Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Heartflow, Inc. (HTFL)
A forensic read on Heartflow, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-2.5
Altman Z-score
Clean
Earnings quality
3
Forensic signals
$3.1B
Market cap
Heartflow, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -2.5, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+701.1%Accruals ratio.Net operating assets grew +701.1% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -111% of net operating assets.
-19%Return on invested capital.Return on invested capital is -19% and rising from -143% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+327.2%/yrShare-count dilution.Diluted share count changed +654% over the last 2 years to FY2025 (+327.2%/yr). The count is GROWING — existing holders are being diluted. That's ~327.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~654%.
Key fundamentals
Net Margin-66.3%
Free Cash Flow$-59.0M
Latest Revenue$176.0M
Return on Equity-38.8%
Revenue Growth YoY+39.9%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Heartflow, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about HTFL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown