Tearsheet

HealthStream (HSTM)

Market Price (7/9/2026): $28.15 | Market Cap: $826.9 MilSector: Health Care | Industry: Health Care Technology

HealthStream (HSTM)

Market Price (7/9/2026): $28.15
Market Cap: $826.9 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 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%

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.

Trading close to highs
Dist 52W High is -3.4%

Weak multi-year price returns
2Y Excs Rtn is -33%, 3Y Excs Rtn is -52%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/EPrice/Earnings or Price/(Net Income) is 42x

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 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
1	Low stock price volatility Vol 12M is 31%
2	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, and Cloud Computing. Themes include Health Data Analytics, AI in Healthcare Management, Show more.
3	Trading close to highs Dist 52W High is -3.4%
4	Weak multi-year price returns 2Y Excs Rtn is -33%, 3Y Excs Rtn is -52%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/EPrice/Earnings or Price/(Net Income) is 42x
6	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.

HSTM in ETFs

Weight = HSTM's share of each fund

VTI0.00%

ITOT0.00%

IWM0.02%

IJR0.03%

IHF0.10%

IWN0.04%

IJT0.04%

SLYG0.04%

+10 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	7/9/26	2025	2024	2023	2022
Share Price			$28.15	$23.07	$31.80	$27.03	$24.84
Mkt Cap ($ Mil)			826.9	683.3	967.4	819.7	759.5
+ Debt ($ Mil)			14.1	14.7	17.4	20.2	23.3
- Cash ($ Mil)			66.5	57.0	97.2	71.1	53.9
TEV ($ Mil)			774.5	698.0	984.8	839.9	782.8
Valuation Ratios
P/S	2.4	2.5	2.7	2.2	3.3	2.9	2.8
P/EBIT	38.1	39.9	35.4	33.8	45.4	51.2	61.0
P/E	34.1	37.5	41.5	37.3	48.3	53.9	62.8
P/FCF	—	—	25.4	21.9	32.8	22.8	29.1
Sector Ratios (* = sector average)
P/S *			4.1	4.3	3.9	4.5	4.7
P/EBIT *			-1.8	-1.7	-1.5	-1.6	-1.3
P/E *			-1.9	-1.8	-1.7	-1.8	-1.3
P/FCF *			-1.9	-1.8	-1.6	-1.7	-1.6

FYE: 12/31	Forward FYE		Now
	2027	2026	7/9/26
Share Price			$28.15
Mkt Cap ($ Mil)			826.9
+ Debt ($ Mil)			14.1
- Cash ($ Mil)			66.5
TEV ($ Mil)			774.5
Valuation Ratios
P/S	2.4	2.5	2.7
P/EBIT	38.1	39.9	35.4
P/E	34.1	37.5	41.5
P/FCF	—	—	25.4
Sector Ratios (* = sector average)
P/S *			4.1
P/EBIT *			-1.8
P/E *			-1.9
P/FCF *			-1.9

FYE: 12/31	HSTM [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$311.8 Mil	—
FY 2026 Sales	$327.3 Mil	—
FY 2027 Sales	$343.3 Mil	—
FY 2026 Sales Growth	5.0%	—
FY 2027 Sales Growth	4.9%	8.1%
EARNINGS
LTM Net Income (GAAP) [3]	$19.9 Mil	—
FY 2026 Net Income (Non-GAAP)	$22.0 Mil	—
FY 2027 Net Income (Non-GAAP)	$24.3 Mil	—
FY 2027 Net Income Growth	10.1%	16.5%
FY 2026 EPS (Non-GAAP)	$0.73	—
FY 2027 EPS (Non-GAAP)	$0.81	—
FY 2027 EPS Growth	10.1%	—
VALUATION
FY 2026 P/S	2.5	3.3
FY 2027 P/S	2.4	—
FY 2026 P/E	37.5	19.9
FY 2027 P/E	34.1	—

[1] HSTM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	HSTM	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.3
Rev Chg Q	10.5%	8.9%
Rev Chg LTM	6.6%	7.5%
Rev Chg 3Y Avg	4.9%	5.9%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.0
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	7.5%	18.4%
CFO/Rev LTM	20.3%	21.4%
Net Inc Mgn	6.4%	13.0%
VALUATION	HIGH
P/S	2.7	3.3
P/CFO	13.0	15.4
P/FCF	25.4	20.0
P/E	41.5	24.3
STABILITY	VERY GOOD
Debt/Equity	0.02	0.20
Cash/Assets	0.13	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

Price Chart

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Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

HealthStream (HSTM) stock has gained about 35% since 3/31/2026 because of the following key factors:

1. HealthStream reported stronger-than-expected financial results for fiscal Q1 2026, which ended March 31, 2026.

The company announced an earnings per share (EPS) of $0.20, significantly beating analyst estimates of $0.17 to $0.1652. Revenue reached $81.2 million, surpassing expectations of $79.68 million and marking a 10.5% year-over-year increase. This strong performance was further underscored by a 36.4% year-over-year increase in net income to $5.9 million and a 24.1% rise in Adjusted EBITDA to $20.1 million.

2. The company demonstrated confidence in future performance through reaffirmed full-year guidance and enhanced shareholder returns.

HealthStream reaffirmed its full-year 2026 guidance, projecting revenue between $323 million and $330 million, and net income between $20.4 million and $22.8 million. Complementing this positive outlook, the Board of Directors declared a quarterly cash dividend of $0.035 per share, representing a 12.9% increase from the previous quarter, payable on May 29, 2026. Additionally, HealthStream authorized a new $10 million share repurchase program in March 2026 and repurchased $7.5 million of common stock during fiscal Q1 2026.

3. Strategic acquisitions contributed to robust revenue growth and market recognition.

Acquisitions completed in fiscal Q4 2025, specifically Virsys12 and MissionCare Collective, positively impacted fiscal Q1 2026 revenue growth by $3.4 million, with Q1 2026 being the first full quarter of their operational integration. This inorganic growth played a key role in the overall revenue increase. Furthermore, Virsys12 was recognized as a Leader in the IDC MarketScape: U.S. Provider Data Management for Payers 2025–2026 Vendor Assessment on March 26, 2026, validating the strategic value of the acquisition.

4. Positive analyst sentiment and price target upgrades signaled growing investor confidence.

Following the strong fiscal Q1 2026 results and strategic developments, several analysts reiterated positive ratings and raised price targets for HSTM. Canaccord Genuity increased its price target from $21 to $24 on May 6, 2026. William Blair reaffirmed a "Buy" rating on May 13, 2026, and Craig-Hallum reiterated a "Buy" rating with a $40 price target on May 6, 2026. The average analyst price target for HealthStream in the three months prior to July 1, 2026, stood at $32.00, implying a potential 24.80% upside from the stock's price of $25.64.

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Stock Movement Drivers

Fundamental Drivers

The 36.3% change in HSTM stock from 3/31/2026 to 7/8/2026 was primarily driven by a 24.5% change in the company's P/E Multiple.

