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Nasdaq · Healthcare

Heartflow, Inc. (HTFL)

As-reported financials and SEC filings for Heartflow, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Heartflow, Inc.

Heartflow, Inc. provides AI-powered software designed to improve the diagnosis and management of coronary artery disease (CAD) using non-invasive imaging. Its Heartflow Platform analyzes coronary computed tomography angiography (CCTA) scans to create personalized 3D models of patients' hearts, offering detailed insights into blood flow, plaque volume, and stenosis. The company serves healthcare providers by integrating its platform into clinical workflows to support accurate and efficient CAD assessment and treatment planning.

Snapshot

Revenue
$176.0M
Revenue growth (YoY)
39.9%
Net income
$-116.8M
Diluted EPS
$-3.17
Gross margin
76.8%
Operating margin
-36.4%
Net margin
-66.3%
FCF margin
-33.5%
ROE
-38.8%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$4.18B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Heartflow

  • Revenue grew 39.9% to $176M in FY2025, slower than the 44.3% the year before.
  • Operating margin is -36.4% in FY2025, +47.2 pp against -83.6% in FY2023.
  • Most recent quarter Q2 FY2026: revenue $64M, up 47.6% from Q2 FY2025.
  • Free cash flow was negative $59M in FY2025.
  • Net loss widened to $117M in FY2025, from $96M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Heartflow’s fundamentals sit among the 88 medical device companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin76.8%
83rd percentile of 77
Operating margin-36.4%
22nd percentile of 80
Net margin-66.3%
9th percentile of 81
FCF margin-33.5%
18th percentile of 74
Revenue growth (YoY)+39.9%
87th percentile of 87
ROE-38.8%
29th percentile of 79
Short interest3.85d
59th percentile of 88

Heartflow’s net margin of -66.3% ranks in the 9th percentile of the 81 medical device companies reporting it. Heartflow’s revenue growth of +39.9% ranks in the 87th percentile of the 87 medical device companies reporting it.

No reported insider purchases (code P) in the last 90 days; 9 insider sales totaling $7.3M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 7 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+7 quant / multi-strat
Initiated / added
6
3 new, 3 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$121.6M
reported long value
InvestorAs ofPosition valueSharesChange
Point72 Asset ManagementquantQ2 2026$50.5M1.7MAdded
Millennium ManagementquantQ2 2026$27.1M922.9KReduced
Citadel AdvisorsquantQ2 2026$23.5M799.9KAdded
Renaissance TechnologiesquantQ2 2026$11.2M382.7KNew
AQR Capital ManagementquantQ2 2026$8.9M303.2KAdded
D. E. ShawquantQ2 2026$254,7018.7KNew
Two Sigma InvestmentsquantQ2 2026$209,0777.1KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
9
$7.3M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-21
filed 2026-08-25
Farquhar John C.M.Chief Executive OfficerSell27.2K$50.00$1.4M
2026-08-18
filed 2026-08-20
Farquhar John C.M.Chief Executive OfficerSell32.7K$45.00$1.5M
2026-08-17
filed 2026-08-19
Rogers CampbellChief Medical OfficerSell9.2K$41.23$380K
2026-08-14
filed 2026-08-18
Farquhar John C.M.Chief Executive OfficerSell15.6K$39.06$608K
2026-08-10
filed 2026-08-12
Farquhar John C.M.Chief Executive OfficerSell22.6K$28.31$639K
2026-07-15
filed 2026-07-17
Rogers CampbellChief Medical OfficerSell9.2K$25.72$237K
2026-07-10
filed 2026-07-13
Farquhar John C.M.Chief Executive OfficerSell22.6K$27.75$626K
2026-06-24
filed 2026-06-26
Farquhar John C.M.Chief Executive OfficerSell38.9K$35.00$1.4M
2026-06-10
filed 2026-06-12
Farquhar John C.M.Chief Executive OfficerSell22.6K$28.50$643K
2026-05-18
filed 2026-05-20
Rogers CampbellChief Medical OfficerSell9.2K$28.34$261K
2026-05-11
filed 2026-05-13
Farquhar John C.M.Chief Executive OfficerSell22.6K$29.12$657K
2026-04-30
Bain Capital Life Sciences Investors, LLC10% ownerSell892.5K$29.18$26.0M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
6.8M
settled 2026-08-14
Change vs prior
-1.0%
vs previous settlement
Days to cover
3.85
at avg daily volume
Avg daily volume
1.8M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-146.8M-1.0%3.85
2026-07-316.8M+16.6%6.61
2026-07-155.9M+13.4%4.15
2026-06-305.2M+22.9%1.74
2026-06-154.2M+15.9%3.67
2026-05-293.6M+4.5%2.90
2026-05-153.5M-20.2%3.31
2026-04-304.4M-21.4%3.88

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023
Revenue$176.0M$125.8M$87.2M
Gross profit$135.2M$94.4M$58.1M
Operating income$-64.1M$-61.2M$-72.9M
Net income$-116.8M$-96.4M$-95.7M
Diluted EPS$-3.17$-2.57$-3.62

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023
Cash and equivalents$44.8M$51.4M$122.8M
Current assets$220.2M$82.3M
Total assets$359.5M$118.7M
Current liabilities$42.4M$33.6M
Long-term debt
Total liabilities$58.8M$209.6M
Total equity$300.6M$-859.5M$-777.6M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023
Operating cash flow$-54.0M$-69.0M$-76.4M
Capital expenditure$5.0M$4.4M$6.1M
Free cash flow$-59.0M$-73.4M$-82.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$64.1M47.6%$-15.7M$-0.18
Q1 FY2026$52.6M41.3%$-27.4M$-0.32
Q4 FY2025$49.1M40.5%$-24.4M$-0.29
Q3 FY2025$46.3M40.5%$-50.9M$-1.04
Q2 FY2025$43.4M39.8%$-9.2M
Q1 FY2025$37.2M$-32.3M
Q4 FY2024$35.0M$-33.0M
Q3 FY2024$32.9M$-19.1M

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industrySurgical & Medical Instruments & Apparatus
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2009
SEC CIK1464521

Selected SEC filings

10-K2026-03-18
View on EDGAR →
10-Q2026-08-13
View on EDGAR →
10-Q2026-05-14
View on EDGAR →
8-K2026-08-13
View on EDGAR →
8-K2026-06-18
View on EDGAR →
8-K2026-05-14
View on EDGAR →

Largest medical device peers

All medical device stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.