Heartflow, Inc.
HTFL Healthcare Health Information Services
Heartflow, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $176.0 million, up 39.9% from fiscal 2024. In the quarter to June 2026, revenue grew 47.6%, EPS grew 87.7% and free cash flow grew 62.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow HTFL
Heartflow, Inc. (HTFL) Altman Z-score
Heartflow, Inc.'s Altman Z-score for fiscal 2025 is 7.22, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 7.22 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.49 | — | 0.59 | |
| Retained earnings / total assets | (3.03) | — | −4.24 | |
| EBIT / total assets | (0.18) | — | −0.59 | |
| Market value of equity / total liabilities | 18.27 | — | 10.96 | |
| Sales / total assets | 0.49 | — | 0.49 | |
| Altman Z-score | Safe zone | 7.22 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −2.45 | ||
Z and Z″ put Heartflow, Inc. in different zones: safe zone by Z, distress zone by Z″.
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 |
|---|---|
| DOCS Doximity, Inc. compare | 17.1× |
| HTFL Heartflow, Inc. | 7.2× |
| PRVA Privia Health Group, Inc. compare | 4.8× |
| HQY HealthEquity, Inc. compare | 4.4× |
| TXG 10x Genomics compare | 4.0× |
| OMCL Omnicell, Inc. compare | 2.7× |
| WAY Waystar Holding Corp. compare | 2.2× |
| SDGR Schrodinger, Inc. compare | 1.1× |
| HNGE Hinge Health Inc. compare | −0.6× |
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