What is Health Catalyst's earnings per share (EPS)?

Health Catalyst (HCAT) reported diluted earnings per share of $-2.55 for fiscal year 2025. This represents a -121.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Health Catalyst Financials

HCAT

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Health Catalyst (HCAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 31/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Health Catalyst has an operating margin of -51.7%, meaning the company retains $-52 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -22.8% the prior year.

Growth

Health Catalyst's revenue grew a modest 1.5% year-over-year to $311.1M. This slow but positive growth earns a score of 36/100.

Leverage

Health Catalyst carries a low D/E ratio of 0.62, meaning only $0.62 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Health Catalyst's current ratio of 1.89 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Health Catalyst generated $731K in operating cash flow, capex of $968K consumed most of it, leaving -$237K in free cash flow. This results in a low score of 25/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Health Catalyst generates a -72.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -19.0% the prior year.

Piotroski F-Score Neutral

5/9

Health Catalyst passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.00x

For every $1 of reported earnings, Health Catalyst generates $-0.00 in operating cash flow ($731K OCF vs -$178.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$311.1M

YoY+1.5%

5Y CAGR+10.5%

Health Catalyst generated $311.1M in revenue in fiscal year 2025. This represents an increase of 1.5% from the prior year.

EBITDA

-$110.4M

YoY-288.9%

Health Catalyst's EBITDA was -$110.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 288.9% from the prior year.

Net Income

-$178.0M

YoY-156.1%

Health Catalyst reported -$178.0M in net income in fiscal year 2025. This represents a decrease of 156.1% from the prior year.

EPS (Diluted)

$-2.55

YoY-121.7%

Health Catalyst earned $-2.55 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 121.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$237K

YoY-101.8%

Health Catalyst generated -$237K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 101.8% from the prior year.

Cash & Debt

$50.8M

YoY-79.6%

5Y CAGR-11.2%

Health Catalyst held $50.8M in cash against $151.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

72M

YoY+12.5%

5Y CAGR+10.7%

Health Catalyst had 72M shares outstanding in fiscal year 2025. This represents an increase of 12.5% from the prior year.

Margins & Returns

Gross Margin

48.8%

YoY+2.8pp

5Y CAGR+0.7pp

Health Catalyst's gross margin was 48.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.8 percentage points from the prior year.

Operating Margin

-51.7%

YoY-28.9pp

5Y CAGR-0.8pp

Health Catalyst's operating margin was -51.7% in fiscal year 2025, reflecting core business profitability. This is down 28.9 percentage points from the prior year.

Net Margin

-57.2%

YoY-34.5pp

5Y CAGR+3.7pp

Health Catalyst's net profit margin was -57.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 34.5 percentage points from the prior year.

Return on Equity

-72.4%

YoY-53.4pp

5Y CAGR-30.7pp

Health Catalyst's ROE was -72.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 53.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$49.8M

YoY-14.1%

5Y CAGR-1.4%

Health Catalyst invested $49.8M in research and development in fiscal year 2025. This represents a decrease of 14.1% from the prior year.

Share Buybacks

$5.0M

Health Catalyst spent $5.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$968K

YoY-40.1%

5Y CAGR-34.1%

Health Catalyst invested $968K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 40.1% from the prior year.

HCAT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$311.1M+1.5%	$306.6M+3.6%	$295.9M+7.1%	$276.2M+14.2%	$241.9M+28.1%	$188.8M
Cost of Revenue	$159.5M-3.8%	$165.8M+1.0%	$164.1M+14.7%	$143.0M+15.0%	$124.4M+26.8%	$98.1M
Gross Profit	$151.7M+7.7%	$140.8M+6.8%	$131.8M-1.0%	$133.2M+13.3%	$117.6M+29.5%	$90.8M
R&D Expenses	$49.8M-14.1%	$58.0M-20.2%	$72.6M-4.0%	$75.7M+20.6%	$62.7M+17.2%	$53.5M
SG&A Expenses	$49.6M-12.8%	$56.8M-25.8%	$76.6M+24.1%	$61.7M-28.2%	$85.9M+45.1%	$59.2M
Operating Income	-$160.9M-130.4%	-$69.8M+45.0%	-$126.9M+9.4%	-$140.0M+2.5%	-$143.7M-49.4%	-$96.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$716K+115.0%	$333K-6.5%	$356K+108.3%	-$4.3M+38.0%	-$6.9M-477.7%	-$1.2M
Net Income	-$178.0M-156.1%	-$69.5M+41.2%	-$118.1M+14.0%	-$137.4M+10.3%	-$153.2M-33.2%	-$115.0M
EPS (Diluted)	$-2.55-121.7%	$-1.15+45.0%	$-2.09+20.5%	$-2.63+18.6%	$-3.23-11.0%	$-2.91

