HealthStream - Public Comps and Valuation Multiples

HealthStream Overview

About HealthStream

HealthStream Inc provides workforce and provider solutions for healthcare organizations. Its reportable segments include Workforce Solutions and Provider Solutions. Workforce development solutions consist of SaaS, subscription-based products that are used by healthcare organizations. Its Provider Solutions products offer healthcare organizations software applications for administering and tracking provider credentialing, privileging, call center and enrollment activities. The company generates a majority of its revenue from Subscription Services.

Founded

1990

HQ

Employees

1.1K+

Website

healthstream.com

Sectors

Healthcare Software
B2B SaaS
Vertical SaaS
HealthTech

Financials

LTM Revenue $295M

LTM EBITDA $68.1M

EV

$909M

Valuation Multiples

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HealthStream Financials

HealthStream has a last 12-month revenue of $295M and a last 12-month EBITDA of $68.1M.

In the most recent fiscal year, HealthStream achieved revenue of $292M and an EBITDA of $62.5M.

HealthStream expects next 12-month revenue of XXX and NTM EBITDA of XXX

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HealthStream P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$279M	$292M	XXX	XXX	XXX
Gross Profit	$176M	$184M	XXX	XXX	XXX
Gross Margin	63%	63%	XXX	XXX	XXX
EBITDA	$57.1M	$62.5M	XXX	XXX	XXX
EBITDA Margin	20%	21%	XXX	XXX	XXX
Net Profit	$12.1M	$15.2M	XXX	XXX	XXX
Net Margin	4%	5%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

HealthStream Stock Performance

As of April 15, 2025, HealthStream's stock price is $32.

HealthStream has current market cap of $988M, and EV of $909M.

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HealthStream Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$909M	$988M	XXX	XXX	XXX	XXX	$0.66

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HealthStream Valuation Multiples

As of April 15, 2025, HealthStream has market cap of $988M and EV of $909M.

HealthStream's trades at 3.1x LTM EV/Revenue multiple, and 13.3x LTM EBITDA.

Analysts estimate HealthStream's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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HealthStream Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$909M	XXX	XXX	XXX
EV/Revenue	3.1x	XXX	XXX	XXX
EV/EBITDA	14.5x	XXX	XXX	XXX
P/E	49.4x	XXX	XXX	XXX
P/E/Growth	7.2x	XXX	XXX	XXX
EV/FCF	30.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

HealthStream Valuation Multiples

HealthStream's NTM/LTM revenue growth is 5%

HealthStream's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, HealthStream's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate HealthStream's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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HealthStream Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	5%	XXX	XXX	XXX	XXX
EBITDA Margin	21%	XXX	XXX	XXX	XXX
EBITDA Growth	10%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	26%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	16%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	12%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	17%	XXX	XXX	XXX	XXX
Opex to Revenue	59%	XXX	XXX	XXX	XXX

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