Health Catalyst Financials
This page shows Health Catalyst (HCAT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Health Catalyst has an operating margin of -22.8%, meaning the company retains $-23 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 up from -42.9% the prior year.
Health Catalyst's revenue grew a modest 3.6% year-over-year to $306.6M. This slow but positive growth earns a score of 39/100.
Health Catalyst carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
Health Catalyst's current ratio of 1.43 indicates adequate short-term liquidity, earning a score of 37/100. The company can meet its near-term obligations, though with limited headroom.
Health Catalyst's free cash flow margin of 4.2% results in a low score of 21/100. Capital expenditures of $1.6M absorb a large share of operating cash flow.
Health Catalyst passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Health Catalyst generates $-0.21 in operating cash flow ($14.6M OCF vs -$69.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Health Catalyst generated $306.6M in revenue in fiscal year 2024. This represents an increase of 3.6% from the prior year.
Health Catalyst's EBITDA was -$28.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 66.5% from the prior year.
Health Catalyst generated $12.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 137.7% from the prior year.
Health Catalyst reported -$69.5M in net income in fiscal year 2024. This represents an increase of 41.2% from the prior year.
Health Catalyst earned $-1.15 per diluted share (EPS) in fiscal year 2024. This represents an increase of 45.0% from the prior year.
Health Catalyst held $249.6M in cash against $151.2M in long-term debt as of fiscal year 2024.
Health Catalyst had 64M shares outstanding in fiscal year 2024. This represents an increase of 9.9% from the prior year.
Health Catalyst's gross margin was 45.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.
Health Catalyst's operating margin was -22.8% in fiscal year 2024, reflecting core business profitability. This is up 20.1 percentage points from the prior year.
Health Catalyst's net profit margin was -22.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 17.3 percentage points from the prior year.
Health Catalyst invested $58.0M in research and development in fiscal year 2024. This represents a decrease of 20.2% from the prior year.
Health Catalyst spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Health Catalyst invested $1.6M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 30.7% from the prior year.
HCAT Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $76.3M-5.4% | $80.7M+1.6% | $79.4M+5.8% | $75.1M+1.8% | $73.8M+0.8% | $73.2M-0.9% | $73.9M+6.8% | $69.2M |
| Cost of Revenue | $38.5M-9.4% | $42.5M-1.6% | $43.2M-3.1% | $44.6M+6.7% | $41.8M+6.0% | $39.4M+3.0% | $38.3M+0.5% | $38.1M |
| Gross Profit | $40.1M+4.9% | $38.2M+5.5% | $36.2M+18.8% | $30.5M-4.6% | $32.0M-5.3% | $33.8M-5.0% | $35.6M+14.5% | $31.1M |
| R&D Expenses | $12.3M-0.9% | $12.4M-18.4% | $15.2M-25.1% | $20.3M+14.8% | $17.7M+0.4% | $17.6M+3.0% | $17.1M-12.9% | $19.6M |
| SG&A Expenses | $16.1M+94.0% | $8.3M-41.5% | $14.2M-8.2% | $15.4M+13.2% | $13.6M-42.4% | $23.7M-0.7% | $23.8M+47.6% | $16.1M |
| Operating Income | -$17.5M+52.8% | -$37.1M-83.9% | -$20.2M+38.5% | -$32.8M-33.4% | -$24.6M+29.0% | -$34.6M+0.8% | -$34.9M+5.0% | -$36.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $41K-49.4% | $81K-62.3% | $215K+50.3% | $143K+142.4% | $59K-30.6% | $85K+23.2% | $69K+16.9% | $59K |
| Net Income | -$22.2M+45.8% | -$41.0M-72.6% | -$23.7M+21.7% | -$30.3M-37.6% | -$22.0M+32.4% | -$32.6M+1.7% | -$33.2M+7.2% | -$35.8M |
| EPS (Diluted) | $-0.32+45.8% | $-0.59-68.6% | $-0.35+32.7% | $-0.52-33.3% | $-0.39+32.8% | $-0.58+3.3% | $-0.60+4.8% | $-0.63 |
HCAT Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $587.1M-4.7% | $616.2M-30.9% | $891.5M+27.0% | $701.8M-1.6% | $712.9M-1.4% | $722.9M-3.9% | $752.3M0.0% | $752.3M |
| Current Assets | $165.4M-8.4% | $180.6M-57.3% | $422.7M+7.5% | $393.4M-3.7% | $408.5M-0.6% | $411.0M-5.4% | $434.5M+1.6% | $427.8M |
| Cash & Equivalents | $40.3M-20.5% | $50.7M-85.2% | $342.0M+221.8% | $106.3M+11.9% | $95.0M-17.9% | $115.7M-13.3% | $133.5M+14.8% | $116.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $60.1M-12.1% | $68.4M+6.8% | $64.0M+6.2% | $60.3M+30.8% | $46.1M-12.0% | $52.4M-15.3% | $61.9M+29.0% | $48.0M |
| Goodwill | $285.6M-0.2% | $286.1M-8.7% | $313.4M+64.4% | $190.7M+2.5% | $186.0M0.0% | $186.0M0.0% | $186.0M0.0% | $186.0M |
| Total Liabilities | $255.2M-5.0% | $268.6M-47.8% | $514.7M+53.7% | $334.9M+1.3% | $330.5M-0.8% | $333.0M-4.1% | $347.2M+6.1% | $327.3M |
| Current Liabilities | $87.9M-11.1% | $98.8M-70.9% | $339.6M+281.4% | $89.0M+5.7% | $84.3M-2.9% | $86.8M-15.4% | $102.5M+24.2% | $82.5M |
