Hmm...sniff test sampling: - HCA[1]: FY25 profit margin = 9.0% - UHS[2]: FY25 profit margin = 8.6% - THC[3]: FY25 profit margin = 6.6% Yeah, a bit of disagg

Hmm...sniff test sampling: - HCA[1]: FY25 profit margin = 9.0% - UHS[2]: FY25 profit margin = 8.6% - THC[3]: FY25 profit margin = 6.6% Yeah, a bit of disaggregation is likely needed here, but in these companies, labor expense as a percentage of revenue is on a declining YoY trend while revenue continues to grow. What's the prevailing ballpark ratio of doctors to all other hospital staff again? And what details are buried in that ever so opaque and increasing "other operating expenses" line item? [1] https://www.sec.gov/Archives/edgar/data/860730/000119312526044769/hca-20251231.htm#consolidated_income_statements https://www.sec.gov/Archives/edgar/data/860730/0001193125260... [2] https://www.sec.gov/Archives/edgar/data/352915/000119312526071676/uhs-20251231.htm#consolidated_statements_income https://www.sec.gov/Archives/edgar/data/352915/0001193125260... [3] https://www.sec.gov/Archives/edgar/data/70318/000007031826000012/thc-20251231.htm#ib0d5508fe995458a97eef9b8616933b4_238 https://www.sec.gov/Archives/edgar/data/70318/00000703182600...