olivLaw · US equity research
HealthStream, Inc. HSTM
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
HealthStream provides SaaS applications for the healthcare workforce, from continuing education and credentialing to scheduling, all linked through its hStream platform. The company reported a record second quarter in 2026, with revenue of 83.7 million USD, and raised its full-year 2026 guidance, which makes its trajectory relevant in a sector facing staff shortages. Figures come from the quarterly report and the results release, and sector trends are described in the sources cited.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, HealthStream, Inc. (HSTM) stock was 32.48 USD (+2.56% on the day), with market capitalisation 949.7 m USD, P/E 45.4 on diluted EPS of 0.72 USD over the last 12 months, dividend yield 0.41%, beta 0.46, 52-week range 19.88–35.16 USD. Latest reported quarter (Q2 2026): revenue of 83.7 m USD (+12.5% YoY), net income of 6.7 m USD (+23.8% YoY), diluted EPS 0.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.4
- neutral
- Bollinger (20, 2)
- 32.01 – 35.26
- in the lower half of the band · %B 0.15 · band width 9.7%
- SMA 50 / 200
- 31.17 / 25.71
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.58 / 0.92
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.0% | −2.0% | +5.0 pp | — |
| 3 months | +16.0% | −2.2% | +18.1 pp | — |
| 6 months | +40.3% | +4.3% | +36.0 pp | — |
| Year to date | +40.8% | +10.6% | +30.2 pp | — |
| 1 year | +24.8% | +10.5% | +14.3 pp | −21.0% |
| 3 years | +26.9% | +73.7% | −46.8 pp | +0.8% |
| 5 years | +18.6% | +61.7% | −43.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 73.1 m | 74.2 m | 73.5 m | 74.4 m | 76.5 m | 79.7 m | 81.2 m | 83.7 m |
| Cost of revenue | 24.5 m | 25.1 m | 25.5 m | 26.4 m | 26.5 m | 28.9 m | 27.8 m | 29.0 m |
| Research & development | 12.1 m | 12.7 m | 12.0 m | 12.1 m | 12.1 m | 14.8 m | 13.6 m | 13.6 m |
| Operating income | 6.5 m | 4.7 m | 4.4 m | 5.9 m | 7.6 m | 2.4 m | 7.5 m | 8.3 m |
| Depreciation & amortisation | 10.1 m | 10.5 m | 10.8 m | 10.9 m | 10.8 m | 11.0 m | 11.4 m | 11.3 m |
| Pre-tax income | 7.5 m | 5.5 m | 5.2 m | 6.9 m | 8.3 m | 2.9 m | 7.8 m | 8.7 m |
| Income tax | 1.8 m | 594.0 k | 916.0 k | 1.5 m | 2.2 m | 317.0 k | 1.9 m | 2.0 m |
| Net income | 5.7 m | 4.9 m | 4.3 m | 5.4 m | 6.1 m | 2.5 m | 5.9 m | 6.7 m |
| Diluted EPS | 0.19 | 0.16 ≈ | 0.14 | 0.18 | 0.20 | 0.09 ≈ | 0.20 | 0.23 |
| Operating cash flow | 19.1 m ≈ | 11.2 m | 27.1 m | 5.0 m ≈ | 18.0 m ≈ | 13.2 m | 27.1 m | 13.4 m ≈ |
| Capex | 284.0 k ≈ | 203.0 k | 1.1 m | 2.3 m ≈ | 109.0 k ≈ | 204.0 k | 740.0 k | 910.0 k ≈ |
| Dividends paid | 851.0 k ≈ | 849.0 k | 943.0 k | 947.0 k ≈ | 919.0 k ≈ | 891.0 k | 1.0 m | 1.0 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 18.1 m ≈ | 6.9 m ≈ | 5.0 m | 6.7 m | 2.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 31 percentile of its own 39-quarter history (min 24.2, median 54.0, max 219.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 231.6 m | 254.1 m | 244.8 m | 256.7 m | 266.8 m | 279.1 m | 291.6 m | 304.1 m |
| Revenue YoY | +7.8% | +9.7% | −3.7% | +4.9% | +3.9% | +4.6% | +4.5% | +4.3% |
| Net income | 32.2 m | 15.8 m | 14.1 m | 5.8 m | 12.1 m | 15.2 m | 20.0 m | 18.3 m |
| Net income YoY | +222.0% | −51.1% | −10.6% | −58.5% | +106.9% | +25.8% | +31.5% | −8.3% |
| Diluted EPS | 1.00 | 0.49 | 0.44 | 0.18 | 0.39 | 0.50 | 0.66 | 0.61 |
| Diluted EPS YoY | +222.6% | −51.0% | −10.2% | −59.1% | +116.7% | +28.2% | +32.0% | −7.6% |
| net % | 13.9% | 6.2% | 5.8% | 2.3% | 4.5% | 5.5% | 6.9% | 6.0% |
| Free cash flow | 36.1 m | 43.7 m | 33.9 m | 39.0 m | 49.4 m | 61.8 m | 56.3 m | 59.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 36.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 354.0 m USD
- Total assets
- 520.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.96x
- ROE
- 5.1%
- ROA
- 3.6%
- FCF margin
- 19.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 244.8 m | 256.7 m | 266.8 m | 279.1 m | 291.6 m | 304.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 89.3 m | 91.0 m | 91.1 m | 95.0 m | 97.9 m | 107.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 155.5 m ≈ | 165.7 m ≈ | 175.7 m ≈ | 184.0 m ≈ | 193.7 m ≈ | 196.9 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Research & development | 32.3 m | 41.7 m | 44.3 m | 45.5 m | 48.9 m | 51.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 15.8 m | 8.1 m | 12.4 m | 16.0 m | 21.3 m | 20.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 30.2 m | 36.8 m | 37.9 m | 41.1 m | 41.2 m | 43.5 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 46.0 m ≈ | 44.9 m ≈ | 50.4 m ≈ | 57.1 m ≈ | 62.5 m ≈ | 63.7 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 17.8 m | 7.8 m | 15.6 m | 18.5 m | 24.8 m | 23.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 3.7 m | 1.9 m | 3.5 m | 3.3 m | 4.8 m | 4.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 14.1 m | 5.8 m | 12.1 m | 15.2 m | 20.0 m | 18.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.44 | 0.18 | 0.39 | 0.50 | 0.66 | 0.61 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 32.0 m | 31.6 m | 30.7 m | 30.7 m | 30.5 m | 30.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | — | 0.00 | 0.00 | 0.10 | 0.11 | 0.12 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 36.6 m | 46.9 m | 46.0 m | 40.3 m | 59.5 m | 36.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 40.7 m | 30.3 m | 36.7 m | 34.3 m | 30.2 m | 32.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 114.7 m | 106.8 m | 114.4 m | 130.2 m | 153.1 m | 119.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 22.2 m | 18.0 m | 15.5 m | 13.0 m | 10.7 m | 10.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 178.4 m | 182.5 m | 192.4 m | 191.4 m | 191.2 m | 217.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 100.7 m | 89.2 m | 81.6 m | 68.0 m | 55.5 m | 64.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 500.3 m | 486.8 m | 497.7 m | 499.9 m | 510.8 m | 520.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 9.3 m | 5.1 m | 7.3 m | 7.5 m | 6.6 m | 7.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 119.4 m | 100.4 m | 117.2 m | 118.4 m | 115.7 m | 124.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 334.1 m † | 339.0 m † | 334.1 m † | 340.8 m † | 359.4 m † | 354.0 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 35.9 m | 42.4 m | 51.2 m | 64.0 m | 57.7 m | 63.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 2.0 m | 3.4 m | 1.8 m | 2.2 m | 1.4 m | 3.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 33.9 m ≈ | 39.0 m ≈ | 49.4 m ≈ | 61.8 m ≈ | 56.3 m ≈ | 59.6 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -110.4 m | -25.7 m | -28.4 m | -56.6 m | -34.0 m | -50.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -20.5 m | -6.2 m | -23.7 m | -13.0 m | -4.5 m | -36.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 40.0 k | 19.0 k | 0 | 3.1 m | 3.4 m | 3.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 20.0 m | 5.0 m | 23.1 m | 8.9 m | 0 | 30.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 949.7 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 65.1% | 63 (on a fixed band) | 14% |
| EBIT margin · Quality | 8.0% | 72 (vs peers) | 11% |
| FCF margin · Quality | 21.7% | 87 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 4.5% | 18 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 4.3% | 34 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 15 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.4% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 2.6% | 77 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial15/100 · 1/2 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns77/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HEALTHSTREAM INC (HSTM). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 304.1 m USD in 2025; YoY growth 4.3%; net margin 6.6%; ROE 6.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 8.0%
- FCF margin: 21.7%
- FCF yield: 7.4%
- Shareholder yield (distributions): 2.6%
What contradicts it
- Revenue CAGR 3Y: 4.5%
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,442.7 bn | 14.6 | 44.3% | 50.0% | +15.1% | −13% / +111% |
| APPAppLovin Corporation | 82.3 bn | 18.9 | 203.7% | 64.6% | +70.0% | −59% / +555% |
| FLUTFlutter Entertainment plc | 14.2 bn | — | -9.1% | -5.0% | +16.6% | −61% / −48% |
| SNAPSnap Inc | 10.2 bn | — | -15.6% | -4.9% | +10.6% | −23% / −57% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| NIQNIQ Global Intelligence plc | 6.0 bn | — | -65.3% | -8.0% | +5.7% | +29% / unavailable |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| HSTMHealthstream Inc | 949.7 m | 45.4 | 6.0% | 6.6% | +4.3% | +25% / +27% |
| NXDRNextdoor Holdings, Inc | 934.4 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| CEVACeva, Inc. | 788.9 m | — | -3.6% | -9.5% | +2.5% | +30% / +29% |
| BMBLBumble Inc. | 718.8 m | — | -94.7% | -58.0% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| HUYAHUYA Inc. | 470.7 m | — | -1.9% | -1.7% | +11.6% | −27% / −38% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
| HCATHealth Catalyst, Inc. | 119.7 m | — | -118.1% | -90.6% | +1.5% | −47% / −78% |
| JFJ & Friends Holdings Ltd | 68.4 m | — | — | -82.9% | −66.8% | −3% / −17% |
| GOAIEva Live Inc | 31.8 m | — | -58.5% | -39.3% | +82.6% | unavailable / unavailable |
| HOLOMicroCloud Hologram Inc. | 27.2 m | — | -2.3% | -12.4% | +38.6% | −66% / −100% |
| TEADTeads Holding Co. | 27.0 m | — | -196.2% | -43.3% | +46.1% | −61% / −93% |
| IPDNProfessional Diversity Network, Inc. | 23.7 m | — | -95.7% | -143.9% | −2.7% | −15% / −91% |
1- and 3-year price returns: for HSTM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.45 Total return -40% · Per year -40% | 34.39 Total return 6% · Per year 6% | 51.80 Total return 60% · Per year 60% |
| 3 years | 18.86 Total return -41% · Per year -16% | 37.52 Total return 17% · Per year 5% | 62.05 Total return 93% · Per year 24% |
| 5 years | 18.29 Total return -42% · Per year -10% | 40.93 Total return 28% · Per year 5% | 74.34 Total return 132% · Per year 18% |
- Exit P/E± 9.38
- Net margin± 6.57
- Annual revenue growth± 5.39
- Annual dilution± 0.55
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
In brief
HealthStream provides SaaS applications for the healthcare workforce, from continuing education and credentialing to scheduling, all linked through its hStream platform. The company reported a record second quarter in 2026, with revenue of 83.7 million USD, and raised its full-year 2026 guidance, which makes its trajectory relevant in a sector facing staff shortages. Figures come from the quarterly report and the results release, and sector trends are described in the sources cited.
SWOT
Strengths
- The unified hStream platform and the digital identity of professionals create interoperability across applications and an edge over standalone tools 1.
- Exclusive focus on healthcare and a long track record in the sector support relationships with institutional customers 1.
- Recurring subscription revenue gives a fairly predictable base, and operating profitability improved in 2026 13.
Weaknesses
- Dependence on a relatively small number of healthcare provider customers could magnify the impact of losing a contract 1.
- Legacy credentialing, scheduling and content solutions have declined, and demand for non-mandatory products has been weaker 12.
- The company is modest in size compared with general software vendors, which limits research and marketing budgets 1.
Opportunities
- Expanding career networks and direct sales to students and professionals could open new revenue sources 1.
- Integrating recent acquisitions into the common platform could create synergies and cross-selling 13.
- Long-term healthcare staff shortages could sustain demand for workforce development and scheduling tools 1.
Risks
- Dependence on healthcare budgetshigh
Economic conditions and legislative changes could reduce customer budgets and lengthen sales cycles 12.
- Customer concentrationmedium
Revenue comes from a relatively limited set of healthcare provider customers, and losing a major one would have a significant effect 1.
- Artificial intelligence risksmedium
AI outputs can be inaccurate or biased, and rules are changing, which could affect customer confidence 1.
- Data securityhigh
The large volume of sensitive healthcare workforce data increases exposure to cyberattacks and misuse 1.
- Strategy executionmedium
Integrating acquisitions and a single platform could delay launches or reduce returns on investment if execution falls short 1.
Investment thesis
What would need to be true (bull case)
- If the hStream platform becomes a standard data layer for the healthcare workforce, the company could capture value across several connected products 1.
- Higher revenue in the second quarter of 2026 and a raised full-year guidance point to a positive trend 3.
- Persistent staff shortages in healthcare could sustain demand for training and scheduling over the long term 1.
What would break the thesis
- Budget pressure in public healthcare could slow purchases and lengthen sales cycles, especially for non-mandatory products 12.
- Declines in legacy solutions and competition from large vendors could limit margin expansion 1.
- Investment in AI and infrastructure could raise costs faster than revenue if results fall short of expectations 1.
What to watch
- Delivery against the updated 2026 revenue guidance rangeQ4 2026
- Development of subscriptions and career networks, including the contribution of the 2025 acquisitionsQ3 2026
- Effects of legislation on customer budgets in Medicaid and public healthcare2027
- Returns on AI and hStream platform investment, especially the balance between costs and revenuenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results).
The business
HealthStream focuses exclusively on the healthcare workforce, offering subscription-based SaaS applications covering learning, clinical development, credentialing and scheduling 1. The solutions are powered by the hStream platform and the hStream ID identity function, which lets an individual's data travel across applications throughout their career 1. Its primary customers are healthcare organizations, while end users are healthcare professionals and nursing students 1.
Subscription revenue is the main part of the business, with professional services such as implementation and training complementing it 1. The company also sells directly to professionals and students through career networks and e-commerce channels, beyond its traditional business-to-business model 1. Since 2023 it reports a single segment, in line with its One HealthStream single platform strategy 12.
Recent growth was supported by applications such as Competency Suite, CredentialStream and ShiftWizard, as well as the Virsys12 and MissionCare acquisitions completed in 2025 13. Legacy credentialing, scheduling and content program solutions have declined at the same time 1.
Segments
Market context
Trends
- Healthcare staff shortagestailwind
A shortage of qualified staff, including nurses, increases demand for training, credentialing and scheduling, which could support demand for the company's products 1.
- Public budget pressureheadwind
Legislative changes enacted in July 2025 and the expected Medicaid cuts could shrink customer budgets, especially for products that are not mandatory 12.
- Artificial intelligence in workflowsmixed
Investment in AI, including generative AI, could strengthen the hStream platform, but it raises infrastructure costs and data and regulatory risks 1.
- Hospital operating costsmixed
Rising staff and operating costs may lead customers to delay investment decisions, although the company presents its products as reducing training costs 12.
Competitive position
Competition splits between broad software vendors for learning, scheduling and HR, which serve several industries, and companies focused on healthcare 1. Specialized competitors offer training, credentialing and medical staffing tools, and many smaller firms operate locally 1.
The company's stated advantage rests on the hStream platform, more than 35 years of focus on healthcare, and its role as system of record for workforce data 1. Competitive pricing and professional services are also cited as factors 1.
- Cornerstone OnDemand
Learning software vendor serving several industries, including healthcare 1.
- Workday
Human capital and talent management platform also active in healthcare 1.
- AMN Healthcare
Provider active in clinical staffing, a direct competitor in scheduling and recruitment 1.
- Relias Learning
Vendor specialized in healthcare workforce training, a direct competitor in continuing education 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Is HealthStream (HSTM) a Better Healthcare Bet Than Humana (HUM) Right Now?Yahoo Finance — News · 09 Sept 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Sept 2026Departure or appointment of officers
- Current report15 Sept 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report03 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report29 Jul 2026Other events
- Current report29 May 2026Shareholder vote · Financial statements and exhibits
- Current report08 May 2026Departure or appointment of officers
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / HealthStream, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / HealthStream, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / HealthStream, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.