Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Heartflow, 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
87.2
126
176
Cost of revenue
29.1
31.4
40.8
Gross profit
58.1
94.4
135
Research and development
35.9
43.5
64.9
Selling, general and administrative
95.1
112
134
General and administrative
31.8
30.8
39.5
Operating expenses
131
156
199
Operating income
-72.9
-61.2
-64.1
Interest expense
24.7
22.8
15.2
Interest income
5.46
4.07
5.54
Other non-operating income
-22.2
-35.2
-52.8
Pre-tax income
-95.1
-96.4
-117
Income tax
0.55
0.05
-0.08
Net income
-95.7
-96.4
-117
EBITDA
-68.2
-55.9
-58.6
EPS, basic
-25.32
-17.98
-3.17
EPS, diluted
-25.32
-17.98
-3.17
Shares, basic (weighted)
4.89
5.36
36.9
Shares, diluted (weighted)
4.89
5.36
36.9
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
123
51.4
44.8
Short-term investments
132
Receivables
24.6
29.3
Other current assets
0.66
1.44
Total current assets
82.3
220
Property, plant and equipment
8.92
8.59
Lease right-of-use assets
18.8
17.5
Long-term investments
103
Other non-current assets
4.37
5.1
Total assets
119
359
Accounts payable
2.87
3.17
Accrued liabilities
18.2
28.2
Deferred revenue
1.04
1.16
Total current liabilities
33.6
42.4
Lease liabilities
18.5
16.1
Other non-current liabilities
0.21
0.3
Total liabilities
210
58.8
Paid-in capital
112
1,389
Retained earnings
-1.1
-971
-1,088
Other comprehensive income
-0.77
-0.43
Shareholders' equity
-778
-859
301
Total equity
-778
-859
301
Total liabilities and equity
119
359
Shares outstanding
6.12
85.3
Cash flow statement
FY2023
FY2025
FY2025
Net income
-95.7
-96.4
-117
Depreciation and amortization
4.74
5.36
5.44
Stock-based compensation
11.9
10.2
14
Change in receivables
-9.35
-3.85
-4.89
Change in payables
-0.62
-0.33
0.22
Cash from operations
-76.4
-69
-54
Capital expenditures
-6.11
-4.36
-5.03
Purchases of investments
-234
Cash from investing
-6.11
-4.36
-239
Debt repaid
-115
Stock issued
0.59
4.56
3.3
Share buybacks
-0.23
Cash from financing
169
2.24
286
Net change in cash
86.3
-71.4
-6.36
Free cash flow
-82.5
-73.4
-59
Interest paid
20.8
19.2
8.57
Income taxes paid
0.41
0
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 $49.17 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
80.1%
Gross profit / revenue.
Operating margin
-37.8%
Operating income / revenue.
EBITDA margin
-35.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-55.9%
Pre-tax income / revenue.
Net margin
-55.8%
Net income / revenue.
FCF margin
-27.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-24.6%
Cash from operations / revenue.
Return on equity (ROE)
-42.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-34.4%
Net income / average total assets.
Return on invested capital (ROIC)
-25.8%
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
39.5%
Research and development expense / revenue.
SG&A / revenue
74.9%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
11.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.3%
Capital expenditures / revenue.
D&A / revenue
2.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
39.9%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
43.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
202.8%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
587.1%
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
5.08x
Current assets / current liabilities.
Quick ratio
4.66x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.69x
(Cash + short-term investments) / current liabilities.
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
$2.45
Revenue / diluted weighted shares.
FCF per share
-$0.68
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.60
Cash from operations / diluted weighted shares.
Book value per share
$3.23
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
20.2x
Market cap / revenue.
P/B
15.3x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
15.3x
Market cap / tangible book value, when positive.
EV/Sales
19.4x
Enterprise value / revenue.
FCF yield
-1.4%
Free cash flow / market cap.
Earnings yield
-2.8%
Net income / market cap (the inverse of P/E).
What was Heartflow, Inc.'s revenue in fiscal 2025?
Heartflow, Inc. reported revenue of $176.0M for fiscal 2025, 39.9% higher than the year before.
Was Heartflow, Inc. profitable in fiscal 2025?
No. It reported a net loss of $116.8M.
How much free cash flow did Heartflow, Inc. generate in fiscal 2025?
Cash from operations of $54.0M minus capital expenditures of $5.0M left free cash flow of -$59.0M.
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.