Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Health Catalyst, Inc.HCAT · business equipment
GradeNonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required
Reliability0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025
Peer failure rate1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$120M to $591M assetstotal assets $502.6M[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningsthin data, distressnot computable: dilution
Inputs computable6 of 14
Graded fromfilings received through Mar 12, 2026211 days before the rescan; every figure keyed to the SEC receipt date
Last close$1.752026-10-08; market equity $131.3M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$1$2$3NovDecJanFebMarAprMayJunJulAugSepOct$1.75
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Mar 21, 2020nonen/aQ3
Mar 21, 2022nonen/aQ4
Mar 21, 2026nonen/aQ3

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 12, 2026; the document on sec.gov.

We are a leading provider of data and analytics technology and services to healthcare organizations. Our Solution comprises our cloud-based data and analytics platform, software applications, and expertise. Our clients, which are primarily healthcare providers, use our Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements. We envision a future where all healthcare decisions are data-informed. Our mission is to be the catalyst for massive, measurable, data-informed healthcare improvement.

Warnings [top]

Thin data. 6 of 14 grade factors are computable; minimum is 7
Distress. CHS probability 2.553133%; universe top-decile threshold 1.068854%

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 14.7
Gross profitabilitynot computable28.5%
one or more required annual facts are missing
Return on invested capitalnot computable10.9%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Accruals ratio(26.2%)[1,3-5](7.4%)14.76212025-12-31
Gross margin stability, five yearsnot computable2.4 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 76.1
Twelve-month failure probability2.55%0.05%96.01012026-06-30
Altman Z double-prime(8.96)[1,6-11]2.1880.05662025-12-31
Net debt to EBITDAnot computable1.11x
EBITDA must exceed $100,000
Interest coveragenot computable3.77x
one or more required annual facts are missing
Current ratio1.89x[6-7]2.02x52.26662025-12-31
Growth and financing, sleeve percentile 70.9
Revenue growth, three-year compound4.0%[2,12-14]6.4%55.75382025-12-31
Free cash flow growth, three-year compoundnot computable17.2%
current FCF must be positive and base FCF must exceed $100,000
Reinvestment ratenot computable14.3%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three years(12.6%)[1,5,15-16]5.0%86.15632025-12-31
Net share issuance, one yearnot computable0.5%
prior share count is 64 days earlier

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 497 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(42.5%)2.2%16hotter than 16 of 100 peers
Distance from 52-week high(49.4%)(30.0%)27closer to its high than 27 of 100 peers
EBIT to enterprise value(71.6%)1.5%5pricier than 95 of 100 peers
Free cash flow yield(0.2%)2.7%25pricier than 75 of 100 peers
Book value to price0.770.2383pricier than 17 of 100 peers
Sales to price2.360.3092pricier than 8 of 100 peers
Composite equity issuance, five years53.6%3.9%87more equity-funded than 87 of 100 peers
Relative strength against the sector, log excess return(0.84)(0.26)16ahead of 16 of 100 peers

Inputs: market equity $131.7M; EBIT -$160.9M; free cash flow -$237,000; book equity $100.8M; sales $311.1M; debt $153.5M; cash $60.6M[17].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(20.7%)✗ fail[3,5]
Operating cash flow above zero$731,000✓ pass[4]
Return on assets improved(10.8 pts)✗ fail[3,5,15,18]
Operating cash flow exceeds net income$178.7M✓ pass[3-4]
Long-term leverage fell2.9 pts✗ fail[1,5,15,19-20]
Current ratio improved46.1 pts✓ pass[6-7,21-22]
No new shares issuedn/a[23-24]
Gross margin improvedn/a
Asset turnover improved(7.5 pts)✗ fail[2,5,12,15]
Cash, filings, liquidity
Cash and equivalents$60.6M[25]
Operating cash flow, four quarters$28.2M[4,25-29]
Months of runwaynot finite
trailing operating cash flow is nonnegative, so runway is not finite
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing64
10-Q received Aug 6, 2026
Median daily dollar volume$964,298
63 sessions
Days since newest grade input211

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$502.6M2025-12-312026-03-1210-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$311.1M2025-12-312026-03-1210-Kfiling · viewer · series
3net incomeus-gaap:NetIncomeLoss-$178.0M2025-12-312026-03-1210-Kfiling · viewer · series
4operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$731,0002025-12-312026-03-1210-Kfiling · viewer · series
5assetsus-gaap:Assets$858.9M2024-12-312026-03-1210-Kfiling · viewer · series
6current assetsus-gaap:AssetsCurrent$169.3M2025-12-312026-03-1210-Kfiling · viewer · series
7current liabilitiesus-gaap:LiabilitiesCurrent$89.6M2025-12-312026-03-1210-Kfiling · viewer · series
8retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$1.4B2025-12-312026-03-1210-Kfiling · viewer · series
9operating incomeus-gaap:OperatingIncomeLoss-$160.9M2025-12-312026-03-1210-Kfiling · viewer · series
10book equityus-gaap:StockholdersEquity$245.8M2025-12-312026-03-1210-Kfiling · viewer · series
11liabilitiesus-gaap:Liabilities$256.9M2025-12-312026-03-1210-Kfiling · viewer · series
12revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$306.6M2024-12-312026-03-1210-Kfiling · viewer · series
13revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$295.9M2023-12-312026-03-1210-Kfiling · viewer · series
14revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$276.2M2022-12-312025-02-2610-Kfiling · viewer · series
15assetsus-gaap:Assets$701.8M2023-12-312025-02-2610-Kfiling · viewer · series
16assetsus-gaap:Assets$752.3M2022-12-312024-02-2210-Kfiling · viewer · series
17shares outstandingdei:EntityCommonStockSharesOutstanding75,256,3812026-07-312026-08-0610-Qfiling · viewer · series
18net incomeus-gaap:NetIncomeLoss-$69.5M2024-12-312026-03-1210-Kfiling · viewer · series
19long term debtus-gaap:LongTermDebtNoncurrent$151.6M2025-12-312026-03-1210-Kfiling · viewer · series
20long term debtus-gaap:LongTermDebtNoncurrent$151.2M2024-12-312026-03-1210-Kfiling · viewer · series
21current assetsus-gaap:AssetsCurrent$465.6M2024-12-312026-03-1210-Kfiling · viewer · series
22current liabilitiesus-gaap:LiabilitiesCurrent$325.9M2024-12-312026-03-1210-Kfiling · viewer · series
23shares outstandingdei:EntityCommonStockSharesOutstanding73,586,1832026-03-052026-03-1210-Kfiling · viewer · series
24shares outstandingdei:EntityCommonStockSharesOutstanding73,586,1832025-12-312026-04-3010-K/Afiling · viewer · series
25cashus-gaap:CashAndCashEquivalentsAtCarryingValue$60.6M2026-06-302026-08-0610-Qfiling · viewer · series
26operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$18.8M2026-06-302026-08-0610-Qfiling · viewer · series
27operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$18.5M2026-03-312026-05-1110-Qfiling · viewer · series
28operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$9.2M2025-09-302025-11-1010-Qfiling · viewer · series
29operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$8.7M2025-06-302026-08-0610-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026