Health Catalyst, Inc.

HCAT

HealthcareMedical - Healthcare Information ServicesNASDAQ

$1.38

Market Cap: $101.55M

Health Catalyst, Inc. (HCAT) Valuation Summary

Updated May 11, 2026 22:21

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.76 – $7.03	$1.28	-7.4%
▸ Trading Multiples
EV/Revenue	$25.32 – $59.38	$34.82	+2423.3%

Valuation History

DCF Analysis

Health Catalyst, Inc. (HCAT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.28

Market Price

$1.38

Upside / Downside

-7.4%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -11.6% to a target of 13.4% over 5 years, discounted at a WACC of 9.3%, Health Catalyst, Inc. (HCAT) has an intrinsic value of $1.28 per share (range: $0.76 – $7.03).

Key Assumptions

Current Operating Margin

-11.6%

Target Operating Margin

13.4%

WACC

9.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.9%

Target CapEx/Rev

23.1%

D&A/Revenue

15.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	279	-10.4%	-6.6%	-18	-18	43	(19)	-3	9	9
2027	277	-0.7%	-1.6%	-4	-4	43	(24)	-0	15	13
2028	294	6.1%	3.4%	10	8	45	(30)	3	20	16
2029	313	6.5%	8.4%	26	21	48	(38)	3	28	20
2030	333	6.5%	13.4%	45	35	51	(47)	3	37	25
2031	353	5.9%	13.4%	47	37	54	(56)	3	33	20
2032	372	5.3%	13.4%	50	39	57	(66)	3	28	16
2033	390	4.8%	13.4%	52	41	60	(76)	3	22	12
2034	406	4.2%	13.4%	54	43	62	(86)	3	16	8
2035	420	3.6%	13.4%	56	44	65	(97)	2	10	4

Enterprise Value Bridge

Sum of PV(FCFF)142

Terminal Value (Gordon Growth at 3.0%)158

PV of Terminal Value68

Enterprise Value210

(–) Net Debt120

Equity Value89

(÷) Shares Outstanding70

Fair Value per Share$1.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.4%	10.4%	13.4%	16.4%	19.4%
7.3%	$-1	$-0	$2	$5	$7
8.3%	$-1	$-0	$2	$4	$6
9.3%	$-1	$-0	$1	$3	$4
10.3%	$-1	$-0	$1	$2	$4
11.3%	$-1	$-0	$1	$2	$3

Current price: $1.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$34.82

Market Price

$1.38

Upside / Downside

+2423.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Health Catalyst, Inc. (HCAT) has a fair value of $34.82 based on 9 comparable companies in the Medical - Healthcare Information Services industry.

EV/Revenue Valuation — Medical - Healthcare Information Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Health Catalyst, Inc.HCAT	96	0.7x	0.7x
Enanta Pharmaceuticals, Inc.ENTA	359	8.1x	7.8x
Prelude Therapeutics IncorporatedPRLD	287	22.2x	10.8x
Orchestra BioMed Holdings, Inc.OBIO	236	6.1x	121.4x
Caribou Biosciences, Inc.CRBU	201	19.4x	9.2x
SANUWAVE Health, Inc.SNWV	143	3.5x	2.4x
Pyxis Oncology, Inc.PYXS	142	10.5x	—
Nano-X Imaging Ltd.NNOX	120	6.1x	5.9x
Solana CompanyHSDT	90	13.7x	176.5x
Outset Medical, Inc.OM	68	1.2x	1.1x
Industry Median		8.1x	8.5x
(*) Revenue		311	307
= Enterprise Value		2,513	2,595
(-) Net Debt		120	120
Equity Value		2,393	2,475
(/) Outstanding shares		70	70
Fair Price		$34	$35

Selected Fair Value (avg of trailing + forward)

$34.82

+2423.3%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$0.76 – $7.03

$1.28

-7.4%

▸ Trading Multiples

EV/Revenue

$25.32 – $59.38

$34.82

+2423.3%

DCF Analysis

Health Catalyst, Inc. (HCAT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.28

Market Price

$1.38

Upside / Downside

-7.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-11.6%

Target Operating Margin

13.4%

WACC

9.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.9%

Target CapEx/Rev

23.1%

D&A/Revenue

15.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	279	-10.4%	-6.6%	-18	-18	43	(19)	-3	9	9
2027	277	-0.7%	-1.6%	-4	-4	43	(24)	-0	15	13
2028	294	6.1%	3.4%	10	8	45	(30)	3	20	16
2029	313	6.5%	8.4%	26	21	48	(38)	3	28	20
2030	333	6.5%	13.4%	45	35	51	(47)	3	37	25
2031	353	5.9%	13.4%	47	37	54	(56)	3	33	20
2032	372	5.3%	13.4%	50	39	57	(66)	3	28	16
2033	390	4.8%	13.4%	52	41	60	(76)	3	22	12
2034	406	4.2%	13.4%	54	43	62	(86)	3	16	8
2035	420	3.6%	13.4%	56	44	65	(97)	2	10	4

Enterprise Value Bridge

Sum of PV(FCFF)142

Terminal Value (Gordon Growth at 3.0%)158

PV of Terminal Value68

Enterprise Value210

(–) Net Debt120

Equity Value89

(÷) Shares Outstanding70

Fair Value per Share$1.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.4%	10.4%	13.4%	16.4%	19.4%
7.3%	$-1	$-0	$2	$5	$7
8.3%	$-1	$-0	$2	$4	$6
9.3%	$-1	$-0	$1	$3	$4
10.3%	$-1	$-0	$1	$2	$4
11.3%	$-1	$-0	$1	$2	$3

Current price: $1.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$34.82

Market Price

$1.38

Upside / Downside

+2423.3%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Healthcare Information Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Health Catalyst, Inc.HCAT	96	0.7x	0.7x
Enanta Pharmaceuticals, Inc.ENTA	359	8.1x	7.8x
Prelude Therapeutics IncorporatedPRLD	287	22.2x	10.8x
Orchestra BioMed Holdings, Inc.OBIO	236	6.1x	121.4x
Caribou Biosciences, Inc.CRBU	201	19.4x	9.2x
SANUWAVE Health, Inc.SNWV	143	3.5x	2.4x
Pyxis Oncology, Inc.PYXS	142	10.5x	—
Nano-X Imaging Ltd.NNOX	120	6.1x	5.9x
Solana CompanyHSDT	90	13.7x	176.5x
Outset Medical, Inc.OM	68	1.2x	1.1x
Industry Median		8.1x	8.5x
(*) Revenue		311	307
= Enterprise Value		2,513	2,595
(-) Net Debt		120	120
Equity Value		2,393	2,475
(/) Outstanding shares		70	70
Fair Price		$34	$35

Selected Fair Value (avg of trailing + forward)

$34.82

+2423.3%