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HealthStream (HSTM) Financials

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$29.02 +0.66 (+2.33%)
Closing price 04:00 PM Eastern
Extended Trading
$29.02 +0.00 (+0.02%)
As of 04:10 PM Eastern
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Annual Income Statements for HealthStream

Annual Income Statements for HealthStream

This table shows HealthStream's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 8.62 3.76 10 32 16 14 5.85 12 15 20 18
Consolidated Net Income / (Loss)		 8.62 3.76 10 32 16 14 5.85 12 15 20 18
Net Income / (Loss) Continuing Operations		 8.62 4.79 8.84 13 14 14 5.85 12 15 20 18
Total Pre-Tax Income 		14 7.75 10 17 18 18 7.77 16 19 25 23
Total Operating Income		 14 7.17 9.41 15 15 16 8.06 12 16 21 20
Total Gross Profit		 120 117 128 136 150 155 166 176 184 194 197
Total Revenue		 209 192 215 232 254 245 257 267 279 292 304
Operating Revenue		 209 192 215 232 254 245 257 267 279 292 304
Total Cost of Revenue		 89 75 87 96 104 89 91 91 95 98 107
Operating Cost of Revenue		 89 75 87 96 104 89 91 91 95 98 107
Total Operating Expenses		 106 110 118 120 136 140 158 163 168 172 177
Selling, General & Admin Expense		 29 30 31 34 41 42 40 37 36 35 33
Marketing Expense		 36 35 39 36 38 35 39 44 46 47 49
Research & Development Expense		 24 24 24 26 29 32 42 44 46 49 51
Depreciation Expense		 17 20 24 24 28 30 37 38 41 41 43
Total Other Income / (Expense), net		 0.16 0.58 0.73 1.08 3.21 2.01 -0.29 3.14 2.49 3.52 2.98
Interest & Investment Income		 - - - - - - - 0.44 2.36 3.83 3.34
Other Income / (Expense), net		 0.16 0.58 0.73 1.08 3.21 2.01 -0.29 2.69 0.14 -0.32 -0.36
Income Tax Expense		 5.10 2.96 1.30 3.32 3.73 3.73 1.92 3.49 3.30 4.80 4.88
Basic Earnings per Share		 $0.29 $0.12 $0.31 $1.00 $0.49 $0.44 $0.19 $0.39 $0.50 $0.66 $0.61
Weighted Average Basic Shares Outstanding		 30.06M 31.72M 31.86M 32.26M 32.37M 31.96M 31.53M 30.65M 30.57M 30.39M 30.02M
Diluted Earnings per Share		 $0.28 $0.12 $0.31 $1.00 $0.49 $0.44 $0.18 $0.39 $0.50 $0.66 $0.61
Weighted Average Diluted Shares Outstanding		 30.44M 32.07M 32.20M 32.34M 32.43M 31.99M 31.62M 30.72M 30.67M 30.54M 30.14M
Weighted Average Basic & Diluted Shares Outstanding		 29.70M 31.30M 32.30M 32.20M 32.38M 31.49M 30.94M 30.58M 30.30M 30.43M 29.36M
Cash Dividends to Common per Share		 - - - $1.00 - - $0.00 $0.00 $0.10 $0.11 $0.12

Quarterly Income Statements for HealthStream

This table shows HealthStream's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 4.59 5.23 4.17 5.73 4.89 4.33 5.39 6.09 2.54 5.91 6.67
Consolidated Net Income / (Loss)		 4.59 5.23 4.17 5.73 4.89 4.33 5.39 6.09 2.54 5.91 6.67
Net Income / (Loss) Continuing Operations		 4.59 5.23 4.17 5.73 4.89 4.33 5.39 6.09 2.54 5.91 6.67
Total Pre-Tax Income 		5.42 6.54 5.30 7.48 5.48 5.25 6.87 8.25 2.85 7.82 8.70
Total Operating Income		 4.26 5.69 4.41 6.50 4.69 4.38 5.89 7.57 2.41 7.51 8.32
Total Gross Profit		 47 48 48 49 49 48 48 50 51 53 55
Total Revenue		 71 73 72 73 74 73 74 76 80 81 84
Operating Revenue		 71 73 72 73 74 73 74 76 80 81 84
Total Cost of Revenue		 24 25 24 24 25 25 26 27 29 28 29
Operating Cost of Revenue		 24 25 24 24 25 25 26 27 29 28 29
Total Operating Expenses		 42 42 43 42 44 44 42 42 48 46 46
Selling, General & Admin Expense		 8.44 8.31 9.56 8.46 8.81 8.67 7.40 7.33 9.37 8.00 8.04
Marketing Expense		 11 12 11 11 12 12 12 12 13 13 14
Research & Development Expense		 12 12 12 12 13 12 12 12 15 14 14
Depreciation Expense		 11 10 10 10 10 11 11 11 11 11 11
Total Other Income / (Expense), net		 1.16 0.85 0.89 0.98 0.79 0.87 0.98 0.69 0.45 0.31 0.38
Interest & Investment Income		 - 0.90 0.94 1.01 - 0.93 0.96 0.79 0.66 0.41 0.48
Other Income / (Expense), net		 -1.20 -0.05 -0.06 -0.03 -3.04 -0.06 0.02 -0.10 -0.22 -0.11 -0.10
Income Tax Expense		 0.83 1.32 1.13 1.75 0.59 0.92 1.48 2.17 0.32 1.91 2.03
Basic Earnings per Share		 $0.15 $0.17 $0.14 $0.19 $0.16 $0.14 $0.18 $0.20 $0.09 $0.20 $0.23
Weighted Average Basic Shares Outstanding		 30.57M 30.31M 30.40M 30.41M 30.39M 30.44M 30.32M 29.69M 30.02M 29.38M 29.23M
Diluted Earnings per Share		 $0.15 $0.17 $0.14 $0.19 $0.16 $0.14 $0.18 $0.20 $0.09 $0.20 $0.23
Weighted Average Diluted Shares Outstanding		 30.67M 30.42M 30.53M 30.59M 30.54M 30.59M 30.45M 29.81M 30.14M 29.42M 29.31M
Weighted Average Basic & Diluted Shares Outstanding		 30.30M 30.40M 30.41M 30.41M 30.43M 30.53M 29.64M 29.67M 29.36M 29.22M 29.24M
Cash Dividends to Common per Share		 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 $0.04 $0.04

Annual Cash Flow Statements for HealthStream

This table details how cash moves in and out of HealthStream's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.02 -32 35 50 -2.78 -95 10 -0.88 -5.69 19 -23
Net Cash From Operating Activities		 35 24 47 43 66 36 42 51 64 58 63
Net Cash From Continuing Operating Activities		 35 24 43 44 66 36 42 51 64 58 63
Net Income / (Loss) Continuing Operations		 8.62 4.79 8.84 13 14 14 5.85 12 15 20 18
Consolidated Net Income / (Loss)		 8.62 3.76 10 32 16 14 5.85 12 15 20 18
Depreciation Expense		 17 20 24 24 28 30 37 38 41 41 43
Amortization Expense		 - - - 7.66 8.31 8.77 9.17 11 11 12 13
Non-Cash Adjustments To Reconcile Net Income		 2.00 3.17 3.72 4.03 4.32 -1.73 5.40 1.07 4.24 5.66 8.03
Changes in Operating Assets and Liabilities, net		 7.30 -4.44 6.00 -4.92 11 -15 -15 -11 -8.06 -22 -19
Net Cash From Investing Activities		 -135 -57 -12 37 -68 -110 -26 -28 -57 -34 -50
Net Cash From Continuing Investing Activities		 -135 -56 -8.82 37 -68 -110 -26 -28 -57 -34 -50
Purchase of Property, Plant & Equipment		 -15 -14 -15 -18 -37 -19 -25 -25 -28 -28 -32
Acquisitions		 -89 -55 -0.50 0.00 -27 -121 -4.71 -3.97 -6.62 -1.30 -35
Purchase of Investments		 -85 -107 -83 -58 -91 -62 -6.97 -13 -50 -74 -45
Sale of Property, Plant & Equipment		 - 0.98 - 0.00 0.02 0.00 0.00 0.03 0.00 0.00 0.04
Sale and/or Maturity of Investments		 55 119 90 69 81 92 11 14 28 70 62
Net Cash From Financing Activities		 100 0.05 0.00 -30 -0.92 -20 -6.21 -24 -13 -4.52 -36
Net Cash From Continuing Financing Activities		 100 0.05 0.00 -30 -0.92 -20 -6.21 -24 -13 -4.52 -36
Repayment of Debt		 -28 - - -0.10 - - 0.00 0.00 -0.12 0.00 0.00
Repurchase of Common Equity		 - - - 0.00 0.00 -20 -5.01 -23 -8.93 0.00 -30
Payment of Dividends		 -0.63 - - -32 -0.10 -0.04 -0.02 0.00 -3.06 -3.40 -3.73
Other Financing Activities, net		 2.58 0.05 0.00 2.24 -0.82 -0.44 -1.18 -0.57 -0.93 -1.11 -2.52
Effect of Exchange Rate Changes		 - - - - - 0.06 -0.11 0.02 -0.02 -0.04 -0.01
Cash Interest Paid		 0.19 0.08 0.10 0.12 0.10 0.10 0.13 0.10 0.13 0.10 0.10
Cash Income Taxes Paid		 2.65 2.50 0.64 17 0.63 0.88 -0.09 0.72 2.61 8.70 0.00

Quarterly Cash Flow Statements for HealthStream

This table details how cash moves in and out of HealthStream's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -3.79 12 -6.28 11 1.98 18 -25 1.44 -17 13 -2.54
Net Cash From Operating Activities		 14 21 6.45 19 11 27 5.02 18 13 27 13
Net Cash From Continuing Operating Activities		 14 21 6.45 19 11 27 5.02 18 13 27 13
Net Income / (Loss) Continuing Operations		 4.59 5.23 4.17 5.72 4.89 4.33 5.39 6.09 2.53 5.91 6.67
Consolidated Net Income / (Loss)		 4.59 5.23 4.17 5.72 4.89 4.33 5.39 6.09 2.53 5.91 6.67
Depreciation Expense		 11 10 10 10 10 11 11 11 11 11 11
Amortization Expense		 3.03 2.96 3.00 3.10 3.42 3.15 2.87 3.17 3.44 3.29 3.59
Non-Cash Adjustments To Reconcile Net Income		 0.81 0.92 2.37 0.97 1.40 1.01 1.12 0.18 5.72 1.28 1.07
Changes in Operating Assets and Liabilities, net		 -5.14 1.50 -13 -0.76 -9.01 7.82 -15 -2.23 -9.54 5.29 -9.17
Net Cash From Investing Activities		 -9.38 -7.12 -12 -6.87 -8.07 -7.25 -11 -8.64 -23 -6.32 -12
Net Cash From Continuing Investing Activities		 -9.38 -7.12 -12 -6.87 -8.07 -7.25 -11 -8.82 -23 -6.32 -12
Purchase of Property, Plant & Equipment		 -6.60 -7.76 -6.71 -6.84 -6.84 -8.85 -9.03 -7.70 -6.59 -7.47 -8.43
Acquisitions		 - - - - -1.30 0.00 - - - -0.30 -0.01
Purchase of Investments		 -12 -14 -20 -17 -23 -9.67 -17 -16 -2.06 -12 -13
Sale and/or Maturity of Investments		 9.25 15 15 17 23 11 15 15 21 13 9.90
Net Cash From Financing Activities		 -8.27 -1.70 -0.86 -0.92 -1.03 -2.01 -19 -7.94 -7.24 -8.33 -4.01
Net Cash From Continuing Financing Activities		 -8.27 -1.70 -0.86 -0.92 -1.03 -2.01 -19 -7.94 -7.24 -8.33 -4.01
Repurchase of Common Equity		 -7.28 - - - - 0.00 - -6.90 -5.00 -6.72 -2.58
Payment of Dividends		 -0.76 -0.85 -0.85 -0.85 -0.85 -0.94 -0.95 -0.92 -0.92 -1.03 -1.03
Other Financing Activities, net		 -0.12 -0.86 -0.01 -0.07 -0.18 -1.07 -0.01 -0.12 -1.32 -0.58 -0.40
Effect of Exchange Rate Changes		 0.05 -0.04 0.04 0.04 -0.08 0.01 0.01 - - 0.06 -0.07

Annual Balance Sheets for HealthStream

This table presents HealthStream's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 257 380 396 411 442 500 487 498 500 511 520
Total Current Assets		 175 210 177 200 241 115 107 114 130 153 120
Cash & Equivalents		 82 82 50 85 134 37 47 46 40 59 36
Short-Term Investments		 39 67 54 46 34 9.93 5.04 7.89 31 38 21
Accounts Receivable		 33 36 47 38 41 46 35 43 38 35 39
Prepaid Expenses		 13 14 18 16 14 9.57 9.16 15 18 18 24
Plant, Property, & Equipment, net		 9.44 12 10 8.09 16 22 18 15 13 11 11
Total Noncurrent Assets		 73 158 208 203 185 363 362 368 357 347 390
Goodwill		 42 83 110 86 86 178 183 192 191 191 218
Intangible Assets		 28 70 95 85 78 127 122 119 109 99 111
Other Noncurrent Operating Assets		 2.04 0.93 0.60 0.75 17 50 50 52 57 57 62
Total Liabilities & Shareholders' Equity		 257 380 396 411 442 500 487 498 500 511 520
Total Liabilities		 89 99 110 111 123 166 148 164 159 151 166
Total Current Liabilities		 77 89 95 101 107 119 100 117 118 116 124
Accounts Payable		 4.75 4.62 3.13 4.18 8.50 9.33 5.13 7.29 7.47 6.63 7.77
Accrued Expenses		 16 16 21 22 32 29 21 30 18 15 17
Current Deferred Revenue		 54 65 69 65 66 81 74 79 84 84 88
Current Employee Benefit Liabilities		 2.31 3.31 1.99 2.76 - - - - 9.49 9.51 11
Total Noncurrent Liabilities		 12 10 15 9.88 16 47 47 46 41 36 42
Noncurrent Deferred Revenue		 3.66 4.35 7.86 6.29 2.87 1.60 1.58 2.94 2.17 1.66 1.34
Noncurrent Deferred & Payable Income Tax Liabilities		 5.84 4.76 5.97 - 11 15 18 18 16 15 18
Other Noncurrent Operating Liabilities		 2.65 1.06 1.10 1.05 2.21 31 28 26 23 19 23
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 168 280 286 300 319 334 339 334 341 359 354
Total Preferred & Common Equity		 168 280 286 300 319 334 339 334 341 359 354
Preferred Stock		 - - - - - - - - 0.00 0.00 0.00
Total Common Equity		 168 280 286 300 319 334 339 334 341 359 354
Common Stock		 175 279 281 283 287 272 271 255 249 252 232
Retained Earnings		 -7.03 1.59 5.35 18 32 62 68 80 92 109 124
Accumulated Other Comprehensive Income / (Loss)		 -0.04 -0.07 -0.05 -0.04 -0.02 0.00 0.11 -0.98 -0.69 -2.05 -1.36

Quarterly Balance Sheets for HealthStream

This table presents HealthStream's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 503 493 498 512 500 503 524 500 500 527 522
Total Current Assets		 125 118 127 147 139 146 170 144 148 133 130
Cash & Equivalents		 49 26 44 52 46 57 77 52 54 49 46
Short-Term Investments		 9.82 30 28 31 37 37 36 39 39 18 21
Accounts Receivable		 47 41 35 44 36 32 36 31 34 43 37
Prepaid Expenses		 11 9.88 11 18 17 16 20 22 21 23 27
Plant, Property, & Equipment, net		 15 14 14 13 12 11 11 12 11 10 10
Total Noncurrent Assets		 363 361 358 352 349 346 344 344 341 384 381
Goodwill		 191 191 191 191 191 191 191 192 192 213 213
Intangible Assets		 118 114 111 106 103 100 96 93 91 109 107
Other Noncurrent Operating Assets		 50 51 51 51 51 51 56 59 59 62 62
Total Liabilities & Shareholders' Equity		 503 493 498 512 500 503 524 500 500 527 522
Total Liabilities		 167 153 156 167 150 147 161 150 151 175 165
Total Current Liabilities		 121 109 115 126 112 111 126 115 112 137 123
Accounts Payable		 20 22 3.52 5.31 5.81 4.44 3.18 4.04 3.92 5.09 6.82
Accrued Expenses		 6.53 5.24 28 22 19 23 16 17 16 21 17
Current Deferred Revenue		 94 82 83 98 87 83 102 88 86 106 93
Current Employee Benefit Liabilities		 - - - - - - 4.71 6.32 6.60 4.03 5.92
Total Noncurrent Liabilities		 46 44 41 41 38 37 35 34 38 39 42
Noncurrent Deferred Revenue		 2.56 2.26 2.74 2.08 1.89 1.67 1.33 1.20 1.29 1.32 1.45
Noncurrent Deferred & Payable Income Tax Liabilities		 19 17 15 17 16 15 15 15 20 18 22
Other Noncurrent Operating Liabilities		 25 24 23 2.25 2.22 1.99 19 18 17 20 19
Commitments & Contingencies		 0.00 0.00 - - - - 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 336 341 342 345 349 355 363 351 349 352 357
Total Preferred & Common Equity		 336 341 342 345 349 355 363 351 349 352 357
Preferred Stock		 - - - - - - 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 336 341 342 345 349 355 363 351 349 352 357
Common Stock		 255 256 255 249 250 251 252 235 229 225 224
Retained Earnings		 82 85 89 97 100 105 112 117 122 128 134
Accumulated Other Comprehensive Income / (Loss)		 -1.02 -0.89 -1.24 -1.17 -1.22 -0.88 -2.02 -1.28 -1.53 -1.57 -1.89

Annual Metrics And Ratios for HealthStream

This table displays calculated financial ratios and metrics derived from HealthStream's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 29,668,137.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 29,668,137.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.62
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 22.45% -8.08% 11.85% 7.78% 9.71% -3.65% 4.85% 3.94% 4.59% 4.51% 4.26%
EBITDA Growth		 11.89% -8.46% 21.58% 41.76% 11.63% 4.95% -5.34% 18.49% 7.92% 8.68% 1.74%
EBIT Growth		 -16.96% -43.49% 30.81% 63.46% 8.17% -0.59% -56.43% 94.97% 6.70% 29.80% -5.20%
NOPAT Growth		 -17.31% -47.98% 85.00% 51.05% -5.89% 7.30% -51.52% 59.31% 36.31% 30.43% -6.90%
Net Income Growth		 -17.06% -56.44% 166.42% 222.04% -51.05% -10.65% -58.52% 106.86% 25.82% 31.51% -8.32%
EPS Growth		 -24.32% -57.14% 158.33% 222.58% -51.00% -10.20% -59.09% 116.67% 28.21% 32.00% -7.58%
Operating Cash Flow Growth		 1.93% -30.60% 92.75% -7.42% 51.82% -45.36% 18.15% 20.77% 24.97% -9.86% 9.81%
Free Cash Flow Firm Growth		 -1,353.20% 35.80% 199.84% -87.29% -50.03% -3,841.91% 105.99% 107.98% 36.54% 28.50% -176.65%
Invested Capital Growth		 182.92% 40.69% -21.85% 4.52% 5.89% 80.65% -0.25% -1.57% -2.18% -2.77% 13.31%
Revenue Q/Q Growth		 5.30% -13.89% 16.47% 2.01% 1.14% -0.36% 0.99% 1.60% 0.74% 1.27% 1.83%
EBITDA Q/Q Growth		 -1.13% -4.44% 7.37% 24.50% 2.88% -3.01% -0.73% 6.83% 1.42% -4.40% -2.21%
EBIT Q/Q Growth		 -13.86% -9.86% 5.88% 13.08% 1.92% -13.92% -17.39% 28.13% -1.27% -15.24% -10.43%
NOPAT Q/Q Growth		 -9.77% -18.61% 36.77% -4.89% 6.10% -14.06% -17.47% 38.42% 11.04% 3.34% -11.33%
Net Income Q/Q Growth		 -8.82% -36.12% 74.16% -3.47% 6.00% -16.38% -18.31% 30.64% 16.38% 1.51% -11.37%
EPS Q/Q Growth		 -15.15% -33.33% 72.22% -2.91% 8.89% -18.52% -21.74% 34.48% 16.28% 1.54% -10.29%
Operating Cash Flow Q/Q Growth		 12.27% -0.60% 4.00% 8.52% -1.99% -18.21% 1.99% 4.40% 9.79% -4.40% 3.32%
Free Cash Flow Firm Q/Q Growth		 2.61% -1.57% 136.75% -86.12% 155.44% -954.31% 107.83% 116.51% -1.14% 196.57% -152.52%
Invested Capital Q/Q Growth		 -1.99% -1.58% -16.67% 6.32% 0.61% 56.22% 2.46% 0.67% 1.27% -4.52% 15.75%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 57.23% 60.98% 59.42% 58.55% 59.12% 63.51% 64.54% 65.84% 65.95% 66.42% 64.74%
EBITDA Margin		 14.70% 14.64% 15.91% 20.92% 21.29% 23.19% 20.94% 23.87% 24.63% 25.61% 24.99%
Operating Margin		 6.49% 3.73% 4.38% 6.69% 5.79% 6.46% 3.14% 4.67% 5.74% 7.30% 6.66%
EBIT Margin		 6.56% 4.03% 4.72% 7.16% 7.06% 7.28% 3.03% 5.67% 5.79% 7.19% 6.54%
Profit (Net Income) Margin		 4.12% 1.95% 4.66% 13.91% 6.21% 5.76% 2.28% 4.53% 5.45% 6.86% 6.03%
Tax Burden Percent		 62.84% 48.44% 98.66% 194.37% 87.96% 79.06% 75.26% 77.58% 82.18% 80.66% 79.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 102.93% 114.58% 118.28% 116.80%
Effective Tax Rate		 37.16% 38.20% 12.84% 20.05% 20.82% 20.94% 24.74% 22.42% 17.82% 19.34% 21.00%
Return on Invested Capital (ROIC)		 9.86% 2.88% 5.12% 8.63% 7.71% 5.74% 2.16% 3.48% 4.83% 6.46% 5.72%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.78% 3.41% 3.77% -3.32% -41.27% 8.84% 2.55% -0.67% 1.67% 3.09% 2.66%
Return on Net Nonoperating Assets (RNNOA)		 -6.01% -1.56% -1.71% 1.78% 2.17% 2.70% -0.43% 0.12% -0.32% -0.74% -0.58%
Return on Equity (ROE)		 3.85% 1.33% 3.41% 10.41% 9.89% 8.44% 1.74% 3.59% 4.51% 5.72% 5.14%
Cash Return on Invested Capital (CROIC)		 -85.68% -30.93% 29.65% 4.20% 2.00% -51.74% 2.41% 5.06% 7.04% 9.27% -6.76%
Operating Return on Assets (OROA)		 4.31% 2.00% 2.51% 3.89% 3.85% 3.60% 1.57% 3.08% 3.24% 4.15% 3.86%
Return on Assets (ROA)		 2.71% 0.97% 2.48% 7.55% 3.39% 2.85% 1.18% 2.46% 3.05% 3.96% 3.56%
Return on Common Equity (ROCE)		 3.85% 1.33% 3.41% 10.41% 9.89% 8.44% 1.74% 3.59% 4.51% 5.72% 5.14%
Return on Equity Simple (ROE_SIMPLE)		 3.08% 1.31% 3.33% 10.10% 0.00% 4.22% 1.72% 3.62% 4.46% 5.57% 0.00%
Net Operating Profit after Tax (NOPAT)		 8.52 4.43 8.20 12 12 13 6.06 9.66 13 17 16
NOPAT Margin		 4.08% 2.31% 3.82% 5.35% 4.59% 5.11% 2.36% 3.62% 4.72% 5.89% 5.26%
Net Nonoperating Expense Percent (NNEP)		 0.07% -0.52% 1.36% 11.95% 48.98% -3.11% -0.39% 4.14% 3.16% 3.37% 3.06%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 2.89% 3.86% 4.78% 4.52%
Cost of Revenue to Revenue		 42.77% 39.02% 40.58% 41.45% 40.88% 36.49% 35.46% 34.16% 34.05% 33.58% 35.26%
SG&A Expenses to Revenue		 14.00% 15.85% 14.65% 14.87% 15.97% 17.11% 15.46% 13.82% 12.78% 12.05% 10.78%
R&D to Revenue		 11.59% 12.61% 11.24% 11.11% 11.46% 13.20% 16.23% 16.59% 16.32% 16.76% 16.77%
Operating Expenses to Revenue		 50.75% 57.25% 55.04% 51.86% 53.32% 57.05% 61.40% 61.18% 60.21% 59.12% 58.09%
Earnings before Interest and Taxes (EBIT)		 14 7.75 10 17 18 18 7.77 15 16 21 20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 31 28 34 48 54 57 54 64 69 75 76
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.37 2.65 2.34 2.43 2.59 2.06 2.44 2.26 2.39 2.69 1.93
Price to Tangible Book Value (P/TBV)		 5.21 9.27 5.43 5.00 5.66 24.29 23.67 32.76 20.03 13.97 26.33
Price to Revenue (P/Rev)		 3.17 3.94 3.27 3.35 3.44 2.81 3.22 2.82 2.92 3.32 2.25
Price to Earnings (P/E)		 76.91 201.66 70.33 24.06 55.45 48.75 141.33 62.31 53.60 48.34 37.32
