Hinge Health, Inc. Financials
Hinge Health, Inc. (HNGE) reported $587.9M in revenue for fiscal year 2025, up 50.6% from the prior fiscal year. 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).
Asset-light cash generation let the business produce real cash flow even while FY2025 accounting losses ballooned.
The FY2025 earnings collapse was not a core delivery-margin problem: gross margin improved to79.7% from76.8% . Operating cash flow rose to$171.4M even as operating loss widened to-$546.4M , a split that implies the reported damage sat mainly below gross profit and did not drain cash at anything like the same rate.
The business reads as highly asset-light: free cash flow nearly matched operating cash flow at
The balance-sheet posture improved sharply, moving from negative equity 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. scores 4.23, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.1B) 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 $587.9M in revenue in fiscal year 2025. This represents an increase of 50.6% from the prior year.
Hinge Health, Inc.'s EBITDA was -$541.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1984.9% from the prior year.
Hinge Health, Inc. reported -$528.3M in net income in fiscal year 2025. This represents a decrease of 4326.9% from the prior year.
Cash & Balance Sheet
Hinge Health, Inc. generated $170.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 256.0% from the prior year.
Hinge Health, Inc. held $208.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Hinge Health, Inc.'s gross margin was 79.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.8 percentage points from the prior year.
Hinge Health, Inc.'s operating margin was -92.9% in fiscal year 2025, reflecting core business profitability. This is down 84.8 percentage points from the prior year.
Hinge Health, Inc.'s net profit margin was -89.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 86.8 percentage points from the prior year.
Hinge Health, Inc.'s ROE was -295.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Hinge Health, Inc. invested $368.1M in research and development in fiscal year 2025. This represents an increase of 265.1% from the prior year.
Hinge Health, Inc. spent $65.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Hinge Health, Inc. invested $708K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 31.9% from the prior year.
HNGE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue | $720.1M | $587.9M+50.6% | $390.4M+33.4% | $292.7M |
| Cost of Revenue | $111.7M | $119.6M+32.2% | $90.5M-8.2% | $98.6M |
| Gross Profit | $608.4M | $468.2M+56.1% | $299.9M+54.4% | $194.2M |
| R&D Expenses | $129.1M | $368.1M+265.1% | $100.8M-8.4% | $110.1M |
| SG&A Expenses | $112.4M | $329.5M+415.5% | $63.9M-4.6% | $67.0M |
| Operating Income | $93.7M | -$546.4M-1612.2% | -$31.9M+75.6% | -$130.5M |
| Income Tax | $1.9M | $998K+47.4% | $677K+267.2% | -$405K |
| Net Income | $109.1M | -$528.3M-4326.9% | -$11.9M+89.0% | -$108.1M |
| EPS (Diluted) | — | -$7.77 | -$0.88+89.4% | -$8.31 |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HNGE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | $744.8M+10.6% | $673.3M | N/A |
| Current Assets | $533.9M-8.5% | $583.4M | N/A |
| Cash & Equivalents | $208.0M-30.8% | $300.8M+28.0% | $235.0M |
| Inventory | $15.6M+43.8% | $10.9M | N/A |
| Accounts Receivable | $66.1M+55.5% | $42.5M | N/A |
| Goodwill | $64.1M+4.0% | $61.6M | N/A |
| Total Liabilities | $566.1M-48.9% | $1.1B | N/A |
| Current Liabilities | $362.4M+45.4% | $249.3M | N/A |
| Total Equity | $178.7M+141.1% | -$434.6M-2.5% | -$424.0M |
| Retained Earnings | -$1.1B-101.1% | -$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.
| Metric | TTM | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating Cash Flow | $290.8M | $171.4M+249.9% | $49.0M+176.7% | -$63.9M |
| Capital Expenditures | $666K | $708K-31.9% | $1.0M-47.4% | $2.0M |
| Free Cash Flow | $290.1M | $170.7M+256.0% | $48.0M+172.8% | -$65.9M |
| Investing Cash Flow | -$19.8M | -$113.8M-721.2% | $18.3M+1120.0% | $1.5M |
| Financing Cash Flow | -$222.3M | -$150.5M-6733.2% | -$2.2M+26.6% | -$3.0M |
| Share Buybacks | N/A | $65.0M | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
HNGE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Gross Margin | 79.7%+2.8pp | 76.8%+10.5pp | 66.3% |
| Operating Margin | -92.9%-84.8pp | -8.2%+36.4pp | -44.6% |
| Net Margin | -89.9%-86.8pp | -3.1%+33.9pp | -36.9% |
| Return on Equity | -295.7% | N/A | N/A |
| Return on Assets | -70.9%-69.2pp | -1.8% | N/A |
| Current Ratio | 1.47-0.9x | 2.34 | N/A |
| Debt-to-Equity | 3.17 | N/A | N/A |
| FCF Margin | 29.0%+16.8pp | 12.3%+34.8pp | -22.5% |
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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 Altman Z-Score?
Hinge Health, Inc. (HNGE) has an Altman Z-Score of 4.23, 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 81 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.