HEARTFLOW INC Financials
HEARTFLOW INC (HTFL) reported $176.0M in revenue for fiscal year 2025, up 39.9% 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).
Fresh capital reset the balance sheet while revenue scale steadily made each sales dollar less loss-making.
Between FY2024 and FY2025, total liabilities fell from$978.2M to$58.8M while equity turned positive. Because FY2025 still included a$116.8M net loss but also a$286M financing inflow, the cleaner balance sheet reflects recapitalization rather than operating self-funding.
Gross margin rose from
The operating bottleneck sits below gross profit: SG&A plus R&D totaled about
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 HEARTFLOW 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.
HEARTFLOW INC scores 36.39, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.9B) relative to total liabilities ($58.8M). 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.
HEARTFLOW INC passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
HEARTFLOW INC reported a net loss of $116.8M while operations used $54.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
HEARTFLOW INC reported an operating loss of $64.1M against $15.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
HEARTFLOW INC generated $176.0M in revenue in fiscal year 2025. This represents an increase of 39.9% from the prior year.
HEARTFLOW INC's EBITDA was -$58.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.9% from the prior year.
HEARTFLOW INC reported -$116.8M in net income in fiscal year 2025. This represents a decrease of 21.1% from the prior year.
Cash & Balance Sheet
HEARTFLOW INC recorded an outflow of $59.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 19.5% from the prior year.
HEARTFLOW INC held $44.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
HEARTFLOW INC's gross margin was 76.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.
HEARTFLOW INC's operating margin was -36.4% in fiscal year 2025, reflecting core business profitability. This is up 12.3 percentage points from the prior year.
HEARTFLOW INC's net profit margin was -66.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.3 percentage points from the prior year.
HEARTFLOW INC's ROE was -38.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
HEARTFLOW INC invested $64.9M in research and development in fiscal year 2025. This represents an increase of 49.2% from the prior year.
HEARTFLOW INC invested $5.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.3% from the prior year.
Not reported for fiscal year 2025.
HTFL 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 | $212.1M | $176.0M+39.9% | $125.8M+44.3% | $87.2M |
| Cost of Revenue | $42.2M | $40.8M+30.2% | $31.4M+7.7% | $29.1M |
| Gross Profit | $169.8M | $135.2M+43.1% | $94.4M+62.7% | $58.1M |
| R&D Expenses | $83.8M | $64.9M+49.2% | $43.5M+21.4% | $35.9M |
| SG&A Expenses | $158.8M | $134.3M+19.8% | $112.2M+17.9% | $95.1M |
| Operating Income | -$80.3M | -$64.1M-4.6% | -$61.2M+16.0% | -$72.9M |
| Interest Expense | N/A | $15.2M-33.4% | $22.8M-7.8% | $24.7M |
| Income Tax | N/A | -$76K-243.4% | $53K-90.3% | $547K |
| Net Income | -$118.4M | -$116.8M-21.1% | -$96.4M-0.8% | -$95.7M |
| EPS (Diluted) | — | -$3.17 | -$17.98+29.0% | -$25.32 |
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.
HTFL 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 | $359.5M+202.8% | $118.7M | N/A |
| Current Assets | $220.2M+167.6% | $82.3M | N/A |
| Cash & Equivalents | $44.8M-12.8% | $51.4M-58.2% | $122.8M |
| Accounts Receivable | $29.3M+19.1% | $24.6M | N/A |
| Total Liabilities | $58.8M-94.0% | $978.2M | N/A |
| Current Liabilities | $42.4M+26.1% | $33.6M | N/A |
| Total Equity | $300.6M+135.0% | -$859.5M-10.5% | -$777.6M |
| Retained Earnings | -$1.1B-12.0% | -$971.0M-88169.0% | -$1.1M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
HTFL 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 | -$52.2M | -$54.0M+21.7% | -$69.0M+9.7% | -$76.4M |
| Capital Expenditures | $6.9M | $5.0M+15.3% | $4.4M-28.6% | $6.1M |
| Free Cash Flow | -$59.2M | -$59.0M+19.5% | -$73.4M+11.1% | -$82.5M |
| Investing Cash Flow | -$216.9M | -$238.6M-5375.5% | -$4.4M+28.6% | -$6.1M |
| Financing Cash Flow | $223.1M | $286.0M+12686.9% | $2.2M-98.7% | $169.3M |
| Dividends Paid | N/A | N/A | N/A | $1.2M |
| Share Buybacks | N/A | N/A | N/A | $228K |
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.
