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Friday 6 November 2026
Export HCAT’s income statement to Excel — free account
Health Catalyst, Inc.
HCAT Healthcare Health Information Services
Health Catalyst, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $311.1 million, up 1.48% from fiscal 2024.
- Revenue
- −26.3%
- EPS
- +268.8%
- Free cash flow
- +65.6%
- Total debt
- +0.29%
Quarter to September 2026, against a year earlier
1.47
0.03
−2.00%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | 73 | 113 | 155 | 189 | 242 | 276 | 296 | 307 | 311 | 272 | +19.9% | 248 | 206 | 228 | (9.9%) | |
| Gross margin, % | — | 40.28 | 46.83 | 51.37 | 48.06 | 48.60 | 48.21 | 44.55 | 45.92 | 48.75 | 49.13 | +8.5 pt | ||||||
| EBT | — | (47) | (62) | (60) | (116) | (160) | (142) | (118) | (69) | (177) | (201) | +18.0% | ||||||
| EBT margin, % | — | (64.32) | (55.18) | (38.69) | (61.54) | (66.18) | (51.29) | (39.80) | (22.56) | (56.97) | (73.98) | +7.4 pt | ||||||
| Net income | — | (47) | (62) | (60) | (115) | (153) | (137) | (118) | (70) | (178) | (202) | +18.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 15.08 | 23.46 | 8.27 | 4.78 | 5.09 | 5.14 | 5.25 | 5.09 | 4.45 | 3.58 | (14.1%) | |||||
| Earnings | — | (12.13) | (23.76) | (12.86) | (2.91) | (3.23) | (2.56) | (2.09) | (1.15) | (2.55) | (2.82) | (17.7%) | ||||||
| Cash flow | — | (7.60) | (8.40) | (1.72) | (0.66) | (0.49) | (0.66) | (0.59) | 0.24 | 0.01 | 0.35 | n/m | ||||||
| Capex | — | (0.68) | (0.52) | (0.23) | (0.26) | (0.39) | (6.03) | (0.25) | (0.27) | (0.31) | (0.01) | (9.4%) | ||||||
| Free cash flow | — | (8.28) | (8.91) | (1.95) | (0.93) | (0.88) | (6.69) | (0.84) | (0.03) | (0.30) | 0.34 | (34.0%) | ||||||
| Book value | — | 0.00 | (78.11) | 10.71 | 6.98 | 10.99 | 7.91 | 6.50 | 6.07 | 3.52 | 1.92 | n/m | ||||||
| Shares, m | — | 5 | 5 | 19 | 40 | 47 | 54 | 56 | 60 | 70 | 73 | +39.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | 0.00 | 0.00 | 4.20 | 9.11 | 7.78 | 2.02 | 1.74 | 1.39 | 0.54 | 0.41 | 3.0 | ||||||
| P/B | — | 0.00 | 0.00 | 3.24 | 6.23 | 3.60 | 1.31 | 1.40 | 1.17 | 0.68 | 0.77 | 2.0 | ||||||
| EV/Sales | — | 0.00 | 0.00 | 3.05 | 8.59 | 6.70 | 1.54 | 1.45 | 1.36 | 0.72 | 0.68 | 2.6 | ||||||
| EV/FCF | — | (3.30) | (3.30) | (12.98) | (44.32) | (39.00) | (1.18) | (9.04) | (227.75) | (10.81) | 34.14 | (39.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | (37) | (40) | (32) | (26) | (23) | (35) | (33) | 15 | 1 | 27 | n/m | |||||
| Capex | — | (3) | (2) | (4) | (10) | (18) | (324) | (14) | (16) | (22) | (1) | +26.4% | ||||||
| Free cash flow | — | (40) | (43) | (36) | (37) | (42) | (359) | (47) | (2) | (21) | 26 | (7.9%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 40 | 25 | 216 | 242 | 415 | 345 | 304 | 140 | 80 | 55 | +9.1% | |||||
| Net debt | — | (39) | (13) | (177) | (99) | (261) | (134) | (90) | (10) | 58 | (79) | n/m | ||||||
| Shareholders’ equity | — | — | (375) | 201 | 276 | 522 | 425 | 367 | 365 | 246 | 146 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (53.14) | (205.49) | (116.57) | (26.14) | (21.73) | (17.34) | (16.25) | (8.91) | (26.14) | (49.02) | +27.0 pt | |||||
| ROIC | — | 0.00 | 0.00 | (146.71) | (33.97) | (34.34) | (30.02) | (28.61) | (12.27) | (33.15) | (167.90) | (33.1) pt | ||||||
| ROE | — | 18.54 | 35.95 | 276.72 | (48.25) | (38.39) | (29.02) | (29.84) | (18.99) | (58.26) | (84.64) | (76.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | 728 | 900 | 1,000 | 1,200 | 1,200 | 1,300 | 1,500 | 1,200 | — | +7.4% | |||||
| Revenue/emp, $m | — | 0.00 | 0.15 | 0.17 | 0.19 | 0.20 | 0.23 | 0.23 | 0.20 | 0.26 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Health Catalyst, Inc. vs peers in Health Information Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CTEV Claritev Corporation | $342.7M | — (loss-making) | — (loss-making) | +6.59% (above 0%: growing) | n/m | +49.10% (above 0%: growing) | 73.72% | 9.09% | Compare |
| SPOK Spok Holdings, Inc. | $245.9M | 12.9× | 16.2× | −2.56% (below 0%: shrinking) | +190.31% (above 0%: growing) | +61.57% (above 0%: growing) | 79.66% | 17.08% | Compare |
| AMWL American Well Corporation | $208.5M | — (loss-making) | — (loss-making) | −12.96% (below 0%: shrinking) | n/m | +21.98% (above 0%: growing) | 52.99% | (23.79%) | Compare |
| SY So-Young International Inc. Sponsored ADR | $177.7M | — (loss-making) | 12.8× | +40.84% (above 0%: growing) | n/m | −798.37% (below 0%: shrinking) | 44.11% | (8.64%) | Compare |
| DH Definitive Healthcare Corp. | $163.7M | — (loss-making) | — (loss-making) | −8.99% (below 0%: shrinking) | n/m | −32.60% (below 0%: shrinking) | 77.27% | (9.09%) | Compare |
| OPRX OptimizeRx Corp. | $163.3M | 35.8× | 41.7× | −29.77% (below 0%: shrinking) | n/m | +89.86% (above 0%: growing) | 76.51% | (0.43%) | Compare |
| HCAT Health Catalyst, Inc. | $112.9M | — (loss-making) | — (loss-making) | −26.26% (below 0%: shrinking) | n/m | +65.58% (above 0%: growing) | 42.71% | 89.08% | |
| LFMD LifeMD, Inc. | $110.4M | — (loss-making) | — (loss-making) | −3.55% (below 0%: shrinking) | n/m | −247.52% (below 0%: shrinking) | 88.82% | (15.08%) | Compare |
| CCLD CareCloud, Inc. | $91.8M | 16.5× | 11.0× | +8.56% (above 0%: growing) | +150.00% (above 0%: growing) | −0.44% (below 0%: shrinking) | 50.46% | 19.50% | Compare |
| Median of peers | $170.7M | 16.5× | 14.5× | −3.05% | — | +10.77% | 75.12% | (4.53%) |
Pay and ownership Proxy statement filed 3 June 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 3.99m | 268.06k | 5.00 |
| 2024 | 5.49m | 4.17m | 20.00 |
| 2023 | 0.00 | (59.15k) | 27.00 |
| 2022 | 4.44m | (8.15m) | 31.00 |
| 2021 | 5.96m | 5.62m | 114.00 |
Ownership
Directors and executive officers, together
19.40%
Mathew Arens
18.20%
Entities affiliated with First Light Asset Management , LLC
17.40%
Entities affiliated with CDC Financial, Inc.
8.50%
Entities affiliated with Whetstone Capital Advisors
7.80%
Entities affiliated with Blackrock
7.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement