What is Healthstream Inc worth?
With the base-case assumptions below, a discounted cash flow model on Healthstream Inc's reported free cash flow gives $36.64 per share. The share price was $29.10 on September 25, 2026, 21% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -0.5% | 10.0% | $23.26 | -20% |
| Base | 4.5% | 9.0% | $36.64 | +26% |
| Bull | 9.5% | 8.0% | $62.72 | +116% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $46.18 | $49.08 | $52.62 | $57.04 | $62.73 |
| 8.0% | $39.08 | $40.96 | $43.17 | $45.84 | $49.09 |
| 9.0% | $33.88 | $35.16 | $36.64 | $38.37 | $40.42 |
| 10.0% | $29.91 | $30.83 | $31.86 | $33.04 | $34.41 |
| 11.0% | $26.79 | $27.46 | $28.21 | $29.05 | $30.01 |
Where the presets come from
Base: years 1 to 5 grow at Healthstream Inc's revenue growth rate over the last 5 fiscal years (4.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions