greeksoup/ stock research
Stock research / United States / HTFL · Surgical & Medical Instruments & Apparatus · Nasdaq

Heartflow, Inc. (HTFL)

Compare with another name

Heartflow, Inc. (HTFL) reported revenue of $64 million for Q2 FY2026, the quarter ended 30 June 2026, up 47.6% on the same quarter a year earlier. Net income was -$16 million, and diluted earnings per share $-0.18. The figures are the company's own, from the 10-Q it filed with the SEC on 13 August 2026.

Revenue$64 millionup 47.6%
Net income-$16 million
Diluted EPS$-0.18
QuarterQ2 FY2026ended 30 June 2026

Heartflow (HTFL) in brief

Heartflow (HTFL) reported revenue of $176 million for fiscal 2025, the year ended 31 December 2025, up 39.9% on the year before.
Read moreNet loss was $117 million and the diluted loss per share $3.17. Revenue was $126 million in fiscal 2024 and $87 million in fiscal 2023. Net income in the same years was a loss of $96 million and a loss of $96 million. Over the twelve months to 30 June 2026, Heartflow reported revenue of $212 million and net loss of $118 million. Heartflow had 87 million shares outstanding at the latest filed count. At 30 June 2026 it carried $0 million of debt and $34 million of cash. At the close of 27 October 2026 the market cap of Heartflow was $5.0 billion.

Ratios

From the filings

ROE-42.3%
ROCE-28.7%
Operating margin-37.8%
Net margin-55.8%
FCF margin-27.9%
Interest cover-23.18
Debt to equity0.00
Cash conversionn/a
Share count, last 12 months1,257.2%
Sales CAGR, 3 yearsn/a
Profit CAGR, 3 yearsn/a
EPS, TTM-$1.83

At the close of 27 October 2026

Price$57.86
Market cap$5.0 billion
Stock P/En/a
Price to book17.94
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales23.66
52-week high$57.86
52-week low$20.49
Price, 1 year50.9%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Heartflow, Inc.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.
HTFLgreeksoup.ai
Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on HTFL

Dividendsno dividend in its filings for fiscal 2023 onward
Filings14 in twelve months: 6 current reports (8-K), about 4 results of operations; 1 shareholder vote; 1 regulation FD disclosure
Planned insider sales37 Form 144 notices in twelve months, $41.6 million; latest 22 October 2026
Options tapeput/call 0.89 by open interest at the 27 October 2026 close; the straddle prices a 20.3% move to 20 November 2026
13F holders193 funds reported a position for the quarter to 30 June 2026; largest Bain Capital Life Sciences Investors, LLC
Insider trading38 sales and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest7.3 million shares short, 4.42 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 8 quarters

Q2 FY2024Q3 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue31.132.937.243.446.349.152.664.1
Cost of revenue7.28.09.310.610.910.110.410.9
Gross profit23.824.927.932.835.439.142.253.2
Gross margin77%76%75%75%77%80%80%83%
R&D9.911.913.915.017.318.721.626.3
SG&A28.128.031.531.533.238.142.644.8
Operating income-14.2-14.9-17.5-13.7-15.1-17.8-29.5-17.9
Operating margin-46%-45%-47%-32%-33%-36%-56%-28%
Interest expense6.15.35.16.63.50.00.00.0
Pre-tax income-23.3-19.1-32.3-9.1-50.8-24.6-27.4-15.7
Net income-23.4-19.1-32.3-9.2-50.9-24.4-27.4-15.7
Net margin-75%-58%-87%-21%-110%-50%-52%-25%
Diluted EPS-$4.66-$3.43-$5.25-$1.46-$1.04-$0.29-$0.32-$0.18
Operating cash flown/a-10.3-13.2-27.3-3.0-10.6-30.1-8.6
Capital expendituren/a1.01.10.81.21.91.91.9
Free cash flown/a-11.3-14.3-28.1-4.2-12.5-32.0-10.5
Shares outstanding83m85m86m6m83m85m86m87m
Filing10-Q10-Q10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 3 fiscal years and the trailing twelve months

FY2023FY2024FY2025TTM
Revenue87.2126176212
Cost of revenue29.131.440.842.2
Gross profit58.194.4135170
Gross margin66.6%75.1%76.8%80.1%
Research and development35.943.564.983.8
Selling, general and administrative95.1112134159
Operating income-72.9-61.2-64.1-80.3
Operating margin-83.6%-48.7%-36.4%-37.8%
Interest expense24.722.815.23.5
Pre-tax income-95.1-96.4-117-118
Income tax0.50.1-0.1n/a
Net income-95.7-96.4-117-118
Net margin-109.7%-76.6%-66.3%-55.8%
Diluted EPS-$25.32-$17.98-$3.17-$1.83
Filing10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by region FY2023 to FY2025

FY2023FY2024FY2025Share
of the parts, latest year
United States77.711516392.4%
Rest of World9.410.813.37.6%
United StatesRest of World
87.2FY2023126FY2024176FY2025

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2023FY2024FY2025TTM
Operating cash flow-76.4-69.0-54.0-52.2
Capital expenditure6.14.45.06.9
Free cash flow-82.5-73.4-59.0-59.2
Free cash flow margin-94.7%-58.3%-33.5%-27.9%
Cash from investing-6.1-4.4-239-217
Cash from financing1692.2286223
Depreciation and amortisation4.75.45.45.3
Share-based compensation11.910.214.023.7
Buybacks0.2n/an/an/a
Diluted shares, weighted5m5m37m86m
Shares outstanding at period endn/a6m85m87m
Filing10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2023FY2024FY2025TTM
Funded by
Shareholders' equity-778-859301280
Redeemable equity769769n/an/a
Debtn/a1360.00.0
Operating lease liabilitiesn/a18.516.120.3
Other liabilitiesn/a54.742.744.4
Total liabilities and equityn/a119359344
Owned
Fixed assetsn/a8.98.69.6
Investmentsn/an/a235212
Cash and equivalents12351.444.834.4
Receivablesn/a24.629.342.8
Other assetsn/a33.841.445.2
Total assetsn/a119359344
Filing10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/an/an/a46.6%
Profit growth, compoundedn/an/an/an/a
Return on equity, averagen/an/an/a-38.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Heartflow's revenue in fiscal 2025?

Heartflow (HTFL) reported revenue of $176 million for fiscal 2025, the year ended 31 December 2025, up 39.9% on the year before.

How much did Heartflow earn in fiscal 2025?

Net loss was $117 million for fiscal 2025, and the diluted loss per share $3.17.

What is Heartflow's market cap?

The market cap of Heartflow was $5.0 billion at the close of 27 October 2026.

How much debt does Heartflow have?

At 30 June 2026 Heartflow carried $0 million of debt and $34 million of cash.

