Universal Health Services (UHS) concentration risks

The company's disclosed concentration profile is geographic in nature, with three state-level exposures each at small disclosed size. Nevada hospitals contributed 17% of consolidated net revenues during 2025, Texas hospitals contributed 16%, and California hospitals contributed 11%, making these the three largest individual state concentrations in the disclosed portfolio. All three are structural in character — they reflect where the company has built or acquired acute care and behavioral health hospital capacity over time rather than reliance on any single counterparty. Taken individually, each state exposure is small, but together Nevada, Texas, and California represent a material share of the consolidated revenue base. The structural nature of these concentrations means the risk channel runs through state-level policy — Medicaid reimbursement rates, certificate-of-need regulations, and managed-care contracting norms in each state — as well as regional demographic and insured-population trends. A broad deterioration in Medicaid funding in Nevada or Texas, for example, would affect a meaningful slice of consolidated revenues given the disclosed shares. The absence of any customer, supplier, or product concentration disclosures alongside these geographic figures suggests the primary risk surface is state regulatory and reimbursement policy rather than any single payer or program dependency. On balance, the profile is well-disclosed and the concentration is distributed enough across states to limit the impact of any single state-specific event.

For the engine’s reasoning on UHS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.