Start here if you're new
what it is
Universal Health runs hospitals and treatment centers across 39 states.
how it gets paid
FY2025 net revenues were ~$17.37B vs. ~$15.83B in FY2024 (company FY2025 release). The 10-K discloses revenue by Acute Care vs. Behavioral Health (including international)—not a clean “Medicare line item” on this page.
why it's growing
Top-line growth was ~9.7% FY2024→FY2025. Payer mix and same-facility volume differ by segment—use segment footnotes when you are modeling margin, not a fabricated three-way payer split.
what just happened
Q4 2025: net revenues ~$4.49B (+9.1% YoY). Adjusted diluted EPS was ~$5.88 vs. ~$4.92 in Q4 2024; reported diluted EPS was higher in Q4 2025 partly due to a disclosed non-cash mark-to-market gain—read the release tables, not one headline number.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
10.8x trailing p/e — the market's not buying it — or you found a deal
0.4% dividend yield — cash in your pocket every quarter
14.0% return on capital — nothing to write home about
xvary composite: 72/100 — average
What they do
Universal Health Services runs acute-care hospitals and behavioral health facilities across the U.S. and select international markets.
Economics are driven by facility-level utilization, staffing, and payer mix inside two big buckets—acute care vs. behavioral health (see segment tables in the 10-K). Scale matters: thousands of beds and tens of thousands of employees mean small rate or volume moves hit EPS fast.
How they make money
~$17.37B
FY2025 net revenues · +~9.7% vs. FY2024 (~$15.83B)
Acute care hospitals (net)
~$9.9B
Behavioral health (net)
~$7.5B
Segment dollars are illustrative FY2025 splits using the historical ~57% / ~43% acute vs. behavioral share disclosed in the annual segment footnote × ~$17.37B consolidated—pull exact segment tables from the 10-K for P0 work.
The products that matter
inpatient and outpatient hospital care
Acute-Care Hospitals
part of a ~$17.4B FY2025 net revenue base
Acute facilities are the larger share of consolidated net revenues in the 10-K segment disclosure. Efficiency and payer dynamics here drive a big part of consolidated earnings power.
core operations
mental health treatment facilities
Behavioral Health
volume matters
Behavioral is the smaller but still material share of consolidated net revenues; utilization and reimbursement here can diverge sharply from acute trends quarter to quarter.
demand support
surgery and radiation centers
Ambulatory and Specialty Care
outpatient exposure
Outpatient and ancillary channels matter for mix shift stories—tie any claim to the filing’s segment and same-facility metrics rather than this page’s old placeholder math.
efficiency lever
Key numbers
~$17.37B
FY2025 net revenue
Full-year 2025 net revenues per the Feb 2026 FY2025 earnings release (+~9.7% vs. FY2024).
10.8x
trailing p/e
Price you pay for last year's profit. At 10.8x, you pay $10.80 for $1 of earnings.
18.0%
operating margin
This is the profit left after running the hospitals. Higher than a thin-margin hospital chain, lower than a software story.
$4.0B
long-term debt
That is 21% of capital. It is not fatal, but it trims flexibility if rates stay sticky.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $4.0B (21% of capital)
- net profit margin 7.8% — keeps 8 cents of every dollar in revenue
- return on equity 18% — $0.18 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in UHS 3 years ago → it's now worth $16,050.
The index would have given you $13,880.
source: institutional data · total return
What just happened
Q4 2025 reported
Q4 2025: net revenues ~$4.49B (+~9% YoY). Adjusted diluted EPS ~$5.88 vs. ~$4.92 in Q4 2024.
Reported diluted EPS in Q4 2025 included a material non-cash mark-to-market gain tied to a minority investment (per the earnings release)—compare GAAP vs. adjusted tables before inferring “quality of beat.” FY2025 net revenues ~$17.37B.
~$4.49B
Q4 2025 revenue
~$5.88
adj. diluted EPS
~$17.37B
FY2025 revenue
the number that mattered
Full-year net revenue growth (~9.7%) plus the adjusted EPS cadence—read beside reported EPS and the investment gain footnote.
-
Universal Health Services filed FY2025 results showing net revenues of $17.365 billion, up 9.7% from $15.828 billion in FY2024 (Feb 2026 release).
-
Q4 2025 net revenues were about $4.49 billion; adjusted diluted EPS was about $5.88 vs. $4.92 in Q4 2024—cross-check reported EPS for non-operating items.
-
Segment economics remain a two-story book: acute care vs. behavioral health—use the 10-K segment tables for dollars, not payer-line fiction.
-
Labor, length-of-stay, and payer rate resets remain the usual swing factors into FY2026 guidance—verify against the latest filing.
-
FY2026–2027 street models vary by vendor—treat any single revenue/EPS call as non-GAAP consensus, not a company guarantee.
sources: Universal Health Services FY2025 / Q4 2025 earnings release (PR Newswire, Feb 2026) · SEC Form 10-K segment footnotes for exact acute/behavioral dollars
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What could go wrong
the #1 risk is medicare and medicaid reimbursement pressure on hospital economics.
med
reimbursement resets can hit the whole model
UHS generated $17.4B in revenue in a business tied to insurers and government payment systems. When rates move the wrong way, you feel it across a very large base.
An 8.3% net margin is solid, but it is not so wide that payment pressure becomes a rounding error.
med
hospital margins do not have infinite cushion
This is a people-intensive business. If labor, staffing, or occupancy trends move against UHS, the 8.3% margin can compress faster than a low-multiple stock gives you credit for.
The bull case needs margins to stay healthy while revenue keeps building on last year's 9.7% growth.
med
$4.0B of debt limits how relaxed you should be
Long-term debt is 21% of capital. That is manageable with a B+ balance sheet, but it is not the kind of financial setup that shrugs off a prolonged operating slowdown.
If earnings stumble while debt stays fixed, the stock can keep looking cheap for longer than value investors enjoy.
the risk stack is simple: policy pressure on a $17.4B revenue base, margin sensitivity in an 8.3% net-margin business, and enough debt to make execution matter every quarter.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
admissions and revenue per visit
The recent estimate revisions point to better admissions. If patient volumes hold up, the 9.7% revenue growth story has a chance to stay alive.
risk
government reimbursement updates
Medicare and Medicaid payment changes matter because this is a reimbursement-driven business, not a software company that can just push a button and raise prices.
trend
net margin around 8.3%
A low-multiple stock with a slipping margin stops looking like value and starts looking like a warning label. That 8.3% figure deserves your attention.
calendar
whether 2026 gets to $18.24B and $23.40
Those are the forward numbers carrying the story right now. If UHS falls short, the cheap valuation may be telling you something unpleasant instead of something interesting.
Analyst rankings
short-term outlook
top 5%
momentum score 1 — the highest rating. in human-speak, analysts think this stock has stronger near-term upside than almost everything else they cover.
risk profile
average
stability score 3 — not a bunker stock, not a rollercoaster either.
chart momentum
top 20%
technical score 2 — above-average price performance is what the ranking implies, not a guarantee.
earnings predictability
75 / 100
This is a relatively readable earnings story. You usually get execution, not chaos.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 311 buyers vs. 310 sellers in 3q2025. total institutional holdings: 52.3M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$183
$370
$235
current price
$277
target midpoint · +18% from current · 3-5yr high: $450 (+90% · 18% ann'l return)
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