HeartFlow, Inc. (HTFL)
NASDAQ:HTFL
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HeartFlow, Inc.
(NASDAQ:HTFL)
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Rating:45Neutral
Price Target:
$29.00
▼(-7.47% Downside)
Action:Reiterated
Date:03/19/26
The score is primarily held back by continued unprofitability and ongoing cash burn despite strong revenue growth and improving gross margins. Technical signals remain mixed-to-weak (negative MACD and below key moving averages), and valuation metrics are constrained by losses and no dividend support.
Positive Factors
Accelerating revenue growth
Consistent, high-single-digit to double-digit top-line acceleration across three years demonstrates tangible demand for HeartFlow's diagnostic offering. Durable revenue growth supports scale economics, larger addressable market penetration, and provides a runway for turning fixed R&D and SG&A into operating leverage over months to a few years.
Negative Factors
Persistent large operating and net losses
Despite revenue and margin gains, the company remains far from profitability with substantial operating losses and negative net margins. Continued losses imply reliance on external capital, constrain returns to shareholders, and mean profitability is not yet a durable reality within a 2-6 month horizon absent sustained structural cost reduction or faster margin conversion.
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Positive Factors
Negative Factors
Accelerating revenue growth
Consistent, high-single-digit to double-digit top-line acceleration across three years demonstrates tangible demand for HeartFlow's diagnostic offering. Durable revenue growth supports scale economics, larger addressable market penetration, and provides a runway for turning fixed R&D and SG&A into operating leverage over months to a few years.
Read all positive factors
HeartFlow, Inc. (HTFL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.53B
Dividend YieldN/A
Average Volume (3M)1.13M
Price to Earnings (P/E)―
Beta (1Y)2.34
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees626
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-1.04
Shares Outstanding86,240,830
10 Day Avg. Volume1,279,049
30 Day Avg. Volume1,127,641
Financial Highlights & Ratios
PEG Ratio1.16
Price to Book (P/B)35.73
Price to Sales (P/S)61.03
P/FCF Ratio-181.94
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue14.33
Enterprise Value/Gross Profit18.36
Enterprise Value/Ebitda-31.33
Forecast
1Y Price Target
$37.00Price Target Upside18.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.49
Revenue Forecast (FY)$229.92M
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 ...
How the Company Makes Money
HeartFlow primarily makes money by providing its software-based coronary analysis services/products to healthcare providers, which are typically reimbursed on a per-patient/per-study basis when used clinically. The core revenue stream is tied to t...
HeartFlow, Inc. Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
55
Neutral
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 191.42M | 176.03M | 125.81M | 87.17M |
| Gross Profit | 149.42M | 135.20M | 94.45M | 58.05M |
| EBITDA | -87.55M | -93.12M | -65.47M | -62.83M |
| Net Income | -111.83M | -116.79M | -96.43M | -95.66M |
Balance Sheet | ||||
| Total Assets | 344.02M | 359.45M | 118.70M | 185.05M |
| Cash, Cash Equivalents and Short-Term Investments | 158.32M | 176.79M | 51.37M | 122.77M |
| Total Debt | 26.35M | 22.05M | 160.38M | 160.60M |
| Total Liabilities | 58.31M | 58.80M | 978.19M | 962.62M |
| Stockholders Equity | 285.72M | 300.65M | -859.48M | -777.56M |
Cash Flow | ||||
| Free Cash Flow | -76.77M | -59.05M | -73.36M | -82.54M |
| Operating Cash Flow | -70.96M | -54.02M | -69.00M | -76.43M |
| Investing Cash Flow | -238.89M | -238.57M | -4.36M | -6.11M |
| Financing Cash Flow | 219.28M | 286.04M | 2.24M | 169.32M |
HeartFlow, Inc. Risk Analysis
HeartFlow, Inc. disclosed 70 risk factors in its most recent earnings report. HeartFlow, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
HeartFlow, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $708.47M | 36.32 | 5.67% | 0.52% | 6.64% | 6.54% | |
57 Neutral | $147.70M | -1.79 | -35.14% | ― | -9.29% | 46.89% | |
54 Neutral | $1.19B | -7.86 | -12.37% | ― | -1.50% | 83.75% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $123.47M | -0.55 | -67.07% | ― | -3.89% | 63.03% | |
49 Neutral | $48.57M | -1.80 | -1034.04% | ― | ― | 23.73% | |
45 Neutral | $2.53B | -104.57 | 830.46% | ― | ― | ― |
* Healthcare Sector Average
HTFL
HeartFlow, Inc.
31.73
1.74
5.80%
HSTM
HealthStream
24.63
-3.23
-11.61%
TDOC
Teladoc
7.51
0.59
8.53%
AMWL
American Well
9.46
2.72
40.36%
DH
Definitive Healthcare Corp
0.89
-2.42
-73.20%
BEAT
HeartBeam
0.90
-0.80
-47.24%
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.