HealthStream, Inc. (HSTM) Stock

HealthStream, Inc. (HSTM) is a Technology stock trading at $28.59 (as of 2026-08-20), with a market capitalization of $835.12M and a trailing P/E of 38.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

HealthStream, Inc. provides workforce and provider software and services for healthcare organizations in the United States through Workforce Solutions and Provider Solutions. It offers SaaS and subscription workforce tools for clinical development, talent management, and training, and provider platforms for ambulatory surgery centers, urgent care and clinics, medical staff credentialing and privileging, and provider enrollment.

Understand HealthStream, Inc.: how it makes money

HealthStream sells workforce and provider software and services for healthcare organizations in the United States, including SaaS and subscription-based solutions, plus implementation and account management to support areas like training, credentialing, scheduling, and performance.

The profit model is closely tied to subscription backlog and its timing, shown by Remaining Performance Obligations of 0.69 USD_B, with conversion of 39% over the next twelve months and 67% over the next twenty-four months.

Revenue by segment (latest quarter)
Workforce$0.1B
Provider$0.0B

Business quality (Mixed): The business appears to be driven by recurring, contract-backed revenue visibility (RPO) and conversion, supported by subscription adds, but near-term outcomes can hinge on how quickly that backlog turns into recognized revenue.

Valuation: Trades at 38× trailing earnings · $1B market cap.

Bull case

  • Backlog-driven revenue visibility: Remaining Performance Obligations were 0.69 USD_B, with 39% expected to be converted over the next twelve months.
  • Ongoing subscription growth signals demand: Net New HStream Subscriptions Added was 85,000 (also reflected by New Subscriptions Added of 68,000).

Bear case

  • Conversion timing risk: Even with RPO, only a portion converts in the next twelve months (39%), so revenue timing can be sensitive to conversion rates.
  • Mix concentration in smaller components outside the main subscription stream: Provider Solutions Revenue was 0.01 USD_B and Legacy Credentialing and Legacy Scheduling Revenue was 0.01 USD_B, while Professional Services Revenue, Direct Commerce Revenue, and One-Time License Revenue are shown as 0.0 USD_B in the provided facts.
Valuation — source: SEC EDGAR (first-party)
Price$28.59
Market Cap$835.12M
P/E Ratio38.5
EV / EBITDA11.4
Price / Book2.37
Price / Sales2.73
FCF Yield15.3%
DCF Value (model)$6.15
DCF Upside vs Price-78.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$304.06M
Net Margin6.0%
Revenue Growth (YoY)4.3%
EPS Growth (YoY)-7.6%
FCF Growth (YoY)6.0%
Financial Health — source: SEC EDGAR
Altman Z-Score4.06 (safe)
Valuation vs Sector & Industry
Stock P/E38.5
Sector P/E (Technology)33.9
Industry P/E (Business Services)30.0
vs Sector13.3%
vs Industry28.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($79.77M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryBusiness Services
CEORobert A. Frist Jr.
Employees1,083
CountryUS
IPO Date2000-04-11

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HSTM earnings history · HSTM institutional & insider holders · HSTM KPIs & operating metrics · HSTM financials · HSTM investor presentations & press releases · HSTM SEC filings · HSTM peers · Congress trades · Insider trades · Short interest · Stock screener

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.