HealthStream, Inc. Financial Ratios — HSTM Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	7.81	6.04	5.98	6.55	3.85	1.33	3.41	10.41	4.8	4.19	1.74	3.59	4.5	5.69	5.12
Return on Assets (%)	5.88	4.65	4.35	4.42	2.71	0.97	2.48	7.55	3.39	2.85	1.18	2.46	3.05	3.96	3.56
Return on Capital (%)	7.84	6.04	5.98	6.55	3.85	1.33	3.41	10.41	4.59	3.85	1.61	3.34	4.23	5.4	4.9
Return on Invested Capital (%)	7.81	6	5.91	6.5	3.81	1.57	2.81	4.02	3.4	3.43	1.67	2.68	3.67	4.67	4.3
Gross Margin (%)	62.15	59.84	57.96	56.56	57.23	60.98	59.42	58.55	59.12	63.51	64.54	65.84	65.95	66.42	64.74
EBITDA Margin (%)	20.41	19.4	17.02	16	14.62	14.33	15.57	17.15	16.76	18.79	17.48	18.89	20.46	21.44	20.95
Operating Margin (%)	13.82	12.97	11.09	9.59	6.49	3.73	4.38	6.69	5.79	6.46	3.14	4.67	5.74	7.3	6.66
Incremental Operating Margin (%)	26.23	9.79	4.23	4.45	-7.36	37.84	9.82	36.39	-3.43	-11.82	-65.31	43.44	29.17	41.87	-8.46
Pretax Margin (%)	13.83	13.09	11.22	9.68	6.56	4.03	4.72	7.16	7.06	7.28	3.03	5.84	6.63	8.5	7.64
Profit Margin (%)	8.46	7.37	6.36	6.09	4.12	1.95	4.66	13.91	6.21	5.76	2.28	4.53	5.45	6.86	6.03
Net Income to Common Margin (%)	8.46	7.37	6.36	6.09	4.12	1.95	4.66	13.91	6.21	5.76	2.28	4.53	5.45	6.86	6.03
Effective Tax Rate (%)	38.81	43.69	43.28	37.09	37.16	38.2	12.84	20.05	20.82	20.94	24.74	22.42	17.82	19.34	21
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	244.19	0.41	0.28	0.33	- -	20.1	17.01	20.33
Sustainable Growth Rate (%)	7.81	6.04	5.98	6.55	3.85	1.33	3.41	-15	4.78	4.18	1.73	3.59	3.59	4.72	4.08

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	31	28	26	23	20	17	15
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	31	28	26	23	20	17	15
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	0.72	0.62	0.58	0.46	0.35	0.28	0.23
Net Debt/EBITDA	-4.59	-2.06	-2.64	-3	-2.68	-1.8	-2.53	-3.38	-3.09	-0.79	-1.05	-0.91	-0.71	-0.95	-0.57
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	2.09	1.8	3.25	1.87	1.26	0.82	0.73
Net Debt/EBIT	-6.78	-3.07	-4.06	-5.01	-6.05	-6.92	-9.01	-8.67	-8.94	-2.31	-5.82	-3.7	-2.52	-2.79	-1.79
EBITDA to Interest Expense	348.96	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	136.88	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	236.21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	78.4	75.73	70.3	65.26	73.87	72.26	73.02	72.17	69.08	66.77	69.63	67.31	68.3	70.76	68.29
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.09	8.53	7.72	6.98	5.94	4.83	4.15
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	8.33	7.86	7.17	6.51	5.6	4.58	3.97
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.28	5.69	5.38	4.69	4.05	3.4	2.82
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.09	8.53	7.72	6.98	5.94	4.83	4.15
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	8.33	7.86	7.17	6.51	5.6	4.58	3.97
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.28	5.69	5.38	4.69	4.05	3.4	2.82
Net Debt to Equity	-63.6	-31.29	-39.84	-48.85	-29.26	-17.35	-28.24	-42.11	-38.9	-10.95	-13.84	-13.78	-11.84	-16.55	-10.21
Net Debt/Capital (%)	-174.71	-45.55	-66.21	-95.45	-41.34	-20.98	-39.35	-72.74	-55.42	-11.22	-14.74	-14.73	-12.55	-18.62	-10.83
EBITDA	17	20	23	27	31	28	33	40	43	46	45	50	57	63	64
