Health Catalyst, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Health Catalyst, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	73.1	113	155	189	242	276	296	307	311
Cost of revenue	43.6	59.9	75.3	98.1	124	143	164	166	159
Gross profit	29.4	52.7	79.6	90.8	118	133	132	141	152
Research and development	28.5	38.6	46.3	53.5	62.7	75.7	72.6	58	49.8
Selling and marketing	25.9	44.1	47.3	55.4	75	87.5	67.3	54.4	52.5
General and administrative	14.7	22.7	31.7	59.2	85.9	61.7	76.6	56.8	49.6
Operating expenses	75	113	134	187	261	273	259	211	313
Operating income	-45.5	-60.1	-54.9	-96.1	-144	-140	-127	-69.8	-161
Pre-tax income							-118	-69.2	-177
Income tax	0.03	-0.14	0.14	-1.19	-6.9	-4.28	0.36	0.33	0.72
Net income	-47	-62	-60.1	-115	-153	-137	-118	-69.5	-178
EBITDA	-39.6	-52.7	-45.7	-77.4	-106	-91.7	-84.7	-28.4	-110
EPS, basic	-12.13	-23.76	-12.86	-2.91	-3.23	-2.56	-2.09	-1.15	-2.55
EPS, diluted	-12.13	-23.76	-12.86	-2.91	-3.23	-2.63	-2.09	-1.15	-2.55
Shares, basic (weighted)	4.85	4.8	18.7	39.5	47.5	53.7	56.4	60.2	69.9
Shares, diluted (weighted)	4.85	4.8	18.7	39.5	47.5	54.1	56.4	60.2	69.9

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	23	28.4	18	92	193	116	106	250	50.8
Short-term investments		4.76	210	179	252	247	211	142	44.9
Receivables		27.7	27.6	48.3	48.8	48	60.3	57.2	59.1
Other current assets		5.32	8.39	10.6	14.6	16.3	15.4	16.5	14.4
Total current assets		66.9	264	330	508	428	393	466	169
Property, plant and equipment		4.68	4.3	12.9	23.3	25.9	25.7	29.4	33.8
Lease right-of-use assets		6.34	3.79	24.7	21.1	16.7	13.9	12.1	6.64
Goodwill		3.69	3.69	108	170	186	191	260	209
Intangible assets		28.3	25.5	98.9	105	92.2	73.4	86.1	77.7
Other non-current assets		1.1	0.81	3.61	4.5	3.73	4.74	6.02	6.11
Total assets		111	302	578	832	752	702	859	503
Accounts payable		1.81	3.62	5.33	4.69	4.42	6.64	11.4	9.36
Accrued liabilities		5.89	4.28	9.84	17.4	12.2	11.7	11.7	5.2
Deferred revenue		24.8	30.7	47.1	56.6	55	55.8	53.3	56.1
Short-term debt		1.29	0				0	231	1.63
Total current liabilities		41.8	48.2	88	93.1	82.5	89	326	89.6
Long-term debt		18.8	48.2	169	181	227	228	151	152
Lease liabilities		4.23	1.65	23.7	20.2	18	17.7	16.3	14.2
Other non-current liabilities		0	0.33	2.23	0.11	0.12	0.07	0.15	0.8
Total liabilities		75.9	102	302	310	327	335	494	257
Total debt		20.1	48.2	169	181	227	228	382	153
Paid-in capital		0	811	1,002	1,401	1,425	1,484	1,553	1,609
Retained earnings		-375	-611	-726	-879	-999	-1,117	-1,187	-1,365
Other comprehensive income		-0	0.07	0.06	-0.07	-0.65	0.03	-0.84	1.59
Shareholders' equity	-259	-375	201	276	522	425	367	365	246
Total equity	-259	-375	201	276	522	425	367	365	246
Total liabilities and equity		111	302	578	832	752	702	859	503
Shares outstanding		4.78	36.7	43.4	52.6	55.3	58.3	64	72

