Latest Ratios: P/E Ratio -111.4x · EV/EBITDA N/A · ROE -38.8%. (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 | $13.1B | $10.7B | — | — |
| Enterprise Value | $13.1B | $10.7B | — | — |
| P/E Ratio → | -111.41 | — | — | — |
| P/S Ratio | 74.64 | 61.03 | — | — |
| P/B Ratio | 43.70 | 35.73 | — | — |
| P/FCF | — | — | — | — |
| P/OCF | — | — | — | — |
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 | — | 60.90 | — | — |
| EV / EBITDA | — | — | — | — |
| 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 |
|---|---|---|---|---|
| Gross Margin | 76.8% | 76.8% | 75.1% | 66.6% |
| Operating Margin | -36.4% | -36.4% | -48.7% | -83.6% |
| Net Profit Margin | -66.3% | -66.3% | -76.6% | -109.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -38.8% | -38.8% | — | — |
| ROA | -48.9% | -48.9% | -63.5% | -51.7% |
| ROIC | -17.3% | -17.3% | — | — |
| ROCE | -31.9% | -31.9% | -51.6% | -47.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | — | — |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.08 | — | — |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | — | — | — |
| Interest Coverage | -6.70 | -6.70 | -3.23 | -2.85 |
Net cash position: cash ($45M) exceeds total debt ($22M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 5.20 | 5.20 | 2.45 | 4.52 |
| Quick Ratio | 5.20 | 5.20 | 2.45 | 4.52 |
| Cash Ratio | 4.17 | 4.17 | 1.53 | 3.74 |
| Asset Turnover | — | 0.49 | 1.06 | 0.47 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | 60.84 | 78.60 | 94.20 |
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 | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $369M | $63M | $64M |
Insufficient liquidity and runway
Based on reported figures, HeartFlow trades at a P/S multiple of 74.64, which suggests that investors are pricing in aggressive long-term adoption of its FFR-CT technology rather than current earnings, as the company remains deeply unprofitable with a TTM P/E ratio of -111.41.
The elevated P/S ratio indicates that the market is valuing the company as a high-growth software platform rather than a traditional medical device manufacturer. This valuation appears to hinge on the assumption that HeartFlow will achieve a dominant market position as a procedural gatekeeper, though such a premium leaves little room for error regarding reimbursement or clinical adoption rates.
As reported in financial statements, HeartFlow's ROIC of -5.8% in 2026Q1 highlights the company's struggle to generate positive returns on invested capital, a trend that remains consistent with its ongoing operational losses and heavy reliance on external funding to sustain its research and development efforts.
The negative return on capital metrics suggest that the company is currently in a value-destructive phase of its lifecycle, where the cost of scaling its proprietary CFD platform exceeds the immediate economic benefits. Investors should monitor whether the company can improve its capital efficiency as it moves toward a more mature stage of clinical integration.
According to recent quarterly data, HeartFlow's asset turnover ratio of 0.15 in 2026Q1 reflects a capital-intensive business model where revenue generation is slow relative to the asset base, suggesting that the company has yet to achieve the operational leverage required to optimize its working capital cycle.
The relatively high DSO of 56 days indicates that the company faces potential delays in insurance reimbursement, which directly impacts its cash conversion efficiency. This reliance on the adjudication of insurance claims for revenue recognition creates a structural bottleneck that may continue to pressure liquidity until the company achieves greater scale.
Based on the most recent quarterly data, HeartFlow's current ratio of 5.57 appears superficially strong, yet this figure masks a rapidly diminishing cash position that fell to $44.7M, leaving the company vulnerable to liquidity shocks given its persistent negative operating margins and high cash burn.
While the current ratio suggests an ability to cover short-term obligations, the absolute level of cash reserves relative to quarterly operating losses warrants significant caution. The company's liquidity position appears increasingly fragile, potentially necessitating dilutive capital raises if the current burn rate is not moderated in the near term.
The P/S ratio is frequently misapplied to HeartFlow, as it obscures the underlying 'human-in-the-loop' labor costs that differentiate this business from pure-play SaaS models, suggesting that analysts should instead focus on gross margin per scan to better assess the true scalability of the diagnostic platform.
Using a standard revenue multiple fails to account for the potential variability in COGS associated with manual model verification, which may be higher than typical software margins. A more accurate assessment would involve adjusting for these operational costs to determine if the company can truly achieve the high-margin profile expected of a technology-driven healthcare firm.
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Quick answers to the most common questions about buying HTFL stock.
Heartflow, Inc. Common Stock's current P/E ratio is -111.4x. This places it at the 50th percentile of its historical range.
Heartflow, Inc. Common Stock's return on equity (ROE) is -38.8%. The historical average is -38.8%.
Based on historical data, Heartflow, Inc. Common Stock is trading at a P/E of -111.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Heartflow, Inc. Common Stock has 76.8% gross margin and -36.4% operating margin.