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HCAT · NASDAQ · Medical - Healthcare Information Services

Health Catalyst

Connects healthcare data, applications, and expert services for provider improvement work.

$1.59

After-hours close−0.00 (−0.31%)

At close$1.60(+0.31%)

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Profile

Health Catalyst, Inc.HCATHealth Care

Pairs the Ignite cloud platform with analytics applications and professional services for healthcare providers. Revenue is split between Technology and Professional Services, and execution is shaped by the Ignite migration, Project Nexus, and the pending Vitalware divestiture.

Built for healthcare providers from a South Jordan, Utah base, the solution combines Health Catalyst Ignite, analytics applications, and professional services. Ignite is a cloud-based ecosystem for analytics, app development, interoperability, and organizing data from disparate healthcare systems.

Applications span Clinical Improvement, Revenue & Cost Improvement, Ambulatory Operations, Measures & Registries, and Data & Analytics. Services add data engineering, implementation, governance, education, tech-enabled managed services, and domain expertise.

Sales are concentrated in Technology and Professional Services, with platform clients and app clients using different parts of the solution. Current execution depends on completing the Ignite migration, absorbing Project Nexus operating-model changes, relying on third-party infrastructure including Microsoft Azure, and managing the signed but not closed Vitalware divestiture.

Company facts

CEOBen Albert

ListedJul 25, 2019

ExchangeNASDAQ

HeadquartersSouth Jordan, UT

CountryUnited States

Employees1,200

CIK0001636422

ISINUS42225T1079

Key statistics

Market cap$117.5M

EPS (ttm)−$3.68

P/E (ttm)−0.4321

ROE-129.7%

P/B1.17

P/S0.4020

Dividend yield—

Beta1.42vs XLV 0.83

Year to date −30.0% · Average volume (30d) 803.0K

Analysts

Price target, next 12 months$1.78+11.6%Median of 22 analysts · vs the Aug 28 close

ConsensusBuy11 of 22 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $1.59

High$3.00+88.7%

Median$1.78+11.6%

Low$1.75+10.1%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 21, 2026	Canaccord Genuity	Downgrade	Buy	Hold
Aug 20, 2026	Canaccord Genuity	Target			$3	$1.80
Jul 21, 2026	Canaccord Genuity	Reiterate		Buy	$2	$3
Jun 26, 2026	Wells Fargo	Reiterate		Equal Weight		$1.75
May 12, 2026	Stephens	Target			$5	$1.75

Earnings

EPS

Estimate−$0.03

ReportedDue Nov 9, 2026

Revenue

Estimate$55.4M

ReportedDue Nov 9, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	$0.03	$0.04	+33.9%	$69.1M	$70.5M	+2.0%	−25.11%
May 11, 2026Q1 FY26	$0.01	$0.02	+100.0%	$69.2M	$70.8M	+2.2%	+7.25%
Mar 12, 2026Q4 FY25	$0.09	$0.08	−11.1%	$74.0M	$74.7M	+1.0%	−26.26%
Nov 10, 2025Q3 FY25	$0.05	$0.06	+20.0%	$74.1M	$76.3M	+3.0%	−5.61%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$79.4M	$80.7M	$76.3M	$74.7M	$70.8M	$70.5M
Gross profit	$36.2M	$38.2M	$37.8M	$39.4M	$23.7M	$34.9M
Operating income	−$20.2M	−$37.1M	−$17.5M	$3.3M	−$6.7M	−$36.5M
Net income	−$23.7M	−$41.0M	−$22.2M	−$91.0M	−$111.0M	−$40.5M
Diluted EPS	−$0.35	−$0.59	−$0.32	−$1.28	−$1.53	−$0.55
Gross margin	45.6%	47.4%	49.5%	52.7%	33.4%	49.5%
Operating margin	-25.4%	-46.0%	-22.9%	4.4%	-9.5%	-51.8%

Fiscal years (4-quarter sums)FY21 $241.9M · FY22 $276.2M · FY23 $295.9M · FY24 $306.6M · FY25 $311.1M

Revenue by product · Q2 FY26

Recurring Technology$48.8M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $103.4M · Total debt $170.0M · Total assets $358.6M · Shareholders' equity $100.8M

Dividends

No dividends on record.

Ownership

Institutions 75.55%55.83M sharesInsiders 23.28%17.20M sharesOther 1.17%864.5K shares

Shares outstanding 73.89M · Float —

Float — provider float is below the insider stake.

The provider's float is smaller than the insider stake it should exclude, so it is not shown.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Mathew P. Arens	13.47M	18.30%	13D	Mar 13, 2026
First Light Asset Management, LLC	12.88M	17.43%	13F	May 15, 2026
CDC Financial, Inc.	6.31M	8.54%	13F	May 15, 2026
Stoney Lonesome HF LP	6.08M	8.30%	13G	May 15, 2026
BlackRock, Inc.	5.14M	6.95%	13F	May 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Dec 4, 2025	Julie Larson-Green	director	−47,997	$2.67
Dec 5, 2025	Benjamin Landry	officer: General Counsel	−27,425	$2.64
Sep 5, 2025	Benjamin Landry	officer: General Counsel	−6,175	$3.35