HealthStream Inc. (HSTM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.18	$0.23	+27.8%	—	$83.7M	—
Q1 26	$0.17	$0.2	+17.6%	—	$81.2M	—
Q3 25	$0.18	$0.2	+11.1%	—	$76.5M	—
Q2 25	$0.17	$0.18	+5.9%	—	$74.4M	—
Q1 25	$0.17	$0.14	-17.6%	—	$73.5M	—
Q4 24	$0.14	$0.16	+14.3%	—	$74.2M	—
Q3 24	$0.12	$0.19	+58.3%	—	$73.1M	—
Q2 24	$0.12	$0.16	+33.3%	—	$71.6M	—
Q1 24	$0.11	$0.17	+54.5%	—	$72.8M	—
Q4 23	$0.09	$0.14	+55.6%	—	$70.6M	—
Q3 23	$0.09	$0.13	+44.4%	—	$70.3M	—
Q2 23	$0.09	$0.13	+44.4%	—	$69.2M	—
Q1 23	$0.08	$0.09	+12.5%	—	$68.9M	—
Q4 22	$0.05	$0.08	+60.0%	—	$68.5M	—
Q3 22	$0.05	$0.12	+140.0%	—	$67.3M	—
Q2 22	$0.05	$0.1	+100.0%	—	$65.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.61	—	—	$304.1M	—
FY24	—	$0.66	—	—	$291.6M	—
FY23	—	$0.5	—	—	$279.1M	—
FY22	—	$0.39	—	—	$266.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$192.1M	$214.9M	$231.6M	$254.1M	$244.8M	$256.7M	$266.8M	$279.1M	$291.6M	$304.1M
YoY change	-8.08%	+11.9%	+7.78%	+9.71%	-3.65%	+4.85%	+3.94%	+4.59%	+4.51%	+4.26%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	192.1M	214.9M	231.6M	254.1M	244.8M	256.7M	266.8M	279.1M	291.6M	304.1M
Cost of revenue	75M	87.2M	96M	103.9M	89.3M	91M	91.1M	95M	97.9M	107.2M
Gross profit	117.2M	127.7M	135.6M	150.2M	155.5M	165.7M	175.7M	184M	193.7M	196.9M
Gross margin	61%	59.4%	58.5%	59.1%	63.5%	64.5%	65.8%	65.9%	66.4%	64.7%
Research & development	24.2M	24.1M	25.7M	29.1M	32.3M	41.7M	44.3M	45.5M	48.9M	51M
Selling, general & administrative	65.4M	70.1M	70.1M	78.5M	77.2M	79.2M	81M	81.4M	82.3M	82.2M
Operating expenses	89.6M	94.2M	95.9M	107.6M	109.5M	120.8M	125.3M	126.9M	131.2M	133.1M
Operating income	7.2M	9.4M	15.5M	14.7M	15.8M	8.1M	12.4M	16M	21.3M	20.2M
Operating margin	3.73%	4.38%	6.69%	5.79%	6.46%	3.14%	4.67%	5.74%	7.3%	6.66%
Non-operating income, net	581K	733K	1.1M	3.2M	2M	-289K	3.1M	2.5M	-318K	-358K
Pretax income	7.8M	10.1M	16.6M	17.9M	17.8M	7.8M	15.6M	18.5M	24.8M	23.2M
Income tax	3M	1.3M	3.3M	3.7M	3.7M	1.9M	3.5M	3.3M	4.8M	4.9M
Net income	3.8M	10M	32.2M	15.8M	14.1M	5.8M	12.1M	15.2M	20M	18.3M
Net margin	1.95%	4.66%	13.9%	6.21%	5.76%	2.28%	4.53%	5.45%	6.86%	6.03%
EBITDA	27.5M	33.5M	39.7M	42.6M	46M	44.9M	50.4M	57.1M	62.5M	63.7M
EPS	0.12	0.31	1	0.49	0.44	0.19	0.39	0.5	0.66	0.61
Diluted EPS	0.12	0.31	1	0.49	0.44	0.18	0.39	0.5	0.66	0.61