HTFL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Gross Margin | 76.8%+1.7pp | 75.1%+8.5pp | 66.6% |
| Operating Margin | -36.4%+12.3pp | -48.7%+35.0pp | -83.6% |
| Net Margin | -66.3%+10.3pp | -76.6% | -109.7% |
| Return on Equity | -38.9% | N/A | N/A |
| Return on Assets | -32.5%+48.7pp | -81.2% | N/A |
| Current Ratio | 5.20+2.7x | 2.45 | N/A |
| Debt-to-Equity | 0.20 | N/A | N/A |
| FCF Margin | -33.5%+24.8pp | -58.3%+36.4pp | -94.7% |
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: Net Margin.
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Where HEARTFLOW INC Ranks
Frequently Asked Questions
What is HEARTFLOW INC's annual revenue?
HEARTFLOW INC (HTFL) reported $176.0M in total revenue for fiscal year 2025. This represents a 39.9% 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 HEARTFLOW INC's revenue growing?
HEARTFLOW INC (HTFL) revenue grew by 39.9% year-over-year, from $125.8M to $176.0M in fiscal year 2025.
Is HEARTFLOW INC profitable?
No, HEARTFLOW INC (HTFL) reported a net income of -$116.8M in fiscal year 2025, with a net profit margin of -66.3%.
What is HEARTFLOW INC's EBITDA?
HEARTFLOW INC (HTFL) had EBITDA of -$58.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is HEARTFLOW INC's gross margin?
HEARTFLOW INC (HTFL) had a gross margin of 76.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is HEARTFLOW INC's operating margin?
HEARTFLOW INC (HTFL) had an operating margin of -36.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is HEARTFLOW INC's net profit margin?
HEARTFLOW INC (HTFL) had a net profit margin of -66.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is HEARTFLOW INC's return on equity (ROE)?
HEARTFLOW INC (HTFL) has a return on equity of -38.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is HEARTFLOW INC's free cash flow?
HEARTFLOW INC (HTFL) recorded an outflow of $59.0M in free cash flow during fiscal year 2025. This represents a 19.5% 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 HEARTFLOW INC's operating cash flow?
HEARTFLOW INC (HTFL) recorded an outflow of $54.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are HEARTFLOW INC's total assets?
HEARTFLOW INC (HTFL) had $359.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are HEARTFLOW INC's capital expenditures?
HEARTFLOW INC (HTFL) invested $5.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does HEARTFLOW INC spend on research and development?
HEARTFLOW INC (HTFL) invested $64.9M in research and development during fiscal year 2025.
What is HEARTFLOW INC's current ratio?
HEARTFLOW INC (HTFL) had a current ratio of 5.20 as of fiscal year 2025, which is generally considered healthy.
What is HEARTFLOW INC's debt-to-equity ratio?
HEARTFLOW INC (HTFL) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is HEARTFLOW INC's return on assets (ROA)?
HEARTFLOW INC (HTFL) had a return on assets of -32.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is HEARTFLOW INC's cash runway?
Based on fiscal year 2025 data, HEARTFLOW INC (HTFL) had $44.8M in cash against an annual operating cash burn of $54.0M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is HEARTFLOW INC's Altman Z-Score?
HEARTFLOW INC (HTFL) has an Altman Z-Score of 36.39, 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 HEARTFLOW INC's Piotroski F-Score?
HEARTFLOW INC (HTFL) has a Piotroski F-Score of 4 out of 8 computable signals; 1 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 HEARTFLOW INC's earnings high quality?
HEARTFLOW INC (HTFL) reported a net loss of $116.8M while operations used $54.0M of cash. With neither figure positive, 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.
Can HEARTFLOW INC cover its interest payments?
HEARTFLOW INC (HTFL) reported an operating loss of $64.1M against $15.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is HEARTFLOW INC?
HEARTFLOW INC (HTFL) scores 52 out of 100 on our Financial Health Score, indicating moderate 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.