| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 17 | — | 17.8x | Bottom tier | |
Growth | 93 | 42.8% | 7.1% | Top tier | |
Quality | 98 | — | 4.5% | Top tier | |
Safety | 57 | — | 2.6x | Around median | |
Capital Return | 85 | — | 2.12% | Top tier | |
Momentum | 78 | -17.1% | 2.9% | Top tier | |
Sentiment | 37 | 6 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
HeartFlow provides an artificial intelligence platform for diagnosing and managing coronary artery disease using coronary computed tomography angiography images. The company generates revenue primarily from FFRCT and Plaque analyses, while expanding the platform through Roadmap and PCI Navigator; FFRCT measures the functional impact of lesions, while Plaque identifies plaque burden and composition. In Q2 fiscal 2026, the United States accounted for $59.6 million in revenue, or approximately 93% of the total, and Plaque revenue was approximately $7.8 million, compared with $4.5 million from markets outside the United States and other revenue.
Q2 fiscal 2026 revenue was approximately $64.1 million, up 48% year over year and representing the fastest growth in eight quarters, while U.S. revenue grew 51%. Gross profit according to EDGAR reached $53.2 million, equivalent to a calculated gross margin of approximately 83.0%, while the non-GAAP margin reported on the call was 83.3% versus 75.6% in the comparable period. Despite this improvement, the company recorded a GAAP net loss of $15.7 million, or $0.18 per share.
The latest trailing-twelve-month data reflect revenue of $212.1 million and gross profit of $169.8 million, but the net loss remained elevated at $118.4 million. In Q2 fiscal 2026, the non-GAAP net loss decreased to $5.8 million from $17.6 million in the comparable period, while non-GAAP operating expenses improved to 96% of revenue versus 102%. HeartFlow ended the quarter with $246.8 million in cash and investments and is targeting cash flow profitability by mid-2028.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $42.83 and a target range of $37 to $45; both the average target and the highest target are below the 52-week high of $51.19. No price-to-earnings ratio is available because of the $118.4 million net loss during the latest trailing-twelve-month period, so the valuation depends more heavily on sustaining revenue growth of between 40% and 42% and achieving the targeted path to profitability. The 52-week range of $20.13 to $51.19 indicates high sensitivity to changes in growth and margin expectations and legal risks.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Revenue reached $64.1 million, up 48% year over year and representing the fastest growth in eight quarters. U.S. revenue grew 51% to $59.6 million, and Plaque contributed $7.8 million. Management attributed the performance to accelerating Plaque activation and utilization, continued strength in FFRCT, the addition of new accounts, and the ramp-up of the 340-account cohort added during fiscal 2025.
Plaque generated $7.8 million in revenue in Q2 fiscal 2026, and management raised its full-year revenue guidance to $29–31 million. The company is targeting approximately 1,250 activated accounts by the end of fiscal 2026, with coverage of approximately 78% and applicability to approximately 60% of CCTA scans. HeartFlow launched Plaque Staging in July 2026 following validation involving more than 23,000 patients and follow-up of up to 16 years.
The company recorded a GAAP net loss of $15.7 million in Q2 fiscal 2026, compared with a non-GAAP loss of $5.8 million. The non-GAAP loss decreased by approximately two-thirds from $17.6 million in the comparable period, while the non-GAAP operating loss narrowed to $7.9 million. Management is targeting cash flow profitability by mid-2028 and says that the $246.8 million balance of cash and investments is sufficient to fund operations through profitability.
Management estimates that expansion into high-risk asymptomatic groups could add approximately $6 billion and increase the available U.S. market to nearly $11 billion. Two trials involving patients with coronary artery calcification and patients with prior myocardial infarction or PCI begin in Q4 fiscal 2026, and a trial involving patients with prior plaque begins in Q1 fiscal 2027. Each trial will enroll approximately 300–500 patients and aims to measure changes in physician management and outcomes through LDL and soft plaque, and use of the current technology does not require new FDA clearance according to management.
FFRCT utilization remained strong in Q2 fiscal 2026, and it is applicable to approximately 33% of CCTA scans, while a new account requires approximately one year to reach near-full utilization. The product provides lesion-specific values, and management says it is supported by published prospective validation against the invasive standard. PCI Navigator was launched in fiscal 2026 to help interventional cardiologists plan before procedures, but it is currently free and is targeting a broader rollout in 2027.
HeartFlow is involved in an ongoing intellectual property dispute that management said on August 13, 2026 typically follows a multi-year path. The company also provided no new update regarding the civil investigative demand, while affirming its full cooperation. Regarding reimbursement, management described the 2027 proposals for FFRCT and Plaque as stable and positive, but the longer-term CMS framework for artificial intelligence-enabled medical software may continue evolving through 2029.
