Estados financieros detallados de Health Catalyst, Inc. (HCAT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Health Catalyst, Inc. registró ingresos de $311.1M en el último ejercicio fiscal, con un CAGR de 5 años del 10.5%.
Márgenes de los últimos 12 meses: margen bruto 46.4%, margen operativo -19.7%, margen neto -90.6%.
Al precio actual de $1.79, HCAT presenta beneficios negativos (P/E no significativo) y un ROE del -129.70%. La capitalización bursátil es de $132M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $73.1M | $112.6M | $154.9M | $188.8M | $241.9M | $276.2M | $295.9M | $306.6M | $311.1M |
| Coste de Ventas | $43.6M | $59.9M | $75.3M | $98.1M | $124.4M | $143.0M | $164.1M | $165.8M | $207.0M |
| Beneficio Bruto | $29.4M | $52.7M | $79.6M | $90.8M | $117.6M | $133.2M | $131.8M | $140.8M | $104.1M |
| I+D | $28.5M | $38.6M | $46.3M | $53.5M | $62.7M | $75.7M | $72.6M | $58.0M | $49.8M |
| Generales y Administrativos | $40.6M | $66.8M | $79.0M | $114.7M | $161.0M | $149.2M | $143.9M | $111.2M | $102.0M |
| Gastos Operativos | $75.0M | $112.8M | $134.5M | $186.9M | $261.2M | $273.2M | $258.7M | $210.6M | $140.2M |
| Beneficio Operativo | -$45.5M | -$60.1M | -$54.9M | -$96.1M | -$143.7M | -$140.0M | -$126.9M | -$69.8M | -$36.1M |
| EBITDA | -$39.7M | -$52.1M | -$47.3M | -$85.9M | -$101.7M | -$82.9M | -$68.3M | -$10.7M | -$110.4M |
| Gastos por Intereses | $2.0M | $2.6M | $6.3M | $13.7M | $17.3M | $7.2M | $7.3M | $17.1M | $16.4M |
| Beneficio Antes de Impuestos | -$47.0M | -$62.1M | -$60.0M | -$116.2M | -$160.1M | -$141.7M | -$117.8M | -$69.2M | -$177.3M |
| Impuestos | $26000 | -$135000 | $142000 | -$1.2M | -$6.9M | -$4.3M | $356000 | $333000 | $716000 |
| Beneficio Neto | -$47.0M | -$62.0M | -$60.1M | -$115.0M | -$153.2M | -$137.4M | -$118.1M | -$69.5M | -$178.0M |
| BPA | $-1.69 | $-2.23 | $-3.21 | $-2.91 | $-3.23 | $-2.56 | $-2.09 | $-1.15 | $-2.55 |
| BPA Diluido | $-1.69 | $-2.23 | $-3.21 | $-2.91 | $-3.23 | $-2.54 | $-2.09 | $-1.15 | $-2.55 |
| Acciones en Circulación (Diluidas) | $27.8M | $27.8M | $18.7M | $39.5M | $47.5M | $54.1M | $56.4M | $60.2M | $69.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $76.3M | $74.7M | $70.8M | $70.5M |
| Beneficio Bruto | $37.8M | $39.4M | $23.7M | $34.9M |
| Beneficio Operativo | -$17.5M | $3.3M | -$6.7M | -$36.5M |
| EBITDA | -$3.9M | -$72.2M | -$93.8M | -$17.1M |
| Beneficio Neto | -$22.2M | -$91.0M | -$111.0M | -$40.5M |
| BPA | $-0.32 | $-1.28 | $-1.53 | $-0.55 |
| BPA Diluido | $-0.32 | $-1.28 | $-1.53 | $-0.55 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $23.0M | $28.4M | $18.0M | $92.0M | $193.2M | $116.3M | $106.3M | $249.6M | $50.8M |
| Inversiones a Corto | $28.5M | $4.8M | $210.2M | $178.9M | $251.8M | $247.2M | $211.5M | $142.4M | $44.9M |
