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Hinge Health, Inc.

Rank #61Hypergrowth

HNGE · NYSE · Healthcare

Hinge Health, Inc. (HNGE) — Rank #61 by gross profitability (GP/assets 0.57) · ROE -153.4% · Piotroski F-Score 4 / 9.

As-of 2026-09-15 · CIK 0001673743 · all metrics point-in-time as of the filing date.

About

Hinge Health, Inc. focuses on building a health system that scales and automates the delivery of care using technology.

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It designs its platform to address musculoskeletal system care (MSK), including acute injury, chronic pain, and post-surgical rehabilitation. The company also provides personalized and automated MSK care through AI-powered motion tracking technology and a proprietary electrical nerve stimulation wearable device. It primarily serves self-insured employers.

The company was founded in 2012 and is headquartered in San Francisco, California.

Industry
Health Information Services
Sector
Healthcare
State
DE
Filer Category
Emerging growth company
Fiscal Year End
December 31

Price History

HNGE+135.9% · +93.3% CAGRSPY+32.9% · +24.4% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$7.64B

P/E (annual)

—

P/S (annual)

13.0

P/B

22.2

P/OCF (annual)

44.6

Shareholder Yield

-302.5%

Employees

1,437

Industry

Health Information Services

Exchange

NYSE

Signal Flags

3 green1 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.57
Return on equity
-153.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.40
Current ratio
1.34×
Net cash
$504.91M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
109.4%

Growth

1/2 pass
Revenue growth
50.6%
Piotroski F-Score
4 / 9
Share dilution
302.5%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

13.3%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 302.5% — per-share value needs a total required return of 315.9% once share-count change is priced in.

vs. own 6-year median revenue growth: 50.6%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

8.7%

r = 10% (base)

13.3%

r = 12%

17.4%

Net debt / market cap: -9.8%

Base FCF: $170.7M3Y mean FCF: $170.7M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

4.1xExpensive
1.5xmed 2.0x4.1x

P / GP

Price / gross profit per share

5.2xExpensive
2.0xmed 3.0x5.2x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.57

Primary signal (Novy-Marx).

4th of 13 SIC 7374 peers

Return on equity

-153.4%

Gross margin

79.6%

3rd of 13 SIC 7374 peers

Revenue growth (YoY)

50.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.40

8th of 11 SIC 7374 peers (best = lowest)

Current ratio

1.34×

10th of 13 SIC 7374 peers

Quick ratio

1.31×

Net cash

$504.91M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$170.73M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.32

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

109.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

4 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20232025
Hypergrowth
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