Tearsheet

HealthStream (HSTM)

Market Price (4/7/2026): $20.39 | Market Cap: $603.9 Mil
Sector: Health Care | Industry: Health Care Technology

HealthStream (HSTM)

Market Price (4/7/2026): $20.39
Market Cap: $603.9 Mil
Sector: Health Care
Industry: Health Care Technology

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

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%

Attractive yield
FCF Yield is 5.2%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Cloud Computing. Themes include Health Data Analytics, AI in Healthcare Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -85%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x, P/EPrice/Earnings or Price/(Net Income) is 33x

Key risks
HSTM key risks include [1] execution and operational challenges in its strategic transition to a Platform-as-a-Service architecture and [2] technology scaling issues, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%
2	Attractive yield FCF Yield is 5.2%
3	Low stock price volatility Vol 12M is 31%
4	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, and Cloud Computing. Themes include Health Data Analytics, AI in Healthcare Management, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -47%, 3Y Excs Rtn is -85%
6	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x, P/EPrice/Earnings or Price/(Net Income) is 33x
7	Key risks HSTM key risks include [1] execution and operational challenges in its strategic transition to a Platform-as-a-Service architecture and [2] technology scaling issues, Show more.

Valuation, Metrics & Events

	4/7/26	2025	2024	2023	2022
Share Price CYE	$20.39	$32.18	$26.66	$27.10	$19.92
Market Cap CYE ($ Mil)	603.9	979.7	808.1	829.0	616.6
Total Debt ($ Mil)	14.7	16.6	19.5	22.6	25.5
Total Cash ($ Mil)	57.0	113.3	83.7	58.7	45.4
Enterprise Value ($ Mil)	561.6	996.3	827.6	851.6	642.1
Valuation Ratios
P/S TTM	2.0	3.4	2.9	3.1	2.4
P/EBIT TTM	29.8	49.0	43.0	73.3	70.1
P/E TTM	32.9	51.3	45.4	70.1	95.6
P/FCF TTM	19.4	28.3	21.8	33.9	32.7
Sector Ratios
P/S TTM (Sector)	3.7	3.3	4.2	4.3	6.0
P/EBIT TTM (Sector)	-1.7	-1.3	-1.8	-1.4	-2.2
P/E TTM (Sector)	-1.8	-1.3	-2.0	-1.5	-2.2
P/FCF TTM (Sector)	-1.6	-1.2	-2.1	-1.5	-2.5

	4/7/26	2025	2024
Share Price CYE	$20.39	$32.18	$26.66
Market Cap CYE ($ Mil)	603.9	979.7	808.1
Total Debt ($ Mil)	14.7	16.6	19.5
Total Cash ($ Mil)	57.0	113.3	83.7
Enterprise Value ($ Mil)	561.6	996.3	827.6
Valuation Ratios
P/S TTM	2.0	3.4	2.9
P/EBIT TTM	29.8	49.0	43.0
P/E TTM	32.9	51.3	45.4
P/FCF TTM	19.4	28.3	21.8
Sector Ratios
P/S TTM (Sector)	3.7	3.3	4.2
P/EBIT TTM (Sector)	-1.7	-1.3	-1.8
P/E TTM (Sector)	-1.8	-1.3	-2.0
P/FCF TTM (Sector)	-1.6	-1.2	-2.1

	HSTM	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.3
Rev Chg Q	7.4%	7.4%
Rev Chg LTM	4.3%	6.8%
Rev Chg 3Y Avg	4.5%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	6.7%	18.6%
CFO/Rev LTM	20.8%	20.7%
Net Inc Mgn	6.0%	12.8%
VALUATION	MODERATE
P/S	2.0	3.2
P/CFO	9.5	15.2
P/FCF	19.4	19.7
P/E	32.9	24.0
STABILITY	VERY GOOD
Debt/Equity	0.02	0.21
Cash/Assets	0.11	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Recurring Revenue Percentage	97%	11062025	Link
Contracted subscriptions to hStream	5.79 million	12312023	Link
Nurse Grid monthly active users	over 660,000	11042025	Link
My Clinical Exchange users (clinical students)	over 250,000	11042025	Link
HealthStream Learning Center single-day completions	586307	9302025	Link

Upcoming
5/04/2026	Earnings Release	Rev: $79 Mil (E) EPS: $0.16 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

HealthStream (HSTM) stock has lost about 10% since 12/31/2025 because of the following key factors:

1. HealthStream experienced a significant decline in GAAP Net Income and diluted Earnings Per Share (EPS) in Q4 2025. While revenue increased by 7.4% year-over-year to $79.7 million, GAAP net income fell by 48.1% to $2.5 million from $4.9 million in Q4 2024. Diluted EPS decreased by 43.8% to $0.09, missing analyst estimates of $0.11 or $0.13. This decline was primarily attributed to a one-time $3.8 million non-cash compensation expense associated with a CEO stock grant to non-officer employees, which reduced EPS by $0.09 per share.

2. The company faced compression in gross margins and offered decelerating Adjusted EBITDA guidance for 2026. Gross margins decreased to 63.8% in Q4 2025 from 66.2% in the prior year, mainly due to higher cloud hosting and software licensing costs for its CredentialStream application and hStream platform. Furthermore, the Fiscal Year 2026 Adjusted EBITDA guidance of $73 million to $77 million (implying approximately 4.5% growth at the midpoint) lags the projected revenue growth rate of 6.2% to 8.5%, suggesting potential ongoing margin pressures.

Show more

Stock Movement Drivers

Fundamental Drivers

The -11.4% change in HSTM stock from 12/31/2025 to 4/6/2026 was primarily driven by a -13.0% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4062026	Change
Stock Price ($)	23.03	20.40	-11.4%
Change Contribution By:
Total Revenues ($ Mil)	299	304	1.8%
Net Income Margin (%)	6.9%	6.0%	-13.0%
P/E Multiple	33.0	32.9	-0.3%
Shares Outstanding (Mil)	30	30	0.2%
Cumulative Contribution			-11.4%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/6/2026

	Return	Correlation
HSTM	-11.4%
Market (SPY)	-5.4%	26.0%
Sector (XLV)	-5.5%	12.8%

Fundamental Drivers

The -27.6% change in HSTM stock from 9/30/2025 to 4/6/2026 was primarily driven by a -21.5% change in the company's P/E Multiple.

(LTM values as of)	9302025	4062026	Change
Stock Price ($)	28.16	20.40	-27.6%
Change Contribution By:
Total Revenues ($ Mil)	295	304	3.0%
Net Income Margin (%)	6.9%	6.0%	-12.4%
P/E Multiple	42.0	32.9	-21.5%
Shares Outstanding (Mil)	30	30	2.4%
Cumulative Contribution			-27.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/6/2026

	Return	Correlation
HSTM	-27.6%
Market (SPY)	-2.9%	22.9%
Sector (XLV)	5.6%	21.8%

Fundamental Drivers

The -36.3% change in HSTM stock from 3/31/2025 to 4/6/2026 was primarily driven by a -32.3% change in the company's P/E Multiple.

(LTM values as of)	3312025	4062026	Change
Stock Price ($)	32.02	20.40	-36.3%
Change Contribution By:
Total Revenues ($ Mil)	292	304	4.3%
Net Income Margin (%)	6.9%	6.0%	-12.1%
P/E Multiple	48.7	32.9	-32.3%
Shares Outstanding (Mil)	30	30	2.7%
Cumulative Contribution			-36.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/6/2026

	Return	Correlation
HSTM	-36.3%
Market (SPY)	16.3%	30.5%
Sector (XLV)	1.6%	33.0%

Fundamental Drivers

The -23.7% change in HSTM stock from 3/31/2023 to 4/6/2026 was primarily driven by a -51.2% change in the company's P/E Multiple.

(LTM values as of)	3312023	4062026	Change
Stock Price ($)	26.72	20.40	-23.7%
Change Contribution By:
Total Revenues ($ Mil)	267	304	14.0%
Net Income Margin (%)	4.5%	6.0%	33.1%
P/E Multiple	67.6	32.9	-51.2%
Shares Outstanding (Mil)	31	30	3.2%
Cumulative Contribution			-23.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/6/2026

	Return	Correlation
HSTM	-23.7%
Market (SPY)	63.3%	32.3%
Sector (XLV)	18.3%	30.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
HSTM Return	21%	-6%	9%	18%	-27%	-11%	-5%
Peers Return	32%	-20%	37%	31%	-11%	-27%	24%
S&P 500 Return	27%	-19%	24%	23%	16%	-4%	75%
Monthly Win Rates [3]
HSTM Win Rate	67%	42%	50%	50%	50%	0%
Peers Win Rate	57%	37%	60%	68%	43%	15%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
HSTM Max Drawdown	-1%	-28%	-17%	-11%	-27%	-14%
Peers Max Drawdown	-9%	-34%	-6%	-8%	-22%	-30%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: WDAY, ORCL, NOW, ADP, PAYX.
[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 4/6/2026 (YTD)

How Low Can It Go

Unique Key	Event	HSTM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-38.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	61.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	875 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-34.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	52.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	240 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-28.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	40.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	195 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-63.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	172.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	214 days	1,480 days

Compare to WDAY, ORCL, NOW, ADP, PAYX

In The Past

HealthStream's stock fell -38.0% during the 2022 Inflation Shock from a high on 8/16/2021. A -38.0% loss requires a 61.4% 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 HealthStream (HSTM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

HealthStream, Inc. provides workforce and provider solutions for healthcare organizations in the United States. It operates through two segments, Workforce Solutions and Provider Solutions. The company offers workforce solutions, including software-as-a-service (SaaS) based services and subscription-based solutions to meet the range of its clinical development, talent management, training, education, certification, scheduling, competency assessment, performance appraisal, and other needs, as well as implementation and account management services. It also provides applications for learning, performance appraisal, competency management, disclosure management, clinical assessment and development, simulation-based education, quality management, and industry training. In addition, the company offers VerityStream that delivers enterprise-class solutions to transform the healthcare provider experience for ambulatory surgery centers, urgent care facilities, clinics, medical groups, and other healthcare organizations; EchoCredentialing and MSOW platforms that manage medical staff credentialing, enrollment, and privileging processes for hospitals; and EchoOneApp, a provider enrollment platform for medical groups. Further, it provides CredentialMyDoc, a credentialing and enrollment SaaS solution for medical groups and surgery centers; CredentialStream, a SaaS-based provider credentialing, privileging, and enrollment solution; and NurseGrid Mobile for nurse managers. The company offers its solutions in healthcare industry companies that include private, not-for-profit, and government entities, as well as pharmaceutical and medical device companies through direct sales teams. HealthStream, Inc. was incorporated in 1990 and is headquartered in Nashville, Tennessee.

AI Analysis | Feedback

HealthStream is like Workday or SAP SuccessFactors, but specialized for the comprehensive human resources, talent management, and compliance needs of healthcare organizations.

HealthStream is like LinkedIn Learning or Cornerstone OnDemand, but exclusively focused on the professional development, clinical training, and certification of healthcare workers.

AI Analysis | Feedback

Workforce Management & Development Platform: Offers SaaS solutions for clinical development, talent management, training, education, certification, scheduling, and competency assessment for healthcare staff.
NurseGrid Mobile: A mobile application designed to assist nurse managers with scheduling and other workforce needs.
VerityStream: An enterprise-class solution that optimizes the healthcare provider experience for ambulatory surgery centers, urgent care facilities, clinics, and medical groups.
EchoCredentialing & MSOW: Platforms specifically designed for hospitals to manage medical staff credentialing, enrollment, and privileging processes.
CredentialStream: A comprehensive SaaS-based solution for provider credentialing, privileging, and enrollment across various healthcare organizations.
CredentialMyDoc & EchoOneApp: SaaS solutions tailored for medical groups and surgery centers for efficient provider credentialing and enrollment.

AI Analysis | Feedback

HealthStream (HSTM) primarily sells its workforce and provider solutions to other companies within the healthcare industry.

Based on the provided company description, specific names of major customer companies are not listed. However, the company serves the following categories of organizations:

Healthcare organizations, which include private, not-for-profit, and government entities.
Pharmaceutical companies.
Medical device companies.

AI Analysis | Feedback

Amazon.com, Inc. (AMZN)

AI Analysis | Feedback

Robert A. Frist, Jr., Chief Executive Officer and Chairman of the Board

Robert A. Frist, Jr. co-founded HealthStream in 1990 and has served as its Chief Executive Officer and Chairman of the Board of Directors since its inception. Under his leadership, HealthStream grew from a dot-com startup into the nation's largest ecosystem of SaaS-based workforce and provider solutions for the healthcare industry. He has been recognized as "Entrepreneur of the Year" for the southeastern region by Ernst & Young and has been named one of the "Most Admired CEOs" among public companies multiple times. Mr. Frist is also a co-founder of Nashville's Entrepreneur Center, where he currently serves as Chairman of the Board, and is a former Chairman of the Nashville Health Care Council. He earned a Bachelor of Science degree in business from Trinity University.

Scott A. Roberts, Chief Financial Officer and Senior Vice President, Accounting and Finance

Scott A. Roberts joined HealthStream in 2002. He progressed through several roles within the Finance and Accounting Department before being promoted to Vice President, Accounting and Finance in January 2015. He was appointed Interim Chief Financial Officer in February 2019 and officially named Chief Financial Officer and Senior Vice President, Accounting and Finance in September 2019. In his current role, Mr. Roberts is responsible for overseeing all of the Company's financial functions, including accounting, audit, financial reporting, treasury management, and corporate finance. He holds a Bachelor of Business Administration degree in Accounting from Middle Tennessee State University.

M. Scott McQuigg, Senior Vice President, Digital & Network Development

Scott McQuigg joined HealthStream in 2019. He is focused on advancing the company's business-to-professional channel and expanding relationships with healthcare professionals. Before joining HealthStream, Mr. McQuigg was the co-founder and Chief Executive Officer of GoNoodle. Prior to GoNoodle, he also co-founded and served as Chief Executive Officer of HealthLeaders, a prominent media, publishing, and research business in the healthcare sector. He has a background as an entrepreneur, having founded several venture-backed businesses in health information and health education.

Michael M. Collier, Executive Vice President, Corporate Strategy, Development and Operations

Michael M. Collier serves as the Executive Vice President of Corporate Strategy, Development and Operations at HealthStream. He is 49 years old.

Kevin P. O'Hara, Executive Vice President, Workforce Platform & Applications

Kevin O'Hara re-joined HealthStream in 2021 and has since been promoted to Executive Vice President, Workforce Platform & Applications. In this role, he is responsible for the company’s hStream platform and core application suites in learning, credentialing, and scheduling. Earlier in his career, Mr. O'Hara began as an attorney and held senior leadership roles at HealthStream from 2001 to 2011. For a decade after that, he served as Chief Executive Officer of Syus, a healthcare IT company, before returning to HealthStream. He holds a Bachelor of Arts degree in Public Policy from Vanderbilt University and a J.D. from the Vanderbilt University School of Law.

AI Analysis | Feedback

The key risks for HealthStream (HSTM) include the potential for AI disruption, margin compression due to rising costs, and challenges associated with the transition away from legacy products.

AI Disruption and Competition: HealthStream operates in the healthcare technology sector, which is characterized by rapid innovation and intense competition. Investors have expressed concerns about the potential for AI to disrupt software-as-a-service (SaaS) firms, including HealthStream. While management suggests their focus on the healthcare workforce may offer some insulation, AI disruption remains a significant "overhang" and a "bearish view" for the company.
Margin Compression and Rising Costs: HealthStream has faced challenges with margin compression, evidenced by a decline in its net margin from 6.9% to 6.0%. Analysts suggest that rising costs and the attrition of legacy products could continue to squeeze profitability. Gross margins are specifically pressured by higher cloud hosting and software licensing costs, in addition to the expenses related to integrating acquired companies.
Legacy Product Attrition and Transition Risks: The company is actively transitioning from older, legacy solutions to newer SaaS platforms. Legacy revenues are declining and currently constitute approximately 10% of total revenues, with management planning to eventually sunset these offerings. This transition introduces "execution risks tied to the contract restructuring and ongoing IT system upgrade costs."

AI Analysis | Feedback

null

AI Analysis | Feedback

```html

For HealthStream (HSTM), the addressable markets for its main products and services are substantial, primarily within the healthcare industry.

Workforce Solutions Segment

HealthStream's Workforce Solutions segment, which includes software-as-a-service (SaaS) based services for clinical development, talent management, training, education, certification, scheduling, competency assessment, and performance appraisal, aligns with the broader healthcare workforce management and learning management systems markets.

The **global healthcare workforce management systems market** was estimated at USD 2.29 billion in 2025 and is projected to reach USD 6.26 billion by 2035, growing at a CAGR of 10.60% from 2026-2035. Another estimate placed the global market at USD 6.2 billion in 2024, with a projection to reach USD 14.5 billion by 2030, at a CAGR of 12.1%.
In the **U.S., the healthcare workforce management systems market** was estimated at USD 0.92 billion in 2025 and is expected to reach USD 2.51 billion by 2035, with a CAGR of 10.68% from 2026-2035. Another report indicated the U.S. market was estimated at USD 2.17 billion in 2024 and is projected to reach approximately USD 4.06 billion by 2030.
The **global Healthcare Learning Management Systems (LMS) market** was valued at USD 2.5 billion in 2024 and is projected to reach USD 6.19 billion by 2035, at a CAGR of 8.60% between 2025 and 2035. Another source valued the global Healthcare LMS market at USD 3.84 billion in 2023, projecting it to hit USD 8.35 billion by 2032 with a CAGR of 9%.
The **U.S. healthcare e-learning services market** (a related component) was valued at USD 4.41 billion in 2024 and is expected to reach USD 12.96 billion by 2032, growing at a CAGR of 14.51%.

Provider Solutions Segment

HealthStream's Provider Solutions segment, which includes platforms for medical staff credentialing, enrollment, and privileging processes, addresses the medical credentialing software and services market.

The **global credentialing software and services in healthcare market** is expected to reach USD 1.42 billion by 2030, with a CAGR of 8.3% from 2024 to 2030.
The **global medical credentialing services market** is projected to grow from USD 6.85 billion in 2024 to USD 13.25 billion by 2032, with a CAGR of 8.6%. Another estimate valued the global medical credentialing services market at USD 6.8 billion in 2023, expecting it to reach USD 14.9 billion by 2032.
The **U.S. credentialing software and services in healthcare market** was valued at USD 268.35 billion in 2024 and is projected to reach approximately USD 526.41 billion by 2034, growing at a CAGR of 6.97% from 2025 to 2034.

```

AI Analysis | Feedback

HealthStream (HSTM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Growth and Expanded Adoption of Core SaaS Solutions: HealthStream anticipates continued robust growth from its flagship subscription-based products, particularly CredentialStream and ShiftWizard. CredentialStream, a leading credentialing solution, has demonstrated significant revenue increases, including 21% in Q4 2025 and 28% in Q4 2024, by automating and streamlining critical administrative tasks for healthcare organizations. Similarly, ShiftWizard, a scheduling application, saw revenue growth of 31% in Q4 2025 and 17% in Q4 2024. These products are central to the company's subscription revenue, which constituted 96% of total revenues in Q4 2025 and grew by 8.2% year-over-year.
Strategic Integration and Monetization of the hStream Platform: The company is consolidating its offerings onto the hStream platform, transforming it into an integrated ecosystem for workforce solutions that unifies credentialing, scheduling, learning, and analytics. This platform incorporates AI as a core element to enhance interoperability and make SaaS applications behave more cohesively. This strategic shift is intended to drive higher recurring revenue and expand operating margins by improving customer lifetime value and reducing legacy support costs.
Targeted Strategic Acquisitions: HealthStream has a history of growth through acquiring complementary businesses and plans for this to continue. Recent acquisitions, such as Virsys12 and MissionCare Collective in late 2025, are aimed at enhancing service capabilities and competitive positioning. Historically, the company built its leading CredentialStream solution through a series of strategic acquisitions like Sy.Med, Healthline Systems, Morrisey Associates, and CredentialMyDoc.
Expansion into New Customer Segments and Deeper Market Penetration: HealthStream is actively seeking to expand its market reach by targeting new segments, such as the health plan market with its "Network by HealthStream" product, which secured 10 new accounts in Q2 2024. The company also aims for deeper penetration into existing markets, including post-acute care, and intends to leverage predictive workforce analytics to boost subscriber lifetime value. Additionally, HealthStream is exploring new revenue streams by partnering with device and pharmaceutical manufacturers to host product training on its platform.

