Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice of Warren Buffett and Charlie Munger, relying on HCA's Form 10-Q for the quarter ended June 30, 2026, the July 24, 2026 earnings release, peer filings, and the current market price. We arrive at our own conclusions. This is a business we can explain to a reasonably attentive teenager in five minutes, which is more than we can say for most of what Wall Street peddles these days. HCA Healthcare is the largest for-profit hospital operator in the United States. As of June 30, 2026, its affiliates own and operate 190 hospitals, 118 freestanding surgery centers, and 30 freestanding endoscopy centers across 19 states and England, organized into three geographic groups — National, Atlantic, and American.
Recent filings analysed: 8-K (2026-07-29), 10-Q (2026-07-28), 8-K (2026-07-24), 8-K (2026-07-14).
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