Hinge Health, Inc. (HNGE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HNGE SEC filings page.
Hinge Health, Inc. (HNGE) reported $720.1M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Revenue is scaling quickly, but 2025 spending overwhelmed gross-profit gains while cash generation remained positive.
The unusual split between operating cash flow of$171M and a net loss of$528.3M means reported earnings were heavily affected by non-cash charges or working-capital movements. Cash conversion improved, but the accounting loss still does not reflect a profitable operating model.
Gross margin rose from
Equity moved from a deficit of
Financial Health Signals
Scored against emerging 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 Hinge Health, Inc.'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.
Hinge Health, Inc. held $477.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $171.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Hinge Health, Inc. scores 86/100 among other emerging companies.
Hinge Health, Inc. had 0 shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Hinge Health, Inc. scores 100/100 among other emerging companies.
Hinge Health, Inc. spent $368.1M on research and development in fiscal year 2025, which was 32.5% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Hinge Health, Inc. scores 65/100 among other emerging companies.
Hinge Health, Inc. reported revenue of $587.9M in fiscal year 2025, against $390.4M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Hinge Health, Inc. scores 76/100 among other emerging companies.
Hinge Health, Inc.'s operations generated $171.4M of cash in fiscal year 2025, against $49.0M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Hinge Health, Inc. scores 98/100 among other emerging companies.
Hinge Health, Inc.'s cash, cash equivalents and investments came to $477.0M at the end of fiscal year 2025, against $566.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Hinge Health, Inc. scores 55/100 among other emerging companies.
Hinge Health, Inc. scores 5.02, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.9B) relative to total liabilities ($566.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Hinge Health, Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Hinge Health, Inc. reported a net loss of $528.3M while generating $171.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Hinge Health, Inc. generated $212.8M in revenue in Q2 2026. This represents an increase of 53.0% from the same quarter a year earlier. Against the prior quarter it is up 16.7%.
Hinge Health, Inc.'s EBITDA was $40.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 107.0% from the same quarter a year earlier. Against the prior quarter it is up 22.9%.
Hinge Health, Inc. reported $43.7M in net income in Q2 2026. This represents an increase of 107.6% from the same quarter a year earlier. Against the prior quarter it is up 24.4%.
Hinge Health, Inc. earned $0.52 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 26.8%.
Cash & Balance Sheet
Hinge Health, Inc. generated $101.3M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 405.7% from the same quarter a year earlier. Against the prior quarter it is up 135.6%.
Hinge Health, Inc. held $286.2M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Hinge Health, Inc.'s gross margin was 86.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 16.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.8 percentage points.
Hinge Health, Inc.'s operating margin was 19.0% in Q2 2026, reflecting core business profitability. Against the prior quarter it is up 1.4 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Hinge Health, Inc.'s net profit margin was 20.5% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is up 1.3 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Hinge Health, Inc.'s ROE was 12.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 344.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 18.8 percentage points.
Capital Allocation
Hinge Health, Inc. invested $34.1M in research and development in Q2 2026. This represents a decrease of 87.8% from the same quarter a year earlier. Against the prior quarter it is up 12.3%.
Hinge Health, Inc. spent $26.5M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 74.7%.
Hinge Health, Inc. invested $123K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 37.6% from the same quarter a year earlier. Against the prior quarter it is up 48.2%.
HNGE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $212.8M+53.0% | $182.3M+47.2% | $170.7M | $154.2M+53.3% | $139.1M+54.9% | $123.8M | N/A | $100.6M |
| Cost of Revenue | $28.9M-30.2% | $28.1M+19.0% | $26.7M | $28.0M+31.2% | $41.3M+78.1% | $23.6M | N/A | $21.4M |
| Gross Profit | $183.9M+88.2% | $154.2M+53.9% | $144.0M | $126.2M+59.2% | $97.8M+46.8% | $100.2M | N/A | $79.3M |
| R&D Expenses | $34.1M-87.8% | $30.3M+29.1% | $32.8M | $31.9M+34.2% | $280.0M+1023.4% | $23.5M | N/A | $23.8M |
| SG&A Expenses | $28.0M-88.8% | $23.0M+36.4% | $24.5M | $36.9M+149.9% | $251.2M+1650.3% | $16.9M | N/A | $14.7M |
| Operating Income | $40.4M+107.0% | $32.1M+144.1% | $27.3M | -$6.1M-58.5% | -$580.7M-3208.5% | $13.1M | N/A | -$3.8M |
| EBITDA | $40.8M+107.0% | $33.2M+130.2% | $30.1M | -$5.6M-72.4% | -$580.2M-3322.6% | $14.4M | N/A | -$3.2M |
| Income Tax | $740K+327.0% | $814K-18.4% | $120K | $206K-81.4% | -$326K-190.3% | $998K | N/A | $1.1M |
| Net Income | $43.7M+107.6% | $35.1M+105.0% | $32.1M | -$1.8M-640.8% | -$575.7M-4353.4% | $17.1M+164.8% | N/A | $341K |
| EPS (Basic) | $0.55+104.2% | $0.43-94.6% | $2.11+5.0% | -$0.02-300.0% | -$13.10-1264.6% | $7.91 | $2.01 | $0.01 |
| EPS (Diluted) | $0.52 | $0.41 | $2.11+5.0% | -$0.02 | -$13.10 | $1.31 | $2.01 | $0.01 |
| Diluted Shares (Avg) | 83M | 82M | N/A | 79M | 44M | 93M | N/A | 17M |
Not reported in any period shown, so not listed: Interest Expense.