AI Analysis | Feedback

Capital Allocation Decisions for HealthStream (HSTM) over the Last 3-5 Years

Share Repurchases

  On March 13, 2026, HealthStream's Board of Directors approved a new share repurchase program, authorizing the repurchase of up to $10,000,000 of its outstanding common stock, with the program set to terminate by September 12, 2026, or when the authorized amount is fully expended.
  In November 2025, HealthStream authorized a $10 million share repurchase program, of which $5 million was repurchased in the fourth quarter of 2025 and the remaining $5 million in January 2026.
  The company completed a $25 million share repurchase program that was authorized on May 8, 2025, and concluded in July 2025.


Share Issuance

  In December 2025, HealthStream's CEO contributed $3.8 million of his personally owned stock to the company, facilitating the grant of 146,286 shares to over 700 non-officer employees under the 2022 Omnibus Incentive Plan, resulting in a $3.8 million charge for stock-based compensation.


Outbound Investments

  In the fourth quarter of 2025, HealthStream completed two strategic acquisitions: Virsys12 for $13.0 million in cash (plus up to $4.0 million contingent) and MissionCare Collective for $40 million.
  During 2024, HealthStream acquired TCPS for $1.65 million and The Clinical Hub for $600K.
  In 2023, HealthStream acquired Eeds for $7 million.


Capital Expenditures

  HealthStream's capital expenditures incurred during 2025 totaled $31.9 million, or $32.2 million, representing a 14.3% increase year-over-year.
  For the upcoming year, 2026, capital expenditures are projected to be between $31 million and $34 million.
  A significant portion of the company's capital expenditures is historically allocated to capitalized software development, with recent investments focusing on its single platform strategy and scheduling application suite.



	
		
			
				
					
					 Interactive Breakdown
null

null
				
			
		
	

	
		
			
				
				 Better Bets vs. HealthStream (HSTM)
				
					By Industry
					By Sector
					All Other Sectors
					Sector Best Bets
				
				
					
				
					
						INDUSTRY: Health Care Technology
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for HSTM: 4.5% | 2.0x)
						
						
				
						
							PHR (19.7% | 1.2x)
							Phreesia
						
					
						
							WEAV (18.9% | 1.7x)
							Weave Communications
						
					
						
							EVH (16.3% | 0.1x)
							Evolent Health
						
					
						
							LFMD (18.6% | 0.9x)
							LifeMD
						
					
						
							OPRX (20.7% | 1.2x)
							OptimizeRx
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for HSTM: 4.5% | 29.9x)
						
						
				
						
							DOCS (16.7% | 18.1x)
							Doximity
						
					
						
							OPRX (20.7% | 10.5x)
							OptimizeRx
						
					
					
						
							Higher Rev Chg LTM 
							(Value for HSTM: 4.3%)
						
						
				
						
							TEM (83.4%)
							Tempus AI
						
					
						
							HNGE (50.6%)
							Hinge Health
						
					
						
							WAY (16.5%)
							Waystar
						
					
						
							VEEV (16.3%)
							Veeva Systems
						
					
						
							DOCS (15.9%)
							Doximity
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for HSTM: 4.5%)
						
						
				
						
							TEM (58.8%)
							Tempus AI
						
					
						
							DOCS (16.7%)
							Doximity
						
					
						
							VEEV (14.1%)
							Veeva Systems
						
					
						
							TXG (7.9%)
							10x Genomics
						
					
						
							CERT (7.7%)
							Certara
						
					
					
						
							Higher Op Mgn LTM 
							(Value for HSTM: 6.7%)
						
						
				
						
							DOCS (37.4%)
							Doximity
						
					
						
							VEEV (28.7%)
							Veeva Systems
						
					
						
							WAY (22.7%)
							Waystar
						
					
						
							GDRX (11.0%)
							GoodRx
						
					
						
							SOLV (7.6%)
							Solventum
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for HSTM: 20.8%)
						
						
				
						
							DOCS (49.5%)
							Doximity
						
					
						
							VEEV (44.3%)
							Veeva Systems
						
					
						
							HNGE (29.2%)
							Hinge Health
						
					
						
							WAY (28.2%)
							Waystar
						
					
						
							TXG (21.2%)
							10x Genomics
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for HSTM: 10.2%)
						
						
				
						
							DOCS (48.2%)
							Doximity
						
					
						
							VEEV (44.3%)
							Veeva Systems
						
					
						
							HNGE (28.1%)
							Hinge Health
						
					
						
							WAY (25.8%)
							Waystar
						
					
						
							TXG (20.2%)
							10x Genomics
						
					
					
						
							Higher Total Yield 
							(Value for HSTM: 3.7%)
						
						
				
						
							SPOK (18.9%)
							Spok
						
					
						
							SOLV (14.1%)
							Solventum
						
					
						
							NRC (6.0%)
							National Research
						
					
						
							DOCS (5.5%)
							Doximity
						
					
						
							GDRX (4.3%)
							GoodRx
						
					
					
				
					
						SECTOR: Health Care
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for HSTM: 4.5% | 2.0x)
						
						
				
						
							UNH (11.4% | 0.6x)
							UnitedHealth
						
					
						
							HCA (7.9% | 1.5x)
							HCA Healthcare
						
					
						
							MCK (13.3% | 0.3x)
							McKesson
						
					
						
							CVS (7.7% | 0.2x)
							CVS Health
						
					
						
							CI (15.3% | 0.3x)
							Cigna
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for HSTM: 4.5% | 29.9x)
						
						
				
						
							LLY (32.1% | 28.0x)
							Eli Lilly
						
					
						
							UNH (11.4% | 13.5x)
							UnitedHealth
						
					
						
							AMGN (11.9% | 20.3x)
							Amgen
						
					
						
							SYK (10.8% | 25.1x)
							Stryker
						
					
						
							MDT (4.9% | 16.7x)
							Medtronic
						
					
					
						
							Higher Rev Chg LTM 
							(Value for HSTM: 4.3%)
						
						
				
						
							LLY (44.7%)
							Eli Lilly
						
					
						
							UNH (11.8%)
							UnitedHealth
						
					
						
							AMGN (10.0%)
							Amgen
						
					
						
							ABBV (8.6%)
							AbbVie
						
					
						
							JNJ (6.0%)
							Johnson & Johnson
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for HSTM: 4.5%)
						
						
				
						
							LLY (32.1%)
							Eli Lilly
						
					
						
							ISRG (17.4%)
							Intuitive Surgical
						
					
						
							AMGN (11.9%)
							Amgen
						
					
						
							UNH (11.4%)
							UnitedHealth
						
					
						
							SYK (10.8%)
							Stryker
						
					
					
						
							Higher Op Mgn LTM 
							(Value for HSTM: 6.7%)
						
						
				
						
							LLY (45.6%)
							Eli Lilly
						
					
						
							MRK (34.0%)
							Merck
						
					
						
							ABBV (32.8%)
							AbbVie
						
					
						
							JNJ (27.2%)
							Johnson & Johnson
						
					
						
							AMGN (24.7%)
							Amgen
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for HSTM: 20.8%)
						
						
				
						
							ABBV (31.1%)
							AbbVie
						
					
						
							AMGN (27.1%)
							Amgen
						
					
						
							JNJ (26.0%)
							Johnson & Johnson
						
					
						
							LLY (25.8%)
							Eli Lilly
						
					
						
							MRK (25.3%)
							Merck
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for HSTM: 10.2%)
						
						
				
						
							ABBV (29.1%)
							AbbVie
						
					
						
							AMGN (22.0%)
							Amgen
						
					
						
							JNJ (20.5%)
							Johnson & Johnson
						
					
						
							MRK (19.0%)
							Merck
						
					
						
							TMO (14.1%)
							Thermo Fisher Scientific
						
					
					
						
							Higher Total Yield 
							(Value for HSTM: 3.7%)
						
						
				
						
							MRK (8.8%)
							Merck
						
					
						
							UNH (7.8%)
							UnitedHealth
						
					
						
							AMGN (7.0%)
							Amgen
						
					
						
							JNJ (6.8%)
							Johnson & Johnson
						
					
						
							ABBV (4.3%)
							AbbVie
						
					
					
				
					
						All Other Sectors
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for HSTM: 4.5% | 2.0x)
						
						
				
						
							WMT (5.3% | 1.4x)
							Walmart
						
					
						
							COST (6.9% | 1.6x)
							Costco Wholesale
						
					
						
							BA (12.3% | 1.8x)
							Boeing
						
					
						
							ACN (4.5% | 1.7x)
							Accenture
						
					
						
							ENB (8.8% | 1.8x)
							Enbridge
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for HSTM: 4.5% | 29.9x)
						
						
				
						
							GOOGL (12.5% | 28.1x)
							Alphabet
						
					
						
							MSFT (14.4% | 19.4x)
							Microsoft
						
					
						
							AMZN (11.7% | 28.5x)
							Amazon.com
						
					
						
							META (19.9% | 17.4x)
							Meta Platforms
						
					
						
							V (11.1% | 20.9x)
							Visa
						
					
					
						
							Higher Rev Chg LTM 
							(Value for HSTM: 4.3%)
						
						
				
						
							NVDA (65.5%)
							NVIDIA
						
					
						
							MSFT (16.7%)
							Microsoft
						
					
						
							GOOGL (15.1%)
							Alphabet
						
					
						
							AMZN (12.4%)
							Amazon.com
						
					
						
							AAPL (10.1%)
							Apple
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for HSTM: 4.5%)
						
						
				
						
							NVDA (101.8%)
							NVIDIA
						
					
						
							AVGO (26.2%)
							Broadcom
						
					
						
