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HealthStream

HSTM Nasdaq Health Care Technology Financials FY2016–FY2025

HealthStream's revenue rose 4.3% to $304 million in fiscal 2025. Its operating margin was 6.7%, down from 7.3% a year earlier. Free cash flow was $60 million, up 6.0%. It paid out $34 million in dividends and buybacks, 57% of free cash flow. The diluted share count fell 1.3%.

Last close · Oct 23, 2026

$35.16

1.6%
Value it Compare
Revenue Total sales reported in the income statement.
$304M
4.3% vs prior year
Operating margin Operating income as a share of revenue.
6.7%
0.6 pts
Net income Profit after all expenses, interest and tax.
$18.3M
8.5%
Free cash flow Cash from operations minus capital spending.
$59.6M
6.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$1.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
48.8x
On $0.72 EPS (TTM)

What HealthStream does

No business description yet.

Legal name
HEALTHSTREAM INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001437749-26-005916
0001095565

Revenue and margins

HealthStream had $304M of revenue in fiscal 2025, up 4.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $59.6M in fiscal 2025, 19.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

HealthStream returned $33.8M to shareholders in fiscal 2025, 57% of free cash flow. The diluted share count fell 1.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value HealthStream yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 30.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 48.8x · peers 39.3x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably HealthStream can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $51.9M$53.9M$71.1M$97.2M$57.0M
Interest coverage 61.0x125.8x121.4x210.8x200.4x
Current ratio 1.1x1.0x1.1x1.3x1.0x
Quick ratio 1.1x1.0x1.1x1.3x1.0x
Total assets $487M$498M$500M$511M$520M
Total liabilities $148M$164M$159M$151M$166M
Shareholders' equity $339M$334M$341M$359M$354M
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.7M

5 insiders

Of sales under plans

6%

$0.3M

DateInsiderTradeSharesPriceValueFiling
Sep 14, 2026 Robert A Frist JrCEO and Chairman, Director, 10% owner Sold 144,068 $29.50 $4.3M Form 4
Jul 6, 2026 Linda RebrovickDirector Sold plan 6,000 $29.00 $0.2M Form 4
Jun 1, 2026 Linda RebrovickDirector Sold plan 2,000 $25.00 $0.1M Form 4
May 28, 2026 Linda RebrovickDirector Sold plan 2,000 $25.00 $0.1M Form 4
May 20, 2026 Kevin P O'HaraExecutive Vice President Sold 3,000 $24.08 $0.1M Form 4
Dec 10, 2025 Jeff CunninghamChief Technology Officer Sold 2,100 $24.09 $0.1M Form 4
Dec 8, 2025 Kevin P O'HaraExecutive Vice President Sold 2,000 $24.26 $0.0M Form 4
Nov 26, 2025 Tate Deborah TaylorDirector Sold 1,580 $25.46 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −9.8%−7.5%−8.7%
Altman Z'' 3.223.953.21

