Heartflow, Inc. (HTFL) Stock Price & How to Invest

Heartflow, founded in 2007 and based in Mountain View, California, sells analysis rather than hardware. A hospital or imaging center uploads a single coronary computed tomography angiography (CCTA) study, and the Heartflow One platform returns three products built off that one scan: FFRCT Analysis, which computes fractional flow reserve non-invasively to say whether a narrowing is actually restricting blood flow; RoadMap Analysis, which measures stenosis severity vessel by vessel; and Plaque Analysis, which quantifies plaque volume and composition. Each analysis is billed as a case, so revenue scales with scan volume rather than with device placements. Roughly ~93% of revenue comes from the United States, where hospitals bill FFRCT under its own CPT code (75580) and the 2021 ACC/AHA chest pain guideline made CCTA a first-line test for intermediate-risk stable chest pain.

The numbers describe a company buying market adoption. Trailing twelve-month revenue is ~$212M. Revenue rose ~41% in the March 2026 quarter to ~$52.6M, with global case volume up ~67%, which is faster than revenue and tells you average revenue per case is drifting down as newer products and international accounts mix in. GAAP gross margin reached ~80% (from ~75%), but the FY2025 net loss was ~$117M and the Q1 2026 adjusted EBITDA loss was ~$14M. Management raised FY2026 guidance in May to ~$228M to ~$232M, held then against ~$255M of cash and investments at March 31, 2026.

The second quarter accelerated. Revenue reached ~$64.1M, up ~47.6% year over year, the net loss narrowed to ~$15.7M from ~$27.4M in Q1, and the per-share loss of ~$0.07 was well ahead of the ~$0.13 consensus. Analysts now model ~$249M of 2026 revenue, above the range management set in May. In late August an independent, government-funded trial presented at the ESC congress reported that an FFRCT-guided pathway cut unnecessary invasive heart procedures by nearly half. The stock responded: it closed at $49.53 on October 16, 2026, up ~71% year to date and ~95% over three months, for a ~$4.3B market capitalization and a revenue multiple near ~20x. Executives including the CEO and CFO sold shares in September as the stock set a 52-week high of ~$54.32, and Q3 results are expected around November 11, 2026.

Competition in coronary CT AI is crowded and well funded: Cleerly, Elucid, Artrya, Circle Cardiovascular Imaging, Caristo Diagnostics and Keya Medical all have FDA-cleared CCTA analysis tools, and Heartflow's April 2026 patent suit against Cleerly in the Eastern District of Texas is an admission that the moat is being tested, with an outcome nobody can predict. Reimbursement is the entire revenue model, so a change to the FFRCT payment rate, a coverage restriction, or slow code assignment for plaque quantification would hit revenue directly rather than gradually. Roughly ~93% of revenue is United States concentration, which leaves the business exposed to one payer system. The company has never earned a profit, lost ~$117M in FY2025 and ~$118M over the trailing twelve months, and needs continued volume growth to reach breakeven before cash becomes a constraint. Finally, the $6B addressable-market expansion management describes depends on trials in asymptomatic populations that have not read out, and the stock's ~$20 to ~$54 52-week range shows how quickly the market repricing works in both directions. After a ~95% three-month gain the shares trade near ~20x trailing sales, above the ~$47 average analyst target, and a run of insider sales by the CEO, CFO and other insiders in September 2026 is a reminder that early holders are taking liquidity.

8 analysts publish price targets on HTFL, averaging $50.50 against a $54.98 price as of November 2026, or -8.1%. The published targets run from $39.00 to $64.00, a moderate spread, and the ratings split 8 buy, 1 hold, 0 sell. Over the last six months there have been 8 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full HTFL forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Heartflow, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Case volume compounding faster than revenue. Global case growth of ~67% in Q1 2026 outran the ~41% revenue increase, which means adoption is running ahead of pricing. The most optimistic published target, $64.00, assumes this works close to its best case.

The case against. Competition in coronary CT AI is crowded and well funded: Cleerly, Elucid, Artrya, Circle Cardiovascular Imaging, Caristo Diagnostics and Keya Medical all have FDA-cleared CCTA analysis tools, and Heartflow's April 2026 patent suit against Cleerly in the Eastern District of Texas is an admission that the moat is being tested, with an outcome nobody can predict. The most pessimistic target, $39.00, is roughly what HTFL is worth if this bites instead.

Read the full bull and bear case on HTFL, including what would have to change to break either one. Walnut is not an investment adviser.

No. Heartflow, Inc. (HTFL) has not split its stock in the last 10 years. The statement covers only the window we check, so an older split in the company’s history is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Heartflow, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$212M
• Q2 2026 revenue: ~$64.1M, up ~47.6% year over year
• Gross margin (TTM): ~80%
• Net loss: ~$118M TTM; Q2 2026 ~$15.7M (EPS -$0.07 vs -$0.13 est.)
• Price to sales: ~20x trailing on a ~$4.3B market cap ($49.53, Oct 16, 2026)
• 2026 revenue: Guidance ~$228M to ~$232M (May); consensus ~$249M
• Cash vs debt: ~$163M cash vs ~$27M debt (Yahoo, June 30, 2026)

There is no price-to-earnings figure because there are no earnings, so the market is valuing Heartflow on revenue: a market capitalization near ~$4.3B against ~$212M of trailing revenue works out to roughly ~20x sales, up from ~12x in August after the stock nearly doubled over three months. That multiple assumes growth stays well above 30% and gross margin holds near ~80%. The next data point is the Q3 2026 report expected around November 11, where consensus looks for ~$65.2M of revenue and a ~$0.10 per-share loss.

Other names that sit close to HTFL: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. They are useful if you want to spread one thesis across several tickers.

There are three common ways to get HTFL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so HTFL sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where HTFL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Heartflow is a high-growth, ~80%-gross-margin diagnostics software business whose valuation, now near ~$4.3B, already assumes years of case-volume compounding, and whose reported figures show that growth is still funded by losses rather than earnings, though the losses are narrowing.

Whether HTFL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is HTFL a buy or a sell?, and where the stock could go from here in the HTFL stock forecast.

For income investors, whether HTFL pays a dividend and how the payout looks is covered in does HTFL pay a dividend? And to weigh HTFL against a peer, read the full side-by-side comparisons: HTFL vs SIEGY and HTFL vs GEHC.