Dividend Yield		 0.00% 0.00% 0.00% 4.17% 0.00% 0.00% 0.00% 0.00% 0.37% 0.43% 0.54%
Earnings Yield		 1.30% 0.50% 1.42% 4.16% 1.80% 2.05% 0.71% 1.61% 1.87% 2.07% 2.68%
Enterprise Value to Invested Capital (EV/IC)		 4.00 3.62 4.05 4.11 4.47 2.26 2.74 2.52 2.76 3.32 2.11
Enterprise Value to Revenue (EV/Rev)		 2.44 3.39 2.65 2.60 2.73 2.59 2.99 2.60 2.67 2.98 2.06
Enterprise Value to EBITDA (EV/EBITDA)		 16.62 23.15 16.63 12.44 12.84 11.16 14.27 10.91 10.83 11.65 8.26
Enterprise Value to EBIT (EV/EBIT)		 37.21 83.95 56.08 36.38 38.75 35.55 98.78 45.90 46.07 41.49 31.56
Enterprise Value to NOPAT (EV/NOPAT)		 59.92 146.84 69.36 48.69 59.61 50.67 126.53 71.95 56.53 50.67 39.25
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.62 26.85 12.17 13.94 10.58 17.66 18.10 13.58 11.63 15.09 9.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 11.98 99.93 230.44 0.00 113.55 49.46 38.79 35.29 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.61 -0.46 -0.45 -0.54 -0.05 0.31 -0.17 -0.17 -0.19 -0.24 -0.22
Leverage Ratio		 1.42 1.37 1.38 1.38 2.92 2.96 1.47 1.46 1.48 1.44 1.45
Compound Leverage Factor		 1.42 1.37 1.38 1.38 2.92 2.96 1.47 1.51 1.69 1.71 1.69
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 5.07 4.95 4.76 4.90 0.00 3.25 4.15 3.62 4.03 4.93 3.50
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.35 1.87 1.98 2.26 2.14 0.96 1.06 0.98 1.10 1.32 0.96
Quick Ratio		 2.10 1.59 1.67 1.96 1.93 0.78 0.87 0.82 0.93 1.15 0.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -74 -48 47 6.03 3.02 -113 6.76 14 19 25 -19
Operating Cash Flow to CapEx		 227.34% 189.18% 309.11% 234.40% 179.91% 190.79% 167.23% 204.13% 228.42% 204.89% 197.12%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.66 0.50 0.53 0.54 0.55 0.49 0.52 0.54 0.56 0.58 0.59
Accounts Receivable Turnover		 6.01 4.59 5.03 5.86 7.12 6.40 6.34 6.87 6.88 7.91 8.18
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 19.08 16.92 23.44 19.34 0.00 0.00 12.78 15.96 19.59 24.56 28.41
Accounts Payable Turnover		 19.08 19.36 23.88 15.15 0.00 0.00 12.59 14.69 12.88 13.90 14.89
Days Sales Outstanding (DSO)		 60.70 79.54 72.53 62.26 51.26 57.01 57.60 53.10 53.07 46.16 44.61
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 19.13 18.85 15.29 24.09 0.00 0.00 28.99 24.86 28.33 26.26 24.51
Cash Conversion Cycle (CCC)		 41.57 60.69 57.24 38.17 51.26 57.01 28.61 28.24 24.74 19.90 20.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 128 180 140 147 155 281 280 276 270 262 297
Invested Capital Turnover		 2.42 1.25 1.34 1.61 1.68 1.12 0.92 0.96 1.02 1.10 1.09
Increase / (Decrease) in Invested Capital		 83 52 -39 6.35 8.64 125 -0.69 -4.39 -6.02 -7.48 35
Enterprise Value (EV)		 510 651 569 603 695 634 767 695 744 870 627
Market Capitalization		 663 757 704 775 874 687 826 753 815 967 684
Book Value per Share		 $8.86 $9.01 $9.41 $9.87 $0.00 $10.55 $10.74 $10.93 $11.25 $11.82 $11.93
Tangible Book Value per Share		 $4.02 $2.57 $4.06 $4.80 $0.00 $0.89 $1.11 $0.75 $1.34 $2.28 $0.88
Total Capital		 280 286 300 319 0.00 334 339 334 341 359 354
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -153 -106 -135 -172 -180 -53 -59 -58 -71 -97 -57
Capital Expenditures (CapEx)		 15 13 15 18 36 19 25 25 28 28 32
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -29 -21 -32 -34 -53 -51 -45 -57 -59 -60 -61
Debt-free Net Working Capital (DFNWC)		 120 82 99 135 119 -4.72 6.50 -2.84 12 37 -4.49
Net Working Capital (NWC)		 120 82 99 135 119 -4.72 6.50 -2.84 12 37 -4.49
Net Nonoperating Expense (NNE)		 -0.10 0.68 -1.80 -20 -4.11 -1.59 0.22 -2.43 -2.05 -2.84 -2.36
Net Nonoperating Obligations (NNO)		 -153 -106 -160 -172 155 -53 -59 -58 -71 -97 -57
Total Depreciation and Amortization (D&A)		 17 20 24 32 36 39 46 49 53 54 56
Debt-free, Cash-free Net Working Capital to Revenue		 -13.65% -10.78% -15.10% -14.78% -21.05% -20.92% -17.71% -21.27% -21.24% -20.50% -20.22%
Debt-free Net Working Capital to Revenue		 57.64% 42.92% 45.91% 58.10% 46.98% -1.93% 2.53% -1.06% 4.25% 12.83% -1.48%
Net Working Capital to Revenue		 57.64% 42.92% 45.91% 58.10% 46.98% -1.93% 2.53% -1.06% 4.25% 12.83% -1.48%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.29 $0.12 $0.31 $1.00 $0.49 $0.44 $0.19 $0.39 $0.50 $0.66 $0.61
Adjusted Weighted Average Basic Shares Outstanding		 30.06M 31.72M 31.86M 32.26M 32.37M 31.96M 31.53M 30.65M 30.57M 30.39M 30.02M
Adjusted Diluted Earnings per Share		 $0.28 $0.12 $0.31 $1.00 $0.49 $0.44 $0.18 $0.39 $0.50 $0.66 $0.61
Adjusted Weighted Average Diluted Shares Outstanding		 30.44M 32.07M 32.20M 32.34M 32.43M 31.99M 31.62M 30.72M 30.67M 30.54M 30.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 31.65M 31.78M 32.04M 32.33M 32.38M 31.49M 30.94M 30.58M 30.30M 30.43M 29.36M
Normalized Net Operating Profit after Tax (NOPAT)		 8.52 4.43 8.20 12 12 13 6.06 9.66 13 17 16
Normalized NOPAT Margin		 4.08% 2.31% 3.82% 5.35% 4.59% 5.11% 2.36% 3.62% 4.72% 5.89% 5.26%
Pre Tax Income Margin		 6.56% 4.03% 4.72% 7.16% 7.06% 7.28% 3.03% 5.84% 6.63% 8.50% 7.64%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 7.34% 0.00% 0.00% 100.55% 0.61% 0.28% 0.33% 0.00% 20.10% 17.01% 20.33%
Augmented Payout Ratio		 7.34% 0.00% 0.00% 100.55% 0.61% 142.35% 86.01% 191.36% 78.79% 17.01% 184.01%

