HSTM

MKT CAP:$623M

HealthStream, Inc.

Market Cap

$623M

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

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$21.60-$1.19 (-5.22%)

Apr 20, 2026

Company Details

HealthStream, Inc. provides workforce and provider solutions for healthcare organizations in the United States. It operates through two segments, Workforce Solutions and Provider Solutions. The company offers workforce solutions, including ...

CEO

Robert A. Frist Jr.

IPO Date

Apr 11, 2000

Website

www.healthstream.com

Key Metrics TTM

Revenue

$304M

+4.3% YoY

Net Income

$18M

EPS (Diluted)

$0.61

Free Cash Flow

$60M

Revenue / Share

$10.23

Gross Margin

64.7%

Operating Margin

6.7%

Net Margin

6.0%

FCF Margin

19.6%

P/S

2.1x

P/E

34.0x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 26, 2026

$304M+4.3%EPS $0.61

Q4 2025

Feb 26, 2026

$80M+7.4%EPS $0.09

Q3 2025

Nov 6, 2025

$76M+4.6%EPS $0.20

Q2 2025

Aug 7, 2025

$74M+4.0%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$65M	$43M	$4M
Q2 22	$66M	$43M	$3M
Q3 22	$67M	$44M	$2M
Q4 22	$69M	$45M	$3M
Q1 23	$69M	$45M	$3M
Q2 23	$69M	$46M	$4M
Q3 23	$70M	$47M	$5M
Q4 23	$71M	$47M	$4M
Q1 24	$73M	$48M	$6M
Q2 24	$72M	$48M	$4M
Q3 24	$73M	$49M	$6M
Q4 24	$74M	$49M	$5M
Q1 25	$73M	$48M	$4M
Q2 25	$74M	$48M	$6M
Q3 25	$76M	$50M	$8M
Q4 25	$80M	$51M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	2.4x	97.2x
Q2 22	2.5x	92.1x
Q3 22	2.5x	71.5x
Q4 22	2.7x	59.7x
Q1 23	3.0x	69.6x
Q2 23	2.7x	58.5x
Q3 23	2.4x	50.7x
Q4 23	2.9x	53.2x
Q1 24	2.8x	44.5x
Q2 24	2.9x	46.8x
Q3 24	3.0x	44.5x
Q4 24	3.3x	48.3x
Q1 25	3.3x	51.2x
Q2 25	2.9x	41.4x
Q3 25	2.9x	42.5x
Q4 25	2.3x	38.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$21M	$20M
Q2 22	$7M	$1M
Q3 22	$15M	$15M
Q4 22	$8M	$8M
Q1 23	$21M	$20M
Q2 23	$5M	$4M
Q3 23	$25M	$24M
Q4 23	$14M	$7M
Q1 24	$21M	$20M
Q2 24	$6M	$6M
Q3 24	$19M	$12M
Q4 24	$11M	$11M
Q1 25	$27M	$26M
Q2 25	$5M	$3M
Q3 25	$18M	$18M
Q4 25	$13M	$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$636.0K
Q2 22	$6M
Q3 22	$389.0K
Q4 22	$198.0K
Q1 23	$879.0K
Q2 23	$503.0K
Q3 23	$472.0K
Q4 23	$7M
Q1 24	$742.0K
Q2 24	$172.0K
Q3 24	$7M
Q4 24	$203.0K
Q1 25	$1M
Q2 25	$2M
Q3 25	$109.0K
Q4 25	$204.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.0%	+1.9%
Q2 22	+1.3%	+2.1%
Q3 22	+5.0%	+4.2%
Q4 22	+6.5%	+1.0%
Q1 23	+5.5%	+7.7%
Q2 23	+5.4%	+4.0%
Q3 23	+4.5%	+0.9%
Q4 23	+3.0%	+1.3%
Q1 24	+5.5%	+1.5%
Q2 24	+3.4%	+3.0%
Q3 24	+3.9%	+1.7%
Q4 24	+5.2%	+4.9%
Q1 25	+1.0%	+3.0%
Q2 25	+4.0%	+2.0%
Q3 25	+4.6%	+3.5%
Q4 25	+7.4%	+11.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$774.0K	1.2%
Q2 22	$917.0K	1.4%
Q3 22	$918.0K	1.4%
Q4 22	$945.0K	1.4%
Q1 23	$945.0K	1.4%
Q2 23	$1M	1.6%
Q3 23	$1M	1.5%
Q4 23	$1M	1.5%
Q1 24	$1M	1.5%
Q2 24	$1M	1.5%
Q3 24	$1M	1.5%
Q4 24	$1M	1.6%
Q1 25	$1M	1.5%
Q2 25	$836.0K	1.1%
Q3 25	$794.0K	1.0%
Q4 25	$5M	6.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$10M	$9M	$10M
Q2 22	$11M	$10M	$11M
Q3 22	$11M	$9M	$11M
Q4 22	$12M	$9M	$11M
Q1 23	$12M	$9M	$12M
Q2 23	$11M	$9M	$11M
Q3 23	$11M	$9M	$11M
Q4 23	$12M	$8M	$11M
Q1 24	$12M	$8M	$12M
Q2 24	$12M	$10M	$11M
Q3 24	$12M	$8M	$11M
Q4 24	$13M	$9M	$12M
Q1 25	$12M	$9M	$12M
Q2 25	$12M	$7M	$12M
Q3 25	$12M	$7M	$12M
Q4 25	$15M	$9M	$13M

