $2.82B | $3.41B |
| Property, Plant & Equipment | $4.33B | $4.57B | $4.85B | $5.34B | $5.71B | $6.24B | $6.37B | $6.56B | $6.99B | $7.38B |
| Goodwill | $3.78B | $3.83B | $3.84B | $3.87B | $3.88B | $3.96B | $3.91B | $3.93B | $3.93B | $3.99B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $76.3M | $75.9M |
| Total Assets | $10.32B | $10.76B | $11.27B | $11.67B | $13.48B | $13.09B | $13.49B | $13.97B | $14.47B | $15.96B |
| Accounts Payable | $439.7M | $442.0M | $445.7M | $447.0M | $570.5M | $658.9M | $636.6M | $614.0M | $632.0M | $750.1M |
| Short-term Debt | $105.9M | $545.6M | $63.4M | $87.5M | $332.0M | $48.4M | $81.4M | $126.7M | $40.1M | $821.4M |
| Total Current Liabilities | $1.32B | $1.85B | $1.45B | $1.56B | $2.48B | $1.98B | $1.91B | $2.01B | $2.21B | $3.24B |
| Long-term Debt | $4.03B | $3.49B | $3.94B | $3.90B | $3.52B | $4.14B | $4.73B | $4.79B | $4.46B | $4.26B |
| Total Liabilities | $5.71B | $5.70B | $5.80B | $6.09B | $7.07B | $6.90B | $7.52B | $7.77B | $7.71B | $8.55B |
| Retained Earnings | $4.89B | $4.98B | $5.38B | $5.47B | $6.27B | $6.06B | $5.93B | $6.80B | $7.37B | $7.99B |
| Total Equity | $4.53B | $4.99B | $5.39B | $5.50B | $6.32B | $6.09B | $5.92B | $6.15B | $6.67B | $7.28B |
| Total Debt | $4.14B | $4.04B | $4.00B | $4.31B | $4.19B | $4.56B | $5.27B | $5.37B | $4.96B | $5.51B |
| Net Debt | $4.10B | $3.97B | $3.89B | $4.25B | $2.97B | $4.44B | $5.17B | $5.25B | $4.83B | $5.37B |
| Working Capital | $364.0M | -$50.0M | $489.1M | $352.5M | $800.8M | $279.4M | $622.9M | $798.0M | $605.9M | $168.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $112.9M | $137.8M | $119.0M | $138.8M |
| Total Assets | $15.34B | $15.96B | $15.68B | $15.94B |
| Total Liabilities | $8.05B | $8.55B | $8.11B | $8.28B |
| Total Equity | $7.23B | $7.28B | $7.53B | $7.51B |
| Total Debt | $5.11B | $5.51B | $5.13B | $5.26B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $747.2M | $771.3M | $797.9M | $827.5M | $952.8M | $987.6M | $657.0M | $717.5M | $1.16B | $1.51B |
| Depreciation & Amortization | $416.6M | $447.9M | $453.1M | $490.4M | $510.5M | $533.2M | $581.9M | $568.0M | $584.8M | $618.7M |
| Stock-based Compensation | $48.1M | $56.7M | $66.6M | $69.4M | $65.8M | $73.7M | $85.4M | $87.7M | $99.3M | $95.7M |
| Change in Working Capital | $158.5M | -$14.2M | $50.0M | $58.8M | $940.8M | -$736.9M | -$244.3M | $17.1M | $418.8M | -$275.9M |
| Operating Cash Flow | $1.29B | $1.18B | $1.34B | $1.44B | $2.36B | $883.7M | $996.0M | $1.27B | $2.07B | $1.86B |
| Capital Expenditure | -$1.16B | -$609.4M | -$811.7M | -$663.5M | -$734.2M | -$855.7M | -$734.0M | -$743.1M | -$943.8M | -$1.02B |
| Acquisitions | -$32.0M | -$15.1M | -$15.2M | -$14.6M | -$54.8M | -$105.3M | -$20.3M | -$3.7M | -$18.7M | -$31.9M |
| Stock Repurchased | -$353.4M | -$364.4M | -$397.4M | -$770.5M | -$206.7M | -$1.22B | -$832.9M | -$547.4M | -$670.8M | -$968.0M |
| Dividends Paid | -$38.9M | -$38.2M | -$37.3M | -$53.0M | -$17.3M | -$65.9M | -$58.4M | -$55.5M | -$53.3M | -$51.3M |
| Free Cash Flow | $133.3M | $573.1M | $529.2M | $775.0M | $1.63B | $28.0M | $262.0M | $524.7M | $1.12B | $849.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $380.7M | $574.7M | $401.6M | $443.3M |
| Capital Expenditure | -$247.6M | -$281.2M | -$217.2M | -$227.6M |
| Free Cash Flow | $133.1M | $293.5M | $184.5M | $215.7M |
| Dividends Paid | -$12.5M | -$12.4M | -$13.0M | -$11.8M |
| Stock-based Compensation | $24.9M | $990,000 | $22.5M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.6% | +3.5% | +5.6% | +1.6% | +9.4% | +6.0% | +6.6% | +10.8% | +9.7% | |
| Net Income Growth (YoY) | +7.1% | +3.6% | +4.5% | +15.8% | +5.0% | -31.9% | +6.2% | +59.1% | +30.4% | |
| EPS Growth (YoY) | +8.9% | +6.4% | +9.6% | +20.7% | +8.4% | -23.0% | +12.1% | +65.8% | +36.5% | |
| Shares Change (YoY) | -2.1% | -2.7% | -5.0% | -3.9% | -2.2% | -11.8% | -5.0% | -3.2% | -5.1% | |
| FCF Growth (YoY) | +330.1% | -7.7% | +46.4% | +109.8% | -98.3% | +834.6% | +100.3% | +114.1% | -24.4% | |
| Gross Margin | 89.4% | 89.4% | 89.2% | 89.0% | 88.9% | 88.7% | 89.0% | 89.3% | 90.0% | 90.4% |
| Operating Margin | 13.1% | 12.3% | 10.9% | 10.7% | 11.8% | 10.8% | 7.5% | 8.2% | 10.6% | 11.5% |
| EBITDA Margin | 17.2% | 16.5% | 15.2% | 15.1% | 16.2% | 15.1% | 11.8% | 12.0% | 14.3% | 15.8% |
| Net Margin | 7.2% | 7.2% | 7.2% | 7.2% | 8.2% | 7.8% | 5.0% | 5.0% | 7.2% | 8.6% |
| FCF Margin | 1.4% | 5.5% | 4.9% | 6.8% | 14.1% | 0.2% | 2.0% | 3.7% | 7.1% | 4.9% |
| Effective Tax Rate | 35.4% | 32.0% | 22.9% | 22.4% | 23.9% | 23.6% | 24.2% | 23.5% | 22.4% | 23.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.35 | $5.95 | $5.65 | $8.70 | $19.00 | $0.33 | $3.55 | $7.48 | $16.54 | $13.17 |
| Dividends Per Share | $0.40 | $0.40 | $0.40 | $0.60 | $0.20 | $0.79 | $0.79 | $0.79 | $0.79 | $0.80 |
| Shares Outstanding (Basic) | 97.2 M | 95.7 M | 93.3 M | 88.8 M | 85.1 M | 82.5 M | 73.1 M | 69.3 M | 66.6 M | 63.6 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 19.50% |
| Return on Invested Capital | 10.38% |
| Return on Assets | 8.51% |
| Gross Margin | 67.27% |
| Operating Margin | 10.85% |
| Net Margin | 7.96% |
Financial Health
| Debt / Equity | 0.81 |
| Current Ratio | 1.37 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.19 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.73 | 14.42 | 13.94 | 15.66 | 12.43 | 10.81 | 15.26 | 14.73 | 10.46 | 9.31 |
| P/B | 2.28 | 2.17 | 2.02 | 2.31 | 1.85 | 1.76 | 1.74 | 1.72 | 1.79 | 1.91 |
| P/S | 1.06 | 1.04 | 1.01 | 1.12 | 1.01 | 0.85 | 0.77 | 0.74 | 0.75 | 0.80 |
| Gross Margin | 89.4% | 89.4% | 89.2% | 89.0% | 88.9% | 88.7% | 89.0% | 89.3% | 90.0% | 90.4% |
| Operating Margin | 13.1% | 12.3% | 10.9% | 10.7% | 11.8% | 10.8% | 7.5% | 8.2% | 10.6% | 11.5% |
| Net Margin | 7.2% | 7.2% | 7.2% | 7.2% | 8.2% | 7.8% | 5.0% | 5.0% | 7.2% | 8.6% |
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Explore sector: Healthcare · Medical - Care Facilities
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