Measuring the efficiency performance of hospitals listed on the stock exchange is very important to determine how efficiently hospitals utilize available resources. The high population in Indonesia and Malaysia creates opportunities for hospitals to compete for large market segments by showing their best performance, resulting in intense competition between hospitals. This study employs Data Envelopment Analysis (DEA) using a multi-stage input-oriented method to measure the efficiency of six hospitals listed on the stock exchanges in Indonesia and Malaysia from 2018 to 2023. The variables include four inputs (hospital beds, hospital staff, number of hospitals, and operating expenses) and two outputs (outpatient visits and inpatient). The results show variations in efficiency scores. HEAL and KPJH consistently achieved maximum efficiency scores, indicating the best performance. On the other hand, SAME and TDMS showed lower efficiency, highlighting areas needing improvement. Cluster Analysis using K-Means grouped the hospitals into two clusters based on performance. Cluster 0 includes hospitals with higher efficiency, namely SILO, MIKA, HEAL, and KPJH. Meanwhile, Cluster 1 consists of SAME and TDMS, indicating the need for strategic improvements. This study provides insights into the performance of hospitals listed on the stock exchanges in Indonesia and Malaysia, aiding policymakers and hospital management in optimizing resource management.