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Heartflow (HTFL) Financials

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$35.52 +0.61 (+1.74%)
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Annual Income Statements for Heartflow

Annual Income Statements for Heartflow

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -124 -96 -117
Consolidated Net Income / (Loss)		 -96 -96 -117
Net Income / (Loss) Continuing Operations		 -96 -96 -117
Total Pre-Tax Income 		-95 -96 -117
Total Operating Income		 -73 -61 -64
Total Gross Profit		 58 94 135
Total Revenue		 87 126 176
Operating Revenue		 87 126 176
Total Cost of Revenue		 29 31 41
Operating Cost of Revenue		 29 31 41
Total Operating Expenses		 131 156 199
Selling, General & Admin Expense		 95 112 134
Research & Development Expense		 36 44 65
Total Other Income / (Expense), net		 -22 -35 -53
Interest Expense		 25 23 22
Interest & Investment Income		 5.46 4.07 5.54
Other Income / (Expense), net		 -2.96 -16 -37
Income Tax Expense		 0.55 0.05 -0.08
Preferred Stock Dividends Declared		 28 0.00 0.00
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - 0.27 -0.19
Basic Earnings per Share		 ($25.32) ($17.98) ($3.17)
Weighted Average Basic Shares Outstanding		 4.89M 5.36M 36.85M
Diluted Earnings per Share		 ($25.32) ($17.98) ($3.17)
Weighted Average Diluted Shares Outstanding		 4.89M 5.36M 36.85M
Weighted Average Basic & Diluted Shares Outstanding		 - - 85.76M

Quarterly Income Statements for Heartflow

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

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -23 -19 -33 -9.20 -51 -27
Consolidated Net Income / (Loss)		 -23 -19 -32 -9.20 -51 -27
Net Income / (Loss) Continuing Operations		 -23 -19 -32 -9.20 -51 -27
Total Pre-Tax Income 		-23 -19 -32 -9.14 -51 -27
Total Operating Income		 -14 -15 -18 -14 -15 -30
Total Gross Profit		 24 25 28 33 35 42
Total Revenue		 31 33 37 43 46 53
Operating Revenue		 31 33 37 43 46 53
Total Cost of Revenue		 7.22 8.00 9.26 11 11 10
Operating Cost of Revenue		 7.22 8.00 9.26 11 11 10
Total Operating Expenses		 38 40 45 46 51 72
Selling, General & Admin Expense		 28 28 32 31 33 43
Research & Development Expense		 9.93 12 14 15 17 22
Impairment Charge		 - - 0.00 - - 7.48
Total Other Income / (Expense), net		 -9.08 -4.21 -15 4.58 -36 2.15
Interest Expense		 6.08 5.30 5.09 6.62 9.81 0.00
Interest & Investment Income		 1.14 0.82 0.54 0.64 1.73 2.46
Other Income / (Expense), net		 -4.15 0.27 -10 11 -28 -0.31
Income Tax Expense		 0.12 0.00 0.00 0.06 0.03 0.02
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - 0.24 - - -0.26
Basic Earnings per Share		 ($4.66) ($3.43) ($5.25) ($1.46) ($1.04) ($0.32)
Weighted Average Basic Shares Outstanding		 5.02M 5.59M 6.16M 6.32M 49.11M 85.64M
Diluted Earnings per Share		 ($4.66) ($3.43) ($5.25) ($1.46) ($1.04) ($0.32)
Weighted Average Diluted Shares Outstanding		 5.02M 5.59M 6.16M 6.32M 49.11M 85.64M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 83.40M 85.16M 86.24M

Annual Cash Flow Statements for Heartflow

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 86 -71 -6.36
Net Cash From Operating Activities		 -76 -69 -54
Net Cash From Continuing Operating Activities		 -76 -69 -54
Net Income / (Loss) Continuing Operations		 -96 -96 -117
Consolidated Net Income / (Loss)		 -96 -96 -117
Depreciation Expense		 4.74 5.36 5.44
Amortization Expense		 5.67 4.34 6.82
Non-Cash Adjustments To Reconcile Net Income		 22 28 65
Changes in Operating Assets and Liabilities, net		 -13 -11 -15
Net Cash From Investing Activities		 -6.11 -4.36 -239
Net Cash From Continuing Investing Activities		 -6.11 -4.36 -239
Purchase of Property, Plant & Equipment		 -6.11 -4.36 -5.03
Purchase of Investments		 0.00 0.00 -234
Net Cash From Financing Activities		 169 2.24 286
Net Cash From Continuing Financing Activities		 169 2.24 286
Repayment of Debt		 0.00 -2.33 -122
Repurchase of Common Equity		 -0.23 0.00 0.00
Issuance of Debt		 0.00 0.00 73
Issuance of Preferred Equity		 169 0.00 0.00
Issuance of Common Equity		 0.00 0.00 332
Other Financing Activities, net		 0.59 4.56 2.79
Effect of Exchange Rate Changes		 -0.50 -0.27 0.19
Cash Interest Paid		 21 19 8.57

