HTFLHeartflow, Inc.
Surgical & Medical Instruments & Apparatus
- Revenue
- $176M
- 40% YoY
- Operating margin
- -36.4%
- 25% YoY
- EBITDA
- −$59M
- 4.9% YoY
- Market cap
- $5.1B
- Employees
- 805,000
- $219 revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 7.9
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$219 · 0th pctBottom quartile of its SIC industry
- Quiet on AINo7.9 per 10K words · 90th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$5.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$140M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $87M | $126M | $176M | 40% |
| Operating income | −$73M | −$61M | −$64M | 4.6% |
| Net income | −$96M | −$96M | −$117M | 21% |
| Operating cash flow | −$76M | −$69M | −$54M | 22% |
| Capex | $6M | $4M | $5M | 15% |
| Stock-based comp | $12M | $10M | $14M | 37% |
| Buybacks | $228K | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $1M · 1
- Open-market sells, 12 mo
- $141M · 38
- Net
- −$140M
Pay vs performance
No pay-versus-performance disclosure yet.