HCA Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	100.07B EUR	84.98B EUR	105.31B EUR	104.86B EUR
Enterprise Value	150.2B EUR	135.52B EUR	154.22B EUR	152.52B EUR
Valuation Multiples
Trailing P/E	15.12x	12.42x	15.5x	20.27x
Forward P/E	14.09x	--	--	--
Price to Sales	1.28x	1.09x	1.38x	1.83x
Price to Book	--	--	--	--
EV/Revenue	1.93x	1.74x	2.02x	2.66x
EV/EBITDA	9.54x	8.57x	9.86x	12.89x
Price to FCF (P/FCF)	26.77x	14.17x	13.29x	14.91x
EV/FCF	40.18x	22.6x	19.45x	21.69x
FCF Yield	3.74%	7.06%	7.53%	6.71%