Health Catalyst, Inc. (HCAT) valuation at a glance
- Price
- $1.73
- Forward P/E
- 231.8×
- Market cap
- $130M
- P/S (TTM)
- 0.5×
CompaniesHCAT
HCAT
Health Catalyst, Inc.
HealthcareHealthcare ITUSTurnaroundActivist
Overview
$1.73+0.6%
Market Cap
$130M
SEC filings
P/E (TTM)
–
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
50.5%
SEC filings
FCF Yield
5.0%
Calculated from SEC filings
Fair Value
Not established
Yahoo chart 2026-09-16 close 1
Conviction
2/5Can a shrinking healthcare data platform priced near 0.45x annual revenue stabilize churn under a new CEO before cash burn resumes?
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 42/100
Value2/3
Futuren/a
Past2/4
Health2/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Health Catalyst sells a cloud data and analytics platform plus professional services to US health systems. It screens as deep value because the equity, at about 130 million USD (75,256,381 shares as of July 31 2026 per the 10-Q cover, times the 1.73 USD Yahoo close on 2026-09-16), is priced near 0.4x FY2025 revenue of 311.1 million USD, and the 10-Q filed 2026-08-06 states the 147 million USD base-price Vitalware sale closed July 31 2026 and the proceeds plus cash repaid the term loan in full (159.9 million USD principal at June 30). Cash and short-term investments were 103.4 million USD at June 30 2026. Counter-evidence: Q2 2026 revenue fell 13% year over year to 70.5 million USD with technology revenue down 8% on elevated churn and DOS-to-Ignite down-sell, six-month goodwill impairment reached 122.5 million USD, and the 10-K dollar-based retention rate slipped to 93% for 2025. The case would be confirmed by a first quarter under CEO Simeon Kohl (effective 2026-09-14) showing flat or rising technology revenue with positive operating cash flow; it would be refuted by continued double-digit revenue declines or a return to debt funding.
Bull Case
Debt-free resetThe 10-Q filed 2026-08-06 reports that on July 31 2026 the company voluntarily repaid all obligations under the Credit Agreement using Vitalware sale proceeds and cash, terminating the facility (https://www.sec.gov/Archives/edgar/data/1636422/000163642226000097/hcat-20260630.htm).
Cash generationNet cash provided by operating activities was 18.8 million USD for the six months ended June 30 2026 versus a use of 8.7 million USD in the prior-year period, per the 10-Q cash flow statement (https://www.sec.gov/Archives/edgar/data/1636422/000163642226000097/hcat-20260630.htm).
Activist and new leadershipPalogic Value Management reported 7.1% ownership (5,374,949 shares) in a 13D/A filed 2026-09-08 with a letter asking the board for a forward-looking plan and better disclosure, and an 8-K filed 2026-09-08 named Simeon Kohl CEO effective 2026-09-14 (https://www.sec.gov/Archives/edgar/data/1636422/000110465926105948/xslSCHEDULE_13D_X02/primary_doc.xml; https://www.sec.gov/Archives/edgar/data/1636422/000163642226000104/hcat-20260904.htm).
Bear Case
Revenue declineQ2 2026 total revenue fell 13% year over year to 70.5 million USD, with technology revenue down 8% and professional services down 22%, attributed in the 10-Q to elevated churn and DOS-to-Ignite down-sell (https://www.sec.gov/Archives/edgar/data/1636422/000163642226000097/hcat-20260630.htm).
Goodwill write-downsThe company recorded 122.5 million USD of goodwill impairment in the six months ended June 30 2026 on top of 28.8 million USD in the same period of 2025, and goodwill fell from 209.1 million USD to 11.1 million USD after the Vitalware carve-out (https://www.sec.gov/Archives/edgar/data/1636422/000163642226000097/hcat-20260630.htm).
Retention weaknessThe FY2025 10-K reports a dollar-based retention rate of 93% for 2025 versus 102% for 2024 under the updated definition, and warns that Medicaid and research funding cuts will strain clients (https://www.sec.gov/Archives/edgar/data/1636422/000163642226000035/hcat-20251231.htm).
