Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Healthstream Inc.HSTM · business equipment | |
|---|---|
| Grade |  Eweakest fifth of 497 graded peers; percentile 82.5, sampling error 2.2 points; lower is stronger |
| Rank | 410 of 497 |
| Profitability | Cpercentile 47.9 |
| Solvency | Epercentile 82.6 |
| Growth and financing | Cpercentile 56.5 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $520.4M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress, fortress balance sheet |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $32.492026-10-08; market equity $950.0M; iex feed |
| Price used in grade | None |
| 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 | ||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | ||||||||||||||||||||||||||||||||||||||||||||
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 Feb 27, 2026; the document on sec.gov.
HealthStream’s focus is and has always been on improving the quality of healthcare through the development and support of the dedicated individuals who deliver care. Like healthcare itself, our mission remains constant, but how we accomplish that mission continues to evolve and improve over time. Originally, we pioneered the use of online learning to hospitals, which began with courses specifically tailored to educate healthcare professionals and meet hospitals' required regulatory needs, and we remain a leading innovator in those areas today.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 47.9 | |||||||
| Gross profitability | not computable | 28.5% | |||||
| latest aligned inputs end 2012-12-31; latest annual assets end 2025-12-31 | |||||||
| Return on invested capital | not computable | 10.9% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (8.7%) | [1,3-5] | (7.4%) | 47.9 | 621 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 2 | |||||||
| Solvency, sleeve percentile 82.6 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | 2.18 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | not computable | 1.11x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 3.77x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 0.96x | [6-7] | 2.02x | 82.6 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 56.5 | |||||||
| Revenue growth, three-year compound | 4.5% | [2,8-10] | 6.4% | 54.4 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 6.5% | [4,11-17] | 17.2% | 64.4 | 268 | 2025-12-31 | |
| Reinvestment rate | (511.1%) | [6-7,11,18-23] | 14.3% | 93.8 | 226 | 2025-12-31 | |
| Asset growth, three years | 1.5% | [1,5,24-25] | 5.0% | 57.3 | 563 | 2025-12-31 | |
| Net share issuance, one year | (3.5%) | [26-27] | 0.5% | 12.6 | 407 | 2026-02-20 | |
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.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.263; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 405 | Dragonfly Energy Holdings Corp. (DFLI) Dragonfly Energy Holdings Corp. (DFLI) D/Eon the D/E boundary; percentile 81.6 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies last close $0.50 Warnings: short runway, late filer; 7 of 14 inputs | 81.6 | D/E | short runway, late filer |
| 406 | Dragonfly Energy Holdings Corp. (DFLIW) Dragonfly Energy Holdings Corp. (DFLIW) D/Eon the D/E boundary; percentile 81.6 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies last close $0.04 Warnings: short runway, late filer; 7 of 14 inputs | 81.6 | D/E | short runway, late filer |
| 407 | Blink Charging Co. (BLNK) Blink Charging Co. (BLNK) D/Eon the D/E boundary; percentile 81.9 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies market equity $69.2M; last close $0.48 Warnings: late filer, fortress balance sheet; 7 of 14 inputs | 81.9 | D/E | late filer, fortress balance sheet |
| 408 | TaoWeave, Inc. (TWAV) TaoWeave, Inc. (TWAV) D/Eon the D/E boundary; percentile 82.1 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $5.5M; last close $1.45 Warnings: dilution, short runway; 8 of 14 inputs | 82.1 | D/E | dilution, short runway |
| 409 | Ribbon Communications Inc. (RBBN) Ribbon Communications Inc. (RBBN) Eweakest fifth; percentile 82.3 Nasdaq · Services-Computer Integrated Systems Design market equity $307.6M; last close $1.72 No active warnings; 9 of 14 inputs | 82.3 | E | |
| 410 | Healthstream Inc. (HSTM) Healthstream Inc. (HSTM) Eweakest fifth; percentile 82.5 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $949.4M; last close $32.49 No active warnings; 7 of 14 inputs | 82.5 | E | |
| 411 | NCR Atleos Corp. (NATL) NCR Atleos Corp. (NATL) Eweakest fifth; percentile 82.7 NYSE · Calculating & Accounting Machines (No Electronic Computers) market equity $3.4B; last close $45.63 No active warnings; 7 of 14 inputs | 82.7 | E | |
| 412 | Microvision, Inc. (MVIS) Microvision, Inc. (MVIS) Eweakest fifth; percentile 82.9 Nasdaq · Electronic Components, NEC market equity $31.2M; last close $1.31 Warnings: short runway, fortress balance sheet; 9 of 14 inputs | 82.9 | E | short runway, fortress balance sheet |
| 413 | ONE Stop Systems, Inc. (OSS) ONE Stop Systems, Inc. (OSS) Eweakest fifth; percentile 83.1 Nasdaq · Electronic Computers market equity $190.8M; last close $7.64 No active warnings; 9 of 14 inputs | 83.1 | E | |
| 414 | Synaptics Inc. (SYNA) Synaptics Inc. (SYNA) Eweakest fifth; percentile 83.3 Nasdaq · Semiconductors & Related Devices market equity $4.7B; last close $119.15 No active warnings; 10 of 14 inputs | 83.3 | E | |
| 415 | Comtech Telecommunications Corp. (CMTL) Comtech Telecommunications Corp. (CMTL) Eweakest fifth; percentile 83.5 Nasdaq · Radio & Tv Broadcasting & Communications Equipment market equity $35.4M; last close $1.19 Warnings: late filer; 8 of 14 inputs | 83.5 | E | late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 71.3 | 2204 |
| sector peers, equal sleeves (the grade) | E | 82.5 | 497 |
| same exchange, equal sleeves | D | 77.7 | 1219 |
| sector peers, equal inputs | D | 77.6 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
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.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 3.5% | 2.2% | 51 | hotter than 51 of 100 peers |
| Distance from 52-week high | 0.0% | (30.0%) | 99 | closer to its high than 99 of 100 peers |
| EBIT to enterprise value | not computable | 1.5% | required accounting or market input is missing | |
| Free cash flow yield | 6.3% | 2.7% | 74 | pricier than 26 of 100 peers |
| Book value to price | 0.38 | 0.23 | 64 | pricier than 36 of 100 peers |
| Sales to price | 0.32 | 0.30 | 52 | pricier than 48 of 100 peers |
| Composite equity issuance, five years | (9.1%) | 3.9% | 27 | more equity-funded than 27 of 100 peers |
| Relative strength against the sector, log excess return | (0.25) | (0.26) | 51 | ahead of 51 of 100 peers |
Inputs: market equity $949.4M; EBIT $20.2M; free cash flow $59.6M; book equity $356.6M; sales $304.1M; cash $46.2M[28].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 3.6% | ✓ pass[3,5] |
| Operating cash flow above zero | $63.3M | ✓ pass[4] |
| Return on assets improved | (0.4 pts) | ✗ fail[3,5,24,29] |
| Operating cash flow exceeds net income | $45.0M | ✓ pass[3-4] |
| Long-term leverage fell | n/a[1,5,24] | |
| Current ratio improved | (36.0 pts) | ✗ fail[6-7,22-23] |
| No new shares issued | (3.5%) | ✓ pass[26-27] |
| Gross margin improved | n/a | |
| Asset turnover improved | 1.2 pts | ✓ pass[2,5,8,24] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $46.2M[30] |
| Operating cash flow, four quarters | $71.8M[4,30-34] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $5.1M |
| 63 sessions | |
| Days since newest grade input | 224 |
Downloads [top]
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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.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $520.4M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $304.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 3 | net income | us-gaap:NetIncomeLoss | $18.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 4 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $63.3M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 5 | assets | us-gaap:Assets | $510.8M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 6 | current assets | us-gaap:AssetsCurrent | $119.7M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 7 | current liabilities | us-gaap:LiabilitiesCurrent | $124.1M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $291.6M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $279.1M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $266.8M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 11 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $3.7M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 12 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $57.7M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 13 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $1.4M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 14 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $64.0M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 15 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $2.2M | 2023-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 16 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $51.2M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 17 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $1.8M | 2022-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 18 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $43.5M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 19 | operating income | us-gaap:OperatingIncomeLoss | $20.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 20 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | $23.2M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 21 | income tax | us-gaap:IncomeTaxExpenseBenefit | $4.9M | 2025-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 22 | current assets | us-gaap:AssetsCurrent | $153.1M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 23 | current liabilities | us-gaap:LiabilitiesCurrent | $115.7M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 24 | assets | us-gaap:Assets | $499.9M | 2023-12-31 | 2025-02-28 | 10-K | filing · viewer · series |
| 25 | assets | us-gaap:Assets | $497.7M | 2022-12-31 | 2024-02-26 | 10-K | filing · viewer · series |
| 26 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 29,356,350 | 2026-02-20 | 2026-02-27 | 10-K | filing · viewer · series |
| 27 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 30,434,310 | 2025-02-21 | 2025-02-28 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 29,239,955 | 2026-08-03 | 2026-08-06 | 10-Q | filing · viewer · series |
| 29 | net income | us-gaap:NetIncomeLoss | $20.0M | 2024-12-31 | 2026-02-27 | 10-K | filing · viewer · series |
| 30 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $46.2M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $40.6M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $27.1M | 2026-03-31 | 2026-05-06 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $50.1M | 2025-09-30 | 2025-11-06 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $32.1M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 82.5 is 2.5 points from the nearest band edge; sampling error is 2.2 points.
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.
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