HealthStream (HSTM) financial statements
HealthStream reported revenue of $304M in fiscal 2025, up 5.2% a year over 9 years.
Net income was $18M and the operating margin 6.7%, against 3.7% in 2016.
Free cash flow was $31M, and the company returned $4M in dividends and $30M in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from HealthStream's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $192M | $215M | $232M | $254M | $245M | $257M | $267M | $279M | $292M | $304M |
| Cost of revenue | — | $87M | $96M | $104M | $89M | $91M | $91M | $95M | $98M | $107M |
| Gross profit | — | $128M | $136M | $150M | $155M | $166M | $176M | $184M | $194M | $197M |
| Research and development | $24M | $24M | $26M | $29M | $32M | $42M | $44M | $46M | $49M | $51M |
| Operating income | $7M | $9M | $15M | $15M | $16M | $8M | $12M | $16M | $21M | $20M |
| Pre-tax income | $8M | $10M | $17M | $18M | $18M | $8M | $16M | $19M | $25M | $23M |
| Income tax | $3M | $1M | $3M | $4M | $4M | $2M | $3M | $3M | $5M | $5M |
| Net income | $4M | $10M | $32M | $16M | $14M | $6M | $12M | $15M | $20M | $18M |
| EPS (diluted) | $0.12 | $0.31 | $1.00 | $0.49 | $0.44 | $0.18 | $0.39 | $0.50 | $0.66 | $0.61 |
| Diluted shares | 32M | 32M | 32M | 32M | 32M | 32M | 31M | 31M | 31M | 30M |
| Gross margin | — | 59.4% | 58.5% | 59.1% | 63.5% | 64.5% | 65.8% | 65.9% | 66.4% | 64.7% |
| Operating margin | 3.7% | 4.4% | 6.7% | 5.8% | 6.5% | 3.1% | 4.7% | 5.7% | 7.3% | 6.7% |
| Net margin | 2.0% | 4.7% | 13.9% | 6.2% | 5.8% | 2.3% | 4.5% | 5.5% | 6.9% | 6.0% |
Balance sheet
Fiscal years, from HealthStream's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $103M | $131M | $169M | $173M | $46M | $52M | $54M | $71M | $97M | $57M |
| Receivables | $45M | $37M | $38M | $28M | $41M | $30M | $37M | $34M | $30M | $32M |
| Total current assets | $177M | $200M | $241M | $225M | $115M | $107M | $114M | $130M | $153M | $120M |
| Property, plant and equipment | $10M | $8M | $16M | $26M | $22M | $18M | $15M | $13M | $11M | $11M |
| Goodwill | $86M | $86M | $86M | $102M | $178M | $183M | $192M | $191M | $191M | $218M |
| Total assets | $396M | $411M | $442M | $490M | $500M | $487M | $498M | $500M | $511M | $520M |
| Total current liabilities | $95M | $101M | $107M | $105M | $119M | $100M | $117M | $118M | $116M | $124M |
| Total liabilities | $110M | $111M | $123M | $151M | $166M | $148M | $164M | $159M | $151M | $166M |
| Shareholders' equity | $286M | $300M | $319M | $338M | $334M | $339M | $334M | $341M | $359M | $354M |
| Net debt | -$50M | -$85M | -$134M | -$132M | -$37M | -$47M | -$46M | -$40M | -$59M | -$36M |
Cash flow
Fiscal years, from HealthStream's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $24M | $47M | $43M | $66M | $36M | $42M | $51M | $64M | $58M | $63M |
| Capital spending | $14M | $15M | $18M | $37M | $19M | $25M | $25M | $28M | $28M | $32M |
| Free cash flow | $10M | $32M | $25M | $29M | $17M | $17M | $26M | $36M | $30M | $31M |
| Stock-based compensation | $2M | $2M | $2M | $4M | $2M | $5M | $4M | $4M | $4M | $8M |
| Dividends paid | — | — | $32M | $58,000 | $40,000 | $19,000 | $0 | $3M | $3M | $4M |
| Share buybacks (net) | — | — | — | $0 | -$20M | -$5M | -$23M | -$9M | $0 | -$30M |
| Free cash flow margin | 5.4% | 14.7% | 10.7% | 11.5% | 7.0% | 6.6% | 9.8% | 12.9% | 10.1% | 10.2% |
| Dividends per share | — | — | $1.00 | $0.00 | $0.00 | $0.00 | — | $0.10 | $0.11 | $0.12 |
Questions
What was HealthStream's revenue in 2025?
$304M in fiscal 2025, from its 10-K filing.
How much free cash flow does HealthStream generate?
$31M in fiscal 2025 (operating cash flow minus capital spending).
From HealthStream's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.