Heartflow, Inc. Common Stock (HTFL) Stock

Heartflow, Inc. Common Stock (HTFL) is a Healthcare stock trading at $46.75 (as of 2026-08-20), with a market capitalization of $4.07B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D model of a patient's heart from a single coronary computed tomography angiography, a specialized type of scan that provides detailed images of the heart's arteries. The company's platform provides insights on blood flow, stenosis, and plaque volume and composition by overcoming the limitations of traditional non-invasive imaging tests. The company was founded in 2007 and is headquartered in Mountain View, California.

Understand Heartflow, Inc. Common Stock: how it makes money

HeartFlow provides a non-invasive diagnostic platform for coronary artery disease, using AI and computational fluid dynamics to create patient-specific 3D heart models from a single coronary computed tomography angiography scan, and it earns revenue from institutions and providers using its HeartFlow technology to manage patients.

The business economics are driven by scaling HeartFlow adoption in institutions, which increases the number of patients managed using the technology, but the company is currently not operating profitably (operating margin is negative).

Business quality (Weak): The company has very high gross margin, but it remains materially loss-making on an operating basis, so investor focus is on whether adoption and managed-patient growth translate into durable operating profit.

Valuation: At 19× earnings, HTFL trades 41% below the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

High gross margin (80.2%): This suggests strong product-level economics if revenue scales.
Meaningful platform adoption and usage: As of the KPI set provided, there are 1,800 institutions using Heartflow and 650,000 patients managed using Heartflow technology.
Technically strong model acceptance signal: The coronary computed tomography angiography image acceptance rate is 97% (per the KPI set provided).

Bear case

Large operating loss (operating margin -56.1%): Despite high gross margin, operating expenses outweigh gross profit, so profitability has not been achieved.
Revenue concentration uncertainty: In the revenue candidate set, revenue outside the United States and other is shown as 0.0, implying limited non-U.S. contribution based on the provided facts.

Valuation — source: SEC EDGAR (first-party)
Price	$46.75
Market Cap	$4.07B
Price / Book	14.53
Price / Sales	18.86
FCF Yield	-3.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$176.03M
Net Margin	-66.3%
Revenue Growth (YoY)	39.9%
EPS Growth (YoY)	-82.4%
FCF Growth (YoY)	-19.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	37.17 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	WELLINGTON MANAGEMENT GROUP LLP ($291.53M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	John Farquhar
Employees	626
Country	US
IPO Date	2025-08-07

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

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.