undamentalytics Newsletter
Sign in

Healthstream Inc (HSTM) stock

Add to watchlist

Add holding +

NASDAQ: HSTM Nasdaq Health Care Technology Next results ~February 22, 2027

B+ Fundamentals grade

Healthstream 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

Fair value per share

~$49

Cash-flow model

Base case. Range ~$37–$64 across our lower- and higher-growth cases (2.1%–12.1% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 53% above it.

Price used: $31.93, November 3, 2026

Healthstream 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.

  • Insiders0 buying, 5 selling0 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds121 adding, 81 cuttingOf 35 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Healthstream files

Where Healthstream stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $321m, up 8.8% on a year earlier, faster than the 6.6% growth a quarter earlier. Free-cash-flow margin rose to 21.7% from 19.8% a year earlier. The diluted share count is down 3.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $49.63 a share, against a share price of $33.72. At that price, our model says the market is pricing in no cash-flow growth for five years, slower than the 4.6% a year revenue growth it has delivered.

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 ~February 22, 2027 (estimated)

Healthstream Inc's trailing-twelve-month revenue grew 8.8% year on year, with a free-cash-flow margin of 21.7%. Where it stands out: change in share count of -3.3% ranks 3 of 19 health care technology companies we cover.

Our discounted-cash-flow model values the business at ~$49 per share in the base case (~$37–$64 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 19.3% while net income grew 4.2%: a 15pp divergence.

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

  • Priced below our value. The share price of $34.58 is 41% below our value per share of $49.
  • Strong cash generation. 21.7% of revenue turned into free cash flow, against a median of 10.6% for health care technology companies we cover.
  • Shrinking share count. Diluted shares fell 3.3% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 48 times the last 12 months' earnings, so expectations are demanding.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.19 against an average estimate of $0.14: beat by 29.4%
Revenue
$84m, up 12.5% on a year earlier
Share reaction
+6.3% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Guidance given
revenue $327m to $332m (Full Year 2026 Guidance); net Income $19.5m to $22.2m (Full Year 2026 Guidance)
Next report
November 2, 2026; average EPS estimate $0.15

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

Price chart

  • 1 day-7.7%
  • 1 week-6.6%
  • 1 month+3.6%
  • This year+50.5%
  • 1 year+26.8%
  • 5 years+18.7%
  • 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)
$321M
Operating margin
8.0%
Net margin
6.6%
EPS (TTM, diluted)
$0.72

Growth

Revenue growth
+8.8%
Change in growth rate
+2.1 pts
Share count change
−3.3%

Cash

Free cash flow (TTM)
$69.8M
FCF margin
21.7%
Stock pay % of revenue
2.7%

Earnings

Last results
November 2, 2026
Next results (est.)
February 22, 2027

News & updates

Updated November 2, 2026

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

  1. Results
  2. Leadership
  3. Agreement
  4. Agreement
  5. Insider trade
  6. Results
  7. Guidance
  8. Announcement

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

Healthstream Inc valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.1% a year for five years.That is slower than the 4.6% a year revenue growth Healthstream has delivered.

  • Priced in-1.1%
  • Last 12 months8.8%
  • 3 years a year5.4%
  • 5 years a year4.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($31.93, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$49
Price used
$31.93close November 3, 2026
Implied change
▲ +53%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Healthstream Inc's free cash flow after stock-based pay with after-tax interest added back ($62.4M, FY2026 Q2 TTM), growing 5.7% and 6.6% in the next two years (forecasts, guidance and its record), then back to 7.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$37–~$64 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Healthstream Inc's free cash flow after stock-based pay ( $62.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Healthstream Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$49 ~$37–$64 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$19 ~$22–$30 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.3 ~$4.0–$9.7 Left out: out of range vs price (0.18x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$3.2 ~$2.7–$3.8 Left out: out of range vs price (0.09x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) 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. ~$39 ~$19–$49 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Healthstream 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.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +9%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $33$44$59$78$103$136
8.5% $26$34$44$58$76$99
10% $22$28$36$46$60$77

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$20.75$23.63$21.84$23.75$26.75$21.48$25.92$24.42$26.69$31.52$22.97$34.58
Market value$632m$758m$703m$768m$867m$687m$820m$750m$819m$963m$692m$1.0bn
+ Net debt (− = net cash)−$82m−$50m−$85m−$134m−$132m−$37m−$47m−$46m−$40m−$59m−$36m−$46m
Enterprise value$550m$708m$619m$634m$736m$650m$773m$704m$778m$903m$656m$976m
Multiples
Price / sales 3.0x3.9x3.3x3.3x3.4x2.8x3.2x2.8x2.9x3.3x2.3x3.2x
Price / earnings 73.3xn/m70.3x23.8x55.0x48.8x140.2x62.1x53.8x48.1x37.8x48.2x
Price / free cash flow 23.5x39.0x17.1x21.3x19.9x20.3x21.0x15.2x13.3x17.1x11.6x14.6x
EV / EBITDA 18.0x25.7x18.5x15.9x17.3x14.1x17.2x14.0x13.6x14.4x10.3x13.9x

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

55 /100

Moderate moat

How hard Healthstream's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.3% of total assets over 10 years.

  • Durability 8 / 20

    Operating margin has been a median 5.8%; its worst year was 3.2%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 17.2% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.7% over five years; stock-based pay has been a median 1.4% 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 (60 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.73 +4% $329m +8%
Next $0.89 +21% $345m +5%

Next year's EPS estimate has moved +2.3% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.0% on 90 days ago. In the last 30 days, 0 analysts raised Healthstream Inc's forecast and 0 cut it.

Consensus EPS forecast Healthstream Inc, last 90 days
$0.70 $0.75 $0.80 $0.85 $0.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.79 Current fiscal year, 60 days ago: $0.73 Current fiscal year, 30 days ago: $0.73 Current fiscal year, 7 days ago: $0.73 Current fiscal year, Now: $0.73 $0.73 Next fiscal year, 90 days ago: $0.86 Next fiscal year, 60 days ago: $0.89 Next fiscal year, 30 days ago: $0.89 Next fiscal year, 7 days ago: $0.89 Next fiscal year, Now: $0.89 $0.89

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.79$0.86
60 days ago $0.73$0.89
30 days ago $0.73$0.89
7 days ago $0.73$0.89
Now $0.73$0.89

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.14 $0.19 +29.4%
Jun 2026 $0.18 $0.23 +27.8%
Mar 2026 $0.17 $0.20 +17.6%
Dec 2025 $0.17 $0.18 +2.9%

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

Management guidance

Earnings release, August 3, 2026
  • Revenue Full Year 2026 Guidance $327m to $332m Raised
    “Revenue 1 $ 327.0 - $ 332.0 million” source
  • Net Income Full Year 2026 Guidance $19.5m to $22.2m GAAP Lowered
    “Net Income 2 $ 19.5 - $ 22.2 million” source
  • Adjusted EBITDA Full Year 2026 Guidance $74m to $78m Non-GAAP Raised
    “Adjusted EBITDA 3 $ 74.0 - $ 78.0 million” source
  • Capital Expenditures Full Year 2026 Guidance $31m to $34m
    “Capital Expenditures $ 31.0 - $ 34.0 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.

How our valuation uses these forecasts

Our cash-flow model grows Healthstream Inc's revenue by +5.7% next year and +6.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.0%, weight 25%) , management guidance (+5.0%, weight 45%) and the company's own record (+7.1%, weight 30%) . How the weights are set.

Analyst recommendations

6 analysts, Nov 2026
Buy233%
Hold467%
Sell00%

Monthly trend

  1. Nov 2026246
  2. Oct 2026235
  3. Sep 2026235

Counts of recommendations published by analysts covering Healthstream 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
6.0%
of tradable shares
Days to cover
6.52
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
29.5%
of shares
Employees
1,139
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 +41.4%

$24.46 on October 31, 2025 to $34.58

ThenNowEffect
Revenue (last 12 months) $295m $321m +8.8%
Net margin 6.9% 6.6% −4.2%
P/E multiple 36.8x 48.2x +31.2%
Share count 31m 30m +3.4%

Biggest factor: p/e multiple.

Last 3 years +36.9%

$25.25 on November 3, 2023 to $34.58

ThenNowEffect
Revenue (last 12 months) $274m $321m +17.2%
Net margin 4.7% 6.6% +40.5%
P/E multiple 60.2x 48.2x −19.9%
Share count 31m 30m +3.8%

Biggest factor: net margin.

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
HSTM+21%−6%+9%+18%−27%+51%
Industry peers (median)−14%−67%−25%−24%−28%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HSTM67%42%50%50%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HSTM−24%−28%−25%−13%−32%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 43% from August 31, 2018 to October 28, 2020. Getting back needed a 75% gain, reached on November 7, 2024, 1471 days after the low.

Price behaviour

52-week range
$19.79 – $35.16
From 52-week high
−1.6%
vs 50-day average
+11.4%
vs 200-day average
+35.1%
Volatility (1 year)
32%
Beta vs S&P 500
0.18

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
7 up, 4 down
typical move ±7.0%
After a week
7 up, 4 down
typical move ±4.9%
After a month
7 up, 4 down
typical move ±8.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +6.3% +3.3% +4.7% +5.9%
May 4, 2026 +17.6% +0.4% +11.6% +18.6%
February 23, 2026 +8.6% −0.3% +5.0% +3.2%
November 3, 2025 +5.8% −1.0% −0.2% +1.5%
August 4, 2025 +0.4% +1.0% +1.2% +9.5%
May 5, 2025 −21.3% −1.4% −19.4% −16.7%
February 24, 2025 −1.6% −1.0% +1.7% −2.6%
October 21, 2024 +4.3% −0.2% +0.4% +11.9%
July 22, 2024 −3.0% +0.9% −3.2% −6.8%
April 22, 2024 +6.3% +2.1% +4.5% +10.5%
February 20, 2024 −1.8% −0.5% −2.5% −2.7%

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.

Options strategies

All options ideas

How Healthstream Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Healthstream Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

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) Healthstream Inc
$260M $280M $300M $320M $340M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $277M Revenue (TTM), FY23 Q4: $279.1M Revenue (TTM), FY24 Q1: $282.9M Revenue (TTM), FY24 Q2: $285.2M Revenue (TTM), FY24 Q3: $288M Revenue (TTM), FY24 Q4: $291.6M Revenue (TTM), FY25 Q1: $292.4M Revenue (TTM), FY25 Q2: $295.2M Revenue (TTM), FY25 Q3: $298.6M Revenue (TTM), FY25 Q4: $304.1M Revenue (TTM), FY26 Q1: $311.8M Revenue (TTM), FY26 Q2: $321.1M $321.1M

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

View chart data
Period Revenue (TTM)
FY23 Q3 $277M
FY23 Q4 $279.1M
FY24 Q1 $282.9M
FY24 Q2 $285.2M
FY24 Q3 $288M
FY24 Q4 $291.6M
FY25 Q1 $292.4M
FY25 Q2 $295.2M
FY25 Q3 $298.6M
FY25 Q4 $304.1M
FY26 Q1 $311.8M
FY26 Q2 $321.1M
Revenue growth, TTM YoY Healthstream Inc
2% 4% 6% 8% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.5% Revenue growth, TTM YoY, FY23 Q4: 4.6% Revenue growth, TTM YoY, FY24 Q1: 4.6% Revenue growth, TTM YoY, FY24 Q2: 4.1% Revenue growth, TTM YoY, FY24 Q3: 4.0% Revenue growth, TTM YoY, FY24 Q4: 4.5% Revenue growth, TTM YoY, FY25 Q1: 3.4% Revenue growth, TTM YoY, FY25 Q2: 3.5% Revenue growth, TTM YoY, FY25 Q3: 3.7% Revenue growth, TTM YoY, FY25 Q4: 4.3% Revenue growth, TTM YoY, FY26 Q1: 6.6% Revenue growth, TTM YoY, FY26 Q2: 8.8% 8.8%

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

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.5%
FY23 Q4 4.6%
FY24 Q1 4.6%
FY24 Q2 4.1%
FY24 Q3 4.0%
FY24 Q4 4.5%
FY25 Q1 3.4%
FY25 Q2 3.5%
FY25 Q3 3.7%
FY25 Q4 4.3%
FY26 Q1 6.6%
FY26 Q2 8.8%
Operating margin (TTM) Healthstream Inc
5% 6% 7% 8% 9% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.4% Operating margin (TTM), FY23 Q4: 5.7% Operating margin (TTM), FY24 Q1: 6.7% Operating margin (TTM), FY24 Q2: 6.7% Operating margin (TTM), FY24 Q3: 7.2% Operating margin (TTM), FY24 Q4: 7.3% Operating margin (TTM), FY25 Q1: 6.8% Operating margin (TTM), FY25 Q2: 7.3% Operating margin (TTM), FY25 Q3: 7.5% Operating margin (TTM), FY25 Q4: 6.7% Operating margin (TTM), FY26 Q1: 7.5% Operating margin (TTM), FY26 Q2: 8.0% 8.0%

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

View chart data
Period Operating margin (TTM)
FY23 Q3 5.4%
FY23 Q4 5.7%
FY24 Q1 6.7%
FY24 Q2 6.7%
FY24 Q3 7.2%
FY24 Q4 7.3%
FY25 Q1 6.8%
FY25 Q2 7.3%
FY25 Q3 7.5%
FY25 Q4 6.7%
FY26 Q1 7.5%
FY26 Q2 8.0%
FCF margin (TTM) Healthstream Inc
19% 20% 21% 22% 23% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 20.3% FCF margin (TTM), FY23 Q4: 22.1% FCF margin (TTM), FY24 Q1: 22.0% FCF margin (TTM), FY24 Q2: 22.5% FCF margin (TTM), FY24 Q3: 20.4% FCF margin (TTM), FY24 Q4: 19.3% FCF margin (TTM), FY25 Q1: 21.2% FCF margin (TTM), FY25 Q2: 19.8% FCF margin (TTM), FY25 Q3: 19.3% FCF margin (TTM), FY25 Q4: 19.6% FCF margin (TTM), FY26 Q1: 19.2% FCF margin (TTM), FY26 Q2: 21.7% 21.7%

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

View chart data
Period FCF margin (TTM)
FY23 Q3 20.3%
FY23 Q4 22.1%
FY24 Q1 22.0%
FY24 Q2 22.5%
FY24 Q3 20.4%
FY24 Q4 19.3%
FY25 Q1 21.2%
FY25 Q2 19.8%
FY25 Q3 19.3%
FY25 Q4 19.6%
FY26 Q1 19.2%
FY26 Q2 21.7%

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

Where the money goes

FY2025, from the 10-K

Each dollar Healthstream took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $304M
  2. Other income $3M · 1.0%
  3. Research and development $51M · 16.8%
  4. Selling, general and admin $49.4M · 16.2%
  5. Other operating costs $183M · 60.3%
  6. Operating income $20.2M · 6.7%
  7. Income tax $4.9M · 1.6%
  8. Net income $18.3M · 6.0%

Shares of revenue. Source: Healthstream's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 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 57 66 82 104 132 171 209 192 215 232 254 245 257 267 279 292 304 321
Gross profit 36 42 51 62 — — — — — — — — — — — — — —
EBITDA 10 12 17 20 23 27 31 28 33 40 43 46 45 50 57 63 64 70
Operating income 5 7 11 13 15 16 14 7 9 15 15 16 8 12 16 21 20 26
Net income 14 4 7 8 8 10 9 4 10 32 16 14 6 12 15 20 18 21
Diluted EPS $0.64 $0.18 $0.29 $0.28 $0.30 $0.37 $0.28 $0.12 $0.31 $1.00 $0.49 $0.44 $0.18 $0.39 $0.50 $0.66 $0.61 $0.72
Growth (year on year)
Revenue — +14.6% +24.8% +26.4% +27.5% +29.0% +22.4% −8.1% +11.9% +7.8% +9.7% −3.7% +4.9% +3.9% +4.6% +4.5% +4.3% +8.8%
EBITDA — +16.4% +40.3% +20.1% +11.9% +21.3% +11.9% −9.9% +21.5% +18.7% +7.2% +8.0% −2.5% +12.3% +13.3% +9.5% +1.9% +10.5%
Operating income — +37.8% +60.6% +18.7% +9.0% +11.7% −17.2% −47.1% +31.2% +64.7% −5.0% +7.5% −49.1% +54.5% +28.7% +32.9% −4.9% +20.3%
Net income — −70.3% +67.2% +10.1% +10.1% +23.5% −17.1% −56.4% — +222.0% −51.1% −10.6% −58.5% +106.9% +25.8% +31.5% −8.3% +4.2%
Diluted EPS — −71.9% +61.1% −3.4% +7.1% +23.3% −24.3% −57.1% — +222.6% −51.0% −10.2% −59.1% +116.7% +28.2% +32.0% −7.6% +7.8%
Margins
Gross margin 62.8% 63.2% 62.1% 59.8% — — — — — — — — — — — — — —
EBITDA margin 17.9% 18.2% 20.4% 19.4% 17.0% 16.0% 14.6% 14.3% 15.6% 17.1% 16.8% 18.8% 17.5% 18.9% 20.5% 21.4% 21.0% 21.9%
Operating margin 8.9% 10.7% 13.8% 13.0% 11.1% 9.6% 6.5% 3.7% 4.4% 6.7% 5.8% 6.5% 3.1% 4.7% 5.7% 7.3% 6.7% 8.0%
Net margin 24.3% 6.3% 8.5% 7.4% 6.4% 6.1% 4.1% 2.0% 4.7% 13.9% 6.2% 5.8% 2.3% 4.5% 5.5% 6.9% 6.0% 6.6%
Free-cash-flow margin 17.0% 20.5% 19.1% 17.6% 16.5% 17.4% 12.8% 10.1% 19.2% 15.6% 17.2% 13.8% 15.2% 18.5% 22.1% 19.3% 19.6% 21.7%
Cash flow
Cash from operations 12 16 20 23 26 34 35 24 47 43 66 36 42 51 64 58 63 72
Capital spending 2 3 4 4 4 5 8 5 6 7 22 2 3 2 2 1 4 2
Free cash flow 10 13 16 18 22 30 27 19 41 36 44 34 39 49 62 56 60 70
Stock-based pay 1 1 1 1 1 2 3 2 2 2 4 2 5 4 4 4 8 9
Free cash flow after stock pay 9 13 15 17 20 28 24 18 39 34 39 32 34 46 58 52 51 61
Balance sheet
Cash 12 18 77 41 60 82 82 50 85 134 132 37 47 46 40 59 36 46
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −12 −18 −77 −41 −60 −82 −82 −50 −85 −134 −132 −37 −47 −46 −40 −59 −36 −46
Diluted shares — 22m 24m 28m 28m 28m 30m 32m 32m 32m 32m 32m 32m 31m 31m 31m 30m 30m
Returned to shareholders
Dividends — — — — — — — — — 32 0 0 0 0 3 3 4 4
Buybacks — 0 — — — — — — — — 0 20 5 23 9 0 30 21
Total returned — 0 — — — — — — — 32 0 20 5 23 12 3 34 25

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

1 of 1 checks passed · June 30, 2026
What it owns · $522m
Short-term assets $130mLonger-term assets $391m
What it owes, and who funded it · $479m
Short-term liabilities $123mShareholders' equity $357m
  • Short-term assets cover short-term liabilities $130m of assets due within a year against $123m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Healthstream 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)
$21.2M
Dividends (TTM)
$3.9M
Returned to shareholders
36%
of free cash flow
Buybacks, last 3 fiscal years
$39M
Diluted share count
−3.3%
year over year
Total shareholder yield
2.5%
dividends 0.4% + buybacks 2.1% of market value
Dividend payout ratio
18%
of net income paid out
R&D spending
16.8%
of revenue
Days sales outstanding
35 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care technology
Last 12 months unless stated HSTM HCAT DH WGS AMWL PHR Median
Revenue, last 12 months $321m $292m $233m $454m $219m $508m $292m
Revenue growth, last 12 months 8.8% −7.5% −5.0% 25.4% −19.0% 12.9% 8.8%
Revenue growth, 3-year average 5.4% 0.9% −0.8% 24.3% −7.4% 16.7% 0.8%
Revenue growth, latest quarter 12.5% −12.7% −9.1% 11.4% −26.6% 10.4% 7.4%
Gross margin 59.1% — 75.2% 69.4% — — 58.6%
Operating margin 8.0% −84.4% −104.6% −20.3% −37.3% 2.5% −12.5%
Operating margin, 3-year average 7.3% −48.1% −194.0% −19.0% −72.7% −9.5% −18.8%
Net margin 6.6% −90.6% −72.3% −23.4% −35.7% 2.1% −12.5%
Cash from operations / revenue 22.4% 9.7% 17.8% −10.7% −12.1% 18.0% 9.7%
Free-cash-flow margin 21.7% 9.2% 12.3% −16.7% −12.1% 15.9% 9.2%
Free-cash-flow margin, 3-year average 21.4% 1.7% 15.3% −18.7% −34.5% 7.8% 8.2%
Stock pay / revenue 2.7% 6.0% 10.9% 7.9% 5.9% 11.7% 9.5%
Change in share count −3.3% 10.3% −7.4% 2.6% 6.2% 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 8.8% 8.8% 12 of 23
Change in growth rate Growth +2.1pp -0.3pp 8 of 23
Operating margin Profitability 8.0% -6.6% 7 of 22
Net margin Profitability 6.6% -12.5% 5 of 23
Free-cash-flow margin Cash generation 21.7% 10.6% 4 of 22
Stock pay as % of revenue Cash generation 2.7% 9.7% 4 of 22
Change in share count Balance sheet -3.3% 2.6% 3 of 19
Days sales outstanding Balance sheet 35 days 58 days 4 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
Products and services
Line of business Revenue Share YoY
Subscription Services $294M 96.6% ▲ 4.7%
Professional Services $10.4M 3.4% ▼ 7.9%

From Healthstream Inc's 10-K filed February 27, 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
$621M
Institutions reporting
218
Shares held vs prior quarter
▲ 6.0%
Positions opened / closed
42 / 19

Top buyers and sellers, Q2 2026: 121 institutions bought and 81 sold ; the biggest buyer was First Eagle Investment Management, LLC (+758K shares) and the biggest seller Robeco Institutional Asset Management B.V (−303K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $111M 4.1M 17.9% ▲ 5.9%
Dimensional Fund Advisors LP $42.5M 1.6M 6.8% ▲ 7.0%
Copeland Capital Management, LLC $34M 1.2M 5.5% ▼ 2.2%
First Eagle Investment Management, LLC $32.3M 1.2M 5.2% ▲ 178.1%
Vanguard Capital Management LLC $28.5M 1.0M 4.6% ▼ 0.3%
State Street Corp $27.4M 1.0M 4.4% ▲ 0.9%
Vanguard Portfolio Management LLC $24M 881K 3.9% ▼ 4.5%
Two Sigma Investments, LP $22M 806K 3.5% ▼ 4.6%
Geode Capital Management, LLC $21.2M 779K 3.4% ▲ 9.0%
Goldman Sachs Group Inc $18.1M 666K 2.9% ▲ 142.6%
Jpmorgan Chase & Co $17.2M 636K 2.8% ▲ 40.1%
Acadian Asset Management LLC $15.6M 572K 2.5% ▲ 64.0%

