Health Catalyst Inc (HCAT) Options Positioning, Max Pain & Unusual Sweeps

Per the Roarable RQD rating, HCAT scores 31 out of 100, earning a letter grade of E and the verdict "Roarable Strong Sell — Forensic Risk / Avoid." The fundamental cash engine pillar scores 4 out of 20, reflecting an ROIC of -35% and an FCF yield of -0.18%. For a prospective investor, this pillar signals that the business is not currently generating returns on invested capital or free cash flow that would support the share price on earnings power alone. Any upside case therefore rests on a future turnaround rather than on present cash generation.

The whale 13F flow pillar scores 8 out of 20 and covers institutional accumulation and options positioning. The insider conviction pillar scores 3 out of 20 and covers SEC Form 4 and Congressional PTR cluster flow, the lowest-scoring pillar in the rating, which suggests insider activity does not provide meaningful support for the thesis. The macro regime fit pillar scores 8 out of 20 with a beta of 1.0 and reflects sector sensitivity. The forensic balance sheet pillar scores 8 out of 20, driven by an Altman Z-Score of 0.2, a Piotroski F-Score of 4/9, and a Debt/Equity ratio of 0.62. A low Altman Z-Score is conventionally associated with elevated financial distress risk, which is the core reason the rating carries a forensic-risk label.

Taken together, the five pillars point in one direction: weak cash economics, limited insider conviction, and a stressed balance sheet. The valuation tradeoff is that a market capitalization of $134.7M at a price of 1.79 sits near the low end of the stock's 52-week range of $0.95 - $3.36, so the stock has already been re-rated sharply, but the source data does not establish whether that re-rating is sufficient. Upside drivers would need to come from a demonstrated improvement in operating and free cash flow; the source data does not provide forward guidance to test that.

Health Catalyst Inc (HCAT) is a NASDAQ-listed issuer classified in the Technology sector and the Computer Software: Programming Data Processing industry. The profile reports a market capitalization of $0.1B. The source data does not specify the company's products, customer base, or revenue model beyond its reported revenue figures in the SEC financials.

Per the SEC financials, revenue rose modestly across the three reported periods, while operating and net losses remained large in each year, with FY 2025 operating income at $-160.9M. Per the market data, the operating margin is -51.7%, the net margin is -57.2%, and the gross margin is 0%. Per the Roarable RQD rating, ROIC is -35% and the Altman Z-Score is 0.2 with a Piotroski F-Score of 4/9. Cash declined from $249.6M in FY 2024 to $50.8M in FY 2025 while debt stayed near $151 million, which points to a weaker balance sheet posture in the most recent period.

The news wire contains five items, all tagged to HCAT. Three Yahoo Finance, TradingView, and Moomoo items are marked YELLOW under the MARKET WIRE label and are general market-coverage pieces describing market action, institutional positioning, and fundamental catalysts. A FinancialContent item is also YELLOW under MARKET WIRE and is titled "3 volatile stocks we approach with caution." A StockStory item titled "3 Cash-Producing Stocks with Warning Signs" is marked RED under the RISK WATCH label. The source summaries are generic and do not specify the content of the catalysts. The Butterfly Supply-Chain Graph reports no supply-chain links and no proprietary signals.

• What specific products and customers generate the reported revenue, and how is it split between recurring and one-time sources?
• What drove the decline in cash from $249.6M in FY 2024 to $50.8M in FY 2025, and what is the company's stated runway?
• What are the terms, maturities, and covenants of the $151.6M of reported debt?
• Why is EPS reported as N/A across all periods, and what are the diluted share count trends?
• Does any management guidance or forward estimate exist to test whether the cash-generation pillar can improve?