Quarterly Cash Flow Statements for Heartflow

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

Metric Q3 2024 Q4 2024 Q1 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2024 12/31/2024 3/31/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -11 -13 58 211 -246 -25
Net Cash From Operating Activities		 -10 -14 -13 -2.96 -11 -30
Net Cash From Continuing Operating Activities		 -10 -14 -13 -2.96 -11 -30
Net Income / (Loss) Continuing Operations		 -19 -33 -32 -51 -24 -27
Consolidated Net Income / (Loss)		 -19 -33 -32 -51 -24 -27
Depreciation Expense		 1.39 1.59 1.37 1.30 1.37 1.42
Amortization Expense		 0.82 0.84 1.72 2.39 -0.80 0.18
Non-Cash Adjustments To Reconcile Net Income		 3.63 15 4.57 42 15 14
Changes in Operating Assets and Liabilities, net		 3.03 1.41 12 1.81 -1.70 -18
Net Cash From Investing Activities		 -1.02 -0.33 -1.10 -1.24 -235 -1.43
Net Cash From Continuing Investing Activities		 -1.02 -0.33 -1.10 -1.24 -235 -1.43
Purchase of Property, Plant & Equipment		 -1.02 -0.33 -1.10 -1.24 -1.90 -1.89
Purchase of Investments		 - - 0.00 - - -30
Sale and/or Maturity of Investments		 - - 0.00 - - 30
Net Cash From Financing Activities		 0.98 0.85 73 215 -0.05 6.16
Net Cash From Continuing Financing Activities		 0.98 0.85 73 215 -0.05 6.16
Repayment of Debt		 -0.52 -0.52 -0.52 -121 - 0.00
Issuance of Debt		 - - 74 -0.04 - 0.00
Issuance of Common Equity		 - - 0.00 - -0.40 3.29
Other Financing Activities, net		 1.50 1.37 -0.42 1.01 0.35 2.87
Effect of Exchange Rate Changes		 -0.41 0.23 -0.24 0.21 -0.07 0.26
Cash Interest Paid		 4.45 4.10 3.44 1.85 - 0.00

Annual Balance Sheets for Heartflow

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

Metric 2024 2025
Period end date 12/31/2024 12/31/2025
Total Assets		 119 359
Total Current Assets		 82 220
Cash & Equivalents		 51 45
Short-Term Investments		 0.00 132
Accounts Receivable		 25 29
Prepaid Expenses		 6.13 14
Plant, Property, & Equipment, net		 8.92 8.59
Total Noncurrent Assets		 27 131
Long-Term Investments		 0.00 103
Other Noncurrent Operating Assets		 27 27
Total Liabilities & Shareholders' Equity		 119 359
Total Liabilities		 210 59
Total Current Liabilities		 34 42
Accounts Payable		 2.87 3.17
Accrued Expenses		 25 33
Other Current Liabilities		 5.42 5.92
Total Noncurrent Liabilities		 176 16
Other Noncurrent Operating Liabilities		 40 16
Commitments & Contingencies		 0.00 0.00
Total Equity & Noncontrolling Interests		 -859 301
Total Preferred & Common Equity		 -859 301
Preferred Stock		 0.00 0.00
Total Common Equity		 -859 301
Common Stock		 112 1,389
Retained Earnings		 -971 -1,088
Accumulated Other Comprehensive Income / (Loss)		 -0.77 -0.43

Quarterly Balance Sheets for Heartflow

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

Metric Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2025 9/30/2025 3/31/2026
Total Assets		 159 364 344
Total Current Assets		 118 328 212
Cash & Equivalents		 80 291 20
Short-Term Investments		 - - 139
Accounts Receivable		 30 28 36
Prepaid Expenses		 8.55 8.76 18
Plant, Property, & Equipment, net		 8.07 7.98 9.83
Total Noncurrent Assets		 33 29 122
Long-Term Investments		 - - 97
Other Noncurrent Operating Assets		 33 29 26
Total Liabilities & Shareholders' Equity		 159 364 344
Total Liabilities		 286 110 58
Total Current Liabilities		 33 38 38
Accounts Payable		 1.79 1.96 5.75
Accrued Expenses		 26 30 26
Other Current Liabilities		 5.49 5.52 6.38
Total Noncurrent Liabilities		 253 72 20
Other Noncurrent Operating Liabilities		 70 72 20
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -895 255 286
Total Preferred & Common Equity		 -895 255 286
Preferred Stock		 - 0.00 0.00
Total Common Equity		 -895 255 286
Common Stock		 118 1,318 1,402
Retained Earnings		 -1,013 -1,063 -1,115
Accumulated Other Comprehensive Income / (Loss)		 -0.72 -0.51 -0.69

Annual Metrics And Ratios for Heartflow

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

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 85,158,719.00
DEI Adjusted Shares Outstanding		 0.00 0.00 85,158,719.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -1.37
Growth Metrics		 - - -
Profitability Metrics		 - - -
Net Operating Profit after Tax (NOPAT)		 -51 -43 -45
Return On Investment Capital (ROIC_SIMPLE)		 - 5.93% -14.92%
Earnings before Interest and Taxes (EBIT)		 -76 -78 -101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -65 -68 -89
Valuation Ratios		 - - -
Leverage & Solvency		 - - -
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -37 -71
Efficiency Ratios		 - - -
Capital & Investment Metrics		 - - -
Invested Capital		 0.00 -6.00 20
Increase / (Decrease) in Invested Capital		 0.00 -6.00 27
Book Value per Share		 $0.00 ($160.25) $3.53
Tangible Book Value per Share		 $0.00 ($160.25) $3.53
Total Capital		 0.00 46 301
Total Debt		 0.00 136 0.00
Total Long-Term Debt		 0.00 136 0.00
Net Debt		 0.00 85 -280
Capital Expenditures (CapEx)		 6.11 4.36 5.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -2.83 1.05
Debt-free Net Working Capital (DFNWC)		 0.00 49 178
Net Working Capital (NWC)		 0.00 49 178
Net Nonoperating Expense (NNE)		 45 54 72
Net Nonoperating Obligations (NNO)		 0.00 85 -280
Total Depreciation and Amortization (D&A)		 10 9.70 12
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($3.17)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 36.85M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($3.17)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 36.85M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 85.76M
Normalized Net Operating Profit after Tax (NOPAT)		 -51 -43 -45
Debt Service Ratios		 - - -
Payout Ratios		 - - -

Quarterly Metrics And Ratios for Heartflow

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

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
DEI Shares Outstanding		 - - 0.00 - - 85,757,754.00
DEI Adjusted Shares Outstanding		 - - 0.00 - - 85,757,754.00
DEI Earnings Per Adjusted Shares Outstanding		 - - 0.00 - - -0.32
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 39.83% 40.51% 41.34%
EBITDA Growth		 0.00% 0.00% 0.00% 82.81% -213.67% -14.25%
EBIT Growth		 0.00% 0.00% 0.00% 82.81% -191.50% -7.28%
NOPAT Growth		 0.00% 0.00% 0.00% 3.26% -1.14% -68.58%
Net Income Growth		 0.00% 0.00% 0.00% 60.67% -165.70% 15.35%
EPS Growth		 0.00% 0.00% 0.00% 68.67% 69.68% 93.90%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 71.20% -128.65%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Revenue Q/Q Growth		 0.00% 6.05% 0.00% 0.00% 6.57% 0.00%
EBITDA Q/Q Growth		 0.00% 32.07% 0.00% 0.00% -1,139.26% 0.00%
EBIT Q/Q Growth		 0.00% 19.99% 0.00% 0.00% -1,256.36% 0.00%
NOPAT Q/Q Growth		 0.00% -5.30% 0.00% 0.00% -10.09% 0.00%
Net Income Q/Q Growth		 0.00% 18.13% 0.00% 0.00% -453.01% 0.00%
EPS Q/Q Growth		 0.00% 26.39% 0.00% 0.00% 28.77% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 6.21% 0.00% 0.00% -184.11%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 80.57% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -52.39% 0.00%
Profitability Metrics		 - - - - - -
Gross Margin		 76.77% 75.72% 75.10% 75.48% 76.53% 80.18%
EBITDA Margin		 -59.01% -37.80% -66.39% -7.26% -84.38% -53.66%
Operating Margin		 -45.65% -45.33% -47.04% -31.58% -32.63% -56.11%
EBIT Margin		 -59.01% -44.52% -74.71% -7.26% -92.36% -56.70%
Profit (Net Income) Margin		 -75.29% -58.12% -86.94% -21.18% -109.90% -52.07%
Tax Burden Percent		 100.52% 100.00% 100.00% 100.65% 100.06% 100.08%
Interest Burden Percent		 126.92% 130.54% 116.37% 289.97% 118.92% 91.75%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -487.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% -482.56%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 430.51%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% -57.33%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -31.55%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% -28.97%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% -57.33%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.92 -10 -12 -9.60 -11 -21
NOPAT Margin		 -31.96% -31.73% -32.93% -22.11% -22.84% -39.27%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -0.79% -27.67% -5.28%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 1.35% -4.15% -7.23%
Cost of Revenue to Revenue		 23.23% 24.28% 24.90% 24.52% 23.47% 19.82%
SG&A Expenses to Revenue		 90.44% 85.03% 84.72% 72.45% 71.78% 80.94%
R&D to Revenue		 31.98% 36.02% 37.43% 34.62% 37.38% 41.11%
Operating Expenses to Revenue		 122.42% 121.05% 122.14% 107.07% 109.16% 136.28%
Earnings before Interest and Taxes (EBIT)		 -18 -15 -28 -3.15 -43 -30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -18 -12 -25 -3.15 -39 -28
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 6.49 7.29
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 6.49 7.29
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 10.89
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 59.34
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 9.55
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.00 0.00 -1.45 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 -1.45 0.00 0.00
Financial Leverage		 0.00 0.00 0.00 -0.81 -1.14 -0.89
Leverage Ratio		 0.00 0.00 0.00 -1.26 1.43 1.20
Compound Leverage Factor		 0.00 0.00 0.00 -3.66 1.70 1.10
Debt to Total Capital		 0.00% 0.00% 0.00% 324.63% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 324.63% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 1,367.70% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% -1,592.33% 100.00% 100.00%
Debt to EBITDA		 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
Long-Term Debt to EBITDA		 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
Net Debt to NOPAT		 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
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 17.78
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.00 0.00 0.00 3.60 8.66 5.57
Quick Ratio		 0.00 0.00 0.00 3.34 8.43 5.10
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 14 26 -51
Operating Cash Flow to CapEx		 0.00% -1,006.57% -1,195.82% 0.00% -239.43% -1,593.65%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 2.18 2.65 -17,157.60
Operating Cash Flow to Interest Expense		 0.00 -1.94 -2.59 0.00 -0.30 -10,034.67
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -2.13 -2.80 0.00 -0.43 -10,664.33
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.56
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 5.39
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 19.47
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 7.30
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 67.74
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 49.98
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 17.77
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 0.00 0.00 -24 -37 31
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 12.42
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 -24 -37 31
Enterprise Value (EV)		 0.00 0.00 0.00 1,187 1,362 1,829
Market Capitalization		 317 317 317 317 1,653 2,084
Book Value per Share		 $0.00 $0.00 $0.00 ($141.66) $3.05 $3.33
Tangible Book Value per Share		 $0.00 $0.00 $0.00 ($141.66) $3.05 $3.33
Total Capital		 0.00 0.00 0.00 56 255 286
Total Debt		 0.00 0.00 0.00 182 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 182 0.00 0.00
Net Debt		 0.00 0.00 0.00 102 -291 -255
Capital Expenditures (CapEx)		 0.00 1.02 1.10 0.00 1.24 1.89
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 5.29 -1.23 15
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 86 290 174
Net Working Capital (NWC)		 0.00 0.00 0.00 86 290 174
Net Nonoperating Expense (NNE)		 13 8.69 20 -0.40 40 6.73
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 102 -291 -255
Total Depreciation and Amortization (D&A)		 0.00 2.21 3.09 0.00 3.69 1.60
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 8.10%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 90.80%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 90.80%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($1.46) ($1.04) ($0.32)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 6.32M 49.11M 85.64M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($1.46) ($1.04) ($0.32)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 6.32M 49.11M 85.64M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 83.40M 85.16M 86.24M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.92 -10 -12 -9.60 -11 -15
Normalized NOPAT Margin		 -31.96% -31.73% -32.93% -22.11% -22.84% -29.31%
Pre Tax Income Margin		 -74.90% -58.12% -86.94% -21.04% -109.83% -52.02%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -3.02 -2.77 -5.46 -0.48 -4.36 -9,939.33
NOPAT to Interest Expense		 -1.63 -1.97 -2.41 -1.45 -1.08 -6,884.27
EBIT Less CapEx to Interest Expense		 0.00 -2.96 -5.67 0.00 -4.48 -10,569.00
NOPAT Less CapEx to Interest Expense		 0.00 -2.17 -2.62 0.00 -1.20 -7,513.93
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Heartflow (NASDAQ: HTFL) is still growing revenue, but the latest quarter shows the company remains deeply loss-making and cash burn is still meaningful. Over the last year, revenue has trended higher, yet operating expenses, interest costs, and financing needs continue to pressure the bottom line and the balance sheet.

What stands out on the positive side:

  • Q1 2026 revenue rose to $52.6 million, up from $46.3 million in Q3 2025 and $37.2 million in Q1 2025, showing solid top-line growth.
  • Gross profit improved to $42.2 million in Q1 2026, helped by revenue growth and a manageable cost of revenue.
  • The company ended Q1 2026 with $19.7 million in cash and equivalents plus $138.6 million in short-term investments, giving it significant near-term liquidity.
  • Including long-term investments, Heartflow held about $254.9 million in cash and investments at quarter-end, which supports operations despite ongoing losses.
  • Operating cash flow improved from -$13.2 million in Q1 2025 to -$30.1 million in Q1 2026, but it is still negative; the business is not yet self-funding, though quarter-to-quarter working capital swings can be volatile.

Neutral items to watch:

  • Selling, general and administrative expense remains elevated at $42.6 million in Q1 2026, roughly in line with the company’s growth stage but still a major drag on profitability.
  • Research and development spending stayed high at $21.6 million, indicating continued investment in product and platform development.
  • The share count is much higher than a year ago, with weighted average diluted shares at 85.6 million in Q1 2026 versus 61.6 million in Q1 2025, which can weigh on per-share results.
  • Q1 2026 included an $7.5 million impairment charge, which suggests some non-recurring pressure in the quarter.

Key negatives:

  • Heartflow posted a Q1 2026 net loss of $27.4 million, or -$0.32 per share, showing profitability remains distant.
  • Operating loss widened to -$29.5 million in Q1 2026, as operating expenses exceeded gross profit.
  • The company generated negative operating cash flow of $30.1 million in Q1 2026, underscoring ongoing cash consumption.
  • Interest and investment income helped somewhat, but Heartflow still faces a meaningful burden from financing-related costs and other expenses.
  • Retained earnings remain deeply negative at -$1.12 billion, reflecting years of cumulative losses.

Bottom line: Heartflow is growing, and its balance sheet still has ample liquidity for now, but the company remains a cash-burning, unprofitable business. For retail investors, the main question is whether revenue growth can eventually outpace operating expense growth and lead to a more sustainable earnings path before the cash balance starts to erode more quickly.

06/25/26 08:46 AM ETAI Generated. May Contain Errors.

Heartflow Financials - Frequently Asked Questions

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

Heartflow's net income appears to be on an upward trend, with a most recent value of -$116.79 million in 2025, rising from -$95.66 million in 2023. The previous period was -$96.43 million in 2024. See where experts think Heartflow is headed by visiting Heartflow's forecast page.

Heartflow's total operating income in 2025 was -$64.07 million, based on the following breakdown:
  • Total Gross Profit: $135.20 million
  • Total Operating Expenses: $199.26 million

Over the last 2 years, Heartflow's total revenue changed from $87.17 million in 2023 to $176.03 million in 2025, a change of 101.9%.

Heartflow's total liabilities were at $58.81 million at the end of 2025, a 71.9% decrease from 2024, and a 71.9% decrease since 2024.

In the past 1 years, Heartflow's cash and equivalents has ranged from $44.78 million in 2025 to $51.37 million in 2024, and is currently $44.78 million as of their latest financial filing in 2025.

Over the last 2 years, Heartflow's book value per share changed from 0.00 in 2023 to 3.53 in 2025, a change of 353.0%.


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Financial statements for NASDAQ:HTFL last updated on 5/18/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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