NASDAQ : HTFL
HeartFlow, Inc. — Financial statements
Healthcare · Health Information Services · United States
Last price 59.05 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.13B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
HeartFlow, Inc. (HTFL) reported revenue of 212.07M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 212.07M | 176.03M | 125.81M | 87.17M |
| Cost of Revenue | 42.24M | 40.84M | 31.36M | 29.12M |
| Gross Profit | 169.83M | 135.20M | 94.45M | 58.05M |
| Selling, General & Admin | 158.76M | 134.34M | 112.15M | 95.11M |
| Research & Development | 83.84M | 64.92M | 43.52M | 35.85M |
| Operating Expenses | 242.60M | 199.26M | 155.67M | 130.97M |
| Operating Income | -72.77M | -64.07M | -61.22M | -72.91M |
| Interest Expense | -3.46M | -15.17M | -22.77M | -24.69M |
| Interest & Investment Income | 9.13M | 5.54M | 4.07M | 5.46M |
| Currency Exchange Gain (Loss) | -108.00K | -25.00K | -540.00K | -676.00K |
| Other Non Operating Income (Expenses) | -37.41M | -36.78M | -15.91M | 2.84M |
| EBT Excluding Unusual Items | -104.62M | -110.51M | -96.37M | -89.99M |
| Other Unusual Items | -6.36M | -6.36M | -5.12M | |
| Pretax Income | -118.46M | -116.87M | -96.37M | -95.11M |
| Income Tax Expense | -90.00K | -76.00K | 53.00K | 547.00K |
| Net Income | -118.37M | -116.79M | -96.43M | -95.66M |
| Preferred Dividends & Other Adjustments | 28.03M | |||
| Net Income to Common | -118.37M | -116.79M | -96.43M | -123.69M |
| Shares Outstanding (Basic) | 76.74M | 36.85M | 5.36M | 4.89M |
| Shares Outstanding (Diluted) | 76.74M | 36.85M | 5.36M | 4.89M |
| EPS (Basic) | -1.54 | -3.17 | -17.98 | -25.32 |
| EPS (Diluted) | -1.54 | -3.17 | -17.98 | -25.32 |
| Free Cash Flow | -59.18M | -59.05M | -73.36M | -82.54M |
| Free Cash Flow Per Share | -0.77 | -1.60 | -13.68 | -16.90 |
| Gross Margin | 80.08% | 76.80% | 75.07% | 66.59% |
| Operating Margin | -34.31% | -36.39% | -48.66% | -83.64% |
| Profit Margin | -55.82% | -66.35% | -76.64% | -141.89% |
| Free Cash Flow Margin | -27.91% | -33.54% | -58.31% | -94.68% |
| EBITDA | -71.36M | -62.63M | -59.56M | -71.37M |
| EBITDA Margin | -33.65% | -35.58% | -47.34% | -81.87% |
| D&A For EBITDA | 1.42M | 1.44M | 1.66M | 1.54M |
| EBIT | -72.77M | -64.07M | -61.22M | -72.91M |
| EBIT Margin | -34.31% | -36.39% | -48.66% | -83.64% |
| Advertising Expenses | 2.00M | 1.50M | 778.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 34.36M | 44.78M | 51.37M | 122.77M |
| Short-Term Investments | 128.19M | 132.01M | ||
| Cash & Short-Term Investments | 162.55M | 176.79M | 51.37M | 122.77M |
| Receivables | 42.76M | 29.34M | 24.64M | 22.50M |
| Prepaid Expenses | 7.40M | 5.96M | 3.02M | 2.58M |
| Restricted Cash | 150.00K | |||
| Other Current Assets | 11.25M | 8.11M | 3.12M | 598.00K |
| Total Current Assets | 223.97M | 220.20M | 82.29M | 148.45M |
| Property, Plant & Equipment | 24.88M | 26.07M | 27.73M | 30.88M |
| Long-Term Investments | 84.29M | 103.36M | ||
| Long-Term Deferred Charges | 5.17M | 4.26M | 4.11M | 988.00K |
| Other Long-Term Assets | 6.15M | 5.55M | 4.58M | 4.73M |
| Total Assets | 344.46M | 359.45M | 118.70M | 185.05M |
| Accounts Payable | 4.94M | 3.17M | 2.87M | 2.89M |
| Accrued Expenses | 29.23M | 30.73M | 21.83M | 19.17M |
| Current Portion of Leases | 6.78M | 5.92M | 5.42M | 5.14M |
| Current Unearned Revenue | 861.00K | 627.00K | 1.04M | 2.11M |
| Other Current Liabilities | 2.27M | 1.93M | 2.45M | 3.51M |
| Total Current Liabilities | 44.09M | 42.37M | 33.60M | 32.81M |
| Long-Term Debt | 136.43M | 134.01M | ||
| Long-Term Leases | 20.34M | 16.13M | 18.54M | 21.45M |
| Other Long-Term Liabilities | 305.00K | 303.00K | 21.05M | 5.77M |
| Total Liabilities | 64.74M | 58.80M | 209.62M | 194.05M |
| Common Stock | 87.00K | 85.00K | 6.00K | 14.00K |
| Additional Paid-In Capital | 1.41B | 1.39B | 112.24M | 97.46M |
| Retained Earnings | -1.13B | -1.09B | -970.96M | -874.53M |