(LTM values as of)	3312026	7082026	Change
Stock Price ($)	20.68	28.18	36.3%
Change Contribution By:
Total Revenues ($ Mil)	304	312	2.5%
Net Income Margin (%)	6.0%	6.4%	5.9%
P/E Multiple	33.4	41.6	24.5%
Shares Outstanding (Mil)	30	29	0.8%
Cumulative Contribution			36.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/8/2026

	Return	Correlation
HSTM	36.3%
Market (SPY)	14.6%	-2.7%
Sector (XLV)	10.7%	7.2%

Fundamental Drivers

The 22.5% change in HSTM stock from 12/31/2025 to 7/8/2026 was primarily driven by a 26.0% change in the company's P/E Multiple.

(LTM values as of)	12312025	7082026	Change
Stock Price ($)	23.00	28.18	22.5%
Change Contribution By:
Total Revenues ($ Mil)	299	312	4.4%
Net Income Margin (%)	6.9%	6.4%	-7.8%
P/E Multiple	33.0	41.6	26.0%
Shares Outstanding (Mil)	30	29	1.1%
Cumulative Contribution			22.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/8/2026

	Return	Correlation
HSTM	22.5%
Market (SPY)	9.6%	7.9%
Sector (XLV)	5.3%	12.3%

Fundamental Drivers

The 2.4% change in HSTM stock from 6/30/2025 to 7/8/2026 was primarily driven by a 6.6% change in the company's Total Revenues ($ Mil).

(LTM values as of)	6302025	7082026	Change
Stock Price ($)	27.52	28.18	2.4%
Change Contribution By:
Total Revenues ($ Mil)	292	312	6.6%
Net Income Margin (%)	6.5%	6.4%	-2.3%
P/E Multiple	43.8	41.6	-5.2%
Shares Outstanding (Mil)	30	29	3.6%
Cumulative Contribution			2.4%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/8/2026

	Return	Correlation
HSTM	2.4%
Market (SPY)	21.7%	15.6%
Sector (XLV)	22.0%	17.8%

Fundamental Drivers

The 16.3% change in HSTM stock from 6/30/2023 to 7/8/2026 was primarily driven by a 46.1% change in the company's Net Income Margin (%).

(LTM values as of)	6302023	7082026	Change
Stock Price ($)	24.23	28.18	16.3%
Change Contribution By:
Total Revenues ($ Mil)	270	312	15.3%
Net Income Margin (%)	4.4%	6.4%	46.1%
P/E Multiple	62.7	41.6	-33.7%
Shares Outstanding (Mil)	31	29	4.1%
Cumulative Contribution			16.3%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/8/2026

	Return	Correlation
HSTM	16.3%
Market (SPY)	74.1%	27.7%
Sector (XLV)	28.0%	27.3%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
HSTM Return	21%	-6%	9%	18%	-27%	24%	32%
Peers Return	32%	-20%	37%	31%	-11%	-18%	38%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	100%
Monthly Win Rates [3]
HSTM Win Rate	67%	42%	50%	50%	50%	57%
Peers Win Rate	57%	37%	60%	68%	43%	43%
S&P 500 Win Rate	75%	42%	67%	75%	67%	57%
Max Drawdowns [4]
HSTM Max Drawdown	-24%	-28%	-25%	-13%	-32%	-14%
Peers Max Drawdown	-16%	-35%	-17%	-17%	-32%	-38%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[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 7/8/2026 (YTD)

Event	HSTM	S&P 500
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.3%	-9.5%
% Gain to Breakeven	11.4%	10.5%
Time to Breakeven	42 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-28.2%	-24.5%
% Gain to Breakeven	39.3%	32.4%
Time to Breakeven	391 days	427 days
2020 COVID-19 Crash
% Loss	-22.7%	-33.7%
% Gain to Breakeven	29.4%	50.9%
Time to Breakeven	420 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.5%	-19.2%
% Gain to Breakeven	29.0%	23.8%
Time to Breakeven	953 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-19.9%	-3.7%
% Gain to Breakeven	24.8%	3.9%
Time to Breakeven	92 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-29.3%	-12.2%
% Gain to Breakeven	41.5%	13.9%
Time to Breakeven	143 days	62 days

Compare to WDAY, ORCL, NOW, ADP, PAYX

In The Past

HealthStream's stock fell -1.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 1.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event	HSTM	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-28.2%	-24.5%
% Gain to Breakeven	39.3%	32.4%
Time to Breakeven	391 days	427 days
2020 COVID-19 Crash
% Loss	-22.7%	-33.7%
% Gain to Breakeven	29.4%	50.9%
Time to Breakeven	420 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.5%	-19.2%
% Gain to Breakeven	29.0%	23.8%
Time to Breakeven	953 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-29.3%	-12.2%
% Gain to Breakeven	41.5%	13.9%
Time to Breakeven	143 days	62 days
2014-2016 Oil Price Collapse
% Loss	-29.9%	-6.8%
% Gain to Breakeven	42.6%	7.3%
Time to Breakeven	145 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-25.0%	-17.9%
% Gain to Breakeven	33.3%	21.8%
Time to Breakeven	65 days	123 days
2008-2009 Global Financial Crisis
% Loss	-47.0%	-53.4%
% Gain to Breakeven	88.8%	114.4%
Time to Breakeven	158 days	1085 days
Summer 2007 Credit Crunch
% Loss	-22.9%	-8.6%
% Gain to Breakeven	29.8%	9.5%
Time to Breakeven	53 days	47 days

Compare to WDAY, ORCL, NOW, ADP, PAYX

In The Past

HealthStream's stock fell -1.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 1.5% 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. (HSTM) is a technology company specializing in software-as-a-service (SaaS) solutions that enhance the operational efficiency and quality of healthcare organizations across the United States. The company provides critical tools and services to manage both their internal workforce and their external healthcare providers. HealthStream operates through two primary segments: Workforce Solutions and Provider Solutions.

The Workforce Solutions segment offers a comprehensive suite of subscription-based services designed to manage, train, and develop healthcare staff. These solutions cover essential areas such as clinical development, talent management, training, education, certification, scheduling, competency assessment, and performance appraisal. Specific applications facilitate learning, performance appraisal, competency management, disclosure management, simulation-based education, and quality management, ensuring healthcare professionals are well-trained and compliant. This segment also includes NurseGrid Mobile for nurse managers.

HealthStream's Provider Solutions segment streamlines the complex processes involved in managing healthcare practitioners. Its enterprise-class platforms, including VerityStream, EchoCredentialing, MSOW, CredentialStream, EchoOneApp, and CredentialMyDoc, handle crucial functions like medical staff credentialing, privileging, and enrollment. These solutions primarily serve a broad range of healthcare entities, such as hospitals, medical groups, ambulatory surgery centers, urgent care facilities, and clinics. The company also extends its services to pharmaceutical and medical device companies, helping them ensure their providers are properly vetted and onboarded.

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.

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Amazon.com, Inc. (AMZN)

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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

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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.

