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HSTM

HealthStream, Inc.

HSTM

HealthStream, Inc. • NASDAQ
$25.15 ▼ -0.67% (-0.17)
Market Cap $746.15 M
52w High $34.24
52w Low $24.07
Dividend Yield 0.12%
P/E 36.99
Volume 126.13K
Outstanding Shares 29.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $76.474M ▲ $42.4M ▲ $6.086M ▲ 7.958% ▲ $0.2 ▲ $19.072M ▲
Q2-2025 $74.396M ▲ $42.146M ▼ $5.389M ▲ 7.244% ▲ $0.18 ▲ $16.753M ▲
Q1-2025 $73.485M ▼ $43.62M ▼ $4.332M ▼ 5.895% ▼ $0.14 ▼ $15.133M ▼
Q4-2024 $74.235M ▲ $44.435M ▲ $4.889M ▼ 6.586% ▼ $0.16 ▼ $15.153M ▼
Q3-2024 $73.095M $42.127M $5.725M 7.832% $0.19 $16.571M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $92.591M ▲ $499.93M ▼ $150.737M ▲ $349.193M ▼
Q2-2025 $90.619M ▼ $500.148M ▼ $149.581M ▼ $350.567M ▼
Q1-2025 $113.319M ▲ $524.036M ▲ $161.228M ▲ $362.808M ▲
Q4-2024 $97.217M ▲ $510.766M ▲ $151.411M ▲ $359.355M ▲
Q3-2024 $94.893M $502.831M $147.35M $355.481M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.087M ▲ $18.03M ▲ $-8.64M ▲ $-7.937M ▲ $1.442M ▲ $17.921M ▲
Q2-2025 $5.389M ▲ $5.023M ▼ $-11.151M ▼ $-19.073M ▼ $-25.187M ▼ $2.706M ▼
Q1-2025 $4.332M ▼ $27.074M ▲ $-7.248M ▲ $-2.013M ▼ $17.82M ▲ $26.019M ▲
Q4-2024 $4.889M ▼ $11.16M ▼ $-8.071M ▼ $-1.033M ▼ $1.98M ▼ $10.957M ▼
Q3-2024 $5.725M $19.111M $-6.87M $-922K $11.358M $12.272M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Professional Services
Professional Services
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Subscription Services
Subscription Services
 $140.00M ▲$70.00M ▼$70.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown at a steady, measured pace over the last five years, suggesting a mature but still expanding business. Profit margins are fairly healthy for a software-based healthcare company, with gross profit holding up well and operating profit inching higher over time. Net income has remained consistently positive, though at modest levels, and earnings per share have improved as profitability has crept up. Overall, the income statement points to a stable, slow-growth, consistently profitable company rather than a high‑volatility or hyper‑growth story.

Balance Sheet

Balance Sheet The balance sheet looks conservative and steady, with total assets holding roughly flat and equity gradually building over time. Cash levels have increased compared with a few years ago, which adds financial flexibility and a cushion against downturns. Debt is low and has been edging down, indicating limited leverage risk and a balance sheet that is not stretched. This combination suggests a company that prioritizes financial stability and can fund its operations and investments without relying heavily on borrowing.

Cash Flow

Cash Flow Operating cash flow has been reliably positive and has slowly improved, showing that reported earnings are backed by real cash generation. Free cash flow has also stayed positive and trended upward, even as the company consistently invests in technology and platform development. Capital spending has been steady and manageable, not so large that it strains the business but significant enough to support ongoing product and platform enhancements. Overall, cash flow quality appears solid, with room to keep investing while still building or maintaining a cash buffer.

Competitive Edge

Competitive Edge HealthStream operates in a focused niche—healthcare workforce, credentialing, and compliance—which gives it a specialization edge over broader HR and software players. Its platform is deeply embedded in hospital and healthcare workflows, making it difficult and disruptive for customers to switch providers, which strengthens customer stickiness. A large installed base of healthcare professionals and organizations helps create network effects, attracting more content partners and integrations. The main competitive risk is from large, generalist software companies that can bundle broader solutions, but HealthStream’s tight healthcare focus and integration depth provide a meaningful counterweight.

Innovation and R&D

Innovation and R&D The company is leaning heavily into innovation with its cloud-based hStream platform, open APIs, and a clear focus on interoperability across its products. Its AI-powered HealthStream Learning Experience aims to deliver more personalized, healthcare-specific training, which could deepen user engagement if adoption is strong. A patented credentialing solution and new offerings for health plans, such as Network by HealthStream, show a push to expand both capabilities and addressable markets. Continued investment in platform openness, AI, and strategic acquisitions indicates a long-term orientation toward product-led growth rather than short-term cost cutting.

Summary

HealthStream looks like a stable, steadily growing healthcare technology company with a conservative financial profile and consistent profitability. Its subscription-heavy model, low debt, and positive free cash flow give it room to keep investing through cycles. The business benefits from high switching costs, a large user network, and niche healthcare focus, which together create a defensible position against broader software competitors. The key opportunity lies in successfully rolling out its AI-driven learning platform, deepening ecosystem integrations, and scaling newer offerings to health plans, while the main risks center on execution, competition from larger platforms, and changes in healthcare spending priorities.

NEWS

November 11, 2025 · 9:25 AM UTC

HealthStream Announces Share Repurchase Program

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November 3, 2025 · 4:30 PM UTC

HealthStream Announces Third Quarter 2025 Results

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October 21, 2025 · 9:25 AM UTC

HealthStream to Host Third Quarter 2025 Earnings Conference Call

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October 8, 2025 · 4:05 PM UTC

HealthStream Acquires Virsys12, Expanding its Credentialing Application Solution for Payers and Health Plan Enterprises

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