Quarterly Metrics And Ratios for HealthStream

This table displays calculated financial ratios and metrics derived from HealthStream's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 29,668,137.00 29,356,350.00 29,215,188.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 29,668,137.00 29,356,350.00 29,215,188.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.09 0.20 0.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.98% 5.53% 3.41% 3.92% 5.18% 1.00% 3.97% 4.62% 7.37% 10.50% 12.55%
EBITDA Growth		 9.24% 25.71% 6.84% 9.53% -6.52% -3.75% 10.82% 9.20% -9.34% 21.05% 17.51%
EBIT Growth		 8.35% 108.31% 17.78% 37.15% -46.19% -23.44% 35.65% 15.33% -51.40% 71.55% 39.13%
NOPAT Growth		 56.38% 88.28% -5.77% 44.23% 15.88% -20.50% 33.16% 12.20% -48.84% 57.10% 38.15%
Net Income Growth		 87.42% 99.28% 0.85% 48.05% 6.47% -17.12% 29.29% 6.31% -48.13% 36.43% 23.75%
EPS Growth		 87.50% 88.89% 7.69% 46.15% 6.67% -17.65% 28.57% 5.26% -43.75% 42.86% 27.78%
Operating Cash Flow Growth		 70.35% 1.93% 30.38% -22.53% -19.20% 29.31% -22.14% -5.66% 18.21% 0.23% 167.39%
Free Cash Flow Firm Growth		 43.70% 739.23% -39.74% -130.28% 21.14% 3,042.43% 781.09% 806.52% -380.79% -198.83% -191.93%
Invested Capital Growth		 -2.18% 1.31% 0.20% 3.12% -2.77% -9.79% -7.47% -6.54% 13.31% 14.43% 11.51%
Revenue Q/Q Growth		 0.34% 3.09% -1.65% 2.15% 1.56% -1.01% 1.24% 2.79% 4.23% 1.87% 3.11%
EBITDA Q/Q Growth		 -11.89% 4.56% -5.88% 10.64% -24.81% 17.33% 7.79% 9.24% -22.32% 32.33% 4.65%
EBIT Q/Q Growth		 -43.87% 20.79% -19.00% 41.11% -77.98% 162.11% 36.88% 26.32% -70.69% 238.48% 11.00%
NOPAT Q/Q Growth		 4.60% 26.02% -23.69% 43.39% -15.97% -13.54% 27.82% 20.82% -61.68% 165.49% 12.40%
Net Income Q/Q Growth		 18.70% 13.88% -20.26% 37.36% -14.64% -11.36% 24.40% 12.93% -58.35% 133.14% 12.84%
EPS Q/Q Growth		 15.38% 13.33% -17.65% 35.71% -15.79% -12.50% 28.57% 11.11% -55.00% 122.22% 15.00%
Operating Cash Flow Q/Q Growth		 -44.01% 51.59% -69.19% 196.25% -41.60% 142.60% -81.45% 258.95% -26.83% 105.70% -50.50%
Free Cash Flow Firm Q/Q Growth		 -12.48% 115.05% 197.66% -214.55% 450.19% 163.17% -16.54% -8.14% -239.17% 7.38% 22.37%
Invested Capital Q/Q Growth		 1.27% -3.21% 1.58% -2.28% -4.52% -4.83% 4.19% -1.29% 15.75% -3.88% 1.53%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 65.98% 66.17% 66.83% 66.52% 66.17% 65.32% 64.56% 65.34% 63.80% 65.82% 65.35%
EBITDA Margin		 23.54% 27.26% 26.09% 28.26% 20.92% 24.80% 26.40% 28.06% 20.91% 27.16% 27.57%
Operating Margin		 6.03% 7.82% 6.16% 8.89% 6.32% 5.96% 7.91% 9.89% 3.02% 9.25% 9.94%
EBIT Margin		 4.34% 8.99% 7.41% 10.23% 2.22% 5.87% 7.94% 9.76% 2.75% 9.12% 9.82%
Profit (Net Income) Margin		 6.50% 7.18% 5.82% 7.83% 6.58% 5.90% 7.24% 7.96% 3.18% 7.28% 7.96%
Tax Burden Percent		 84.73% 79.89% 78.64% 76.55% 89.16% 82.55% 78.48% 73.75% 88.92% 75.58% 76.69%
Interest Burden Percent		 176.97% 100.00% 100.00% 100.00% 332.79% 121.57% 116.21% 110.56% 130.30% 105.59% 105.78%
Effective Tax Rate		 15.27% 20.11% 21.36% 23.45% 10.84% 17.45% 21.52% 26.25% 11.08% 24.42% 23.31%
Return on Invested Capital (ROIC)		 5.23% 6.43% 4.93% 7.25% 6.18% 5.47% 6.78% 8.20% 2.92% 8.15% 8.90%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.71% 5.39% 3.84% 6.29% 5.34% 4.68% 5.81% 7.62% 2.40% 7.89% 8.54%
Return on Net Nonoperating Assets (RNNOA)		 -0.71% -1.04% -0.72% -1.41% -1.28% -1.20% -1.32% -1.88% -0.52% -1.98% -1.90%
Return on Equity (ROE)		 4.52% 5.39% 4.21% 5.83% 4.89% 4.27% 5.46% 6.33% 2.40% 6.16% 7.00%
Cash Return on Invested Capital (CROIC)		 7.04% 4.27% 5.18% 3.07% 9.27% 16.47% 14.19% 13.55% -6.76% -6.71% -3.68%
Operating Return on Assets (OROA)		 2.43% 5.01% 4.26% 5.89% 1.28% 3.32% 4.69% 5.81% 1.62% 5.41% 6.17%
Return on Assets (ROA)		 3.64% 4.01% 3.35% 4.51% 3.80% 3.33% 4.28% 4.74% 1.88% 4.32% 5.01%
Return on Common Equity (ROCE)		 4.52% 5.39% 4.21% 5.83% 4.89% 4.27% 5.46% 6.33% 2.40% 6.16% 7.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 5.17% 5.11% 5.54% 0.00% 5.27% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 3.61 4.55 3.47 4.97 4.18 3.61 4.62 5.58 2.14 5.68 6.38
NOPAT Margin		 5.11% 6.25% 4.85% 6.80% 5.63% 4.92% 6.21% 7.30% 2.68% 6.99% 7.62%
Net Nonoperating Expense Percent (NNEP)		 1.52% 1.04% 1.09% 0.96% 0.84% 0.79% 0.97% 0.58% 0.51% 0.26% 0.37%
Return On Investment Capital (ROIC_SIMPLE)		 1.06% - - - 1.16% 1.00% 1.32% 1.60% 0.60% 1.61% 1.79%
Cost of Revenue to Revenue		 34.02% 33.83% 33.17% 33.48% 33.83% 34.68% 35.44% 34.66% 36.20% 34.18% 34.65%
SG&A Expenses to Revenue		 11.96% 11.42% 13.35% 11.57% 11.86% 11.80% 9.94% 9.59% 11.76% 9.85% 9.60%
R&D to Revenue		 16.90% 16.54% 16.88% 16.55% 17.08% 16.39% 16.23% 15.83% 18.51% 16.76% 16.22%
Operating Expenses to Revenue		 59.95% 58.35% 60.66% 57.63% 59.86% 59.36% 56.65% 55.44% 60.79% 56.57% 55.41%
Earnings before Interest and Taxes (EBIT)		 3.06 6.54 5.30 7.48 1.65 4.32 5.91 7.46 2.19 7.41 8.22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 17 20 19 21 16 18 20 21 17 22 23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.39 2.34 2.43 2.47 2.69 2.70 2.41 2.40 1.93 1.73 2.23
Price to Tangible Book Value (P/TBV)		 20.03 16.71 15.26 13.72 13.97 12.99 12.94 12.59 26.33 20.26 21.36
Price to Revenue (P/Rev)		 2.92 2.85 2.97 3.05 3.32 3.35 2.86 2.80 2.25 1.95 2.48
Price to Earnings (P/E)		 53.60 45.23 47.46 44.49 48.34 51.24 41.54 40.45 37.32 30.52 37.55
Dividend Yield		 0.37% 0.48% 0.47% 0.46% 0.43% 0.36% 0.43% 0.43% 0.54% 0.62% 0.48%
Earnings Yield		 1.87% 2.21% 2.11% 2.25% 2.07% 1.95% 2.41% 2.47% 2.68% 3.28% 2.66%
Enterprise Value to Invested Capital (EV/IC)		 2.76 2.67 2.77 2.90 3.32 3.47 2.90 2.90 2.11 1.90 2.52
Enterprise Value to Revenue (EV/Rev)		 2.67 2.61 2.73 2.76 2.98 2.96 2.55 2.49 2.06 1.74 2.27
Enterprise Value to EBITDA (EV/EBITDA)		 10.83 9.82 10.21 10.19 11.65 11.71 9.93 9.58 8.26 6.78 8.76
Enterprise Value to EBIT (EV/EBIT)		 46.07 33.66 34.30 32.18 41.49 44.08 35.57 33.55 31.56 23.58 28.85
Enterprise Value to NOPAT (EV/NOPAT)		 56.53 48.20 51.57 47.91 50.67 53.33 43.35 41.29 39.25 30.00 36.82
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.63 11.46 11.83 13.20 15.09 13.58 12.09 12.15 9.91 8.54 10.16
Enterprise Value to Free Cash Flow (EV/FCFF)		 38.79 62.87 53.56 95.77 35.29 20.00 19.64 20.69 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.06 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.06 0.05 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.19 -0.19 -0.19 -0.22 -0.24 -0.26 -0.23 -0.25 -0.22 -0.25 -0.22
Leverage Ratio		 1.48 1.49 1.44 1.43 1.44 1.46 1.43 1.42 1.45 1.47 1.44
Compound Leverage Factor		 2.62 1.49 1.44 1.43 4.80 1.78 1.66 1.57 1.88 1.55 1.53
Debt to Total Capital		 0.00% 5.35% 5.10% 4.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 5.35% 5.10% 4.81% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 94.65% 94.90% 95.19% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.26 0.25 0.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 -0.91 -0.89 -1.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.26 0.25 0.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 1.27 1.24 1.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 -4.46 -4.52 -4.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 1.27 1.24 1.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 3.94 3.81 4.33 4.57 4.80 4.63 4.41 4.40 3.39 3.05 3.94
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.10 1.17 1.24 1.32 1.32 1.35 1.25 1.31 0.96 0.97 1.06
Quick Ratio		 0.93 1.01 1.07 1.14 1.15 1.19 1.06 1.12 0.77 0.81 0.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 9.63 0.98 2.91 -3.33 12 31 26 24 -33 -30 -24
Operating Cash Flow to CapEx		 209.27% 269.78% 96.21% 279.44% 163.23% 306.09% 55.64% 234.16% 200.15% 363.41% 159.25%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.56 0.56 0.57 0.58 0.58 0.56 0.59 0.60 0.59 0.59 0.63
Accounts Receivable Turnover		 6.88 6.19 7.40 8.66 7.91 7.30 8.73 9.13 8.18 7.84 9.41
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 19.59 20.78 21.66 23.39 24.56 25.17 24.81 26.86 28.41 29.84 29.08
Accounts Payable Turnover		 12.88 7.53 6.87 24.32 13.90 23.28 20.60 24.73 14.89 26.50 20.64
Days Sales Outstanding (DSO)		 53.07 58.93 49.31 42.13 46.16 50.02 41.83 39.97 44.61 46.55 38.80
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 28.33 48.46 53.16 15.01 26.26 15.68 17.72 14.76 24.51 13.77 17.69
Cash Conversion Cycle (CCC)		 24.74 10.47 -3.85 27.12 19.90 34.34 24.11 25.21 20.10 32.78 21.11
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 270 277 281 275 262 249 260 257 297 285 290
Invested Capital Turnover		 1.02 1.03 1.02 1.07 1.10 1.11 1.09 1.12 1.09 1.17 1.17
Increase / (Decrease) in Invested Capital		 -6.02 3.57 0.56 8.30 -7.48 -27 -21 -18 35 36 30
Enterprise Value (EV)		 744 738 779 796 870 866 754 744 627 541 729
Market Capitalization		 815 806 847 877 967 979 845 837 684 608 796
Book Value per Share		 $11.25 $11.38 $11.49 $11.69 $11.82 $11.92 $11.48 $11.78 $11.93 $11.99 $12.21
Tangible Book Value per Share		 $1.34 $1.59 $1.83 $2.10 $2.28 $2.48 $2.14 $2.24 $0.88 $1.02 $1.28
Total Capital		 341 364 368 373 359 363 351 349 354 352 357
Total Debt		 0.00 19 19 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 19 19 18 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -71 -68 -68 -81 -97 -113 -91 -93 -57 -66 -67
Capital Expenditures (CapEx)		 6.60 7.76 6.71 6.84 6.84 8.85 9.03 7.70 6.59 7.47 8.43
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -59 -62 -56 -60 -60 -69 -62 -58 -61 -70 -59
Debt-free Net Working Capital (DFNWC)		 12 21 27 35 37 44 29 35 -4.49 -3.49 7.59
Net Working Capital (NWC)		 12 21 27 35 37 44 29 35 -4.49 -3.49 7.59
Net Nonoperating Expense (NNE)		 -0.98 -0.68 -0.70 -0.75 -0.71 -0.72 -0.77 -0.51 -0.40 -0.23 -0.29
Net Nonoperating Obligations (NNO)		 -71 -68 -68 -81 -97 -113 -91 -93 -57 -66 -67
Total Depreciation and Amortization (D&A)		 14 13 13 13 14 14 14 14 14 15 15
Debt-free, Cash-free Net Working Capital to Revenue		 -21.24% -22.04% -19.55% -20.77% -20.50% -23.76% -20.87% -19.26% -20.22% -22.45% -18.42%
Debt-free Net Working Capital to Revenue		 4.25% 7.54% 9.55% 12.18% 12.83% 15.00% 9.83% 11.75% -1.48% -1.12% 2.36%
Net Working Capital to Revenue		 4.25% 7.54% 9.55% 12.18% 12.83% 15.00% 9.83% 11.75% -1.48% -1.12% 2.36%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.15 $0.17 $0.14 $0.19 $0.16 $0.14 $0.18 $0.20 $0.09 $0.20 $0.23
Adjusted Weighted Average Basic Shares Outstanding		 30.57M 30.31M 30.40M 30.41M 30.39M 30.44M 30.32M 29.69M 30.02M 29.38M 29.23M
Adjusted Diluted Earnings per Share		 $0.15 $0.17 $0.14 $0.19 $0.16 $0.14 $0.18 $0.20 $0.09 $0.20 $0.23
Adjusted Weighted Average Diluted Shares Outstanding		 30.67M 30.42M 30.53M 30.59M 30.54M 30.59M 30.45M 29.81M 30.14M 29.42M 29.31M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 30.30M 30.40M 30.41M 30.41M 30.43M 30.53M 29.64M 29.67M 29.36M 29.22M 29.24M
Normalized Net Operating Profit after Tax (NOPAT)		 3.61 4.55 3.47 4.97 4.18 3.61 4.62 5.58 2.14 5.68 6.38
Normalized NOPAT Margin		 5.11% 6.25% 4.85% 6.80% 5.63% 4.92% 6.21% 7.30% 2.68% 6.99% 7.62%
Pre Tax Income Margin		 7.68% 8.99% 7.41% 10.23% 7.38% 7.14% 9.23% 10.79% 3.58% 9.63% 10.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 20.10% 21.93% 18.06% 16.78% 17.01% 18.30% 17.67% 17.69% 20.33% 19.15% 18.37%
Augmented Payout Ratio		 78.79% 21.93% 18.06% 53.72% 17.01% 18.30% 106.79% 138.59% 184.01% 203.61% 118.40%