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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
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				 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: 4.9% | 2.7x)
						
						
				
						
							CERT (6.8% | 2.5x)
							Certara
						
					
						
							PHR (18.1% | 1.3x)
							Phreesia
						
					
						
							EVH (11.9% | 0.3x)
							Evolent Health
						
					
						
							WEAV (18.8% | 2.1x)
							Weave Communications
						
					
						
							LFMD (14.3% | 1.2x)
							LifeMD
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for HSTM: 4.9% | 35.4x)
						
						
				
						
							VEEV (15.1% | 32.2x)
							Veeva Systems
						
					
						
							DOCS (15.5% | 18.7x)
							Doximity
						
					
						
							OPRX (20.4% | 7.9x)
							OptimizeRx
						
					
					
						
							Higher Rev Chg LTM 
							(Value for HSTM: 6.6%)
						
						
				
						
							TEM (69.8%)
							Tempus AI
						
					
						
							HNGE (49.8%)
							Hinge Health
						
					
						
							WAY (18.6%)
							Waystar
						
					
						
							VEEV (16.2%)
							Veeva Systems
						
					
						
							DOCS (13.1%)
							Doximity
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for HSTM: 4.9%)
						
						
				
						
							TEM (59.0%)
							Tempus AI
						
					
						
							OMDA (43.8%)
							Omada Health
						
					
						
							DOCS (15.5%)
							Doximity
						
					
						
							VEEV (15.1%)
							Veeva Systems
						
					
						
							TXG (6.3%)
							10x Genomics
						
					
					
						
							Higher Op Mgn LTM 
							(Value for HSTM: 7.5%)
						
						
				
						
							DOCS (33.3%)
							Doximity
						
					
						
							VEEV (28.8%)
							Veeva Systems
						
					
						
							WAY (22.9%)
							Waystar
						
					
						
							NRC (14.1%)
							NRC Health
						
					
						
							GDRX (9.9%)
							GoodRx
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for HSTM: 20.3%)
						
						
				
						
							DOCS (50.6%)
							Doximity
						
					
						
							VEEV (50.2%)
							Veeva Systems
						
					
						
							HNGE (32.4%)
							Hinge Health
						
					
						
							WAY (28.6%)
							Waystar
						
					
						
							CERT (21.6%)
							Certara
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for HSTM: 10.5%)
						
						
				
						
							VEEV (50.2%)
							Veeva Systems
						
					
						
							DOCS (49.2%)
							Doximity
						
					
						
							HNGE (31.4%)
							Hinge Health
						
					
						
							WAY (25.4%)
							Waystar
						
					
						
							TXG (19.1%)
							10x Genomics
						
					
					
						
							Higher Total Yield 
							(Value for HSTM: 2.9%)
						
						
				
						
							SOLV (10.9%)
							Solventum
						
					
						
							DOCS (4.9%)
							Doximity
						
					
						
							NRC (4.4%)
							NRC Health
						
					
						
							VEEV (3.1%)
							Veeva Systems
						
					
						
							WAY (2.9%)
							Waystar
						
					
					
				
					
						SECTOR: Health Care
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for HSTM: 4.9% | 2.7x)
						
						
				
						
							UNH (10.2% | 0.9x)
							UnitedHealth
						
					
						
							CVS (7.2% | 0.3x)
							CVS Health
						
					
						
							MCK (13.4% | 0.2x)
							McKesson
						
					
						
							HCA (7.9% | 1.2x)
							HCA Healthcare
						
					
						
							ELV (7.7% | 0.5x)
							Elevance Health
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for HSTM: 4.9% | 35.4x)
						
						
				
						
							LLY (37.9% | 31.8x)
							Eli Lilly
						
					
						
							UNH (10.2% | 20.5x)
							UnitedHealth
						
					
						
							AMGN (12.5% | 18.8x)
							Amgen
						
					
						
							CVS (7.2% | 11.4x)
							CVS Health
						
					
						
							VRTX (9.9% | 27.2x)
							Vertex Pharmaceuticals
						
					
					
						
							Higher Rev Chg LTM 
							(Value for HSTM: 6.6%)
						
						
				
						
							LLY (47.4%)
							Eli Lilly
						
					
						
							UNH (9.7%)
							UnitedHealth
						
					
						
							ABBV (9.5%)
							AbbVie
						
					
						
							AMGN (9.1%)
							Amgen
						
					
						
							JNJ (7.9%)
							Johnson & Johnson
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for HSTM: 4.9%)
						
						
				
						
							LLY (37.9%)
							Eli Lilly
						
					
						
							ISRG (18.1%)
							Intuitive Surgical
						
					
						
							AMGN (12.5%)
							Amgen
						
					
						
							UNH (10.2%)
							UnitedHealth
						
					
						
							CVS (7.2%)
							CVS Health
						
					
					
						
							Higher Op Mgn LTM 
							(Value for HSTM: 7.5%)
						
						
				
						
							LLY (47.3%)
							Eli Lilly
						
					
						
							ABBV (33.2%)
							AbbVie
						
					
						
							AMGN (28.4%)
							Amgen
						
					
						
							JNJ (26.8%)
							Johnson & Johnson
						
					
						
							MRK (19.7%)
							Merck
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for HSTM: 20.3%)
						
						
				
						
							ABBV (33.8%)
							AbbVie
						
					
						
							AMGN (28.9%)
							Amgen
						
					
						
							LLY (28.3%)
							Eli Lilly
						
					
						
							MRK (27.2%)
							Merck
						
					
						
							JNJ (23.7%)
							Johnson & Johnson
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for HSTM: 10.5%)
						
						
				
						
							ABBV (31.8%)
							AbbVie
						
					
						
							AMGN (23.1%)
							Amgen
						
					
						
							MRK (21.5%)
							Merck
						
					
						
							JNJ (18.1%)
							Johnson & Johnson
						
					
						
							LLY (14.4%)
							Eli Lilly
						
					
					
						
							Higher Total Yield 
							(Value for HSTM: 2.9%)
						
						
				
						
							AMGN (6.5%)
							Amgen
						
					
						
							MRK (5.5%)
							Merck
						
					
						
							JNJ (5.3%)
							Johnson & Johnson
						
					
						
							UNH (5.2%)
							UnitedHealth
						
					
						
							ABBV (3.5%)
							AbbVie
						
					
					
				
					
						All Other Sectors
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for HSTM: 4.9% | 2.7x)
						
						
				
						
							BRK-B (15.3% | 2.5x)
							Berkshire Hathaway
						
					
						
							WMT (5.3% | 1.2x)
							Walmart
						
					
						
							COST (7.6% | 1.4x)
							Costco Wholesale
						
					
						
							DELL (12.9% | 2.1x)
							Dell Technologies
						
					
						
							BA (10.7% | 1.9x)
							Boeing
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for HSTM: 4.9% | 35.4x)
						
						
				
						
							NVDA (121.7% | 30.5x)
							NVIDIA
						
					
						
							AAPL (5.6% | 31.2x)
							Apple
						
					
						
							GOOGL (14.1% | 31.7x)
							Alphabet
						
					
						
