Hinge Health, Inc. Class A (HNGE)
NYSE:HNGE
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Hinge Health, Inc. Class A
(NYSE:HNGE)
Select Model
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Rating:73Outperform
Price Target:
$61.00
▲(40.81% Upside)
Action:Reiterated
Date:05/07/26
The score is driven primarily by solid underlying financial health (high gross margins, low leverage, and strong cash flow) and a very strong earnings call with raised guidance and expanding profitability. Technicals are bullish but look extended on momentum indicators, while valuation is reasonable but not cheap and lacks dividend support.
Positive Factors
Strong revenue growth & high gross margins
Sustained top‑line growth combined with consistently high gross margins points to durable unit economics and pricing power in MSK care. High gross margins support reinvestment and margin expansion windows even as the company scales across employers and health plans.
Negative Factors
Earnings volatility & large 2025 net loss
A severe 2025 accounting loss despite strong cash flow indicates volatile earnings quality driven by large charges or one‑offs. Persistent or recurring non‑cash adjustments or cost ramps could undermine return metrics and complicate earnings comparability over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth & high gross margins
Sustained top‑line growth combined with consistently high gross margins points to durable unit economics and pricing power in MSK care. High gross margins support reinvestment and margin expansion windows even as the company scales across employers and health plans.
Read all positive factors
Hinge Health, Inc. Class A (HNGE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.24B
Dividend YieldN/A
Average Volume (3M)1.31M
Price to Earnings (P/E)21.6
Beta (1Y)2.00
Revenue Growth49.78%
EPS Growth-484.05%
CountryUS
Employees1,514
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-6.58
Shares Outstanding54,655,926
10 Day Avg. Volume2,513,637
30 Day Avg. Volume1,312,901
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)9.72
Price to Sales (P/S)6.26
P/FCF Ratio21.54
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue6.27
Enterprise Value/Gross Profit7.76
Enterprise Value/Ebitda-7.81
Forecast
1Y Price Target
$68.15Price Target Upside57.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)2.46
Revenue Forecast (FY)$797.14M
Hinge Health, Inc. Class A Business Overview & Revenue Model
Company Description
Hinge Health, Inc. develops health care software for joint and muscle health. The company designs its platform to address a musculoskeletal care, acute injury, chronic pain, and post-surgical rehabilitation. It also provides various administrative...
How the Company Makes Money
Publicly verifiable details about Hinge Health, Inc. Class A (HNGE)’s specific revenue model (e.g., pricing structure, exact revenue streams, customer mix, contract terms, or partnership economics) are not available in the information provided her...
Hinge Health, Inc. Class A Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: a material revenue beat, double-digit growth in billings, substantial margin expansion, strong free cash flow, raised full-year guidance, rapid client uptake of the new migraine program following FDA clearance, and expanding commercial traction (including SMB and Hinge Select). Headwinds and risks include limited near-term revenue from migraine (meaningful benefit expected in 2027), concentration of new bookings in the back half of the year, continued device-related cost pressures as Enso distribution scales, and a deliberate decision to forgo the CMS ACCESS program. Overall, the positives (robust growth, margin expansion, guidance raise, product and commercial wins) substantially outweigh the near-term lowlights and risks.Positive Updates
Revenue Beat and Strong Top-Line Growth
Q1 revenue of $182M, up 47% year-over-year from $124M, materially above company guidance of $171M–$173M.
Negative Updates
Limited Near-Term Revenue from Migraine
Company expects minimal revenue contribution from the newly launched migraine program in 2026, with more meaningful impact anticipated beginning in 2027.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Beat and Strong Top-Line Growth
Q1 revenue of $182M, up 47% year-over-year from $124M, materially above company guidance of $171M–$173M.
