Deep Value: cash covers about 91% of the stock price

This company holds roughly $103M in cash and investments — about 91% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Health Catalyst

HCAT

Medical - Healthcare Information Services · Healthcare

Price

$1.53

-0.10 (-6.13%)

Market Cap

$113.1M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+47.2% over 4y

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

Diluted shares outstanding: 47.5M (2021) → 69.9M (2025)

Winston Score History

The full picture

Health Catalyst helps hospitals and health systems make better decisions using data. The company builds software and analytics tools that collect and organize patient and operational data, then helps healthcare workers understand what that data means. Its main customers are large hospitals, health networks, and other healthcare organizations across the United States.

Health Catalyst earns money through a mix of software subscriptions and professional services, where its team of data experts works directly with clients. The company operates almost entirely in the U.S. and, with a market cap around $100 million, is a small player in the healthcare data space. Its moat comes from deep integration into hospital workflows, which makes switching costly for clients — but the company has not yet turned a profit, posting operating losses and negative returns on capital, and its main challenge is reaching profitability before its cash resources run thin.

Growth Profile

For growth stock investors

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

Revenue Growth

-12.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+6.8% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$50M/ year

↓ Declining (-14% vs prior year)

16.0% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

17.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$103M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Health Catalyst's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

49.5%

Healthy — 49.5% gross margin

Profit after running costs

Operating Margin

-51.8%

Losing money on operations — -51.8%

Return on the money invested

ROCE

-48.3%

Weak — -48.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-7.5%

Shrinking sales (-7.5% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

12.3%

Converts sales into free cash efficiently (12.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.18

Conservative — low debt load (0.18)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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