Hinge Health (HNGE)


Market Price (11/5/2026): $122.62 | Market Cap: $9.9 BilSector: Health Care | Industry: Health Care Technology

Hinge Health (HNGE)


Market Price (11/5/2026): $122.62
Market Cap: $9.9 Bil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 50%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 39%

Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine. Themes include Telehealth Platforms, Remote Patient Monitoring, and Wearable Health Devices.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 102x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x, P/EPrice/Earnings or Price/(Net Income) is 88x

Stock price has recently run up significantly
6M Rtn6 month market price return is 120%, 12M Rtn12 month market price return is 126%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 183%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%

Key risks
HNGE key risks include [1] intense competition and market commoditization threatening its premium pricing position and technological advantages, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 50%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 39%
2 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine. Themes include Telehealth Platforms, Remote Patient Monitoring, and Wearable Health Devices.
3 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 102x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x, P/EPrice/Earnings or Price/(Net Income) is 88x
5 Stock price has recently run up significantly
6M Rtn6 month market price return is 120%, 12M Rtn12 month market price return is 126%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 183%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0%
9 Key risks
HNGE key risks include [1] intense competition and market commoditization threatening its premium pricing position and technological advantages, Show more.

HNGE in ETFs

Weight = HNGE's share of each fund

VTI0.01%
ITOT0.01%
IWM0.17%
VB0.07%
IHF0.84%
NUSC0.35%
IWO0.34%
SCHA0.16%
+10 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/4/2026

Hinge Health (HNGE) stock has gained about 60% since 7/31/2026 because of the following key factors:

1. Exceptional Q3 2026 Financial Results and Upward Guidance Revisions. Hinge Health reported strong financial performance for its fiscal Q3 2026 (ended September 30, 2026), with revenue increasing 52% year-over-year to $235 million, surpassing analyst consensus estimates of approximately $224.8 million. Adjusted earnings per share (EPS) reached $0.71, beating consensus estimates of $0.58 to $0.63. The company also demonstrated significant margin expansion, with non-GAAP operating margin increasing to 33% from 20% in the prior year. Following these results, management raised its full-year fiscal 2026 revenue guidance to a range of $879 million to $881 million, representing 50% year-over-year growth at the midpoint, marking the third consecutive upward revision for the year.

2. Strategic Expansion into New Healthcare Verticals. Hinge Health significantly broadened its market opportunity through strategic acquisitions and program launches. On August 4, 2026, the company announced a definitive agreement to acquire Cylinder Health for $105 million in cash, expanding its platform into gastrointestinal care, with the integrated program expected to launch in summer 2027. The acquisition officially closed on September 1, 2026. Additionally, the company's migraine program, launched in May 2026, gained substantial traction, with over 800 clients and 9 million lives having access, approximately doubling the previous quarter's reach and establishing a broader multi-condition platform.

Show more
Updated on 11/4/2026

Hinge Health (HNGE) stock has gained about 60% since 7/31/2026 because of the following key factors:

1. Exceptional Q3 2026 Financial Results and Upward Guidance Revisions. Hinge Health reported strong financial performance for its fiscal Q3 2026 (ended September 30, 2026), with revenue increasing 52% year-over-year to $235 million, surpassing analyst consensus estimates of approximately $224.8 million. Adjusted earnings per share (EPS) reached $0.71, beating consensus estimates of $0.58 to $0.63. The company also demonstrated significant margin expansion, with non-GAAP operating margin increasing to 33% from 20% in the prior year. Following these results, management raised its full-year fiscal 2026 revenue guidance to a range of $879 million to $881 million, representing 50% year-over-year growth at the midpoint, marking the third consecutive upward revision for the year.

2. Strategic Expansion into New Healthcare Verticals. Hinge Health significantly broadened its market opportunity through strategic acquisitions and program launches. On August 4, 2026, the company announced a definitive agreement to acquire Cylinder Health for $105 million in cash, expanding its platform into gastrointestinal care, with the integrated program expected to launch in summer 2027. The acquisition officially closed on September 1, 2026. Additionally, the company's migraine program, launched in May 2026, gained substantial traction, with over 800 clients and 9 million lives having access, approximately doubling the previous quarter's reach and establishing a broader multi-condition platform.

3. Robust Client Acquisition and Enhanced Member Engagement. The company reported a significant increase in its client base and improved member engagement, which contributed to its revenue outperformance. Total contracted clients grew 28% year-over-year to 3,270 as of September 30, 2026. Furthermore, Hinge Health raised its full-year fiscal 2026 yield (the portion of eligible members who enroll and engage with programs) to 4.6% from 4.45%, citing this as a key driver for stronger-than-anticipated billings. Member renewals saw an increase of almost 25%, and clinically targeted enrollment campaigns rose by nearly 75% year-over-year.