Financials Breakdown Chart

Key Financial Trends

HealthStream’s latest results show improving profitability and revenue momentum. In Q1 2026, revenue increased 10.6% year over year to $81.2 million, continuing the upward trend from $65.6 million in Q2 2022 and $70.6 million in Q4 2023. Gross profit rose to $53.4 million, lifting the gross margin to approximately 65.8% from 65.3% in Q1 2025. Operating income increased 71.6% year over year to $7.5 million, while net income rose 36.4% to $5.9 million. Diluted EPS improved to $0.20 from $0.14.

Cash generation remains a major strength, although quarterly cash flow is uneven. Q1 2026 operating cash flow was $27.1 million, nearly matching Q1 2025 and well above the $5.0 million generated in Q2 2025. HealthStream ended Q1 with $48.7 million in cash and $17.8 million in short-term investments. The company has no conventional debt listed in the provided balance sheets, and shareholders’ equity increased to $352.0 million. However, cash and short-term investments have declined from $113.3 million at the end of Q1 2025 and $92.6 million at the end of Q3 2025, partly reflecting continued investment and shareholder returns.

The balance sheet remains equity-heavy but includes substantial goodwill and intangible assets. Goodwill and intangible assets totaled approximately $322.0 million, or about 61% of total assets, which increases the importance of monitoring future impairment risk. Current liabilities also exceeded current assets in Q1 2026, primarily because of $106.4 million in current deferred revenue. Deferred revenue can represent contracted customer obligations rather than traditional debt, but it still warrants monitoring as the company recognizes revenue over time.

  • Revenue growth is accelerating: Q1 2026 revenue increased 10.6% year over year, following steady growth across the reported quarters since 2022.
  • Operating leverage is improving: Q1 operating income rose to $7.5 million from $4.4 million a year earlier, with the operating margin expanding to approximately 9.2% from 6.0%.
  • EPS growth outpaced revenue growth: Diluted EPS increased to $0.20 from $0.14, helped by higher earnings and a lower diluted share count.
  • Operating cash flow remains strong: HealthStream generated $27.1 million of operating cash flow in Q1 2026, providing substantial funding for capital expenditures, dividends and share repurchases.
  • Share count is declining: Diluted weighted-average shares fell to 29.4 million from 30.6 million in Q1 2025, while the company repurchased $6.7 million of stock in Q1 2026.
  • Balance-sheet flexibility is solid: The company reported $66.5 million of cash and short-term investments and no conventional debt balance in the provided data.
  • Cash flow is volatile from quarter to quarter: Operating cash flow ranged from $5.0 million in Q2 2025 to $27.1 million in Q1 2026, reflecting swings in working capital and deferred revenue.
  • Investment activity affects liquidity: HealthStream continues to purchase and mature short-term investments, making changes in cash balances less indicative of underlying operating performance.
  • Liquidity appears tighter on a conventional current-ratio basis: Q1 current assets of $133.0 million were slightly below current liabilities of $136.5 million, although deferred revenue is a significant component of those liabilities.
  • Asset concentration creates impairment risk: Goodwill and intangible assets represented approximately 61% of total assets in Q1 2026, leaving reported equity sensitive to any future write-downs.
08/13/26 05:25 PM ETAI Generated. May Contain Errors.

HealthStream Financials - Frequently Asked Questions

According to the most recent income statement we have on file, HealthStream's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

HealthStream's net income appears to be on an upward trend, with a most recent value of $18.34 million in 2025, rising from $8.62 million in 2015. The previous period was $20.01 million in 2024. Find out what analysts predict for HealthStream in the coming months.

HealthStream's total operating income in 2025 was $20.24 million, based on the following breakdown:
  • Total Gross Profit: $196.86 million
  • Total Operating Expenses: $176.62 million

Over the last 10 years, HealthStream's total revenue changed from $209.00 million in 2015 to $304.06 million in 2025, a change of 45.5%.

HealthStream's total liabilities were at $166.35 million at the end of 2025, a 9.9% increase from 2024, and a 86.1% increase since 2014.

In the past 10 years, HealthStream's cash and equivalents has ranged from $36.16 million in 2025 to $134.32 million in 2018, and is currently $36.16 million as of their latest financial filing in 2025.

Over the last 10 years, HealthStream's book value per share changed from 8.86 in 2015 to 11.93 in 2025, a change of 34.7%.


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Financial statements for NASDAQ:HSTM last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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