Health Catalyst, Inc. (HCAT) Balance Sheet

The reduction is driven primarily by goodwill falling from $313.4 million to $11.1 million, which suggests prior acquisitions are being written down or divested and that the earlier expansion was not translating into durable scale. Equity has compressed from $376.8 million to $100.8 million, which may indicate losses are eroding the capital base faster than new capital is arriving. Investors should monitor whether the remaining asset base can support revenue without further write-downs.

Total debt has been essentially flat at roughly $170 million since mid-2025, so the rise in leverage is an equity-denominator effect rather than new borrowing. This suggests the debt load is becoming increasingly burdensome relative to the capital base, though the reported figures alone do not reveal maturity structure or covenant terms. Refinancing exposure warrants further investigation given the shrinking equity cushion.

The current ratio swung from 4.31 in 2024Q1 to 1.24 in 2025Q1 and back to 2.70, a pattern that suggests the short-term liquidity picture is not stable and may reflect shifts in current liability composition. Cash has moved between roughly $40 million and $342 million over the period, so the buffer is highly sensitive to timing. The data does not show operating cash burn in detail, so runway conclusions cannot be drawn confidently from these figures alone.

Deferred revenue is a leading indicator of contracted future revenue, so a sustained decline suggests fewer prepaid commitments entering the forecast period. The quarter-to-quarter pattern is uneven, with a rebound to $70.0 million in 2026Q1 before falling again, which suggests lumpy bookings rather than a clear trend. Investors should monitor whether this translates into revenue pressure consistent with the contraction visible in the income statement.