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 ~$191M, up ~41% in the March 2026 quarter to ~$52.6M, and global case volume grew ~67% in that quarter, 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 to ~$228M to ~$232M against ~$255M of cash and investments at March 31, 2026. At a market capitalization near ~$2.3B there is no earnings multiple to anchor to, only a revenue multiple around ~12x, and a 52-week range of roughly ~$20 to ~$41 shows how much that multiple has moved since the August 2025 IPO.

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 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 ~$41 range in its first year public shows how quickly the market repricing works in both directions.

8 analysts publish price targets on HTFL, averaging $36.62 against a $28.82 price as of August 2026, or +27.1%. The published targets run from $34.00 to $40.00, a narrow spread, and the ratings split 8 buy, 1 hold, 0 sell. Over the last six months there have been 2 raises and 3 cuts 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, $40.00, 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, $34.00, 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.

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): ~$191M
• Q1 2026 revenue: ~$52.6M, up ~41% year over year
• GAAP gross margin (Q1 2026): ~80%, up from ~75%
• Adjusted EBITDA (Q1 2026): loss of ~$14M
• FY2026 revenue guidance: ~$228M to ~$232M (~29% to ~32% growth)
• Cash and investments: ~$255M at March 31, 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 ~$2.3B against ~$191M of trailing revenue works out to roughly ~12x sales. That multiple is defensible only if growth stays close to the guided ~30% and gross margin holds near ~80%, since both are already in the price. The next data point is the Q2 2026 report scheduled for August 13, 2026, which will show whether the ~67% case growth from Q1 held through the spring.

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. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

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 already assumes years of case-volume compounding, and whose reported figures show that growth is still funded by losses rather than earnings.

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 GEHC and HTFL vs HNGE.