undamentalytics Newsletter
Sign in

Health Catalyst, Inc. (HCAT) stock

Add to watchlist

Add holding +

NASDAQ: HCAT Nasdaq Health Care Technology Next results ~November 5, 2026

D Fundamentals grade

Health Catalyst, Inc. is a US-listed company in the health care technology industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$4.4

Valuation models combined (2)

Base case. Range ~$4.4–$4.4. Weighted average of 2 models (forward price-to-sales vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Health Catalyst, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling1 purchase and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds63 adding, 77 cuttingOf 19 active managers that changed their stake, 12 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Health Catalyst files

Where Health Catalyst stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $292m, down 7.5% on a year earlier, a steeper fall than the 2.8% decline a quarter earlier. That puts it 14 of 15 for growth among the health care technology companies we cover. Free-cash-flow margin rose to 9.2% from -2.4% a year earlier. Operating margin narrowed to -84.4% from -28.0%. The diluted share count is up 10.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $4.41 a share, against a share price of $1.80.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Health Catalyst, Inc.'s trailing-twelve-month revenue fell 7.5% year on year, with a free-cash-flow margin of 9.2%. Where it lags: long-term debt as % of assets of 42.3% ranks 15 of 15 health care technology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -7.5% (-4.7pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Health Catalyst, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 7.5% over the last 12 months.
  • Loss-making. Operating margin is -84.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 56.4 points on a year ago.
  • Share dilution. Diluted shares rose 10.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 91% and a beta of 1.3 against the S&P 500.
  • Growth easing. The growth rate is 4.7 points lower than a quarter earlier.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.04 against an average estimate of $0.03: beat by 30.7%
Revenue
$70m, down 12.7% on a year earlier
Share reaction
-27.6% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $55m to $56m (third quarter of 2026); adjusted EBITDA $0m to $0.5m (third quarter of 2026)
Next report
November 5, 2026; average EPS estimate -$0.05

Health Catalyst's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.5%
  • 1 week-3.1%
  • 1 month-9.7%
  • This year-33.9%
  • 1 year-51.1%
  • 5 years-97.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$292M
Operating margin
-84.4%
Net margin
-90.6%
EPS (TTM, diluted)
$-3.68

Growth

Revenue growth
−7.5%
Change in growth rate
−4.7 pts
Share count change
+10.3%

Cash

Free cash flow (TTM)
$27M
FCF margin
9.2%
Stock pay % of revenue
6.0%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Results
  4. Guidance
  5. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Health Catalyst, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Health Catalyst, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.1 ~$0.1–$0.1 Left out: out of range vs price (0.06x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.4 ~$3.9–$13 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$4.4 ~$4.4–$5.7 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.4 ~$4.4–$4.4 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Health Catalyst, Inc. with Health Care Technology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$34.70$43.53$39.62$10.63$9.26$7.07$2.39$1.58
Market value$1.3bn$1.7bn$1.9bn$575m$522m$426m$167m$114m
+ Net debt (− = net cash)$32m$77m−$12m$110m$124m$143m$110m$99m
Enterprise value$1.3bn$1.8bn$1.9bn$685m$646m$568m$277m$213m
Multiples
Price / sales 8.4x9.1x7.8x2.1x1.8x1.4x0.5x0.4x
Price / earnings ————————
Price / free cash flow —————32.9x—4.2x
EV / EBITDA ————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

9 /100

Weak moat

How hard Health Catalyst's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -19.1% of total assets over 8 years.

  • Durability 10 / 20

    Operating margin has been a median -46.6%; its worst year was -84.4%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 8 years, at a median -12.3% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 67.7% over five years; stock-based pay has been a median 17.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (14 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $55m and EPS of −$0.05 (range −$0.07 to −$0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.04 −119% $248m −20%
Next $0.01 +121% $206m −17%

Next year's EPS estimate has moved −91.9% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −183.3% on 90 days ago. In the last 30 days, 0 analysts raised Health Catalyst, Inc.'s forecast and 4 cut it.

Consensus EPS forecast Health Catalyst, Inc., last 90 days
−$0.05 $0.00 $0.05 $0.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.04 Current fiscal year, 60 days ago: $0.04 Current fiscal year, 30 days ago: −$0.05 Current fiscal year, 7 days ago: −$0.05 Current fiscal year, Now: −$0.04 −$0.04 Next fiscal year, 90 days ago: $0.09 Next fiscal year, 60 days ago: $0.09 Next fiscal year, 30 days ago: $0.01 Next fiscal year, 7 days ago: $0.01 Next fiscal year, Now: $0.01 $0.01

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.04$0.09
60 days ago $0.04$0.09
30 days ago −$0.05$0.01
7 days ago −$0.05$0.01
Now −$0.04$0.01

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.03 $0.04 +30.7%
Mar 2026 $0.01 $0.02 +85.9%
Dec 2025 $0.10 $0.08 −16.1%
Sept 2025 $0.07 $0.06 −8.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total revenue full year of 2026 $246m to $249m GAAP
    “Total revenue of $246 million to $249 million, and” source
  • Total revenue third quarter of 2026 $55m to $56m GAAP
    “Total revenue of $55 million to $56 million, and” source
  • Adjusted EBITDA full year of 2026 $18m to $18.5m Non-GAAP
    “Adjusted EBITDA of $18 million to $18.5 million.” source
  • Adjusted EBITDA third quarter of 2026 $0m to $0.5m Non-GAAP
    “Adjusted EBITDA of $0 to $0.5 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

5 analysts, Oct 2026
Buy120%
Hold480%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026156
  3. Aug 2026257

Counts of recommendations published by analysts covering Health Catalyst, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
4.59
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
71%
of shares
Held by insiders
9.6%
of shares
Employees
1,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −51.1%

$3.23 on October 31, 2025 to $1.58

ThenNowEffect
Revenue (last 12 months) $316m $292m −7.5%
P/S multiple 0.7x 0.4x −41.6%
Share count 65m 72m −9.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −79.2%

$7.60 on November 3, 2023 to $1.58

ThenNowEffect
Revenue (last 12 months) $285m $292m +2.7%
P/S multiple 1.5x 0.4x −73.6%
Share count 55m 72m −23.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HCAT−9%−73%−13%−24%−66%−34%
Industry peers (median)−14%−60%−25%−8%−27%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HCAT42%25%50%42%8%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HCAT−37%−84%−55%−51%−73%−60%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 25, 2019: 98% from June 8, 2021 to April 10, 2026. Getting back needed a 5788% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.00 – $3.14
From 52-week high
−49.7%
vs 50-day average
−8.1%
vs 200-day average
−7.7%
Volatility (1 year)
91%
Beta vs S&P 500
1.34