HNGE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $827.4M+19.3% | $728.8M | $744.8M+10.6% | $769.8M | $693.7M | N/A | $673.3M | N/A |
| Current Assets | $643.4M+7.5% | $540.1M | $533.9M-8.5% | $658.9M | $598.4M | N/A | $583.4M | N/A |
| Cash & Equivalents | $286.2M+20.7% | $186.7M-35.3% | $208.0M-30.8% | $261.3M-2.3% | $237.2M+0.2% | $288.5M | $300.8M | $267.5M |
| Short-Term Investments | $103.2M-41.4% | $129.2M | $155.9M-6.0% | $218.7M | $176.1M | $0 | $165.8M | $0 |
| Inventory | $16.8M+19.9% | $14.2M | $15.6M+43.8% | $13.8M | $14.0M | N/A | $10.9M | N/A |
| Accounts Receivable | $125.4M+26.3% | $114.9M | $66.1M+55.5% | $86.8M | $99.3M | N/A | $42.5M | N/A |
| Long-Term Investments | $84.7M | $89.8M | $113.2M | $15.1M | $0 | $0 | $0 | $0 |
| Goodwill | $64.1M0.0% | $64.1M | $64.1M+4.0% | $64.1M | $64.1M | N/A | $61.6M | N/A |
| Total Liabilities | $483.1M-7.1% | $617.1M | $566.1M-48.9% | $561.8M | $519.9M | N/A | $1.1B | N/A |
| Current Liabilities | $481.4M+53.3% | $414.5M | $362.4M+45.4% | $357.1M | $314.1M | N/A | $249.3M | N/A |
| Non-Current Liabilities | $1.6M-99.2% | $202.6M | $203.7M-76.3% | $204.7M | $205.8M | N/A | $858.5M | N/A |
| Total Equity | $344.3M+98.1% | $111.7M+136.2% | $178.7M+141.1% | $208.0M+145.0% | $173.8M+137.6% | -$308.3M+31.5% | -$434.6M | -$461.8M |
| Retained Earnings | -$972.2M+10.1% | -$1.0B | -$1.1B-101.1% | -$1.1B | -$1.1B | N/A | -$522.7M | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
HNGE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $101.4M+401.4% | $43.1M+774.8% | $63.9M+66.7% | $82.4M+190.2% | $20.2M | $4.9M | $38.3M | $28.4M |
| Depreciation & Amortization | $400K-20.0% | $1.2M-10.0% | $1.2M-10.5% | $500K-16.7% | $500K-16.7% | $1.3M | $1.4M | $600K |
| Stock-Based Compensation | $19.1M-96.8% | $11.7M+166928.6% | N/A | $34.8M+30201.7% | $591.0M+193031.7% | $7K | N/A | $115K |
| Capital Expenditures | $123K-37.6% | $83K+62.7% | $408K+159.9% | $52K-83.5% | $197K | $51K | $157K | $315K |
| Free Cash Flow | $101.3M+405.7% | $43.0M+782.2% | $63.5M+66.3% | $82.3M+193.2% | $20.0M | $4.9M | $38.2M | $28.1M |
| Investing Cash Flow | $28.6M+611.7% | $48.1M+325.4% | -$37.7M-1110.5% | -$58.8M-2425.2% | $4.0M | -$21.3M | -$3.1M | $2.5M |
| Financing Cash Flow | -$30.5M+59.7% | -$112.8M-2849.7% | -$79.5M-3306.6% | $531K+2894.7% | -$75.6M | $4.1M | -$2.3M | -$19K |
| Share Buybacks | $26.5M | $105.0M | N/A | N/A | $0 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
HNGE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.4%+16.2pp | 84.6%+3.6pp | 84.4% | 81.8%+3.1pp | 70.3%-3.9pp | 81.0% | N/A | 78.8% |
| Operating Margin | 19.0% | 17.6%+7.0pp | 16.0% | -4.0%-0.1pp | -417.4% | 10.6% | N/A | -3.8% |
| Net Margin | 20.5% | 19.3%+5.4pp | 18.8% | -1.2%-1.5pp | -413.8% | 13.8% | N/A | 0.3% |
| Return on Equity | 12.7%+344.0pp | 31.4% | 18.0% | -0.9% | -331.3% | N/A | N/A | N/A |
| Return on Assets | 5.3%+88.3pp | 4.8% | 4.3% | -0.2% | -83.0% | N/A | N/A | N/A |
| Current Ratio | 1.34-0.6x | 1.30 | 1.47-0.9x | 1.85 | 1.91 | N/A | 2.34 | N/A |
| Debt-to-Equity | 1.40-1.6x | 5.53 | 3.17 | 2.70 | 2.99 | N/A | N/A | N/A |
| Asset Turnover | 0.26+0.1x | 0.25 | 0.23 | 0.20 | 0.20 | N/A | N/A | N/A |
| FCF Margin | 47.6%+33.2pp | 23.6%+19.7pp | 37.2% | 53.4%+25.5pp | 14.4% | 3.9% | N/A | 27.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Hinge Health, Inc. HNGE | FY2025 | $587.9M | -$528.3M | -89.9% | $7.9B | 80/100 |
| BrightSpring Health Services, Inc. BTSG | FY2025 | $12.9B | $189.1M | 1.5% | $11.9B | 44/100 |
| Waystar Holding Corp. WAY | FY2025 | $1.1B | $112.1M | 10.2% | $4.8B | 59/100 |
| HealthEquity, Inc HQY | FY2026 | $1.3B | $215.2M | 16.4% | $7.4B | 68/100 |
