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HealthStream, Inc.

HSTM Healthcare Health Information Services

HealthStream, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $304.1 million, up 4.26% from fiscal 2024.

Revenue
+8.94%
EPS
−8.90%
Free cash flow
−4.80%

Quarter to September 2026, against a year earlier

28.78 0.82 −2.77%
Market cap
$905.6M
P/E
41.0×
Fwd P/E
45.4×
Dividend yield
0.47%
F-score
6/9
Altman Z
3.53
Beneish M
−2.75
Dividend safety
78/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 5.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — — 2 1 1 — 1 1 —
Insider Ownership 25.81%

Capital & Financial Ratios $m

Size
Market Cap 905.63
Revenue ttm 327.95
Net income ttm 20.49
Free cash flow ttm 69.01
Net debt Q (115.16)
Valuation
P/E 40.99 (above 35: high)
Forward P/E 45.40 (above 35: high)
Price / sales 2.59
Forward P/S Powerpack
Price / FCF 12.30
Price / book 2.11
Financial health
Current ratio Q 1.48
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 0.00
Growth
Revenue growth Q +8.94% (above 0%: growing)
Operating income growth Q −12.95% (below 0%: shrinking)
EPS, this year +21.19% (at or above 15%: strong)
EPS, next year A +8.74%
Revenue, next year A +8.37%
EPS, past 5 yrs +6.75%
EPS, next 5 yrs A +12.48%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 2.8×; over the ten years it ranged from 1.8× in 2026 to 4.2× in 2017.
P/E against its own 10 years 23.53%
10-year low 10-year high
P/S against its own 10 years 15.62%
10-year low 10-year high
P/B against its own 10 years 19.06%
10-year low 10-year high
EV/Sales against its own 10 years 13.49%
10-year low 10-year high
EV/FCF against its own 10 years 3.74%
10-year low 10-year high

Dividends raised every year since 2023

Yield
0.47%
Annual rate
0.14
Payout ratio
19.4%
Growth, 2023–25
+11.4%/yr
  1. 0.10 ’23
  2. 0.11 ’24 +12
  3. 0.12 ’25 +11
  4. 0.14 ’26e +13
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 71 97 57 115
Receivables 38 35 39 39
Inventory — — — —
Other — — — —
130 153 120 179
2023 2024 2025 Q'26
Payables 7 7 8 29
ST’ Debt — — — —
Other — — — —
118 116 124 121

Compound Annual Growth %

10y 5y 3y
Sales 3.82% 4.43% 4.45%
Cash Flow 6.13% 12.03% 7.35%
Earnings 7.84% 5.41% 14.90%
Book Value 2.36% 1.17% 1.95%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.15 Actual 0.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.16 0.18 Beat by 0.02
Q1 FY26 0.16 0.20 Beat by 0.04
Q2 FY26 0.17 0.23 Beat by 0.06
Q3 FY26 0.15 0.18 Beat by 0.03
Q4 FY26 0.13 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.23 0.18 — —
’25 0.14 0.18 0.20 0.09 0.61
’24 0.17 0.14 0.19 0.16 0.66
’23 0.09 0.13 0.13 0.15 0.50
’22 0.09 0.10 0.12 0.08 0.39
’21 0.07 0.08 0.05 (0.01) 0.18
’20 0.22 0.11 0.08 0.03 0.44
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 81 84 83 — —
’25 73 74 76 80 304
’24 73 72 73 74 292
’23 69 69 70 71 279
’22 65 66 67 69 267
’21 63 65 64 64 257
’20 62 61 61 62 245
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 27 13 17 — —
’25 27 5 18 13 63
’24 21 6 19 11 58
’23 21 5 25 14 64
’22 21 7 15 8 51
’21 19 5 12 6 42
’20 6 7 17 5 36
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 26 13 17 — —
’25 26 3 18 13 60
’24 20 6 19 11 56
’23 20 4 24 13 62
’22 20 7 15 8 49
’21 17 5 12 5 39
’20 5 7 17 5 34
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten 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 192 215 232 254 245 257 267 279 292 304 328 +5.2% 330 345 362 +6.0%
Gross margin, % 60.98 59.42 58.55 59.12 63.51 64.54 65.84 65.95 66.42 64.74 64.74 +3.8 pt
EBT 8 10 17 18 18 8 16 19 25 23 26 +13.0%
EBT margin, % 4.03 4.72 7.16 7.06 7.28 3.03 5.84 6.63 8.50 7.64 8.06 +3.6 pt
Net income 4 10 32 16 14 6 12 15 20 18 20 +19.3%
Per share, $
Per share, $ Revenue 6.06 6.74 7.18 7.85 7.66 8.14 8.71 9.13 9.60 10.13 11.12 +5.9%
Earnings 0.12 0.31 1.00 0.49 0.44 0.19 0.39 0.50 0.66 0.61 0.70 +19.8%
Cash flow 0.76 1.47 1.34 2.03 1.12 1.34 1.67 2.09 1.90 2.11 2.41 +11.9%
Capex (0.12) (0.17) (0.22) (0.68) (0.06) (0.11) (0.06) (0.07) (0.05) (0.12) (0.07) +0.1%
Free cash flow 0.64 1.29 1.12 1.35 1.06 1.24 1.61 2.02 1.85 1.99 2.34 +13.4%
Book value 9.02 9.42 9.89 10.45 10.45 10.75 10.90 11.15 11.83 11.79 13.63 +3.0%
Shares, m 32 32 32 32 32 32 31 31 30 30 30 (0.6%)
Valuation, ×
Valuation, × P/E 213.00 76.00 24.15 57.87 49.64 138.74 63.26 53.40 48.18 37.82 40.99 76.2
P/S 4.22 3.49 3.36 3.47 2.85 3.24 2.83 2.93 3.31 2.28 2.59 3.2
P/B 2.83 2.50 2.44 2.60 2.09 2.45 2.26 2.40 2.69 1.96 2.11 2.4
EV/Sales 3.83 3.01 2.76 2.90 2.78 3.14 2.74 2.77 3.08 2.18 2.32 2.9
EV/FCF 36.05 15.72 17.69 16.84 20.05 20.72 14.77 12.52 15.95 11.12 11.04 18.1
Cash, $m
Cash, $m Operating cash flow 24 47 43 66 36 42 51 64 58 63 71 +11.3%
Capex (4) (6) (7) (22) (2) (3) (2) (2) (1) (4) (2) (0.6%)
Free cash flow 20 41 36 44 34 39 49 62 56 60 69 +12.7%
Balance, $m
Balance, $m Working capital 82 99 135 119 (5) 6 (3) 12 37 (4) 58 n/m
Net debt (103) (131) (169) (173) (46) (52) (54) (71) (97) (57) (115) (6.4%)
Shareholders’ equity 286 300 319 338 334 339 334 341 359 354 402 +2.4%
Returns, %
Returns, % ROA 0.97 2.48 7.55 3.39 2.85 1.18 2.46 3.05 3.96 3.56 3.84 +2.6 pt
ROIC 2.45 3.48 6.45 5.57 3.44 1.75 2.78 3.71 5.08 4.26 5.41 +1.8 pt
ROE 1.33 3.41 10.41 4.80 4.19 1.74 3.59 4.51 5.72 5.14 5.45 +3.8 pt
People
People Employees 1,120 1,027 790 876 1,069 1,101 1,154 1,092 1,093 1,160 — +0.4%
Revenue/emp, $m 0.17 0.21 0.29 0.29 0.23 0.23 0.23 0.26 0.27 0.26 — +4.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

HealthStream, 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
CERT Certara, Inc. $1.9B — (loss-making) — (loss-making) −9.29% (below 0%: shrinking) +300.00% (above 0%: growing) −12.09% (below 0%: shrinking) 66.87% 2.45% Compare
OMCL Omnicell, Inc. $1.7B 39.0× 32.9× −0.89% (below 0%: shrinking) +100.50% (above 0%: growing) +42.62% (above 0%: growing) 44.77% 4.85% Compare
TDOC Teladoc Health, Inc. $1.7B — (loss-making) — (loss-making) −3.41% (below 0%: shrinking) n/m +11.76% (above 0%: growing) 68.56% (4.64%) Compare
GDRX GoodRx Holdings, Inc. $1.2B 65.7× 46.0× −1.31% (below 0%: shrinking) −25.00% (below 0%: shrinking) +112.45% (above 0%: growing) 89.52% 11.79% Compare
OMDA Omada Health, Inc. $1.2B 267× 156× +43.12% (above 0%: growing) n/m +45.71% (above 0%: growing) 72.62% 4.04% Compare
HSTM HealthStream, Inc. $905.6M 42.0× 45.4× +8.94% (above 0%: growing) −8.90% (below 0%: shrinking) −4.80% (below 0%: shrinking) 63.98% 7.91%
PHR Phreesia, Inc. $788.9M 74.4× 40.2× +10.41% (above 0%: growing) +200.00% (above 0%: growing) +43.51% (above 0%: growing) 66.64% 5.88% Compare
NRC National Research Corporation $563.6M 87.6× 61.1× +10.95% (above 0%: growing) +22.22% (above 0%: growing) −31.38% (below 0%: shrinking) 59.95% 23.20% Compare
SOPH SOPHiA GENETICS SA $563.6M — (loss-making) — (loss-making) +24.69% (above 0%: growing) n/m −1.87% (below 0%: shrinking) 65.66% (73.45%) Compare
Median of peers $1.2B 74.4× 46.0× +4.76% +100.50% +27.19% 66.76% 4.45%

All 44 Health Information Services stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 868.04k 715.42k 106.97
2024 702.13k 786.55k 146.79
2023 727.11k 787.76k 124.27
2022 749.90k 735.10k 113.74
2021 641.95k 714.12k 120.70
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. Read the proxy statement

HealthStream, Inc. (HSTM) Latest News

3 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · Moby

2 Nov

Impact 3 · · Business Wire

26 Oct

Impact 3 · · Business Wire earnings

15 Sep

Impact 3 ·

14 Sep

Impact 4 ·

13 Aug

Impact 3 ·

11 Aug

Impact 3 ·

10 Aug

Impact 3 · · The Motley Fool transcript

4 Aug

Impact 4 ·
Impact 3 · · MarketBeat transcript

3 Aug

Impact 3 ·

5 May

Impact 4 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · Moby

4 May

Impact 4 · · Zacks
Impact 4 · · Business Wire

8 Apr

Impact 3 · · Simply Wall St.

26 Mar

Impact 4 · · Business Wire

13 Mar

Impact 3 · · Business Wire

2 Mar

Impact 3 · · Insider Monkey

25 Feb

Impact 4 ·

24 Feb

Impact 4 · · MarketBeat
Impact 4 · · Moby

23 Feb

Impact 4 · · Associated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press FinanceAssociated Press Finance
Impact 4 · · Business Wire
Impact 3 ·

30 Jan

Impact 3 · · Simply Wall St.
stockrow.com/HSTM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com