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±13.9%
After a week
4 up, 8 down
typical move ±14.7%
After a month
5 up, 7 down
typical move ±14.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −27.6% +0.5% −26.8% −29.3%
May 11, 2026 −2.6% +0.1% −16.4% +5.3%
March 12, 2026 −29.0% −2.1% −34.7% −43.0%
January 12, 2026 −2.8% 0.0% −10.5% −19.4%
November 10, 2025 −4.9% +1.8% −20.8% −6.7%
August 7, 2025 −25.9% +0.7% −23.4% −11.5%
May 7, 2025 +2.7% +1.1% +2.7% +0.7%
February 26, 2025 −11.3% −1.5% −8.1% −7.1%
November 6, 2024 +14.2% +3.3% +11.6% +7.6%
August 7, 2024 +27.3% +1.6% +6.6% +22.9%
May 9, 2024 −3.6% +0.7% +5.7% +0.5%
February 22, 2024 −14.7% +2.1% −8.8% −14.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Health Catalyst, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Health Catalyst, Inc.
$290M $300M $310M $320M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $290M Revenue (TTM), FY23 Q4: $295.9M Revenue (TTM), FY24 Q1: $296.8M Revenue (TTM), FY24 Q2: $299.5M Revenue (TTM), FY24 Q3: $302.1M Revenue (TTM), FY24 Q4: $306.6M Revenue (TTM), FY25 Q1: $311.3M Revenue (TTM), FY25 Q2: $316.1M Revenue (TTM), FY25 Q3: $316.1M Revenue (TTM), FY25 Q4: $311.1M Revenue (TTM), FY26 Q1: $302.5M Revenue (TTM), FY26 Q2: $292.2M $292.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $290M
FY23 Q4 $295.9M
FY24 Q1 $296.8M
FY24 Q2 $299.5M
FY24 Q3 $302.1M
FY24 Q4 $306.6M
FY25 Q1 $311.3M
FY25 Q2 $316.1M
FY25 Q3 $316.1M
FY25 Q4 $311.1M
FY26 Q1 $302.5M
FY26 Q2 $292.2M
Revenue growth, TTM YoY Health Catalyst, Inc.
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.7% Revenue growth, TTM YoY, FY23 Q4: 7.1% Revenue growth, TTM YoY, FY24 Q1: 5.2% Revenue growth, TTM YoY, FY24 Q2: 5.2% Revenue growth, TTM YoY, FY24 Q3: 4.2% Revenue growth, TTM YoY, FY24 Q4: 3.6% Revenue growth, TTM YoY, FY25 Q1: 4.9% Revenue growth, TTM YoY, FY25 Q2: 5.5% Revenue growth, TTM YoY, FY25 Q3: 4.6% Revenue growth, TTM YoY, FY25 Q4: 1.5% Revenue growth, TTM YoY, FY26 Q1: -2.8% Revenue growth, TTM YoY, FY26 Q2: -7.5% -7.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.7%
FY23 Q4 7.1%
FY24 Q1 5.2%
FY24 Q2 5.2%
FY24 Q3 4.2%
FY24 Q4 3.6%
FY25 Q1 4.9%
FY25 Q2 5.5%
FY25 Q3 4.6%
FY25 Q4 1.5%
FY26 Q1 -2.8%
FY26 Q2 -7.5%
Operating margin (TTM) Health Catalyst, Inc.
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -45.1% Operating margin (TTM), FY23 Q4: -42.9% Operating margin (TTM), FY24 Q1: -38.7% Operating margin (TTM), FY24 Q2: -32.0% Operating margin (TTM), FY24 Q3: -28.2% Operating margin (TTM), FY24 Q4: -22.8% Operating margin (TTM), FY25 Q1: -21.6% Operating margin (TTM), FY25 Q2: -28.0% Operating margin (TTM), FY25 Q3: -29.2% Operating margin (TTM), FY25 Q4: -51.7% Operating margin (TTM), FY26 Q1: -81.7% Operating margin (TTM), FY26 Q2: -84.4% -84.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -45.1%
FY23 Q4 -42.9%
FY24 Q1 -38.7%
FY24 Q2 -32.0%
FY24 Q3 -28.2%
FY24 Q4 -22.8%
FY25 Q1 -21.6%
FY25 Q2 -28.0%
FY25 Q3 -29.2%
FY25 Q4 -51.7%
FY26 Q1 -81.7%
FY26 Q2 -84.4%
FCF margin (TTM) Health Catalyst, Inc.
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -10.4% FCF margin (TTM), FY23 Q4: -11.6% FCF margin (TTM), FY24 Q1: -6.2% FCF margin (TTM), FY24 Q2: -1.7% FCF margin (TTM), FY24 Q3: -0.8% FCF margin (TTM), FY24 Q4: 4.2% FCF margin (TTM), FY25 Q1: 0.8% FCF margin (TTM), FY25 Q2: -2.4% FCF margin (TTM), FY25 Q3: -4.4% FCF margin (TTM), FY25 Q4: -0.1% FCF margin (TTM), FY26 Q1: 6.1% FCF margin (TTM), FY26 Q2: 9.2% 9.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -10.4%
FY23 Q4 -11.6%
FY24 Q1 -6.2%
FY24 Q2 -1.7%
FY24 Q3 -0.8%
FY24 Q4 4.2%
FY25 Q1 0.8%
FY25 Q2 -2.4%
FY25 Q3 -4.4%
FY25 Q4 -0.1%
FY26 Q1 6.1%
FY26 Q2 9.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 73 113 155 189 242 276 296 307 311 292
EBITDA −40 −53 −46 −77 −106 −92 −85 −28 −110 −198
Operating income −46 −60 −55 −96 −144 −140 −127 −70 −161 −247
Net income −47 −62 −60 −115 −153 −137 −118 −70 −178 −265
Diluted EPS −$1.52 −$2.97 −$6.43 −$2.91 −$3.23 −$2.63 −$2.09 −$1.15 −$2.55 −$3.68
Growth (year on year)
Revenue — +54.0% +37.6% +21.9% +28.1% +14.2% +7.1% +3.6% +1.5% −7.5%
Margins
EBITDA margin −54.3% −46.8% −29.5% −41.0% −43.9% −33.2% −28.6% −9.3% −35.5% −67.7%
Operating margin −62.3% −53.4% −35.4% −50.9% −59.4% −50.7% −42.9% −22.8% −51.7% −84.4%
Net margin −64.4% −55.1% −38.8% −60.9% −63.3% −49.7% −39.9% −22.7% −57.2% −90.6%
Free-cash-flow margin −53.8% −37.6% −22.1% −18.0% −13.9% −13.6% −11.6% 4.2% −0.1% 9.2%
Cash flow
Cash from operations −37 −40 −32 −26 −23 −35 −33 15 1 28
Capital spending 2 2 2 8 10 2 1 2 1 1
Free cash flow −39 −42 −34 −34 −34 −37 −34 13 −0 27
Stock-based pay 4 4 18 38 65 72 56 40 27 18
Free cash flow after stock pay −44 −47 −52 −72 −99 −110 −90 −27 −27 9
Balance sheet
Cash 23 28 18 92 193 116 106 250 51 61
Total debt 0 23 50 169 181 227 230 392 161 160
Net debt (negative = net cash) −23 −6 32 77 −12 110 124 143 110 99
Diluted shares 39m 38m 37m 40m 47m 54m 56m 60m 70m 72m
Returned to shareholders
Buybacks 0 9 0 0 0 8 2 0 5 0
Total returned 0 9 0 0 0 8 2 0 5 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 30, 2026
What it owns · $359m
Short-term assets $248mLonger-term assets $110m
What it owes, and who funded it · $359m
Short-term liabilities $92mLonger-term liabilities $166mShareholders' equity $101m
  • Short-term assets cover short-term liabilities $248m of assets due within a year against $92m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $248m short-term assets against $166m of longer-dated liabilities.
  • More cash than debt $61m of cash against $153m of debt.
  • Debt below 40% of shareholders' equity Debt is 152% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 35% to 152% over five years.
  • A year's operating cash flow covers at least 20% of debt $28m of operating cash flow against $153m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Health Catalyst, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$6.8M
Diluted share count
+10.3%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
14.7%
of revenue
Days sales outstanding
52 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care technology
Last 12 months unless stated HCAT HSTM DH AMWL WGS PHR Median
Revenue, last 12 months $292m $321m $233m $219m $454m $508m $292m
Revenue growth, last 12 months −7.5% 8.8% −5.0% −19.0% 25.4% 12.9% 8.8%
Revenue growth, 3-year average 0.9% 5.4% −0.8% −7.4% 24.3% 16.7% 0.8%
Revenue growth, latest quarter −12.7% 12.5% −9.1% −26.6% 11.4% 10.4% 7.4%
Gross margin — 59.1% 75.2% — 69.4% — 58.6%
Operating margin −84.4% 8.0% −104.6% −37.3% −20.3% 2.5% −12.5%
Operating margin, 3-year average −48.1% 7.3% −194.0% −72.7% −19.0% −9.5% −18.8%
Net margin −90.6% 6.6% −72.3% −35.7% −23.4% 2.1% −12.5%
Cash from operations / revenue 9.7% 22.4% 17.8% −12.1% −10.7% 18.0% 9.7%
Free-cash-flow margin 9.2% 21.7% 12.3% −12.1% −16.7% 15.9% 9.2%
Free-cash-flow margin, 3-year average 1.7% 21.4% 15.3% −34.5% −18.7% 7.8% 8.2%
Stock pay / revenue 6.0% 2.7% 10.9% 5.9% 7.9% 11.7% 9.5%
Change in share count 10.3% −3.3% −7.4% 6.2% 2.6% 5.5% 2.9%

