Loading financials from SEC filings…
IT services · Technology · Fiscal year ends Dec 31
Hinge Health reported revenue of $588M in the fiscal year ended Dec 2025, up 50.6% from the year before. Operating income was −$546M, an operating margin of −92.9%, and net income was −$528M. Operating cash flow of $171M less capital expenditure of $708,000 left free cash flow of $171M.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 293 | 390 | 588 |
| Cost of revenue | 98.6 | 90.5 | 120 |
| Gross profit | 194 | 300 | 468 |
| Research & development | 110 | 101 | 368 |
| Selling, general & admin | 215 | 231 | 646 |
| Operating income | −131 | −31.9 | −546 |
| Pre-tax income | −109 | −11.3 | −527 |
| Income tax | −0.4 | 0.7 | 1.0 |
| Net income | −108 | −11.9 | −528 |
| Diluted EPS | −8.31 | −0.88 | −7.77 |
| Diluted shares | 13.0 | 13.6 | 54.6 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 235 | 301 | 208 |
| Receivables | – | 42.5 | 66.1 |
| Inventory | – | 10.9 | 15.6 |
| Current assets | – | 583 | 534 |
| Net PP&E | – | 7.4 | 10.5 |
| Goodwill | – | 61.6 | 64.1 |
| Total assets | – | 673 | 745 |
| Payables | – | 27.9 | 57.3 |
| Deferred revenue | 140 | 218 | 301 |
| Current liabilities | – | 249 | 362 |
| Total liabilities | – | 257 | 366 |
| Shareholders' equity | −424 | −435 | 179 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −63.9 | 49.0 | 171 |
| Capital expenditure | 2.0 | 1.0 | 0.7 |
| Free cash flow | −65.9 | 48.0 | 171 |
| Depreciation & amortisation | 5.6 | 6.0 | 5.1 |
| Stock-based compensation | 1.6 | 0.7 | 643 |
| Share buybacks | 0.0 | 0.0 | 65.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 33.4% | 50.6% |
| Gross margin | 66.3% | 76.8% | 79.6% |
| Operating margin | −44.6% | −8.2% | −92.9% |
| Net margin | −36.9% | −3.1% | −89.9% |
| Return on equityBlank when equity is negative | – | – | −295.7% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −7.5% | −142.9% |
| Free cash flow margin | −22.5% | 12.3% | 29.0% |
| Cash conversion (CFO ÷ net income) | 0.59x | −4.11x | −0.32x |
| Receivable days | – | 40 | 41 |
| Inventory days | – | 44 | 48 |
| Payable days | – | 112 | 175 |
| Current ratio | – | 2.34x | 1.47x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.