Health Catalyst, Inc.

HCATVertical SaaS

Health Catalyst helps hospitals use their data to improve care and cut waste.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026

ARR Multiple

0.5x

-0.1x

ARR

$282M

-0.4%

YoY Growth

-12.7%

-1.8pp

Market Cap

$131M

-12.1%

Revenue (Q)

$70M

-0.4%

Gross Margin

0.0%

0.0pp

Op. Margin

-51.8%

+99.4pp

Rule of 40

-64.4

+97.6

Magic Number

-0.10

+1.44

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 2 Oct 2026; their pills compare vs the Jun 2026 quarter-end (0.5x).

Valuation by quarter

Current ARR Multiple: 0.5x· Forward at Q3 FY2026 guidance: 0.7x

Calculated valuation

FRAMEWORK EST.

Valuation data is not available for this company.

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Levers ranked by valuation impact

No recommendations for this company.

AI Replacement RiskMODERATE

16/ 100

LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score

Data analyticsCategory baseline

mid base

Workflow complexity5/5

-12 risk

Data moat3/5

-1 risk

Integration depthHigh

-10 risk

SegmentEnterprise

-8 risk

IndustryHealthcare

-10 risk

Own AI integration2/5

+1.6 risk

Company overview

Health Catalyst helps hospitals use their data to improve care and cut waste. The company was founded in 2008 in Salt Lake City, Utah. It went public in 2019.

Hospitals sit on oceans of data. Patient records, billing, lab results, staffing. Yet turning that data into better decisions is hard. Systems do not talk to each other. Reports take forever. Health Catalyst exists to fix that.

Its data platform pulls information from across a health system into one place. On top of that, it layers analytics that answer real questions. Which treatments work best? Where is money leaking? How can wait times drop? The company sells both the technology and the expert people to guide it.

Picture a hospital trying to reduce readmissions, where patients return soon after discharge. That problem costs money and signals poor care. Health Catalyst can analyze which patients are at risk and why, so staff intervene earlier.

The company has pushed into AI to spot patterns and automate the grunt work of analysis. Its customers are health systems that want to run more like data driven organizations.

Revenue runs around $300 million a year. Growth has been uneven, and the company has worked to improve margins and reach profit. Health Catalyst is a focused bet that better data leads to better, cheaper healthcare.