Revenue Segments

Quarter	Healthstream Provider Solutions	Healthstream Workforce Solutions	Professional Services	Subscription Services
Q1 22	$13M	$52M	—	—
Q2 22	$13M	$52M	—	—
Q3 22	$13M	$54M	—	—
Q4 22	$14M	$55M	—	—
Q1 23	—	—	$3M	$66M
Q2 23	—	—	$3M	$67M
Q3 23	—	—	$3M	$67M
Q4 23	—	—	$3M	$68M
Q1 24	—	—	$3M	$70M
Q2 24	—	—	$3M	$69M
Q3 24	—	—	$3M	$70M
Q1 25	—	—	$3M	$71M
Q2 25	—	—	$2M	$72M
Q3 25	—	—	$3M	$74M
Q4 25	—	—	$3M	$77M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$43M	$2M	$45M
Q2 22	$37M	$2M	$39M
Q3 22	$48M	$4M	$52M
Q4 22	$46M	$8M	$54M
Q1 23	$49M	$10M	$59M
Q2 23	$26M	$30M	$56M
Q3 23	$44M	$28M	$72M
Q4 23	$40M	$31M	$71M
Q1 24	$52M	$31M	$84M
Q2 24	$46M	$37M	$83M
Q3 24	$57M	$37M	$95M
Q4 24	$59M	$38M	$97M
Q1 25	$77M	$36M	$113M
Q2 25	$52M	$39M	$91M
Q3 25	$54M	$39M	$93M
Q4 25	$36M	$21M	$57M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	31M	-1.7%	-1.7%
Q2 22	31M	-1.5%	-3.5%
Q3 22	31M	+0.5%	-3.2%
Q4 22	31M	+0.2%	-2.5%
Q1 23	31M	-0.2%	-1.0%
Q2 23	31M	+0.4%	+0.9%
Q3 23	31M	-0.0%	+0.3%
Q4 23	30M	-0.9%	-0.7%
Q1 24	30M	-0.2%	-0.8%
Q2 24	31M	+0.4%	-0.8%
Q3 24	31M	+0.2%	-0.6%
Q4 24	31M	+0.2%	+0.5%
Q1 25	31M	-0.2%	+0.6%
Q2 25	30M	-0.4%	-0.2%
Q3 25	30M	-2.1%	-2.5%
Q4 25	30M	-0.3%	-3.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$60.9K	1K
Q2 22	$61.1K	1K
Q3 22	$62.6K	1K
Q4 22	$60.4K	1K
Q1 23	$60.7K	1K
Q2 23	$61.0K	1K
Q3 23	$62.0K	1K
Q4 23	$65.4K	1K
Q1 24	$67.4K	1K
Q2 24	$66.3K	1K
Q3 24	$67.7K	1K
Q4 24	$68.5K	1K
Q1 25	$67.9K	1K
Q2 25	$68.7K	1K
Q3 25	$70.6K	1K
Q4 25	$70.0K	1K

Revenue / Employee