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ZYBERNO

Stock Report

Updated Aug 31, 2026

HEALTH CATALYST, INC. (HCAT)

Technology • NASDAQ

$1.59

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

35.0/100

WEAK BUSINESS

HEALTH CATALYST, INC. (HCAT) scores 35/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full HCAT quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+78.8%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

60.6%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

-6.2%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full HCAT valuation analysis · → View full HCAT Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-129.7%)

Debt-to-Equity (Solvency Risk):POOR (1.71x)

Operating Margin (Operational Efficiency):CRITICAL (-84.4%)

Return on Capital (Capital Efficiency):CRITICAL (-95.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

HEALTH CATALYST, INC. (HCAT) stock report — Zyberno Score 35/100 (WEAK BUSINESS), Margin of Safety +78.8%, 61% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, HEALTH CATALYST, INC. (HCAT) trades at $1.59 against an estimated intrinsic value per share of $7.52 — a +78.8% Margin of Safety based on Owner Earnings of $17.87M TTM, projected at 87.4% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 60.6% annually.

Over the trailing twelve months, HCAT generated $17.87M in Owner Earnings. Capital was deployed as follows: $636.00K invested in capital expenditures. Reinvestment rate: 322.6%. Owner Earnings have grown at 87.4% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:1.59

Market Cap:$117.60M

Valuation Multiples (3)

P/B Ratio:1.17x

P/S Ratio:0.40x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$210.49M

Pfcf Ratio:7.24x

Price Action & Momentum (3)

12-1 Momentum:

-40.8% (9th pctile)

📈 Click to view full HCAT Momentum analysis →

Momentum Percentile:9 / 100

% of 52-Week High:41.8%

B. Profitability Assessment

Return Metrics (5)

ROE:

-129.7%

📊 Click to view full HCAT ROE analysis →

ROA:-56.9%

Roic:

-95.5%

📊 Click to view full HCAT ROIC analysis →

Reinvestment Rate:322.6%

Fundamental Growth Rate (g):-307.9%

Margin Analysis (3)

Operating Margin Ttm:-84.4%

Net Margin Ttm:-90.6%

Ebitda Margin:-58.6%

TTM Performance (2)

Operating Margin Ttm:-84.4%

Net Margin Ttm:-90.6%

Yield Metrics (3)

Earnings Yield:-$210.86

Owner Earnings Yield:$13.80

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.18

📊 Click to view full HCAT Earnings Surprise analysis →

EPS Surprise vs Expected:12.4%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):1.4%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):87.3%

Operating Cash Flow Growth Rate (Linear):51.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:2.70x

Quick Ratio:2.70x

Cash Ratio:0.66x

Leverage Analysis (3)

Debt To Equity Ttm:1.71x

Debt-to-Equity Ratio:1.71x

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:156,466,000.00

Cash And Cash Equivalents:60,589,000.00

Long Term Debt:$151.85M

Net Debt:$92.89M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $292.25M

Linear Growth: 1.4%

📊 Click to view full HCAT Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$160.53M-$246.55M

Bottom Line Performance (3)

-$264.82M

Income Before Tax:-$177.26M

Ebitda Ttm:-171,346,000.00

Operating Expenses (5)

Operating Expenses:394,068,000.00

R And D Expense:42,997,000.00

Sga Expense:53,001,000.00

Income Tax Expense:$1.15M

Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:61.0%

Sga To Revenue Percentage:75.2%

Ebitda Margin:-58.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$358.60M

Current Assets:$248.39M

Ppe Net:33,472,000.00

Goodwill:11,101,000.00

Intangible Assets:$56.12M

Liability Structure (4)

Total Liabilities:257,777,000.00

Current Liabilities:91,925,000.00

Long Term Debt:$151.85M

Short Term Debt:$1.63M

Equity & Capital (3)

Equity:$100.83M

Retained Earnings:-$1.52B

Common Stock:1,616,004,000.00

Working Capital Items (3)

Accounts Receivable:41,901,000.00

Inventory:0.00

Accounts Payable:8,338,000.00

Special Items (2)

Contract Liabilities:43,000,000.00

Stock Based Compensation:2,709,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $18.96M

Linear Growth: 51.8%

Free cash flow TTM: $18.33M

Linear Growth: 87.3%

📊 Click to view full HCAT Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$9.41M

Capital Expenditures Ttm:636,000.00

Financing Activities (3)

Financing Cash Flow:-$4.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:75,200,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-3.69

-$3.69

Earnings Per Share Ttm:-$3.58

Revenue & Cash Per Share (3)

Sales Per Share Ttm:3.95

Operating Cash Flow Per Share:$0.01

Fcf Per Share Ttm:0.24

Book Value & Capital (2)

Book Value Per Share:$1.36

Cash Per Share:0.82

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.63x

Working Capital Turnover Ttm:1.87x

Receivables Management (2)

Receivables Turnover Ttm:6.97x

Days Sales Outstanding Ttm:52.33

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:10.41

Cash Conversion Cycle:-957.08

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $17.87M

Linear Growth: 87.4%

📊 Click to view full HCAT Owner Earnings analysis & methodology →

Owner Earnings Per Share:$0.24

Owner Earnings Yield:$13.80

Growth Assessment (1)

Owner Earnings Growth Rate:$87.37

Damodaran Growth Analysis (2)

Reinvestment Rate:322.6%

Fundamental Growth Rate (g):-307.9%

Intrinsic Value Models (1)

Intrinsic Value:

$555.95M

📊 Click to view full HCAT DCF valuation →

Margin of Safety (1)

Margin Of Safety:

78.8%

📊 Click to view full HCAT valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

60.6%

📊 Click to view full HCAT expected return analysis →

Forward Expected Return (Yield + Growth):

-6.2%

📊 Click to view full HCAT expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):1.4%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):87.3%

Operating Cash Flow Growth Rate (Linear):51.8%

Other Growth Rates (2)

Book Value Growth Rate (Linear):-21.3%

Owner Earnings Growth Rate:$87.37

C. Company Profile & Context

Corporate Information (6)

Symbol:HCAT

Company Name:HEALTH CATALYST, INC.

Sector:Technology

Industry:Software Development

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:73.96M

Shares Outstanding Basic:73.96M

Shares Outstanding Diluted:73.96M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 14:54:38 UTC

Data Timestamp:2026-08-19T10:50:43.668321