HEALTHSTREAM INC HSTM
HealthStream's focus is and has always been on improving the quality of healthcare through the development and support of the dedicated individuals who deliver care. Like healthcare itself, our mission remains constant, but how we accomplish that mission continues to evolve and improve over time. Originally, we pioneered the use of online learning to hospitals, which began with courses specifically tailored to educate healthcare professionals and meet hospitals' required regulatory needs, and we remain a leading innovator in those areas today. Since our inception, the scope of HealthStream's Software-as-a-Service (SaaS) solutions has expanded well beyond our governance, risk, and compliance (GRC) offerings to include a diverse ecosystem of applications that optimize and support the healthcare workforce and the students preparing to enter that workforce. Today, we are characterized by our single platform strategy, which is designed to create interoperability among the various applications in our ecosystem through our proprietary hStream technology platform. Increasingly, our hStream technology platform extends artificial intelligence (AI) capabilities to the applications it powers and serves as the system of record on which healthcare workforce AI relies. We believe that our single platform strategy, as represented by hStream, is the best way to realize our mission of improving the quality of care by developing the people who deliver care, and the best way to create value for our shareholders in the process.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $304.1M | $291.6M | $279.1M | $266.8M | $256.7M | $244.8M | $254.1M | $231.6M | $214.9M | $192.1M |
| R&D | $51.0M | $48.9M | $45.5M | $44.3M | $41.7M | $32.3M | $29.1M | $25.7M | $24.1M | $24.2M |
| Total operating expenses | $283.8M | $270.4M | $263.0M | $254.4M | $248.7M | $229.0M | $239.4M | $216.1M | $205.5M | $185.0M |
| Operating income | $20.2M | $21.3M | $16.0M | $12.4M | $8.1M | $15.8M | $14.7M | $15.5M | $9.4M | $7.2M |
| Pre-tax income | $23.2M | $24.8M | $18.5M | $15.6M | $7.8M | $17.8M | $17.9M | $16.6M | $10.1M | $7.8M |
| Income tax | $4.9M | $4.8M | $3.3M | $3.5M | $1.9M | $3.7M | $3.7M | $3.3M | $1.3M | $3.0M |
| Net income | $18.3M | $20.0M | $15.2M | $12.1M | $5.8M | $14.1M | $15.8M | $32.2M | $10.0M | $3.8M |
| EPS, basic | 0.61 | 0.66 | 0.50 | 0.39 | 0.19 | 0.44 | 0.49 | 1.00 | 0.31 | 0.12 |
| EPS, diluted | 0.61 | 0.66 | 0.50 | 0.39 | 0.18 | 0.44 | 0.49 | 1.00 | 0.31 | 0.12 |
| Shares, diluted (wtd. avg.) | $30.1M | $30.5M | $30.7M | $30.7M | $31.6M | $32.0M | $32.4M | $32.3M | $32.2M | $32.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.2M | $59.5M | $40.3M | $46.0M | $46.9M | $36.6M | $131.5M | $134.3M | $84.8M | $49.6M |
| Short-term investments | $20.8M | $37.7M | $30.8M | $7.9M | $5.0M | $9.9M | $41.3M | $34.5M | $46.4M | — |
| Receivables | $32.2M | $30.2M | $34.3M | $36.7M | $30.3M | $40.7M | $27.6M | $38.1M | $36.7M | $44.8M |
| Total current assets | $119.7M | $153.1M | $130.2M | $114.4M | $106.8M | $114.7M | $224.6M | $241.4M | $199.7M | $177.4M |
| Property, plant and equipment | $10.7M | $10.7M | $13.0M | $15.5M | $17.9M | $22.2M | $26.1M | $15.9M | $8.1M | $10.2M |
| Goodwill | $217.5M | $191.2M | $191.4M | $192.4M | $182.5M | $178.4M | $102.2M | $86.1M | $86.1M | $85.6M |
| Other intangibles | $64.9M | $55.5M | $68.0M | $81.6M | $89.2M | $100.7M | $60.1M | $59.4M | $68.5M | $78.4M |
| Total assets | $520.4M | $510.8M | $499.9M | $497.7M | $486.8M | $500.3M | $489.5M | $441.9M | $411.1M | $396.0M |
| Accounts payable | $7.8M | $6.6M | $7.5M | $7.3M | $5.1M | $9.3M | $4.8M | $8.5M | $4.2M | $3.1M |
| Total current liabilities | $124.1M | $115.7M | $118.4M | $117.2M | $100.3M | $119.4M | $105.2M | $106.9M | $101.1M | $95.0M |
| Retained earnings | $123.6M | $109.0M | $92.4M | $80.2M | $68.1M | $62.3M | $48.1M | $32.4M | $17.5M | $5.3M |
| Total equity | $354.0M | $359.4M | $340.8M | $334.1M | $339.0M | $334.1M | $338.2M | $318.9M | $300.2M | $286.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $63.3M | $57.7M | $64.0M | $51.2M | $42.4M | $35.9M | $65.7M | $43.2M | $46.7M | $24.2M |
| Depreciation and amortisation | $43.5M | $41.2M | $41.1M | $37.9M | $36.8M | $30.2M | $27.9M | $24.2M | $24.0M | $20.4M |
| Stock-based compensation | $8.1M | $4.5M | $4.2M | $3.6M | $5.3M | $2.2M | $4.2M | $1.8M | $1.7M | $1.9M |
| Capital expenditure | $3.7M | $1.4M | $2.2M | $1.8M | $3.4M | $2.0M | $22.0M | $7.2M | $5.5M | $4.8M |
| Investing cash flow | -$50.4M | -$34.0M | -$56.6M | -$28.4M | -$25.7M | -$110.4M | -$67.5M | $36.6M | -$11.6M | -$56.7M |
| Financing cash flow | -$36.3M | -$4.5M | -$13.0M | -$23.7M | -$6.2M | -$20.5M | -$916.0K | -$30.3M | $1.0K | $46.0K |
| Dividends paid | $3.7M | $3.4M | $3.1M | $0 | $19.0K | $40.0K | $58.0K | $32.4M | — | — |
| Buybacks | $30.0M | $0 | $8.9M | $23.1M | $5.0M | $20.0M | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-012017.
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