HSTMHEALTHSTREAM INC
Services-Computer Programming, Data Processing, Etc.
- Revenue
- $304M
- 4.3% YoY
- Operating margin
- 6.7%
- 8.8% YoY
- EBITDA
- $64M
- 1.9% YoY
- Market cap
- $985M
- Employees
- 700
- $434K revenue each
- Net debt / EBITDA
- -0.3×
- −$18M net debt
- AI in 10-K
- 14.3
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$727K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo345% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo53% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes41% of assetsOver 40% of assets
- Shareholder dissentYes58% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$434K · 49th pctBottom quartile of its SIC industry
- Quiet on AINo14.3 per 10K words · 96th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.3× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$985M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $257M | $267M | $279M | $292M | $304M | 4.3% |
| Operating income | $8M | $12M | $16M | $21M | $20M | 4.9% |
| Net income | $6M | $12M | $15M | $20M | $18M | 8.3% |
| Operating cash flow | $42M | $51M | $64M | $58M | $63M | 9.8% |
| Capex | $3M | $2M | $2M | $1M | $4M | 163% |
| Stock-based comp | $5M | $4M | $4M | $4M | $8M | 82% |
| Buybacks | $5M | $23M | $9M | $0 | $30M | |
| Dividends | $19K | $0 | $3M | $3M | $4M | 9.6% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 21, 2026 | WJRJJ Ventures, LLC | SCHEDULE 13D | 9.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 9
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $868K | $715K | 107 | 180 |
| FY2024 | $702K | $787K | 147 | 165 |
| FY2023 | $727K | $788K | 124 | 140 |
| FY2022 | $750K | $735K | 114 | 88 |
| FY2021 | $642K | $714K | 121 | 132 |