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. In the quarter to June 2026, revenue fell 12.7%, EPS grew 6.78%, free cash flow grew 64.3% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Health Catalyst, Inc. (HCAT) Altman Z-score
Health Catalyst, Inc.'s Altman Z-score for fiscal 2025 is −3.66, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −3.66 | (2.52) |
| FY2024 | −1.13 | (0.19) |
| FY2023 | −0.95 | (0.44) |
| FY2022 | −0.51 | (2.99) |
| FY2021 | 2.48 | 0.54 |
| FY2020 | 1.95 | 0.17 |
| FY2019 | 1.78 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | (2.71) | — | −3.80 | |
| EBIT / total assets | (0.32) | — | −1.06 | |
| Market value of equity / total liabilities | 0.65 | — | 0.39 | |
| Sales / total assets | 0.62 | — | 0.62 | |
| Altman Z-score | Distress zone | −3.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.96 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SPOK Spok Holdings, Inc. compare | 4.0× |
| OPRX OptimizeRx Corp. compare | 3.3× |
| CCLD CareCloud, Inc. compare | 3.3× |
| SY So-Young International Inc. Sponsored ADR compare | 1.0× |
| LFMD LifeMD, Inc. compare | 0.0× |
| DH Definitive Healthcare Corp. compare | −1.5× |
| HCAT Health Catalyst, Inc. | −3.7× |
| AMWL American Well Corporation compare | −8.0× |
| CSLT Castlight Health, inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets