Latest Ratios: P/E Ratio -17.2x · EV/EBITDA N/A · ROE -132.9%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $7.0B | $3.8B | — | — |
| Enterprise Value | $6.8B | $3.6B | — | — |
| P/E Ratio → | -17.21 | — | — | — |
| P/S Ratio | 11.96 | 6.46 | — | — |
| P/B Ratio | 19.27 | 10.02 | — | — |
| P/FCF | 41.20 | 22.23 | — | — |
| P/OCF | 41.03 | 22.13 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 6.12 | — | — |
| EV / EBITDA | — | — | — | — |
| EV / EBIT | — | — | — | — |
| EV / FCF | — | 21.06 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 79.6% | 79.6% | 77.0% | 66.3% |
| Operating Margin | -92.9% | -92.9% | -6.3% | -44.6% |
| Net Profit Margin | -89.9% | -89.9% | -3.1% | -36.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -132.9% | -132.9% | -2.8% | -25.3% |
| ROA | -74.5% | -74.5% | -1.8% | -17.4% |
| ROIC | -268.2% | -268.2% | -10.9% | -47.0% |
| ROCE | -135.5% | -135.5% | -5.7% | -29.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.03 | 0.04 |
| Debt / EBITDA | — | — | — | — |
| Net Debt / Equity | — | -0.53 | -0.70 | -0.51 |
| Net Debt / EBITDA | — | — | — | — |
| Debt / FCF | — | -1.17 | -6.41 | — |
| Interest Coverage | — | — | — | — |
Net cash position: cash ($208M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 1.47 | 1.47 | 2.34 | 2.88 |
| Quick Ratio | 1.43 | 1.43 | 2.30 | 2.81 |
| Cash Ratio | 1.00 | 1.00 | 1.87 | 2.30 |
| Asset Turnover | — | 0.79 | 0.58 | 0.47 |
| Inventory Turnover | 7.65 | 7.65 | 8.26 | 7.41 |
| Days Sales Outstanding | — | 41.02 | 39.73 | 58.06 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | 2.4% | 4.5% | — | — |
| Buyback Yield | 0.9% | 1.7% | — | — |
| Total Shareholder Yield | 0.9% | 1.7% | — | — |
| Shares Outstanding | — | $82M | $78M | $78M |
High customer acquisition costs
According to current market data, Hinge Health trades at a price-to-sales multiple of 10.58, a valuation that appears to bake in aggressive long-term growth assumptions relative to peers like Teladoc Health, which currently trades at a significantly lower revenue multiple despite its established market presence.
The forward P/E of 30.55 suggests that investors are pricing in a rapid transition to sustained profitability, likely contingent on the company's ability to scale its AI-driven clinical model. This valuation warrants caution, as it assumes the firm can maintain its current growth trajectory while simultaneously expanding margins in a highly competitive enterprise health benefits market.
Based on reported figures, Hinge Health's ROIC improved to 15.6% in 2026Q1, a notable reversal from the negative returns observed in early 2025, suggesting that the company is finally beginning to generate meaningful returns on the capital deployed into its digital clinic infrastructure and sensor technology.
The shift from negative ROIC to double-digit territory indicates that the company's heavy R&D and customer acquisition investments are starting to yield operational leverage. However, investors should monitor whether this trend is sustainable or if it remains sensitive to the timing of performance-based revenue recognition.
As reported in financial statements, the company's cash conversion cycle reached -130 days in 2026Q1, a figure that reflects the inherent friction in managing enterprise-level receivables and the significant time lag between service delivery and the collection of performance-based payments from large self-insured employer clients.
The high days payable outstanding (DPO) of 223 days suggests that Hinge Health is effectively utilizing its supplier relationships to manage liquidity, which is a common strategy for firms in a high-growth phase. This reliance on extended payment terms may pose a risk if vendor terms are tightened or if the company's own collection cycles experience unexpected delays.
Based on recent quarterly filings, the current ratio narrowed to 1.22 in 2026Q1 from 1.47 in 2025Q4, indicating that the company's immediate liquidity position is becoming more constrained as it scales its operations and manages the working capital requirements associated with its expanding enterprise contract base.
While the current ratio remains above unity, the downward trend suggests that the company is consuming its cash reserves to fund growth and operational overhead. This tightening liquidity profile warrants further investigation into the company's ability to maintain its current pace of investment without requiring additional dilutive financing.
Financial analysts frequently misapply traditional P/E multiples to Hinge Health, failing to account for the significant distortion caused by high stock-based compensation and the volatility of performance-based revenue recognition inherent in the company's enterprise-focused digital health business model.
Using P/E as a primary valuation metric obscures the underlying cash-generating capability of the firm, as it ignores the heavy non-cash expenses typical of late-stage tech companies. A more appropriate approach would involve focusing on EV/Revenue or adjusted EBITDA, which better capture the company's scale and operational efficiency without the noise of accounting-driven earnings volatility.
Includes 30+ ratios · 3 years · Updated daily
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Quick answers to the most common questions about buying HNGE stock.
Hinge Health, Inc.'s current P/E ratio is -17.2x. This places it at the 50th percentile of its historical range.
Hinge Health, Inc.'s return on equity (ROE) is -132.9%. The historical average is -53.7%.
Based on historical data, Hinge Health, Inc. is trading at a P/E of -17.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hinge Health, Inc. has 79.6% gross margin and -92.9% operating margin.