# Heartflow, Inc. (HTFL)

> Source: Nexqual · https://nexqual.com/HTFL · data as of 2026-10-29 13:34 UTC · cite as "Nexqual, Heartflow, Inc. (HTFL), nexqual.com/HTFL" · informational, not investment advice.

**Price:** USD 58.71 (-0.67% today) · US market open, as of October 29, 2026 at 13:34 UTC; quotes may be delayed. Prev close 59.1 · day 58.5–59.7 · 52w 20.13–60.29 · market cap $5.10B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $212M, net income -$118M (-55.8% margin), free cash flow -$59.2M (SEC filings).
- Analysts: Buy (mean 1.89 on a 1–5 scale) (9 analysts), mean target USD 50.5 (range 39–64).
- Total return with dividends: 1Y +56.5% vs S&P 500 +13.1%; 5Y +88.3% vs S&P 500 +79.0%.
- Next earnings: 2026-11-12, EPS estimate USD -0.1, revenue estimate $65.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $87.2M | $126M | $176M | $212M |
| Gross profit | $58.1M | $94.4M | $135M | — |
| Operating income | -$72.9M | -$61.2M | -$64.1M | -$80.3M |
| Net income | -$95.7M | -$96.4M | -$117M | -$118M |
| EPS (diluted) | -$25.32 | -$17.98 | -$3.17 | — |
| Free cash flow | -$82.5M | -$73.4M | -$59.0M | -$59.2M |
| Gross margin | 66.6% | 75.1% | 76.8% | — |
| Operating margin | -83.6% | -48.7% | -36.4% | -37.8% |
| Net margin | -109.7% | -76.6% | -66.3% | -55.8% |
| Revenue growth | — | +44.3% | +39.9% | — |
| Cash + short-term investments | $123M | $51.4M | $280M | — |
| Total debt | — | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 24.1x · P/B 18.3x · FCF yield -1.16% · Earnings yield -2.32%

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 9 analysts; mean target USD 50.5 (low 39, high 64).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Piper Sandler | Target raised | Overweight | $45 → $64 |
| 2026-09-22 | Canaccord Genuity | Target raised | Buy | $45 → $56 |
| 2026-09-09 | UBS | Initiated | Neutral | $55 |
| 2026-08-14 | Canaccord Genuity | Target raised | Buy | $37 → $45 |
| 2026-08-14 | Morgan Stanley | Target raised | Equal-Weight | $35 → $40 |
| 2026-08-14 | Piper Sandler | Target raised | Overweight | $38 → $45 |
| 2026-08-14 | JP Morgan | Target raised | Overweight | $35 → $45 |
| 2026-08-14 | Wells Fargo | Target raised | Overweight | $37 → $39 |
| 2026-08-14 | Stifel | Target raised | Buy | $40 → $45 |
| 2026-07-31 | Baird | Initiated | Outperform | $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2025-08-11) |
|---|---|---|
| Total return | +56.5% | +88.3% |
| S&P 500 (SPY) | +13.1% | +79.0% |
| Per year | +56.5% | +68.3% |
| Volatility (annualized) | 76.5% | 80.9% |
| Max drawdown | -45.4% (Oct 2025→Mar 2026) | -45.9% (Oct 2025→Mar 2026) |

## Peers (Health Information Services)
WAY (Waystar Holding Corp.) USD 28.57 -1.21% · DOCS (Doximity, Inc.) USD 34 -0.74% · HQY (HealthEquity, Inc.) USD 102.57 +1.21% · HNGE (Hinge Health, Inc.) USD 114.32 -0.83% · PRVA (Privia Health Group, Inc.) USD 22.1 +1.20% · SDGR (Schrodinger, Inc.) USD 30.37 -1.62%

## More
Full page: https://nexqual.com/HTFL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HTFL's own 10-K filed 2026-03-18 (https://www.sec.gov/Archives/edgar/data/1464521/000146452126000042/htfl-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "Additionally, AWS has suffered outages at specific customer locations in the past, rendering the customer unable to access our offering for periods of time." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $60.3M | 94.1% | +50.8% |
| Non Us | $3.8M | 5.9% | +9.7% |
| Total revenue | $64.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.10 | $-0.11 | +$0.01 | $65.2M | 8 |
| Next quarter (ends 2026-12-31) | $-0.09 | $-0.09 | $0.00 | $66.7M | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.41 | $-0.49 | +$0.08 | $248.6M | 8 |
| Next fiscal year (ends 2027-12-31) | $-0.27 | $-0.26 | −$0.01 | $308.6M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±20.4%; last 5 reports averaged ±15.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 101.2% | ±20.4% |
| 2026-12-18 | 50 | 84.3% | ±25.2% |
| 2027-01-15 | 78 | 78.8% | ±29.2% |
| 2027-03-19 | 141 | 79.9% | ±39.4% |
| 2027-04-16 | 169 | 80.0% | ±43.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 13, 2026 | Quarter ended Jun 30, 2026 | −$0.07 | −$0.13 | Beat +46.2% | +41.0% |
| May 14, 2026 | Quarter ended Mar 31, 2026 | −$0.16 | −$0.17 | Beat +5.9% | -9.2% |
| Mar 18, 2026 | Quarter ended Dec 31, 2025 | −$0.12 | −$0.16 | Beat +25.0% | +15.0% |
| Nov 12, 2025 | Quarter ended Sep 30, 2025 | −$0.27 | −$0.24 | Miss −12.5% | -9.5% |
| Sep 10, 2025 | — | — | — | — | -4.4% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | BCLS Fund III Investments, LP: 9.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1464521/000119312526350334/0001193125-26-350334-index.htm |
| 2026-08-13 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1464521/000146452126000131/0001464521-26-000131-index.htm |
| 2026-08-13 | Schedule 13G/A | Wellington Management Group LLP, Wellington Group Holdings LLP: 9.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1464521/000090221926000233/0000902219-26-000233-index.htm |
| 2026-08-13 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1464521/000146452126000129/0001464521-26-000129-index.htm |
| 2026-08-06 | Schedule 13G/A | Wellington Management Group LLP, Wellington Group Holdings LLP: 10.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1464521/000090221926000218/0000902219-26-000218-index.htm |
| 2026-07-28 | Schedule 13G | BlackRock, Inc.: 5.7% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1464521/000201238326002517/0002012383-26-002517-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.