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HeartFlow, Inc.
(NASDAQ:HTFL)
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Rating:60Neutral
Price Target:
$53.00
▲(8.36% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by strong technical uptrend and a constructive earnings-call outlook with raised guidance and improving margins. These positives are tempered by weak underlying financial performance (ongoing losses and cash burn) and limited valuation support given negative earnings and no dividend.
Positive Factors
Rapid revenue growth
Strong revenue acceleration and upgraded full-year guidance indicate expanding customer utilization and market adoption. Sustained growth at this rate can improve operating leverage, support continued investment in clinical and product development, and strengthen HeartFlow’s position over the next several quarters.
Negative Factors
Persistent operating losses
HeartFlow remains materially unprofitable despite improving results, with operating expenses still consuming nearly all reported revenue before other costs. Continued losses can delay self-funded expansion, increase reliance on available financing, and leave earnings highly sensitive to execution and growth assumptions.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth
Strong revenue acceleration and upgraded full-year guidance indicate expanding customer utilization and market adoption. Sustained growth at this rate can improve operating leverage, support continued investment in clinical and product development, and strengthen HeartFlow’s position over the next several quarters.
Read all positive factors
HeartFlow, Inc. (HTFL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.20B
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)―
Beta (1Y)1.84
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees843
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-1.40
Shares Outstanding86,953,630
10 Day Avg. Volume1,709,663
30 Day Avg. Volume1,798,720
Financial Highlights & Ratios
PEG Ratio2.03
Price to Book (P/B)8.27
Price to Sales (P/S)14.12
P/FCF Ratio-42.10
Enterprise Value/Market Cap0.57
Enterprise Value/Revenue11.31
Enterprise Value/Gross Profit14.13
Enterprise Value/Ebitda-22.64
Forecast
1Y Price Target
$44.78Price Target Upside-8.45% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.41
Revenue Forecast (FY)$248.79M
HeartFlow, Inc. Business Overview & Revenue Model
Company Description
HeartFlow, Inc. operates as a global medical technology firm, specializing in providing non-surgical solutions for the diagnosis and ongoing management of coronary artery disease. Its innovative HeartFlow Platform employs artificial intelligence a...
HeartFlow, Inc. Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line momentum (48% YoY Q2 revenue growth), significant gross-margin expansion (770 bps YoY) and raised full-year guidance, supported by accelerating Plaque adoption, durable FFRCT utilization, a rich clinical evidence base, and a clear R&D pipeline. Offsets include remaining GAAP losses, early-stage Plaque penetration relative to its long-term potential, ongoing litigation, and pricing/ASP dynamics that could moderate in 2027. On balance, operational and financial progress, upgraded guidance, and a solid cash position outweigh the near-term risks.Positive Updates
Strong Revenue Growth
Q2 revenue was $64.1 million, up 48% year-over-year; U.S. revenue grew 51% to $59.6 million. Management called this the fastest revenue growth in eight quarters.
Negative Updates
Still Operating at a Loss
Despite significant improvements, the company remains unprofitable: non-GAAP net loss of $5.8M and GAAP net loss of $15.7M in Q2. Non-GAAP operating expenses were 96% of revenue, and SG&A was $37.8M while R&D was $23.5M.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Q2 revenue was $64.1 million, up 48% year-over-year; U.S. revenue grew 51% to $59.6 million. Management called this the fastest revenue growth in eight quarters.
Read all positive updates
Company Guidance
Management raised full‑year 2026 revenue guidance to $246M–$250M (40%–42% YoY) and increased Plaque revenue guidance to $29M–$31M with roughly 1,250 Plaque‑activated accounts expected by year‑end; Q2 revenue was $64.1M (up 48% YoY), U.S. revenue $59.6M (up 51%) including $7.8M of Plaque, OUS $4.5M, and total global reads/cases ~84,491 (up 74%). Q2 non‑GAAP gross margin was 83.3% (vs 75.6% LY, +770 bps) and full‑year non‑GAAP gross margin guidance was raised to ~82% (mid‑term target 85%), with midpoint revenue implying ~50% YoY gross profit growth. Operating leverage improved: non‑GAAP OpEx were 96% of revenue (vs 102% LY), non‑GAAP operating loss $7.9M (vs $11.5M), non‑GAAP net loss $5.8M or $0.07/sh (vs $17.6M or $2.79), GAAP net loss $15.7M or $0.18/sh, weighted shares 86.4M, and cash + investments $246.8M. Management reiterated plans for cash‑flow profitability by mid‑2028 and outlined R&D and clinical plans (Plaque Tracker and autonomous processing in 2027; three RCTs to expand asymptomatic TAM by ~$6B to ~$11B with enrollment beginning Q4‑2026–Q1‑2027).HeartFlow, Inc. Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
55
Neutral
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 212.07M | 176.03M | 125.81M | 87.17M |
| Gross Profit | 169.83M | 135.20M | 94.45M | 58.05M |
| EBITDA | -105.97M | -93.12M | -65.47M | -62.83M |
| Net Income | -118.37M | -116.79M | -96.43M | -95.66M |
Balance Sheet | ||||
| Total Assets | 344.46M | 359.45M | 118.70M | 185.05M |
| Cash, Cash Equivalents and Short-Term Investments | 162.55M | 176.79M | 51.37M | 122.77M |
| Total Debt | 27.13M | 22.05M | 160.38M | 160.60M |
| Total Liabilities | 64.74M | 58.80M | 978.19M | 962.62M |
| Stockholders Equity | 279.73M | 300.65M | -859.48M | -777.56M |
Cash Flow | ||||
| Free Cash Flow | -59.18M | -59.05M | -73.36M | -82.54M |
| Operating Cash Flow | -52.23M | -54.02M | -69.00M | -76.43M |
| Investing Cash Flow | -216.88M | -238.57M | -4.36M | -6.11M |
| Financing Cash Flow | 223.10M | 286.04M | 2.24M | 169.32M |
HeartFlow, Inc. Technical Analysis
Neutral
48.91
Price Trends
46.86
Positive
37.83
Positive
32.86
Positive
Market Momentum
0.85
Positive
48.76
Neutral
39.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HTFL, the sentiment is Neutral. The current price of 48.91 is below the 20-day moving average (MA) of 49.63, above the 50-day MA of 46.86, and above the 200-day MA of 32.86, indicating a neutral trend. The MACD of 0.85 indicates Positive momentum. The RSI at 48.76 is Neutral, neither overbought nor oversold. The STOCH value of 39.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HTFL.
HeartFlow, Inc. Risk Analysis
HeartFlow, Inc. disclosed 70 risk factors in its most recent earnings report. HeartFlow, Inc. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
HeartFlow, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.01B | 46.30 | 6.01% | 0.41% | 8.78% | 7.61% | |
60 Neutral | $4.20B | -34.01 | -42.25% | ― | ― | ― | |
57 Neutral | $144.84M | -0.63 | -78.52% | ― | -4.99% | 39.52% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $198.66M | -2.45 | -33.27% | ― | -19.00% | 40.98% | |
52 Neutral | $1.03B | -5.73 | -13.08% | ― | -2.08% | 16.88% | |
51 Neutral | $24.57M | -0.84 | -686.78% | ― | ― | 26.80% |
* General Sector Average
HTFL
HeartFlow, Inc.
48.29
13.24
37.77%
HSTM
HealthStream
33.13
6.29
23.44%
TDOC
Teladoc
5.67
-3.31
-36.86%
AMWL
American Well
11.68
6.07
108.20%
DH
Definitive Healthcare Corp
1.00
-2.04
-67.11%
BEAT
HeartBeam
0.44
-1.24
-74.05%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.