HeartFlow, Inc. (HTFL) AI Stock Analysis

• Market Cap: $2.71B
• Dividend Yield: N/A
• Average Volume (3M): 739.63K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.58
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 626
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.27
• Shares Outstanding: 85,158,720
• 10 Day Avg. Volume: 909,458
• 30 Day Avg. Volume: 739,634
• PEG Ratio: 0.81
• Price to Book (P/B): -2.11
• Price to Sales (P/S): 14.41
• P/FCF Ratio: -24.71
• Enterprise Value/Market Cap: 0.90
• Enterprise Value/Revenue: 7.06
• Enterprise Value/Gross Profit: 9.29
• Enterprise Value/Ebitda: -17.65
• 1Y Price Target: $38.60
• Price Target Upside: 20.36% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.94
• Revenue Forecast (FY): $165.86M

• Rating: 49 Neutral
• Price Target: $33.00 ▲(2.90% Upside)

The score is primarily held back by weak financial fundamentals—ongoing losses, cash burn, and negative stockholders’ equity—despite strong gross margins. Technicals are a relative positive with improving momentum and price above key moving averages, but limited valuation data (missing P/E and dividend yield) reduces confidence in a value-based support for the stock.

Positive Factors

Innovative Product

HeartFlow's FDA-cleared AI-powered plaque analysis tool enhances its competitive advantage in CAD diagnostics, supporting long-term growth.

Scientific Endorsement

Endorsements from ACC and AHA elevate HeartFlow's technology, potentially increasing adoption and solidifying its market position.

Strong Gross Profit Margin

A strong gross profit margin indicates efficient cost management, which can support profitability as the company scales.

Negative Factors

Financial Instability

Ongoing financial instability, including losses and negative equity, poses a risk to HeartFlow's long-term viability and growth potential.

Negative Cash Flow

Negative cash flows suggest HeartFlow is burning cash, which could limit its ability to invest in growth and sustain operations.

Stagnant Revenue Growth

Stagnant revenue growth limits HeartFlow's ability to improve profitability and capitalize on its innovative products.

HeartFlow, Inc. Business Overview & Revenue Model

Company Description

HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D model of a patient's heart from a single coronary computed tomography angiography, a specialized type of scan that provides detailed images of the heart's arteries. The company's platform provides insights on blood flow, stenosis, and plaque volume and composition by overcoming the limitations of traditional non-invasive imaging tests. The company was founded in 2007 and is headquartered in Mountain View, California.

How the Company Makes Money

HeartFlow generates revenue primarily through the sale of its HeartFlow Analysis services to hospitals and healthcare providers. The company operates on a fee-for-service model where it charges for each analysis performed. Additionally, HeartFlow has established significant partnerships with various hospitals and healthcare systems, which help to expand its reach and drive volume for its services. The company may also benefit from reimbursement agreements with insurance providers, making its services more accessible to patients and contributing to its earnings.

HeartFlow, Inc. Financial Statement Overview

Summary

HeartFlow, Inc. faces significant financial challenges with ongoing losses, negative equity, and cash flow issues. While the gross profit margin is strong, the lack of revenue growth and negative profitability metrics highlight the need for strategic improvements. The company must address its financial instability to ensure long-term viability.

Income Statement

HeartFlow, Inc. shows a strong gross profit margin of 75.07%, indicating efficient cost management relative to revenue. However, the company faces significant challenges with negative net profit, EBIT, and EBITDA margins, reflecting ongoing losses and operational inefficiencies. Revenue growth is stagnant, which could hinder future profitability improvements.

Balance Sheet

The balance sheet reveals a concerning negative stockholders' equity, indicating potential financial instability. The debt-to-equity ratio is negative due to negative equity, which complicates leverage assessment. Return on equity is positive, but this is misleading due to the negative equity base.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, indicating cash burn. The free cash flow to net income ratio is slightly above 1, suggesting that cash flows are somewhat aligned with net income, albeit negative. The company needs to improve cash generation to support operations.

Breakdown	TTM	Dec 2024	Dec 2023
Income Statement
Total Revenue	346.36M	125.81M	87.17M
Gross Profit	263.10M	94.45M	58.05M
EBITDA	-138.49M	-65.47M	-62.83M
Net Income	-286.50M	-96.43M	-95.66M
Balance Sheet
Total Assets	364.40M	118.70M	185.05M
Cash, Cash Equivalents and Short-Term Investments	291.17M	51.37M	122.77M
Total Debt	21.79M	160.38M	160.60M
Total Liabilities	109.83M	978.19M	962.62M
Stockholders Equity	254.57M	-859.48M	-777.56M
Cash Flow
Free Cash Flow	-101.49M	-73.36M	-82.54M
Operating Cash Flow	-92.77M	-69.00M	-76.43M
Investing Cash Flow	-8.72M	-4.36M	-6.11M
Financing Cash Flow	1.00B	2.24M	169.32M

HeartFlow, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HSTM	69 Neutral	$668.42M	32.29	5.87%	0.52%	3.68%	5.62%
AMWL	55 Neutral	$81.20M	-0.66	-38.35%	―	4.33%	50.50%
BEAT	52 Neutral	$88.18M	-3.62	-792.01%	―	―	4.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HTFL	49 Neutral	$2.71B	―	―	―	―	―
DH	49 Neutral	$359.80M	-1.47	-47.69%	―	-5.30%	46.01%
TDOC	47 Neutral	$1.29B	-5.46	-15.42%	―	-2.37%	77.85%

HeartFlow, Inc. Corporate Events

HeartFlow updates investors, emphasizing AI coronary diagnostics

On January 12, 2026, HeartFlow, Inc. announced it had posted an updated investor presentation on its website ahead of management’s appearance at an investor conference, using the deck to underscore its claim to leadership in AI-driven coronary artery disease diagnostics and to detail its operating and market metrics. The materials highlight strong commercial traction for its HeartFlow Platform, including broad U.S. adoption, a growing installed base for its newer Plaque Analysis product, and last-twelve-month revenue of $162 million with improving non-GAAP gross margins, while also emphasizing the scale of the CAD burden in the U.S. and positioning AI-enabled, CCTA-based imaging as a potential new standard of care versus traditional CAD management. By framing its large addressable market, extensive clinical evidence base, and multiple growth drivers, the company is signaling to investors its confidence in sustained expansion and its competitive positioning in a rapidly evolving cardiovascular imaging and diagnostics landscape, although it also notes significant risks from reimbursement, competitive pressures, technology development, and regulatory requirements.

The most recent analyst rating on (HTFL) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on HeartFlow, Inc. stock, see the HTFL Stock Forecast page.