Mizuho Sees Improving Margins Supporting HCA Healthcare into 2026

HCA Healthcare, Inc. (NYSE:HCA) is included among the 20 Best Performing Dividend Stocks in 2025.

Mizuho lifted its price target on HCA Healthcare, Inc. (NYSE:HCA) to $520 from $505 on December 18 and kept an Outperform rating as part of its 2026 outlook for managed care and health facilities. The firm sees 2026 as a “pivotal year” for managed care. After roughly three years of pressure from a negative underwriting cycle, margins are expected to start improving across commercial, Medicaid, and Medicare plans. That shift is why Mizuho is feeling more constructive about the sector heading into 2026.

The demand backdrop is already helping. In the third quarter, HCA Healthcare, Inc. (NYSE:HCA) reported a 2.1% year-over-year increase in same-facility admissions. At the same time, better reimbursement from insurers pushed same-facility revenue per equivalent admission up 6.6% to $18,390. Those gains reflect both higher utilization and improved pricing.

These trends are not short-lived. The US population is aging, and that reality continues to reshape healthcare demand. By 2035, people aged 65 and older are expected to outnumber those 18 and younger for the first time. That shift alone points to a sustained need for hospital services, acute care, and specialized treatment over many years. HCA has also been deliberate in positioning itself to benefit from this change. Its large and diversified network of facilities, combined with ongoing investments in technology, has helped improve patient care and operational efficiency. That strategy has translated into steady market share gains, moving from 24% in 2012 to 27% by 2022.

Management now aims to reach 29% market share by 2030, with room to keep expanding beyond that. HCA appears to have momentum on its side.

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