Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Hinge Health, 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
FY2023
FY2025
FY2025
Revenue
293
390
588
Cost of revenue
98.6
90.5
120
Gross profit
194
300
468
Research and development
110
101
368
Selling and marketing
148
167
317
General and administrative
67
63.9
330
Operating expenses
325
332
1,015
Operating income
-131
-31.9
-546
Other non-operating income
22
20.7
19.1
Pre-tax income
-109
-11.3
-527
Income tax
-0.41
0.68
1
Net income
-108
-11.9
-528
EBITDA
-125
-26
-541
EPS, basic
-8.31
-0.88
-7.77
EPS, diluted
-8.31
-0.88
-7.77
Shares, basic (weighted)
13
13.6
54.6
Shares, diluted (weighted)
13
13.6
54.6
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
235
301
208
Short-term investments
166
156
Receivables
42.5
66.1
Inventory
10.9
15.6
Other current assets
6.95
6.47
Total current assets
583
534
Property, plant and equipment
7.38
10.5
Lease right-of-use assets
9.61
6.86
Goodwill
61.6
64.1
Intangible assets
1.81
2.51
Long-term investments
0
113
Other non-current assets
9.41
13.7
Total assets
673
745
Accounts payable
27.9
57.3
Accrued liabilities
4.16
9.26
Deferred revenue
218
301
Total current liabilities
249
362
Lease liabilities
7.26
3.82
Total liabilities
257
366
Paid-in capital
88.1
1,230
Retained earnings
-523
-1,051
Other comprehensive income
0.07
-0.02
Shareholders' equity
-424
-435
179
Total equity
-424
-435
179
Total liabilities and equity
673
745
Shares outstanding
16.4
0
Cash flow statement
FY2023
FY2025
FY2025
Net income
-108
-11.9
-528
Depreciation and amortization
5.63
5.95
5.13
Stock-based compensation
1.65
0.74
643
Deferred income tax
-0.47
-0.59
0.05
Change in receivables
-23.1
-1.34
-26.6
Change in inventory
10.6
0.61
-4.76
Change in payables
11.6
-11
29.4
Cash from operations
-63.9
49
171
Capital expenditures
-1.98
-1.04
-0.71
Acquisitions
0
0
-4
Purchases of investments
-453
-325
-472
Sales and maturities of investments
459
347
369
Cash from investing
1.5
18.3
-114
Stock issued
0
0
8.11
Share buybacks
0
0
-65
Cash from financing
-3
-2.2
-150
Net change in cash
-65.4
65.1
-92.8
Free cash flow
-65.9
48
171
Income taxes paid
0
0
1.56
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $123.23 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
85.7%
Gross profit / revenue.
Operating margin
18.7%
Operating income / revenue.
EBITDA margin
19.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
20.8%
Pre-tax income / revenue.
Net margin
21.0%
Net income / revenue.
FCF margin
40.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
40.3%
Cash from operations / revenue.
Effective tax rate
-1.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
56.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
19.3%
Net income / average total assets.
Return on invested capital (ROIC)
134.9%
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
16.8%
Research and development expense / revenue.
Stock-based pay / revenue
8.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
0.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
50.6%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
56.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
249.9%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
256.0%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
10.6%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
302.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.04x
Current assets / current liabilities.
Quick ratio
0.81x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.54x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
191.3%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
0.3%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$1.95
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
$9.26
Revenue / diluted weighted shares.
FCF per share
$3.72
Free cash flow / diluted weighted shares.
Operating cash flow per share
$3.73
Cash from operations / diluted weighted shares.
Book value per share
$3.46
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$9.94B
Share price x shares outstanding.
Enterprise value
$9.65B
Market cap + total debt - cash - short-term investments.
P/E
59.1x
Market cap / net income. Only when net income is positive.
P/S
12.4x
Market cap / revenue.
P/B
33.2x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
84.2x
Market cap / tangible book value, when positive.
P/FCF
30.9x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
30.8x
Market cap / cash from operations, when positive.
EV/Sales
12.0x
Enterprise value / revenue.
EV/EBIT
64.3x
Enterprise value / operating income, when both are positive.
EV/EBITDA
63.1x
Enterprise value / EBITDA, when both are positive.
EV/FCF
30.0x
Enterprise value / free cash flow, when both are positive.
FCF yield
3.2%
Free cash flow / market cap.
Earnings yield
1.7%
Net income / market cap (the inverse of P/E).
Shareholder yield
2.2%
(Dividends paid + share buybacks) / market cap.
What was Hinge Health, Inc.'s revenue in fiscal 2025?
Hinge Health, Inc. reported revenue of $587.9M for fiscal 2025, 50.6% higher than the year before.
Was Hinge Health, Inc. profitable in fiscal 2025?
No. It reported a net loss of $528.3M.
How much free cash flow did Hinge Health, Inc. generate in fiscal 2025?
Cash from operations of $171.4M minus capital expenditures of $708.0K left free cash flow of $170.7M.
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.