4. Positive Analyst Upgrades and Increased Price Targets. The strong operational and financial performance led to a wave of positive revisions from Wall Street analysts. Numerous firms raised their price targets for Hinge Health's stock (HNGE) following the Q3 2026 earnings report. For example, Canaccord Genuity increased its price target to $134 from $105, RBC Capital to $135 from $110, Stifel to $135 from $130, and Wells Fargo to $132 from $103. The company maintained a consensus "Moderate Buy" rating from analysts, reflecting strong market confidence in its growth trajectory and expanding profitability.

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Stock Movement Drivers

Fundamental Drivers

The 61.8% change in HNGE stock from 7/31/2026 to 11/4/2026 was primarily driven by a 45.9% change in the company's P/S Multiple.
(LTM values as of)731202611042026Change
Stock Price ($)74.71120.8761.8%
Change Contribution By: 
Total Revenues ($ Mil)64672011.4%
P/S Multiple9.113.345.9%
Shares Outstanding (Mil)7979-0.4%
Cumulative Contribution61.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/4/2026
ReturnCorrelation
HNGE61.8% 
Market (SPY)2.6%41.4%
Sector (XLV)16.7%17.8%

Fundamental Drivers

The 171.0% change in HNGE stock from 4/30/2026 to 11/4/2026 was primarily driven by a 119.0% change in the company's P/S Multiple.
(LTM values as of)430202611042026Change
Stock Price ($)44.60120.87171.0%
Change Contribution By: 
Total Revenues ($ Mil)58872022.5%
P/S Multiple6.113.3119.0%
Shares Outstanding (Mil)80791.0%
Cumulative Contribution171.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/4/2026
ReturnCorrelation
HNGE171.0% 
Market (SPY)7.0%31.1%
Sector (XLV)30.5%15.5%

Fundamental Drivers

The 142.9% change in HNGE stock from 10/31/2025 to 11/4/2026 was primarily driven by a 114.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511042026Change
Stock Price ($)49.76120.87142.9%
Change Contribution By: 
Total Revenues ($ Mil)335720114.7%
P/S Multiple10.213.330.4%
Shares Outstanding (Mil)6979-13.2%
Cumulative Contribution142.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/4/2026
ReturnCorrelation
HNGE142.9% 
Market (SPY)13.4%26.3%
Sector (XLV)33.2%11.3%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/4/2026
ReturnCorrelation
HNGE  
Market (SPY)89.7%26.5%
Sector (XLV)59.5%7.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HNGE Return----24%160%222%
Peers Return-46%-65%-39%-63%-28%39%-96%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
HNGE Win Rate----50%73% 
Peers Win Rate31%25%44%33%28%48% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
HNGE Max Drawdown------37% 
Peers Max Drawdown-74%-69%-71%-76%-74%-48% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDOC, AMWL, DRIO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/4/2026 (YTD)

How Low Can It Go

HNGE has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

EventXLVS&P 500
2025 US Tariff Shock
  % Loss-11.7%-18.8%
  % Gain to Breakeven13.3%23.1%
  Time to Breakeven142 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-13.8%-24.5%
  % Gain to Breakeven15.9%32.4%
  Time to Breakeven166 days427 days
2020 COVID-19 Crash
  % Loss-27.9%-33.7%
  % Gain to Breakeven38.8%50.9%
  Time to Breakeven77 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.0%-19.2%
  % Gain to Breakeven17.6%23.8%
  Time to Breakeven191 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-15.9%-12.2%
  % Gain to Breakeven18.9%13.9%
  Time to Breakeven165 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-15.8%-17.9%
  % Gain to Breakeven18.8%21.8%
  Time to Breakeven153 days123 days

Compare to TDOC, AMWL, DRIO

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

HNGE has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

EventXLVS&P 500
2020 COVID-19 Crash
  % Loss-27.9%-33.7%
  % Gain to Breakeven38.8%50.9%
  Time to Breakeven77 days140 days
2008-2009 Global Financial Crisis
  % Loss-37.9%-53.4%
  % Gain to Breakeven61.1%114.4%
  Time to Breakeven767 days1085 days

Compare to TDOC, AMWL, DRIO

In The Past

State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hinge Health (HNGE)

Hinge Health (HNGE) is a digital health company focused on transforming musculoskeletal (MSK) care by leveraging technology to improve outcomes, experience, and costs. The company's vision is to build a new health system that scales and automates care for joint and muscle health, addressing everything from acute injury and chronic pain to post-surgical rehabilitation. By automating most aspects of care and developing novel billing methods, Hinge Health aims to overcome common healthcare challenges where new technologies often fail to lower costs or improve clinical outcomes effectively.

The core of Hinge Health's offering is a personalized, largely automated MSK care platform accessible through an on-demand app. Key technologies include their AI-powered motion tracking system, TrueMotion, and a proprietary FDA-cleared electrical nerve stimulation wearable device, Enso. This technology is supported by an AI-assisted care team comprising licensed physical therapists, physicians, and health coaches. The platform significantly reduces human care team hours—by approximately 95% compared to traditional physical therapy according to 2024 estimates—while delivering engaging, easy-to-use, and accessible exercise therapy that can improve pain and function and reduce the need for surgeries.

Hinge Health primarily serves self-insured employers, including a significant portion of Fortune 100 and Fortune 500 companies, as well as public sector entities and labor unions. The company employs an efficient go-to-market strategy, working directly with clients and partnering with major health plans, pharmacy benefit managers (PBMs), and third-party administrators (TPAs) to streamline adoption. With a recurring revenue business model based on average three-year contracts, Hinge Health boasts a high client retention rate of 98% and a net dollar retention of 117% as of December 31, 2024, demonstrating strong client satisfaction and growth potential within its vast addressable market.

AI Analysis | Feedback

Livongo for musculoskeletal health

Peloton for medical physical therapy

AI Analysis | Feedback

  • Digital Musculoskeletal (MSK) Care Service: A comprehensive, AI-powered virtual program that provides personalized and largely automated care for joint and muscle health, spanning prevention, acute injury, chronic pain, and post-surgical rehabilitation.
  • TrueMotion AI-powered Motion Tracking Technology: An integrated technology within their service that utilizes AI for real-time exercise feedback and tracks member progress, enabling scalable and personalized therapy.
  • Enso Electrical Nerve Stimulation Wearable Device: A proprietary, FDA-cleared wearable device seamlessly integrated into the service, delivering non-addictive and non-invasive pain relief via electrostimulation.

AI Analysis | Feedback

Hinge Health (HNGE) primarily sells to other companies.

The company's major customers are:

  • Self-insured employers, including many of the nation’s leading enterprises across a broad range of industries and sizes. As of December 31, 2024, Hinge Health had active client agreements with 49% of the Fortune 100 companies and 42% of the Fortune 500 companies.
  • Public sector self-insured employers, such as state and local city governments and labor unions.

While Hinge Health partners with major national health plans and PBMs to facilitate access to clients, and is expanding to serve health plans' fully-insured and Medicare Advantage populations directly, its primary clients are explicitly stated as self-insured employers.

The provided text does not list specific names of the Fortune 100, Fortune 500, or other employer clients. Therefore, specific customer company names and their symbols cannot be provided.

AI Analysis | Feedback

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AI Analysis | Feedback

Daniel Perez, Co-Founder and Chief Executive Officer

Daniel Perez co-founded Hinge Health in 2014. He holds a B.S. in Biology from Westminster University and completed a DPhil (PhD) in Biochemistry from the University of Oxford. Prior to Hinge Health, he co-founded Marblar and the Oxbridge Biotech Roundtable. He was inspired to start Hinge Health with Gabriel Mecklenburg due to their personal experiences with musculoskeletal injuries.

James Budge, Chief Financial Officer

James Budge joined Hinge Health as Chief Financial Officer in March 2023. He brings 25 years of CFO experience across various public and private high-growth technology companies. His previous CFO roles include Automation Anywhere, Pluralsight, Anaplan, Genesys Cloud Services, and Rovi Corporation. Budge has a track record of raising capital, taking companies public, and overseeing numerous acquisitions. He holds a B.S. in Accounting from Brigham Young University. His career has involved accelerating growth for public and late-stage private companies.

Gabriel Mecklenburg, Co-Founder and Executive Chairman

Gabriel Mecklenburg is the Co-Founder and Executive Chairman of Hinge Health, having also served as Chief Operating Officer from October 2014 to February 2021. He co-founded Marblar and Oxbridge Biotech Roundtable Ltd. He holds an M.Sc. in Materials Science from the University of Cambridge and an M. Phil. in Bioengineering from Imperial College London.

Jim Pursley, President

Jim Pursley has served as President of Hinge Health since March 2021. Before joining Hinge Health, he was the Chief Commercial Officer of Livongo Health. He also held various executive positions at Care Innovations and GE HealthCare Technologies. He earned an M.B.A. from Kellogg School of Management at Northwestern University and a B.S. in Management Science and Information Systems from Pennsylvania State University.

Dr. Jeff Krauss, Chief Medical Officer

Dr. Jeff Krauss is the Chief Medical Officer at Hinge Health, a role he assumed in September 2018.

AI Analysis | Feedback

The key risks to Hinge Health's business include:

  1. Challenges with Healthcare Reimbursement and Regulatory Environment: Hinge Health's business model relies on developing "novel billing methods" and partnering with various entities like health plans and pharmacy benefit managers (PBMs) to navigate the complex healthcare reimbursement framework. The healthcare industry is heavily regulated, and any changes to reimbursement policies, challenges in gaining acceptance for their billing methods, or difficulties in expanding into new, highly regulated segments like fully-insured and Medicare Advantage populations and federal insurance plans, could significantly impact their revenue and growth trajectory.
  2. Dependence on AI-Powered Technology Efficacy and Member Engagement: Hinge Health's core value proposition is built on its AI-powered motion tracking technology (TrueMotion) and proprietary FDA-cleared wearable device (Enso), which largely automate care for joint and muscle health and aim to reduce human care team hours by approximately 95%. A significant risk lies in the continuous efficacy of these technologies in delivering superior clinical outcomes, maintaining high member satisfaction, and sustaining member engagement, particularly given the inherent difficulty of automating unstructured physical tasks in healthcare. Any technical failures, lack of desired clinical results, or a decline in member trust and adoption could undermine the company's value proposition.
  3. Intense Competition and Market Penetration Challenges: While Hinge Health operates in a "massive" musculoskeletal (MSK) market, the healthcare industry has "no shortage of new technologies," implying a highly competitive landscape. Despite significant client retention rates and contracts with a large percentage of Fortune 100 and 500 companies, Hinge Health's current contracted lives represent only 5% of its total addressable market. The company faces the ongoing challenge of effectively competing with existing solutions and new market entrants, and efficiently penetrating the remaining 95% of the market to sustain its growth.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable market for Hinge Health's main products and services, which include its digital musculoskeletal (MSK) care platform, is approximately 400 million lives in the U.S.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Hinge Health (HNGE)

Hinge Health anticipates several key drivers for its revenue growth over the next 2-3 years, primarily stemming from its extensive market opportunity, strategic partnerships, and expansion into new customer segments.
  1. Growth in contracted lives and client acquisition: Hinge Health currently serves approximately 20 million contracted lives, which represents only 5% of its total addressable market. This leaves substantial room for growth through acquiring new self-insured employers and increasing penetration within the Fortune 100 and Fortune 500 companies, where it already has significant presence but still opportunities to expand.
  2. Expansion into new market segments: The company is in the early stages of broadening its reach beyond self-insured employers to serve fully-insured and Medicare Advantage populations of health plans, as well as federal insurance plans. This strategic expansion into new payer types opens up large, previously untapped revenue streams.
  3. Deepening engagement and penetration within existing client base: Hinge Health benefits from a recurring revenue model, demonstrated by a net dollar retention of 117% as of December 31, 2024, and a 12-month client retention rate of 98%. This indicates a strong ability to enroll, engage, and re-engage eligible members within its existing client contracts, leading to organic revenue growth over the typical three-year contract term.
  4. Leveraging and expanding its partner network: With over 50 partners, including the five largest national health plans and top three PBMs, Hinge Health's partner network is a crucial component of its efficient go-to-market strategy. These partnerships reduce friction in contracting, procurement, and onboarding, facilitating the efficient provision of its platform to clients and members, thereby accelerating client acquisition and growth in contracted lives.

AI Analysis | Feedback

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Peer Outperformance in Health Care Technology

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Share of Health Care Technology constituents that HNGE has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
97%
of 32 industry peers · 126.2% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Technology is HNGE's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 13.4%63.7%103.3% CAH 490% · MCK 391% · COR 194%
Health Care Services 20 44.0%33.3%11.6% HIMS 220% · RDNT 148% · DGX 96%
Managed Health Care 8 44.6%5.6%0.6% OSCR 107% · HQY 59% · ELV 11%
Health Care Facilities 25 16.9%18.4%-3.0% THC 302% · NHC 241% · EHC 202%
Health Care Equipment 50 14.4%18.7%-15.0% UFPT 408% · GKOS 348% · PLSE 147%
Pharmaceuticals 60 -5.1%8.2%-35.2% LQDA 999% · KNSA 546% · LLY 448%
Health Care Supplies 11 34.9%23.0%-36.1% LNTH 267% · HAE 76% · MMSI 33%
Life Sciences Tools & Services 108 -6.2%-10.3%-74.1% AXGN 288% · NTRA 253% · MEDP 189%
Biotechnology 364 -21.1%-31.5%-81.7% ELVN 1112% · TRVI 1046% · DNTH 930%
Health Care Technology ← 21 -23.4%-56.5%-82.3% VEEV -3% · DOCS -52%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HNGETDOCAMWLDRIOMedian
NameHinge He.Teladoc .American.DarioHea. 
Mkt Price122.629.6512.472.9511.06
Mkt Cap9.71.80.20.01.0
Rev LTM7202,46821121466
Op Inc LTM94-132-64-32-48
FCF LTM284126-28-2550
FCF 3Y Avg-158-87-31-31
CFO LTM291268-19-25125
CFO 3Y Avg-300-79-31-31

Growth & Margins

HNGETDOCAMWLDRIOMedian
NameHinge He.Teladoc .American.DarioHea. 
Rev Chg LTM49.8%-2.4%-20.3%-22.6%-11.3%
Rev Chg 3Y Avg--1.5%-7.0%-3.0%-3.0%
Rev Chg Q53.0%-3.4%-13.0%-3.6%-3.5%
QoQ Delta Rev Chg LTM11.4%-0.9%-3.3%-0.9%-0.9%
Op Inc Chg LTM117.0%25.9%48.1%24.8%37.0%
Op Inc Chg 3Y Avg-14.2%35.7%10.3%14.2%
Op Mgn LTM13.0%-5.4%-30.2%-151.6%-17.8%
Op Mgn 3Y Avg-43.9%-6.7%-55.9%-213.6%-49.9%
QoQ Delta Op Mgn LTM94.6%0.5%7.1%11.5%9.3%
CFO/Rev LTM40.4%10.9%-9.1%-120.7%0.9%
CFO/Rev 3Y Avg-11.8%-31.2%-143.6%-31.2%
FCF/Rev LTM39.4%5.1%-13.2%-121.3%-4.1%
FCF/Rev 3Y Avg-6.2%-34.8%-144.7%-34.8%

Valuation

HNGETDOCAMWLDRIOMedian
NameHinge He.Teladoc .American.DarioHea. 
Mkt Cap9.71.80.20.01.0
P/S13.40.71.01.31.2
P/Op Inc103.4-13.3-3.3-0.9-2.1
P/EBIT103.4-12.7-3.3-0.9-2.1
P/E88.8-11.3-3.7-0.8-2.2
P/CFO33.36.5-11.0-1.12.7
Total Yield1.1%-8.8%-27.1%-128.5%-17.9%
Dividend Yield0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-11.8%-65.0%-645.9%-65.0%
D/E0.00.60.01.20.3
Net D/E-0.00.1-0.80.70.0

Returns

HNGETDOCAMWLDRIOMedian
NameHinge He.Teladoc .American.DarioHea. 
1M Rtn24.7%66.7%-2.0%-49.1%11.4%
3M Rtn51.8%39.2%-4.2%-61.5%17.5%
6M Rtn123.6%41.9%74.4%-63.0%58.2%
12M Rtn129.5%20.9%146.9%-78.1%75.2%
3Y Rtn226.5%-44.5%-56.1%-89.0%-50.3%
1M Excs Rtn27.9%70.4%4.9%-47.8%16.4%
3M Excs Rtn55.0%46.3%-1.7%-60.1%22.3%
6M Excs Rtn120.8%39.2%71.6%-65.8%55.4%
12M Excs Rtn133.0%8.1%134.4%-88.9%70.6%
3Y Excs Rtn143.6%-121.5%-127.3%-170.5%-124.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Single Segment588390293
Total588390293


Net Income by Segment
$ Mil202520242023
Single Segment-528-12-108
Total-528-12-108


Price Behavior

Price Behavior
Market Price$120.87 
Market Cap ($ Bil)9.5 
First Trading Date05/22/2025 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$99.87$68.18
DMA Trendupup
Distance from DMA21.0%77.3%
 3M1YR
Volatility45.5%53.6%
Downside Capture33.5152.87
Upside Capture288.48148.08
Correlation (S&P 500)37.6%26.1%
HNGE Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.041.431.701.171.090.32
Up Beta-1.12-2.390.171.581.010.06
Down Beta2.532.922.950.871.04-0.20
Up Capture393%256%323%286%208%51%
Bmk +ve Days12182862130427
Stock +ve Days14253978143195
Down Capture78%48%40%-12%72%72%
Bmk -ve Days10253664121325
Stock -ve Days7172447107162

