HTFL (HeartFlow) Operating Income: $-68.6 Mil (TTM As of Mar. 2026)


HTFL HeartFlow Inc HTFL
12 GF Score
Price $29.33
! 4 Warning Signs
View Full Analysis

What is HeartFlow Operating Income?

HeartFlow HTFL -15.83% 12 Operating Income is $-68.6 Mil as of Mar. 2026. GuruFocus rates HTFL with a GF Score™ of 12/100. The stock has 4 warning signs investors should review.

HeartFlow's Operating Income for the three months ended in Mar. 2026 was $-22.0 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $-68.6 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. HeartFlow's Operating Income for the three months ended in Mar. 2026 was $-22.0 Mil. HeartFlow's Revenue for the three months ended in Mar. 2026 was $52.6 Mil. Therefore, HeartFlow's Operating Margin % for the quarter that ended in Mar. 2026 was -41.88%.

HeartFlow's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. HeartFlow's annualized ROC % for the quarter that ended in Mar. 2026 was -58.17%. HeartFlow's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -276.45%.

HeartFlow  (NAS:HTFL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

HeartFlow's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-88.088 * ( 1 - 0% )/( (148.771 + 154.073)/ 2 )
=-88.088/151.422
=-58.17 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=359.452 - 33.895 - ( 176.786 - max(0, 42.37 - 220.204+176.786))
=148.771

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=344.025 - 31.636 - ( 158.316 - max(0, 38.018 - 211.83+158.316))
=154.073

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

HeartFlow's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-109.416/( ( (26.075 + max(6.97, 0)) + (24.236 + max(21.878, 0)) )/ 2 )
=-109.416/( ( 33.045 + 46.114 )/ 2 )
=-109.416/39.5795
=-276.45 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(29.343 + 0 + 14.075) - (33.895 + 0.627 + 1.926)
=6.97

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(35.527 + 0 + 17.987) - (31.636 + 1.583 + -1.583)
=21.878

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

HeartFlow's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-22.022/52.587
=-41.88 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

HeartFlow Operating Income Related Terms

HeartFlow Operating Income Historical Data

* Premium members only.

The historical data trend for HeartFlow's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

HeartFlow Operating Income Chart

HeartFlow Annual Data
Trend Dec23 Dec24 Dec25
Operating Income
-72.91 -61.22 -64.07

HeartFlow Quarterly Data
Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only -17.50 -13.72 -15.10 -17.75 -22.02
HTFL
12GF Score
HeartFlow Inc HTFL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

HeartFlow Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-68.6 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $-68.6 Mil mean?
HeartFlow (HTFL) has a Operating Income of $-68.6 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on HeartFlow and its competitors.
Is HeartFlow's Operating Income too high?
HeartFlow's current Operating Income is $-68.6 Mil. Overall, HeartFlow has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does HeartFlow's Operating Income compare to PRVA and WAY?
HeartFlow's Operating Income of $-68.6 Mil can be compared against companies in the Healthcare Providers & Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Healthcare Providers & Services company?
A good Operating Income depends on the Healthcare Providers & Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on HeartFlow and its competitors. HeartFlow's current Operating Income is $-68.6 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HeartFlow stock overvalued right now?
HeartFlow (HTFL) has a current Operating Income of $-68.6 Mil. The current Operating Income is $-68.6 Mil. HeartFlow's overall GF Score™ is 12/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For HeartFlow (HTFL), the current Operating Income is $-68.6 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

HeartFlow Business Description

Address 331 East Evelyn Avenue, Mountain View, CA, USA, 94041
HeartFlow Inc is a commercial-stage medical technology company that provides software and artificial intelligence (AI) designed to deliver a non-invasive solution for diagnosing and managing coronary artery disease. The company operates and manages its business as a single reportable operating segment: non-invasive coronary artery disease detection solutions. Geographically, it operates in the United States and the rest of Europe, deriving the majority of its revenue from the United States. The company has developed three software products: Heartflow Roadmap Analysis, Heartflow FFRCT Analysis, and Heartflow Plaque Analysis.
12GF Score

Get the complete analysis for HTFL

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$29.33
Price