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HeartFlow Valuation Multiples
Discover revenue and EBITDA valuation multiples for HeartFlow and similar public comparables like Veracyte, Dr. Lal PathLabs, GRAIL, Fleury and more.
HeartFlow Overview
About HeartFlow
HeartFlow Inc is a commercial-stage medical technology company that has pioneered the use of software and AI to deliver a non-invasive solution for diagnosing and managing coronary artery disease CAD. The company operates and manages its business as one reportable and operating segment, which is the business of non-invasive coronary artery disease detection solutions. Geographically, it operates in United States, United Kingdom, Japan, and Rest of Europe, of which it derives maximum revenue from United States.
Founded
2007
HQ
Employees
699
Website
Financials (LTM)
EV
$3B
HeartFlow Financials
HeartFlow reported last 12-month revenue of $189M and negative EBITDA of ($37M).
In the same LTM period, HeartFlow generated $148M in gross profit, ($37M) in EBITDA losses, and had net loss of ($97M).
Revenue (LTM)
HeartFlow P&L
In the most recent fiscal year, HeartFlow reported revenue of $176M and EBITDA of ($33M).
HeartFlow expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $189M | XXX | $176M | XXX | XXX | XXX |
| Gross Profit | $148M | XXX | $135M | XXX | XXX | XXX |
| Gross Margin | 78% | XXX | 77% | XXX | XXX | XXX |
| EBITDA | ($37M) | XXX | ($33M) | XXX | XXX | XXX |
| EBITDA Margin | (20%) | XXX | (19%) | XXX | XXX | XXX |
| EBIT Margin | (26%) | XXX | (29%) | XXX | XXX | XXX |
| Net Profit | ($97M) | XXX | ($117M) | XXX | XXX | XXX |
| Net Margin | (51%) | XXX | (66%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
HeartFlow Stock Performance
HeartFlow has current market cap of $3B, and enterprise value of $3B.
Market Cap Evolution
HeartFlow's stock price is $31.34.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $3B | $3B | 0.0% | XXX | XXX | XXX | $-1.36 |
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Start Free TrialHeartFlow Valuation Multiples
HeartFlow trades at 13.4x EV/Revenue multiple, and (67.8x) EV/EBITDA.
EV / Revenue (LTM)
HeartFlow Financial Valuation Multiples
As of April 20, 2026, HeartFlow has market cap of $3B and EV of $3B.
Equity research analysts estimate HeartFlow's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
HeartFlow has a P/E ratio of (27.8x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV (current) | $3B | XXX | $3B | XXX | XXX | XXX |
| EV/Revenue | 13.4x | XXX | 14.4x | XXX | XXX | XXX |
| EV/EBITDA | (67.8x) | XXX | (76.4x) | XXX | XXX | XXX |
| EV/EBIT | (50.5x) | XXX | (48.8x) | XXX | XXX | XXX |
| EV/Gross Profit | 17.1x | XXX | 18.7x | XXX | XXX | XXX |
| P/E | (27.8x) | XXX | (23.0x) | XXX | XXX | XXX |
| EV/FCF | (48.0x) | XXX | (47.1x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified HeartFlow Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
HeartFlow Margins & Growth Rates
HeartFlow's revenue in the last 12 month grew by 25%.
HeartFlow's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.3M for the same period.
HeartFlow's rule of 40 is 4% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
HeartFlow's rule of X is 41% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
HeartFlow Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 25% | XXX | 25% | XXX | XXX | XXX |
| EBITDA Margin | (20%) | XXX | (19%) | XXX | XXX | XXX |
| EBITDA Growth | 9% | XXX | 43% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 4% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 41% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 55% | XXX | 54% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 22% | XXX | 22% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 35% | XXX | 37% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 113% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
HeartFlow Public Comps
See public comps and valuation multiples for other Medical Imaging & Diagnostics comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| HeartFlow | XXX | XXX | XXX | XXX | XXX | XXX |
| Veracyte | XXX | XXX | XXX | XXX | XXX | XXX |
| Dr. Lal PathLabs | XXX | XXX | XXX | XXX | XXX | XXX |
| GRAIL | XXX | XXX | XXX | XXX | XXX | XXX |
| Fleury | XXX | XXX | XXX | XXX | XXX | XXX |
| Telix Pharmaceuticals | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
HeartFlow M&A Activity
HeartFlow acquired XXX companies to date.
Last acquisition by HeartFlow was on XXXXXXXX, XXXXX. HeartFlow acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by HeartFlow
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialHeartFlow Investment Activity
HeartFlow invested in XXX companies to date.
HeartFlow made its latest investment on XXXXXXXX, XXXXX. HeartFlow invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by HeartFlow
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout HeartFlow
| When was HeartFlow founded? | HeartFlow was founded in 2007. |
| Where is HeartFlow headquartered? | HeartFlow is headquartered in United States. |
| How many employees does HeartFlow have? | As of today, HeartFlow has over 699 employees. |
| Who is the CEO of HeartFlow? | HeartFlow's CEO is John C.M. Farquhar. |
| Is HeartFlow publicly listed? | Yes, HeartFlow is a public company listed on Nasdaq. |
| What is the stock symbol of HeartFlow? | HeartFlow trades under HTFL ticker. |
| When did HeartFlow go public? | HeartFlow went public in 2025. |
| Who are competitors of HeartFlow? | HeartFlow main competitors are Veracyte, Dr. Lal PathLabs, GRAIL, Fleury. |
| What is the current market cap of HeartFlow? | HeartFlow's current market cap is $3B. |
| What is the current revenue of HeartFlow? | HeartFlow's last 12 months revenue is $189M. |
| What is the current revenue growth of HeartFlow? | HeartFlow revenue growth (NTM/LTM) is 25%. |
| What is the current EV/Revenue multiple of HeartFlow? | Current revenue multiple of HeartFlow is 13.4x. |
| Is HeartFlow profitable? | No, HeartFlow is not profitable. |
| What is the current EBITDA of HeartFlow? | HeartFlow has negative EBITDA and is not profitable. |
| What is HeartFlow's EBITDA margin? | HeartFlow's last 12 months EBITDA margin is (20%). |
| What is the current EV/EBITDA multiple of HeartFlow? | Current EBITDA multiple of HeartFlow is (67.8x). |
| What is the current FCF of HeartFlow? | HeartFlow's last 12 months FCF is ($53M). |
| What is HeartFlow's FCF margin? | HeartFlow's last 12 months FCF margin is (28%). |
| What is the current EV/FCF multiple of HeartFlow? | Current FCF multiple of HeartFlow is (48.0x). |
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