HQH

MKT CAP:$1B

Abrdn Healthcare Investors

Market Cap

$1B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$19.42+$0.55 (+2.91%)

Apr 23, 2026

Company Details

Abrdn Healthcare Investors is a closed-ended equity mutual fund launched and managed by abrdn Inc. The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating in the healthcare sector, inc...

CEO

Daniel R. Omstead

IPO Date

Apr 23, 1987

Website

www.teklacap.com/hqh.html

Key Metrics TTM

Revenue

$21M

+42.8% YoY

Net Income

$241M

EPS (Diluted)

$4.75

Free Cash Flow

$9M

Revenue / Share

$0.39

Gross Margin

100.0%

Operating Margin

-6.7%

Net Margin

1145.6%

FCF Margin

41.4%

P/S

52.1x

P/E

4.5x

Earnings Reports

FY 2025

Sep 30, 2025

$100M+826.8%EPS $1.84

FY 2024

Dec 31, 2024

$11M+4.6%EPS $3.55

Q4 2024

Dec 31, 2024

$5M+17.2%EPS $1.59

Q2 2024

Jun 30, 2024

$5M-5.7%EPS $1.97

FY 2023

Dec 31, 2023

$10M+24.4%EPS $1.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$3M	$3M	-$2M
Q4 17	$3M	$3M	-$3M
Q2 18	$3M	$3M	-$2M
Q4 18	$4M	$4M	-$2M
Q2 19	$4M	$4M	-$2M
Q4 19	$4M	$4M	-$1M
Q2 20	$5M	$5M	-$198.4K
Q4 20	$4M	$4M	-$2M
Q2 21	$3M	$3M	-$3M
Q4 21	$3M	$3M	-$3M
Q2 22	$4M	$4M	-$2M
Q4 22	$4M	$4M	-$1M
Q2 23	$6M	$6M	-$163.1K
Q4 23	$5M	$5M	-$1M
Q2 24	$5M	$5M	-$31.1K
Q4 24	$5M	$5M	-$189.1K

Valuation

Quarter	P/S	P/E
Q2 17	106.0x	—
Q4 17	105.2x	16.8x
Q2 18	98.9x	9.3x
Q4 18	88.4x	5.8x
Q2 19	82.5x	15.6x
Q4 19	76.2x	—
Q2 20	66.8x	29.3x
Q4 20	66.3x	11.4x
Q2 21	68.1x	4.1x
Q4 21	71.1x	2.8x
Q2 22	76.4x	4.7x
Q4 22	74.3x	—
Q2 23	64.1x	—
Q4 23	59.1x	—
Q2 24	55.1x	14.3x
Q4 24	52.1x	4.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$0	$0
Q4 17	$0	$0
Q2 18	$0	$0
Q4 18	$0	$0
Q2 19	$0	$0
Q4 19	$0	$0
Q2 20	$0	$0
Q4 20	$0	$0
Q2 21	$0	$0
Q4 21	$0	$0
Q2 22	$0	$0
Q4 22	$0	$0
Q2 23	$0	$0
Q4 23	$0	$0
Q2 24	$0	$0
Q4 24	$9M	$9M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+75.5%	-9.8%
Q4 17	+2.7%	-13.0%
Q2 18	+28.5%	-6.0%
Q4 18	+53.4%	+3.2%
Q2 19	+31.5%	+2.7%
Q4 19	+39.0%	-8.0%
Q2 20	+67.7%	-4.2%
Q4 20	+3.2%	+4.2%
Q2 21	-12.0%	+15.7%
Q4 21	-17.4%	+27.2%
Q2 22	-21.2%	+18.7%
Q4 22	+10.3%	+1.1%
Q2 23	+72.4%	-6.0%
Q4 23	+45.0%	-13.2%
Q2 24	+34.1%	-13.8%
Q4 24	+26.6%	-1.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$0	0.0%
Q4 17	$0	0.0%
Q2 18	$0	0.0%
Q4 18	$0	0.0%
Q2 19	$0	0.0%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q4 20	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 17	$5M	—
Q4 17	$6M	—
Q2 18	$5M	—
Q4 18	$5M	—
Q2 19	$5M	—
Q4 19	$5M	—
Q2 20	$5M	—
Q4 20	$6M	—
Q2 21	$6M	—
Q4 21	$7M	—
Q2 22	$6M	—
Q4 22	$6M	—
Q2 23	$6M	—
Q4 23	$6M	—
Q2 24	$5M	$18.6K
Q4 24	$6M	$37.8K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 17	$10M	$0	$10M
Q4 17	$6M	$0	$6M
Q2 18	$0	$0	$0
Q4 18	$927	$0	$927
Q2 19	$724	$0	$724
Q4 19	$2M	$0	$2M
Q2 20	$840	$0	$840
Q4 20	$0	$0	$0
Q2 21	$865	$0	$865
Q4 21	$935	$0	$935
Q2 22	$0	$0	$0
Q4 22	$792	$0	$792
Q2 23	$1.1K	$0	$1.1K
Q4 23	$214	$0	$214
Q2 24	$14.1K	$0	$14.1K
Q4 24	$56	$0	$56

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	40M	+0.1%	+9.2%
Q4 17	41M	+4.0%	+8.8%
Q2 18	42M	+0.3%	+8.8%
Q4 18	43M	+3.2%	+7.7%
Q2 19	42M	-1.3%	+6.2%
Q4 19	43M	+2.3%	+4.5%
Q2 20	43M	-0.5%	+3.7%
Q4 20	45M	+3.7%	+4.1%
Q2 21	45M	-0.0%	+5.5%
Q4 21	46M	+3.5%	+6.7%
Q2 22	46M	+0.3%	+7.6%
Q4 22	48M	+4.3%	+8.2%
Q2 23	48M	+0.0%	+8.3%
Q4 23	51M	+4.5%	+9.4%
Q2 24	51M	+0.2%	+9.2%
Q4 24	54M	+5.9%	+10.9%

Shares Outstanding