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	70.3M	70.6M	72.8M	71.6M	73.1M	74.2M	73.5M	74.4M	76.5M	79.7M	81.2M	83.7M
Cost of revenue	23.6M	24M	24.6M	23.7M	24.5M	25.1M	25.5M	26.4M	26.5M	28.9M	27.8M	29M
Gross profit	46.8M	46.6M	48.1M	47.8M	48.6M	49.1M	48M	48M	50M	50.9M	53.4M	54.7M
Gross margin	66.5%	66%	66.2%	66.8%	66.5%	66.2%	65.3%	64.6%	65.3%	63.8%	65.8%	65.3%
Research & development	10.9M	11.9M	12M	12.1M	12.1M	12.7M	12M	12.1M	12.1M	14.8M	13.6M	13.6M
Selling, general & administrative	20.6M	19.9M	20.1M	21M	20M	21.3M	20.8M	19.2M	19.5M	22.7M	21M	21.5M
Operating expenses	31.5M	31.8M	32.1M	33M	32.1M	34M	32.9M	31.3M	31.6M	37.4M	34.6M	35.1M
Operating income	4.9M	4.3M	5.7M	4.4M	6.5M	4.7M	4.4M	5.9M	7.6M	2.4M	7.5M	8.3M
Operating margin	6.91%	6.03%	7.82%	6.16%	8.89%	6.32%	5.96%	7.91%	9.89%	3.02%	9.25%	9.94%
Non-operating income, net	590K	1.2M	853K	889K	981K	-3M	-61K	23K	-103K	-217K	-106K	-100K
Pretax income	5.5M	5.4M	6.5M	5.3M	7.5M	5.5M	5.2M	6.9M	8.3M	2.9M	7.8M	8.7M
Income tax	1.6M	827K	1.3M	1.1M	1.8M	594K	916K	1.5M	2.2M	317K	1.9M	2M
Net income	3.9M	4.6M	5.2M	4.2M	5.7M	4.9M	4.3M	5.4M	6.1M	2.5M	5.9M	6.7M
Net margin	5.5%	6.5%	7.18%	5.82%	7.83%	6.59%	5.9%	7.24%	7.96%	3.18%	7.28%	7.96%
EBITDA	15.3M	14.8M	16M	14.8M	16.6M	15.2M	15.1M	16.8M	18.4M	13.4M	18.9M	19.6M
EPS	0.13	0.15	0.17	0.14	0.19	0.16	0.14	0.18	0.2	0.09	0.2	0.23
Diluted EPS	0.13	0.15	0.17	0.14	0.19	0.16	0.14	0.18	0.2	0.09	0.2	0.23

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	794.6M	737.9M	779.2M	880.5M	698M	831.2M	761.3M	826.3M	966.3M	692.5M	891.6M
Enterprise value	691.4M	606.8M	610.4M	738.4M	680M	805.5M	730.7M	775.4M	886.4M	650.2M	797.6M
Shares outstanding	31.7M	31.9M	32.3M	32.4M	32M	31.5M	30.6M	30.6M	30.4M	30M	30M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	211.6	73.8	24.2	55.8	49.5	142.2	63	54.3	48.3	37.8	40.4
P/S	4.14	3.43	3.36	3.47	2.85	3.24	2.85	2.96	3.31	2.28	2.77
P/B	2.78	2.46	2.44	2.6	2.09	2.45	2.28	2.43	2.69	1.96	2.39
EV/EBITDA	25.1	18.1	15.4	17.3	14.8	18	14.5	13.6	14.2	10.2	17.8
EV/Sales	3.6	2.82	2.64	2.91	2.78	3.14	2.74	2.78	3.04	2.14	2.48
Earnings yield	0.47%	1.36%	4.13%	1.79%	2.02%	0.7%	1.59%	1.84%	2.07%	2.65%	2.48%
FCF yield	1.31%	4.28%	3.18%	3.31%	2.45%	2.05%	3.43%	4.35%	3.05%	4.5%	5.65%
PEG	—	—	—	—	—	—	—	—	—	—	1.45

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	61%	59.4%	58.5%	59.1%	63.5%	64.5%	65.8%	65.9%	66.4%	64.7%	65.3%
Operating margin	3.73%	4.38%	6.69%	5.79%	6.46%	3.14%	4.67%	5.74%	7.3%	6.66%	9.94%
Net margin	1.95%	4.66%	13.9%	6.21%	5.76%	2.28%	4.53%	5.45%	6.86%	6.03%	6.6%
ROE	1.31%	3.33%	10.1%	4.66%	4.22%	1.72%	3.62%	4.46%	5.57%	5.18%	6%
ROA	0.95%	2.43%	7.29%	3.22%	2.82%	1.2%	2.43%	3.04%	3.92%	3.52%	3.22%
ROIC	2.42%	4.85%	8.25%	5.95%	3.96%	1.94%	3.18%	4.54%	6.14%	5.13%	6.53%
Return on tangible assets	-29.2%	14.3%	28.2%	12.9%	-12.7%	-4.81%	-9.72%	-15.2%	-28.8%	-13.5%	-18.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.87	1.98	2.26	2.14	0.96	1.06	0.98	1.1	1.32	0.96	1.06
Quick ratio	1.87	1.98	2.26	2.14	0.96	1.06	0.98	1.1	1.32	0.96	1.06
Debt / equity	—	—	0	0.09	0.09	0.08	0.07	0.06	0.05	0.04	0.04
Debt / assets	—	—	0	0.06	0.06	0.05	0.05	0.04	0.03	0.03	0.03
Net debt / EBITDA	—	—	-4.25	-3.34	-0.39	-0.57	-0.61	-0.89	-1.28	-0.66	-0.76
Effective tax rate	38.2%	12.8%	20.1%	20.8%	20.9%	24.7%	22.4%	17.8%	19.3%	21%	23.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.06	6.74	7.18	7.85	7.66	8.14	8.71	9.13	9.6	10.1	10.9
EPS (basic)	0.12	0.31	1	0.49	0.44	0.19	0.39	0.5	0.66	0.61	0.61
EPS (diluted)	0.12	0.31	1	0.49	0.44	0.18	0.39	0.5	0.66	0.61	0.72
Book value per share	9.02	9.42	9.89	10.4	10.5	10.8	10.9	11.1	11.8	11.8	12.2
FCF per share	0.33	0.99	0.77	0.9	0.53	0.54	0.85	1.18	0.97	1.04	1.42
Cash per share	3.25	4.12	5.23	5.34	1.45	1.65	1.76	2.33	3.2	1.9	2.28
Capex per share	0.12	0.17	0.22	0.68	0.06	0.11	0.06	0.07	0.05	0.95	0.96

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.99%	2.57%	3.09%	8.65%	0.81%	1.33%	0.65%	0.79%	0.48%	9.37%	8.79%
Capex / operating cash flow	15.2%	14.1%	17.3%	37.9%	4.73%	7.94%	3.43%	3.32%	2.55%	45%	39.3%
Payout ratio	0%	0%	100.4%	0.37%	0.28%	0.33%	0%	20.1%	17%	20.3%	18.3%
Dividend yield	0%	0%	4.15%	0.01%	0.01%	0%	0%	0.37%	0.35%	0.54%	0.48%

Yield

0.48%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.035

ex-dividend Aug 17, 2026

Payout ratio

18%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.035
May 18, 2026	$0.035
Mar 9, 2026	$0.035
Nov 17, 2025	$0.031
Aug 18, 2025	$0.031
May 19, 2025	$0.031
Mar 10, 2025	$0.031
Nov 4, 2024	$0.028

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$70.3M	$70.6M	$72.8M	$71.6M	$73.1M	$74.2M	$73.5M	$74.4M	$76.5M	$79.7M	$81.2M	$83.7M
YoY change	+4.54%	+2.98%	+5.53%	+3.41%	+3.92%	+5.18%	+1%	+3.97%	+4.62%	+7.37%	+10.5%	+12.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	103.2M	131.1M	168.8M	172.9M	46.5M	51.9M	53.9M	71.1M	97.2M	57M
Receivables	44.8M	36.7M	38.1M	27.6M	40.7M	30.3M	36.7M	34.3M	30.2M	32.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	177.4M	199.7M	241.4M	224.6M	114.7M	106.8M	114.4M	130.2M	153.1M	119.7M
Property, plant & equipment	10.2M	8.1M	15.9M	55.7M	50.3M	43.1M	38.2M	33.1M	28.2M	25.9M
Goodwill & intangibles	408.9M	341.3M	327.7M	367.4M	611.6M	608.2M	622.1M	600.1M	580.3M	656.1M
Total assets	396M	411.1M	441.9M	489.5M	500.3M	486.8M	497.7M	499.9M	510.8M	520.4M
Accounts payable	3.1M	4.2M	8.5M	4.8M	9.3M	5.1M	7.3M	7.5M	6.6M	7.8M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	95M	101.1M	106.9M	105.2M	119.4M	100.3M	117.2M	118.4M	115.7M	124.1M
Long-term debt	—	—	0	30.7M	28.5M	26.2M	23.3M	20.2M	17.4M	14.7M
Total liabilities	109.9M	110.9M	123M	151.4M	166.3M	147.7M	163.7M	159.2M	151.4M	166.4M
Shareholders' equity	286.1M	300.2M	318.9M	338.2M	334.1M	339M	334.1M	340.8M	359.4M	354M
Total debt	—	—	0	30.7M	28.5M	26.2M	23.3M	20.2M	17.4M	14.7M
Net debt	—	—	-134.3M	-100.8M	-8.1M	-20.7M	-22.7M	-20.1M	-42.1M	-21.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	71.8M	71.1M	83.7M	83M	94.9M	97.2M	113.3M	90.6M	92.6M	57M	66.5M	66.7M
Receivables	30.2M	34.3M	39.6M	31.8M	26.3M	30.2M	30.8M	26.9M	27.7M	32.2M	38.4M	31.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	126.9M	130.2M	147.4M	139.1M	145.6M	153.1M	169.7M	144.4M	147.6M	119.7M	133M	130.2M
Property, plant & equipment	34.3M	33.1M	32M	30.7M	29.3M	28.2M	27.5M	28.2M	26.8M	25.9M	24.6M	24M
Goodwill & intangibles	604.7M	600.1M	593.3M	587.4M	583.2M	580.3M	574.8M	570.6M	565.4M	656.1M	644M	638.7M
Total assets	498.1M	499.9M	511.6M	499.6M	502.8M	510.8M	524M	500.1M	499.9M	520.4M	527.4M	521.6M
