HTFL
Heartflow, Inc. Common StockHealthcare·Medical - Healthcare Information Services
$30.98
$2.7B market cap
Revenue
$101.7M
Free Cash Flow
$-44.5M
Rev Growth
+0.0%
FCF Margin
-43.7%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
HeartFlow, Inc., a medical technology company, provides non-invasive solutions for diagnosing and managing coronary artery diseases worldwide. Its HeartFlow Platform uses AI and computational fluid dynamics to creates a personalized 3D model of a patient's heart from a single coronary computed tomography angiography, a specialized type of scan that provides detailed images of the heart's arteries. The company's platform provides insights on blood flow, stenosis, and plaque volume and composition
2-Year Price History
$29.49+2.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 52.6 | -19.6 | -22.0 | -27.4 | -30.1 | -32.0 | -1.9 | 158.3 | 26.4 | 368.5 | -81.9% | -6529.3x | -- |
| Act | 2025-Q4 | 49.1 | -22.3 | -17.8 | -24.4 | -10.6 | -12.5 | -1.9 | 176.8 | 22.1 | 368.5 | -58.7% | -2788.3x | -- |
Valuation & Metrics
Market Stats
Price$30.98
Market Cap$2.7B
Enterprise Value$2.5B
P/S Ratio26.3x
P/FCF--
EV/FCF--
FCF Margin (TTM)-43.7%
FCF Yield-1.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$101.7M
Net Income$-51.8M
Free Cash Flow$-44.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin-41.2%
Net Margin-50.9%
FCF Margin-43.7%
CapEx % of Revenue3.7%
SBC % of Revenue5.2%
ROIC-70.3%
WC Change % Rev-3.5%
Interest Coverage-3808.6x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares4.4M
Days to Cover3.9
Change (vs Prior)-21.4%
Need at least 2 settlement dates for chart
Employees
Headcount626
Revenue / Employee$162,487
Gross Profit / Employee$129,756
Cash Runway
42.7months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
57.5%(-0.0% YoY)
153 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
6.6%(+3.7% YoY)
10 filers
Vanguard, iShares, SPDR
Market makers
0.2%(+0.2% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| WELLINGTON MANAGEMENT GROUP LLP | $292M | $28.54 | +$148M | +$292M | -0.3% | $533.98B |
| Bain Capital Life Sciences Investors, LLC | $254M | $33.66 | −$48.7M | +$254M | +1.4% | $1.11B |
| FMR LLC | $131M | $31.68 | +$31.0M | +$131M | -0.0% | $1.89T |
| BAMCO INC /NY/ | $93.1M | $28.69 | +$37.1M | +$93.1M | -2.4% | $33.05B |
| JANUS HENDERSON GROUP PLC | $53.1M | $28.39 | +$32.0M | +$53.1M | +1.2% | $209.29B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $49.8M | $24.33 | +$49.8M | +$49.8M | — | $1.91T |
| Invesco Ltd. | $46.5M | $26.03 | +$32.5M | +$46.5M | -0.2% | $652.04B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $46.1M | $24.33 | +$46.1M | +$46.1M | — | $4.04T |
| ALLIANCEBERNSTEIN L.P. | $35.7M | $32.66 | +$3.3M | +$35.7M | -0.3% | $307.70B |
| BlackRock, Inc.Passive | $35.6M | $29.71 | +$2.9M | +$35.6M | -0.2% | $5.69T |
| UBS ASSET MANAGEMENT AMERICAS INC | $34.4M | $29.15 | −$394K | +$34.4M | -0.3% | $480.58B |
| MILLENNIUM MANAGEMENT LLC | $26.6M | $25.28 | +$25.0M | +$26.6M | -0.5% | $127.40B |
| BAILLIE GIFFORD & CO | $26.4M | $33.66 | −$46.7M | +$26.4M | -2.0% | $97.89B |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $21.7M | $32.19 | −$8.9M | +$21.7M | +1.0% | $2.04B |
| MORGAN STANLEY | $20.7M | $32.51 | +$2.6M | +$20.7M | -0.3% | $1.65T |
| FRANKLIN RESOURCES INC | $19.3M | $30.32 | +$2.6M | +$19.3M | -0.2% | $403.03B |
| EVENTIDE ASSET MANAGEMENT, LLC | $18.4M | $28.05 | +$6.1M | +$18.4M | -1.6% | $5.96B |
| CITADEL ADVISORS LLC | $18.4M | $30.51 | −$12.0M | +$18.4M | -0.4% | $138.22B |
| VOYA INVESTMENT MANAGEMENT LLC | $17.7M | $25.84 | +$12.1M | +$17.7M | -0.2% | $87.20B |
| Ensign Peak Advisors, Inc | $16.8M | $33.18 | −$252K | +$16.8M | -0.4% | $53.58B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.37%
avg per quarter
Holders (ex-self)
-0.08%
excl. this stock
Buyers (this Q)
-0.38%
111 buyers · $0.50B in
Sellers (this Q)
-0.59%
26 sellers · $0.36B out
alpha coverage: 94% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+0.6%
how holders react when this stock falls
On quiet Qs
-3.5%
−10% to +10% baseline
On rallies (+10%+)
-6.1%
how they react when this stock rises
Holders' portfolio flow this Q
+0.5%
inflows — adds are organic
Sellers' portfolio flow this Q
-5.8%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-6.4%
Holder mid (any stock)
-3.5%
Holder rally (any stock)
-6.1%
Biggest decreases this quarter
Bain Capital Life Sciences Investors, LLC−$48.7Mα+1.4BAILLIE GIFFORD & CO−$46.7Mα-2.0CITADEL ADVISORS LLC−$12.0Mα-0.4Board of Trustees of The Leland Stanford Junior Universityexited−$9.1MSUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC−$8.9Mα+1.0SEVEN GRAND MANAGERS, LLCexited−$2.9MWest Family Investments, Inc.exited−$2.6MTD ASSET MANAGEMENT INCexited−$1.6MLykos Global Management, LPexited−$583KD. E. Shaw & Co., Inc.exited−$540K
New buyers this quarter
Top-5 holders · 51.8%
WELLINGTON MANAGEMENT GROUP LLP--
Bain Capital Life Sciences Investors, LLC--
FMR LLC--
BAMCO INC /NY/--
JANUS HENDERSON GROUP PLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Bain Capital Life Sciences Investors, LLC10.4MWELLINGTON MANAGEMENT GROUP LLP12.0MFMR LLC5.4MBAILLIE GIFFORD & CO1.1MBAMCO INC /NY/3.8MSchusterman Interests, LLC260KJANUS HENDERSON GROUP PLC2.2MCapricorn Investment Group LLC257KInvesco Ltd.1.9MCapital International Investors—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (2 analysts)$37.001940.0%
Last Year (7 analysts)$36.431760.0%
Current Price$30.98
Analyst Ratings
4
Buy: 4Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$1.05M
1 txn · 1 insider · 40,000 sh
Sells ($, 12mo)
$7.96M
11 txns · 3 insiders · 310,808 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$115.00M
4 txns · 1 insider · 4,000,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | SELL | Rogers Campbell | officer: Chief Medical Officer | 9,219 | $28.34 | $261K | $2.23M |
| 2026-05-11 | SELL | Farquhar John C.M. | director, officer: Chief Executive Officer | 22,562 | $29.12 | $657K | $15.12M |
| 2026-04-30 | SELL | Bain Capital Life Sciences Investors, LLC | 10 percent owner | 948,757 | $29.23 | $27.73M | $246.95M |
| 2026-04-29 | SELL | Bain Capital Life Sciences Investors, LLC | 10 percent owner | 797,133 | $29.37 | $23.41M | $275.99M |
| 2026-04-28 | SELL | Bain Capital Life Sciences Investors, LLC | 10 percent owner | 254,110 | $30.51 | $7.75M | $311.02M |
| 2026-04-10 | SELL | Farquhar John C.M. | director, officer: Chief Executive Officer | 22,562 | $26.72 | $603K | $14.67M |
| 2026-04-01 | SELL | Rogers Campbell | officer: Chief Medical Officer | 64,533 | $24.64 | $1.59M | $2.00M |
| 2026-03-19 | SELL | Rogers Campbell | officer: Chief Medical Officer | 64,533 | $25.69 | $1.66M | $2.02M |
| 2026-03-18 | SELL | Farquhar John C.M. | director, officer: Chief Executive Officer | 9,725 | $25.00 | $243K | $14.29M |
| 2026-03-10 | SELL | Farquhar John C.M. | director, officer: Chief Executive Officer | 12,837 | $22.66 | $291K | $13.18M |
| 2026-03-05 | SELL | Cullivan Julie A | director | 9,122 | $25.00 | $228K | $682K |
| 2026-02-12 | SELL | Rogers Campbell | officer: Chief Medical Officer | 65,153 | $24.49 | $1.60M | $1.86M |
| 2026-02-10 | SELL | Farquhar John C.M. | director, officer: Chief Executive Officer | 22,562 | $27.46 | $620K | $16.25M |
| 2026-02-05 | SELL | Cullivan Julie A | director | 8,000 | $27.32 | $219K | $995K |
| 2026-02-04 | SELL | Bain Capital Life Sciences Investors, LLC | 10 percent owner | 2,000,000 | $28.05 | $56.10M | $293.07M |
| 2025-12-16 | BUY | Lightcap Jeffrey C | director | 40,000 | $26.34 | $1.05M | $1.05M |
Order Flow (FINRA, ~3w lag)
9.3%retail-1.6pp
32.7%dark+1.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Heartflow, Inc.: $1.1 Billion Deficit Meets DOJ Anti-Kickback Investigation
Overall Risk
8/10
Fraud
5/10
Dilution
9/10
Insolvency
7/10
Earnings Overstated
5/10
Hidden Liabilities
9/10
Legal
9/10
Audit Warnings
3/10
Hidden Upside
3/10
Contextually Acceptable
2/10