HNGE

MKT CAP:$3B

Hinge Health, Inc.

Market Cap

$3B

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

Healthcare·Medical·🇺🇸·NYSE

Stock Price

$44.56-$1.00 (-2.19%)

Apr 22, 2026

Company Details

Hinge Health, Inc. develops health care software for joint and muscle health. The company designs its platform to address a musculoskeletal care, acute injury, chronic pain, and post-surgical rehabilitation. It also provides various adminis...

CEO

Daniel A. Perez

IPO Date

May 22, 2025

Website

www.hingehealth.com

Key Metrics TTM

Revenue

$588M

+50.6% YoY

Net Income

-$528M

EPS (Diluted)

-$5.48

Free Cash Flow

$167M

Revenue / Share

$6.95

Gross Margin

79.6%

Operating Margin

-92.4%

Net Margin

-89.9%

FCF Margin

28.5%

P/S

5.9x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 3, 2026

$588M+50.6%EPS -$5.19

Q4 2025

Mar 3, 2026

$171M+45.6%EPS $0.37

Q3 2025

Nov 7, 2025

$154M+53.3%EPS -$0.02

Q2 2025

Aug 11, 2025

$139M+54.9%EPS -$7.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 23	$70M	$44M	-$37M
Q3 23	$81M	$58M	-$22M
Q4 23	$82M	$58M	-$30M
Q1 24	$83M	$58M	-$30M
Q2 24	$90M	$67M	-$10M
Q3 24	$101M	$79M	-$4M
Q4 24	$117M	$96M	$21M
Q1 25	$124M	$100M	$15M
Q2 25	$139M	$98M	-$579M
Q3 25	$154M	$126M	-$6M
Q4 25	$171M	$144M	$27M

Valuation

Quarter	P/S	P/E
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	10.0x	—
Q2 24	9.4x	—
Q3 24	8.9x	—
Q4 24	8.1x	—
Q1 25	7.3x	99.6x
Q2 25	8.4x	—
Q3 25	7.3x	—
Q4 25	6.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 24	-$33M	-$34M
Q2 24	$15M	$14M
Q3 24	$28M	$28M
Q4 24	$38M	$37M
Q1 25	$5M	$4M
Q2 25	$20M	$18M
Q3 25	$82M	$81M
Q4 25	$64M	$63M

Capital Expenditures

Quarter	CapEx
Q1 24	$949.0K
Q2 24	$934.0K
Q3 24	$315.0K
Q4 24	$1M
Q1 25	$757.0K
Q2 25	$2M
Q3 25	$1M
Q4 25	$408.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 24	+28.6%	-6.8%
Q3 24	+23.7%	+0.8%
Q4 24	+43.8%	-14.4%
Q1 25	+49.7%	-3.5%
Q2 25	+54.9%	+620.8%
Q3 25	+53.3%	+53.4%
Q4 25	+45.6%	+49.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 24	$304.0K	0.4%
Q2 24	$306.0K	0.3%
Q3 24	$115.0K	0.1%
Q4 24	$14.0K	0.0%
Q1 25	$7.0K	0.0%
Q2 25	$591M	424.9%
Q3 25	$0	0.0%
Q4 25	$17M	10.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 23	$28M	—	—	$53M
Q3 23	$28M	—	—	$52M
Q4 23	$29M	—	—	$60M
Q1 24	$30M	—	—	$59M
Q2 24	$25M	—	—	$52M
Q3 24	$24M	—	—	$59M
Q4 24	$22M	—	—	$52M
Q1 25	$23M	—	—	$62M
Q2 25	$280M	—	—	$397M
Q3 25	$32M	$37M	$64M	—
Q4 25	$33M	$25M	$59M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 24	$0	$0	$0
Q4 24	$303M	$166M	$468M
Q1 25	$288M	$182M	$471M
Q2 25	$237M	$176M	$413M
Q3 25	$261M	$219M	$480M
Q4 25	$208M	$156M	$364M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 23	78M	—	—
Q3 23	78M	0.0%	—
Q4 23	78M	0.0%	—
Q1 24	78M	0.0%	—
Q2 24	92M	+17.8%	+17.8%
Q3 24	78M	-15.1%	0.0%
Q4 24	78M	+0.0%	+0.0%
Q1 25	78M	0.0%	+0.0%
Q2 25	78M	0.0%	-15.1%
Q3 25	79M	+1.1%	+1.1%
Q4 25	85M	+7.2%	+8.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$118.8K	1K

Revenue / Employee