| Long-Term Debt | $151.5M+0.1% | $151.4M+0.1% | $151.3M-33.7% | $228.0M+0.2% | $227.7M+0.2% | $227.3M+0.2% | $226.9M+0.2% | $226.5M |
| Total Equity | $331.9M-4.5% | $347.5M-7.8% | $376.8M+2.7% | $366.9M-4.0% | $382.4M-1.9% | $389.9M-3.8% | $405.1M-4.7% | $425.0M |
| Retained Earnings | -$1.3B-1.8% | -$1.3B-3.4% | -$1.2B-8.3% | -$1.1B-2.8% | -$1.1B-2.1% | -$1.1B-3.2% | -$1.0B-3.3% | -$999.0M |
HCAT Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$464K+94.8% | -$9.0M-3313.2% | $280K+101.5% | -$19.0M-711.3% | $3.1M+126.9% | -$11.6M-107.4% | -$5.6M+62.4% | -$14.8M |
| Capital Expenditures | $255K+210.9% | -$230K-134.3% | $670K+162.7% | $255K+71.1% | $149K-63.4% | $407K-4.2% | $425K+2.4% | $415K |
| Free Cash Flow | -$719K+92.2% | -$9.2M-2265.9% | -$390K+98.0% | -$19.3M-750.6% | $3.0M+124.8% | -$12.0M-99.5% | -$6.0M+60.6% | -$15.2M |
| Investing Cash Flow | -$9.4M+82.1% | -$52.2M-154.0% | $96.8M+223.4% | $29.9M+220.4% | -$24.9M-235.2% | -$7.4M-132.7% | $22.6M+262.0% | $6.3M |
| Financing Cash Flow | -$537K+99.8% | -$230.1M-4783.3% | -$4.7M-1292.9% | $395K-62.0% | $1.0M-13.5% | $1.2M+1192.5% | $93K-85.4% | $637K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0-100.0% | $5.0M | $0 | $0 | $0-100.0% | $1.8M | $0 |
HCAT Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.6%+5.2pp | 47.4%+1.7pp | 45.6%+5.0pp | 40.6%-2.7pp | 43.4%-2.8pp | 46.1%-2.0pp | 48.1%+3.2pp | 44.9% |
| Operating Margin | -22.9%+23.0pp | -46.0%-20.6pp | -25.4%+18.3pp | -43.7%-10.3pp | -33.3%+14.0pp | -47.3%0.0pp | -47.3%+5.9pp | -53.1% |
| Net Margin | -29.1%+21.6pp | -50.8%-20.9pp | -29.9%+10.5pp | -40.4%-10.5pp | -29.9%+14.7pp | -44.5%+0.4pp | -44.9%+6.8pp | -51.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -3.8%+2.9pp | -6.7%-4.0pp | -2.7%+1.7pp | -4.3%-1.2pp | -3.1%+1.4pp | -4.5%-0.1pp | -4.4%+0.4pp | -4.8% |
| Current Ratio | 1.88+0.1 | 1.83+0.6 | 1.24-3.2 | 4.42-0.4 | 4.85+0.1 | 4.74+0.5 | 4.24-0.9 | 5.18 |
| Debt-to-Equity | 0.46+0.0 | 0.44+0.0 | 0.40-0.2 | 0.62+0.0 | 0.60+0.0 | 0.58+0.0 | 0.56+0.0 | 0.53 |
| FCF Margin | -0.9%+10.5pp | -11.4%-10.9pp | -0.5%+25.2pp | -25.7%-29.7pp | 4.0%+20.4pp | -16.4%-8.2pp | -8.1%+13.9pp | -22.0% |
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Frequently Asked Questions
What is Health Catalyst's annual revenue?
Health Catalyst (HCAT) reported $306.6M in total revenue for fiscal year 2024. This represents a 3.6% 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 3.6% year-over-year, from $295.9M to $306.6M in fiscal year 2024.
Is Health Catalyst profitable?
No, Health Catalyst (HCAT) reported a net income of -$69.5M in fiscal year 2024, with a net profit margin of -22.7%.
What is Health Catalyst's earnings per share (EPS)?
Health Catalyst (HCAT) reported diluted earnings per share of $-1.15 for fiscal year 2024. This represents a 45.0% 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.
What is Health Catalyst's EBITDA?
Health Catalyst (HCAT) had EBITDA of -$28.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Health Catalyst have?
As of fiscal year 2024, Health Catalyst (HCAT) had $249.6M in cash and equivalents against $151.2M in long-term debt.
What is Health Catalyst's gross margin?
Health Catalyst (HCAT) had a gross margin of 45.9% in fiscal year 2024, 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 -22.8% in fiscal year 2024, 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 -22.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Health Catalyst's free cash flow?
Health Catalyst (HCAT) generated $12.9M in free cash flow during fiscal year 2024. This represents a 137.7% 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 $14.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Health Catalyst's total assets?
Health Catalyst (HCAT) had $858.9M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Health Catalyst's capital expenditures?
Health Catalyst (HCAT) invested $1.6M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Health Catalyst spend on research and development?
Health Catalyst (HCAT) invested $58.0M in research and development during fiscal year 2024.
How many shares does Health Catalyst have outstanding?
Health Catalyst (HCAT) had 64M shares outstanding as of fiscal year 2024.
What is Health Catalyst's current ratio?
Health Catalyst (HCAT) had a current ratio of 1.43 as of fiscal year 2024, which is considered adequate.
What is Health Catalyst's debt-to-equity ratio?
Health Catalyst (HCAT) had a debt-to-equity ratio of 0.41 as of fiscal year 2024, 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 -8.1% for fiscal year 2024, 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 -0.21x, 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 39 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.