HNGE NYSE Services-Computer Processing & Data Preparation Financials FY2023βFY2025
Hinge Health, Inc. had $588M of revenue in fiscal 2025, up 50.6% on the year before.
Last close Β· Oct 26, 2026
$111.71
+$62.11 (+125.22%) past year
Hi! I read Hinge Health, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+50.6%
Yes. Sales grew 50.6% last year.
Does it make a profit?
β89.9%
No. It lost money last year.
Does profit turn into cash?
29.0%
Yes. 29.0% of sales ends up as free cash.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
22.6x
One share costs 22.6 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
Hinge Health, Inc. had $588M of revenue in fiscal 2025, up 50.6% on the year before.
Its operating margin was β92.9%, down 84.8Β pts: of every 100 in sales, about β93 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
Hinge Health, Inc. lost $528M in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was $171M in fiscal 2025, 29.0% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
KIRA summarises the numbers
Hinge Health, Inc. returned $65.0M to shareholders in fiscal 2025, 38% of free cash flow.
The diluted share count rose 302.5%.
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders sold $543M of shares on the open market and bought none.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$543M
10 insiders
Of sales under plans
80%
$435M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 12, 2026 | James BudgeChief Financial Officer | Sold plan | 47,720 | $103.13 | $4.9M | Form 4 |
| Oct 12, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 200,000 | $103.13 | $20.6M | Form 4 |
| Oct 6, 2026 | Daniel Antonio PerezCEO & Co-Founder, Director, 10% owner | Sold plan | 4,100 | $100.20 | $0.4M | Form 4 |
| Sep 21, 2026 | James PursleyPresident | Sold plan | 33,000 | $94.13 | $3.1M | Form 4 |
| Sep 14, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 150,000 | $93.22 | $14.0M | Form 4 |
| Sep 11, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 250,000 | $88.97 | $22.2M | Form 4 |
| Sep 10, 2026 | Daniel Antonio PerezCEO & Co-Founder, Director, 10% owner | Sold plan | 250,000 | $89.45 | $22.4M | Form 4 |
| Sep 10, 2026 | James BudgeChief Financial Officer | Sold plan | 55,561 | $89.45 | $5.0M | Form 4 |
| Aug 21, 2026 | James PursleyPresident | Sold plan | 33,000 | $88.05 | $2.9M | Form 4 |
| Aug 20, 2026 | Kristina M LeslieDirector | Sold | 1,200 | $88.23 | $0.1M | Form 4 |
| Jul 9, 2026 | Insight Venture Associates X, L.P.10% owner | Sold plan | 181,499 | $90.20 | $16.4M | Form 4 |
| Jul 7, 2026 | Insight Venture Associates X, L.P.10% owner | Sold plan | 244,672 | $90.23 | $22.1M | Form 4 |
| Jul 1, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 83,334 | $85.05 | $7.1M | Form 4 |
| Jun 29, 2026 | Insight Holdings Group, LLC10% owner | Sold plan | 1,466,667 | $82.84 | $121M | Form 4 |
| Jun 25, 2026 | Insight Holdings Group, LLC10% owner | Sold plan | 530,982 | $71.83 | $38.1M | Form 4 |
| Jun 24, 2026 | Insight Venture Partners (Delaware) X, L.P.10% owner | Sold plan | 142,311 | $71.67 | $10.2M | Form 4 |
| Jun 24, 2026 | Insight Venture Associates X, L.P.10% owner | Sold plan | 390,917 | $71.16 | $27.8M | Form 4 |
| Jun 23, 2026 | Insight Venture Associates X, L.P.10% owner | Sold plan | 112,477 | $70.21 | $7.9M | Form 4 |
| Jun 22, 2026 | James PursleyPresident | Sold plan | 33,000 | $69.31 | $2.3M | Form 4 |
| Jun 22, 2026 | Insight Venture Associates X, L.P.10% owner | Sold plan | 224,399 | $70.96 | $15.9M | Form 4 |
| Jun 16, 2026 | Insight Venture Associates X, Ltd.10% owner | Sold plan | 65,581 | $70.36 | $4.6M | Form 4 |
| Jun 5, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 50,000 | $65.54 | $3.3M | Form 4 |
| Jun 1, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 83,334 | $60.22 | $5.0M | Form 4 |
| May 26, 2026 | James BudgeChief Financial Officer | Sold plan | 5,907 | $53.79 | $0.3M | Form 4 |
| May 26, 2026 | James PursleyPresident | Sold plan | 16,000 | $53.79 | $0.9M | Form 4 |
| May 26, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 83,333 | $53.79 | $4.5M | Form 4 |
| May 20, 2026 | James BudgeChief Financial Officer | Sold plan | 781 | $55.34 | $0.0M | Form 4 |
| May 11, 2026 | James BudgeChief Financial Officer | Sold plan | 5,906 | $54.82 | $0.3M | Form 4 |
| May 7, 2026 | Daniel Antonio PerezCEO & Co-Founder, Director, 10% owner | Sold plan | 45,456 | $55.05 | $2.5M | Form 4 |
| May 6, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 50,000 | $55.01 | $2.8M | Form 4 |
| May 6, 2026 | Daniel Antonio PerezCEO & Co-Founder, Director, 10% owner | Sold plan | 104,544 | $55.09 | $5.8M | Form 4 |
| Apr 21, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 33,333 | $45.05 | $1.5M | Form 4 |
| Apr 1, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 50,000 | $38.46 | $1.9M | Form 4 |
| Mar 23, 2026 | James BudgeChief Financial Officer | Sold plan | 11,006 | $42.26 | $0.5M | Form 4 |
| Mar 23, 2026 | James PursleyPresident | Sold plan | 15,000 | $42.26 | $0.6M | Form 4 |
| Mar 6, 2026 | Gabriel M.I. MecklenburgDirector, Exec. Chairman & Co-Founder | Sold plan | 166,666 | $45.31 | $7.6M | Form 4 |
| Feb 23, 2026 | James BudgeChief Financial Officer | Sold plan | 14,763 | $39.34 | $0.6M | Form 4 |
| Feb 23, 2026 | James PursleyPresident | Sold plan | 15,000 | $39.34 | $0.6M | Form 4 |
| Feb 12, 2026 | Daniel Antonio PerezCEO & Co-Founder, Director, 10% owner | Sold plan | 166,665 | $40.26 | $6.7M | Form 4 |
| Jan 5, 2026 | Daniel Antonio PerezCEO & Co-Founder, Director, 10% owner | Sold plan | 166,665 | $46.39 | $7.7M | Form 4 |
| Dec 22, 2025 | James PursleyPresident | Sold plan | 15,000 | $48.40 | $0.7M | Form 4 |
| Dec 22, 2025 | James BudgeChief Financial Officer | Sold plan | 10,491 | $48.41 | $0.5M | Form 4 |
| Dec 15, 2025 | Daniel Antonio PerezCEO & Co-Founder, Director, 10% owner | Sold plan | 166,670 | $48.53 | $8.1M | Form 4 |
| Dec 1, 2025 | Insight Venture Associates X, Ltd.10% owner | Sold | 1,654,440 | $47.76 | $79.0M | Form 4 |
| Nov 25, 2025 | James BudgeChief Financial Officer | Sold plan | 44,589 | $47.47 | $2.1M | Form 4 |
| Nov 21, 2025 | James PursleyPresident | Sold plan | 15,000 | $45.56 | $0.7M | Form 4 |
| Nov 21, 2025 | Kristina M LeslieDirector | Sold | 1,250 | $45.68 | $0.1M | Form 4 |
| Nov 20, 2025 | James BudgeChief Financial Officer | Sold plan | 781 | $44.78 | $0.0M | Form 4 |
| Nov 19, 2025 | Kristina M LeslieDirector | Sold | 3,813 | $43.60 | $0.2M | Form 4 |
| Nov 18, 2025 | Deer X & Co. L.P.10% owner | Sold | 725,000 | $40.05 | $29.0M | Form 4 |
| Nov 18, 2025 | Kristina M LeslieDirector | Sold | 2,187 | $40.46 | $0.1M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Hinge Health, Inc. can carry it.
