Latest Ratios: P/E Ratio -0.7x · EV/EBITDA 17.3x · ROE -58.3%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $129M | $167M | $426M | $522M | $575M | $1.9B | $1.7B | $650M | — | — |
| Enterprise Value | $249M | $287M | $578M | $665M | $707M | $1.9B | $1.8B | $685M | — | — |
| P/E Ratio → | -0.68 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.41 | 0.54 | 1.39 | 1.77 | 2.08 | 7.78 | 9.11 | 4.20 | — | — |
| P/B Ratio | 0.49 | 0.68 | 1.17 | 1.42 | 1.35 | 3.60 | 6.23 | 3.24 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 175.89 | 228.52 | 29.23 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.92 | 1.89 | 2.25 | 2.56 | 7.83 | 9.66 | 4.42 | — | — |
| EV / EBITDA | 17.30 | 19.97 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.5% | 33.5% | 45.9% | 44.5% | 48.2% | 48.6% | 48.1% | 51.4% | 46.8% | 40.3% |
| Operating Margin | -11.6% | -11.6% | -22.8% | -42.9% | -50.7% | -59.4% | -50.9% | -35.4% | -53.4% | -62.3% |
| Net Profit Margin | -57.2% | -57.2% | -22.7% | -39.9% | -49.7% | -63.3% | -60.9% | -38.8% | -55.1% | -64.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -58.3% | -58.3% | -19.0% | -29.8% | -29.0% | -38.4% | -48.3% | -30.0% | — | — |
| ROA | -26.1% | -26.1% | -8.9% | -16.3% | -17.3% | -21.7% | -26.1% | -29.1% | -56.0% | -42.7% |
| ROIC | -6.1% | -6.1% | -10.2% | -17.8% | -19.3% | -23.6% | -23.5% | -17.5% | — | — |
| ROCE | -7.6% | -7.6% | -12.2% | -19.8% | -19.9% | -23.4% | -25.8% | -33.9% | -80.8% | -57.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 1.10 | 0.68 | 0.58 | 0.39 | 0.71 | 0.26 | — | — |
| Debt / EBITDA | 11.89 | 11.89 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.49 | 0.42 | 0.39 | 0.31 | 0.02 | 0.37 | 0.17 | — | — |
| Net Debt / EBITDA | 8.37 | 8.37 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -9.81 | -9.81 | -3.05 | -15.16 | -18.57 | -8.25 | -7.63 | -9.03 | -23.23 | -22.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.89 | 1.89 | 1.43 | 4.42 | 5.18 | 5.46 | 3.75 | 5.48 | 1.60 | 2.32 |
| Quick Ratio | 1.89 | 1.89 | 1.43 | 4.42 | 5.18 | 5.46 | 3.75 | 5.48 | 1.60 | 2.32 |
| Cash Ratio | 1.07 | 1.07 | 1.20 | 3.57 | 4.41 | 4.78 | 3.08 | 4.73 | 0.79 | 1.67 |
| Asset Turnover | — | 0.62 | 0.36 | 0.42 | 0.37 | 0.29 | 0.33 | 0.51 | 1.01 | 0.66 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 69.36 | 68.08 | 74.36 | 63.38 | 73.63 | 93.35 | 64.95 | 89.80 | 85.17 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 3.9% | 3.0% | 0.0% | 0.3% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.9% | 3.0% | 0.0% | 0.3% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $70M | $60M | $56M | $54M | $47M | $40M | $19M | $28M | $28M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying HCAT stock.
Health Catalyst, Inc.'s current P/E ratio is -0.7x. This places it at the 50th percentile of its historical range.
Health Catalyst, Inc.'s current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
Health Catalyst, Inc.'s return on equity (ROE) is -58.3%. The historical average is -36.1%.
Based on historical data, Health Catalyst, Inc. is trading at a P/E of -0.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Health Catalyst, Inc. has 33.5% gross margin and -11.6% operating margin.
Health Catalyst, Inc.'s Debt/EBITDA ratio is 11.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent Operating Cash Burn
Metrics are mathematically derived from official filings.
Valuation Compression Amid Growth Uncertainty
Based on current market data, HCAT trades at a P/S multiple of 0.45, which suggests that investors are heavily discounting the company's future growth prospects compared to historical averages and higher-margin peers within the healthcare information services sector, reflecting deep skepticism regarding the current business model's scalability.
The forward P/E of 45.35 appears to imply an expectation of significant earnings recovery that remains unsupported by the current trajectory of operating losses. This valuation gap suggests that the market is pricing the firm as a distressed asset rather than a growth-oriented software provider, warranting caution regarding potential further de-rating.
Capital Efficiency Decay and Erosion
As reported in recent financial statements, HCAT's ROIC has trended into negative territory, reaching -2.2% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, signaling a fundamental decay in long-term value creation.
The persistent negative ROIC suggests that the capital allocated to the Data Operating System and professional services infrastructure is not yielding the expected economic returns. Investors should monitor whether this trend is a structural consequence of the labor-intensive service model or a temporary outcome of recent strategic investments.
Working Capital and Asset Turnover
According to quarterly filings, the company's asset turnover ratio remains stagnant at approximately 0.15, which highlights the difficulty in generating meaningful revenue from the existing asset base and underscores the inefficiency inherent in the current service-heavy delivery model compared to more automated software-centric industry peers.
The DSO of 75 days suggests that the company faces significant friction in its collection cycles, which may be indicative of elongated hospital procurement processes. This inefficiency in working capital management further strains the company's liquidity position, as cash remains tied up in receivables rather than funding core operations.
Liquidity Buffer Under Increasing Stress
Based on the most recent quarterly data, the current ratio of 1.69 provides a superficial sense of stability, yet the rapid depletion of cash reserves suggests that the company's liquidity position is becoming increasingly vulnerable to the ongoing operational cash burn observed in recent reporting periods.
While the current ratio appears adequate on the surface, the lack of consistent positive free cash flow makes the company highly dependent on its remaining cash balance to fund operations. This liquidity profile warrants close monitoring, as any further deterioration in cash flow could necessitate dilutive financing or restrictive debt measures.
Misapplication of SaaS Valuation Metrics
The most commonly misapplied metric for HCAT is the P/S ratio, which often leads analysts to incorrectly categorize the firm as a high-margin SaaS entity, thereby obscuring the reality that a significant portion of revenue is derived from lower-margin, labor-intensive professional services that lack software-like scalability.
Investors should instead focus on gross margin trends and the services-to-software revenue mix to better understand the company's true earning power. Relying on standard SaaS multiples ignores the structural costs of the 'human-in-the-loop' data orchestration model, which fundamentally limits the potential for operating leverage.