Healthstream
HSTM on Nasdaq. HealthStream sells online training and software to hospitals and healthcare workers. Market value $922m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.54 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 65 of 100. Price score: 54 of 100. Our list needs 70 on quality and 60 on price.
$31.31 a share, 61% above its 1-year low
Over the past year the price has ranged from $19.50 to $31.84.
Dividend: 0.4% a year
Paid every year for 3 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $257m | $267m | $279m | $292m | $304m |
| Operating margin | |||||
| Operating margin | 3.1% | 4.7% | 5.7% | 7.3% | 6.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 4.4% a year
- Buying back its own sharesYes, 4% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $84 million last quarter, up 13% on a year ago.
- Profit: $7 million, up 24% on a year ago.
- It keeps 8 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- Spare cash over the past 12 months: $42 million, up from $31 million.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $73m |
| December 2024 | $74m |
| March 2025 | $73m |
| June 2025 | $74m |
| September 2025 | $76m |
| December 2025 | $80m |
| March 2026 | $81m |
| June 2026 | $84m |
| Quarter to | Amount |
|---|---|
| September 2024 | $6m |
| December 2024 | $5m |
| March 2025 | $4m |
| June 2025 | $5m |
| September 2025 | $6m |
| December 2025 | $3m |
| March 2026 | $6m |
| June 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 219 funds in all.
- Cambiar InvestorsBrian Barish
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $32m | <0.1% | Added |
| Cambiar InvestorsBrian Barish | $2m | <0.1% |
Largest holders overall
- BlackRock$111mAdded
- Dimensional Fund Advisors LP$42mAdded
- Copeland Capital Management$34mCut
- First Eagle Investment Management$32mAdded
- Vanguard Capital Management$28m
- State Street$27m
- Vanguard Portfolio Management$24mCut
- TWO Sigma Investments, LP$22mCut
- Geode Capital Management$21mAdded
- Goldman Sachs Group$18mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor11.9%Since 31 March 2025
- WJRJJ Ventures, LLCPassive investor9.6%Since 14 September 2026
What they said
The information set forth in Item 3 of this Schedule is incorporated herein by reference. WJRJJ purchased shares of the Company's common stock pursuant to a Securities Purchase Agreement ("Securities Purchase Agreement"), dated as of September 11, 2026, by and among WJRJJ, the…
Read the filing - Dimensional Fund Advisors LPPassive investor5.3%+0.5 ptsSince 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.9% | 31 March 2025 | |
WJRJJ Ventures, LLC Passive investor | 9.6% | 14 September 2026 | What they saidThe information set forth in Item 3 of this Schedule is incorporated herein by reference. WJRJJ purchased shares of the Company's common stock pursuant to a Securities Purchase Agreement ("Securities Purchase Agreement"), dated as of September 11, 2026, by and among WJRJJ, the… Read the filing |
Dimensional Fund Advisors LP Passive investor | 5.3%+0.5 pts | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $5m, $274,000 of it under preset trading plans.
- FRIST ROBERT A JRCEO and Chairman, DirectorSold
- Date
- 14 September 2026
- Shares
- 144,068
- Price
- $29.50
- Value
- $4m
- REBROVICK LINDADirectorSoldunder a preset trading plan
- Date
- 6 July 2026
- Shares
- 6,000
- Price
- $29.00
- Value
- $174,000
- REBROVICK LINDADirectorSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 2,000
- Price
- $25.00
- Value
- $50,000
- REBROVICK LINDADirectorSoldunder a preset trading plan
- Date
- 28 May 2026
- Shares
- 2,000
- Price
- $25.00
- Value
- $50,000
- O'Hara Kevin PExecutive Vice PresidentSold
- Date
- 20 May 2026
- Shares
- 3,000
- Price
- $24.08
- Value
- $72,240
- Cunningham JeffChief Technology OfficerSold
- Date
- 10 December 2025
- Shares
- 2,100
- Price
- $24.09
- Value
- $50,589
- O'Hara Kevin PExecutive Vice PresidentSold
- Date
- 8 December 2025
- Shares
- 2,000
- Price
- $24.26
- Value
- $48,520
- Taylor Tate DeborahDirectorSold
- Date
- 26 November 2025
- Shares
- 1,580
- Price
- $25.46
- Value
- $40,227
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | FRIST ROBERT A JR CEO and Chairman, Director | Sold | 144,068 | $29.50 | $4m |
| 6 July 2026 | REBROVICK LINDA Director | Sold under a preset trading plan | 6,000 | $29.00 | $174,000 |
| 1 June 2026 | REBROVICK LINDA Director | Sold under a preset trading plan | 2,000 | $25.00 | $50,000 |
| 28 May 2026 | REBROVICK LINDA Director | Sold under a preset trading plan | 2,000 | $25.00 | $50,000 |
| 20 May 2026 | O'Hara Kevin P Executive Vice President | Sold | 3,000 | $24.08 | $72,240 |
| 10 December 2025 | Cunningham Jeff Chief Technology Officer | Sold | 2,100 | $24.09 | $50,589 |
| 8 December 2025 | O'Hara Kevin P Executive Vice President | Sold | 2,000 | $24.26 | $48,520 |
| 26 November 2025 | Taylor Tate Deborah Director | Sold | 1,580 | $25.46 | $40,227 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.