EBITDA-CapEx	7	11	14	17	15	14	18	21	6	27	20	25	29	61	60
Operating Income (Loss)	11	13	15	16	14	7	9	15	15	16	8	12	16	21	20

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	2.57	2.66	1.92	1.57	1.67	1.09	1.3	1.58	1.64	0.39	0.52	0.46	0.6	0.84	0.46
Current Ratio	3.42	3.38	2.62	2.26	2.35	1.87	1.98	2.26	2.14	0.96	1.06	0.98	1.1	1.32	0.96
Quick Ratio	3.11	3.14	2.4	2.02	2.1	1.59	1.67	1.96	1.93	0.78	0.87	0.82	0.93	1.15	0.77
CFO/Avg Current Liab	0.69	0.67	0.59	0.51	0.42	0.26	0.48	0.42	0.62	0.32	0.39	0.47	0.54	0.49	0.53
Common Equity/Total Assets	78.4	75.73	70.3	65.26	73.87	72.26	73.02	72.17	69.08	66.77	69.63	67.31	68.3	70.76	68.29
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.09	8.53	7.72	6.98	5.94	4.83	4.15
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	8.33	7.86	7.17	6.51	5.6	4.58	3.97
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.28	5.69	5.38	4.69	4.05	3.4	2.82
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	9.09	8.53	7.72	6.98	5.94	4.83	4.15
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	8.33	7.86	7.17	6.51	5.6	4.58	3.97
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	6.28	5.69	5.38	4.69	4.05	3.4	2.82
CFO/Total Liabilities	59.29	53.22	42.83	38.32	35.18	22.05	42.1	35.16	43.37	21.58	28.69	31.27	40.18	38.08	38.06
CFO/CapEx	1.94	2.57	3.11	3.36	2.27	1.76	3.09	2.34	1.8	1.91	1.67	2.04	2.28	41.16	17.18
Altman's Z-Score	8.81	10.68	10.01	7.22	5.77	6.02	5.61	5.56	5.17	4.47	5.49	5.02	5.49	6.36	5.3

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	5.78	6.62	6.51	5.84	6.01	4.73	5.27	6.19	7.73	7.16	7.23	7.96	7.85	9.04	9.75
Days Sales Outstanding	63.15	55.18	56.1	62.53	60.7	77.09	69.21	58.95	47.24	50.97	50.5	45.85	46.48	40.38	37.42
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	12.53	22.88	33.02	20.99	19.08	19.36	23.88	15.15	15.61	12.63	12.59	14.69	12.88	13.9	14.89
Accounts Payable Turnover Days	29.14	15.96	11.05	17.39	19.13	18.85	15.29	24.09	23.38	28.89	28.99	24.86	28.33	26.26	24.51
Cash Conversion Cycle	34.01	39.22	45.05	45.14	41.57	58.24	53.92	34.86	23.86	22.08	21.51	21	18.15	14.12	12.91
Inventory to Cash Days	63.15	55.18	56.1	62.53	60.7	77.09	69.21	58.95	47.24	50.97	50.5	45.85	46.48	40.38	37.42
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	414	635	876	813	661	795	738	779	881	698	831	761	826	966	693
- Cash & Cash Equivalents	77	41	60	82	82	50	85	134	132	37	47	46	40	59	36
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	31	28	26	23	20	17	15
Enterprise Value	331	542	768	692	512	691	607	610	738	680	805	731	775	886	650
Total Capital	121	132	149	168	280	286	300	319	369	363	365	358	362	379	370
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	8.33	7.86	7.17	6.51	5.6	4.58	3.97
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.04	0.04	0.03	0.03	0.03	0.02	0.02
EV/Sales	4.03	5.22	5.81	4.05	2.45	3.6	2.82	2.64	2.91	2.78	3.14	2.74	2.78	3.04	2.14
EV/EBITDA	19.74	26.93	34.11	25.33	16.77	25.11	18.14	15.37	17.34	14.78	17.95	14.5	13.58	14.18	10.2
EV/EBIT	29.16	40.26	52.37	42.25	37.79	96.42	64.5	39.4	50.16	42.99	100	58.7	48.41	41.64	32.13
EV/Cash Flow to Firm	16.71	24.05	28.39	20.19	14.67	28.53	12.99	14.11	11.25	18.95	19	14.28	12.12	15.37	10.27
