Health Catalyst (HCAT) Operating Margin (2018 - 2026)
Health Catalyst (HCAT) posted Operating Margin of 150.48% for Q1 2026, down 30.55% on a QoQ basis from 115.27% in Q4 2025, and down 12508.0% year-over-year from N/an in Q1 2025.
Health Catalyst (HCAT) Operating Margin (2018 - 2026) Analysis & Trends
Health Catalyst's Operating Margin history runs 9 years deep, the most recent figure standing at 150.48% for Q1 2026.
- Quarterly Operating Margin fell 12508.0% year-over-year to 150.48% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 81.71% (down 6013.0% YoY) and the FY2025 annual result came in at 51.7%, down 2893.0% from the prior year.
- Operating Margin was 150.48% for Q1 2026 at Health Catalyst, down from 115.27% in the prior quarter.
- Across five years, Operating Margin topped out at 17.93% in Q3 2024 and bottomed at 150.48% in Q1 2026.
- A 5-year average of 48.57% and a median of 43.66% in 2023 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2023 — Operating Margin surged 3357 bps — and 2026, when it plunged 12508 bps.
- Health Catalyst's Operating Margin stood at 53.13% in 2022, then climbed by 18 bps to 43.66% in 2023, then soared by 50 bps to 21.98% in 2024, then tumbled by 424 bps to 115.27% in 2025, then tumbled by 31 bps to 150.48% in 2026.
- Business Quant data shows HCAT's Operating Margin at 150.48% in Q1 2026, 115.27% in Q4 2025, and 22.94% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 29.34 Bn | 22.03 Bn | 662.02 Mn | 30.93% |
| 2 | BrightSpring Health Services | 13.49 Bn | 12.59 Bn | 482.22 Mn | 3.36% |
| 3 | Healthequity | 7.96 Bn | 7.70 Bn | 256.31 Mn | 29.03% |
| 4 | 10x Genomics | 6.17 Bn | 5.63 Bn | 106.18 Mn | -11.30% |
| 5 | Hinge Health | 6.02 Bn | 5.70 Bn | 154.23 Mn | 17.59% |
| 6 | MiniMed | 4.19 Bn | 3.89 Bn | 480.00 Mn | -11.11% |
| 7 | Waystar Holding | 4.14 Bn | 4.07 Bn | 216.84 Mn | 25.64% |
| 8 | Doximity | 3.82 Bn | 3.08 Bn | 125.97 Mn | 17.08% |
| 9 | Privia Health | 3.10 Bn | 2.73 Bn | - | 1.23% |
| 10 | Health Catalyst | 145.91 Mn | 37.09 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% |