UNIVERSAL HEALTH SERVICES INC（UHS）の決算・業績分析
UNIVERSAL HEALTH SERVICES INCの2025年有価証券報告書をAI分析。売上高$17.4B(+9.7%)。営業利益$2.0B。Health Care。
目次
UNIVERSAL HEALTH SERVICES INCの2025年度 業績サマリー
UNIVERSAL HEALTH SERVICES INC（証券コード: UHS）の2025年度決算・業績分析。売上高は$17.4B（前年比+9.7%）。営業利益は$2.0B（前年比+18.6%）。純利益は$1.5B（前年比+30.4%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
UNIVERSAL HEALTH SERVICES INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 6.0% YoY to $13.4B (XBRL), but operating income fell 26.4% YoY to $1.0B (XBRL) due to margin compression.
- Net debt to EBITDA ratio reached 3.0x (XBRL), with long-term debt at $4.8B (XBRL), signaling elevated leverage.
- Share repurchases of $833M (XBRL) offset $58M in dividends (XBRL), reflecting aggressive capital return strategy.
- Net income declined 31.9% YoY to $676M (XBRL), despite 5.8% CAGR in revenue over 5 years (XBRL).
UNIVERSAL HEALTH SERVICES INCの売上高変化の要因
- •Revenue increased 6.0% YoY to $13.4B (XBRL), continuing a 5.8% CAGR over five years (XBRL). However, operating income declined 26.4% YoY to $1.0B (XBRL), reflecting margin pressures. Segment-specific revenue data is not disclosed in XBRL or 10-K (XBRL). Growth drivers include geographic expansion, though revenue concentration in Texas (16%), Nevada (18%), and California (11%) (10-K) remains a risk.
UNIVERSAL HEALTH SERVICES INCの営業利益変化の要因
- •Operating margin fell to 7.5% (XBRL) from prior years, while net margin declined 31.9% YoY to 5.0% (XBRL). EBITDA margin held at 11.8% (XBRL). Operating income CAGR has stagnated at 0.0% over five years (XBRL), contrasting with 5.8% revenue growth. Cost pressures, including $734M in CapEx (XBRL), likely contributed to margin compression.
UNIVERSAL HEALTH SERVICES INCの事業リスクと対応
Geographic concentration in Texas (16%), Nevada (18%), and California (11%) exposes UHS to regional regulatory, economic, and weather-related risks (10-K).
Reliance on government payers (Medicare, Medicaid) creates vulnerability to reimbursement changes and funding cuts (10-K).
State Medicaid program instability could reduce revenues if federal funding decreases (10-K).
Wildfires and severe weather in California may disrupt operations and increase insurance costs (10-K).
Post-2024 election policy shifts (e.g., Medicare Advantage expansion, Medicaid work requirements) risk reducing program funding or eligibility (10-K).
UNIVERSAL HEALTH SERVICES INCの事業内容
Universal Health Services Inc (UHS) operates acute care hospitals, outpatient facilities, and behavioral health care centers, generating 56% of revenue from acute care and 44% from behavioral health services (10-K). The company's revenue model relies on net revenues from healthcare services and partnerships with commercial insurers. Key segments include surgical and emergency care, behavioral health inpatient/outpatient services, and administrative management. Competitive advantages include mission-driven quality care focus and community-based healthcare partnerships, though no specific intellectual property or barriers to entry are disclosed (10-K).
UNIVERSAL HEALTH SERVICES INCのAI業績分析レポート（2024年度）
Universal Health Services Inc (UHS) FY2024 Annual Report Analysis
Highlights
Business Overview
UHS operates acute care hospitals, outpatient facilities, and behavioral health care centers, generating 56% of revenue from acute care and 44% from behavioral health services (10-K). The company's revenue model relies on net revenues from healthcare services and partnerships with commercial insurers. Key segments include surgical and emergency care, behavioral health inpatient/outpatient services, and administrative management. Competitive advantages include mission-driven quality care focus and community-based healthcare partnerships (10-K).
Revenue Analysis
Revenue increased 6.0% YoY to $13.4B (XBRL), continuing a 5.8% CAGR over five years (XBRL). However, operating income declined 26.4% YoY to $1.0B (XBRL), reflecting margin pressures. Segment-specific revenue data is not disclosed in XBRL or 10-K (XBRL). Growth drivers include geographic expansion, though revenue concentration in Texas (16%), Nevada (18%), and California (11%) (10-K) remains a risk.
Profitability Analysis
Operating margin fell to 7.5% (XBRL) from prior years, while net margin declined 31.9% YoY to 5.0% (XBRL). EBITDA margin held at 11.8% (XBRL). Operating income CAGR has stagnated at 0.0% over five years (XBRL), contrasting with 5.8% revenue growth. Cost pressures, including $734M in CapEx (XBRL), likely contributed to margin compression.
Balance Sheet Analysis
Equity ratio stands at 44.0% (XBRL), with total equity of $6.1B (XBRL) in FY2024. Current ratio is 1.40x (XBRL), indicating moderate liquidity. Net debt of $4.7B (XBRL) represents 3.0x EBITDA (XBRL), highlighting leverage risks. Cash balances remain low at $103M (XBRL), despite $14.0B in total assets (XBRL).
Cash Flow Analysis
Operating cash flow of $996M (XBRL) supported $262M in free cash flow (FCF) after $734M in CapEx (XBRL). Capital expenditures intensity was 5.5% (XBRL), with CapEx/D&A ratio at 1.26x (XBRL). Share repurchases totaled $833M (XBRL), while dividends paid were $58M (XBRL).
Working Capital Analysis
Receivables days increased to 61 days (XBRL), while payables days remained at 17 days (XBRL). Asset turnover of 0.96x (XBRL) suggests moderate efficiency. No cash conversion cycle (CCC) data is available in XBRL or 10-K (XBRL).
Risks
Outlook
N/A — Management guidance and forward-looking trends are not explicitly mentioned in the 10-K or XBRL data (XBRL).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 10.8B | 11.4B | 11.6B | 12.6B | 13.4B | 14.3B |
| Operating Income | 1.2B | 1.2B | 1.4B | 1.4B | 1.0B | 1.2B |
| Net Income | 780M | 815M | 944M | 992M | 676M | 718M |
| Total Assets | 11.3B | 11.7B | 13.5B | 13.1B | 14.0B | 14.5B |
| Total Equity | 5.5B | 6.3B | 6.1B | 5.9B | 6.1B | 6.7B |
| Operating Cash Flow | 1.3B | 1.4B | 2.4B | 884M | 996M | 1.3B |
Health Careの企業一覧
UNIVERSAL HEALTH SERVICES INCと同じ「Health Care」セクターの企業