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 Healthstream Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $5.2M 9 trades by 5 insiders · 14% under pre-set plans
Net ▼ $5.2M net selling
Insider Date Trade Shares Price Value
Rebrovick Linda Director October 23, 2026 Sell pre-set plan 12,000 $35.00 $420,000
Frist Robert A Jr CEO and Chairman September 14, 2026 Sell 144,068 $29.50 $4.3M
Rebrovick Linda Director July 6, 2026 Sell pre-set plan 6,000 $29.00 $174,000
Rebrovick Linda Director June 1, 2026 Sell pre-set plan 2,000 $25.00 $50,000
Rebrovick Linda Director May 28, 2026 Sell pre-set plan 2,000 $25.00 $50,000
O'Hara Kevin P Executive Vice President May 20, 2026 Sell 3,000 $24.08 $72,240
Cunningham Jeff Chief Technology Officer December 10, 2025 Sell 2,100 $24.09 $50,589
O'Hara Kevin P Executive Vice President December 8, 2025 Sell 2,000 $24.26 $48,520
Taylor Tate Deborah Director November 26, 2025 Sell 1,580 $25.46 $40,227

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.

Trades by members of Congress

All 1 trade and filings

No trades in Healthstream Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Greg Gianforte(MT):Sale (full), $50,001 - $100,000, traded June 7, 2018, filed June 15, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 22, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 23, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Healthstream 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.

Healthstream Inc in brief

What does Healthstream Inc do?
Healthstream Inc is a US-listed company in the health care technology industry. Its financial year ends in December.
What is Healthstream Inc's stock ticker?
Healthstream Inc trades under the ticker HSTM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Healthstream Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Healthstream Inc reported revenue of $321M, 8.8% higher than a year earlier, according to its SEC filings.
What is Healthstream Inc's free cash flow?
Healthstream Inc's free-cash-flow margin is 21.7% of revenue over the trailing twelve months, ranking 4 of the 22 health care technology companies we cover.
What is Healthstream Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Healthstream Inc's free cash flow after stock-based pay gives ~$49 per share in the base case, and ~$37–$64 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Healthstream Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Copeland Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Healthstream Inc buying back stock, and does it pay a dividend?
Healthstream Inc spent $21.2M on share repurchases over the trailing twelve months, and its diluted share count fell 3.3% over the year.
What is Healthstream Inc's market cap?
On November 2, 2026, Healthstream Inc's market capitalisation was about $1B, with a price-to-earnings ratio of 48.2 and net debt of -$46.2M. Market figures come from third-party market data and may be delayed.
Does Healthstream Inc pay a dividend?
Yes: Healthstream Inc paid $3.9M in dividends over the trailing twelve months, a dividend yield of 0.38% and a payout ratio of 18.2%.
Who are Healthstream Inc's competitors?
In our Health Care Technology peer group, the companies closest to Healthstream Inc are Health Catalyst, Inc., Definitive Healthcare Corp., Genedx Holdings Corp., American Well Corp and Phreesia, Inc. The side-by-side comparison below sets their revenue, margins and growth against Healthstream Inc's.
Are insiders buying or selling Healthstream Inc stock?
Over the last 12 months, Healthstream Inc's directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Healthstream Inc's next earnings date?
Around February 22, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Healthstream Inc announces its own schedule.