Health Catalyst (HCAT) Gross Margin (2018 - 2026)
Health Catalyst's (HCAT) quarterly Gross Margin came in at 50.12% in Q1 2026, up 449.0% YoY from 9.13% in Q1 2025, and down 4.96% on a QoQ basis from 52.74% in Q4 2025.
Health Catalyst (HCAT) Gross Margin (2018 - 2026) Analysis & Trends
Health Catalyst (HCAT) has 9 years of Gross Margin data on file, last reported at 50.12% in Q1 2026.
- Quarterly Gross Margin rose 449.0% year-over-year to 50.12% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 49.89% (up 465.0% YoY) and the FY2025 annual result came in at 48.75%, up 283.0% from the prior year.
- Gross Margin retreated to 50.12% in Q1 2026, from 52.74% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 52.74% in Q4 2025 to a low of 40.63% in Q4 2023.
- A 5-year average of 47.08% and a median of 47.22% in 2024 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2023 — Gross Margin tumbled 487 bps — and 2025, when it jumped 916 bps.
- Tracing HCAT's Gross Margin over 5 years: stood at 44.9% in 2022, then retreated by 10 bps to 40.63% in 2023, then increased by 7 bps to 43.58% in 2024, then gained by 21 bps to 52.74% in 2025, then decreased by 5 bps to 50.12% in 2026.
- The last three Gross Margin figures came in at 50.12% (Q1 2026), 52.74% (Q4 2025), and 49.55% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 74.98% |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | 12.72% |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 72.27% |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 74.48% |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 86.44% |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 57.35% |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 69.44% |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 84.87% |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 83.00% |
| 10 | Health Catalyst | 138.20 Mn | 34.76 Mn | 34.86 Mn | 49.46% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 49.46% |
| Mar 31, 2026 | 50.12% |
| Dec 31, 2025 | 52.74% |
| Sep 30, 2025 | 49.55% |
| Jun 30, 2025 | 47.37% |
| Mar 31, 2025 | 45.63% |
| Dec 31, 2024 | 43.58% |
| Sep 30, 2024 | 44.58% |
| Jun 30, 2024 | 47.22% |
| Mar 31, 2024 | 48.45% |
| Dec 31, 2023 | 40.63% |
| Sep 30, 2023 | 43.36% |
| Jun 30, 2023 | 46.13% |
| Mar 31, 2023 | 48.15% |
| Dec 31, 2022 | 44.90% |
| Sep 30, 2022 | 46.84% |
| Jun 30, 2022 | 51.00% |
| Mar 31, 2022 | 50.07% |
| Dec 31, 2021 | 47.65% |
| Sep 30, 2021 | 46.41% |