Latest Ratios: P/E Ratio -0.5x · EV/EBITDA 4.1x · 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 | $108M | $167M | $426M | $522M | $575M | $1.9B | $1.7B | $650M | — | — |
| Enterprise Value | $228M | $287M | $578M | $665M | $707M | $1.9B | $1.8B | $685M | — | — |
| P/E Ratio → | -0.55 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.40 | 0.54 | 1.39 | 1.77 | 2.08 | 7.78 | 9.11 | 4.20 | — | — |
| P/B Ratio | 0.42 | 0.68 | 1.17 | 1.42 | 1.35 | 3.60 | 6.23 | 3.24 | — | — |
| P/FCF | 4.20 | — | — | — | — | — | — | — | — | — |
| P/OCF | 147.59 | 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 | 4.09 | 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 | 23.8% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 4.6% | 3.0% | 0.0% | 0.3% | 1.5% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 4.6% | 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 -0.5x. This places it at the 50th percentile of its historical range.
Health Catalyst, Inc.'s current EV/EBITDA is 4.1x. 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 -0.5x. 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
Rising leverage with shrinking equity
Metrics are mathematically derived from official filings.
Negative Earnings Distort Headline Multiples
Based on reported figures, HCAT's trailing P/E of -0.57 and EV/EBITDA of 15.86 are not meaningful for comparison, while the P/S of 0.35 and P/B of 0.42 suggest the market is pricing the company near its asset base rather than its earnings power.
The negative trailing P/E reflects a net loss driven by non-operating charges rather than a usable earnings base, so it should not be read as a valuation signal. The forward EV/EBITDA of 4.24 versus a trailing 15.86 implies the market expects a sharp EBITDA recovery, a projection that warrants caution given ten quarters of contracting revenue. Compared with DOCS at 33.17x P/E and 25.60x EV/EBITDA, HCAT's depressed multiples reflect investor skepticism about durability rather than a clear bargain.
Margin Volatility Obscures Earning Power
According to reported quarterly figures, HCAT's operating margin has ranged from -51.8 percent to +4.4 percent over the period, with net margin swinging to -156.9 percent in 2026Q1, leaving no stable profitability baseline.
Gross margin oscillated between roughly 33 and 53 percent, a range that suggests pricing or mix pressure rather than a stable cost structure relative to software-oriented peers. Net margin is distorted by non-operating items that appear to exceed operating losses by wide margins, so operating margin is the more informative lens, though it remains persistently negative. Versus DOCS at a 30.4 percent net margin, HCAT's earning power appears structurally weaker, and any normalization should be verified against the income statement detail.
Returns Remain Negative Across the Period
Based on reported figures, HCAT's ROIC has stayed between roughly -12 and +1 percent and ROE between -58 and -4 percent over ten quarters, indicating capital has not been compounding at any point in the sample.
The brief period of slightly positive ROIC in 2025Q4 appears to be an isolated data point rather than an inflection, given surrounding quarters. Negative ROE combined with a shrinking equity base means the denominator is itself eroding, which can make ratios look more volatile than the underlying economics. Compared with DOCS at a 19.8 percent ROIC, HCAT is clearly decaying rather than building returns on invested capital.
Debt Burden Rising Against Shrinking Equity
According to reported figures, HCAT's debt-to-equity rose from 0.50 in 2025Q2 to 1.69 in 2026Q2, while interest coverage stayed deeply negative at -8.66, suggesting debt service is not covered by operating earnings.
Leverage is climbing mainly because equity is shrinking while total debt holds near $170 million, a dynamic that may increase refinancing sensitivity without any change in debt quantum. Negative interest coverage indicates operating earnings are not sufficient to service interest, which warrants further investigation into the timing and terms of debt maturities. Investors should monitor whether covenant headroom narrows further as equity declines.
Current Ratio Flatters a Thinning Buffer
Based on reported figures, HCAT's current ratio of 2.70 appears comfortable, but cash of $60.6 million against total liabilities of $257.8 million suggests a more modest liquidity cushion than the headline ratio implies.
The current ratio was volatile over the period, falling as low as 1.18 and reaching 4.31 in 2024Q1, which suggests working capital composition has shifted materially. Deferred revenue declining roughly 40 percent since 2025Q1 may reduce a source of near-term liquidity if billings are weakening. Under a severe stress scenario with continued operating losses, the current ratio may overstate resilience, and the position warrants further monitoring of cash burn.
Equity Ratios Mask Asset Contraction
The most commonly misapplied metric here is the debt-to-equity ratio, which as reported in financial statements can improve or deteriorate mechanically as equity shrinks, without reflecting any change in operating performance or debt quantum.
For a business with negative earnings and a contracting asset base, a falling equity denominator inflates leverage and return ratios in ways that can mislead analysts comparing against stable peers such as DOCS. Enterprise-value-to-revenue or net debt to operating cash flow may provide a cleaner read on claims relative to actual cash generation. Investors should monitor deferred revenue and cash conversion together, as headline balance sheet ratios may understate the pace of underlying deterioration.