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HNGE
HNGE140.9%53.6%1.82-
Sector ETF (XLV)33.1%16.7%1.5311.3%
Equity (SPY)13.2%12.9%0.6826.2%
Gold (GLD)1.0%28.8%0.035.5%
Commodities (DBC)35.9%21.2%1.34-10.0%
Real Estate (VNQ)14.3%14.1%0.706.5%
Bitcoin (BTCUSD)-28.2%43.4%-0.658.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HNGE
HNGE27.2%59.0%1.63-
Sector ETF (XLV)9.3%15.3%0.406.8%
Equity (SPY)12.5%17.2%0.5526.3%
Gold (GLD)17.3%19.1%0.736.7%
Commodities (DBC)8.0%19.6%0.29-8.7%
Real Estate (VNQ)1.8%18.9%-0.017.7%
Bitcoin (BTCUSD)5.5%51.5%0.2912.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HNGE
HNGE12.8%59.0%1.63-
Sector ETF (XLV)12.5%16.8%0.616.8%
Equity (SPY)15.4%18.0%0.7326.3%
Gold (GLD)11.9%16.5%0.596.7%
Commodities (DBC)7.4%18.1%0.33-8.7%
Real Estate (VNQ)5.7%20.7%0.237.7%
Bitcoin (BTCUSD)61.0%66.2%1.0112.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity6.3 Mil
Short Interest: % Change Since 9302026-0.4%
Average Daily Volume1.8 Mil
Days-to-Cover Short Interest3.6 days
Basic Shares Quantity79.0 Mil
Short % of Basic Shares8.0%

Earnings Returns History

Updated 11/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/2/20261.2%  
8/4/20261.7%12.1%15.7%
5/5/202610.2%11.0%26.6%
2/10/202617.3%22.7%34.5%
11/4/2025-15.1%-17.1%-6.4%
8/5/202525.6%16.1%16.2%
SUMMARY STATS   
# Positive544
# Negative111
Median Positive10.2%14.1%21.4%
Median Negative-15.1%-17.1%-6.4%
Max Positive25.6%22.7%34.5%
Max Negative-15.1%-17.1%-6.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/2/20261.2%  
8/4/20261.7%12.1%15.7%
5/5/202610.2%11.0%26.6%
2/10/202617.3%22.7%34.5%
11/4/2025-15.1%-17.1%-6.4%
8/5/202525.6%16.1%16.2%
SUMMARY STATS   
# Positive544
# Negative111
Median Positive10.2%14.1%21.4%
Median Negative-15.1%-17.1%-6.4%
Max Positive25.6%22.7%34.5%
Max Negative-15.1%-17.1%-6.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/03/202610-K
09/30/202511/07/202510-Q
06/30/202508/11/202510-Q
03/31/202505/23/2025424B4
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/03/202610-K
09/30/202511/07/202510-Q
06/30/202508/11/202510-Q
03/31/202505/23/2025424B4

Recent Forward Guidance

Updated 11/3/2026

Latest: Q3 2026 Earnings Reported 11/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Non-GAAP Income from OperationsReported81.00 Mil82.00 Mil83.00 Mil32.3% Higher NewGuidance: 62.00 Mil for Q3 2026
Q4 2026 Non-GAAP Income from Operations GrowthReported 71.0%    
Q4 2026 RevenueReported249.00 Mil250.00 Mil251.00 Mil11.6% Higher NewGuidance: 224.00 Mil for Q3 2026
Q4 2026 Revenue GrowthReported 46.0%    
Q4 2026 Non-GAAP Operating MarginReported 33.0%    
2026 Non-GAAP Income from OperationsReported266.00 Mil267.00 Mil268.00 Mil11.2% RaisedGuidance: 240.00 Mil for 2026
2026 Non-GAAP Income from Operations GrowthReported 123.0%    
2026 RevenueReported879.00 Mil880.00 Mil881.00 Mil2.6% RaisedGuidance: 858.00 Mil for 2026
2026 Revenue GrowthReported 50.0%    
2026 Non-GAAP Operating MarginReported 30.0%  2.0%RaisedGuidance: 28.0% for 2026


Prior: Q2 2026 Earnings Reported 8/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Non-GAAP Income from OperationsReported61.00 Mil62.00 Mil63.00 Mil29.2% Higher NewActual: 48.00 Mil for Q2 2026
Q3 2026 RevenueReported223.00 Mil224.00 Mil225.00 Mil14.9% Higher NewActual: 195.00 Mil for Q2 2026
2026 Non-GAAP Income from OperationsReported236.00 Mil240.00 Mil244.00 Mil14.3% RaisedGuidance: 210.00 Mil for 2026
2026 RevenueReported856.00 Mil858.00 Mil860.00 Mil7.1% RaisedGuidance: 801.00 Mil for 2026
2026 Non-GAAP Operating MarginReported 28.0%  2.0%RaisedGuidance: 26.0% for 2026

Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Non-GAAP Income from OperationsReported47.00 Mil48.00 Mil49.00 Mil54.8% Higher NewGuidance: 31.00 Mil for Q1 2026
Q2 2026 RevenueReported194.00 Mil195.00 Mil196.00 Mil13.4% Higher NewGuidance: 172.00 Mil for Q1 2026
Q2 2026 Non-GAAP Operating MarginReported 25.0%  7.0%Higher NewGuidance: 18.0% for Q1 2026
2026 Non-GAAP Income from OperationsReported205.00 Mil210.00 Mil215.00 Mil36.8% RaisedGuidance: 153.50 Mil for 2026
2026 RevenueReported798.00 Mil801.00 Mil804.00 Mil8.7% RaisedGuidance: 737.00 Mil for 2026
2026 Non-GAAP Operating MarginReported 26.0%  5.0%RaisedGuidance: 21.0% for 2026

Q4 2025 Earnings Reported 2/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Non-GAAP Income from OperationsReported30.00 Mil31.00 Mil32.00 Mil-11.4% Lower NewGuidance: 35.00 Mil for Q4 2025
Q1 2026 RevenueReported171.00 Mil172.00 Mil173.00 Mil10.3% Higher NewGuidance: 156.00 Mil for Q4 2025
Q1 2026 Non-GAAP Operating MarginReported 18.0%    
2026 Non-GAAP Income from OperationsReported151.00 Mil153.50 Mil156.00 Mil43.5% Higher NewGuidance: 107.00 Mil for 2025
2026 RevenueReported732.00 Mil737.00 Mil742.00 Mil28.6% Higher NewGuidance: 573.00 Mil for 2025
2026 Non-GAAP Operating MarginReported 21.0%    

Insider Activity

Updated 11/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Budge, JamesChief Financial OfficerDirectSell10132026103.1347,7204,921,57830,602,890Form
2Mecklenburg, Gabriel MIDirectSell10132026103.13200,000  Form
3Perez, Daniel AntonioCEO & Co-FounderDirectSell10072026100.204,100  Form
4Pursley, JamesPresidentDirectSell923202694.1433,0003,106,50462,780,472Form
5Robinson, Elliott See footnoteSell91620260.000  Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Budge, JamesChief Financial OfficerDirectSell10132026103.1347,7204,921,57830,602,890Form
2Mecklenburg, Gabriel MIDirectSell10132026103.13200,000  Form
3Perez, Daniel AntonioCEO & Co-FounderDirectSell10072026100.204,100  Form
4Pursley, JamesPresidentDirectSell923202694.1433,0003,106,50462,780,472Form
5Robinson, Elliott See footnoteSell91620260.000  Form
6Mecklenburg, Gabriel MIDirectSell915202693.22150,000  Form
7Mecklenburg, Gabriel MIDirectSell914202688.97250,000  Form
8Perez, Daniel AntonioCEO & Co-FounderDirectSell911202689.45100,0008,944,9464,025,226Form
9Perez, Daniel AntonioCEO & Co-FounderSpouseSell911202689.44150,00013,416,6973,172,602Form
10Budge, JamesChief Financial OfficerDirectSell911202689.4555,5614,969,99931,224,017Form
11Robinson, Elliott See footnoteSell91120260.000  Form
12Robinson, Elliott See footnoteSell90920260.000  Form
13Robinson, Elliott See footnoteSell90920260.000  Form
14Robinson, Elliott See footnoteSell90420260.000  Form
15Robinson, Elliott See footnoteSell90420260.000  Form
16Robinson, Elliott See footnoteSell82720260.000  Form
17Robinson, Elliott See footnoteSell82720260.000  Form
18Pursley, JamesPresidentDirectSell824202688.0533,0002,905,66362,184,276Form
19Leslie, Kristina MDirectSell821202688.231,200105,8762,681,045Form
20Robinson, Elliott See footnoteSell82120260.000  Form
21Insight, Holdings Group, Llc See footnotesSell709202690.20181,499  Form
22Insight, Holdings Group, Llc See footnotesSell709202690.23244,672  Form
23Mecklenburg, Gabriel MIDirectSell702202685.0583,334  Form
24Insight, Holdings Group, Llc See footnotesSell629202682.831,466,667  Form
25Insight, Holdings Group, Llc See footnotesSell629202671.82530,982  Form
26Insight, Holdings Group, LlcSee FootnotesSell624202671.67142,311  Form
27Insight, Holdings Group, LlcSee FootnotesSell624202671.15390,917  Form
28Insight, Holdings Group, LlcSee FootnotesSell624202670.21112,477  Form
29Insight, Holdings Group, LlcSee FootnotesSell624202670.95224,399  Form
30Pursley, JamesPresidentDirectSell623202669.3133,0002,287,25151,352,049Form
31Insight, Holdings Group, Llc See footnotesSell618202670.3665,581  Form
32Robinson, Elliott See footnoteSell61220260.000  Form
33Robinson, Elliott See footnoteSell61220260.000  Form
34Robinson, Elliott See footnoteSell61220260.000  Form
35Mecklenburg, Gabriel MIDirectSell605202665.5450,000  Form
36Robinson, Elliott See footnoteSell60320260.000  Form
37Robinson, Elliott See footnoteSell60320260.000  Form
38Mecklenburg, Gabriel MIDirectSell603202660.2283,334  Form
39Pursley, JamesPresidentDirectSell527202653.7916,000860,60641,966,523Form
40Mecklenburg, Gabriel MIDirectSell527202653.7983,333  Form
41Budge, JamesChief Financial OfficerDirectSell527202653.795,907317,75723,958,791Form
42Budge, JamesChief Financial OfficerDirectSell521202655.3478143,22124,974,555Form
43Robinson, Elliott See footnoteSell51120260.000  Form
44Robinson, Elliott See footnoteSell51120260.000  Form
45Perez, Daniel AntonioCEO & Co-FounderSpouseSell508202655.0545,4562,502,3661,952,634Form
46Mecklenburg, Gabriel MIDirectSell508202655.0150,000  Form
47Perez, Daniel AntonioCEO & Co-FounderSpouseSell508202655.09104,5445,759,1621,953,986Form
48Mecklenburg, Gabriel MIDirectSell422202645.0533,333  Form
49Mecklenburg, Gabriel MIDirectSell402202638.4650,000  Form
50Pursley, JamesPresidentDirectSell324202642.2615,000633,92730,940,048Form
51Budge, JamesChief Financial OfficerDirectSell324202642.2611,006465,13916,965,222Form
52Mecklenburg, Gabriel MIDirectSell310202645.32166,666  Form
53Pursley, JamesPresidentDirectSell224202639.3315,000589,98429,586,931Form
54Budge, JamesChief Financial OfficerDirectSell224202639.3414,763580,73716,526,882Form
55Robinson, Elliott See footnoteSell21720260.000  Form
56Robinson, Elliott See footnoteSell21720260.000  Form
57Perez, Daniel AntonioCEO & Co-FounderDirectSell213202640.26166,665  Form
58Perez, Daniel AntonioCEO & Co-FounderDirectSell106202646.38166,665  Form
59Pursley, JamesPresidentDirectSell1223202548.4015,000725,95037,254,715Form
60Budge, JamesChief Financial OfficerDirectSell1223202548.4110,491507,83721,355,866Form
61Perez, Daniel AntonioCEO & Co-FounderDirectSell1216202548.53166,670  Form
62Robinson, Elliott See footnoteSell120920250.000  Form
63Insight, Holdings Group, Llc See footnotesSell1203202547.761,654,440  Form
64Robinson, Elliott See footnoteSell120120250.000  Form
65Robinson, Elliott See footnoteSell120120250.000  Form
66Budge, JamesChief Financial OfficerDirectSell1125202547.4744,5892,116,77922,781,302Form
67Pursley, JamesPresidentDirectSell1124202545.5715,000683,48735,992,505Form
68Leslie, Kristina MDirectSell1124202545.681,25057,1061,267,753Form
69Budge, JamesChief Financial OfficerDirectSell1121202544.7878134,97323,485,632Form
70Bessemer, Venture Partners X LP See footnoteSell1120202540.05725,00029,036,250135,517,465Form
71Robinson, Elliott See footnoteSell112020250.000  Form
72Leslie, Kristina MDirectSell1119202543.603,813166,2581,264,487Form
73Leslie, Kristina MDirectSell1119202540.462,18788,4761,327,470Form

Investor Activity (13F)

Updated Nov 5, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Insight Holdings Group, LLC$361.5 Mil25.4%28Hold13F
Deer Management Co. LLC$101.6 Mil16.3%10New13F
Shannon River Fund Management LLC$16.1 Mil3.1%28ADD +78.8%13F
Estuary Capital Management LP$15.2 Mil2.5%22New13F
Foresite Capital Management VI LLC$8.5 Mil1.8%17ADD +63.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Deer Management Co. LLC$101.6 Mil16.3%10New13F
Estuary Capital Management LP$15.2 Mil2.5%22New13F
Shannon River Fund Management LLC$16.1 Mil3.1%28ADD +78.8%13F
Foresite Capital Management VI LLC$8.5 Mil1.8%17ADD +63.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Insight Holdings Group, LLC$361.5 Mil25.4%28Hold13F
Deer Management Co. LLC$101.6 Mil16.3%10New13F
Shannon River Fund Management LLC$16.1 Mil3.1%28ADD +78.8%13F
Estuary Capital Management LP$15.2 Mil2.5%22New13F
Foresite Capital Management VI LLC$8.5 Mil1.8%17ADD +63.3%13F
Core Cache Last Updated: 11/4/2026