HCAT

MKT CAP:$101M

Health Catalyst, Inc.

Market Cap

$101M

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$1.31-$0.97 (-42.54%)

Apr 22, 2026

Company Details

Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations. Its offerings include data and analytics platform, a commercial-grade data and analytics platform for the healthcare sector; AI and data ...

CEO

Benjamin Albert

IPO Date

Jul 25, 2019

Website

www.healthcatalyst.com

Key Metrics TTM

Revenue

$311M

+1.5% YoY

Net Income

-$178M

EPS (Diluted)

-$2.54

Free Cash Flow

-$5M

Revenue / Share

$4.38

Gross Margin

33.5%

Operating Margin

-11.6%

Net Margin

-57.2%

FCF Margin

-1.5%

P/S

0.3x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 12, 2026

$311M+1.5%EPS -$2.55

Q4 2025

Mar 12, 2026

$75M-6.2%EPS -$1.28

Q3 2025

Nov 10, 2025

$76M-0.0%EPS -$0.32

Q2 2025

Aug 8, 2025

$81M+6.3%EPS -$0.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$68M	$34M	-$24M
Q2 22	$71M	$36M	-$33M
Q3 22	$68M	$32M	-$46M
Q4 22	$69M	$31M	-$37M
Q1 23	$74M	$36M	-$35M
Q2 23	$73M	$34M	-$35M
Q3 23	$74M	$32M	-$25M
Q4 23	$75M	$31M	-$33M
Q1 24	$75M	$36M	-$23M
Q2 24	$76M	$36M	-$16M
Q3 24	$76M	$34M	-$14M
Q4 24	$80M	$35M	-$18M
Q1 25	$79M	$36M	-$20M
Q2 25	$81M	$38M	-$37M
Q3 25	$76M	$38M	-$18M
Q4 25	$75M	-$8M	$39M

Valuation

Quarter	P/S	P/E
Q1 22	0.4x	—
Q2 22	0.4x	—
Q3 22	0.4x	—
Q4 22	0.4x	—
Q1 23	0.4x	—
Q2 23	0.4x	—
Q3 23	0.3x	—
Q4 23	0.3x	—
Q1 24	0.3x	—
Q2 24	0.3x	—
Q3 24	0.3x	—
Q4 24	0.3x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.3x	—
Q4 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1M	-$3M
Q2 22	-$10M	-$14M
Q3 22	-$12M	-$16M
Q4 22	-$15M	-$18M
Q1 23	-$6M	-$9M
Q2 23	-$12M	-$16M
Q3 23	$3M	$6.0K
Q4 23	-$19M	-$22M
Q1 24	$10M	$7M
Q2 24	$2M	-$3M
Q3 24	$6M	$2M
Q4 24	-$4M	-$8M
Q1 25	$280.0K	-$390.0K
Q2 25	-$9M	-$9M
Q3 25	-$464.0K	-$5M
Q4 25	$10M	$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$5M
Q3 22	$4M
Q4 22	$3M
Q1 23	$3M
Q2 23	$4M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$4M
Q3 24	$4M
Q4 24	$5M
Q1 25	$670.0K
Q2 25	$230.0K
Q3 25	$5M
Q4 25	$273.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.9%	+15.3%
Q2 22	+18.5%	+12.9%
Q3 22	+10.7%	+9.7%
Q4 22	+6.9%	-3.3%
Q1 23	+8.5%	+17.7%
Q2 23	+3.7%	+3.9%
Q3 23	+7.9%	-13.8%
Q4 23	+8.6%	+1.9%
Q1 24	+1.2%	-10.3%
Q2 24	+3.7%	-15.0%
Q3 24	+3.5%	-8.5%
Q4 24	+6.0%	-10.0%
Q1 25	+6.3%	+2.1%
Q2 25	+6.3%	+28.5%
Q3 25	-0.0%	+4.2%
Q4 25	-6.2%	-62.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$18M	26.6%
Q2 22	$18M	25.4%
Q3 22	$17M	25.3%
Q4 22	$0	0.0%
Q1 23	$14M	18.8%
Q2 23	$0	0.0%
Q3 23	$14M	19.3%
Q4 23	$13M	17.3%
Q1 24	$11M	14.5%
Q2 24	$9M	11.8%
Q3 24	$10M	12.5%
Q4 24	$11M	13.6%
Q1 25	$8M	9.5%
Q2 25	$8M	10.3%
Q3 25	$7M	9.2%
Q4 25	$4M	5.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$17M	$9M	$21M
Q2 22	$18M	$18M	$21M
Q3 22	$21M	$19M	$25M
Q4 22	$20M	$16M	$20M
Q1 23	$17M	$24M	$19M
Q2 23	$18M	$24M	$16M
Q3 23	$18M	$12M	$15M
Q4 23	$20M	$15M	$17M
Q1 24	$15M	$15M	$19M
Q2 24	$14M	$14M	$13M
Q3 24	$14M	$12M	$11M
Q4 24	$15M	$16M	$11M
Q1 25	$15M	$14M	$15M
Q2 25	$12M	$8M	$13M
Q3 25	$12M	$16M	$14M
Q4 25	$10M	$11M	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$198M	$227M	$425M
Q2 22	$177M	$226M	$403M
Q3 22	$124M	$256M	$380M
Q4 22	$116M	$247M	$363M
Q1 23	$133M	$223M	$357M
Q2 23	$116M	$228M	$344M
Q3 23	$95M	$253M	$348M
Q4 23	$106M	$211M	$318M
Q1 24	$201M	$126M	$328M
Q2 24	$202M	$106M	$308M
Q3 24	$328M	$59M	$387M
Q4 24	$250M	$142M	$392M
Q1 25	$342M	$0	$342M
Q2 25	$51M	$47M	$97M
Q3 25	$40M	$51M	$92M
Q4 25	$51M	$45M	$96M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	53M	+2.1%	+21.3%
Q2 22	54M	+0.9%	+19.6%
Q3 22	54M	+1.2%	+10.8%
Q4 22	54M	+0.4%	+4.6%
Q1 23	55M	+1.8%	+4.3%
Q2 23	56M	+0.9%	+4.3%
Q3 23	57M	+1.3%	+4.4%
Q4 23	57M	+1.3%	+5.5%
Q1 24	59M	+1.9%	+5.6%
Q2 24	59M	+1.2%	+5.9%
Q3 24	60M	+1.9%	+6.6%
Q4 24	62M	+3.2%	+8.5%
Q1 25	69M	+9.9%	+17.0%
Q2 25	70M	+1.6%	+17.4%
Q3 25	70M	+1.1%	+16.4%
Q4 25	71M	+0.9%	+13.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$68.1K	1K
Q2 22	$70.6K	1K
Q3 22	$68.4K	1K
Q4 22	$69.2K	1K
Q1 23	$73.9K	1K
Q2 23	$73.2K	1K
Q3 23	$73.8K	1K
Q4 23	$75.1K	1K
Q1 24	$74.7K	1K
Q2 24	$75.9K	1K
Q3 24	$76.4K	1K
Q4 24	$79.6K	1K
Q1 25	$79.4K	1K
Q2 25	$80.7K	1K
Q3 25	$76.3K	1K
Q4 25	$74.7K	1K

Revenue / Employee