What is HEARTFLOW INC's earnings per share (EPS)?

HEARTFLOW INC (HTFL) reported diluted earnings per share of $-3.17 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

HEARTFLOW INC Financials

HTFL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows HEARTFLOW INC (HTFL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HTFL FY2025 2026-04-22

Rapid revenue scaling is improving cash-burn efficiency, but FY2025 was still defined by a balance-sheet reset.

Over the recent period, free-cash-flow margin improved from -94.7% to -33.5% even as revenue roughly doubled, showing that added scale is making each sale far less cash-intensive. In the latest year, the stronger capital structure came from financing inflow of $286.0M against $54.0M of operating cash burn, so the balance-sheet repair was funded externally rather than earned through operations.

The margin shape improved materially: gross margin reached 76.8% while operating margin narrowed to -36.4%. Because selling and R&D spending also rose, the improvement points to better fixed-cost absorption and/or revenue mix, not a simple spending freeze. That also helps explain why operating economics improved even though the company still reported a sizeable net loss.

The liquidity picture now looks much looser, with a current ratio of 5.2x and total liabilities of only $58.8M. But cash was just $44.8M, which means the company is financially cleaner than before without yet being self-funding. That leaves near-term obligations less important than the remaining operating burn.

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of HEARTFLOW INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

HEARTFLOW INC has an operating margin of -36.4%, meaning the company retains $-36 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -48.7% the prior year.

Growth

100

HEARTFLOW INC's revenue surged 39.9% year-over-year to $176.0M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

HEARTFLOW INC carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 5.20, HEARTFLOW INC holds $5.20 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While HEARTFLOW INC generated -$54.0M in operating cash flow, capex of $5.0M consumed most of it, leaving -$59.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

HEARTFLOW INC generates a -38.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Neutral

4/9

HEARTFLOW INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.46x

For every $1 of reported earnings, HEARTFLOW INC generates $0.46 in operating cash flow (-$54.0M OCF vs -$116.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.2x

HEARTFLOW INC earns $-4.2 in operating income for every $1 of interest expense (-$64.1M vs $15.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$176.0M

YoY+39.9%

HEARTFLOW INC generated $176.0M in revenue in fiscal year 2025. This represents an increase of 39.9% from the prior year.

EBITDA

-$58.6M

YoY-4.9%

HEARTFLOW INC's EBITDA was -$58.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.9% from the prior year.

Net Income

-$116.8M

YoY-21.1%

HEARTFLOW INC reported -$116.8M in net income in fiscal year 2025. This represents a decrease of 21.1% from the prior year.

EPS (Diluted)

$-3.17

HEARTFLOW INC earned $-3.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 82.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$59.0M

YoY+19.5%

HEARTFLOW INC generated -$59.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 19.5% from the prior year.

Cash & Debt

$44.8M

YoY-12.8%

HEARTFLOW INC held $44.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

85M

HEARTFLOW INC had 85M shares outstanding in fiscal year 2025. This represents an increase of 1293.0% from the prior year.

Margins & Returns

Gross Margin

76.8%

YoY+1.7pp

HEARTFLOW INC's gross margin was 76.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.

Operating Margin

-36.4%

YoY+12.3pp

HEARTFLOW INC's operating margin was -36.4% in fiscal year 2025, reflecting core business profitability. This is up 12.3 percentage points from the prior year.

Net Margin

-66.3%

YoY+10.3pp

HEARTFLOW INC's net profit margin was -66.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.3 percentage points from the prior year.

Return on Equity

-38.9%

HEARTFLOW INC's ROE was -38.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$64.9M

YoY+49.2%

HEARTFLOW INC invested $64.9M in research and development in fiscal year 2025. This represents an increase of 49.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$5.0M

YoY+15.3%

HEARTFLOW INC invested $5.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.3% from the prior year.

HTFL Income Statement

Metric	FY25	FY24	FY23
Revenue	$176.0M+39.9%	$125.8M+44.3%	$87.2M
Cost of Revenue	$40.8M+30.2%	$31.4M+7.7%	$29.1M
Gross Profit	$135.2M+43.1%	$94.4M+62.7%	$58.1M
R&D Expenses	$64.9M+49.2%	$43.5M+21.4%	$35.9M
SG&A Expenses	$134.3M+19.8%	$112.2M+17.9%	$95.1M
Operating Income	-$64.1M-4.6%	-$61.2M+16.0%	-$72.9M
Interest Expense	$15.2M-33.4%	$22.8M-7.8%	$24.7M
Income Tax	-$76K-243.4%	$53K-90.3%	$547K
Net Income	-$116.8M-21.1%	-$96.4M-0.8%	-$95.7M
EPS (Diluted)	$-3.17	$-17.98+29.0%	$-25.32