							MSFT (14.4%)
							Microsoft
						
					
						
							GOOGL (12.5%)
							Alphabet
						
					
						
							AMZN (11.7%)
							Amazon.com
						
					
					
						
							Higher Op Mgn LTM 
							(Value for HSTM: 6.7%)
						
						
				
						
							NVDA (60.4%)
							NVIDIA
						
					
						
							MSFT (46.7%)
							Microsoft
						
					
						
							AAPL (32.4%)
							Apple
						
					
						
							GOOGL (32.0%)
							Alphabet
						
					
						
							AMZN (11.2%)
							Amazon.com
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for HSTM: 20.8%)
						
						
				
						
							MSFT (52.5%)
							Microsoft
						
					
						
							NVDA (47.6%)
							NVIDIA
						
					
						
							AVGO (43.5%)
							Broadcom
						
					
						
							GOOGL (40.9%)
							Alphabet
						
					
						
							AAPL (31.1%)
							Apple
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for HSTM: 10.2%)
						
						
				
						
							NVDA (44.8%)
							NVIDIA
						
					
						
							AVGO (42.3%)
							Broadcom
						
					
						
							AAPL (28.3%)
							Apple
						
					
						
							MSFT (25.3%)
							Microsoft
						
					
						
							GOOGL (18.2%)
							Alphabet
						
					
					
						
							Higher Total Yield 
							(Value for HSTM: 3.7%)
						
						
				
						
							JPM (7.1%)
							JPMorgan Chase
						
					
						
							BRK-B (6.5%)
							Berkshire Hathaway
						
					
						
							MSFT (5.2%)
							Microsoft
						
					
						
							META (4.5%)
							Meta Platforms
						
					
						
							GOOGL (3.9%)
							Alphabet
						
					
					
				
					
						Best Bets in Health Care
					
			What You Pay
					
						
							P/EBIT 
							(Value for HSTM: 29.9x)
						
						
				
						
							RPRX (12.4x)
							Royalty Pharma
						
					
						
							DOCS (18.1x)
							Doximity
						
					
						
							VEEV (31.2x)
							Veeva Systems
						
					
						
							HALO (15.3x)
							Halozyme Therapeutics
						
					
						
							UTHR (14.0x)
							United Therapeutics
						
					
						
							CPRX (11.9x)
							Catalyst Pharmaceuticals
						
					
						
							BMY (10.8x)
							Bristol-Myers Squibb
						
					
						
							RMD (17.8x)
							ResMed
						
					
						
							PBH (8.6x)
							Prestige Consumer Healthcare
						
					
						
							JNJ (17.3x)
							Johnson & Johnson
						
					
					
						
							P/E 
							(Value for HSTM: 32.9x)
						
						
				
						
							RPRX (26.3x)
							Royalty Pharma
						
					
						
							DOCS (18.1x)
							Doximity
						
					
						
							VEEV (31.4x)
							Veeva Systems
						
					
						
							HALO (23.4x)
							Halozyme Therapeutics
						
					
						
							UTHR (18.2x)
							United Therapeutics
						
					
						
							CPRX (14.3x)
							Catalyst Pharmaceuticals
						
					
						
							BMY (17.1x)
							Bristol-Myers Squibb
						
					
						
							RMD (22.1x)
							ResMed
						
					
						
							PBH (14.2x)
							Prestige Consumer Healthcare
						
					
						
							JNJ (21.6x)
							Johnson & Johnson
						
					
What You Get
					
						
							Rev Chg 3Y Avg 
							(Value for HSTM: 4.5%)
						
						
				
						
							RPRX (2.1%)
							Royalty Pharma
						
					
						
							DOCS (16.7%)
							Doximity
						
					
						
							VEEV (14.1%)
							Veeva Systems
						
					
						
							HALO (28.5%)
							Halozyme Therapeutics
						
					
						
							UTHR (18.1%)
							United Therapeutics
						
					
						
							CPRX (43.1%)
							Catalyst Pharmaceuticals
						
					
						
							BMY (1.5%)
							Bristol-Myers Squibb
						
					
						
							RMD (12.9%)
							ResMed
						
					
						
							PBH (-0.1%)
							Prestige Consumer Healthcare
						
					
						
							JNJ (2.6%)
							Johnson & Johnson
						
					
					
						
							Rev Chg LTM 
							(Value for HSTM: 4.3%)
						
						
				
						
							RPRX (5.1%)
							Royalty Pharma
						
					
						
							DOCS (15.9%)
							Doximity
						
					
						
							VEEV (16.3%)
							Veeva Systems
						
					
						
							HALO (37.6%)
							Halozyme Therapeutics
						
					
						
							UTHR (10.6%)
							United Therapeutics
						
					
						
							CPRX (19.8%)
							Catalyst Pharmaceuticals
						
					
						
							BMY (-0.2%)
							Bristol-Myers Squibb
						
					
						
							RMD (9.6%)
							ResMed
						
					
						
							PBH (-1.3%)
							Prestige Consumer Healthcare
						
					
						
							JNJ (6.0%)
							Johnson & Johnson
						
					
					
						
							Rev Chg Q 
							(Value for HSTM: 7.4%)
						
						
				
						
							RPRX (4.8%)
							Royalty Pharma
						
					
						
							DOCS (9.8%)
							Doximity
						
					
						
							VEEV (16.0%)
							Veeva Systems
						
					
						
							HALO (51.6%)
							Halozyme Therapeutics
						
					
						
							UTHR (7.4%)
							United Therapeutics
						
					
						
							CPRX (7.6%)
							Catalyst Pharmaceuticals
						
					
						
							BMY (1.3%)
							Bristol-Myers Squibb
						
					
						
							RMD (11.0%)
							ResMed
						
					
						
							PBH (-2.4%)
							Prestige Consumer Healthcare
						
					
						
							JNJ (9.1%)
							Johnson & Johnson
						
					
					
						
							FCF/Rev 3Y Avg 
							(Value for HSTM: 11.1%)
						
						
				
						
							RPRX (118.0%)
							Royalty Pharma
						
					
						
							DOCS (41.6%)
							Doximity
						
					
						
							VEEV (40.8%)
							Veeva Systems
						
					
						
							HALO (38.8%)
							Halozyme Therapeutics
						
					
						
							UTHR (34.1%)
							United Therapeutics
						
					
						
							CPRX (33.2%)
							Catalyst Pharmaceuticals
						
					
						
							BMY (27.9%)
							Bristol-Myers Squibb
						
					
						
							RMD (27.3%)
							ResMed
						
					
						
							PBH (22.3%)
							Prestige Consumer Healthcare
						
					
						
							JNJ (20.6%)
							Johnson & Johnson
						
					
			
				[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52
			
		
				
			
		
	

	
		
			
				
				 Latest Trefis Analyses
				 Title Date
0 DASHBOARDS  
1 HealthStream Earnings Notes 12/16/2025
2 How Low Can HealthStream Stock Really Go? 10/17/2025
3 HealthStream (HSTM) Operating Cash Flow Comparison 02/17/2025
4 HealthStream (HSTM) Net Income Comparison 02/15/2025
5 HealthStream (HSTM) Operating Income Comparison 02/15/2025
6 HealthStream (HSTM) Revenue Comparison 02/13/2025
 Title
0 ARTICLES
			
		
	

	
		
			
				
				 Trade Ideas
Select ideas related to HSTM.
Unique Key Date Ticker Company Category Trade Strategy 6M Fwd Rtn 12M Fwd Rtn 12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG 03312026 PGNY Progyny Dip Buy DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap 0.0% 0.0% 0.0%
ADP_3272026_Dip_Buyer_FCFYield 03272026 ADP Automatic Data Processing Dip Buy DB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin 1.0% 1.0% 0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG 03272026 CNC Centene Dip Buy DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap 2.3% 2.3% -0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG 03272026 OSCR Oscar Health Dip Buy DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap 3.0% 3.0% -2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper 03202026 WAT Waters Monopoly MY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple -0.4% -0.4% -3.3%
			
		
	

	
		
			
				
