Hinge Health, Inc. is a US-listed company in the health care technology industry. Its financial year ends in December.
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Not valued: the figures our models need are missing or failed our data-quality checks.
No model value: limited reported history: available models are shown without a Buy/Hold/Sell rating. How we value companies.
Hinge Health, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $720m. Free-cash-flow margin rose to 40.3% from 19.0% a year earlier. Operating margin widened to 13.0% from -114.5%. It passes 2 of our 2 financial-health checks.
Our models give no value for Hinge Health at present, so past values are not shown.
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.
Hinge Health, Inc.'s trailing-twelve-month revenue grew 49.8% year on year, with a free-cash-flow margin of 40.3%.
Current signal Net margin expanding: TTM net margin reached 15.1%, up 125.6pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to non-gaap income from operations of $61.00m to $63.00m for the Q3 2026; non-gaap operating margin of 28.00 for the Q3 2026.
We value Hinge Health, 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 1.15 times a 4.5% equity risk premium.
| 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: no revenue, margin or share count to start from |
| 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. | — | Does not apply: no positive consensus earnings for next year |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: no twelve-month earnings or share count in the filings yet |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: no twelve-month earnings or share count in the filings yet |
| 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. | — | Does not apply: no consensus revenue for next year |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| 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. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hinge Health, 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.
| At fiscal year end | 2025 |
|---|---|
| Share price | $46.45 |
| Market value | $2.5bn |
| + Net debt (− = net cash) | −$208m |
| Enterprise value | $2.3bn |
| Multiples | |
| Price / sales | 4.3x |
| Price / earnings | — |
| Price / free cash flow | 14.8x |
| EV / EBITDA | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $2.40 | −8% | $864m | +47% |
| Next | $3.06 | +27% | $1.1bn | +26% |
Next year's EPS estimate has moved −10.1% in 90 days, across 13 analysts.
The consensus EPS forecast for the current fiscal year is −7.7% on 90 days ago. In the last 30 days, 0 analysts raised Hinge Health, Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $2.60 | $3.40 |
| 60 days ago | $2.43 | $3.13 |
| 30 days ago | $2.40 | $3.06 |
| 7 days ago | $2.40 | $3.06 |
| Now | $2.40 | $3.06 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.60 | $0.71 | +19.0% |
| Jun 2026 | $0.61 | $0.59 | −4.1% |
| Mar 2026 | $0.40 | $0.45 | +13.3% |
| Dec 2025 | $0.43 | $0.49 | +15.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| HNGE | +149% |
| Industry peers (median) | −27% |
| S&P 500 | +11% |
| Months that ended higher | |
| HNGE | 73% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| HNGE | −37% |
| S&P 500 | −9% |
Worst fall since May 22, 2025: 49% from August 6, 2025 to February 6, 2026. Getting back needed a 94% gain, reached on June 1, 2026, 115 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +4.0% | +1.6% | +14.6% | +18.3% |
