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HCAT · Health Catalyst, Inc.

Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services. It offers ignite data and analytics platform that provides clients a single comprehensive environment to integrate and organize data from their disparate software systems; and applications, a software analytics applications build for ignite platform to analyze clients face across clinical improvement, revenue and cost improvement, ambulatory operations, measures and registries, and data and analytics. The company also provides expertise solutions comprising data and analytics, domain expertise and education, tech-enabled managed, and implementation services; and opportunity analysis and prioritization, data governance, data modeling and analysis, quality and process improvement strategy, cost accounting, data abstraction, and population health strategies. It serves academic medical centers, integrated delivery networks, community hospitals, large physician practices, accountable care organizations, health information exchanges, health insurers, life science organizations, healthcare technology vendors, and other risk-bearing entities. The company was formerly known as HQC Holdings, Inc. and changed its name to Health Catalyst, Inc. in March 2017. Health Catalyst, Inc. was founded in 2008 and is headquartered in South Jordan, Utah.

Cap structure and valuation

Cap structure
SP$1.78
SO75.3M
Options0.7M
Warrants0.0M
FD SO76.0M
MC$135.2M
Cash$60.6M
Total debt$153.5M
EV$228.1M
TTM Multiples
EV / Revenue0.8x
EV / EBITDA—
MC / Net Income—
EV / FCF8.4x
MC / FCF5.0x
Ownership & coverage
Institutional71.5%
Insiders5.6%
# Institutions162
Analysts4
Consensus—
Avg target$1.82
Short % float3.2%
Days to cover2.15

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-07-31. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-17 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.

Financial statements

LTM12/31/2512/31/2412/31/2312/31/22
Total Revenue 292.25311.14306.58295.94276.24
Revenue YoY % (6.1%)1.5%3.6%7.1%—
Cost of Revenue 142.41159.46165.81164.10143.05
Gross Profit 149.84151.68140.78131.83133.19
Gross Profit YoY % (1.2%)7.7%6.8%(1.0%)—
Gross Margin % 51.3%48.7%45.9%44.5%48.2%
SG&A 98.48102.04111.20143.88149.22
R&D 43.0049.7757.9572.6375.68
Operating Expense 396.38312.53210.59258.73273.19
Operating Income (246.55)(160.85)(69.81)(126.90)(140.00)
Operating Income YoY % (53.3%)(130.4%)45.0%9.4%—
Operating Margin % (84.4%)(51.7%)(22.8%)(42.9%)(50.7%)
EBITDA (197.96)(110.35)(28.38)(84.67)(91.71)
EBITDA Margin % (67.7%)(35.5%)(9.3%)(28.6%)(33.2%)
Other Income / (Expense) (17.12)(16.40)0.649.11(1.68)
Pretax Income (263.67)(177.26)(69.17)(117.79)(141.68)
Tax Provision 1.150.720.330.36(4.28)
Net Income (264.82)(177.97)(69.50)(118.15)(137.40)
Net Margin % (90.6%)(57.2%)(22.7%)(39.9%)(49.7%)
Diluted EPS -$3.70-$2.55-$1.15-$2.09-$2.63
Basic EPS -$3.70-$2.55-$1.15-$2.09-$2.56
Diluted Avg Shares 74.069.960.256.454.1
Basic Avg Shares 74.069.960.256.453.7

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-09-16 Kohl Simeon Director, Officer (Chief Executive Officer) 2026-09-14 A 2,747,385 — $0
2026-09-16 Kohl Simeon Director, Officer (Chief Executive Officer) 2026-09-14 P 59,000 $1.79 $105,439
2026-09-11 Albert Benjamin Director, Officer (CEO) 2026-09-10 F (35,244) $1.67 -$59,023
2026-09-03 Larson-Green Julie Director 2026-09-01 A 9,766 — $0
2026-09-03 Alger Jason Officer (Chief Financial Officer) 2026-09-01 F (17,973) $1.70 -$30,619
2026-09-03 Albert Benjamin Director, Officer (CEO) 2026-09-01 F (321) $1.70 -$547
2026-09-03 Landry Benjamin Officer (General Counsel) 2026-09-01 F (13,167) $1.70 -$22,431
2026-07-20 Hoggard Green Jill Director 2026-07-16 A 80,691 — $0
2026-07-20 Larson-Green Julie Director 2026-07-16 A 80,691 — $0
2026-07-20 Nelson Steven H Director 2026-07-16 A 80,691 — $0
2026-07-20 Spencer Justin Director 2026-07-16 A 80,691 — $0
2026-06-15 Albert Benjamin Director, Officer (CEO) 2026-06-10 F (34,485) $1.69 -$58,342
2026-06-03 Albert Benjamin Director, Officer (CEO) 2026-06-01 F (336) $1.37 -$460
2026-06-03 Llewelyn Linda Officer (Chief People Officer) 2026-06-01 F (8,519) $1.37 -$11,673
2026-06-03 Alger Jason Officer (Chief Financial Officer) 2026-06-01 F (18,804) $1.37 -$25,765
2026-06-03 Landry Benjamin Officer (General Counsel) 2026-06-01 F (13,779) $1.37 -$18,880
2026-06-03 Larson-Green Julie Director 2026-06-01 A 12,710 — $0
2026-05-04 Nelson Steven H Director 2026-05-01 A 154,808 — $0
2026-05-01 Albert Benjamin Director, Officer (CEO) 2026-05-01 F (310) $1.34 -$417
2026-05-01 Albert Benjamin Director, Officer (CEO) 2026-04-29 A 1,124 — $0
2026-03-13 Albert Benjamin Director, Officer (CEO) 2026-03-10 F (70,455) $1.85 -$130,208
2026-03-05 Landry Benjamin Officer (General Counsel) 2026-03-02 F (20,838) $1.66 -$34,589
2026-03-05 Alger Jason Officer (Chief Financial Officer) 2026-03-02 F (26,970) $1.66 -$44,768
2026-03-05 Albert Benjamin Director, Officer (CEO) 2026-03-02 F (4,966) $1.66 -$8,243
2026-03-05 Llewelyn Linda Officer (Chief People Officer) 2026-03-02 F (13,836) $1.66 -$22,966
2026-03-05 Larson-Green Julie Director 2026-03-01 A 8,361 — $0
2026-02-27 Albert Benjamin Director, Officer (CEO) 2026-02-26 F (13,304) $1.75 -$23,253
2026-02-27 Llewelyn Linda Officer (Chief People Officer) 2026-02-26 F (4,471) $1.75 -$7,814
2026-02-27 Landry Benjamin Officer (General Counsel) 2026-02-26 F (6,317) $1.75 -$11,041
2026-02-27 Alger Jason Officer (Chief Financial Officer) 2026-02-26 F (7,522) $1.75 -$13,147
2026-02-27 Albert Benjamin Director, Officer (CEO) 2026-02-25 A 930,000 — $0
2026-02-27 Albert Benjamin Director, Officer (CEO) 2026-02-25 A 38,833 — $0
2026-02-27 Llewelyn Linda Officer (Chief People Officer) 2026-02-25 A 191,500 — $0
2026-02-27 Llewelyn Linda Officer (Chief People Officer) 2026-02-25 A 13,195 — $0
2026-02-27 Landry Benjamin Officer (General Counsel) 2026-02-25 A 289,000 — $0
2026-02-27 Landry Benjamin Officer (General Counsel) 2026-02-25 A 16,473 — $0
2026-02-27 Alger Jason Officer (Chief Financial Officer) 2026-02-25 A 507,500 — $0
2026-02-27 Alger Jason Officer (Chief Financial Officer) 2026-02-25 A 22,222 — $0
2026-02-19 Gallagher Duncan Director 2026-02-17 A 7,562 — $0
2025-12-09 Landry Benjamin Officer (General Counsel) 2025-12-05 S (27,425) $2.64 -$72,328
2025-12-09 Larson-Green Julie Director 2025-12-04 S (47,997) $2.67 -$128,349
2025-12-03 Larson-Green Julie Director 2025-12-01 A 5,731 — $0
2025-12-03 Gallagher Duncan Director 2025-12-01 A 6,209 — $0
2025-12-03 Landry Benjamin Officer (General Counsel) 2025-12-01 F (14,387) $2.90 -$41,725
2025-12-03 Llewelyn Linda Officer (Chief People Officer) 2025-12-01 F (9,762) $2.90 -$28,312
2025-12-03 Freeman Kevin Lee Officer (Chief Commercial Officer) 2025-12-01 F (16,401) $2.90 -$47,566
2025-12-03 Alger Jason Officer (Chief Financial Officer) 2025-12-01 F (20,619) $2.90 -$59,799
2025-12-03 Burton Daniel D. Director, Officer (Chief Executive Officer) 2025-12-01 F (55,715) $2.90 -$161,585
2025-09-26 Albert Benjamin Officer (President and COO) 2025-09-24 A 467,000 — $0
2025-09-09 Landry Benjamin Officer (General Counsel) 2025-09-05 S (6,175) $3.35 -$20,705
2025-09-05 Larson-Green Julie Director 2025-09-01 A 4,588 — $0
2025-09-05 Gallagher Duncan Director 2025-09-01 A 4,970 — $0
2025-09-04 Ross David Coy Officer (Chief Tech & Product Officer) 2025-09-02 F (3,360) $3.36 -$11,299
2025-09-04 Freeman Kevin Lee Officer (Chief Commercial Officer) 2025-09-02 F (4,578) $3.36 -$15,394
2025-09-04 Alger Jason Officer (Chief Financial Officer) 2025-09-02 F (2,613) $3.36 -$8,787
2025-09-04 LeSueur Daniel Officer (Chief Operating Officer) 2025-09-02 F (3,663) $3.36 -$12,318
2025-09-04 Burton Daniel D. Director, Officer (Chief Executive Officer) 2025-09-02 F (8,335) $3.36 -$28,028
2025-09-04 Llewelyn Linda Officer (Chief People Officer) 2025-09-02 F (2,854) $3.36 -$9,597
2025-09-04 Landry Benjamin Officer (General Counsel) 2025-09-02 F (3,138) $3.36 -$10,552
2025-09-03 Spencer Justin Director 2025-09-01 A 68,572 — $0
2025-07-11 Smith S. Dawn Director 2025-07-09 A 36,231 — $0
2025-07-10 Gallagher Duncan Director 2025-07-09 A 36,231 — $0
2025-07-10 Hoggard Green Jill Director 2025-07-09 A 36,231 — $0
2025-07-10 KANE JOHN A Director 2025-07-09 A 36,231 — $0
2025-07-10 Larson-Green Julie Director 2025-07-09 A 36,231 — $0
2025-06-09 Landry Benjamin Officer (General Counsel) 2025-06-05 S (6,057) $3.94 -$23,891
2025-06-03 Landry Benjamin Officer (General Counsel) 2025-06-02 F (3,255) $3.63 -$11,831
2025-06-03 LeSueur Daniel Officer (Chief Operating Officer) 2025-06-02 F (3,802) $3.63 -$13,820
2025-06-03 Freeman Kevin Lee Officer (Chief Commercial Officer) 2025-06-02 F (4,747) $3.63 -$17,254
2025-06-03 Alger Jason Officer (Chief Financial Officer) 2025-06-02 F (2,712) $3.63 -$9,858
2025-06-03 Burton Daniel D. Director, Officer (Chief Executive Officer) 2025-06-02 F (8,658) $3.63 -$31,470
2025-06-03 Llewelyn Linda Officer (Chief People Officer) 2025-06-02 F (2,965) $3.63 -$10,777
2025-06-03 Larson-Green Julie Director 2025-06-01 A 3,766 — $0
2025-06-03 Gallagher Duncan Director 2025-06-01 A 4,080 — $0
2025-05-07 LeSueur Daniel Officer (Chief Operating Officer) 2025-05-05 S (5,209) $4.10 -$21,331
2025-04-07 LeSueur Daniel Officer (Chief Operating Officer) 2025-04-03 S (5,209) $4.15 -$21,604
2025-03-10 Landry Benjamin Officer (General Counsel) 2025-03-06 S (13,827) $4.55 -$62,860
2025-03-10 LeSueur Daniel Officer (Chief Operating Officer) 2025-03-05 S (16,902) $4.52 -$76,331
2025-03-04 LeSueur Daniel Officer (Chief Operating Officer) 2025-03-03 F (9,232) $4.58 -$42,256
2025-03-04 Landry Benjamin Officer (General Counsel) 2025-03-03 F (9,024) $4.58 -$41,304
2025-03-04 Alger Jason Officer (Chief Financial Officer) 2025-03-03 F (7,304) $4.58 -$33,431
2025-03-04 Freeman Kevin Lee Officer (Chief Commercial Officer) 2025-03-03 F (10,800) $4.58 -$49,433
2025-03-04 Llewelyn Linda Officer (Chief People Officer) 2025-03-03 F (7,525) $4.58 -$34,443
2025-03-04 Burton Daniel D. Director, Officer (Chief Executive Officer) 2025-03-03 F (33,677) $4.58 -$154,143
2025-03-04 Larson-Green Julie Director 2025-03-01 A 2,450 — $0
2025-03-04 Gallagher Duncan Director 2025-03-01 A 3,033 — $0
2025-02-24 Burton Daniel D. Director, Officer (Chief Executive Officer) 2025-02-20 A 296,000 — $0
2025-02-24 Burton Daniel D. Director, Officer (Chief Executive Officer) 2025-02-20 A 75,437 — $0
2025-02-24 Freeman Kevin Lee Officer (Chief Commercial Officer) 2025-02-20 A 140,000 — $0
2025-02-24 Freeman Kevin Lee Officer (Chief Commercial Officer) 2025-02-20 A 18,262 — $0
2025-02-24 Alger Jason Officer (Chief Financial Officer) 2025-02-20 A 181,000 — $0
2025-02-24 Alger Jason Officer (Chief Financial Officer) 2025-02-20 A 11,950 — $0
2025-02-24 Landry Benjamin Officer (General Counsel) 2025-02-20 A 97,500 — $0
2025-02-24 Landry Benjamin Officer (General Counsel) 2025-02-20 A 13,538 — $0
2025-02-24 Llewelyn Linda Officer (Chief People Officer) 2025-02-20 A 69,000 — $0
2025-02-24 Llewelyn Linda Officer (Chief People Officer) 2025-02-20 A 11,750 — $0
2025-02-24 LeSueur Daniel Officer (Chief Operating Officer) 2025-02-20 A 145,000 — $0
2025-02-24 LeSueur Daniel Officer (Chief Operating Officer) 2025-02-20 A 11,340 — $0
2025-02-20 Llewelyn Linda Officer (Chief People Officer) 2025-02-18 S (6,441) $5.43 -$34,953
2025-02-06 LeSueur Daniel Officer (Chief Operating Officer) 2025-02-05 S (5,209) $5.76 -$30,007
2025-01-17 Llewelyn Linda Officer (Chief People Officer) 2025-01-15 S (6,442) $5.80 -$37,348
2025-01-10 LeSueur Daniel Officer (Chief Operating Officer) 2025-01-06 S (5,209) $7.51 -$39,134
2025-01-10 Landry Benjamin Officer (General Counsel) 2025-01-06 S (2,500) $7.52 -$18,796
2025-01-02 Gallagher Duncan Director 2024-12-30 S (4,500) $6.93 -$31,184
2024-12-27 Gallagher Duncan Director 2024-12-23 S (4,500) $6.98 -$31,415
2024-12-18 Llewelyn Linda Officer (Chief People Officer) 2024-12-16 S (6,442) $7.88 -$50,794
2024-12-10 Alger Jason Officer (Chief Financial Officer) 2024-12-06 S (19,599) $8.32 -$163,050
2024-12-10 Landry Benjamin Officer (General Counsel) 2024-12-06 S (19,268) $8.32 -$160,294
2024-12-06 LeSueur Daniel Officer (Chief Operating Officer) 2024-12-04 S (22,773) $7.70 -$175,243
2024-12-04 Hoggard Green Jill Director 2024-12-01 A 27,706 — $0
2024-12-03 Freeman Kevin Lee Officer (Chief Commercial Officer) 2024-12-02 S (7,500) $8.94 -$67,073
2024-12-03 Alger Jason Officer (Chief Financial Officer) 2024-12-01 F (7,795) $8.97 -$69,946
2024-12-03 Freeman Kevin Lee Officer (Chief Commercial Officer) 2024-12-01 F (11,431) $8.97 -$102,573
2024-12-03 Landry Benjamin Officer (General Counsel) 2024-12-01 F (9,419) $8.97 -$84,519
2024-12-03 Burton Daniel D. Director, Officer (Chief Executive Officer) 2024-12-01 F (30,897) $8.97 -$277,245
2024-12-03 LeSueur Daniel Officer (Chief Operating Officer) 2024-12-01 F (10,455) $8.97 -$93,815
2024-12-03 Llewelyn Linda Officer (Chief People Officer) 2024-12-01 F (7,766) $8.97 -$69,686
2024-12-03 Pramoda Anita Director 2024-12-01 A 1,847 — $0
2024-12-03 Larson-Green Julie Director 2024-12-01 A 1,616 — $0
2024-12-03 Gallagher Duncan Director 2024-12-01 A 2,001 — $0
2024-11-18 Llewelyn Linda Officer (Chief People Officer) 2024-11-15 S (1,365) $8.50 -$11,602
2024-11-07 LeSueur Daniel Officer (Chief Operating Officer) 2024-11-05 S (5,209) $7.70 -$40,127
2024-10-17 Llewelyn Linda Officer (Chief People Officer) 2024-10-15 S (1,324) $8.16 -$10,804
2024-10-08 LeSueur Daniel Officer (Chief Operating Officer) 2024-10-03 S (5,209) $7.68 -$40,011
2024-09-18 Llewelyn Linda Officer (Chief People Officer) 2024-09-16 S (1,324) $8.43 -$11,161