Cash vs debt (incl. leases)
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $235M | $467M | $364M |
| Current ratio | β | 2.3x | 1.5x |
| Quick ratio | β | 2.3x | 1.4x |
| Total assets | β | $673M | $745M |
| Total liabilities | β | $257M | $366M |
| Shareholders' equity | β$424M | β$435M | $179M |
| Net debt (β = net cash) | β | β | β |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
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)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
Hinge Health, Inc. passes 4 of 8 financial health tests (Piotroski F-score).
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 3 | β / 5 | 4 / 8 |
| Accruals ratio | β | β9.1% | β98.7% |
| Altman Z'' | β | β1.37 | β7.51 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $293M | $390M | $588M |
| Provision for credit losses | $4.9M | $5.4M | $3.1M |
| Gross profit | $194M | $300M | $468M |
| Research and development | $110M | $101M | $368M |
| Operating income | β$131M | β$31.9M | β$546M |
| Pretax income | β$109M | β$11.3M | β$527M |
| Income tax | β$0.4M | $0.7M | $1.0M |
| Net income | β$108M | β$11.9M | β$528M |
| Net income to common | β$108M | β$11.9M | β$424M |
| Diluted EPS | β$8.31 | β$0.88 | β$7.77 |
| Diluted shares | 0.01B | 0.01B | 0.05B |
| Cash flow | |||
| Cash from operations | β$63.9M | $49.0M | $171M |
| Capital expenditure | $2.0M | $1.0M | $0.7M |
| Free cash flow | β$65.9M | $48.0M | $171M |
| Depreciation and amortization | $5.6M | $6.0M | $5.1M |
| Stock-based compensation | $1.6M | $0.7M | $643M |
| Share buybacks | $0.0M | $0.0M | $65.0M |
| Dividends and buybacks | $0.0M | $0.0M | $65.0M |
| Balance sheet | |||
| Cash and short-term investments | $235M | $467M | $364M |
| Current assets | β | $583M | $534M |
| Current liabilities | β | $249M | $362M |
| Inventory | β | $10.9M | $15.6M |
| Property and equipment, net | β | $7.4M | $10.5M |
| Goodwill | β | $61.6M | $64.1M |
| Intangible assets | β | $1.8M | $2.5M |
| Total assets | β | $673M | $745M |
| Total liabilities | β | $257M | $366M |
| Shareholders' equity | β$424M | β$435M | $179M |
| Margins | |||
| Gross margin | 66.3% | 76.8% | 79.6% |
| Operating margin | β44.6% | β8.2% | β92.9% |
| EBITDA margin | β42.7% | β6.6% | β92.1% |
| Net margin | β36.9% | β3.1% | β89.9% |
| FCF margin | β22.5% | 12.3% | 29.0% |
| Returns | |||
| Return on capital employed | β | β7.5% | β142.9% |
| Return on assets | β | β1.8% | β74.5% |
| Return on tangible equity | β | β | β378.5% |
| Growth | |||
| Revenue growth | β | 33.4% | 50.6% |
| FCF growth | β | β | 256.0% |
| Share count change | β | 4.2% | 302.5% |
| Financial health | |||
| Current ratio | β | 2.3x | 1.5x |
| Quick ratio | β | 2.3x | 1.4x |
| Capital allocation | |||
| Capex / revenue | 0.7% | 0.3% | 0.1% |
| Stock comp / revenue | 0.6% | 0.2% | 109.4% |
| Payouts / FCF | β | 0.0% | 38.1% |
| Quality scores | |||
| Piotroski F-score | β | β | 4.0 |
| Altman Z'' | β | β1.4 | β7.5 |
| Accruals ratio | β | β9.1% | β98.7% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001673743). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
