Health Catalyst, Inc. (HCAT) Stock

Health Catalyst, Inc. (HCAT) is a Technology stock trading at $1.63 (as of 2026-08-20), with a market capitalization of $122.67M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations. Its offerings include data and analytics platform, a commercial-grade data and analytics platform for the healthcare sector; AI and data science, providing integration of AI into existing business intelligence tools, increasing analytics accuracy; population health management identifies improvement across the care continuum as well as actionable guidance for success and automated workflows; financial transformation providing costing and labor productivity insights and revenue capture; quality and safety improvement using clinical quality and patient safety data, analytics, and expert services; and national data ecosystem for thought leadership and mutual knowledge exchange to transform care delivery through next-gen insights. 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 based in South Jordan, Utah.

Understand Health Catalyst, Inc.: how it makes money

Health Catalyst provides data and analytics technology and services to healthcare organizations, selling an analytics platform plus AI and population, financial transformation, and quality analytics, with additional revenue from professional services tied to delivering and supporting these solutions.

Profit drivers are tied to recurring technology performance (supported by platform clients and retention) plus continued delivery capacity via professional services, so client growth and durable retention are structurally central to sustaining revenue.

Business quality (Weak): The business description and multiple operating KPIs are clear, but the provided segment revenue breakdown does not sum close to the latest quarter total revenue, so segment-level insight is limited.

Bull case

Platform client momentum: Net New Platform Clients was 10.0 (count). Platform Clients were 162.0 (count).
Retention above 100% (per provided metric): Dollar-Based Retention Rate (Tech plus Tech-Enabled Managed Services) was 102.0 (percent).
Customer and team signals were strong: Healthcare Analytics Summit Attendee Satisfaction was 98.0 (percent), and Overall Team Member Engagement Score was 94.0 (ratio).

Bear case

Very weak operating profitability in the quarter: Operating margin_pct was -150.5 for the quarter ended 2026-03-31.
Provided contract ARR metrics show 0.0: Annual Recurring Revenue from Five-Year All-Access Technology and Services Contract (Before Shared Success Bonus) was 0.0 (USD_B), and Annual Recurring Revenue from Second Signed Contract was 0.0 (USD_B).

Valuation — source: SEC EDGAR (first-party)
Price	$1.63
Market Cap	$122.67M
Price / Book	1.22
Price / Sales	0.42
FCF Yield	22.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$311.14M
Net Margin	-57.2%
Revenue Growth (YoY)	-12.7%
EPS Growth (YoY)	-6.8%
FCF Growth (YoY)	-99.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	-3.77 (distress)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	First Light Asset Management, LLC ($16.36M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Daniel D. Burton
Employees	1,500
Country	US
IPO Date	2019-07-25

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.