The company maintains a modest debt-to-equity ratio of 0.09 as of 2026Q1, but the equity position remains volatile and highly sensitive to past accounting adjustments.
| Total Current Assets | 211.83M | 220.2M | 82.29M | 148.45M |
| Cash & Short-Term Investments | 158.32M | 176.79M | 51.37M | 122.77M |
| Cash Only | 19.67M | 44.78M | 51.37M | 122.77M |
| Short-Term Investments | 138.65M | 132.01M | 0 | 0 |
| Accounts Receivable | 35.53M | 29.34M | 27.09M | 22.5M |
| Days Sales Outstanding | 59.53 | 60.84 | 78.6 | 94.2 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 17.99M | 8.11M | 812K | 598K |
| Total Non-Current Assets | 132.19M | 139.25M | 36.42M | 36.6M |
| Property, Plant & Equipment | 24.24M | 26.07M | 19.96M | 22.93M |
| Fixed Asset Turnover | 8.11x | 6.75x | 6.30x | 3.80x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 7.77M | 7.95M |
| Long-Term Investments | 204.42M | 103.36M | 0 | 0 |
| Other Non-Current Assets | 11.38M | 9.81M | 8.69M | 5.72M |
| Total Assets | 344.02M | 359.45M | 118.7M | 185.05M |
| Asset Turnover | 0.62x | 0.49x | 1.06x | 0.47x |
| Asset Growth % | 289.34% | 202.81% | -35.85% | - |
| Total Current Liabilities | 38.02M | 42.37M | 33.6M | 32.81M |
| Accounts Payable | 5.75M | 3.17M | 2.87M | 2.89M |
| Days Payables Outstanding | 27.51 | 28.32 | 33.41 | 36.18 |
| Short-Term Debt | 6.38M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 940K | 627K | 1.04M | 2.11M |
| Other Current Liabilities | 25.89M | 1.93M | 2.45M | 3.51M |
| Current Ratio | 5.57x | 5.20x | 2.45x | 4.52x |
| Quick Ratio | 5.57x | 5.20x | 2.45x | 4.52x |
| Cash Conversion Cycle | 32.01 | - | - | - |
| Total Non-Current Liabilities | 20.29M | 16.43M | 944.58M | 929.8M |
| Long-Term Debt | 19.97M | 0 | 136.43M | 134.01M |
| Capital Lease Obligations | 33.5M | 16.13M | 18.54M | 21.45M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 322K | 303K | 789.62M | 774.34M |
| Total Liabilities | 58.31M | 58.8M | 978.19M | 962.62M |
| Total Debt | 26.35M | 22.05M | 160.38M | 160.6M |
| Net Debt | 6.68M | -22.72M | 109.02M | 37.83M |
| Debt / Equity | 0.09x | 0.07x | - | - |
| Debt / EBITDA | -0.44x | - | - | - |
| Net Debt / EBITDA | -0.11x | - | - | - |
| Interest Coverage | -9.57x | -6.70x | -3.23x | -2.85x |
| Total Equity | 285.72M | 300.65M | -859.48M | -777.56M |
| Equity Growth % | 267.12% | 134.98% | -10.54% | - |
| Book Value per Share | 0.78 | 0.82 | -13.63 | -12.18 |
| Total Shareholders' Equity | 285.72M | 300.65M | -859.48M | -777.56M |
| Common Stock | 86K | 85K | 6K | 5K |
| Retained Earnings | -1.12B | -1.09B | -970.96M | -874.53M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -685K | -425K | -772K | -501K |
| Minority Interest | 0 | 0 | 0 | 0 |
Insufficient liquidity and runway
As reported in financial statements, HeartFlow's equity position has experienced significant volatility, shifting from a deficit of $859.5M in 2024Q4 to a positive $285.7M by 2026Q1, primarily driven by capital restructuring rather than organic earnings accumulation, which warrants caution regarding the underlying business quality trajectory.
The dramatic swing in equity suggests that the company has undergone significant balance sheet engineering to address previous insolvency concerns. Investors should monitor whether this stabilization is sustainable or if it merely provides a temporary buffer while the core business continues to consume cash at an unsustainable rate.
Based on the most recent quarterly data, HeartFlow's cash reserves plummeted from $291.2M in 2025Q3 to just $19.7M in 2026Q1, indicating that the company's current liquidity position is insufficient to support its ongoing operating losses without immediate access to additional external financing or capital injections.
The rapid depletion of cash reserves suggests that the company's burn rate is significantly outpacing its ability to generate internal liquidity. This precarious position may force management to seek dilutive equity raises or high-cost debt, which could further complicate the company's long-term capital structure.
According to reported figures, HeartFlow maintains a modest debt-to-equity ratio of 0.09 as of 2026Q1, yet the presence of $26.3M in total debt against a backdrop of persistent operating losses suggests that even limited leverage may pose a significant risk to the company's financial flexibility.
While the headline leverage metrics appear manageable, the company's inability to generate positive cash flow makes even modest debt obligations a potential burden. The reliance on external capital to service these obligations suggests that the company's debt is necessity-driven rather than a strategic tool for growth.
As indicated by the historical balance sheet data, the company's equity base has been subject to extreme fluctuations, including a period of deep negative equity, which suggests that the current reported stability may be masking significant underlying accounting adjustments or past impairment risks.
The transition from negative equity to a positive position warrants further investigation into the nature of these adjustments, as they may not reflect improved operational performance. Investors should be wary of whether these balance sheet improvements are durable or if they are susceptible to future reversals if the company fails to reach profitability.
Quick answers to the most common questions about buying HTFL stock.
As of 2025, Heartflow, Inc. Common Stock (HTFL) had total assets of $359.5M including $220.2M in current assets.
Heartflow, Inc. Common Stock (HTFL) carries total debt of $22.1M, offset by $176.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Heartflow, Inc. Common Stock (HTFL) has total shareholders' equity (book value) of $300.6M ($0.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Heartflow, Inc. Common Stock (HTFL) reported a current ratio of 5.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.