Accounts payable	3.5M	7.5M	5.3M	5.8M	4.4M	6.6M	3.2M	4M	3.9M	7.8M	5.1M	6.8M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	114.6M	118.4M	126.1M	111.9M	110.6M	115.7M	125.9M	115.4M	112.5M	124.1M	136.5M	122.6M
Long-term debt	21M	20.2M	19.5M	18.8M	17.9M	17.4M	16.6M	15.9M	15.3M	14.7M	14.1M	13.4M
Total liabilities	155.8M	159.2M	166.8M	150.3M	147.3M	151.4M	161.2M	149.6M	150.7M	166.4M	175.4M	165M
Shareholders' equity	342.2M	340.8M	344.9M	349.2M	355.5M	359.4M	362.8M	350.6M	349.2M	354M	352M	356.6M
Total debt	21M	20.2M	19.5M	18.8M	17.9M	17.4M	16.6M	15.9M	15.3M	14.7M	14.1M	13.4M
Net debt	-23.1M	-20.1M	-32.9M	-27.4M	-39.5M	-42.1M	-60.6M	-36.2M	-38.3M	-21.5M	-34.6M	-32.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.8M	10M	32.2M	15.8M	14.1M	5.8M	12.1M	15.2M	20M	18.3M
Depreciation & amortization	20.4M	24M	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
Change in working capital	-4.4M	6.2M	-8.5M	1.3M	-14.5M	-14.8M	-14M	-3.1M	-20.5M	-23.7M
Operating cash flow	25.1M	39M	41.4M	58M	42M	43M	50.9M	66.3M	54.9M	63.3M
Capital expenditure	-3.8M	-5.5M	-7.2M	-22M	-2M	-3.4M	-1.7M	-2.2M	-1.4M	-28.5M
Investing cash flow	-46.7M	779K	48M	-53M	-93.6M	-3.8M	-5.1M	-30.8M	-7.2M	-46.7M
Dividends paid	0	0	-32.4M	-58K	-40K	-19K	0	-3.1M	-3.4M	-3.7M
Share repurchases	—	—	0	0	-20M	-5M	-23.1M	-8.9M	0	-30M
Financing cash flow	-99K	-412K	-32.8M	-1.1M	-20.5M	-6.2M	-23.7M	-13M	-4.5M	-36.3M
Net change in cash	-21.6M	39.4M	56.5M	3.8M	-72.1M	33M	22.1M	22.4M	43.2M	-19.7M
Free cash flow	10.4M	31.6M	24.8M	29.1M	17.1M	17M	26.1M	36M	29.5M	31.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.9M	4.6M	5.2M	4.2M	5.7M	4.9M	4.3M	5.4M	6.1M	2.5M	5.9M	6.7M
Depreciation & amortization	10.4M	10.5M	10.3M	10.4M	10.1M	10.5M	10.8M	10.9M	10.8M	11M	11.4M	11.3M
Stock-based compensation	1M	1.1M	1.1M	1.1M	1.1M	1.2M	1.1M	836K	794K	5.4M	1.3M	1.1M
Change in working capital	6.1M	-3.9M	-630K	-10.4M	-2.8M	-6.7M	6.4M	-11.7M	-9.6M	-8.8M	3.7M	-8.2M
Operating cash flow	22M	16M	19.4M	6.6M	16.3M	12.6M	26.1M	5M	18M	13.2M	27.1M	13.4M
Capital expenditure	-472K	-346K	-742K	-172K	-284K	-203K	-1.1M	-6.7M	-7.4M	-6.6M	-6.7M	-7.5M
Investing cash flow	2.3M	-3.1M	-101K	-5.4M	-315K	-1.4M	542K	-8.8M	-8.5M	-23.2M	-5.6M	-11M
Dividends paid	-767K	-757K	-849K	-851K	-851K	-852K	-943K	-947K	-919K	-920K	-1M	-1M
Share repurchases	-1.6M	-7.3M	—	—	0	0	—	-18.1M	-6.9M	-5M	-6.7M	-2.6M
Financing cash flow	-2.4M	-8.3M	-1.7M	-857K	-922K	-1M	-2M	-19.1M	-7.9M	-7.2M	-8.3M	-4M
Net change in cash	21.9M	4.6M	17.6M	318K	15.1M	10.2M	24.6M	-22.9M	1.6M	-17.2M	13.2M	-1.6M
Free cash flow	18M	7.2M	13.2M	-254K	12.3M	4.3M	18.2M	-4M	10.5M	6.4M	19.7M	5M

HealthStream Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement