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HeartFlow, Inc.
(NASDAQ:HTFL)
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Rating:47Neutral
Price Target:
$27.00
▼(-13.85% Downside)
Action:Reiterated
Date:07/01/26
The score is held down primarily by ongoing losses and cash burn despite strong revenue growth and improving gross margins. Technical weakness (price below key moving averages) and limited valuation support (negative P/E, no dividend) add pressure, while the recent governance-related corporate event is a modest positive.
Positive Factors
Sustained Revenue Growth
Consistent, accelerating top-line growth demonstrates durable demand for HeartFlow's FFRCT diagnostic service and expanding clinical adoption. A rising revenue base supports scale benefits, strengthens payer/provider engagement, and underpins longer-term margin and operating leverage prospects as per-test volume grows.
Negative Factors
Persistent Operating Losses
Despite top-line and margin progress, large and ongoing operating and net losses mean the company is not yet self-sustaining. Continued negative profitability pressures cash needs, limits reinvestment from internal funds, and raises execution risk until fixed costs are absorbed or revenue sufficiently scales.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent, accelerating top-line growth demonstrates durable demand for HeartFlow's FFRCT diagnostic service and expanding clinical adoption. A rising revenue base supports scale benefits, strengthens payer/provider engagement, and underpins longer-term margin and operating leverage prospects as per-test volume grows.
Read all positive factors
HeartFlow, Inc. (HTFL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.41B
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)―
Beta (1Y)1.98
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees843
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.86
Shares Outstanding86,240,830
10 Day Avg. Volume1,316,511
30 Day Avg. Volume1,230,266
Financial Highlights & Ratios
PEG Ratio1.15
Price to Book (P/B)35.73
Price to Sales (P/S)61.03
P/FCF Ratio-181.94
Enterprise Value/Market Cap1.18
Enterprise Value/Revenue14.83
Enterprise Value/Gross Profit19.00
Enterprise Value/Ebitda-30.56
Forecast
1Y Price Target
$37.33Price Target Upside19.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.49
Revenue Forecast (FY)$229.93M
HeartFlow, Inc. Business Overview & Revenue Model
Company Description
HeartFlow, Inc. operates as a global medical technology firm, specializing in providing non-surgical solutions for the diagnosis and ongoing management of coronary artery disease. Its innovative HeartFlow Platform employs artificial intelligence a...
How the Company Makes Money
HeartFlow primarily makes money by providing its FFRCT analysis as a clinically used, software-driven diagnostic service tied to patient cardiac CT scans. In practice, a provider obtains a CCTA scan, submits the imaging data for HeartFlow’s analys...
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 | -92.88M | -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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $830.00M | 43.67 | 5.67% | 0.52% | 6.64% | 6.54% | |
61 Neutral | $1.66B | -9.58 | -12.37% | ― | -1.50% | 83.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $154.55M | -1.71 | -35.14% | ― | -9.29% | 46.89% | |
52 Neutral | $112.08M | -0.53 | -67.07% | ― | -3.89% | 63.03% | |
47 Neutral | $2.41B | -30.79 | 830.46% | ― | ― | ― | |
44 Neutral | $39.96M | -1.21 | -1034.04% | ― | ― | 23.73% |
* General Sector Average
HTFL
HeartFlow, Inc.
27.11
-2.88
-9.60%
HSTM
HealthStream
29.07
1.63
5.95%
TDOC
Teladoc
9.29
1.22
15.12%
AMWL
American Well
9.29
1.13
13.85%
DH
Definitive Healthcare Corp
0.86
-3.17
-78.64%
BEAT
HeartBeam
0.69
-0.61
-46.85%
HeartFlow, Inc. Corporate Events
Executive/Board ChangesShareholder Meetings
HeartFlow Shareholders Reelect Directors, Ratify PwC Auditor
Positive
Jun 18, 2026
At its 2026 Annual Meeting of Stockholders held on June 16, 2026, HeartFlow, Inc. shareholders elected Class I director nominees Julie A. Cullivan and John C.M. Farquhar to the board for three-year terms expiring at the 2029 Annual Meeting, solidi...
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.