Health Catalyst (HCAT) Operating Margin (2018 - 2026)
Health Catalyst (HCAT) reported Operating Margin of 150.48% for Q1 2026, down 12508.0% on a YoY basis from N/an in Q1 2025, and down 30.55% quarter-over-quarter from 115.27% in Q4 2025.
Health Catalyst (HCAT) Operating Margin (2018 - 2026) Analysis & Trends
Health Catalyst has reported Operating Margin for 9 years, with the latest figure at 150.48% in Q1 2026.
- For the quarter ending Q1 2026, Operating Margin fell 12508.0% year-over-year to 150.48%; the trailing twelve-month figure through Mar 2026 stood at 81.71% (down 6013.0% YoY), and the FY2025 full-year result was 51.7%, down 2893.0% from the prior year.
- Operating Margin for Q1 2026 stood at 150.48%, down from 115.27% in the prior quarter.
- The five-year high for Operating Margin was 17.93% in Q3 2024, with the low at 150.48% in Q1 2026.
- Historically, Operating Margin has averaged 48.57% across 5 years, with a median of 43.66% in 2023.
- Annual changes were most pronounced in 2023 — Operating Margin surged 3357 bps — and 2026, when it sank 12508 bps.
- Health Catalyst's Operating Margin stood at 53.13% in 2022, then gained by 18 bps to 43.66% in 2023, then jumped by 50 bps to 21.98% in 2024, then sank by 424 bps to 115.27% in 2025, then sank by 31 bps to 150.48% in 2026.
- The last three Operating Margin figures came in at 150.48% (Q1 2026), 115.27% (Q4 2025), and 22.94% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 24.83 Bn | 17.52 Bn | 662.02 Mn | 30.93% |
| 2 | BrightSpring Health Services | 13.57 Bn | 12.69 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.20 Bn | 6.93 Bn | 256.31 Mn | 29.03% |
| 4 | Hinge Health | 5.42 Bn | 5.11 Bn | 154.23 Mn | 17.59% |
| 5 | 10x Genomics | 4.46 Bn | 3.92 Bn | 106.18 Mn | -11.30% |
| 6 | Doximity | 3.81 Bn | 3.06 Bn | 125.97 Mn | 17.08% |
| 7 | Waystar Holding | 3.52 Bn | 3.36 Bn | 268.04 Mn | 25.64% |
| 8 | Privia Health | 2.94 Bn | 2.57 Bn | 595.71 Mn | 1.23% |
| 9 | Omnicell | 1.76 Bn | 1.59 Bn | 140.36 Mn | 5.44% |
| 10 | Health Catalyst | 125.95 Mn | 17.13 Mn | 35.46 Mn | -150.48% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -150.48% |
| Dec 31, 2025 | -115.27% |
| Sep 30, 2025 | -22.94% |
| Jun 30, 2025 | -45.95% |
| Mar 31, 2025 | -25.40% |
| Dec 31, 2024 | -21.98% |
| Sep 30, 2024 | -17.93% |
| Jun 30, 2024 | -20.83% |
| Mar 31, 2024 | -30.53% |
| Dec 31, 2023 | -43.66% |
| Sep 30, 2023 | -33.32% |
| Jun 30, 2023 | -47.28% |
| Mar 31, 2023 | -47.27% |
| Dec 31, 2022 | -53.13% |
| Sep 30, 2022 | -66.89% |
| Jun 30, 2022 | -46.99% |
| Mar 31, 2022 | -35.76% |
| Dec 31, 2021 | -69.17% |
| Sep 30, 2021 | -68.43% |
| Jun 30, 2021 | -54.20% |