Heartflow
HTFL on Nasdaq. Heartflow sells software that helps doctors diagnose heart artery disease. Market value $4.5bn.
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
Nothing stands out yet.
What to watch out for
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.34 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: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$50.69 a share, 152% above its 1-year low
Over the past year the price has ranged from $20.13 to $54.32.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $176m |
| Operating margin | |
| Operating margin | -36.4% |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.09bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $64 million last quarter, up 48% on a year ago.
- A loss of $16 million, compared with a loss of $9 million a year ago.
- 1268% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| June 2025 | $43m |
| September 2025 | $46m |
| December 2025 | $49m |
| March 2026 | $53m |
| June 2026 | $64m |
| Quarter to | Amount |
|---|---|
| June 2025 | -$9m |
| September 2025 | -$51m |
| December 2025 | -$24m |
| March 2026 | -$27m |
| June 2026 | -$16m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 193 funds in all.
Largest holders overall
- Bain Capital Life Sciences Investors$248mCut
- Wellington Management Group LLP$231mCut
- BlackRock$153mAdded
- FMR$141mCut
- Vanguard Portfolio Management$105mAdded
- Bamco$95mCut
- Vanguard Capital Management$81mAdded
- Jupiter Topco$71m
- Invesco$67mAdded
- Point72 Asset Management, L.P.$51mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BCLS Fund III Investments, LPPassive investor9.8%−2.4 ptsSince 30 June 2026
- Wellington Management Group LLPPassive investorat least 9.1%−1.6 pts(filed with 3 related holders)Since 30 June 2026
- HCPCIV 1, LLCPassive investor7.9%Since 11 August 2025
- BlackRock, Inc.Passive investor5.7%Since 30 June 2026
- FMR LLCPassive investorat least 5.7%(filed with 1 related holder)Since 30 September 2025
- HealthCor Partners Management LPPassive investorSold down below 5%Since 24 March 2026
- Hayfin Management Holdings LimitedPassive investorSold down below 5%Since 6 February 2026
| Holder | Stake | Since | |
|---|---|---|---|
BCLS Fund III Investments, LP Passive investor | 9.8%−2.4 pts | 30 June 2026 | |
Wellington Management Group LLP Passive investor | at least 9.1%−1.6 pts (filed with 3 related holders) | 30 June 2026 | |
HCPCIV 1, LLC Passive investor | 7.9% | 11 August 2025 | |
BlackRock, Inc. Passive investor | 5.7% | 30 June 2026 | |
FMR LLC Passive investor | at least 5.7% (filed with 1 related holder) | 30 September 2025 | |
HealthCor Partners Management LP Passive investor | Sold down below 5% | 24 March 2026 | |
Hayfin Management Holdings Limited Passive investor | Sold down below 5% | 6 February 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1m of shares on the open market. 4 sold $23m, $23m of it under preset trading plans.
- Rogers CampbellChief Medical OfficerSoldunder a preset trading plan
- Date
- 18 September 2026
- Shares
- 19,682
- Price
- $50.15
- Value
- $987,052
- Verghese VikramChief Financial OfficerSoldunder a preset trading plan
- Date
- 18 September 2026
- Shares
- 16,766
- Price
- $50.75
- Value
- $850,926
- Verghese VikramChief Financial OfficerSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 7,579
- Price
- $50.11
- Value
- $379,816
- Verghese VikramChief Financial OfficerSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 668
- Price
- $50.01
- Value
- $33,408
- Verghese VikramChief Financial OfficerSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 4,593
- Price
- $50.24
- Value
- $230,744
- Verghese VikramChief Financial OfficerSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 29,714
- Price
- $50.06
- Value
- $1m
- Farquhar John C.M.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 3,890
- Price
- $50.00
- Value
- $194,500
- Farquhar John C.M.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 35,010
- Price
- $46.42
- Value
- $2m
- Verghese VikramChief Financial OfficerSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 6,640
- Price
- $50.03
- Value
- $332,212
- Verghese VikramChief Financial OfficerSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 27,540
- Price
- $49.69
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 18 September 2026 | Rogers Campbell Chief Medical Officer | Sold under a preset trading plan | 19,682 | $50.15 | $987,052 |
| 18 September 2026 | Verghese Vikram Chief Financial Officer | Sold under a preset trading plan | 16,766 | $50.75 | $850,926 |
| 17 September 2026 | Verghese Vikram Chief Financial Officer | Sold under a preset trading plan | 7,579 | $50.11 | $379,816 |
| 15 September 2026 | Verghese Vikram Chief Financial Officer | Sold under a preset trading plan | 668 | $50.01 | $33,408 |
| 14 September 2026 | Verghese Vikram Chief Financial Officer | Sold under a preset trading plan | 4,593 | $50.24 | $230,744 |
| 11 September 2026 | Verghese Vikram Chief Financial Officer | Sold under a preset trading plan | 29,714 | $50.06 | $1m |
| 11 September 2026 | Farquhar John C.M. Chief Executive Officer, Director | Sold under a preset trading plan | 3,890 | $50.00 | $194,500 |
| 10 September 2026 | Farquhar John C.M. Chief Executive Officer, Director | Sold under a preset trading plan | 35,010 | $46.42 | $2m |
| 8 September 2026 | Verghese Vikram Chief Financial Officer | Sold under a preset trading plan | 6,640 | $50.03 | $332,212 |
| 3 September 2026 | Verghese Vikram Chief Financial Officer | Sold under a preset trading plan | 27,540 | $49.69 | $1m |
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 18 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 3 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.