Median of all 23 companies we cover in health care technology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 health care technology companies
Measure Company Peer median Rank
Revenue growth Growth -7.5% 8.8% 21 of 23
Change in growth rate Growth -4.7pp -0.3pp 18 of 23
Operating margin Profitability -84.4% -6.6% 17 of 22
Net margin Profitability -90.6% -12.5% 19 of 23
Free-cash-flow margin Cash generation 9.2% 10.6% 12 of 22
Stock pay as % of revenue Cash generation 6.0% 9.7% 9 of 22
Long-term debt as % of assets Balance sheet 42.3% 20.1% 15 of 15
Change in share count Balance sheet 10.3% 2.6% 15 of 19
Days sales outstanding Balance sheet 52 days 58 days 8 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Technology $208M 66.9% ▲ 6.9%
Professional Services $103M 33.1% ▼ 7.9%
Products and services
Line of business Revenue YoY
Technology $208M ▲ 6.9%
Recurring Technology $208M ▲ 6.9%
Professional Services $103M ▼ 7.9%
Onetime Technology $0 —

These categories overlap or exclude eliminations, so shares aren't shown.

From Health Catalyst, Inc.'s 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$104M
Institutions reporting
125
Shares held vs prior quarter
▼ 6.4%
Positions opened / closed
32 / 34

Top buyers and sellers, Q2 2026: 63 institutions bought and 77 sold ; the biggest buyer was Palogic Value Management, L.P (+2.0M shares) and the biggest seller Whetstone Capital Advisors, LLC (−4.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Light Asset Management, LLC $25.5M 12.8M 24.5% ▼ 0.5%
Cdc Financial, Inc. $14.1M 7.1M 13.6% ▲ 12.5%
Palogic Value Management, L.P. $9.8M 4.9M 9.4% ▲ 69.9%
Impax Asset Management Group PLC $8M 4.0M 7.7% ▲ 45.5%
Nepsis Inc. $5.9M 3.0M 5.7% ▲ 58.6%
Vanguard Capital Management LLC $5.9M 3.0M 5.7% ▲ 3.0%
Blackrock, Inc. $3.7M 1.8M 3.5% ▼ 64.3%
Jane Street Group, LLC $2.1M 1.0M 2.0% ▲ 3806.1%
Dimensional Fund Advisors LP $1.8M 912K 1.7% ▼ 26.2%
Geode Capital Management, LLC $1.8M 891K 1.7% ▼ 40.6%
Highmark Wealth Management LLC $1.7M 871K 1.7% ▼ 3.5%
Caption Management, LLC $1.5M 774K 1.5% ▲ 0.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Health Catalyst, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $105,610 1 trade by 1 insider, last 12 months Insider sales History → $200,554 2 trades by 2 insiders · 36% under pre-set plans
Net ▼ $94,944 net selling
Insider Date Trade Shares Price Value
Kohl Simeon Chief Executive Officer September 14, 2026 Buy 59,000 $1.79 $105,610
Landry Benjamin General Counsel December 5, 2025 Sell pre-set plan 27,425 $2.64 $72,402
Larson-Green Julie Director December 4, 2025 Sell 47,997 $2.67 $128,152

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 23, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 11, 2026
  • March 12, 2026
  • January 12, 2026
  • November 10, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Health Catalyst, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Health Catalyst, Inc. in brief

What does Health Catalyst, Inc. do?
Health Catalyst, Inc. is a US-listed company in the health care technology industry. Its financial year ends in December.
What is Health Catalyst, Inc.'s stock ticker?
Health Catalyst, Inc. trades under the ticker HCAT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Health Catalyst, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Health Catalyst, Inc. reported revenue of $292M, 7.5% lower than a year earlier, according to its SEC filings.
What is Health Catalyst, Inc.'s free cash flow?
Health Catalyst, Inc.'s free-cash-flow margin is 9.2% of revenue over the trailing twelve months, ranking 12 of the 22 health care technology companies we cover.
Who are Health Catalyst, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Light Asset Management, LLC, Cdc Financial, Inc. and Palogic Value Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Health Catalyst, Inc. buying back stock, and does it pay a dividend?
Health Catalyst, Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 10.3% over the year.
What is Health Catalyst, Inc.'s market cap?
On November 2, 2026, Health Catalyst, Inc.'s market capitalisation was about $114M and net debt of $99.4M. Market figures come from third-party market data and may be delayed.
How much debt does Health Catalyst, Inc. have?
Health Catalyst, Inc.'s debt-to-equity ratio is 152.2%, from its latest balance sheet (34.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Health Catalyst, Inc.'s competitors?
In our Health Care Technology peer group, the companies closest to Health Catalyst, Inc. are Healthstream Inc, Definitive Healthcare Corp., American Well Corp, Genedx Holdings Corp. and Phreesia, Inc. The side-by-side comparison below sets their revenue, margins and growth against Health Catalyst, Inc.'s.
Are insiders buying or selling Health Catalyst, Inc. stock?
Over the last 12 months, Health Catalyst, Inc.'s directors and officers reported 1 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Health Catalyst, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Health Catalyst, Inc. announces its own schedule.