| May 5, 2026 | +12.2% | +2.2% | +12.9% | +28.8% |
| February 10, 2026 | +20.5% | −0.3% | +26.1% | +38.2% |
| November 4, 2025 | −9.8% | −0.8% | −12.0% | −1.4% |
| August 5, 2025 | +25.6% | +0.3% | +16.1% | +16.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY25 Q1 | $431.5M |
| FY25 Q2 | $480.8M |
| FY25 Q3 | $534.4M |
| FY25 Q4 | $587.9M |
| FY26 Q1 | $646.3M |
| FY26 Q2 | $720.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY25 Q1 | 2.9% |
| FY25 Q2 | -114.5% |
| FY25 Q3 | -103.4% |
| FY25 Q4 | -92.9% |
| FY26 Q1 | -81.6% |
| FY26 Q2 | 13.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY25 Q2 | 19.0% |
| FY25 Q3 | 27.2% |
| FY25 Q4 | 29.0% |
| FY26 Q1 | 32.3% |
| FY26 Q2 | 40.3% |
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 293 | 390 | 588 | 720 |
| Gross profit | 194 | 300 | 468 | 608 |
| EBITDA | −125 | −26 | −541 | 97 |
| Operating income | −131 | −32 | −546 | 94 |
| Net income | −108 | −12 | −528 | 109 |
| Diluted EPS | −$2.08 | −$0.22 | −$7.77 | — |
| Growth (year on year) | ||||
| Revenue | — | +33.4% | +50.6% | +49.8% |
| Margins | ||||
| Gross margin | 66.3% | 76.8% | 79.6% | 84.5% |
| EBITDA margin | −42.7% | −6.6% | −92.1% | 13.4% |
| Operating margin | −44.6% | −8.2% | −92.9% | 13.0% |
| Net margin | −36.9% | −3.1% | −89.9% | 15.1% |
| Free-cash-flow margin | −22.5% | 12.3% | 29.0% | 40.3% |
| Cash flow | ||||
| Cash from operations | −64 | 49 | 171 | 291 |
| Capital spending | 2 | 1 | 1 | 1 |
| Free cash flow | −66 | 48 | 171 | 290 |
| Stock-based pay | 2 | 1 | 643 | 83 |
| Free cash flow after stock pay | −68 | 47 | −472 | 207 |
| Balance sheet | ||||
| Cash | 235 | 301 | 208 | 286 |
| Total debt | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −235 | −301 | −208 | −286 |
| Diluted shares | 52m | 54m | 55m | — |
| Returned to shareholders | ||||
| Buybacks | 0 | 0 | 65 | — |
| Total returned | 0 | 0 | 65 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 101 | 117 | 124 | 139 | 154 | 171 | 182 | 213 |
| Gross profit | 79 | 96 | 100 | 98 | 126 | 144 | 154 | 184 |
| EBITDA | −3 | 22 | 14 | −580 | −6 | 28 | 33 | 41 |
| Operating income | −4 | 21 | 13 | −581 | −6 | 27 | 32 | 40 |
| Net income | 0 | 27 | 17 | −576 | −2 | 32 | 35 | 44 |
| Diluted EPS | $0.02 | $4.02 | $2.62 | −$13.10 | −$0.02 | $2.11 | $0.41 | $0.52 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | +54.9% | +53.3% | +45.6% | +47.2% | +53.0% |
| EBITDA | — | — | — | — | — | +27.8% | +130.2% | — |
| Operating income | — | — | — | — | — | +30.3% | +144.1% | — |
| Net income | — | — | — | — | — | +18.4% | +105.0% | — |
| Diluted EPS | — | — | — | — | — | −47.5% | −84.4% | — |
| Margins | ||||||||
| Gross margin | 78.8% | 81.9% | 80.9% | 70.3% | 81.8% | 84.4% | 84.6% | 86.4% |
| EBITDA margin | −3.3% | 19.0% | 11.7% | −417.2% | −3.8% | 16.7% | 18.2% | 19.1% |
| Operating margin | −3.8% | 17.8% | 10.6% | −417.5% | −4.0% | 16.0% | 17.6% | 19.0% |
| Net margin | 0.3% | 23.1% | 13.8% | −413.8% | −1.2% | 18.8% | 19.3% | 20.5% |
| Free-cash-flow margin | 27.9% | 32.6% | 3.9% | 14.4% | 53.4% | 37.2% | 23.6% | 47.6% |
| Cash flow | ||||||||
| Cash from operations | 28 | 38 | 5 | 20 | 82 | 64 | 43 | 101 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 28 | 38 | 5 | 20 | 82 | 63 | 43 | 101 |
| Stock-based pay | 0 | 0 | 0 | 591 | 35 | 17 | 12 | 19 |
| Free cash flow after stock pay | 28 | 38 | 5 | −571 | 47 | 46 | 31 | 82 |