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
HealthStream HSTM $1.0B 4.3% 6.7% 19.6% — 48.8x —
Certara CERT $1.6B 8.8% 5.0% 22.6% 0.9% — 5 Compare →
Doximity DOCS $6.4B 13.1% 33.3% 50.6% 91.3% 39.3x 4 Compare →
Veeva Systems VEEV $53.3B 16.3% 28.7% 43.4% — 52.9x 6 Compare →
Solventum SOLV $14.8B 0.9% 26.2% −0.1% 20.4% 10.5x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $192M $215M $232M $254M $245M $257M $267M $279M $292M $304M
Research and development $24.2M $24.1M $25.7M $29.1M $32.3M $41.7M $44.3M $45.5M $48.9M $51.0M
Operating income $7.2M $9.4M $15.5M $14.7M $15.8M $8.1M $12.4M $16.0M $21.3M $20.2M
Interest expense $0.1M $0.1M $0.1M $0.1M $0.1M $0.1M $0.1M $0.1M $0.1M $0.1M
Pretax income $7.8M $10.1M $16.6M $17.9M $17.8M $7.8M $15.6M $18.5M $24.8M $23.2M
Income tax $3.0M $1.3M $3.3M $3.7M $3.7M $1.9M $3.5M $3.3M $4.8M $4.9M
Net income $3.8M $10.0M $32.2M $15.8M $14.1M $5.8M $12.1M $15.2M $20.0M $18.3M
Diluted EPS $0.12 $0.31 $1.00 $0.49 $0.44 $0.18 $0.39 $0.50 $0.66 $0.61
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $24.2M $46.7M $43.2M $65.7M $35.9M $42.4M $51.2M $64.0M $57.7M $63.3M
Capital expenditure $4.8M $5.5M $7.2M $22.0M $2.0M $3.4M $1.8M $2.2M $1.4M $3.7M
Free cash flow $19.4M $41.2M $36.1M $43.7M $33.9M $39.0M $49.4M $61.8M $56.3M $59.6M
Depreciation and amortization $20.4M $24.0M $24.2M $27.9M $30.2M $36.8M $37.9M $41.1M $41.2M $43.5M
Stock-based compensation $1.9M $1.7M $1.8M $4.2M $2.2M $5.3M $3.6M $4.2M $4.5M $8.1M
Acquisitions $55.3M $0.0M $0.0M $27.0M $121M $4.7M $4.0M $6.6M $1.3M $35.1M
Share buybacks $0.0M $0.0M $0.0M $0.0M $20.0M $5.0M $23.1M $8.9M $0.0M $30.0M
Dividends paid $0.0M $0.0M $32.4M $0.1M $0.0M $0.0M $0.0M $3.1M $3.4M $3.7M
Dividends and buybacks $0.0M $0.0M $32.4M $0.1M $20.1M $5.0M $23.1M $12.0M $3.4M $33.8M
Balance sheet
Cash and short-term investments $49.6M $131M $169M $173M $46.5M $51.9M $53.9M $71.1M $97.2M $57.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $177M $200M $241M $225M $115M $107M $114M $130M $153M $120M
Current liabilities $95.0M $101M $107M $105M $119M $100M $117M $118M $116M $124M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $10.2M $8.1M $15.9M $26.1M $22.2M $17.9M $15.5M $13.0M $10.7M $10.7M
Total assets $396M $411M $442M $490M $500M $487M $498M $500M $511M $520M
Total liabilities $110M $111M $123M $151M $166M $148M $164M $159M $151M $166M
Shareholders' equity $286M $300M $319M $338M $334M $339M $334M $341M $359M $354M
Margins
Operating margin 3.7% 4.4% 6.7% 5.8% 6.5% 3.1% 4.7% 5.7% 7.3% 6.7%
EBITDA margin 14.3% 15.6% 17.2% 16.8% 18.8% 17.5% 18.9% 20.5% 21.4% 21.0%
Net margin 2.0% 4.7% 13.9% 6.2% 5.8% 2.3% 4.5% 5.5% 6.9% 6.0%
FCF margin 10.1% 19.2% 15.6% 17.2% 13.8% 15.2% 18.5% 22.1% 19.3% 19.6%
Returns
Return on capital employed 2.4% 3.1% 4.8% 4.1% 4.1% 2.1% 3.3% 4.2% 5.5% 5.1%
Return on equity 1.3% 3.4% 10.4% 4.8% 4.2% 1.7% 3.6% 4.5% 5.7% 5.1%
Return on assets 1.0% 2.5% 7.6% 3.4% 2.9% 1.2% 2.5% 3.1% 4.0% 3.6%
Growth
Revenue growth −8.1% 11.9% 7.8% 9.7% −3.7% 4.9% 3.9% 4.6% 4.5% 4.3%
Net income growth −56.4% 166.4% 222.0% −51.1% −10.7% −58.5% 106.9% 25.8% 31.5% −8.3%
EPS growth −57.1% 158.3% 222.6% −51.0% −10.2% −59.1% 116.7% 28.2% 32.0% −7.6%
FCF growth −27.6% 112.1% −12.4% 21.0% −22.4% 15.0% 26.8% 25.0% −8.9% 6.0%
Share count change 5.4% 0.4% 0.4% 0.3% −1.4% −1.2% −2.9% −0.1% −0.4% −1.3%
Financial health
Interest coverage 94.4x 93.1x 132.4x 145.7x 164.8x 61.0x 125.8x 121.4x 210.8x 200.4x
Current ratio 1.9x 2.0x 2.3x 2.1x 1.0x 1.1x 1.0x 1.1x 1.3x 1.0x
Quick ratio 1.9x 2.0x 2.3x 2.1x 1.0x 1.1x 1.0x 1.1x 1.3x 1.0x
Capital allocation
Capex / revenue 2.5% 2.6% 3.1% 8.7% 0.8% 1.3% 0.7% 0.8% 0.5% 1.2%
Stock comp / revenue 1.0% 0.8% 0.8% 1.7% 0.9% 2.1% 1.3% 1.5% 1.5% 2.7%
Payouts / FCF 0.0% 0.0% 89.7% 0.1% 59.2% 12.9% 46.8% 19.4% 6.1% 56.6%
Quality scores
Altman Z'' 4.3 4.7 5.2 4.5 2.7 3.1 2.8 3.2 4.0 3.2
Accruals ratio −5.3% −9.1% −2.6% −10.7% −4.4% −7.4% −7.9% −9.8% −7.5% −8.7%

Source: SEC EDGAR XBRL filings (CIK 0001095565). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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