Latest Ratios: P/E Ratio -18.8x · EV/EBITDA N/A · ROE -132.9%. (2023–2025 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 |
|---|---|---|---|---|
| Market Cap | $7.6B | $3.8B | — | — |
| Enterprise Value | $7.4B | $3.6B | — | — |
| P/E Ratio → | -18.82 | — | — | — |
| P/S Ratio | 12.86 | 6.46 | — | — |
| P/B Ratio | 21.08 | 10.02 | — | — |
| P/FCF | 44.27 | 22.23 | — | — |
| P/OCF | 44.08 | 22.13 | — | — |
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 |
|---|---|---|---|---|
| EV / Revenue | — | 6.12 | — | — |
| EV / EBITDA | — | — | — | — |
| EV / EBIT | — | — | — | — |
| EV / FCF | — | 21.06 | — | — |
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 |
|---|---|---|---|---|
| Gross Margin | 79.8% | 79.8% | 77.0% | 66.3% |
| Operating Margin | -92.9% | -92.9% | -8.2% | -44.6% |
| Net Profit Margin | -89.9% | -89.9% | -3.1% | -36.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -132.9% | -132.9% | -2.8% | -25.3% |
| ROA | -74.5% | -74.5% | -1.8% | -17.4% |
| ROIC | -268.2% | -268.2% | -14.3% | -47.0% |
| ROCE | -135.5% | -135.5% | -7.4% | -29.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.04 |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.53 | -0.70 | -0.51 |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | -1.17 | -6.41 | — |
| Interest Coverage | — | — | — | — |
Net cash position: cash ($208M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 2.34 | 2.88 |
| Quick Ratio | 1.43 | 1.43 | 2.30 | 2.81 |
| Cash Ratio | 1.00 | 1.00 | 1.87 | 2.30 |
| Asset Turnover | — | 0.79 | 0.58 | 0.47 |
| Inventory Turnover | 7.58 | 7.58 | 8.26 | 7.41 |
| Days Sales Outstanding | — | 41.02 | 39.73 | 58.06 |
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 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | 2.3% | 4.5% | — | — |
| Buyback Yield | 0.9% | 1.7% | — | — |
| Total Shareholder Yield | 0.9% | 1.7% | — | — |
| Shares Outstanding | — | $82M | $78M | $78M |
Includes 30+ ratios · 3 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HNGE stock.
Hinge Health, Inc.'s current P/E ratio is -18.8x. This places it at the 50th percentile of its historical range.
Hinge Health, Inc.'s return on equity (ROE) is -132.9%. The historical average is -53.7%.
Based on historical data, Hinge Health, Inc. is trading at a P/E of -18.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hinge Health, Inc. has 79.8% gross margin and -92.9% operating margin.
Key Metrics
Top Statement Risk
Insurer platform consolidation risk
Metrics are mathematically derived from official filings.
Margin Inflection Points to Scalability
Gross margin expanded to 86.4% in Q2 2026 from 70.3% a year earlier, while operating margin swung to +19.0% from -4.2%, according to the latest quarterly report, signaling a structural shift toward scalable profitability.
The 16-percentage-point gross margin improvement over four quarters suggests the digital delivery model is scaling efficiently, with fixed costs spread over a larger revenue base. Operating margin turning positive for the first time in the observed period indicates that revenue growth is now outpacing the high fixed-cost base of R&D and sales. However, net margin of 20.5% includes $19.1M in stock-based compensation, so cash-based profitability is likely lower; investors should monitor the sustainability of this margin expansion as customer acquisition costs may rise with competition.
ROIC Surges on Asset-Light Model
ROIC jumped to 31.2% in Q2 2026 from -2.8% a year earlier, as reported in the financial statements, reflecting a dramatic improvement in capital efficiency driven by minimal capital intensity and rapid revenue growth.
The leap in ROIC from negative to over 30% within four quarters is remarkable and appears driven by the asset-light nature of the business, with CapEx at just 0.1% of revenue. This suggests that incremental revenue requires minimal additional invested capital, allowing returns to compound quickly as the company scales. However, the sustainability of this ROIC depends on whether the company can maintain its growth rate without proportionally increasing working capital or R&D spend; the recent working capital swings indicate some volatility that could temper future returns.
Working Capital Efficiency Shows Mixed Signals
DSO rose to 51 days in Q2 2026 from 41 days in Q4 2025, while DIO increased to 83 days, based on the latest balance sheet data, suggesting a lengthening cash conversion cycle despite strong cash flow generation.
The increase in DSO and DIO indicates that the company is taking longer to collect receivables and holding more inventory, which may reflect the hardware component of its offering and the timing of enterprise contract payments. Despite this, the cash conversion cycle remains positive and the company generated $99.6M in FCF in Q2 2026, suggesting that working capital drag is manageable. Investors should monitor whether these trends persist, as a sustained lengthening could pressure cash flow despite the reported profitability.
Minimal Leverage Masks Low Refinancing Risk
Debt-to-equity stands at 0.02 with total debt of $5.9M, as per the latest balance sheet, indicating negligible leverage and minimal refinancing risk, though interest coverage data is unavailable.
The company's balance sheet is virtually debt-free, which provides significant financial flexibility and insulates it from rising interest rates. This low leverage is consistent with a venture-backed growth company that has relied on equity funding rather than debt. The absence of interest coverage data limits a full assessment, but the minimal debt load suggests that debt service is not a concern. The risk lies more in the company's ability to fund its operations from cash flow, which has improved markedly, reducing the need for external capital.
Liquidity Buffer Strengthens with Cash Build
Current ratio improved to 1.34 in Q2 2026 from 1.22 in Q1, while cash reached $286.2M, according to the latest balance sheet, providing a solid buffer against operational shocks.
The current ratio, though below the 2.0 threshold often considered comfortable, is supported by a strong cash position and minimal debt. The quick ratio of 1.30 indicates that even without inventory, the company can cover its short-term liabilities. This liquidity position appears adequate for the company's current burn rate, but the recent volatility in working capital suggests that cash flow can be lumpy. The $286.2M cash balance, combined with improving FCF, suggests the company is well-positioned to fund its growth without dilutive capital raises.
P/E Misleading for High-Growth Tech
The trailing P/E of -16.84 is meaningless for a company transitioning to profitability, while the forward P/E of 37.65 may understate the value if growth continues, as reported in the valuation data.
The most commonly misapplied ratio for Hinge Health is the P/E multiple, given its recent swing from losses to profitability. The trailing P/E is negative due to historical losses, and the forward P/E of 37.65 assumes current earnings persist, which may not capture the company's growth trajectory. A more appropriate metric is EV/Sales, which at 11.51 reflects the market's pricing of future growth, but even this should be adjusted for the company's high gross margins and asset-light model. Investors should focus on forward-looking metrics like P/FCF, which at 39.62 suggests the market is pricing in continued cash flow growth, but this multiple is sensitive to the sustainability of the recent FCF inflection.