| Privia Health Group, Inc. PRVA | FY2025 | $2.1B | $22.9M | 1.1% | $2.6B | 47/100 |
| Heartflow, Inc. HTFL | FY2025 | $176.0M | -$116.8M | -66.3% | $4.3B | 60/100 |
Where Hinge Health, Inc. Ranks
Frequently Asked Questions
What is Hinge Health, Inc.'s annual revenue?
Hinge Health, Inc. (HNGE) reported $587.9M in total revenue for fiscal year 2025. This represents a 50.6% 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 Hinge Health, Inc.'s revenue growing?
Hinge Health, Inc. (HNGE) revenue grew by 50.6% year-over-year, from $390.4M to $587.9M in fiscal year 2025.
Is Hinge Health, Inc. profitable?
No, Hinge Health, Inc. (HNGE) reported a net income of -$528.3M in fiscal year 2025, with a net profit margin of -89.9%.
What is Hinge Health, Inc.'s EBITDA?
Hinge Health, Inc. (HNGE) had EBITDA of -$541.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Hinge Health, Inc.'s gross margin?
Hinge Health, Inc. (HNGE) had a gross margin of 79.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Hinge Health, Inc.'s operating margin?
Hinge Health, Inc. (HNGE) had an operating margin of -92.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Hinge Health, Inc.'s net profit margin?
Hinge Health, Inc. (HNGE) had a net profit margin of -89.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Hinge Health, Inc.'s return on equity (ROE)?
Hinge Health, Inc. (HNGE) has a return on equity of -295.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hinge Health, Inc.'s free cash flow?
Hinge Health, Inc. (HNGE) generated $170.7M in free cash flow during fiscal year 2025. This represents a 256.0% 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 Hinge Health, Inc.'s operating cash flow?
Hinge Health, Inc. (HNGE) generated $171.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hinge Health, Inc.'s total assets?
Hinge Health, Inc. (HNGE) had $744.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hinge Health, Inc.'s capital expenditures?
Hinge Health, Inc. (HNGE) invested $708K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Hinge Health, Inc. spend on research and development?
Hinge Health, Inc. (HNGE) invested $368.1M in research and development during fiscal year 2025.
What is Hinge Health, Inc.'s current ratio?
Hinge Health, Inc. (HNGE) had a current ratio of 1.47 as of fiscal year 2025, which is considered adequate.
What is Hinge Health, Inc.'s debt-to-equity ratio?
Hinge Health, Inc. (HNGE) had a debt-to-equity ratio of 3.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hinge Health, Inc.'s return on assets (ROA)?
Hinge Health, Inc. (HNGE) had a return on assets of -70.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Hinge Health, Inc.'s P/E ratio?
Hinge Health, Inc. (HNGE) trades at 72.3x earnings, its market capitalization divided by net income of $109.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $7.9B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hinge Health, Inc.'s price-to-sales ratio?
Hinge Health, Inc. (HNGE) trades at 10.9x sales, its market capitalization divided by revenue of $720.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.9B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Hinge Health, Inc.'s Altman Z-Score?
Hinge Health, Inc. (HNGE) has an Altman Z-Score of 5.02, placing it in the Safe Zone (low 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 Hinge Health, Inc.'s Piotroski F-Score?
Hinge Health, Inc. (HNGE) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Hinge Health, Inc.'s earnings high quality?
Hinge Health, Inc. (HNGE) reported a net loss of $528.3M while generating $171.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 Hinge Health, Inc.?
Hinge Health, Inc. (HNGE) scores 80 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.