HTFL

MKT CAP:$3B

Heartflow, Inc. Common Stock

Market Cap

$3B

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

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$31.38+$2.41 (+8.32%)

Apr 20, 2026

Company Details

HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D mode...

CEO

John Farquhar

IPO Date

Aug 7, 2025

Website

www.heartflow.com

Key Metrics TTM

Revenue

$176M

+39.9% YoY

Net Income

-$117M

EPS (Diluted)

-$1.37

Free Cash Flow

-$59M

Revenue / Share

$0.48

Gross Margin

76.8%

Operating Margin

-36.4%

Net Margin

-66.3%

FCF Margin

-33.5%

P/S

14.9x

P/E

—

Earnings Reports

FY 2025

Mar 18, 2026

$176M+39.9%EPS -$1.37

Q4 2025

Mar 18, 2026

$49M+40.5%EPS -$0.25

Q3 2025

Nov 12, 2025

$46M+40.5%EPS -$0.61

Q2 2025

Sep 19, 2025

$43M+39.8%EPS -$0.11

Q1 2025

Mar 31, 2025

$37M+38.6%EPS -$0.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 24	$27M	$19M	-$16M
Q2 24	$31M	$24M	-$14M
Q3 24	$33M	$25M	-$15M
Q4 24	$35M	$26M	-$16M
Q1 25	$37M	$28M	-$18M
Q2 25	$43M	$33M	-$14M
Q3 25	$46M	$35M	-$15M
Q4 25	$49M	$39M	-$18M

Valuation

Quarter	P/S	P/E
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	19.2x	—
Q1 25	17.8x	—
Q2 25	16.3x	—
Q3 25	17.2x	—
Q4 25	13.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 24	-$22M	-$24M
Q2 24	-$23M	-$24M
Q3 24	-$10M	-$11M
Q4 24	-$14M	-$14M
Q1 25	-$13M	-$14M
Q2 25	-$27M	-$28M
Q3 25	-$3M	-$4M
Q4 25	-$11M	-$12M

Capital Expenditures

Quarter	CapEx
Q1 24	$2M
Q2 24	$1M
Q3 24	$1M
Q4 24	$332.0K
Q1 25	$1M
Q2 25	$790.0K
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 25	+38.6%	+27.5%
Q2 25	+39.8%	+26.3%
Q3 25	+40.5%	+28.2%
Q4 25	+40.5%	+31.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 24	$3M	10.1%
Q2 24	$3M	8.5%
Q3 24	$2M	7.1%
Q4 24	$3M	7.2%
Q1 25	$2M	6.7%
Q2 25	$2M	5.2%
Q3 25	$4M	8.6%
Q4 25	$5M	10.7%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 24	$9M	$26M
Q2 24	$10M	$28M
Q3 24	$12M	$28M
Q4 24	$12M	$30M
Q1 25	$14M	$32M
Q2 25	$15M	$31M
Q3 25	$17M	$33M
Q4 25	$33M	$70M

Revenue by Geography

Quarter	Japan	Rest Of Europe	United States
Q2 25	$2M	$348.0K	$40M
Q3 25	$1M	$349.0K	$43M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 24	$0	$0	$0
Q4 24	$51M	$0	$51M
Q1 25	$110M	$0	$110M
Q2 25	$80M	$0	$80M
Q3 25	$291M	$0	$291M
Q4 25	$45M	$132M	$177M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 24	64M	—	—
Q2 24	64M	0.0%	—
Q3 24	64M	0.0%	—
Q4 24	63M	-0.6%	—
Q1 25	64M	+0.6%	0.0%
Q2 25	81M	+26.2%	+26.2%
Q3 25	81M	0.0%	+26.2%
Q4 25	369M	+357.1%	+480.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$61	805K

Revenue / Employee