Read all positive updates
Company Guidance
The company raised its full-year outlook after a strong Q1: revenue was $182M (+47% YoY vs $124M and above prior guidance of $171–173M), LTM calculated billings were $770M (+52% YoY vs $507M), gross margin was 85% (up 400 bps from 81%), operating income was $46M (25% operating margin, versus prior guidance of $30–32M), and free cash flow was $42M (10x YoY; FCF margin 23%). Q2 guidance is revenue $104M–$196M with income from operations $47M–$49M (25% margin at midpoint), and full‑year 2026 revenue was raised to $798M–$804M (midpoint $801M, ~36% YoY vs prior $732–742M) with operating income $205M–$215M (26% margin at midpoint, up from prior $151–156M). Other key metrics: yield is trending slightly north of 4%, ~80% of contracted lives are on the engagement‑based pricing model, roughly half the guidance upside is from yield and half from lives growth, cash on hand was $407M, the company repurchased 2.5M shares for $105M (diluted share count ~82.4M in Q1; guidance to end 2026 at 82–84M), and Enso device distribution is being increased (2025 was ~2x 2024; 2026 planned ~+40% vs 2025).Hinge Health, Inc. Class A Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 646.34M | 587.86M | 390.40M | 292.73M |
| Gross Profit | 522.22M | 468.22M | 300.59M | 194.18M |
| EBITDA | -519.15M | -541.24M | -5.31M | -102.92M |
| Net Income | -510.27M | -528.26M | -11.93M | -108.14M |
Balance Sheet | ||||
| Total Assets | 728.77M | 744.76M | 673.26M | 622.53M |
| Cash, Cash Equivalents and Short-Term Investments | 317.31M | 363.86M | 466.57M | 423.36M |
| Total Debt | 6.97M | 8.04M | 11.07M | 15.73M |
| Total Liabilities | 417.21M | 366.23M | 256.56M | 195.25M |
| Stockholders Equity | 311.56M | 378.54M | 416.70M | 427.28M |
Cash Flow | ||||
| Free Cash Flow | 206.17M | 170.73M | 45.23M | -68.52M |
| Operating Cash Flow | 209.60M | 171.44M | 49.00M | -63.91M |
| Investing Cash Flow | -44.35M | -113.76M | 18.31M | 1.50M |
| Financing Cash Flow | -267.42M | -150.47M | -2.20M | -3.00M |
Hinge Health, Inc. Class A Risk Analysis
Hinge Health, Inc. Class A disclosed 82 risk factors in its most recent earnings report. Hinge Health, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Hinge Health, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.24B | 21.58 | -138.70% | ― | 49.78% | -484.05% | |
73 Outperform | $982.09M | -62.35 | -2.81% | ― | 49.36% | 83.76% | |
71 Outperform | $2.92B | 208.37 | 0.01% | ― | 24.72% | 35.79% | |
56 Neutral | $1.15B | ― | -12.37% | ― | -1.50% | 83.75% | |
55 Neutral | $131.83M | -2.00 | -35.14% | ― | -9.29% | 46.89% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | $7.26M | -1.15 | 336.68% | ― | 18.05% | 86.68% |
* Healthcare Sector Average
HNGE
Hinge Health, Inc. Class A
54.74
14.58
36.30%
TDOC
Teladoc
6.48
-0.49
-7.03%
AMWL
American Well
7.89
0.45
6.05%
PRVA
Privia Health Group
23.18
-0.62
-2.61%
VSEE
VSee Health
0.15
-0.90
-85.81%
OMDA
Omada Health, Inc.
16.52
-6.08
-26.90%
Hinge Health, Inc. Class A Corporate Events
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Hinge Health Lifts 2026 Outlook After Record Quarter
Positive
May 5, 2026
Hinge Health reported record first-quarter 2026 results on May 5, posting revenue of $182.3 million, up 47% year over year, with gross margin improving to 85% and GAAP operating income more than doubling to $32.1 million. Non-GAAP operating income...
Business Operations and StrategyStock BuybackFinancial Disclosures
Hinge Health Posts Record 2025 Results With Strong Profitability
Positive
Feb 10, 2026
Hinge Health reported record fourth-quarter and full-year 2025 results on February 10, 2026, highlighted by 46% year-on-year revenue growth in Q4 to $170.7 million, expanded gross margins and sharply higher operating income and cash generation. Fo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.