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-47	-62	-60.1	-115	-153	-137	-118	-69.5	-178
Depreciation and amortization	5.89	7.41	9.21	18.7	37.5	48.3	42.2	41.4	50.5
Stock-based compensation	4.24	4.2	17.8	38	65.1	72.1	55.8	40.1	27
Deferred income tax	0.01	-0.16	0.04	-1.27	-7.13	-4.52	0.01	0.08	0.08
Change in receivables	4.44	-3.99	0.13	-16.4	0.1	0.79	-13.7	4.28	-1.81
Cash from operations	-36.8	-40.3	-32.2	-26.1	-23.1	-35.3	-33.1	14.6	0.73
Capital expenditures	-2.47	-2.08	-2.02	-7.78	-10.5	-2.17	-1.24	-1.62	-0.97
Acquisitions		0	0	-102	-46.8	-27.8	-11.4	-80.3	-41.1
Purchases of investments	-46.4	-14	-256	-190	-261	-309	-291	-168	-65.1
Sales and maturities of investments	72.1	37.9	50.7	219	187	315	337	242	164
Cash from investing	22.4	21.4	-210	-82.6	-140	-39	20.3	-22.9	36.2
Debt issued							0	152	0
Stock issued	0.08	3.05	195	0	245	0	0	0.17	0
Share buybacks	0	-8.71	0	0	0	-8.39	-1.81	0	-5
Cash from financing	24.9	24.3	231	183	264	-2.61	2.73	152	-236
Exchange rate effect	0	0	0.01	0.03	-0.01	-0.01	0.02	-0.03	0.03
Net change in cash	10.5	5.45	-10.4	73.9	101	-76.9	-10	143	-199
Free cash flow	-39.3	-42.4	-34.2	-33.9	-33.6	-37.4	-34.3	12.9	-0.24
Interest paid	1.03	3.94	5.56	4.98	6.36	5.75	5.75	10.1	21.9
Income taxes paid	0.07	0.03	0.02	0.09	0.14	0.3	0.3	0.3	0.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.3%	Gross profit / revenue.
Operating margin	-84.4%	Operating income / revenue.
EBITDA margin	-67.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-90.6%	Net income / revenue.
FCF margin	9.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.7%	Cash from operations / revenue.
Return on equity (ROE)	-262.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-73.8%	Net income / average total assets.
Return on invested capital (ROIC)	-100.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.7%	Research and development expense / revenue.
Stock-based pay / revenue	6.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	16.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-95.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-101.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-32.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-41.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-12.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	16.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	12.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.70x	Current assets / current liabilities.
Quick ratio	1.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.8%	Total debt / total assets.
Liabilities / assets	71.9%	Total liabilities / total assets.
Net debt	$50.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$156.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$33.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Fixed asset turnover	8.73x	Revenue / average property, plant and equipment.
Receivables turnover	6.97x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	21 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	4.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.95	Revenue / diluted weighted shares.
FCF per share	$0.37	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.38	Cash from operations / diluted weighted shares.
Book value per share	$1.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.45	Tangible book value / shares outstanding.
Cash per share	$1.39	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$130.9M	Share price x shares outstanding.
Enterprise value	$181.0M	Market cap + total debt - cash - short-term investments.
P/S	0.45x	Market cap / revenue.
P/B	1.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.90x	Market cap / tangible book value, when positive.
P/FCF	4.85x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.64x	Market cap / cash from operations, when positive.
EV/Sales	0.62x	Enterprise value / revenue.
EV/FCF	6.70x	Enterprise value / free cash flow, when both are positive.
FCF yield	20.6%	Free cash flow / market cap.
Earnings yield	-202.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Health Catalyst, Inc.'s revenue in fiscal 2025?

Health Catalyst, Inc. reported revenue of $311.1M for fiscal 2025, 1.5% higher than the year before.

Was Health Catalyst, Inc. profitable in fiscal 2025?

No. It reported a net loss of $178.0M.

How much free cash flow did Health Catalyst, Inc. generate in fiscal 2025?

Cash from operations of $731.0K minus capital expenditures of $968.0K left free cash flow of -$237.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Health Catalyst, Inc.