MARKETS / NASDAQ / HSTM

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

Healthstream Inc. HSTM

17 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$304.1M

▲ 4.3% YoY

Net income

$18.3M

▼ 8.3% YoY

Free cash flow

$59.6M

▲ 6.0% YoY

In brief

What this company does

It provides these solutions to a broad range of individuals and entities within the healthcare industry, including private, not-for-profit and government entities, as well as pharmaceutical and medical device companies and nursing schools and their students. HealthStream is headquartered in Nashville, Tennessee, and had 1,139 full-time and 21 part-time employees as of December 31, 2025. During the year ended December 31, 2025, no single customer accounted for 10 percent or more of its annual revenue. Since January 1, 2023, the Company has had a single reportable segment and presents financial information on a single segment basis. Since 2023, the company has completed four acquisitions as part of its evaluation of merger and acquisition opportunities. The company was incorporated in 1990, began providing its SaaS-based workforce solutions in 1999, added provider solutions in 2012, and launched the hStream technology platform in 2018.

Written from the business description in HEALTHSTREAM INC's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 304.1M

Revenue, FY2025 · full 17-year series below

Revenue $M Net income $M

FY2025 · Revenue 304.1 · Net income 18.3

Compound annual growth

Revenue

+4.5%

+4.4%

+3.8%

+10.7%

Net income

+14.9%

+5.4%

+7.8%

+10.4%

EPS, diluted

+16.1%

+6.8%

+8.1%

+8.5%

Returned to shareholders

+13.4%

+11.0%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +4.4% a year over five years — but profit grew faster: net income at +5.4%, earnings per share at +6.8%.

The share count fell from 0.03B to 0.03B — the buyback concentrates the same profit into fewer slices.

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

6 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 6.7% · Net 6.0%

ROE

FY2025 · ROE 5.1%

Gross margin64.7%

Operating margin6.7%

Net margin6.0%

Return on assets3.6%

EBITDAUSD 63.7M

Each USD of equity produced 5 cents of profit this year.

Cash & shareholders

USD 33.8M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 59.6

Net buybacks $M Dividends $M

FY2025 · Dividends 3.7 · Net buybacks 30.0

Dividends paidUSD 3.7M

Net buybacksUSD 30.0M

Share of profit184.0%

Consecutive raises2 years

USD 3.7M in dividends and USD 30.0M in buybacks — 184% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 520.4M

EquityUSD 354.0M

CashUSD 36.2M

Current ratio0.96×

Equity funds 68% of total assets.

The 17-year record

17 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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	0.3	0.3	0.3	0.3	0.3	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1
Operating income $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EBITDA $B	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0
Net income $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Free cash flow $B	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EPS, diluted $	0.61	0.66	0.50	0.39	0.18	0.44	0.49	1.00	0.31	0.12	0.28	0.37	0.30	0.28	0.29	0.18	0.64
Dividend / sh $	0.12	0.11	0.10	0.00	0.00	·	·	1.00	·	·	·	·	·	·	·	·	·
Payout %	20	17	20	0	0	0	0	100	·	·	·	·	·	·	·	·	·
ROE %	5.1	5.7	4.5	3.6	1.7	4.2	4.8	10.4	3.4	1.3	3.8	6.6	6.0	6.0	7.8	7.6	27.0
Shares out B	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	·

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 66 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 16 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityServices-Computer Programming, Data Processing, Etc.

Listed onNASDAQ

Incorporated inTennessee

Fiscal year endsDecember 31

Data on record since2009