| Cuentas por Cobrar | $17.1M | $27.7M | $27.6M | $48.3M | $48.8M | $48.0M | $60.3M | $57.2M | $59.1M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $71.4M | $66.9M | $264.2M | $329.8M | $508.4M | $427.8M | $393.4M | $465.6M | $169.3M |
| Inmovilizado Material | $5.4M | $11.0M | $8.1M | $37.6M | $44.4M | $42.6M | $39.6M | $41.5M | $40.5M |
| Fondo de Comercio | $3.7M | $3.7M | $3.7M | $107.8M | $170.0M | $186.0M | $190.7M | $259.8M | $209.1M |
| Activos Intangibles | $29.6M | $28.3M | $25.5M | $98.9M | $104.8M | $92.2M | $73.4M | $86.1M | $77.7M |
| Activos Totales | $110.3M | $111.0M | $302.4M | $577.7M | $832.1M | $752.3M | $701.8M | $858.9M | $502.6M |
| Cuentas por Pagar | $833000 | $1.8M | $3.6M | $5.3M | $4.7M | $4.4M | $6.6M | $11.4M | $9.4M |
| Deuda a Corto | 0 | $1.3M | 0 | 0 | 0 | 0 | 0 | $231.2M | $1.6M |
| Pasivos Corrientes | $30.8M | $41.8M | $48.2M | $88.0M | $93.1M | $82.5M | $89.0M | $325.9M | $89.6M |
| Deuda a Largo | $9.6M | $18.8M | $48.2M | $169.0M | $180.9M | $226.5M | $228.0M | $151.2M | $151.6M |
| Pasivos Totales | $369.7M | $485.7M | $101.7M | $301.6M | $310.0M | $327.3M | $334.9M | $493.7M | $256.9M |
| Reservas | -$259.5M | -$374.8M | -$610.5M | -$725.6M | -$878.9M | -$999.0M | -$1.12B | -$1.19B | -$1.36B |
| Patrimonio Neto | -$259.5M | -$374.8M | $200.6M | $276.1M | $522.1M | $425.0M | $366.9M | $365.2M | $245.8M |
| Deuda Total | $12.6M | $26.9M | $52.7M | $195.3M | $204.6M | $248.0M | $249.1M | $402.3M | $171.2M |
| Deuda Neta | -$38.8M | -$6.3M | -$175.6M | -$75.6M | -$240.4M | -$115.5M | -$68.7M | $10.3M | $75.5M |
| Capital Circulante | $40.6M | $25.1M | $216.0M | $241.8M | $415.3M | $345.3M | $304.4M | $139.8M | $79.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $40.3M | $50.8M | $59.9M | $60.6M |
| Activos Totales | $587.1M | $502.6M | $412.2M | $358.6M |
| Pasivos Totales | $255.2M | $256.9M | $274.1M | $257.8M |
| Patrimonio Neto | $331.9M | $245.8M | $138.1M | $100.8M |
| Deuda Total | $172.1M | $171.2M | $170.6M | $170.0M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$47.0M | -$62.0M | -$60.1M | -$115.0M | -$153.2M | -$137.4M | -$118.1M | -$69.5M | -$178.0M |
| Amortizaciones | $5.9M | $7.4M | $9.2M | $18.7M | $37.5M | $48.3M | $42.2M | $41.4M | $50.5M |
| Compensación en Acciones | $4.2M | $4.2M | $17.8M | $38.0M | $65.1M | $72.1M | $55.8M | $40.1M | $27.0M |
| Cambio en Capital Circulante | -$166000 | $9.8M | -$1.3M | -$3.8M | $4.6M | -$13.9M | -$13.7M | -$660000 | -$15.1M |
| Flujo de Caja Operativo | -$36.8M | -$40.3M | -$32.2M | -$26.1M | -$23.1M | -$35.3M | -$33.1M | $14.6M | $731000 |
| Inversiones (CapEx) | -$3.3M | -$2.5M | -$4.3M | -$10.5M | -$18.5M | -$17.4M | -$14.3M | -$16.4M | -$968000 |
| Adquisiciones | $878000 | $228000 | $1.9M | -$101.7M | -$46.8M | -$27.8M | -$11.4M | -$80.3M | -$41.1M |
| Recompra de Acciones | 0 | -$8.7M | 0 | 0 | 0 | -$8.4M | -$1.8M | 0 | -$5.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$40.2M | -$42.8M | -$36.5M | -$36.6M | -$41.6M | -$52.7M | -$47.4M | -$1.8M | -$237000 |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$464000 | $9.9M | $18.5M | $275000 |
| Inversiones (CapEx) | -$4.8M | -$273000 | -$4.9M | -$5.2M |
| Flujo de Caja Libre | -$5.3M | $9.6M | $13.6M | -$4.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $7.0M | $4.1M | 0 | $6.5M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +54.0% | +37.6% | +21.9% | +28.1% | +14.2% | +7.1% | +3.6% | +1.5% |
| Crecimiento Beneficio Neto (anual) | | -31.8% | +3.0% | -91.4% | -33.2% | +10.3% | +14.0% | +41.2% | -156.1% |
| Crecimiento BPA (anual) | | -32.0% | -43.9% | +9.3% | -11.0% | +20.7% | +18.4% | +45.0% | -121.7% |
| Cambio en Acciones (anual) | | +0.0% | -32.5% | +111.0% | +20.1% | +13.9% | +4.3% | +6.7% | +16.1% |
| Crecimiento FCF (anual) | | -6.5% | +14.7% | -0.3% | -13.6% | -26.7% | +10.0% | +96.1% | +87.1% |
| Margen Bruto | 40.3% | 46.8% | 51.4% | 48.1% | 48.6% | 48.2% | 44.5% | 45.9% | 33.5% |
| Margen Operativo | -62.3% | -53.4% | -35.4% | -50.9% | -59.4% | -50.7% | -42.9% | -22.8% | -11.6% |
| Margen EBITDA | -54.4% | -46.3% | -30.5% | -45.5% | -42.0% | -30.0% | -23.1% | -3.5% | -35.5% |
| Margen Neto | -64.4% | -55.1% | -38.8% | -60.9% | -63.3% | -49.7% | -39.9% | -22.7% | -57.2% |
| Margen FCF | -55.0% | -38.0% | -23.6% | -19.4% | -17.2% | -19.1% | -16.0% | -0.6% | -0.1% |
| Tasa Impositiva Efectiva | -0.1% | 0.2% | -0.2% | 1.0% | 4.3% | 3.0% | -0.3% | -0.5% | -0.4% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.45 | $-1.54 | $-1.95 | $-0.93 | $-0.88 | $-0.97 | $-0.84 | $-0.03 | $-0.00 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $27.8M | $27.8M | $18.7M | $39.5M | $47.5M | $53.7M | $56.4M | $60.2M | $69.9M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -129.70% |
| Rentabilidad sobre capital invertido | -21.13% |
| Rentabilidad sobre activos | -73.85% |
| Margen bruto | 46.44% |
| Margen operativo | -19.67% |
| Margen neto | -90.61% |
Salud financiera
| Deuda / Patrimonio | 1.69 |
| Ratio corriente | 2.70 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -23.18 | -17.57 | -10.81 | -14.96 | -12.27 | -4.15 | -4.43 | -6.15 | -0.94 |
| P/VC | -4.19 | -2.90 | 3.24 | 6.23 | 3.60 | 1.34 | 1.42 | 1.17 | 0.68 |
| P/V | 14.88 | 9.66 | 4.20 | 9.11 | 7.78 | 2.07 | 1.77 | 1.39 | 0.54 |
| Margen Bruto | 40.3% | 46.8% | 51.4% | 48.1% | 48.6% | 48.2% | 44.5% | 45.9% | 33.5% |
| Margen Operativo | -62.3% | -53.4% | -35.4% | -50.9% | -59.4% | -50.7% | -42.9% | -22.8% | -11.6% |
| Margen Neto | -64.4% | -55.1% | -38.8% | -60.9% | -63.3% | -49.7% | -39.9% | -22.7% | -57.2% |