Healthstream Inc. (HSTM) intrinsic value & 10-year financials
Healthstream Inc. (HSTM) has a Graham intrinsic value of $20.26 per share. At $33.13 on Oct 17, 2026, the stock trades 64% above that value. Over the last 10 fiscal years revenue grew 5.2% a year to $304.1M, with an average return on invested capital of 3.8%.
- Graham intrinsic value
- $20.26
- Share price (Oct 17, 2026)
- $33.13
- Price vs Graham value
- 64% above
- Market cap
- $998.7M
- Revenue (FY2025)
- $304.1M
- Revenue growth (10-yr CAGR)
- 5.2%
- ROIC (10-yr avg)
- 3.8%
- Free cash flow (FY2025)
- $59.6M
HSTM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $304.1M | $18.3M | $0.61 | $59.6M | 6.7% | 4.9% |
| FY2024 | $291.6M | $20.0M | $0.66 | $56.3M | 7.3% | 5.4% |
| FY2023 | $279.1M | $15.2M | $0.50 | $61.8M | 5.7% | 4.2% |
| FY2022 | $266.8M | $12.1M | $0.39 | $49.4M | 4.7% | 3.1% |
| FY2021 | $256.7M | $5.8M | $0.18 | $39.0M | 3.1% | 1.9% |
| FY2020 | $244.8M | $14.1M | $0.44 | $33.9M | 6.5% | 4.4% |
| FY2019 | $254.1M | $15.8M | $0.49 | $43.7M | 5.8% | 5.0% |
| FY2018 | $231.6M | $32.2M | $1.00 | $36.1M | 6.7% | 4.5% |
| FY2017 | $214.9M | $10.0M | $0.31 | $40.7M | 4.6% | 3.2% |
| FY2016 | $192.1M | $3.8M | $0.12 | $19.1M | 2.9% | 1.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HEALTHSTREAM INC has demonstrated mature, steady growth, with revenue compounding at 5.2% annually over the past decade.
HEALTHSTREAM INC has historically struggled to out-earn its cost of capital, averaging just 4.1% ROIC.
HEALTHSTREAM INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HEALTHSTREAM INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $20.26 per share.