Vitalhub (TSE:VHI)
TSX:VHI
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Vitalhub
(TSX:VHI)
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Rating:67Neutral
Price Target:
C$8.00
▲(1.14% Upside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by strong financial performance—healthy growth, high profitability, and a very low-debt balance sheet. This is tempered by weaker recent cash conversion and a high valuation (P/E ~46.9), while technicals are mixed with only modest momentum and the price still below longer-term averages.
Positive Factors
High gross and EBITDA margins
Sustained high gross margin (~74.8%) and ~20% EBITDA margin indicate durable pricing power and operating leverage in its healthcare software model. These margins support reinvestment in product development and sales while insulating profits from moderate revenue swings over months.
Negative Factors
Weak operating cash conversion
Operating cash flow at only ~11% of net income signals poor near-term cash conversion, possibly from working-capital timing or receivable build. This weak conversion can strain liquidity for growth investments or integration costs without external financing over a multi-month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross and EBITDA margins
Sustained high gross margin (~74.8%) and ~20% EBITDA margin indicate durable pricing power and operating leverage in its healthcare software model. These margins support reinvestment in product development and sales while insulating profits from moderate revenue swings over months.
Read all positive factors
Vitalhub (VHI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$452.25M
Dividend YieldN/A
Average Volume (3M)148.97K
Price to Earnings (P/E)46.9
Beta (1Y)0.76
Revenue Growth58.90%
EPS Growth124.86%
CountryCA
Employees500
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)0.12
Shares Outstanding63,252,064
10 Day Avg. Volume164,389
30 Day Avg. Volume148,972
Financial Highlights & Ratios
PEG Ratio1.42
Price to Book (P/B)2.08
Price to Sales (P/S)5.09
P/FCF Ratio70.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$12.80Price Target Upside61.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.29
Revenue Forecast (FY)C$130.79M
Vitalhub Business Overview & Revenue Model
Company Description
Vitalhub Corp., together with its subsidiaries, provides technology solutions for health and human service providers in Canada, the United States, the United Kingdom, Australia, Western Asia, and internationally. Its solutions include electronic h...
How the Company Makes Money
Vitalhub makes money primarily by selling and supporting healthcare software for provider organizations. Key revenue streams include: (1) recurring software revenue from licensing/subscriptions for its applications used by healthcare clients; (2) ...
Vitalhub Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 07, 2026
Earnings Call Sentiment Positive
The earnings call reflects a generally positive outlook with significant revenue growth and successful acquisitions driving performance. However, challenges in certain product lines and markets suggest areas for improvement.Positive Updates
Significant Revenue Growth
Total revenue for the quarter reached $32 million, marking a 94% increase year-over-year. Recurring revenue accounted for 74% of the total.
Negative Updates
Decreased EBITDA Margin
Adjusted EBITDA was $7.2 million or 22% of revenue, down from $4.6 million or 28% in the prior year period.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Revenue Growth
Total revenue for the quarter reached $32 million, marking a 94% increase year-over-year. Recurring revenue accounted for 74% of the total.
Read all positive updates
Company Guidance
During VitalHub's 2025 Third Quarter Conference Call, the company shared several financial metrics and updates. The annual recurring revenue (ARR) reached $93.7 million, reflecting a 15% organic growth and a total growth of 75% when including acquisitions and foreign exchange. Total revenue for the quarter was $32 million, marking a 94% year-over-year increase. Recurring revenue, mainly from the term license maintenance support segment, accounted for $23.6 million, which is 74% of the total revenue. Virtual Care Term License revenue was $2.5 million, and Perpetual License revenue increased to $500,000 from $300,000 in the prior year period. Services, hardware, and other revenue amounted to $5.5 million, up from $2.3 million the previous year. The gross margin remained consistent at 81% of revenue, while adjusted EBITDA was $7.2 million, or 22% of revenue, compared to $4.6 million, or 28%, in the prior year. The company closed the quarter with $123.8 million in cash and no debt.Vitalhub Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 119.20M | 108.97M | 68.59M | 52.51M | 39.97M | 24.66M |
| Gross Profit | 89.15M | 76.51M | 55.49M | 42.81M | 32.94M | 19.43M |
| EBITDA | 24.15M | 23.25M | 11.90M | 10.38M | 5.25M | 1.12M |
| Net Income | 7.30M | 6.11M | 3.00M | 4.55M | 1.21M | -1.95M |
Balance Sheet | ||||||
| Total Assets | 369.65M | 352.71M | 207.19M | 118.78M | 106.19M | 72.77M |
| Cash, Cash Equivalents and Short-Term Investments | 121.27M | 119.18M | 56.57M | 33.48M | 17.45M | 16.39M |
| Total Debt | 2.60M | 2.51M | 608.76K | 541.09K | 882.20K | 792.51K |
| Total Liabilities | 100.23M | 86.78M | 62.33M | 36.88M | 30.79M | 17.95M |
| Stockholders Equity | 269.42M | 265.93M | 144.86M | 81.91M | 75.40M | 54.82M |
Cash Flow | ||||||
| Free Cash Flow | 7.57M | 7.90M | 14.24M | 20.18M | 5.83M | -309.58K |
| Operating Cash Flow | 7.98M | 8.32M | 15.13M | 20.47M | 6.12M | -49.97K |
| Investing Cash Flow | -130.21M | -111.11M | -31.39M | -4.15M | -21.84M | -10.06M |
| Financing Cash Flow | 72.39M | 104.59M | 39.09M | -287.89K | 16.40M | 3.17M |
Vitalhub Technical Analysis
Negative
7.91
Price Trends
7.52
Negative
8.02
Negative
9.39
Negative
Market Momentum
-0.18
Positive
37.23
Neutral
14.12
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VHI, the sentiment is Negative. The current price of 7.91 is above the 20-day moving average (MA) of 7.70, above the 50-day MA of 7.52, and below the 200-day MA of 9.39, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 37.23 is Neutral, neither overbought nor oversold. The STOCH value of 14.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:VHI.
Vitalhub Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | C$452.25M | 46.85 | 2.98% | ― | 58.90% | 124.86% | |
63 Neutral | C$488.51M | -21.18 | -12.95% | ― | 25.70% | -229.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | C$22.28M | -9.48 | 3086.87% | ― | -46.50% | 1.32% | |
45 Neutral | C$2.89M | -4.56 | -34.06% | ― | -100.00% | 34.51% | |
45 Neutral | C$10.95M | -1.01 | ― | ― | 11.54% | -32.90% | |
42 Neutral | C$9.07M | -5.12 | 6239.15% | ― | ― | 68.00% |
* Healthcare Sector Average
TSE:VHI
Vitalhub
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Vitalhub Corporate Events
Business Operations and Strategy
VitalHub’s Novari Health Wins Multi-Year Ontario Deal for Centralized Referrals
Positive
Apr 14, 2026
VitalHub’s Novari Health unit has signed a multi-year agreement with the province of Ontario to roll out its central intake referral technology across multiple regions under the Patients Before Paperwork initiative. The deployment is designe...
Business Operations and StrategyProduct-Related Announcements
VitalHub’s Novari Health Expands AI-Driven Referral Management at Niagara Health
Positive
Mar 9, 2026
VitalHub’s Novari Health unit is expanding its partnership with Niagara Health by deploying AI-enhanced Medical Imaging Requisition Management and eRequest referral management systems across all Niagara Health sites. The cloud-based tools wi...
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.