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$46.3M+6.6%	$43.4M	N/A	N/A	$32.9M+6.1%	$31.1M	N/A
Cost of Revenue	N/A	$10.9M+2.0%	$10.6M	N/A	N/A	$8.0M+10.8%	$7.2M	N/A
Gross Profit	N/A	$35.4M+8.0%	$32.8M	N/A	N/A	$24.9M+4.6%	$23.8M	N/A
R&D Expenses	N/A	$17.3M+15.1%	$15.0M	N/A	N/A	$11.9M+19.4%	$9.9M	N/A
SG&A Expenses	N/A	$33.2M+5.6%	$31.5M	N/A	N/A	$28.0M-0.3%	$28.1M	N/A
Operating Income	N/A	-$15.1M-10.1%	-$13.7M	N/A	N/A	-$14.9M-5.3%	-$14.2M	N/A
Interest Expense	N/A	$3.5M-47.9%	$6.6M	N/A	N/A	$5.3M-12.8%	$6.1M	N/A
Income Tax	N/A	$30K-49.2%	$59K	N/A	N/A	$0-100.0%	$120K	N/A
Net Income	N/A	-$50.9M-453.0%	-$9.2M+71.6%	-$32.3M	N/A	-$19.1M+18.1%	-$23.4M-11.7%	-$20.9M
EPS (Diluted)	N/A	$-1.04	$-1.46	N/A	N/A	$-3.43+26.4%	$-4.66	N/A

HTFL Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$359.5M+202.8%	$118.7M	N/A
Current Assets	$220.2M+167.6%	$82.3M	N/A
Cash & Equivalents	$44.8M-12.8%	$51.4M-58.2%	$122.8M
Inventory	N/A	N/A	N/A
Accounts Receivable	$29.3M+19.1%	$24.6M	N/A
Goodwill	N/A	N/A	N/A
Total Liabilities	$58.8M-94.0%	$978.2M	N/A
Current Liabilities	$42.4M+26.1%	$33.6M	N/A
Long-Term Debt	N/A	N/A	N/A
Total Equity	$300.6M+135.0%	-$859.5M-10.5%	-$777.6M
Retained Earnings	-$1.1B-12.0%	-$971.0M-88169.0%	-$1.1M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$359.5M-1.4%	$364.4M+128.7%	$159.4M	N/A	$118.7M	N/A	N/A	N/A
Current Assets	$220.2M-32.8%	$327.8M+176.7%	$118.4M	N/A	$82.3M	N/A	N/A	N/A
Cash & Equivalents	$44.8M-84.6%	$291.2M+263.0%	$80.2M	N/A	$51.4M-20.6%	$64.7M-14.2%	$75.4M	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$29.3M+5.3%	$27.9M-6.2%	$29.7M	N/A	$24.6M	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$58.8M-46.5%	$109.8M-89.6%	$1.1B	N/A	$978.2M	N/A	N/A	N/A
Current Liabilities	$42.4M+11.9%	$37.8M+14.9%	$32.9M	N/A	$33.6M	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$300.6M+18.1%	$254.6M+128.4%	-$894.8M-0.7%	-$889.0M-3.4%	-$859.5M-3.5%	-$830.6M-1.9%	-$814.9M-2.4%	-$795.7M
Retained Earnings	-$1.1B-2.3%	-$1.1B-5.0%	-$1.0B	N/A	-$971.0M	N/A	N/A	N/A

HTFL Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	-$54.0M+21.7%	-$69.0M+9.7%	-$76.4M
Capital Expenditures	$5.0M+15.3%	$4.4M-28.6%	$6.1M
Free Cash Flow	-$59.0M+19.5%	-$73.4M+11.1%	-$82.5M
Investing Cash Flow	-$238.6M-5375.5%	-$4.4M+28.6%	-$6.1M
Financing Cash Flow	$286.0M+12686.9%	$2.2M-98.7%	$169.3M
Dividends Paid	N/A	N/A	$1.2M
Share Buybacks	N/A	N/A	$228K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$10.6M-258.3%	-$3.0M	N/A	N/A	-$14.0M-36.7%	-$10.3M	N/A	N/A
Capital Expenditures	$1.9M+53.8%	$1.2M	N/A	N/A	$332K-67.5%	$1.0M	N/A	N/A
Free Cash Flow	-$12.5M-198.1%	-$4.2M	N/A	N/A	-$14.4M-27.3%	-$11.3M	N/A	N/A
Investing Cash Flow	-$235.4M-18964.1%	-$1.2M	N/A	N/A	-$332K+67.5%	-$1.0M	N/A	N/A
Financing Cash Flow	-$50K-100.0%	$214.9M	N/A	N/A	$851K-13.4%	$983K	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HTFL Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	76.8%+1.7pp	75.1%+8.5pp	66.6%
Operating Margin	-36.4%+12.3pp	-48.7%+35.0pp	-83.6%
Net Margin	-66.3%+10.3pp	-76.6%+33.1pp	-109.7%
Return on Equity	-38.9%	N/A	N/A
Return on Assets	-32.5%+48.7pp	-81.2%	N/A
Current Ratio	5.20+2.7	2.45	N/A
Debt-to-Equity	0.20+1.3	-1.14	N/A
FCF Margin	-33.5%+24.8pp	-58.3%+36.4pp	-94.7%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	76.5%+1.0pp	75.5%	N/A	N/A	75.7%-1.1pp	76.8%	N/A
Operating Margin	N/A	-32.6%-1.0pp	-31.6%	N/A	N/A	-45.3%+0.3pp	-45.6%	N/A
Net Margin	N/A	-109.9%-88.7pp	-21.2%	N/A	N/A	-58.1%+17.2pp	-75.3%	N/A
Return on Equity	N/A	-20.0%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	-14.0%-8.2pp	-5.8%	N/A	N/A	N/A	N/A	N/A
Current Ratio	5.20-3.5	8.66+5.1	3.60	N/A	2.45	N/A	N/A	N/A
Debt-to-Equity	0.20-0.2	0.43+1.6	-1.18	N/A	-1.14	N/A	N/A	N/A
FCF Margin	N/A	-9.1%	N/A	N/A	N/A	-34.3%	N/A	N/A

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Frequently Asked Questions

What is HEARTFLOW INC's annual revenue?

HEARTFLOW INC (HTFL) reported $176.0M in total revenue for fiscal year 2025. This represents a 39.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is HEARTFLOW INC's revenue growing?

HEARTFLOW INC (HTFL) revenue grew by 39.9% year-over-year, from $125.8M to $176.0M in fiscal year 2025.

Is HEARTFLOW INC profitable?

No, HEARTFLOW INC (HTFL) reported a net income of -$116.8M in fiscal year 2025, with a net profit margin of -66.3%.

What is HEARTFLOW INC's EBITDA?

HEARTFLOW INC (HTFL) had EBITDA of -$58.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is HEARTFLOW INC's gross margin?

HEARTFLOW INC (HTFL) had a gross margin of 76.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is HEARTFLOW INC's operating margin?

HEARTFLOW INC (HTFL) had an operating margin of -36.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is HEARTFLOW INC's net profit margin?

HEARTFLOW INC (HTFL) had a net profit margin of -66.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is HEARTFLOW INC's return on equity (ROE)?

HEARTFLOW INC (HTFL) has a return on equity of -38.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is HEARTFLOW INC's free cash flow?

HEARTFLOW INC (HTFL) generated -$59.0M in free cash flow during fiscal year 2025. This represents a 19.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is HEARTFLOW INC's operating cash flow?

HEARTFLOW INC (HTFL) generated -$54.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are HEARTFLOW INC's total assets?

HEARTFLOW INC (HTFL) had $359.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are HEARTFLOW INC's capital expenditures?

HEARTFLOW INC (HTFL) invested $5.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does HEARTFLOW INC spend on research and development?

HEARTFLOW INC (HTFL) invested $64.9M in research and development during fiscal year 2025.

How many shares does HEARTFLOW INC have outstanding?

HEARTFLOW INC (HTFL) had 85M shares outstanding as of fiscal year 2025.

What is HEARTFLOW INC's current ratio?

HEARTFLOW INC (HTFL) had a current ratio of 5.20 as of fiscal year 2025, which is generally considered healthy.

What is HEARTFLOW INC's debt-to-equity ratio?

HEARTFLOW INC (HTFL) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is HEARTFLOW INC's return on assets (ROA)?

HEARTFLOW INC (HTFL) had a return on assets of -32.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is HEARTFLOW INC's cash runway?

Based on fiscal year 2025 data, HEARTFLOW INC (HTFL) had $44.8M in cash against an annual operating cash burn of $54.0M. This gives an estimated cash runway of approximately 10 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is HEARTFLOW INC's Piotroski F-Score?

HEARTFLOW INC (HTFL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are HEARTFLOW INC's earnings high quality?

HEARTFLOW INC (HTFL) has an earnings quality ratio of 0.46x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can HEARTFLOW INC cover its interest payments?

HEARTFLOW INC (HTFL) has an interest coverage ratio of -4.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is HEARTFLOW INC?

HEARTFLOW INC (HTFL) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.