							MSFT (15.3% | 19.1x)
							Microsoft
						
					
						
							AMZN (12.3% | 30.6x)
							Amazon.com
						
					
					
						
							Higher Rev Chg LTM 
							(Value for HSTM: 6.6%)
						
						
				
						
							NVDA (70.7%)
							NVIDIA
						
					
						
							MSFT (17.9%)
							Microsoft
						
					
						
							GOOGL (17.5%)
							Alphabet
						
					
						
							AMZN (14.2%)
							Amazon.com
						
					
						
							AAPL (12.8%)
							Apple
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for HSTM: 4.9%)
						
						
				
						
							NVDA (121.7%)
							NVIDIA
						
					
						
							MSFT (15.3%)
							Microsoft
						
					
						
							GOOGL (14.1%)
							Alphabet
						
					
						
							AMZN (12.3%)
							Amazon.com
						
					
						
							AAPL (5.6%)
							Apple
						
					
					
						
							Higher Op Mgn LTM 
							(Value for HSTM: 7.5%)
						
						
				
						
							NVDA (64.0%)
							NVIDIA
						
					
						
							MSFT (46.8%)
							Microsoft
						
					
						
							GOOGL (32.7%)
							Alphabet
						
					
						
							AAPL (32.6%)
							Apple
						
					
						
							AMZN (11.5%)
							Amazon.com
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for HSTM: 20.3%)
						
						
				
						
							MSFT (53.5%)
							Microsoft
						
					
						
							NVDA (49.6%)
							NVIDIA
						
					
						
							AVGO (44.6%)
							Broadcom
						
					
						
							GOOGL (41.3%)
							Alphabet
						
					
						
							AAPL (31.1%)
							Apple
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for HSTM: 10.5%)
						
						
				
						
							NVDA (47.0%)
							NVIDIA
						
					
						
							AVGO (43.4%)
							Broadcom
						
					
						
							AAPL (28.6%)
							Apple
						
					
						
							MSFT (22.9%)
							Microsoft
						
					
						
							GOOGL (15.2%)
							Alphabet
						
					
					
						
							Higher Total Yield 
							(Value for HSTM: 2.9%)
						
						
				
						
							MSFT (5.3%)
							Microsoft
						
					
						
							GOOGL (3.9%)
							Alphabet
						
					
						
							AMZN (3.5%)
							Amazon.com
						
					
						
							NVDA (3.2%)
							NVIDIA
						
					
						
							AAPL (3.0%)
							Apple
						
					
					
				
					
						Best Bets in Health Care
					
			What You Pay
					
						
							P/EBIT 
							(Value for HSTM: 35.4x)
						
						
				
						
							RPRX (15.0x)
							Royalty Pharma
						
					
						
							VEEV (32.2x)
							Veeva Systems
						
					
						
							DOCS (18.7x)
							Doximity
						
					
						
							HALO (18.2x)
							Halozyme Therapeutics
						
					
						
							CPRX (14.4x)
							Catalyst Pharmaceuticals
						
					
						
							HRMY (10.4x)
							Harmony Biosciences
						
					
						
							BMY (10.3x)
							Bristol-Myers Squibb
						
					
						
							NBIX (22.4x)
							Neurocrine Biosciences
						
					
						
							REGN (13.2x)
							Regeneron Pharmaceuticals
						
					
						
							ZTS (9.0x)
							Zoetis
						
					
					
						
							P/E 
							(Value for HSTM: 41.6x)
						
						
				
						
							RPRX (30.8x)
							Royalty Pharma
						
					
						
							VEEV (32.6x)
							Veeva Systems
						
					
						
							DOCS (20.5x)
							Doximity
						
					
						
							HALO (27.2x)
							Halozyme Therapeutics
						
					
						
							CPRX (17.4x)
							Catalyst Pharmaceuticals
						
					
						
							HRMY (15.1x)
							Harmony Biosciences
						
					
						
							BMY (16.1x)
							Bristol-Myers Squibb
						
					
						
							NBIX (26.8x)
							Neurocrine Biosciences
						
					
						
							REGN (15.6x)
							Regeneron Pharmaceuticals
						
					
						
							ZTS (12.0x)
							Zoetis
						
					
What You Get
					
						
							Rev Chg 3Y Avg 
							(Value for HSTM: 4.9%)
						
						
				
						
							RPRX (1.3%)
							Royalty Pharma
						
					
						
							VEEV (15.1%)
							Veeva Systems
						
					
						
							DOCS (15.5%)
							Doximity
						
					
						
							HALO (29.1%)
							Halozyme Therapeutics
						
					
						
							CPRX (34.0%)
							Catalyst Pharmaceuticals
						
					
						
							HRMY (24.1%)
							Harmony Biosciences
						
					
						
							BMY (1.9%)
							Bristol-Myers Squibb
						
					
						
							NBIX (24.8%)
							Neurocrine Biosciences
						
					
						
							REGN (6.4%)
							Regeneron Pharmaceuticals
						
					
						
							ZTS (5.5%)
							Zoetis
						
					
					
						
							Rev Chg LTM 
							(Value for HSTM: 6.6%)
						
						
				
						
							RPRX (7.8%)
							Royalty Pharma
						
					
						
							VEEV (16.2%)
							Veeva Systems
						
					
						
							DOCS (13.1%)
							Doximity
						
					
						
							HALO (39.1%)
							Halozyme Therapeutics
						
					
						
							CPRX (11.7%)
							Catalyst Pharmaceuticals
						
					
						
							HRMY (20.7%)
							Harmony Biosciences
						
					
						
							BMY (1.8%)
							Bristol-Myers Squibb
						
					
						
							NBIX (28.6%)
							Neurocrine Biosciences
						
					
						
							REGN (5.9%)
							Regeneron Pharmaceuticals
						
					
						
							ZTS (2.6%)
							Zoetis
						
					
					
						
							Rev Chg Q 
							(Value for HSTM: 10.5%)
						
						
				
						
							RPRX (11.0%)
							Royalty Pharma
						
					
						
							VEEV (16.3%)
							Veeva Systems
						
					
						
							DOCS (5.1%)
							Doximity
						
					
						
							HALO (42.2%)
							Halozyme Therapeutics
						
					
						
							CPRX (5.6%)
							Catalyst Pharmaceuticals
						
					
						
							HRMY (16.6%)
							Harmony Biosciences
						
					
						
							BMY (2.6%)
							Bristol-Myers Squibb
						
					
						
							NBIX (42.2%)
							Neurocrine Biosciences
						
					
						
							REGN (19.0%)
							Regeneron Pharmaceuticals
						
					
						
							ZTS (2.9%)
							Zoetis
						
					
					
						
							FCF/Rev 3Y Avg 
							(Value for HSTM: 11.8%)
						
						
				
						
							RPRX (114.4%)
							Royalty Pharma
						
					
						
							VEEV (46.4%)
							Veeva Systems
						
					
						
							DOCS (44.5%)
							Doximity
						
					
						
							HALO (39.9%)
							Halozyme Therapeutics
						
					
						
							CPRX (34.9%)
							Catalyst Pharmaceuticals
						
					
						
							HRMY (33.8%)
							Harmony Biosciences
						
					
						
							BMY (26.5%)
							Bristol-Myers Squibb
						
					
						
							NBIX (26.0%)
							Neurocrine Biosciences
						
					
						
							REGN (25.5%)
							Regeneron Pharmaceuticals
						
					
						
							ZTS (22.4%)
							Zoetis
						
					
			
				[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
			
		
	

	
		
			
				
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				 Peer Comparisons
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				Financials
 HSTM WDAY ORCL NOW ADP PAYX Median
Name HealthSt. Workday  Oracle   ServiceN. Automati. Paychex   
Mkt Price 28.18 137.88 140.49 107.78 241.37 106.58 122.83
Mkt Cap 0.8 35.0 403.9 111.6 97.0 38.2 67.6
Rev LTM 312 9,854 67,358 13,960 21,600 6,334 11,907
Op Inc LTM 23 1,156 22,442 1,876 5,727 2,337 2,106
FCF LTM 33 2,972 -23,686 4,624 4,841 2,090 2,531
FCF 3Y Avg 35 2,427 -4,091 3,800 4,190 1,875 2,151
CFO LTM 63 3,178 31,977 5,437 5,452 2,320 4,308
CFO 3Y Avg 64 2,656 23,824 4,626 4,765 2,064 3,641
				Growth & Margins
 HSTM WDAY ORCL NOW ADP PAYX Median
Name HealthSt. Workday  Oracle   ServiceN. Automati. Paychex   
Rev Chg LTM 6.6% 13.3% 17.4% 21.7% 6.9% 16.4% 14.9%
Rev Chg 3Y Avg 4.9% 15.1% 10.6% 22.4% 6.9% 8.9% 9.7%
Rev Chg Q 10.5% 13.5% 20.6% 22.1% 7.0% 19.9% 16.7%
QoQ Delta Rev Chg LTM 2.5% 3.2% 5.1% 5.1% 1.8% 5.0% 4.1%
Op Inc Chg LTM 17.0% 82.9% 24.3% 26.5% 7.9% 3.5% 20.7%
Op Inc Chg 3Y Avg 29.9% 175.2% 17.8% 71.1% 10.0% 5.8% 23.8%
Op Mgn LTM 7.5% 11.7% 33.3% 13.4% 26.5% 36.9% 20.0%
Op Mgn 3Y Avg 7.0% 7.5% 31.7% 12.1% 26.2% 39.9% 19.2%
QoQ Delta Op Mgn LTM 0.8% 1.0% 1.0% -0.3% 0.2% -0.2% 0.5%
CFO/Rev LTM 20.3% 32.3% 47.5% 38.9% 25.2% 36.6% 34.4%
CFO/Rev 3Y Avg 21.6% 30.4% 39.7% 39.9% 23.5% 36.5% 33.4%
FCF/Rev LTM 10.5% 30.2% -35.2% 33.1% 22.4% 33.0% 26.3%
FCF/Rev 3Y Avg 11.8% 27.7% -4.5% 32.7% 20.6% 33.2% 24.2%
				Valuation
 HSTM WDAY ORCL NOW ADP PAYX Median
Name HealthSt. Workday  Oracle   ServiceN. Automati. Paychex   
Mkt Cap 0.8 35.0 403.9 111.6 97.0 38.2 67.6
P/S 2.7 3.6 6.0 8.0 4.5 6.0 5.2
P/Op Inc 35.4 30.3 18.0 59.5 16.9 16.4 24.1
P/EBIT 35.4 25.5 16.7 46.4 15.9 15.8 21.1
P/E 41.6 41.3 23.6 63.5 22.3 23.4 32.5
P/CFO 13.1 11.0 12.6 20.5 17.8 16.5 14.8
Total Yield 2.9% 2.4% 5.7% 1.6% 7.1% 8.3% 4.3%
Dividend Yield 0.5% 0.0% 1.4% 0.0% 2.6% 4.1% 0.9%
FCF Yield 3Y Avg 4.5% 5.2% -0.8% 2.8% 4.2% 4.5% 4.4%
D/E 0.0 0.1 0.4 0.0 0.0 0.1 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 9.9% -4.1% -33.7% -5.6% 6.2% 7.7% 1.0%
3M Rtn 38.8% 15.7% -1.9% 10.6% 21.1% 20.1% 17.9%
6M Rtn 24.3% -34.7% -26.7% -28.6% -6.1% -2.3% -16.4%
12M Rtn 3.2% -42.7% -39.5% -47.3% -19.2% -23.4% -31.5%
3Y Rtn 23.9% -37.0% 27.0% -2.5% 18.4% 3.7% 11.1%
1M Excs Rtn 10.3% -5.8% -35.6% -5.5% 3.5% 4.7% -1.0%
3M Excs Rtn 24.3% -5.0% -14.6% -5.9% 6.4% 4.8% -0.1%
6M Excs Rtn 14.3% -42.4% -35.0% -35.4% -13.1% -8.8% -24.1%
12M Excs Rtn -17.4% -62.9% -59.0% -68.0% -39.7% -43.9% -51.5%
3Y Excs Rtn -51.8% -107.1% -45.9% -72.2% -50.3% -63.0% -57.4%
				Comparison Analyses
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				 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 3/31/2026 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 5/6/2026 2/27/2026 2/28/2025 2/26/2024 2/28/2023 2/28/2022 2/26/2021

Key Financials              
Total Revenue 312 304 292 279 267 257 245
Gross Profit 202 197 194 184 176 166 155
EBITDA 67 64 63 57 50 45 46
Operating Income 23 20 21 16 12 8 16
Net Income 20 18 20 15 12 6 14
EPS 0.67 0.61 0.66 0.50 0.39 0.19 0.44

Growth Rates              
Total Revenue Growth 6.6% 4.3% 4.5% 4.6% 3.9% 4.9% -3.7%
EBITDA Growth 9.4% 1.9% 9.5% 13.3% 12.3% -2.5% 8.0%
Operating Income Growth 17.0% -4.9% 32.9% 28.7% 54.5% -49.1% 7.5%
Net Income Growth 4.2% -8.3% 31.5% 25.8% 106.9% -58.5% -10.6%

Margins              
Gross Margin 64.9% 64.7% 66.4% 65.9% 65.8% 64.5% 63.5%
EBITDA Margin 21.6% 21.0% 21.4% 20.5% 18.9% 17.5% 18.8%
Operating Income Margin 7.5% 6.7% 7.3% 5.7% 4.7% 3.1% 6.5%
Net Income Margin 6.4% 6.0% 6.9% 5.5% 4.5% 2.3% 5.8%

Cash & Debt              
Total Cash 66 57 97 71 54 52 46
Total Debt 14 15 17 20 23 26 28
Net Debt / (Cash) -52 -42 -80 -51 -31 -26 -18

Cash Flows & CapEx              
Net Cash from Operations 63 63 58 64 51 42 36
Total CapEx -31 -32 -28 -28 -25 -25 -19
Free Cash from Operations 33 31 30 36 26 17 17

Returns to Shareholders              
Dividends 4 4 3 3 -0 0 0
Share Repurchases 37 30 -0 9 23 5 20
					$ Mil | FY: 12/31 2026Q1 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2
Period End 3/31/2026 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
Filing Date 5/6/2026 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

Key Financials Quarterly                        
Total Revenue 81 80 76 74 73 74 73 72 73 71 70 69
Ebitda 19 13 18 17 15 15 17 15 16 15 15 14
Operating Income 8 2 8 6 4 5 6 4 6 4 5 4
Net Income 6 3 6 5 4 5 6 4 5 5 4 4
EPS 0.20 0.09 0.20 0.18 0.14 0.16 0.19 0.14 0.17 0.15 0.13 0.13

Key Financials TTM                        
Total Revenue TTM 312 304 299 295 292 292 288 285 283 279 277 274
Ebitda TTM 67 64 65 64 62 63 62 61 60 57 55 52
Operating Income TTM 23 20 23 21 20 21 21 19 19 16 15 12
Net Income TTM 20 18 21 20 19 20 20 18 18 15 13 13

Growth Rates Quarterly                        
Total Revenue Growth 10.5% 7.4% 4.6% 4.0% 1.0% 5.2% 3.9% 3.4% 5.5% 3.0% 4.5% 5.4%
EBITDA Growth 24.7% -11.3% 11.0% 13.3% -5.6% 2.5% 8.5% 3.9% 25.0% 16.5% 27.5% 15.0%
Operating Income Growth 71.6% -48.7% 16.5% 33.4% -23.1% 10.2% 33.6% 10.1% 96.8% 38.3% 104.2% 35.7%
Net Income Growth 36.4% -48.2% 6.3% 29.3% -17.1% 6.5% 48.0% 0.8% 99.3% 87.4% 5.5% 34.1%

Margins Quarterly                        
EBITDA Margin 23.2% 16.9% 24.0% 22.5% 20.6% 20.4% 22.7% 20.7% 22.0% 20.9% 21.7% 20.6%
Operating Income Margin 9.3% 3.0% 9.9% 7.9% 6.0% 6.3% 8.9% 6.2% 7.8% 6.0% 6.9% 5.8%
Net Income Margin 7.3% 3.2% 8.0% 7.2% 5.9% 6.6% 7.8% 5.8% 7.2% 6.5% 5.5% 6.0%

Cash & Debt                        
Total Cash 66 57 93 91 113 97 95 83 84 71 72 56
Total Debt 14 15 15 16 17 17 18 19 19 20 21 22
Net Debt / (Cash) -52 -42 -77 -75 -97 -80 -77 -64 -64 -51 -51 -34

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

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

Returns to Shareholders Quarterly                        
Dividends 1 1 1 1 1 1 1 1 1 1 1 2
Share Repurchases 7 5 7 18 -0 -0 -0 -0 -0 7 2 -0

Return on Invested Capital (ROIC) Quarterly                        
ROIC 13.3% 4.5% 14.9% 11.6% 9.4% 9.8% 11.5% 7.5% 9.9% 7.3% 6.8% 6.7%

Return on Invested Capital (ROIC) TTM                        
ROIC TTM 10.5% 8.5% 12.0% 10.9% 10.6% 10.1% 9.6% 8.2% 8.3% 6.7% 5.8% 4.5%

			
		
	

	
		
			
				
				 Segment Financials
Revenue by Segment
$ Mil 2025 2024 2023 2022 2021
Subscription services 294 280 268 254  
Professional services 10 11 11 13  
Provider Solutions         51
Workforce Solutions         205
Total 304 292 279 267 257


Operating Income by Segment
$ Mil 2022 2021 2020 2019 2018
Workforce Solutions 35 32 42 40 39
Provider Solutions 7 8 5 5 3
Unallocated -30 -32 -30 -31 -27
Total 12 8 16 15 15


Assets by Segment
$ Mil 2022 2021 2020 2019 2018
Workforce Solutions 273 259 271 118 105
Provider Solutions 135 137 140 148 146
Unallocated 89 91 89 223 192
Total 498 487 500 490 442



			
		
	

	
		
			
				
				 Price Behavior
				
					Behavior Stats
					Betas Matrix
					Behavior vs Other Asset Classes
				
				
										Price Behavior
Market Price $28.18  
Market Cap ($ Bil) 0.8  
First Trading Date 04/11/2000  
Distance from 52W High -3.4%  
    50 Days 200 Days
DMA Price $24.80 $23.61
DMA Trend indeterminate up
Distance from DMA 13.6% 19.3%
  3M 1YR
Volatility 42.4% 30.6%
Downside Capture -87.24 56.41
Upside Capture 78.05 47.16
Correlation (SPY) -0.7% 15.4%
					
HSTM Betas & Captures as of 6/30/2026


  1M 2M 3M 6M 1Y 3Y
Beta -0.15 -0.17 -0.24 0.19 0.37 0.52
Up Beta -0.32 -0.34 -0.58 -0.42 0.15 0.40
Down Beta 0.12 0.61 0.02 -0.01 0.16 0.40
Up Capture 33% 57% 40% 57% 35% 31%
Bmk +ve Days 11 24 40 67 140 429
Stock +ve Days 11 22 33 58 113 370
Down Capture -66% -166% -98% 37% 67% 90%
Bmk -ve Days 10 17 23 58 112 321
Stock -ve Days 10 19 30 66 135 371


[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 2.7% 30.5% 0.10 -
Sector ETF (XLV) 22.5% 15.7% 1.09 17.7%
Equity (SPY) 21.2% 12.5% 1.26 15.5%
Gold (GLD) 21.9% 27.8% 0.70 -5.1%
Commodities (DBC) 25.0% 18.7% 1.06 -8.5%
Real Estate (VNQ) 12.7% 13.9% 0.62 17.6%
Bitcoin (BTCUSD) -41.4% 42.8% -1.13 5.6%

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 0.7% 28.9% 0.05 -
Sector ETF (XLV) 6.8% 14.9% 0.27 32.4%
Equity (SPY) 13.2% 17.1% 0.60 31.8%
Gold (GLD) 17.8% 18.3% 0.79 -2.1%
Commodities (DBC) 7.8% 19.5% 0.30 0.1%
Real Estate (VNQ) 2.8% 18.9% 0.05 31.1%
Bitcoin (BTCUSD) 12.1% 53.5% 0.41 13.6%

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 2.0% 31.9% 0.13 -
Sector ETF (XLV) 10.9% 16.6% 0.54 35.4%
Equity (SPY) 15.9% 17.9% 0.76 36.5%
Gold (GLD) 11.5% 16.1% 0.58 0.2%
Commodities (DBC) 6.4% 18.0% 0.28 8.8%
Real Estate (VNQ) 5.4% 20.7% 0.22 31.5%
Bitcoin (BTCUSD) 58.0% 66.2% 0.98 13.0%

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


				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 6152026
Short Interest: Shares Quantity 1.0 Mil
Short Interest: % Change Since 5312026 -1.3%
Average Daily Volume 0.2 Mil
Days-to-Cover Short Interest 4.5 days
Basic Shares Quantity 29.4 Mil
Short % of Basic Shares 3.2%
			
		
	

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

	
		
			
				
				
				    Earnings Returns History
				    Updated 6/5/2026
				

				Expand for More  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
5/4/2026 14.6% 8.8% 15.7%
2/23/2026 4.0% 0.6% -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%
... 
SUMMARY STATS      
# Positive 15 13 10
# Negative 9 11 14
Median Positive 4.2% 3.4% 13.6%
Median Negative -7.3% -4.2% -5.5%
Max Positive 14.9% 14.1% 18.8%
Max Negative -19.3% -17.4% -14.6%
				Collapse to Preview  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
5/4/2026 14.6% 8.8% 15.7%
2/23/2026 4.0% 0.6% -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%
4/22/2024 9.5% 7.7% 13.8%
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%
4/24/2023 -7.3% -9.7% -11.6%
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%
4/25/2022 2.9% 0.4% 2.9%
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%
4/26/2021 9.8% 11.9% 18.8%
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 15 13 10
# Negative 9 11 14
Median Positive 4.2% 3.4% 13.6%
Median Negative -7.3% -4.2% -5.5%
Max Positive 14.9% 14.1% 18.8%
Max Negative -19.3% -17.4% -14.6%
			
		
		
			
				
				 SEC Filings
				Expand for MoreReport Date Filing Date Filing
03/31/2026 05/06/2026 10-Q
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
				Collapse to PreviewReport Date Filing Date Filing
03/31/2026 05/06/2026 10-Q
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
			
		
	

	
		
			
				
				
				    Recent Forward Guidance
				    Updated 6/1/2026
				
				Latest: Q1 2026 Earnings Reported 5/4/2026
				Forward Guidance Guidance Change
Metric Low Mid High % Chg % Delta Change Prior
2026 Revenue 323.00 Mil 326.50 Mil 330.00 Mil 0   Affirmed Guidance: 326.50 Mil for 2026
2026 Net Income 20.40 Mil 21.60 Mil 22.80 Mil 0   Affirmed Guidance: 21.60 Mil for 2026
2026 Adjusted EBITDA 73.00 Mil 75.00 Mil 77.00 Mil 0   Affirmed Guidance: 75.00 Mil for 2026
2026 Capital Expenditures 31.00 Mil 32.50 Mil 34.00 Mil 0   Affirmed Guidance: 32.50 Mil for 2026
				Prior: 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
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
				    Updated 7/7/2026
				
				Expand for More# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Rebrovick, Linda   Direct Sell 7072026 29.00 6,000 174,000 1,488,541 Form
2 Rebrovick, Linda   Direct Sell 6022026 25.00 2,000 50,000 1,354,525 Form
3 Rebrovick, Linda   Direct Sell 6012026 25.00 2,000 50,000 1,404,525 Form
4 O'Hara, Kevin P Executive Vice President Direct Sell 5202026 24.08 3,000 72,230 505,173 Form
5 Cunningham, Jeff Chief Technology Officer Direct Sell 12102025 24.09 2,100 50,589 758,570 Form
				Collapse to Preview# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Rebrovick, Linda   Direct Sell 7072026 29.00 6,000 174,000 1,488,541 Form
2 Rebrovick, Linda   Direct Sell 6022026 25.00 2,000 50,000 1,354,525 Form
3 Rebrovick, Linda   Direct Sell 6012026 25.00 2,000 50,000 1,404,525 Form
4 O'Hara, Kevin P Executive Vice President Direct Sell 5202026 24.08 3,000 72,230 505,173 Form
5 Cunningham, Jeff Chief Technology Officer Direct Sell 12102025 24.09 2,100 50,589 758,570 Form
6 O'Hara, Kevin P Executive Vice President Direct Sell 12082025 24.26 2,000 48,520 397,211 Form
7 Taylor, Tate Deborah   Direct Sell 12012025 25.46 1,580 40,227 588,813 Form
8 O'Hara, Kevin P Executive Vice President Direct Sell 8272025 27.97 2,000 55,936 479,286 Form
			
		
	
	
	
		
			
				
				 HSTM Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
										Stock Conviction									
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										CONVICTION RATIONALE
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											STOCK ARCHETYPE
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								Looking for high-conviction positions with a better risk/reward profile? See what's currently in the 
								Trefis High Quality Portfolio.
							

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

								
									
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									How the Verdict Is Derived
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								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				
			
		
	
	
	
		
			
				
				

HealthStream — Investor Video Playlist
Products & ServicesIntroducing Competency Suite
HealthStream · 2026-06-23
Products & ServicesIntroducing HealthStream Compliance Suite
HealthStream · 2026-04-06
Products & ServicesmyClinicalExchange— Smarter Clinical Placement Management
HealthStream · 2026-03-27
LeadershipExpand and Retain Your Healthcare Workforce
HealthStream · 2026-01-02
Products & ServicesOptimize high-risk OB care delivery for improved outcomes
HealthStream · 2025-12-19
Products & ServicesCredentialStream®: Redefining the Provider Credentialing Process
HealthStream · 2025-10-03
Products & ServicesDemo: Centralized Policy Management System
HealthStream · 2025-09-23
Products & ServicesCredentialStream Demo: Streamline Your Credentialing Process
HealthStream · 2025-07-29
			
		
	
	
		
			
				
				 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
Health Care Technology Resources
Healthcare IT News
MobiHealthNews
HealthTech Magazine
			
		
		
			
				
				 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. 
			
		
	

	
		
		        Core Cache Last Updated: 7/8/2026

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

	HSTM	WDAY	ORCL	NOW	ADP	PAYX	Median
Name	HealthSt.	Workday	Oracle	ServiceN.	Automati.	Paychex
Mkt Price	28.18	137.88	140.49	107.78	241.37	106.58	122.83
Mkt Cap	0.8	35.0	403.9	111.6	97.0	38.2	67.6
Rev LTM	312	9,854	67,358	13,960	21,600	6,334	11,907
Op Inc LTM	23	1,156	22,442	1,876	5,727	2,337	2,106
FCF LTM	33	2,972	-23,686	4,624	4,841	2,090	2,531
FCF 3Y Avg	35	2,427	-4,091	3,800	4,190	1,875	2,151
CFO LTM	63	3,178	31,977	5,437	5,452	2,320	4,308
CFO 3Y Avg	64	2,656	23,824	4,626	4,765	2,064	3,641

$ Mil	2025	2024	2023	2022	2021
Subscription services	294	280	268	254
Professional services	10	11	11	13
Provider Solutions					51
Workforce Solutions					205
Total	304	292	279	267	257

$ Mil	2022	2021	2020	2019	2018
Workforce Solutions	35	32	42	40	39
Provider Solutions	7	8	5	5	3
Unallocated	-30	-32	-30	-31	-27
Total	12	8	16	15	15

Market Price	$28.18
Market Cap ($ Bil)	0.8
First Trading Date	04/11/2000
Distance from 52W High	-3.4%
	50 Days	200 Days
DMA Price	$24.80	$23.61
DMA Trend	indeterminate	up
Distance from DMA	13.6%	19.3%
	3M	1YR
Volatility	42.4%	30.6%
Downside Capture	-87.24	56.41
Upside Capture	78.05	47.16
Correlation (SPY)	-0.7%	15.4%

	1M	2M	3M	6M	1Y	3Y
Beta	-0.15	-0.17	-0.24	0.19	0.37	0.52
Up Beta	-0.32	-0.34	-0.58	-0.42	0.15	0.40
Down Beta	0.12	0.61	0.02	-0.01	0.16	0.40
Up Capture	33%	57%	40%	57%	35%	31%
Bmk +ve Days	11	24	40	67	140	429
Stock +ve Days	11	22	33	58	113	370
Down Capture	-66%	-166%	-98%	37%	67%	90%
Bmk -ve Days	10	17	23	58	112	321
Stock -ve Days	10	19	30	66	135	371

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSTM
HSTM	2.7%	30.5%	0.10	-
Sector ETF (XLV)	22.5%	15.7%	1.09	17.7%
Equity (SPY)	21.2%	12.5%	1.26	15.5%
Gold (GLD)	21.9%	27.8%	0.70	-5.1%
Commodities (DBC)	25.0%	18.7%	1.06	-8.5%
Real Estate (VNQ)	12.7%	13.9%	0.62	17.6%
Bitcoin (BTCUSD)	-41.4%	42.8%	-1.13	5.6%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSTM
HSTM	0.7%	28.9%	0.05	-
Sector ETF (XLV)	6.8%	14.9%	0.27	32.4%
Equity (SPY)	13.2%	17.1%	0.60	31.8%
Gold (GLD)	17.8%	18.3%	0.79	-2.1%
Commodities (DBC)	7.8%	19.5%	0.30	0.1%
Real Estate (VNQ)	2.8%	18.9%	0.05	31.1%
Bitcoin (BTCUSD)	12.1%	53.5%	0.41	13.6%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HSTM
HSTM	2.0%	31.9%	0.13	-
Sector ETF (XLV)	10.9%	16.6%	0.54	35.4%
Equity (SPY)	15.9%	17.9%	0.76	36.5%
Gold (GLD)	11.5%	16.1%	0.58	0.2%
Commodities (DBC)	6.4%	18.0%	0.28	8.8%
Real Estate (VNQ)	5.4%	20.7%	0.22	31.5%
Bitcoin (BTCUSD)	58.0%	66.2%	0.98	13.0%

Short Interest: As Of Date	6152026
Short Interest: Shares Quantity	1.0 Mil
Short Interest: % Change Since 5312026	-1.3%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	4.5 days
Basic Shares Quantity	29.4 Mil
Short % of Basic Shares	3.2%

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/4/2026	14.6%	8.8%	15.7%
2/23/2026	4.0%	0.6%	-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%
...
SUMMARY STATS
# Positive	15	13	10
# Negative	9	11	14
Median Positive	4.2%	3.4%	13.6%
Median Negative	-7.3%	-4.2%	-5.5%
Max Positive	14.9%	14.1%	18.8%
Max Negative	-19.3%	-17.4%	-14.6%

Report Date	Filing Date	Filing
03/31/2026	05/06/2026	10-Q
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

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	323.00 Mil	326.50 Mil	330.00 Mil	0		Affirmed	Guidance: 326.50 Mil for 2026
2026 Net Income	20.40 Mil	21.60 Mil	22.80 Mil	0		Affirmed	Guidance: 21.60 Mil for 2026
2026 Adjusted EBITDA	73.00 Mil	75.00 Mil	77.00 Mil	0		Affirmed	Guidance: 75.00 Mil for 2026
2026 Capital Expenditures	31.00 Mil	32.50 Mil	34.00 Mil	0		Affirmed	Guidance: 32.50 Mil for 2026

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Rebrovick, Linda		Direct	Sell	7072026	29.00	6,000	174,000	1,488,541	Form
2	Rebrovick, Linda		Direct	Sell	6022026	25.00	2,000	50,000	1,354,525	Form
3	Rebrovick, Linda		Direct	Sell	6012026	25.00	2,000	50,000	1,404,525	Form
4	O'Hara, Kevin P	Executive Vice President	Direct	Sell	5202026	24.08	3,000	72,230	505,173	Form
5	Cunningham, Jeff	Chief Technology Officer	Direct	Sell	12102025	24.09	2,100	50,589	758,570	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 (7/9/2026): $28.15 | Market Cap: $826.9 MilSector: Health Care | Industry: Health Care Technology

HealthStream (HSTM)

Market Price (7/9/2026): $28.15Market Cap: $826.9 MilSector: Health CareIndustry: Health Care Technology

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

HSTM in ETFs

Valuation & Metrics

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

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: 4.9% | 2.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSTM: 4.9% | 35.4x)

Higher Rev Chg LTM (Value for HSTM: 6.6%)

Higher Rev Chg 3Y Avg (Value for HSTM: 4.9%)

Higher Op Mgn LTM (Value for HSTM: 7.5%)

Higher CFO/Rev LTM (Value for HSTM: 20.3%)

Higher FCF/Rev LTM (Value for HSTM: 10.5%)

Higher Total Yield (Value for HSTM: 2.9%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSTM: 4.9% | 2.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSTM: 4.9% | 35.4x)

Higher Rev Chg LTM (Value for HSTM: 6.6%)

Higher Rev Chg 3Y Avg (Value for HSTM: 4.9%)

Higher Op Mgn LTM (Value for HSTM: 7.5%)

Higher CFO/Rev LTM (Value for HSTM: 20.3%)

Higher FCF/Rev LTM (Value for HSTM: 10.5%)

Higher Total Yield (Value for HSTM: 2.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for HSTM: 4.9% | 2.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for HSTM: 4.9% | 35.4x)

Higher Rev Chg LTM (Value for HSTM: 6.6%)

Higher Rev Chg 3Y Avg (Value for HSTM: 4.9%)

Higher Op Mgn LTM (Value for HSTM: 7.5%)

Higher CFO/Rev LTM (Value for HSTM: 20.3%)

Higher FCF/Rev LTM (Value for HSTM: 10.5%)

Higher Total Yield (Value for HSTM: 2.9%)

Best Bets in Health Care

P/EBIT (Value for HSTM: 35.4x)

P/E (Value for HSTM: 41.6x)

Rev Chg 3Y Avg (Value for HSTM: 4.9%)

Rev Chg LTM (Value for HSTM: 6.6%)

Rev Chg Q (Value for HSTM: 10.5%)

FCF/Rev 3Y Avg (Value for HSTM: 11.8%)

Latest Trefis Analyses

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Market Price (7/9/2026): $28.15
Market Cap: $826.9 Mil
Sector: Health Care
Industry: Health Care Technology