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 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).
Health Catalyst’s recent story is a shrinking cash cushion paired with much better cash conversion than GAAP losses imply.
Between FY2024 and FY2025, gross margin improved from45.9% to48.8% while free cash flow stayed near break-even. At the same time, net loss widened from-$69.5M to-$178.0M , so the headline loss was driven far more by charges outside day-to-day delivery economics than by weaker gross profitability.
The balance-sheet posture is much less forgiving than it was: cash fell from
This remains a high-gross-margin, low-capex model: capital spending was only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Health Catalyst's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 29/100, suggesting thin profitability after operating expenses. This is down from -22.8% the prior year.
Health Catalyst's revenue grew a modest 1.5% year-over-year to $311.1M. This slow but positive growth earns a score of 41/100.
Health Catalyst has a moderate D/E ratio of 0.62. This balance of debt and equity financing earns a leverage score of 56/100.
Health Catalyst's current ratio of 1.89 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.
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 26/100, reflecting heavy capital investment rather than weak cash generation.
Health Catalyst generates a -72.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is down from -19.0% the prior year.
Health Catalyst scores -3.65, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($169.2M) relative to total liabilities ($256.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
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
Earnings & Revenue
Health Catalyst generated $311.1M in revenue in fiscal year 2025. This represents an increase of 1.5% from the prior year.
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.
Health Catalyst reported -$178.0M in net income in fiscal year 2025. This represents a decrease of 156.1% from the prior year.
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
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.
Health Catalyst held $50.8M in cash against $151.6M in long-term debt as of fiscal year 2025.
Health Catalyst had 74M shares outstanding in fiscal year 2025. This represents an increase of 14.9% from the prior year.
Margins & Returns
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.
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.
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.
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
Health Catalyst invested $49.8M in research and development in fiscal year 2025. This represents a decrease of 14.1% from the prior year.
Health Catalyst spent $5.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $70.8M-5.3% | $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 |
| Cost of Revenue | $35.3M0.0% | $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 |
| Gross Profit | $35.5M-4.3% | $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 |
| R&D Expenses | $9.8M-1.3% | $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 |
| SG&A Expenses | $14.0M+26.4% | $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 |
| Operating Income | -$106.5M-23.7% | -$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 |
| Interest Expense | $4.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $414K+9.2% | $379K+824.4% | $41K-49.4% | $81K-62.3% | $215K-65.6% | $625K+231.6% | -$475K-778.6% | $70K |
| Net Income | -$111.0M-22.0% | -$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 |
| EPS (Diluted) | $-1.53 | N/A | $-0.32+45.8% | $-0.59-68.6% | $-0.35 | N/A | $-0.24-4.3% | $-0.23 |
HCAT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $412.2M-18.0% | $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 |
| Current Assets | $182.3M+7.7% | $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 |
| Cash & Equivalents | $59.9M+17.8% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $59.1M0.0% | $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 |
| Goodwill | $113.3M-45.8% | $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 |
| Total Liabilities | $274.1M+6.7% | $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 |
| Current Liabilities | $107.6M+20.1% | $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 |
| Long-Term Debt | $151.7M+0.1% | $151.6M+0.1% | $151.5M+0.1% | $151.4M+0.1% | $151.3M+0.1% | $151.2M+31.9% | $114.6M | $0 |
| Total Equity | $138.1M-43.8% | $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 |
| Retained Earnings | -$1.5B-8.1% | -$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 |
HCAT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $18.5M+86.8% | $9.9M+2236.2% | -$464K+94.8% | -$9.0M-3313.2% | $280K+107.9% | -$3.5M-156.8% | $6.2M+285.1% | $1.6M |
| Capital Expenditures | $338K+23.8% | $273K+7.1% | $255K+210.9% | -$230K-134.3% | $670K+62.2% | $413K-41.4% | $705K+143.1% | $290K |
| Free Cash Flow | $18.2M+88.5% | $9.6M+1440.6% | -$719K+92.2% | -$9.2M-2265.9% | -$390K+90.1% | -$3.9M-171.6% | $5.5M+316.3% | $1.3M |
| Investing Cash Flow | -$9.4M-1032.2% | $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 |
| Financing Cash Flow | -$4K+99.1% | -$434K+19.2% | -$537K+99.8% | -$230.1M-4783.3% | -$4.7M-112.5% | $37.7M-66.5% | $112.5M+16016.8% | $698K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0 | $0-100.0% | $5.0M | $0 | $0 | $0 |
HCAT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.1%+0.5pp | 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% |
| Operating Margin | -150.5%-35.2pp | -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% |
| Net Margin | -156.9%-35.0pp | -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% |
| Return on Equity | -80.4%-43.3pp | -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% |
| Return on Assets | -26.9%-8.8pp | -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% |
| Current Ratio | 1.69-0.2 | 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 |
| Debt-to-Equity | 1.10+0.5 | 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 |
| FCF Margin | 25.7%+12.8pp | 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% |
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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.
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 Altman Z-Score?
Health Catalyst (HCAT) has an Altman Z-Score of -3.65, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 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 39 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.