| Last 12 months unless stated | HNGE | GDRX | DOCS | PHR | WGS | OMCL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $720m | $785m | $656m | $508m | $454m | $1.2bn | $307m |
| Revenue growth, last 12 months | 49.8% | −1.8% | 11.2% | 12.9% | 25.4% | 8.5% | 10.0% |
| Revenue growth, 3-year average | — | 1.8% | 14.5% | 16.7% | 24.3% | 0.3% | 0.8% |
| Revenue growth, latest quarter | 53.0% | −1.3% | 7.3% | 10.4% | 11.4% | 7.4% | 8.9% |
| Gross margin | 84.5% | — | 88.1% | — | 69.4% | 44.8% | 59.1% |
| Operating margin | 13.0% | 9.5% | 29.6% | 2.5% | −20.3% | 4.6% | −6.6% |
| Operating margin, 3-year average | — | 5.6% | 35.4% | −9.5% | −19.0% | 0.8% | −18.8% |
| Net margin | 15.1% | 2.1% | 25.5% | 2.1% | −23.4% | 3.1% | −9.4% |
| Cash from operations / revenue | 40.4% | 25.7% | 46.7% | 18.0% | −10.7% | 14.6% | 10.3% |
| Free-cash-flow margin | 40.3% | 25.1% | 46.7% | 15.9% | −16.7% | 11.4% | 9.9% |
| Free-cash-flow margin, 3-year average | — | 21.7% | 43.6% | 7.8% | −18.7% | 12.0% | 8.2% |
| Stock pay / revenue | 11.5% | 9.7% | 20.8% | 11.7% | 7.9% | 3.6% | 9.6% |
| Change in share count | — | −9.8% | −2.5% | 5.5% | 2.6% | −1.5% | 2.9% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $296M | 3.6M | 6.2% | ▲ 293.4% |
| 11.2 Capital Management, LLC | $205M | 2.5M | 4.2% | ▼ 33.5% |
| Vanguard Portfolio Management LLC | $178M | 2.1M | 3.7% | ▲ 52.1% |
| Deer Management Co. LLC | $158M | 1.9M | 3.3% | ▼ 27.5% |
| Vanguard Capital Management LLC | $157M | 1.9M | 3.3% | ▲ 52.8% |
| Two Sigma Investments, LP | $150M | 1.8M | 3.1% | ▲ 371.0% |
| Fuller & Thaler Asset Management, Inc. | $142M | 1.7M | 3.0% | ▲ 3.5% |
| Morgan Stanley | $134M | 1.6M | 2.8% | ▲ 63.1% |
| Franklin Resources Inc | $131M | 1.6M | 2.7% | ▲ 64.7% |
| Jane Street Group, LLC | $118M | 1.4M | 2.4% | ▲ 154.6% |
| Braidwell LP | $110M | 1.3M | 2.3% | ▼ 8.6% |
| Divisadero Street Capital Management, LP | $107M | 1.3M | 2.2% | ▲ 126.2% |
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 Hinge Health, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mecklenburg Gabriel M.I. Director | October 12, 2026 | Sell pre-set plan | 39,868 | $104.34 | $4.2M |
| Mecklenburg Gabriel M.I. Director | October 12, 2026 | Sell pre-set plan | 59,988 | $103.48 | $6.2M |
| Mecklenburg Gabriel M.I. Director | October 12, 2026 | Sell pre-set plan | 91,502 | $102.53 | $9.4M |
| Mecklenburg Gabriel M.I. Director | October 12, 2026 | Sell pre-set plan | 8,642 | $101.53 | $877,429 |
| Budge James Chief Financial Officer | October 12, 2026 | Sell pre-set plan | 9,420 | $104.33 | $982,836 |
| Budge James Chief Financial Officer | October 12, 2026 | Sell pre-set plan | 14,498 | $103.48 | $1.5M |
| Budge James Chief Financial Officer | October 12, 2026 | Sell pre-set plan | 21,702 | $102.54 | $2.2M |
| Budge James Chief Financial Officer | October 12, 2026 | Sell pre-set plan | 2,100 | $101.53 | $213,207 |
| Perez Daniel Antonio CEO & Co-Founder | October 6, 2026 | Sell pre-set plan | 4,100 | $100.20 | $410,811 |
| Pursley James President | September 21, 2026 | Sell pre-set plan | 9,065 | $93.37 | $846,399 |
| Pursley James President | September 21, 2026 | Sell pre-set plan | 23,135 | $94.40 | $2.2M |
| Pursley James President | September 21, 2026 | Sell pre-set plan | 800 | $95.10 | $76,080 |
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.
Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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