Peers: Medical Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Stryker Corp. SYK$115.6 billion31.2415.5%21.4%8.5%0.621.2%
3M Co. MMM$88.7 billion25.5885.7%18.8%1.7%3.631.8%
Boston Scientific Corp. BSX$65.3 billion18.2514.7%19.8%13.5%0.51n/a
Becton Dickinson & Co. BDX$53.1 billion58.743.9%9.6%-2.6%0.692.1%
Resmed Inc. RMD$36.2 billion24.0523.1%33.4%9.9%0.101.0%
Dexcom Inc. DXCM$29.7 billion31.0638.1%22.9%15.5%0.47n/a
West Pharmaceutical Services Inc. WST$28.0 billion50.9918.9%20.5%12.4%0.070.2%
Medline Inc. MDLN$27.9 billionn/an/an/an/a1.09n/a
Solventum Corp. SOLV$14.1 billion10.1529.9%25.0%-0.9%1.06n/a
Baxter International Inc. BAX$12.9 billionn/a-17.1%-2.4%5.4%1.520.8%
Penumbra Inc. PEN$12.8 billion79.6310.5%12.4%17.6%0.00n/a
Globus Medical Inc. GMED$10.9 billion20.7011.2%20.3%19.7%0.00n/a
All 56 in Medical Equipment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$154.6 billion53.9218.5%28.4%20.5%0.00n/a
Medtronic plc MDT$120.2 billion23.1410.4%18.1%9.8%0.563.0%
Stryker Corp. SYK$115.6 billion31.2415.5%21.4%8.5%0.621.2%
3M Co. MMM$88.7 billion25.5885.7%18.8%1.7%3.631.8%
Boston Scientific Corp. BSX$65.3 billion18.2514.7%19.8%13.5%0.51n/a
Becton Dickinson & Co. BDX$53.1 billion58.743.9%9.6%-2.6%0.692.1%
Edwards Lifesciences Corp. EW$52.4 billion52.189.5%22.3%14.6%0.06n/a
Resmed Inc. RMD$36.2 billion24.0523.1%33.4%9.9%0.101.0%
GE HealthCare Technologies Inc. GEHC$32.1 billion16.3018.1%12.9%6.5%0.920.2%
Dexcom Inc. DXCM$29.7 billion31.0638.1%22.9%15.5%0.47n/a
West Pharmaceutical Services Inc. WST$28.0 billion50.9918.9%20.5%12.4%0.070.2%
Medline Inc. MDLN$27.9 billionn/an/an/an/a1.09n/a
Koninklijke Philips N.V. PHG *$25.4 billion25.378.2%8.0%-1.0%0.741.5%
Steris plc STE$22.3 billion27.9311.2%18.9%8.4%0.261.1%
Zimmer Biomet Holdings, Inc. ZBH$18.3 billion23.386.4%14.2%8.6%0.591.0%
Solventum Corp. SOLV$14.1 billion10.1529.9%25.0%-0.9%1.06n/a
Smith & Nephew plc SNN *$13.2 billion21.0311.8%12.9%6.1%0.592.5%
Baxter International Inc. BAX$12.9 billionn/a-17.1%-2.4%5.4%1.520.8%
Penumbra Inc. PEN$12.8 billion79.6310.5%12.4%17.6%0.00n/a
Cooper Companies, Inc. COO$11.4 billion20.446.8%12.8%4.7%0.310.0%
Globus Medical Inc. GMED$10.9 billion20.7011.2%20.3%19.7%0.00n/a
Align Technology Inc. ALGN$10.8 billion26.439.8%13.2%4.4%0.00n/a
Glaukos Corp. GKOS$10.7 billionn/a-27.6%-31.6%41.5%0.00n/a
Insulet Corp. PODD$10.4 billion28.0126.4%16.9%29.4%0.67n/a
MSA Safety Inc. MSA$6.9 billion22.3122.4%21.2%6.5%0.431.2%
Bausch & Lomb Corp. BLCO$6.3 billionn/a-2.7%6.1%8.9%0.80n/a
Teleflex Inc. TFX$5.9 billionn/a-35.5%2.0%30.7%0.971.0%
Merit Medical Systems Inc. MMSI$5.6 billion38.668.7%12.8%10.2%0.44n/a
Haemonetics Corp. HAE$5.5 billion58.7811.5%11.9%0.4%1.42n/a
MiniMed Group, Inc. MMED$5.3 billionn/an/an/an/a0.00n/a
Heartflow, Inc. HTFL$5.0 billionn/a-42.3%-37.8%n/a0.00n/a
LivaNova plc LIVN$4.4 billion23.7714.2%12.7%12.4%0.22n/a
Integer Holdings Corp. ITGR$4.3 billion34.607.5%9.7%2.7%0.72n/a
ICU Medical Inc. ICUI$4.1 billion138.351.4%3.3%-9.0%0.57n/a
iRhythm Holdings, Inc. IRTC$4.1 billionn/a-7.5%-3.0%25.6%3.50n/a
Envista Holdings Corp. NVST$3.8 billion40.663.1%9.6%11.9%0.47n/a
Pulse Biosciences, Inc. PLSE$3.8 billionn/a-80.5%-7,007.8%n/a0.00n/a
AtriCure, Inc. ATRC$3.1 billion293.192.0%2.3%13.9%0.12n/a
Warby Parker Inc. WRBY$2.8 billion358.292.0%0.2%11.0%0.00n/a
TransMedics Group, Inc. TMDX$2.4 billion17.9229.3%12.2%25.8%0.990.0%
UFP Technologies Inc. UFPT$2.3 billion31.7815.6%15.3%7.3%0.25n/a
Inspire Medical Systems, Inc. INSP$2.1 billion15.4416.4%6.0%4.3%0.00n/a
Axogen, Inc. AXGN$2.0 billionn/a-13.1%-5.1%23.6%0.00n/a
Establishment Labs Holdings Inc. ESTA$2.0 billionn/a-180.0%-7.6%38.6%12.11n/a
Lemaitre Vascular Inc. LMAT$1.9 billion29.3815.6%29.5%11.8%0.401.1%
Dentsply Sirona Inc. XRAY$1.9 billionn/a-40.4%-8.5%-0.8%1.656.8%
Kestra Medical Technologies, Ltd. KMTS$1.8 billionn/a-67.4%-134.5%60.7%0.33n/a
NovoCure Ltd. NVCR$1.7 billionn/a-43.9%-22.1%11.0%0.58n/a
Alphatec Holdings, Inc. ATEC$1.7 billionn/an/a-6.0%19.5%n/an/a
Conmed Corp. CNMD$1.4 billion25.475.4%8.0%3.4%0.801.3%
Tandem Diabetes Care Inc. TNDM$1.3 billionn/a-48.6%-4.4%4.0%4.62n/a
National Vision Holdings, Inc. EYE$1.3 billion26.525.6%4.1%7.8%0.26n/a
Enovis Corp. ENOV$1.2 billionn/a-74.6%-45.1%4.9%0.87n/a
Staar Surgical Co. STAA$1.2 billion345.141.1%4.0%51.3%0.00n/a
Artivion, Inc. AORT$1.1 billionn/a-0.7%4.4%16.4%0.820.0%
Integra LifeSciences Holdings Corp. IART$932 million70.501.2%4.4%0.8%1.71n/a
31 companies share its SEC industry code (Surgical & Medical Instruments & Apparatus); the rest are the names nearest in size in its wider industry, Medical Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202613 August 2026EDGAR
10-Q31 March 202614 May 2026EDGAR
10-K31 December 202518 March 2026EDGAR
10-Q30 September 202512 November 2025EDGAR
10-Q30 June 202519 September 2025EDGAR