Key Metrics
Market Cap
$130M
SEC filings
Enterprise Value
$240M
Calculated from SEC filings
Revenue (TTM)
$292M
SEC filings
P/E (TTM)
–
SEC filings
Forward P/E
231.8×
Yahoo chart 2026-09-16 close 1
P/S (TTM)
0.5×
SEC filings
P/B
1.3×
SEC filings
EV/EBITDA
16.7×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
50.5%
SEC filings
Operating Margin
-84.4%
SEC filings
Net Margin
-90.6%
SEC filings
Free Cash Flow
$7M
SEC filings
FCF Yield
5.0%
Calculated from SEC filings
Debt / Equity
1.7×
SEC filings
Current Ratio
2.7×
SEC filings
Short Interest
3.2%
SEC filings
Institutional Own.
71.5%
SEC filings
Insider Own.
5.6%
SEC filings
Shares Out.
75.3M
SEC filings
Float
59.4M
SEC filings
Valuation
Price vs Fair Value
Now $1.73
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| HCAT | $137M | – | 0.5× | 16.7× | -13.0% | 51.0% | -91.0% |
| PHR | $627M | 56.1× | 1.2× | 14.4× | +10.0% | 68.0% | 2.0% |
| DH | $105M | – | 0.5× | 3.7× | -9.0% | 84.0% | -72.0% |
| TDOC | $1.17B | – | 0.5× | 22.1× | -4.0% | 69.0% | -7.0% |
| EVH | $413M | – | 0.2× | 20.9× | +47.0% | 17.0% | -24.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 276.2 | 295.9 | 306.6 | 311.1 |
| Cost of Revenue | 143.0 | 164.1 | 165.8 | 159.5 |
| Gross Profit | 133.2 | 131.8 | 140.8 | 151.7 |
| Operating Income | (140.0) | (100.0) | (57.6) | (42.7) |
| EBITDA | (91.7) | (57.8) | (10.7) | (102.5) |
| Net Income | (137.4) | (118.1) | (69.5) | (178.0) |
| Diluted EPS | -2.63 | -2.09 | -1.15 | -2.55 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 116.3 | 106.3 | 249.6 | 50.8 |
| Total Assets | 752.3 | 701.8 | 858.9 | 502.6 |
| Total Debt | 248.0 | 249.1 | 402.3 | 171.2 |
| Total Liabilities | 327.3 | 334.9 | 493.7 | 256.9 |
| Shareholders' Equity | 425.0 | 366.9 | 365.2 | 245.8 |
| Shares Out. (M) | 55.3 | 58.3 | 64.0 | 72.0 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | (35.3) | (33.1) | 14.6 | 0.7 |
| Capital Expenditure | (17.4) | (14.3) | (16.4) | (21.6) |
| Free Cash Flow | (52.7) | (47.4) | (1.8) | (20.8) |
| Investing Cash Flow | (39.0) | 20.3 | (22.9) | 36.2 |
| Financing Cash Flow | (2.6) | 2.7 | 151.7 | (235.8) |
Figures normalized from Health Catalyst, Inc's SEC 10-K filed 2026-03-12. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-03-12 ↗
Catalysts
Q4 '26
Governance
New director and Audit Committee chair takes office
8-K filed 2026-09-14: Tami Reller (former Duly Health CEO, former Optum CFO) joins the board and chairs the Audit Committee effective 2026-10-01, expanding the board from six to seven (https://www.sec.gov/Archives/edgar/data/1636422/000163642226000111/hcat-20260911.htm).
Q3 '26
Earnings
Q3 2026 results, first quarter reported under CEO Kohl
Date not yet announced; Q2 was reported 2026-08-06. Watch technology revenue trend, retention commentary, and post-Vitalware cash balance..json.
Q3 '26
Corporate
CEO transition and inducement grant
Simeon Kohl succeeded Ben Albert as CEO, President and director effective 2026-09-14 with a planned 2,747,385 RSU inducement grant registered on an S-8 filed 2026-09-14; Albert moved to Chief Business Officer (https://www.sec.gov/Archives/edgar/data/1636422/000163642226000104/hcat-20260904.htm; https://www.sec.gov/Archives/edgar/data/1636422/000163642226000113/a2026septembers-8.htm).
Q4 '26
Corporate
Board response to the Palogic September 2026 letter
The 13D/A filed 2026-09-08 says Palogic asked for a clear forward-looking business plan, separated R&D disclosure, enhanced revenue metrics and a capital allocation framework (https://www.sec.gov/Archives/edgar/data/1636422/000110465926105948/xslSCHEDULE_13D_X02/primary_doc.xml).
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Continued client churn during DOS-to-Ignite migration | Operational | High | High | Technology revenue already fell 8% year over year in Q2 2026 per the 10-Q; further down-sell would erode the recurring base that supports the valuation. |
| Client budget pressure from Medicaid and research funding cuts | Market/Macro | Medium | Medium | The 10-K states near-term growth will be negatively impacted by policy developments creating financial strain for health system clients. |
| Cash burn returning after restructuring savings fade | Financial | Medium | Medium | With the term loan repaid, cash after the Vitalware sale is the only cushion; the company has been loss-making (151.6 million USD net loss in the first half of 2026, mostly impairment). |
| Dilution from equity compensation and inducement awards | Governance | Low | High | Shares outstanding rose from 70.7 million (Oct 2025) to 75.3 million (Jul 2026) per SEC cover data, and a further 2,747,385 RSUs were registered for the new CEO. |
| Competition from EHR-native analytics and larger platforms | Competition | Medium | Medium | Smaller scale after the Vitalware divestiture leaves less R&D capacity against larger competitors. |
Technical Snapshot
52-Week Range
–$1.73–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Palogic Value Management and affiliates report 7.1% of the class (5,374,949 shares) in a 13D/A filed 2026-09-08 and are engaging the board by letter. Recent Form 4 and Form 144 filings in September 2026 include the new CEO's initial Form 3 and inducement RSU grant (2026-09-16) and several insider sale notices (Forms 144 filed 2026-09-01 and 2026-09-10) that were not read this research pass; no controlling shareholder is disclosed in the 10-K.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Kohl Simeon | Chief Executive Officer | Buy | 59K | $1.79 | 2026-09-14 | $105.4K |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| HCAT | $137M | – | 0.5× | 16.7× | -13.0% | 51.0% | -91.0% |
| PHR | $627M | 56.1× | 1.2× | 14.4× | +10.0% | 68.0% | 2.0% |
| DH | $105M | – | 0.5× | 3.7× | -9.0% | 84.0% | -72.0% |
| TDOC | $1.17B | – | 0.5× | 22.1× | -4.0% | 69.0% | -7.0% |
| EVH | $413M | – | 0.2× | 20.9× | +47.0% | 17.0% | -24.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Vitalware sale repaid the term loan in full
The 10-Q for the quarter ended June 30 2026 (filed 2026-08-06) states the Vitalware Business was sold to Med-Metrix for a 147 million USD base price, closing July 31 2026, and that the company then repaid all outstanding obligations under the Silver Point Credit Agreement (159.9 million USD principal at June 30) and terminated it. The 2.50% convertible senior notes due 2025 were fully settled in cash on April 14 2025, so no convertible debt remains. Cash, cash equivalents and short-term investments were 103.4 million USD at June 30 2026. https://www.sec.gov/Archives/edgar/data/1636422/000163642226000097/hcat-20260630.htm
2026-09-17SEC 8-K
CEO change and board addition
An 8-K filed 2026-09-08 reports that Simeon Kohl, former CEO of Performant Healthcare, became CEO, President and director effective 2026-09-14, with a 600,000 USD salary and a planned 2,747,385 RSU inducement grant; Ben Albert's resignation was stated not to result from any disagreement. A second 8-K filed 2026-09-14 adds Tami Reller as director and Audit Committee chair effective 2026-10-01. https://www.sec.gov/Archives/edgar/data/1636422/000163642226000104/hcat-20260904.htm ; https://www.sec.gov/Archives/edgar/data/1636422/000163642226000111/hcat-20260911.htm
2026-09-17Research
Operating trend and restructuring
The 10-Q describes Project Nexus, an April 2026 workforce reduction across both segments, and reports six-month operating cash flow of 18.8 million USD despite a 13% year-over-year Q2 revenue decline. Six-month goodwill impairment was 122.5 million USD. Research files list a Wells Fargo healthcare conference appearance on 2026-09-09/10 with no guidance change identified. Palogic's reported purchase prices in the 13D/A exhibit were not fetched this research pass and are unverified.
Sources
Health Catalyst, Inc. valuation questions
What is Health Catalyst, Inc.'s forward P/E ratio?
Health Catalyst, Inc. (HCAT) trades at a forward P/E of 231.8×, and 0.5× trailing sales.
What is Health Catalyst, Inc.'s market cap?
Health Catalyst, Inc. (HCAT) has a market capitalization (its market value, often searched as "net worth") of $130M, and an enterprise value of $240M.