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Abrdn Healthcare Investors

HQH
61
Asset Management · Financial Services
Price
$24.39
+0.55 (+2.31%)
Market Cap
$1.39B
Exchange
New York Stock Exchange
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Sep 30, 2025
How the score breaks down
Quality
Strong
Growth
Strong
Cash Flow
Mixed
Stability
Good
Valuation
Good
Dividends
Exceptional

Share count rising — dilution

+18.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 45.4M (2021) → 53.6M (2025)

Winston Score History

The full picture

Abrdn Healthcare Investors is a closed-end investment fund that pools money from investors and uses it to buy stocks and other securities in the healthcare industry. Its portfolio focuses on companies in areas like biotechnology, pharmaceuticals, medical devices, and healthcare services. The fund is managed by abrdn, a global asset management firm, and trades on the New York Stock Exchange under the ticker HQH.

The fund makes money by earning returns on its investments — through dividends, interest, and capital gains — and charges investors a management fee based on assets under management. It primarily invests in U.S. healthcare companies, though it may hold some international positions. Because it is a closed-end fund, its share price can trade at a discount or premium to the actual value of its holdings, which is a key risk for investors. The main growth driver is performance in the healthcare sector, while rising interest rates and biotech volatility remain the biggest ongoing risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+211.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+99.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Abrdn Healthcare Investors grew revenue 212% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
69.9%
Premium pricing power — 69.9% gross margin
Profit after running costs
Operating Margin
1018.5%
Excellent — 1018.5% operating margin
Return on the money invested
ROCE
15.8%
Strong — 15.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+125.6%
Fast-growing sales (+125.6% YoY)
Profit growth
EPS YoY
+230.6%
Earnings growing fast (+230.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
3%
Weak — only 3% of profit becomes cash
Spare cash per sale
FCF Margin
38.8%
Converts sales into free cash efficiently (38.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
5.1x
Attractive valuation — P/E 5.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
11.07%
Healthy income — 11.07% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+10.3%
Dividend growing fast (10.3% YoY)

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