Detailed financial statements for Health In Tech, Inc. (HIT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Health In Tech, Inc. operates as a cutting-edge insurance technology provider. The company delivers a range of specialized insurance solutions for smaller enterprises, such as value-based pricing strategies, group insurance captives, localized community health plans, and collective association health programs.
Analysis Summary
Trailing-twelve-month margins: gross margin 53.9%, operating margin -16.1%, net margin -12.0%.
At the current price of $0.85, HIT has negative trailing earnings (P/E not meaningful) and an ROE of -20.95%. Market capitalisation stands at $46M.
Balance sheet quality for HIT: current ratio of 3.1, net cash position of $7.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$56108 represents -4% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $5.8M | $19.2M | $19.5M | $33.3M |
| Cost of Revenue | $334188 | $2.3M | $4.1M | $12.4M |
| Gross Profit | $5.4M | $16.8M | $15.4M | $20.9M |
| Research & Development | $794617 | $2.0M | $2.8M | $1.6M |
| Selling, General & Admin | $4.4M | $11.5M | $11.6M | $17.8M |
| Operating Expenses | $5.2M | $13.5M | $14.4M | $19.4M |
| Operating Income | $205582 | $3.4M | $989904 | $1.5M |
| EBITDA | $205582 | $3.8M | $1.9M | $2.6M |
| Interest Expense | $4572 | $2052 | $495000 | 0 |
| Pre-tax Income | $201010 | $3.4M | $889000 | $1.7M |
| Income Tax | $121268 | $945236 | $218523 | $395330 |
| Net Income | $79742 | $2.5M | $670477 | $1.3M |
| EPS | $0.00 | $0.05 | $0.01 | $0.02 |
| EPS (Diluted) | $0.00 | $0.05 | $0.01 | $0.02 |
| Shares Outstanding (Diluted) | $54.1M | $54.1M | $53.7M | $57.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $8.5M | $7.5M | $8.8M | $8.1M |
| Gross Profit | $5.1M | $4.1M | $4.5M | $3.9M |
| Operating Income | $493523 | -$170813 | -$2.2M | -$3.4M |
| EBITDA | $818203 | -$33111 | -$1.7M | -$3.5M |
| Net Income | $452176 | -$302557 | -$1.6M | -$2.5M |
| EPS | $0.01 | $-0.01 | $-0.03 | $-0.04 |
| EPS (Diluted) | $0.01 | $-0.01 | $-0.03 | $-0.04 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.5M | $2.4M | $7.8M | $7.7M |
| Short-term Investments | 0 | 0 | 0 | 0 |
| Receivables | $976861 | $3.9M | $2.1M | $5.0M |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $25.4M | $6.9M | $10.8M | $16.2M |
| Property, Plant & Equipment | $321815 | $266641 | $206269 | $139940 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | $2.8M | $3.6M | $4.0M | $6.5M |
| Total Assets | $28.6M | $11.5M | $15.8M | $23.1M |
| Accounts Payable | $474395 | $2.6M | $1.9M | $4.2M |
| Short-term Debt | 0 | $1.6M | 0 | 0 |
| Total Current Liabilities | $24.0M | $4.8M | $2.1M | $5.2M |
| Long-term Debt | 0 | 0 | 0 | $63617 |
| Total Liabilities | $27.1M | $5.4M | $2.6M | $6.0M |
| Retained Earnings | $794259 | $3.3M | $3.9M | $5.2M |
| Total Equity | $1.1M | $6.1M | $13.2M | $17.1M |
| Total Debt | $316090 | $1.9M | $206692 | $139812 |
| Net Debt | -$1.2M | -$501175 | -$7.6M | -$7.5M |
| Working Capital | $1.4M | $2.1M | $8.7M | $11.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $8.0M | $7.7M | $10.3M | $6.5M |
| Total Assets | $22.8M | $23.1M | $29.0M | $31.1M |
| Total Liabilities | $5.6M | $6.0M | $7.4M | $11.4M |
| Total Equity | $17.2M | $17.1M | $21.6M | $19.6M |
| Total Debt | $157600 | $139812 | $121595 | $102938 |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$243342 | $4.0M | $670477 | $1.3M |
| Depreciation & Amortization | 0 | $339300 | $541141 | $900577 |
| Stock-based Compensation | $566038 | 0 | $468489 | $1.6M |
| Change in Working Capital | $451056 | -$2.9M | $156524 | -$5.2M |
| Operating Cash Flow | $782752 | $1.5M | $2.2M | $3.1M |
| Capital Expenditure | -$1.2M | -$1.1M | -$900755 | -$3.2M |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$436627 | $384517 | $1.3M | -$56108 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $673973 | $451211 | -$3.3M | -$2.9M |
| Capital Expenditure | $1.6M | -$831708 | -$362131 | $362131 |
| Free Cash Flow | $2.3M | -$380497 | -$3.7M | -$2.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $292552 | $76733 | $366562 | $959320 |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +231.9% | +1.8% | +71.0% |
| Net Income Growth (YoY) | | +3005.8% | -72.9% | +90.7% |
| EPS Growth (YoY) | | +2953.3% | -73.1% | +62.6% |
| Shares Change (YoY) | | +0.0% | -0.8% | +7.6% |
| FCF Growth (YoY) | | +188.1% | +231.7% | -104.4% |
| Gross Margin | 94.2% | 88.0% | 79.2% | 62.8% |
| Operating Margin | 3.6% | 17.7% | 5.1% | 4.6% |
| EBITDA Margin | 3.6% | 19.6% | 9.9% | 7.7% |
| Net Margin | 1.4% | 12.9% | 3.4% | 3.8% |
| FCF Margin | -7.6% | 2.0% | 6.5% | -0.2% |
| Effective Tax Rate | 60.3% | 27.6% | 24.6% | 23.6% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.01 | $0.01 | $0.02 | $-0.00 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $54.1M | $54.1M | $53.7M | $55.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -20.95% |
| Return on Invested Capital | -18.82% |
| Return on Assets | -12.72% |
| Gross Margin | 53.93% |
| Operating Margin | -16.07% |
| Net Margin | -12.03% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 2.17 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 11.46 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 3400.00 | 111.35 | 435.77 | 79.50 |
| P/B | 262.49 | 45.26 | 21.84 | 5.19 |
| P/S | 47.79 | 14.40 | 14.76 | 2.66 |
| Gross Margin | 94.2% | 88.0% | 79.2% | 62.8% |
| Operating Margin | 3.6% | 17.7% | 5.1% | 4.6% |
| Net Margin | 1.4% | 12.9% | 3.4% | 3.8% |