				 Recent Active Movers
				
					1D
					1W
					1M
				
				
					Top Gainers
Ticker Company Mkt Cap (B) 1D Rtn YTD Rtn
SLNO Soleno Therapeutics 2.8 32.3% 12.9%
AEHR Aehr Test Systems 1.6 17.7% 158.3%
PLTK Playtika 1.2 16.8% -19.0%
ENVX Enovix 1.2 13.6% -21.3%
AMC AMC Entertainment 0.6 12.5% -19.2%
CAR Avis Budget 7.5 11.6% 65.7%
PLUG Plug Power 3.6 11.6% 36.5%
DSGN Design Therapeutics 0.7 11.6% 33.6%
CODI Compass Diversified 0.7 11.2% 99.0%
BOOT Boot Barn 4.5 10.3% -15.5%
Top Losers
Ticker Company Mkt Cap (B) 1D Rtn YTD Rtn
VRDN Viridian Therapeutics 1.3 -26.2% -55.3%
AXTI AXT 1.9 -20.5% 156.8%
GTN-A Gray Media 1.0 -9.7% -12.8%
FIGS FIGS 2.2 -8.6% 18.0%
GBX Greenbrier Companies 1.5 -8.3% 4.1%
AESI Atlas Energy Solutions 1.4 -8.1% 18.5%
RYAM Rayonier Advanced Materials 0.7 -8.0% 65.9%
QDEL QuidelOrtho 1.1 -7.9% -44.4%
SOC Sable Offshore 1.7 -7.7% 57.2%
SION Sionna Therapeutics 1.7 -7.7% -9.1%
					Top Gainers
Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
APLS Apellis Pharmaceuticals 5.1 139.4% 61.7%
SLNO Soleno Therapeutics 2.8 73.9% 12.9%
AEHR Aehr Test Systems 1.6 60.4% 158.3%
FLY Firefly Aerospace 5.6 47.0% 55.8%
CAR Avis Budget 7.5 43.2% 65.7%
CODI Compass Diversified 0.7 43.0% 99.0%
FNMA Federal National Mortgage Association Fannie Mae 40.5 41.9% -35.7%
TH Target Hospitality 1.4 41.7% 70.0%
SGML Sigma Lithium 1.6 38.7% 10.0%
FMCC Federal Home Loan Mortgage 19.5 37.7% -40.5%
Top Losers
Ticker Company Mkt Cap (B) 1W Rtn YTD Rtn
VRDN Viridian Therapeutics 1.3 -49.3% -55.3%
AXTI AXT 1.9 -30.7% 156.8%
TE T1 Energy 0.7 -29.7% -39.4%
ORIC ORIC Pharmaceuticals 0.9 -26.1% 8.9%
SOC Sable Offshore 1.7 -23.1% 57.2%
CRK Comstock Resources 5.6 -17.4% -16.5%
FRMI Fermi 3.0 -17.0% -35.9%
GTN-A Gray Media 1.0 -16.9% -12.8%
PHR Phreesia 0.5 -16.7% -45.9%
BTU Peabody Energy 4.0 -16.4% 11.5%
					Top Gainers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
SATL Satellogic 0.9 120.3% 277.0%
CAR Avis Budget 7.5 119.1% 65.7%
APLS Apellis Pharmaceuticals 5.1 101.6% 61.7%
LWLG Lightwave Logic 1.1 79.3% 142.9%
TH Target Hospitality 1.4 72.2% 70.0%
CBIO Crescent Biopharma 0.6 71.1% 63.4%
FLY Firefly Aerospace 5.6 71.0% 55.8%
ORKA Oruka Therapeutics 3.1 69.9% 86.0%
DAWN Day One Biopharmaceuticals 2.2 67.9% 130.3%
KODK Eastman Kodak 1.1 66.5% 35.8%
Top Losers
Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
VRDN Viridian Therapeutics 1.3 -51.9% -55.3%
WVE WAVE Life Sciences 1.3 -46.3% -58.3%
BUR Burford Capital 1.0 -45.8% -49.8%
ADMA ADMA Biologics 2.2 -40.9% -49.1%
TE T1 Energy 0.7 -40.5% -39.4%
LMRI Lumexa Imaging 0.8 -40.4% -51.7%
FRMI Fermi 3.0 -40.2% -35.9%
BOBS Bobs Discount Furniture 1.5 -37.6% -32.9%
MAZE Maze Therapeutics 1.3 -36.0% -30.0%
ORIC ORIC Pharmaceuticals 0.9 -35.7% 8.9%
				
			
		
	

	
		 More From Trefis
		
			
				Research & Analysis
				
					Latest Ideas
					Dip Buying Opportunities
					Earnings Reaction Data
				
			
		
		
			
				Invest in Strategies
				
					Invest in Trefis Strategies
					Advisor Strategies & Resources
				
			
		
		
			
				Wealth Management
				
					Help Me Invest
					Rules-Based Wealth Management
				
			
		
	

	
		
			
				 Peer Comparisons
Peers to compare with: 
				
				Financials
 HSTM WDAY ORCL NOW ADP PAYX Median
Name HealthSt. Workday  Oracle   ServiceN. Automati. Paychex   
Mkt Price 20.40 129.72 145.54 102.42 204.34 91.85 116.07
Mkt Cap 0.6 33.9 418.3 106.4 82.5 32.9 58.2
Rev LTM 304 9,552 64,077 13,278 21,214 6,334 11,415
Op Inc LTM 20 1,023 20,678 1,824 5,574 2,337 2,080
FCF LTM 31 2,777 -24,736 4,533 4,185 2,090 2,434
FCF 3Y Avg 32 2,291 -2,222 3,536 3,924 1,875 2,083
CFO LTM 63 2,939 23,514 5,444 4,740 2,320 3,840
CFO 3Y Avg 62 2,516 20,833 4,370 4,487 2,064 3,443
				Growth & Margins
 HSTM WDAY ORCL NOW ADP PAYX Median
Name HealthSt. Workday  Oracle   ServiceN. Automati. Paychex   
Rev Chg LTM 4.3% 13.1% 14.9% 20.9% 6.6% 16.4% 14.0%
Rev Chg 3Y Avg 4.5% 15.4% 10.2% 22.4% 7.1% 8.9% 9.5%
Rev Chg Q 7.4% 14.5% 21.7% 20.7% 6.2% 19.9% 17.2%
QoQ Delta Rev Chg LTM 1.8% 3.5% 5.0% 4.8% 1.5% 5.0% 4.2%
Op Mgn LTM 6.7% 10.7% 32.3% 13.7% 26.3% 36.9% 20.0%
Op Mgn 3Y Avg 6.6% 6.4% 31.2% 11.5% 25.9% 39.9% 18.7%
QoQ Delta Op Mgn LTM -0.9% 1.3% 0.3% -0.1% 0.1% -0.2% -0.0%
CFO/Rev LTM 20.8% 30.8% 36.7% 41.0% 22.3% 36.6% 33.7%
CFO/Rev 3Y Avg 21.2% 29.8% 36.2% 39.2% 22.5% 36.5% 33.0%
FCF/Rev LTM 10.2% 29.1% -38.6% 34.1% 19.7% 33.0% 24.4%
FCF/Rev 3Y Avg 11.1% 27.1% -1.6% 31.7% 19.7% 33.2% 23.4%
				Valuation
 HSTM WDAY ORCL NOW ADP PAYX Median
Name HealthSt. Workday  Oracle   ServiceN. Automati. Paychex   
Mkt Cap 0.6 33.9 418.3 106.4 82.5 32.9 58.2
P/S 2.0 3.5 6.5 8.0 3.9 5.2 4.5
P/EBIT 29.9 30.1 18.6 46.6 13.9 13.6 24.2
P/E 32.9 48.9 25.8 60.9 19.5 20.1 29.4
P/CFO 9.5 11.5 17.8 19.5 17.4 14.2 15.8
Total Yield 3.7% 2.0% 5.2% 1.6% 8.2% 9.7% 4.4%
Dividend Yield 0.6% 0.0% 1.4% 0.0% 3.0% 4.7% 1.0%
FCF Yield 3Y Avg 4.0% 3.6% 0.4% 2.1% 3.7% 4.3% 3.6%
D/E 0.0 0.1 0.4 0.0 0.1 0.2 0.1
Net D/E -0.1 -0.0 0.3 -0.0 0.0 0.1 -0.0
				Returns
 HSTM WDAY ORCL NOW ADP PAYX Median
Name HealthSt. Workday  Oracle   ServiceN. Automati. Paychex   
1M Rtn -8.2% -14.1% -4.9% -17.6% -8.9% -8.9% -8.9%
3M Rtn -11.3% -37.9% -24.2% -30.6% -19.9% -15.2% -22.1%
6M Rtn -25.2% -45.6% -49.9% -43.9% -28.6% -24.7% -36.3%
12M Rtn -34.4% -40.3% 14.6% -29.0% -26.8% -33.7% -31.3%
3Y Rtn -22.7% -34.1% 57.3% 8.2% 1.3% -7.4% -3.1%
1M Excs Rtn -3.5% -8.7% -2.8% -11.7% -4.3% -3.4% -3.9%
3M Excs Rtn -6.8% -33.4% -21.8% -26.9% -14.9% -10.9% -18.4%
6M Excs Rtn -24.1% -42.6% -47.8% -42.2% -26.9% -22.5% -34.6%
12M Excs Rtn -53.4% -61.5% -15.8% -54.4% -48.4% -55.2% -53.9%
3Y Excs Rtn -85.1% -98.7% 2.3% -47.4% -64.6% -77.1% -70.9%
				Comparison Analyses
null
			
		
	

	
		
			
				
				 FDIC Bank Data
				Capital & Deposits
Assets
Loans
				
					Bank Capital
nullBank Deposits
null
					Bank Assets
null
					Bank Loans
null
				
			
		
	

	
		
			
				
				 FDA Approved Drugs Data
				Expand for Morenull
				Collapse to Previewnull
			
		
	

	
		
			
				
				 Financials
				Annual
Quarterly
				$ Mil | FY: 12/31 LTM 2025 2024 2023 2022 2021 2020
Period End 12/31/2025 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 2/27/2026 2/27/2026 2/28/2025 2/26/2024 2/28/2023 2/28/2022 2/26/2021

Key Financials              
Total Revenue 304 304 292 279 267 257 245
EBITDA 64 64 63 57 50 45 46
Operating Income 20 20 21 16 12 8 16
Net Income 18 18 20 15 12 6 14
EPS 0.61 0.61 0.66 0.50 0.39 0.19 0.44

Growth Rates              
Total Revenue Growth 4.3% 4.3% 4.5% 4.6% 3.9% 4.9% -3.7%
EBITDA Growth 1.9% 1.9% 9.5% 13.3% 12.3% -2.5% 8.0%
Operating Income Growth -4.9% -4.9% 32.9% 28.7% 54.5% -49.1% 7.5%
Net Income Growth -8.3% -8.3% 31.5% 25.8% 106.9% -58.5% -10.6%

Margins              
EBITDA Margin 21.0% 21.0% 21.4% 20.5% 18.9% 17.5% 18.8%
Operating Income Margin 6.7% 6.7% 7.3% 5.7% 4.7% 3.1% 6.5%
Net Income Margin 6.0% 6.0% 6.9% 5.5% 4.5% 2.3% 5.8%

Cash & Debt              
Total Cash 57 57 97 71 54 52 46
Total Debt 15 15 17 20 23 26 28
Net Debt / (Cash) -42 -42 -80 -51 -31 -26 -18

Cash Flows              
Net Cash from Operations 63 63 58 64 51 42 36
Free Cash from Operations 31 31 30 36 26 17 17

Returns to Shareholders              
Dividends 4 4 3 3 -0 0 0
Share Repurchases 12 30 -0 9 23 5 20
$ Mil | FY: 12/31 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1
Period End 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Filing Date 2/27/2026 11/6/2025 8/7/2025 5/9/2025 2/28/2025 10/24/2024 7/25/2024 4/25/2024 2/26/2024 10/26/2023 7/27/2023 4/27/2023

Key Financials Quarterly                        
Total Revenue 80 76 74 73 74 73 72 73 71 70 69 69
Ebitda 13 18 17 15 15 17 15 16 15 15 14 13
Operating Income 2 8 6 4 5 6 4 6 4 5 4 3
Net Income 3 6 5 4 5 6 4 5 5 4 4 3
EPS 0.09 0.20 0.18 0.14 0.16 0.19 0.14 0.17 0.15 0.13 0.13 0.09

Key Financials TTM                        
Total Revenue TTM 304 299 295 292 292 288 285 283 279 277 274 270
Ebitda TTM 64 65 64 62 63 62 61 60 57 55 52 50
Operating Income TTM 20 23 21 20 21 21 19 19 16 15 12 11
Net Income TTM 18 21 20 19 20 20 18 18 15 13 13 12

Growth Rates Quarterly                        
Total Revenue Growth 7.4% 4.6% 4.0% 1.0% 5.2% 3.9% 3.4% 5.5% 3.0% 4.5% 5.4% 5.5%
EBITDA Growth -11.3% 11.0% 13.3% -5.6% 2.5% 8.5% 3.9% 25.0% 16.5% 27.5% 15.0% -4.0%
Operating Income Growth -48.7% 16.5% 33.4% -23.1% 10.2% 33.6% 10.1% 96.8% 38.3% 104.2% 35.7% -28.4%
Net Income Growth -48.2% 6.3% 29.3% -17.1% 6.5% 48.0% 0.8% 99.3% 87.4% 5.5% 34.1% -9.3%

Margins Quarterly                        
EBITDA Margin 16.9% 24.0% 22.5% 20.6% 20.4% 22.7% 20.7% 22.0% 20.9% 21.7% 20.6% 18.6%
Operating Income Margin 3.0% 9.9% 7.9% 6.0% 6.3% 8.9% 6.2% 7.8% 6.0% 6.9% 5.8% 4.2%
Net Income Margin 3.2% 8.0% 7.2% 5.9% 6.6% 7.8% 5.8% 7.2% 6.5% 5.5% 6.0% 3.8%

Cash & Debt                        
Total Cash 57 93 91 113 97 95 83 84 71 72 56 59
Total Debt 15 15 16 17 17 18 19 19 20 21 22 23
Net Debt / (Cash) -42 -77 -75 -97 -80 -77 -64 -64 -51 -51 -34 -36

Cash Flows Quarterly                        
FCF from Operations 13 18 5 27 11 19 6 21 14 25 5 21

Cash Flows TTM                        
FCF from Operations TTM 63 61 62 64 58 60 66 64 64 58 49 51

Returns to Shareholders Quarterly                        
Dividends 1 1 1 1 1 1 1 1 1 1 2 0
Share Repurchases 5 7 -0 -0 -0 -0 -0 -0 7 2 -0 -0

Return on Invested Capital (ROIC) Quarterly                        
ROIC 4.5% 14.9% 11.6% 9.4% 9.8% 11.5% 7.5% 9.9% 7.3% 6.8% 6.7% 4.4%

Return on Invested Capital (ROIC) TTM                        
ROIC TTM 8.5% 12.0% 10.9% 10.6% 10.1% 9.6% 8.2% 8.3% 6.7% 5.8% 4.5% 4.1%
			
		
	

	
		
			
				
				 Segment Financials
Revenue by Segment
$ Mil 2025 2024 2023 2022 2021
Subscription services 268 254      
Professional services 11 13      
Provider Solutions         46
Workforce Solutions         209
Total 279 267     254



			
		
	

	
		
			
				
				 Price Behavior
				Behavior Stats
Betas Matrix
Behavior vs Other Asset Classes
				
					Price Behavior
Market Price $20.40  
Market Cap ($ Bil) 0.6  
First Trading Date 04/11/2000  
Distance from 52W High -39.8%  
    50 Days 200 Days
DMA Price $20.97 $24.67
DMA Trend down down
Distance from DMA -2.7% -17.3%
  3M 1YR
Volatility 28.9% 31.4%
Downside Capture 0.74 0.79
Upside Capture 105.13 51.98
Correlation (SPY) 26.0% 30.0%
					
HSTM Betas & Captures as of 3/31/2026


  1M 2M 3M 6M 1Y 3Y
Beta 0.85 0.52 0.60 0.48 0.51 0.58
Up Beta 3.16 0.21 0.23 0.53 0.38 0.47
Down Beta -1.38 -0.50 -0.14 0.12 0.28 0.47
Up Capture 263% 113% 98% 18% 41% 30%
Bmk +ve Days 7 16 27 65 139 424
Stock +ve Days 9 16 25 48 111 369
Down Capture 105% 85% 108% 98% 109% 95%
Bmk -ve Days 12 23 33 58 110 323
Stock -ve Days 13 25 37 77 137 372


[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
					
						
							1Y
							5Y
							10Y
						
						
							Based On 1-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with HSTM
HSTM -36.9% 31.3% -1.43 -
Sector ETF (XLV) 2.8% 17.6% 0.00 33.3%
Equity (SPY) 15.3% 19.0% 0.64 30.5%
Gold (GLD) 49.6% 28.0% 1.44 -9.0%
Commodities (DBC) 15.5% 17.7% 0.74 -2.5%
Real Estate (VNQ) 3.1% 16.5% 0.01 33.0%
Bitcoin (BTCUSD) -19.0% 44.0% -0.35 4.9%

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 HSTM
HSTM -1.6% 28.1% -0.04 -
Sector ETF (XLV) 6.1% 14.5% 0.24 33.5%
Equity (SPY) 11.7% 17.0% 0.53 33.7%
Gold (GLD) 21.8% 17.8% 1.01 -1.1%
Commodities (DBC) 11.6% 18.8% 0.50 2.2%
Real Estate (VNQ) 3.4% 18.8% 0.09 32.0%
Bitcoin (BTCUSD) 3.0% 56.5% 0.27 13.0%

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 HSTM
HSTM 0.9% 31.7% 0.10 -
Sector ETF (XLV) 9.9% 16.5% 0.49 36.8%
Equity (SPY) 14.0% 17.9% 0.67 38.0%
Gold (GLD) 14.0% 15.9% 0.73 0.1%
Commodities (DBC) 8.4% 17.6% 0.39 10.4%
Real Estate (VNQ) 5.1% 20.7% 0.21 32.5%
Bitcoin (BTCUSD) 65.9% 66.9% 1.05 12.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
						
					
				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 3132026
Short Interest: Shares Quantity 1.1 Mil
Short Interest: % Change Since 2282026 -11.5%
Average Daily Volume 0.4 Mil
Days-to-Cover Short Interest 3.0 days
Basic Shares Quantity 29.6 Mil
Short % of Basic Shares 3.7%
			
		
	

	
		
			
				 Returns Analyses
 Title
0 How Low Can HealthStream Stock Really Go?
			
		
	

	
		
			
				
				 Earnings Returns History
				Expand for More  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
2/23/2026 4.0% 0.8% -1.1%
11/3/2025 2.8% -3.1% -2.3%
8/4/2025 -1.2% -0.3% 7.8%
5/5/2025 -19.3% -17.4% -14.6%
2/24/2025 0.1% 3.4% -1.0%
10/21/2024 5.7% 1.8% 13.4%
7/22/2024 -4.0% -4.2% -7.7%
2/20/2024 -1.6% -0.4% -3.5%
... 
SUMMARY STATS      
# Positive 11 9 6
# Negative 8 10 13
Median Positive 4.0% 3.4% 10.9%
Median Negative -5.8% -3.6% -3.5%
Max Positive 14.9% 14.1% 16.3%
Max Negative -19.3% -17.4% -14.6%
				Collapse to Preview  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
2/23/2026 4.0% 0.8% -1.1%
11/3/2025 2.8% -3.1% -2.3%
8/4/2025 -1.2% -0.3% 7.8%
5/5/2025 -19.3% -17.4% -14.6%
2/24/2025 0.1% 3.4% -1.0%
10/21/2024 5.7% 1.8% 13.4%
7/22/2024 -4.0% -4.2% -7.7%
2/20/2024 -1.6% -0.4% -3.5%
10/23/2023 14.9% 14.1% 16.3%
7/24/2023 -1.2% -2.9% -8.5%
2/21/2023 4.9% 3.4% 8.4%
10/24/2022 5.3% 13.5% 15.7%
7/25/2022 4.2% 3.7% -0.3%
2/22/2022 -17.0% -13.9% -13.3%
10/25/2021 -9.6% -5.2% -10.1%
7/26/2021 0.7% 0.5% 0.6%
2/22/2021 0.3% -0.3% -2.4%
10/26/2020 -7.6% -10.8% -7.6%
7/27/2020 1.8% 2.7% -2.2%
SUMMARY STATS      
# Positive 11 9 6
# Negative 8 10 13
Median Positive 4.0% 3.4% 10.9%
Median Negative -5.8% -3.6% -3.5%
Max Positive 14.9% 14.1% 16.3%
Max Negative -19.3% -17.4% -14.6%
			
		
		
			
				
				 SEC Filings
				Expand for MoreReport Date Filing Date Filing
12/31/2025 02/27/2026 10-K
09/30/2025 11/06/2025 10-Q
06/30/2025 08/07/2025 10-Q
03/31/2025 05/09/2025 10-Q
12/31/2024 02/28/2025 10-K
09/30/2024 10/24/2024 10-Q
06/30/2024 07/25/2024 10-Q
03/31/2024 04/25/2024 10-Q
12/31/2023 02/26/2024 10-K
09/30/2023 10/26/2023 10-Q
06/30/2023 07/27/2023 10-Q
03/31/2023 04/27/2023 10-Q
12/31/2022 02/28/2023 10-K
09/30/2022 10/27/2022 10-Q
06/30/2022 07/28/2022 10-Q
03/31/2022 04/28/2022 10-Q
				Collapse to PreviewReport Date Filing Date Filing
12/31/2025 02/27/2026 10-K
09/30/2025 11/06/2025 10-Q
06/30/2025 08/07/2025 10-Q
03/31/2025 05/09/2025 10-Q
12/31/2024 02/28/2025 10-K
09/30/2024 10/24/2024 10-Q
06/30/2024 07/25/2024 10-Q
03/31/2024 04/25/2024 10-Q
12/31/2023 02/26/2024 10-K
09/30/2023 10/26/2023 10-Q
06/30/2023 07/27/2023 10-Q
03/31/2023 04/27/2023 10-Q
12/31/2022 02/28/2023 10-K
09/30/2022 10/27/2022 10-Q
06/30/2022 07/28/2022 10-Q
03/31/2022 04/28/2022 10-Q
12/31/2021 02/28/2022 10-K
09/30/2021 10/28/2021 10-Q
06/30/2021 07/29/2021 10-Q
03/31/2021 04/29/2021 10-Q
12/31/2020 02/26/2021 10-K
09/30/2020 10/29/2020 10-Q
06/30/2020 07/31/2020 10-Q
03/31/2020 04/30/2020 10-Q
12/31/2019 02/26/2020 10-K
09/30/2019 10/28/2019 10-Q
06/30/2019 07/26/2019 10-Q
03/31/2019 04/29/2019 10-Q
			
		
	

	
		
			
				
				 Recent Forward Guidance [BETA]
				Latest: Q4 2025 Earnings Reported 2/23/2026
				Forward Guidance Guidance Change
Metric Low Mid High % Chg % Delta Change Prior
2026 Revenue 323.00 Mil 326.50 Mil 330.00 Mil 8.6%   Higher New Actual: 300.50 Mil for 2025
2026 Net Income 20.40 Mil 21.60 Mil 22.80 Mil 3.4%   Higher New Actual: 20.90 Mil for 2025
2026 Adjusted EBITDA 73.00 Mil 75.00 Mil 77.00 Mil 6.4%   Higher New Actual: 70.50 Mil for 2025
2026 Capital Expenditures 31.00 Mil 32.50 Mil 34.00 Mil -3.0%   Lower New Actual: 33.50 Mil for 2025
				Prior: Q3 2025 Earnings Reported 11/3/2025
				Forward Guidance Guidance Change
Metric Low Mid High % Chg % Delta Change Prior
2025 Revenue 299.50 Mil 300.50 Mil 301.50 Mil 0   Affirmed Guidance: 300.50 Mil for 2025
2025 Net Income 20.30 Mil 20.90 Mil 21.50 Mil -0.2%   Lowered Guidance: 20.95 Mil for 2025
2025 Adjusted EBITDA 69.50 Mil 70.50 Mil 71.50 Mil 0   Affirmed Guidance: 70.50 Mil for 2025
2025 Capital Expenditures 33.00 Mil 33.50 Mil 34.00 Mil 3.1%   Raised Guidance: 32.50 Mil for 2025
			
		
	

	
		
			
				
				 Insider Activity
				Expand for More# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Cunningham, Jeff Chief Technology Officer Direct Sell 12102025 24.09 2,100 50,589 758,570 Form
2 O'Hara, Kevin P Executive Vice President Direct Sell 12082025 24.26 2,000 48,520 397,211 Form
3 Taylor, Tate Deborah   Direct Sell 12012025 25.46 1,580 40,227 588,813 Form
4 O'Hara, Kevin P Executive Vice President Direct Sell 8272025 27.97 2,000 55,936 479,286 Form
5 Fenstermacher, Scott Senior Vice President Direct Sell 2282025 33.15 2,000 66,300 408,640 Form
				Collapse to Preview# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Cunningham, Jeff Chief Technology Officer Direct Sell 12102025 24.09 2,100 50,589 758,570 Form
2 O'Hara, Kevin P Executive Vice President Direct Sell 12082025 24.26 2,000 48,520 397,211 Form
3 Taylor, Tate Deborah   Direct Sell 12012025 25.46 1,580 40,227 588,813 Form
4 O'Hara, Kevin P Executive Vice President Direct Sell 8272025 27.97 2,000 55,936 479,286 Form
5 Fenstermacher, Scott Senior Vice President Direct Sell 2282025 33.15 2,000 66,300 408,640 Form
			
		
	
	
	
		
			
				
				 HSTM Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
										Stock Conviction									
										null
									
								
								
									 
									 	CONVICTION RATIONALE
										null
									 
								
								
									
										
											STOCK ARCHETYPE
											null
										
										null
									
								
							

							
								
									
										INVESTMENT THESIS
										null
										null
										
										
											Mechanism:
											null
										
										
										
											Supporting Evidence:
											
												
											
										
									
								
								
								
									
										PRIMARY RISK
										null
										null
										
										 
											Mechanism:
											null
										
										
										
											Supporting Evidence:
											
												 
											
										
									
								
							

							
								 Key KPI Watchlist
								 
									
										
											
												
													KPI
													Threshold
													Rationale
												
											
											
												
											
										
									
								 
							

						
					

					
						
							
								Core Investment Debate
								
							

							
								
									
										BULL VIEW
										
									
								
								
									
										CORE TENSION
										
										
										PREVAILING SENTIMENT
										
										
									
								
								
									
										BEAR VIEW
										
									
								
							

							
								Next 6 months: Risks and Catalysts
								
									
										
											
												
													Timeline
													Event & Metric To Watch
												
											
											
												
											
										
									
								
							

							
								Key Events in Last 6 Months
								
									
										
											
												
													Date
													Event
													Stock Impact
												
											
											
												
											
										
									
								
							

							
								Risk Management
								
									
										
											 Position Sizing
											null
											null
											null
										
										
											 Diversification Alternatives
											
												
											
										
									
								
							
						
					

					
						
							How Is The Market Pricing HSTM?

							
								
									
								
							

							
								
									
								
							

							
								
									
										 What will confirm the thesis
										
									
								

								
									
										 What will damage the thesis
										
									
								

								
									
										 Noise: Real but irrelevant to thesis
										
									
								
							

							
								Repricing Catalyst
								
							

							
								What HSTM Makes & Who Pays

								
									
										TTM figures based on 
									
								
								
								
									
								
							

							
								HSTM Evolution: Price Return by Era
								
								
								

								
									
										
									
								
							

						
					

					
						
						
							
							
								
								

								
									
										① Structure
										
											0
											
										
										
									
									
										② Volume / Momentum
										
											0
											
										
										
									
									
										③ Catalyst
										
											0
											
										
										
									
								

								
									Combined Score
									
										
									
									0 / 12
								
							

							
								
									1
									Price Structure & Trend
									 · 
									▾
								
								
									
										▲
										
									

									
										
											Current
											$
											
											
										
										
											20D SMA
											$
											
											Below
										
										
											50D SMA
											$
											Slope: %
											Below
										
										
											200D SMA
											$
											Slope: %
											Below
										
									

									
										✕
										 —  trading days ago
									

									
										
											52W High
											$
										
										
											From 52W High
											%
										
										
											All-Time High
											$
										
										
											From ATH
											%
										
									
									
										
											52W Low
											$
										
										
											From 52W Low
											%
										
									
								
							

							
								
									2
									Momentum
									
									▾
								
								
									
										↑
										
									

									
										
											5D
											%
											
										
										
											20D
											%
											
										
										
											63D
											%
											
										
										
											126D
											%
											
										
										
											252D
											%
											
										
									
								
							

							
								
									3
									Relative Strength vs. SPY
									
									▾
								
								
									
										↑
										
									

									
										
											20D
											
											%
										
										
											63D
											
											%
										
										
											126D
											
											%
										
										
											252D
											
											%
										
									

									
										
											RS Trend
											%
										
										
											RS Character
											
										
									
								
							

							
								
									4
									Institutional Footprint & Volume
									
									▾
								
								
									
										↓
										
									
									
										◈
										
									

									
										
											Score
											
										
										
											Up/Down Vol 20D
											
										
										
											Up/Down Vol 60D
											
										
									
									
										
											OBV Slope 20D
											
										
										
											OBV Slope 60D
											
										
										
											Hi-Conv Up Days
											
											Past 60D
										
										
											Hi-Conv Down Days
											
											Past 60D
										
									
									
										
											Volume Trend
											
											20D avg vs 60D avg
										
										
									
								
							

							
								
									5
									Volatility
									
									▾
								
								
									
										≈
										
									
									
										
											HV 20D
											%
										
										
											HV 60D
											%
										
										
											HV 252D
											%
										
									
									
										
											Compression Ratio
											
										
										
											ATR 14D
											%
										
									
								
							

							
								
									6
									Key Price Levels
									Range · Vol 
									▾
								
								
									
										◈
										
									
									
										
											Nearest Resistance
											$
											% away ·  touches
										
										
											Nearest Support
											$
											% away ·  touches
										
										
											2nd Support
											$
											 touches
										
										
											Risk / Reward
											×
										
									
									
										
											Approach Volume
											
										
										
											Current Price
											$
										
									
								
							

							
								
									7
									Earnings Reaction History
									
									▾
								
								
									
										★
										
									
									
										
											
												
												
											
											
												%
												Earnings Day Return · Vol Spike ×
												
													
														5D
														%
													
													
														10D
														%
													
													
														20D
														%
													
													
														Post Vol
														×
													
												
												
												
											
										
										
											
												
												
											
											
												%
												Earnings Day Return · Vol Spike ×
												
													
														5D
														%
													
													
														10D
														%
													
													
														20D
														%
													
													
														Post Vol
														×
													
												
												
												
											
										
									
								
							

							
								
									8
									How the Verdict Is Derived
									Three Pillars
									▾
								
								
									
										
											
												Pillar
												Score
											
										
										
											
												① Structure
												0
											
											
												② Vol / Mom
												0
											
											
												③ Catalyst
												0
											
										
									
									
										ℹ
										
											Bull Pillars: 0 ·
											Bear Pillars: 0 ·
											Combined Score: 0 →
											
										
									
								
							

							
								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				
			
		
	
	
	
		
			
				
				 Industry Resources
Health Care Resources
U.S. National Library of Medicine
ClinicalTrials.gov
Modern Healthcare
Healthcare Dive
Fierce Healthcare
Health Affairs
Health Data Management
FDA Tracker
			
		
		
			
				
				 External Quote Links
0 Y Finance Barrons
1 TradingView Morningstar
2 SeekingAlpha ValueLine
3 Motley Fool Robinhood
4 CNBC Etrade
5 MarketWatch Unusual Whales
6 YCharts Perplexity Finance
7 FinViz  

Prefer one of these to Trefis? Tell us why.

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

	Title	Date
0	DASHBOARDS
1	HealthStream Earnings Notes	12/16/2025
2	How Low Can HealthStream Stock Really Go?	10/17/2025
3	HealthStream (HSTM) Operating Cash Flow Comparison	02/17/2025
4	HealthStream (HSTM) Net Income Comparison	02/15/2025
5	HealthStream (HSTM) Operating Income Comparison	02/15/2025
6	HealthStream (HSTM) Revenue Comparison	02/13/2025

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03312026	PGNY	Progyny	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.0%	0.0%	0.0%
ADP_3272026_Dip_Buyer_FCFYield	03272026	ADP	Automatic Data Processing	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.0%	1.0%	0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	CNC	Centene	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	03272026	OSCR	Oscar Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.0%	3.0%	-2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper	03202026	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.4%	-0.4%	-3.3%

	HSTM	WDAY	ORCL	NOW	ADP	PAYX	Median
Name	HealthSt.	Workday	Oracle	ServiceN.	Automati.	Paychex
Mkt Price	20.40	129.72	145.54	102.42	204.34	91.85	116.07
Mkt Cap	0.6	33.9	418.3	106.4	82.5	32.9	58.2
Rev LTM	304	9,552	64,077	13,278	21,214	6,334	11,415
Op Inc LTM	20	1,023	20,678	1,824	5,574	2,337	2,080
FCF LTM	31	2,777	-24,736	4,533	4,185	2,090	2,434
FCF 3Y Avg	32	2,291	-2,222	3,536	3,924	1,875	2,083
CFO LTM	63	2,939	23,514	5,444	4,740	2,320	3,840
CFO 3Y Avg	62	2,516	20,833	4,370	4,487	2,064	3,443

$ Mil	2025	2024	2021
Subscription services	268	254
Professional services	11	13
Provider Solutions			46
Workforce Solutions			209
Total	279	267	254

Market Price	$20.40
Market Cap ($ Bil)	0.6
First Trading Date	04/11/2000
Distance from 52W High	-39.8%
	50 Days	200 Days
DMA Price	$20.97	$24.67
DMA Trend	down	down
Distance from DMA	-2.7%	-17.3%
	3M	1YR
Volatility	28.9%	31.4%
Downside Capture	0.74	0.79
Upside Capture	105.13	51.98
Correlation (SPY)	26.0%	30.0%

	1M	2M	3M	6M	1Y	3Y
Beta	0.85	0.52	0.60	0.48	0.51	0.58
Up Beta	3.16	0.21	0.23	0.53	0.38	0.47
Down Beta	-1.38	-0.50	-0.14	0.12	0.28	0.47
Up Capture	263%	113%	98%	18%	41%	30%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	9	16	25	48	111	369
Down Capture	105%	85%	108%	98%	109%	95%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	13	25	37	77	137	372

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSTM
HSTM	-36.9%	31.3%	-1.43	-
Sector ETF (XLV)	2.8%	17.6%	0.00	33.3%
Equity (SPY)	15.3%	19.0%	0.64	30.5%
Gold (GLD)	49.6%	28.0%	1.44	-9.0%
Commodities (DBC)	15.5%	17.7%	0.74	-2.5%
Real Estate (VNQ)	3.1%	16.5%	0.01	33.0%
Bitcoin (BTCUSD)	-19.0%	44.0%	-0.35	4.9%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSTM
HSTM	-1.6%	28.1%	-0.04	-
Sector ETF (XLV)	6.1%	14.5%	0.24	33.5%
Equity (SPY)	11.7%	17.0%	0.53	33.7%
Gold (GLD)	21.8%	17.8%	1.01	-1.1%
Commodities (DBC)	11.6%	18.8%	0.50	2.2%
Real Estate (VNQ)	3.4%	18.8%	0.09	32.0%
Bitcoin (BTCUSD)	3.0%	56.5%	0.27	13.0%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSTM
HSTM	0.9%	31.7%	0.10	-
Sector ETF (XLV)	9.9%	16.5%	0.49	36.8%
Equity (SPY)	14.0%	17.9%	0.67	38.0%
Gold (GLD)	14.0%	15.9%	0.73	0.1%
Commodities (DBC)	8.4%	17.6%	0.39	10.4%
Real Estate (VNQ)	5.1%	20.7%	0.21	32.5%
Bitcoin (BTCUSD)	65.9%	66.9%	1.05	12.6%

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	1.1 Mil
Short Interest: % Change Since 2282026	-11.5%
Average Daily Volume	0.4 Mil
Days-to-Cover Short Interest	3.0 days
Basic Shares Quantity	29.6 Mil
Short % of Basic Shares	3.7%

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/23/2026	4.0%	0.8%	-1.1%
11/3/2025	2.8%	-3.1%	-2.3%
8/4/2025	-1.2%	-0.3%	7.8%
5/5/2025	-19.3%	-17.4%	-14.6%
2/24/2025	0.1%	3.4%	-1.0%
10/21/2024	5.7%	1.8%	13.4%
7/22/2024	-4.0%	-4.2%	-7.7%
2/20/2024	-1.6%	-0.4%	-3.5%
...
SUMMARY STATS
# Positive	11	9	6
# Negative	8	10	13
Median Positive	4.0%	3.4%	10.9%
Median Negative	-5.8%	-3.6%	-3.5%
Max Positive	14.9%	14.1%	16.3%
Max Negative	-19.3%	-17.4%	-14.6%

Report Date	Filing Date	Filing
12/31/2025	02/27/2026	10-K
09/30/2025	11/06/2025	10-Q
06/30/2025	08/07/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	10/24/2024	10-Q
06/30/2024	07/25/2024	10-Q
03/31/2024	04/25/2024	10-Q
12/31/2023	02/26/2024	10-K
09/30/2023	10/26/2023	10-Q
06/30/2023	07/27/2023	10-Q
03/31/2023	04/27/2023	10-Q
12/31/2022	02/28/2023	10-K
09/30/2022	10/27/2022	10-Q
06/30/2022	07/28/2022	10-Q
03/31/2022	04/28/2022	10-Q

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	323.00 Mil	326.50 Mil	330.00 Mil	8.6%		Higher New	Actual: 300.50 Mil for 2025
2026 Net Income	20.40 Mil	21.60 Mil	22.80 Mil	3.4%		Higher New	Actual: 20.90 Mil for 2025
2026 Adjusted EBITDA	73.00 Mil	75.00 Mil	77.00 Mil	6.4%		Higher New	Actual: 70.50 Mil for 2025
2026 Capital Expenditures	31.00 Mil	32.50 Mil	34.00 Mil	-3.0%		Lower New	Actual: 33.50 Mil for 2025

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Cunningham, Jeff	Chief Technology Officer	Direct	Sell	12102025	24.09	2,100	50,589	758,570	Form
2	O'Hara, Kevin P	Executive Vice President	Direct	Sell	12082025	24.26	2,000	48,520	397,211	Form
3	Taylor, Tate Deborah		Direct	Sell	12012025	25.46	1,580	40,227	588,813	Form
4	O'Hara, Kevin P	Executive Vice President	Direct	Sell	8272025	27.97	2,000	55,936	479,286	Form
5	Fenstermacher, Scott	Senior Vice President	Direct	Sell	2282025	33.15	2,000	66,300	408,640	Form

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

HealthStream (HSTM)

Market Price (4/7/2026): $20.39 | Market Cap: $603.9 MilSector: Health Care | Industry: Health Care Technology

HealthStream (HSTM)

Market Price (4/7/2026): $20.39Market Cap: $603.9 MilSector: Health CareIndustry: Health Care Technology

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

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About HealthStream (HSTM)

Workforce Solutions Segment

Provider Solutions Segment

Capital Allocation Decisions for HealthStream (HSTM) over the Last 3-5 Years

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. HealthStream (HSTM)

INDUSTRY: Health Care Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSTM: 4.5% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSTM: 4.5% | 29.9x)

Higher Rev Chg LTM (Value for HSTM: 4.3%)

Higher Rev Chg 3Y Avg (Value for HSTM: 4.5%)

Higher Op Mgn LTM (Value for HSTM: 6.7%)

Higher CFO/Rev LTM (Value for HSTM: 20.8%)

Higher FCF/Rev LTM (Value for HSTM: 10.2%)

Higher Total Yield (Value for HSTM: 3.7%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSTM: 4.5% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSTM: 4.5% | 29.9x)

Higher Rev Chg LTM (Value for HSTM: 4.3%)

Higher Rev Chg 3Y Avg (Value for HSTM: 4.5%)

Higher Op Mgn LTM (Value for HSTM: 6.7%)

Higher CFO/Rev LTM (Value for HSTM: 20.8%)

Higher FCF/Rev LTM (Value for HSTM: 10.2%)

Higher Total Yield (Value for HSTM: 3.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSTM: 4.5% | 2.0x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSTM: 4.5% | 29.9x)

Higher Rev Chg LTM (Value for HSTM: 4.3%)

Higher Rev Chg 3Y Avg (Value for HSTM: 4.5%)

Higher Op Mgn LTM (Value for HSTM: 6.7%)

Higher CFO/Rev LTM (Value for HSTM: 20.8%)

Higher FCF/Rev LTM (Value for HSTM: 10.2%)

Higher Total Yield (Value for HSTM: 3.7%)

Best Bets in Health Care

P/EBIT (Value for HSTM: 29.9x)

P/E (Value for HSTM: 32.9x)

Rev Chg 3Y Avg (Value for HSTM: 4.5%)

Rev Chg LTM (Value for HSTM: 4.3%)

Rev Chg Q (Value for HSTM: 7.4%)

FCF/Rev 3Y Avg (Value for HSTM: 11.1%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Market Price (4/7/2026): $20.39 | Market Cap: $603.9 Mil
Sector: Health Care | Industry: Health Care Technology

Market Price (4/7/2026): $20.39
Market Cap: $603.9 Mil
Sector: Health Care
Industry: Health Care Technology