| Comprehensive Income & Other | -898.00K | -425.00K | -772.00K | -501.00K |
| Total Common Equity | 279.73M | 300.65M | -859.48M | -777.56M |
| Shareholders' Equity | 279.73M | 300.65M | -90.92M | -9.00M |
| Total Liabilities & Equity | 344.46M | 359.45M | 118.70M | 185.05M |
| Total Debt | 27.13M | 22.05M | 160.38M | 160.60M |
| Net Cash (Debt) | 135.42M | 154.73M | -109.02M | -37.83M |
| Net Cash Per Share | 1.76 | 4.20 | -20.33 | -7.74 |
| Filing Date Shares Outstanding | 86.95M | 85.76M | 6.12M | 4.94M |
| Total Common Shares Outstanding | 86.72M | 85.28M | 6.12M | 4.94M |
| Working Capital | 179.88M | 177.83M | 48.68M | 115.63M |
| Book Value Per Share | 3.23 | 3.53 | -140.39 | -157.37 |
| Tangible Book Value | 279.73M | 300.65M | -859.48M | -777.56M |
| Tangible Book Value Per Share | 3.23 | 3.53 | -140.39 | -157.37 |
| Machinery | 7.85M | 6.34M | 5.72M | 9.94M |
| Construction In Progress | 360.00K | 140.00K | 27.00K | 57.00K |
| Leasehold Improvements | 2.46M | 2.09M | 2.06M | 2.06M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | -118.37M | -116.79M | -96.43M | -95.66M |
| Depreciation & Amortization | 5.13M | 4.57M | 4.39M | 4.43M |
| Other Amortization | 5.50M | 9.37M | 5.31M | 5.98M |
| Loss (Gain) From Sale of Investments | -3.12M | -1.68M | ||
| Stock-Based Compensation | 23.69M | 13.96M | 10.21M | 11.87M |
| Provision & Write-off of Bad Debts | 359.00K | 188.00K | -244.00K | 1.19M |
| Other Operating Activities | 42.93M | 44.01M | 18.63M | 4.29M |
| Change in Accounts Receivable | -13.43M | -4.89M | -3.85M | -9.35M |
| Change in Accounts Payable | 3.39M | 218.00K | -327.00K | -623.00K |
| Change in Other Net Operating Assets | -5.79M | -2.99M | -6.70M | 1.43M |
| Operating Cash Flow | -52.23M | -54.02M | -69.00M | -76.43M |
| Capital Expenditures | -6.95M | -5.03M | -4.36M | -6.11M |
| Investment in Securities | -209.93M | -233.54M | ||
| Investing Cash Flow | -216.88M | -238.57M | -4.36M | -6.11M |
| Long-Term Debt Issued | 72.77M | |||
| Long-Term Debt Repaid | -115.14M | |||
| Net Debt Issued (Repaid) | -115.18M | -42.37M | ||
| Issuance of Common Stock | 344.11M | 335.69M | 4.56M | 589.00K |
| Repurchase of Common Stock | -2.16M | -510.00K | -228.00K | |
| Other Financing Activities | -3.67M | -6.76M | -2.33M | |
| Financing Cash Flow | 223.10M | 286.04M | 2.24M | 169.32M |
| Foreign Exchange Rate Adjustments | 389.00K | 191.00K | -271.00K | -504.00K |
| Net Cash Flow | -45.62M | -6.36M | -71.39M | 86.28M |
| Free Cash Flow | -59.18M | -59.05M | -73.36M | -82.54M |
| Free Cash Flow Margin | -27.91% | -33.54% | -58.31% | -94.68% |
| Free Cash Flow Per Share | -0.77 | -1.60 | -13.68 | -16.90 |
| Levered Free Cash Flow | -33.61M | -30.88M | -41.66M | |
| Unlevered Free Cash Flow | -33.04M | -26.77M | -29.04M | |
| Cash Interest Paid | 1.84M | 8.57M | 19.16M | 20.80M |
| Cash Income Tax Paid | -72.00K | 405.00K | ||
| Change in Working Capital | -15.83M | -7.66M | -10.88M | -8.54M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 4.74B | 2.48B | ||
| Enterprise Value | 4.60B | 2.21B | ||
| Last Close Price | 54.49 | 29.15 | ||
| PS Ratio | 22.34 | 14.10 | ||
| PB Ratio | 16.89 | 8.26 | ||
| P/TBV Ratio | 16.94 | 8.26 | ||
| EV/Sales Ratio | 21.70 | 12.57 | ||
| Debt / Equity Ratio | 0.10 | 0.07 | -1.76 | -17.85 |
| Net Debt / Equity Ratio | -0.48 | -0.52 | -1.20 | -4.21 |
| Net Debt / EBITDA Ratio | 1.90 | 2.47 | -1.83 | -0.53 |
| Net Debt / FCF Ratio | 2.29 | 2.62 | -1.49 | -0.46 |
| Asset Turnover | 0.84 | 0.74 | 0.83 | |
| Quick Ratio | 4.66 | 4.87 | 2.26 | 4.43 |
| Current Ratio | 5.08 | 5.20 | 2.45 | 4.52 |
| Return on Equity (ROE) | -154.23% | -111.37% | ||
| Return on Assets (ROA) | -18.05% | -16.75% | -25.19% | |
| Return on Capital Employed (ROCE) | -24.20% | -20.20% | -71.90% | -47.90% |
| Earnings Yield | -2.83% | -4.71% | ||
| FCF Yield | -1.25% | -2.38% | ||
| Buyback Yield / Dilution | -1,180.60% | -587.13% | -9.79% |