Hinge Health, Inc. (HNGE) Stock

Hinge Health, Inc. (HNGE) is a Technology stock trading at $88.56 (as of 2026-09-11), with a market capitalization of $7.39B and a trailing P/E of 67.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Hinge Health develops health care software focused on joint and muscle health, including tools supporting musculoskeletal care, acute injuries, chronic pain, and post-surgical rehabilitation. The company also provides related administrative and operational support services for delivery of that care.

Understand Hinge Health, Inc.: how it makes money

Hinge Health sells a digital musculoskeletal care platform (physical therapy, coaching, chronic pain management) to employer-sponsored health plans. Revenue comes from per-member, per-month subscription fees paid by roughly 2,850 employer clients, with over 20 million eligible contracted lives creating high switching costs and recurring cash flow.

The profit engine is yield: revenue scales by converting a small fraction of 25 million contracted eligible lives into active members (about 3.9% annual yield), so growth depends on lifting enrollment within existing employer contracts rather than solely signing new clients.

Business quality (Mixed): Fast-growing (53% YoY) with a software-like 86% gross margin, but still early in profitability (19% operating margin, deeply negative ROE) and dependent on lifting yield from a large but under-penetrated contracted base. Quality is improving but not yet proven at scale.

Bull case

Win rates and displacement: Management cited higher win rates and major competitive displacements in Q2, suggesting the platform is pulling share from incumbent digital-PT and telehealth providers.
Yield expansion is structural: Management identified multiple drivers for yield expansion within the existing contracted-lives base, so revenue growth is not solely dependent on signing new employer clients.
Fast growth at meaningful scale: Quarterly revenue reached $200M, up 53% year over year, demonstrating the per-member subscription model is scaling across a broadening client base.

Bear case

New product drags returns: Management acknowledged Cylinder is not yet profitable and may take up to two years to normalize margins, pressuring the 19% operating margin in the near term.
Back-loaded revenue timing: Management noted sales conversion is concentrated in the second half, making quarterly results more sensitive to timing and increasing the risk of sequential misses.
Margin flattered by one-off: Q2's 86% gross margin was boosted by a one-time tariff refund, meaning the underlying run-rate margin before that item is lower than the reported figure.

Valuation — source: SEC EDGAR (first-party)
Price	$88.56
Market Cap	$7.39B
P/E Ratio	67.7
EV / EBITDA	72.0
Price / Book	21.46
Price / Sales	10.26
FCF Yield	3.9%
DCF Value (model)	$85.48
DCF Upside vs Price	-3.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$587.86M
Net Margin	-89.9%
Return on Equity	31.7%
Current Ratio	1.34
Revenue Growth (YoY)	53.0%
EPS Growth (YoY)	-104.2%
FCF Growth (YoY)	405.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.79 (distress)

Valuation vs Sector & Industry
Stock P/E	67.7
Sector P/E (Technology)	29.5
Industry P/E (Business Services)	24.7
vs Sector	129.7%
vs Industry	174.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Insight Holdings Group, LLC ($361.51M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Daniel A. Perez
Employees	1,514
Country	US
IPO Date	2025-05-22

Hinge Health, Inc. earnings call transcripts

HNGE Q2 FY26 earnings call transcript (reported 2026-08-04) · analysis

All HNGE earnings calls

Related Companies (Business Services; 8 comparable business services companies)

Data as of 2026-09-11.

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