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MARKETS / NASDAQ / HCAT
NASDAQ · SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. · MID CAP

Health Catalyst, Inc. HCAT

9 fiscal years on record · USD · FY2025 reported · SEC filings only
$311.1M
▲ 1.5% YoY
$-178.0M
$-237,000
▼ 101.8% YoY
In brief

What this company does

Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations through a cloud-based data and analytics platform, software applications, and expertise. As of December 31, 2025, the Company had more than 1,200 team members, the vast majority of whom were located in the United States and approximately 16% of whom were located in India. The Company also has a presence in Singapore, the UK, and a small number of other countries. As of December 31, 2025, the Company served 162 Platform Clients and over 1,000 App Clients. The Company has organized its applications into sets that generate insights for improvement across five key areas: Clinical Improvement, Revenue and Cost Improvement, Ambulatory Operations, Measures and Registries, and Data and Analytics. Health Catalyst, Inc. was incorporated under the laws of Delaware in September 2011, was formerly known as HQC Holdings, Inc., and changed its name to Health Catalyst, Inc. in March 2017.

Written from the business description in Health Catalyst, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth
USD 311.1M
Revenue, FY2025 · full 9-year series below
Revenue $M Net income $M
FY2025 · Revenue 311.1 · Net income -178.0
200M-80M-160M201720182019202020212022202320242025
Compound annual growth
+4.0%
+10.5%
+4.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +10.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−57 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -51.7% · Net -57.2%
-20%-40%-60%201720182019202020212022202320242025
ROE
FY2025 · ROE -58.3%
-20%-40%201720182019202020212022202320242025

Each USD of equity lost 58 cents this year.

Cash & shareholders
USD 5.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -0.2
5M10M-20M-40M201720182019202020212022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 5.0
-100M-200M201720182019202020212022202320242025

USD 5.0M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 502.6M
EquityUSD 245.8M
CashUSD 50.8M
Gross debtUSD 153.3M
Net debtUSD 102.4M
Current ratio1.89×

Net debt stands at 42% of equity.

The 9-year record
9 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017
Revenue $B0.30.30.30.30.20.20.20.10.1
Operating income $B−0.2−0.1−0.1−0.1−0.1−0.1−0.1−0.1−0.0
EBITDA $B−0.1−0.1−0.1−0.1−0.1−0.1−0.1−0.1−0.0
Income tax $B0.00.00.0−0.0−0.0−0.00.0−0.00.0
Net income $B−0.2−0.1−0.1−0.1−0.2−0.1−0.1−0.1−0.0
Free cash flow $B−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−2.55−1.15−2.09−2.63−3.23−2.91−12.86−23.76−12.13
Dividend / sh $·········
Payout %·········
ROE %−58.3−19.0−29.8−29.0−38.4−48.3···
Shares out B0.070.060.060.060.050.040.04··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 34 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 52 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Computer Programming, Data Processing, Etc.
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2017

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