Heartflow, Inc. (HTFL) AI Stock Analysis
HTFL AI stock analysis summary
AI ResearchHeartflow, Inc. (HTFL) provides non-invasive diagnostic solutions for coronary artery disease using computational fluid dynamics. The company generated $212.1M in trailing twelve-month revenue, reflecting a 42.1% two-year compound annual growth rate through FY2025. However, Heartflow remains unprofitable, reporting a net loss of -$116.8M in FY2025 and free cash flow of -$59.0M.
- Market cap
- $4.20B
- Revenue (TTM)
- $212.1M
- P/E
- —
- 1Y return
- 44.3% S&P 500 16.8%
- Avg. target
- $47.22 -2.2% vs last close
Bull case
- Revenue grew at a 42.1% compound annual rate from FY2023 to FY2025, supported by 47.6% year-over-year growth in the quarter ended June 30, 2026.
- Gross margin expanded from 66.6% in FY2023 to 76.8% in FY2025 as the company scaled its non-invasive diagnostic platform.
- The balance sheet maintains $135.4M in net cash and a current ratio of 5.08 as of June 30, 2026.
Bear case
- Heartflow remains unprofitable, reporting a net loss of -$116.8M in FY2025 and a trailing twelve-month profit margin of -55.8%.
- Valuation is elevated at a price-to-sales ratio of 19.8x, compared to the 4.1x median of its US-listed Healthcare peers.
- The stock trades above Wall Street's mean price target of $47.22, which implies a 2.2% decline from the last close of $48.29.
What Heartflow does
HeartFlow, Inc. is a medical technology company that provides non-invasive solutions for diagnosing and managing coronary artery diseases across the United States and internationally. Its HeartFlow Platform combines computational fluid dynamics and image analysis to create a personalized 3D model of a patient's heart from a single coronary computed tomography angiography scan. The company offers Heartflow RoadMap Analysis for anatomic visualization of the coronary arteries, Heartflow FFRCT Analysis to calculate blood flow, and Heartflow Plaque Analysis for coronary plaque assessment. Headquartered in San Francisco, California, HeartFlow was incorporated in 2007 and employs 843 people.
Growth and profitability
Heartflow has expanded revenue rapidly, increasing from $87.2M in FY2023 to $125.8M in FY2024 and $176.0M in FY2025, achieving a two-year revenue compound annual growth rate of 42.1%. Gross margin widened over this period from 66.6% in FY2023 to 76.8% in FY2025. Despite higher top-line volume, net income decreased from -$95.7M in FY2023 to -$116.8M in FY2025, driven in part by research and development expenses reaching $64.9M. For the trailing twelve months ended June 30, 2026, revenue was $212.1M with an operating margin of -27.9% and a profit margin of -55.8%. In the latest quarter, revenue grew 47.6% year-over-year.
Balance sheet and cash flow
As of June 30, 2026, Heartflow held $162.6M in cash and short-term investments against $27.1M in total debt, resulting in net cash of $135.4M. Its current ratio stood at 5.08, and its debt-to-equity ratio was 0.10 against $279.7M in shareholders' equity. Operating cash flow improved from -$76.4M in FY2023 to -$54.0M in FY2025. Free cash flow was -$59.0M in FY2025 after $5.0M in capital expenditures.
Valuation and performance
Heartflow trades at a price-to-sales ratio of 19.8x and an enterprise-value-to-revenue ratio of 18.8x, based on a market cap of $4.20B and an enterprise value of $3.99B. Its price-to-sales multiple is substantially above the 4.1x median of its US-listed Healthcare peers. The company's price-to-book ratio stands at 14.7x. Over the past year, HTFL returned 44.3%, outperforming the 16.8% one-year return of the S&P 500 (SPY), while its year-to-date return reached 65.7%.
What analysts expect
Wall Street coverage includes 6 Strong Buy, 2 Buy, and 2 Hold ratings, with no Sell or Strong Sell recommendations. The mean price target of $47.22 sits 2.2% below the last closing price of $48.29. Consensus estimates project FY2026 revenue of $248.8M with an EPS of -$0.41, followed by FY2027 revenue of $309.1M and an EPS of -$0.26. The company has beaten EPS expectations in 3 of the last 4 quarters, and its next earnings date is November 11, 2026.
Key risks and what to watch
- Ongoing cash burn is significant, with free cash flow remaining negative at -$59.0M in FY2025.
- Short interest is notable, with short percent of float standing at 11.3%.
- Operating margin for the trailing twelve months was -27.9%, well below the US-listed Healthcare peers median of 14.0%.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this HTFL AI stock analysis
This page is an AI-written research summary of Heartflow, Inc. (HTFL). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: HTFL income statement, HTFL balance sheet, HTFL key metrics, HTFL analyst forecast, HTFL chart. See the HTFL stock overview for the latest quote and news.
HTFL AI stock analysis FAQ
Does Heartflow pay a dividend?
No, Heartflow does not pay a dividend. The company directs its capital toward scaling operations and funded $64.9M in research and development in FY2025.
What is Heartflow's net cash position?
As of June 30, 2026, Heartflow held $162.6M in cash and short-term investments and $27.1M in total debt, providing a net cash balance of $135.4M.
When is Heartflow's next earnings report?
Heartflow is scheduled to report earnings on November 11, 2026.
What do analysts project for Heartflow's revenue in FY2026 and FY2027?
Analysts estimate FY2026 revenue of $248.8M and FY2027 revenue of $309.1M, representing expected revenue growth of 24.2% in FY2027.