Heartflow Inc. Common Stock (HTFL)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with the business, then the price. HeartFlow sells an AI and computational-fluid-dynamics platform that turns a coronary CT scan into a personalized 3D heart model. That is a useful clinical product, and the top line is moving: in fiscal 2025 (year ended 2025-12-31), revenue was $176.0 million, up from $125.8 million in fiscal 2024 and $87.2 million in fiscal 2023. In fiscal Q2 2026 (quarter ended 2026-06-30), revenue was $64.1 million, up from $52.6 million in fiscal Q1 2026 (quarter ended 2026-03-31). But the income statement still shows heavy losses. Fiscal 2025 net loss was $116.8 million; fiscal 2024 was $96.4 million; fiscal 2023 was $95.7 million. In fiscal Q2 2026, net loss was $15.7 million, better than the $27.4 million loss in fiscal Q1 2026, yet trailing free cash flow is -$59.2 million. FairStock's metrics as of the 2026-10-13 close show a negative P/E of -15.92, price-to-book of 15.58, ROE of -154.23%, ROCE of -18.06%, Piotroski F-Score 4/9, and a FairStock score of 36/100. Debt is modest with D/E 0.10, and the Altman Z-Score of 36.60 is high, but that metric is not designed for loss-making growth companies. I see a promising product and rapid revenue growth, but no demonstrated durable moat in these numbers, negative earnings, and negative cash generation. Paying $4.4 billion for a business with $176.0 million of fiscal 2025 revenue and no profit leaves little margin of safety. The Lynch category is none because it lost money in each of the last three years.

In plain English: Heartflow makes AI software that helps doctors spot heart artery disease from heart scans. Sales are growing quickly, but the company still loses money and has lost money in each of the last three years. At the 2026-10-13 close of $50.32, the price looks expensive against current profits because there are no profits to compare with.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer