HCA Healthcare's Efficient Operations Are Surrounded by a Narrow Moat

HCA Healthcare operates the largest network of hospitals in the United States, focusing on attractive geographic locations where it has the potential for leading and increasing market share. With headquarters in Nashville, its facilities are particularly concentrated in Texas and Florida, which represent over half of its bed count. In those states, urban areas of focus include Dallas, Austin, Tampa, and Miami, and we think those geographic areas provide a good sense of the positive demographic factors that the firm aims to benefit from across the country.