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$74.7M-2.2%	$76.3M-5.4%	$80.7M+1.6%	$79.4M-0.2%	$79.6M+4.3%	$76.4M+0.6%	$75.9M+1.6%	$74.7M
Cost of Revenue	$35.3M-8.3%	$38.5M-9.4%	$42.5M-1.6%	$43.2M-3.9%	$44.9M+6.1%	$42.3M+5.6%	$40.1M+4.0%	$38.5M
Gross Profit	$37.1M-7.6%	$40.1M+4.9%	$38.2M+5.5%	$36.2M+11.7%	$32.4M-10.6%	$36.3M+1.2%	$35.8M-1.0%	$36.2M
R&D Expenses	$9.9M-19.3%	$12.3M-0.9%	$12.4M-18.4%	$15.2M+1.2%	$15.0M+5.7%	$14.2M+2.2%	$13.9M-6.6%	$14.9M
SG&A Expenses	$11.0M-31.3%	$16.1M+94.0%	$8.3M-41.5%	$14.2M-9.7%	$15.7M+28.4%	$12.2M-15.0%	$14.4M-1.4%	$14.6M
Operating Income	-$86.1M-391.6%	-$17.5M+52.8%	-$37.1M-83.9%	-$20.2M-15.3%	-$17.5M-27.9%	-$13.7M+13.4%	-$15.8M+30.7%	-$22.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$379K+824.4%	$41K-49.4%	$81K-62.3%	$215K-65.6%	$625K+231.6%	-$475K-778.6%	$70K-38.1%	$113K
Net Income	-$91.0M-309.5%	-$22.2M+45.8%	-$41.0M-72.6%	-$23.7M-14.8%	-$20.7M-40.4%	-$14.7M-9.0%	-$13.5M+34.3%	-$20.6M
EPS (Diluted)	N/A	$-0.32+45.8%	$-0.59-68.6%	$-0.35	N/A	$-0.24-4.3%	$-0.23+34.3%	$-0.35

HCAT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$502.6M-41.5%	$858.9M+22.4%	$701.8M-6.7%	$752.3M-9.6%	$832.1M+44.0%	$577.7M
Current Assets	$169.3M-63.6%	$465.6M+18.4%	$393.4M-8.0%	$427.8M-15.9%	$508.4M+54.2%	$329.8M
Cash & Equivalents	$50.8M-79.6%	$249.6M+134.9%	$106.3M-8.6%	$116.3M-39.8%	$193.2M+110.1%	$92.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$59.1M+3.4%	$57.2M-5.2%	$60.3M+25.7%	$48.0M-1.7%	$48.8M+1.0%	$48.3M
Goodwill	$209.1M-19.5%	$259.8M+36.2%	$190.7M+2.5%	$186.0M+9.4%	$170.0M+57.6%	$107.8M
Total Liabilities	$256.9M-48.0%	$493.7M+47.4%	$334.9M+2.3%	$327.3M+5.6%	$310.0M+2.8%	$301.6M
Current Liabilities	$89.6M-72.5%	$325.9M+266.0%	$89.0M+7.9%	$82.5M-11.3%	$93.1M+5.7%	$88.0M
Long-Term Debt	$151.6M+0.3%	$151.2M-33.7%	$228.0M+0.7%	$226.5M+25.2%	$180.9M+7.1%	$169.0M
Total Equity	$245.8M-32.7%	$365.2M-0.5%	$366.9M-13.7%	$425.0M-18.6%	$522.1M+89.1%	$276.1M
Retained Earnings	-$1.4B-15.0%	-$1.2B-6.2%	-$1.1B-11.8%	-$999.0M-13.7%	-$878.9M-21.1%	-$725.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$502.6M-14.4%	$587.1M-4.7%	$616.2M-30.9%	$891.5M+3.8%	$858.9M+5.6%	$813.0M+17.5%	$691.7M-0.5%	$695.1M
Current Assets	$169.3M+2.4%	$165.4M-8.4%	$180.6M-57.3%	$422.7M-9.2%	$465.6M+1.8%	$457.4M+21.6%	$376.1M-5.3%	$397.1M
Cash & Equivalents	$50.8M+26.1%	$40.3M-20.5%	$50.7M-85.2%	$342.0M+37.0%	$249.6M-24.0%	$328.3M+62.6%	$201.9M+0.3%	$201.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$59.1M-1.6%	$60.1M-12.1%	$68.4M+6.8%	$64.0M+12.0%	$57.2M+10.7%	$51.6M-5.9%	$54.9M+1.9%	$53.9M
Goodwill	$209.1M-26.8%	$285.6M-0.2%	$286.1M-8.7%	$313.4M+20.6%	$259.8M+10.8%	$234.4M+13.6%	$206.3M+8.2%	$190.7M
Total Liabilities	$256.9M+0.6%	$255.2M-5.0%	$268.6M-47.8%	$514.7M+4.3%	$493.7M+7.8%	$458.0M+36.8%	$334.7M-0.9%	$337.9M
Current Liabilities	$89.6M+1.9%	$87.9M-11.1%	$98.8M-70.9%	$339.6M+4.2%	$325.9M+0.6%	$323.8M+1.8%	$318.0M+244.9%	$92.2M
Long-Term Debt	$151.6M+0.1%	$151.5M+0.1%	$151.4M+0.1%	$151.3M+0.1%	$151.2M+31.9%	$114.6M	$0-100.0%	$228.4M
Total Equity	$245.8M-26.0%	$331.9M-4.5%	$347.5M-7.8%	$376.8M+3.2%	$365.2M+2.9%	$355.0M-0.6%	$357.0M-0.1%	$357.2M
Retained Earnings	-$1.4B-7.1%	-$1.3B-1.8%	-$1.3B-3.4%	-$1.2B-2.0%	-$1.2B-1.8%	-$1.2B-1.3%	-$1.2B-1.2%	-$1.1B

HCAT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$731K-95.0%	$14.6M+144.0%	-$33.1M+6.2%	-$35.3M-52.5%	-$23.1M+11.6%	-$26.1M
Capital Expenditures	$968K-40.1%	$1.6M+30.7%	$1.2M-43.0%	$2.2M-79.3%	$10.4M+34.4%	$7.8M
Free Cash Flow	-$237K-101.8%	$12.9M+137.7%	-$34.3M+8.3%	-$37.4M-11.5%	-$33.6M+1.0%	-$33.9M
Investing Cash Flow	$36.2M+258.0%	-$22.9M-212.9%	$20.3M+152.0%	-$39.0M+72.1%	-$139.7M-69.2%	-$82.6M
Financing Cash Flow	-$235.8M-255.4%	$151.7M+5458.5%	$2.7M+204.5%	-$2.6M-101.0%	$264.1M+44.6%	$182.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$5.0M	$0-100.0%	$1.8M-78.5%	$8.4M	$0	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$9.9M+2236.2%	-$464K+94.8%	-$9.0M-3313.2%	$280K+107.9%	-$3.5M-156.8%	$6.2M+285.1%	$1.6M-84.3%	$10.3M
Capital Expenditures	$273K+7.1%	$255K+210.9%	-$230K-134.3%	$670K+62.2%	$413K-41.4%	$705K+143.1%	$290K+39.4%	$208K
Free Cash Flow	$9.6M+1440.6%	-$719K+92.2%	-$9.2M-2265.9%	-$390K+90.1%	-$3.9M-171.6%	$5.5M+316.3%	$1.3M-86.9%	$10.1M
Investing Cash Flow	$1.0M+110.8%	-$9.4M+82.1%	-$52.2M-154.0%	$96.8M+185.8%	-$112.7M-1574.6%	$7.6M+528.8%	-$1.8M-102.1%	$84.0M
Financing Cash Flow	-$434K+19.2%	-$537K+99.8%	-$230.1M-4783.3%	-$4.7M-112.5%	$37.7M-66.5%	$112.5M+16016.8%	$698K-19.1%	$863K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	$0-100.0%	$5.0M	$0	$0	$0	$0

HCAT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	48.8%+2.8pp	45.9%+1.4pp	44.5%-3.7pp	48.2%-0.4pp	48.6%+0.5pp	48.1%
Operating Margin	-51.7%-28.9pp	-22.8%+20.1pp	-42.9%+7.8pp	-50.7%+8.7pp	-59.4%-8.5pp	-50.9%
Net Margin	-57.2%-34.5pp	-22.7%+17.3pp	-39.9%+9.8pp	-49.7%+13.6pp	-63.3%-2.4pp	-60.9%
Return on Equity	-72.4%-53.4pp	-19.0%+13.2pp	-32.2%+0.1pp	-32.3%-3.0pp	-29.3%+12.3pp	-41.7%
Return on Assets	-35.4%-27.3pp	-8.1%+8.7pp	-16.8%+1.4pp	-18.3%+0.2pp	-18.4%+1.5pp	-19.9%
Current Ratio	1.89+0.5	1.43-3.0	4.42-0.8	5.18-0.3	5.46+1.7	3.75
Debt-to-Equity	0.62+0.2	0.41-0.2	0.62+0.1	0.53+0.2	0.35-0.3	0.61
FCF Margin	-0.1%-4.3pp	4.2%+15.8pp	-11.6%+2.0pp	-13.6%+0.3pp	-13.9%+4.1pp	-18.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	49.6%-3.0pp	52.6%+5.2pp	47.4%+1.7pp	45.6%+4.9pp	40.8%-6.8pp	47.5%+0.3pp	47.2%-1.2pp	48.4%
Operating Margin	-115.3%-92.3pp	-22.9%+23.0pp	-46.0%-20.6pp	-25.4%-3.4pp	-22.0%-4.1pp	-17.9%+2.9pp	-20.8%+9.7pp	-30.5%
Net Margin	-121.9%-92.8pp	-29.1%+21.6pp	-50.8%-20.9pp	-29.9%-3.9pp	-26.0%-6.7pp	-19.3%-1.5pp	-17.8%+9.7pp	-27.6%
Return on Equity	-37.0%-30.3pp	-6.7%+5.1pp	-11.8%-5.5pp	-6.3%-0.6pp	-5.7%-1.5pp	-4.2%-0.4pp	-3.8%+2.0pp	-5.8%
Return on Assets	-18.1%-14.3pp	-3.8%+2.9pp	-6.7%-4.0pp	-2.7%-0.2pp	-2.4%-0.6pp	-1.8%+0.1pp	-1.9%+1.0pp	-3.0%
Current Ratio	1.890.0	1.88+0.1	1.83+0.6	1.24-0.2	1.43+0.0	1.41+0.2	1.18-3.1	4.31
Debt-to-Equity	0.62+0.2	0.46+0.0	0.44+0.0	0.40-0.0	0.41+0.1	0.32+0.3	0.00-0.6	0.64
FCF Margin	12.9%+13.8pp	-0.9%+10.5pp	-11.4%-10.9pp	-0.5%+4.5pp	-5.0%-12.2pp	7.2%+5.5pp	1.7%-11.7pp	13.5%

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Frequently Asked Questions

What is Health Catalyst's annual revenue?

Health Catalyst (HCAT) reported $311.1M in total revenue for fiscal year 2025. This represents a 1.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Health Catalyst's revenue growing?

Health Catalyst (HCAT) revenue grew by 1.5% year-over-year, from $306.6M to $311.1M in fiscal year 2025.

Is Health Catalyst profitable?

No, Health Catalyst (HCAT) reported a net income of -$178.0M in fiscal year 2025, with a net profit margin of -57.2%.

What is Health Catalyst's EBITDA?

Health Catalyst (HCAT) had EBITDA of -$110.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Health Catalyst have?

As of fiscal year 2025, Health Catalyst (HCAT) had $50.8M in cash and equivalents against $151.6M in long-term debt.

What is Health Catalyst's gross margin?

Health Catalyst (HCAT) had a gross margin of 48.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Health Catalyst's operating margin?

Health Catalyst (HCAT) had an operating margin of -51.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Health Catalyst's net profit margin?

Health Catalyst (HCAT) had a net profit margin of -57.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Health Catalyst's return on equity (ROE)?

Health Catalyst (HCAT) has a return on equity of -72.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Health Catalyst's free cash flow?

Health Catalyst (HCAT) generated -$237K in free cash flow during fiscal year 2025. This represents a -101.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Health Catalyst's operating cash flow?

Health Catalyst (HCAT) generated $731K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Health Catalyst's total assets?

Health Catalyst (HCAT) had $502.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Health Catalyst's capital expenditures?

Health Catalyst (HCAT) invested $968K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Health Catalyst spend on research and development?

Health Catalyst (HCAT) invested $49.8M in research and development during fiscal year 2025.

Does Health Catalyst buy back shares?

Yes, Health Catalyst (HCAT) spent $5.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Health Catalyst have outstanding?

Health Catalyst (HCAT) had 72M shares outstanding as of fiscal year 2025.

What is Health Catalyst's current ratio?

Health Catalyst (HCAT) had a current ratio of 1.89 as of fiscal year 2025, which is generally considered healthy.

What is Health Catalyst's debt-to-equity ratio?

Health Catalyst (HCAT) had a debt-to-equity ratio of 0.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Health Catalyst's return on assets (ROA)?

Health Catalyst (HCAT) had a return on assets of -35.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Health Catalyst's Piotroski F-Score?

Health Catalyst (HCAT) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Health Catalyst's earnings high quality?

Health Catalyst (HCAT) has an earnings quality ratio of -0.00x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Health Catalyst?

Health Catalyst (HCAT) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.