HCA Healthcare: Hold Rating Amid Limited Growth Potential and Policy UncertaintiesWe're modeling a slight y/y decline in EBITDA margin percentage in 2026 reflecting uncertainty around enhance subsidies and exchange volumes. Against an uncertain federal policy backdrop, the ability to further flex its resiliency program ($600-$800mn in targeted impact over 5 years beginning in 2023) is key. The company has seen a benefit to date (20.4% margin in 2025E, up from 19.6% in 2023) and management stressed on the call that the program is not static, with the company scaling initiatives across cost management, digital tools, and AI. Same facility equivalent admissions increased 2.4% Y/Y, led by Commercial +3.7% (Exchanges +8% and commercial excluding exchanges +2.4%), Medicare +3.4% (MA +4.8% and traditional +1.4%, while Self-Pay declined 6%.