EV/Free Cash Flow to Firm	11.03	17.32	21.47	15.56	10.19	18.19	9.81	9.89	7.23	12.44	11.89	9.58	8.43	15.01	9.7
Diluted Market Cap	438	669	903	826	670	803	746	781	882	699	833	763	829	971	695
Diluted Enterprise Value	361	627	843	744	588	754	661	647	781	691	813	740	809	929	674
EV per Share	14.73	20.74	28.6	25.09	17.04	21.8	19.04	18.92	22.81	21.28	25.54	23.84	25.37	29.17	21.66
TTM Sales	82	104	132	171	209	192	215	232	254	245	257	267	279	292	304
TTM EBITDA	17	20	23	27	31	28	33	40	43	46	45	50	57	63	64
TTM Operating Income	11	13	15	16	14	7	9	15	15	16	8	12	16	21	20
TTM Cash Flow to Firm	20	23	27	34	35	24	47	43	66	36	42	51	64	58	63
TTM Free Cash Flow to Firm	30	31	36	44	50	38	62	62	102	55	68	76	92	59	67

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	14.64	21.38	25.24	18.58	13.32	21.13	12.06	12.66	8.63	12.78	12.31	10	9.01	16.45	10.38
EV/EBIT	29.16	40.26	52.37	42.25	37.79	96.42	64.5	39.4	50.16	42.99	100	58.7	48.41	41.64	32.13
Enterprise Value	331	542	768	692	512	691	607	610	738	680	805	731	775	886	650
Low Price	6.5	16	19.5	20.76	20.89	17.8	20.6	21.15	23.61	17.95	21.49	18.51	20.47	23.92	23.04
EV/Sales	4.03	5.22	5.81	4.05	2.45	3.6	2.82	2.64	2.91	2.78	3.14	2.74	2.78	3.04	2.14
EV/EBITDA	19.74	26.93	34.11	25.33	16.77	25.11	18.14	15.37	17.34	14.78	17.95	14.5	13.58	14.18	10.2
Price/Earnings	59.64	83.08	104.09	78.2	76.7	211.61	73.76	24.19	55.84	49.54	142.21	62.96	54.32	48.3	37.76
Price/Earnings Average	37.58	82.15	91.23	71.68	92.14	202.33	78.12	26.66	54.87	50.76	141.32	56.6	48.56	42.91	46.79
Price/Earnings High	62.45	105.13	126.86	91.88	113	243.63	100.42	31.91	61.58	63.48	167.84	67.88	55.64	50.91	56.04
Price/Earnings Low	21.01	54.68	62.2	55.07	72.83	150.37	65.61	21.18	48.47	40.71	115.94	46.92	41.14	36.33	37.71
Price/Book Value	3.42	4.81	5.86	4.84	2.36	2.78	2.46	2.44	2.6	2.09	2.45	2.27	2.42	2.67	1.95
Price/Book Value Average	2.16	4.75	5.14	4.44	2.83	2.66	2.6	2.69	2.56	2.14	2.44	2.04	2.16	2.38	2.41
Price/Book Value High	3.59	6.08	7.15	5.69	3.47	3.2	3.35	3.22	2.87	2.68	2.89	2.45	2.48	2.82	2.89
Price/Book Value Low	1.21	3.16	3.5	3.41	2.24	1.97	2.19	2.14	2.26	1.72	2	1.69	1.83	2.01	1.95
Price/Tangible Book Value	4.61	7.53	9.35	8.26	5.19	9.73	5.7	5.02	5.7	24.69	23.82	33.11	20.3	13.96	26.64
Price/Tangible Book Value Average	2.9	7.44	8.19	7.57	6.24	9.3	6.03	5.54	5.6	25.3	23.67	29.76	18.15	12.4	33.01
Price/Tangible Book Value High	4.83	9.53	11.39	9.7	7.65	11.2	7.76	6.63	6.29	31.64	28.11	35.69	20.8	14.72	39.54
Price/Tangible Book Value Low	1.62	4.96	5.59	5.81	4.93	6.91	5.07	4.4	4.95	20.29	19.42	24.67	15.38	10.5	26.61
Price/Sales	5.05	6.12	6.62	4.76	3.16	4.14	3.43	3.36	3.47	2.85	3.24	2.85	2.96	3.31	2.28
Price/Sales Average	3.18	6.05	5.81	4.36	3.8	3.95	3.64	3.71	3.41	2.92	3.22	2.56	2.65	2.94	2.82
Price/Sales High	5.28	7.75	8.07	5.6	4.66	4.76	4.67	4.44	3.82	3.65	3.82	3.08	3.03	3.49	3.38
Price/Sales Low	1.78	4.03	3.96	3.35	3	2.94	3.05	2.95	3.01	2.34	2.64	2.13	2.24	2.49	2.27
Price/Cash Flow	20.96	28.19	32.39	23.73	18.94	32.79	15.8	18.02	13.41	19.46	19.61	14.87	12.92	16.76	10.94
Price/Cash Flow Average	13.21	27.87	28.39	21.75	22.75	31.35	16.73	19.86	13.18	19.94	19.49	13.37	11.55	14.89	13.55
Price/Cash Flow High	21.95	35.67	39.47	27.88	27.9	37.75	21.51	23.77	14.79	24.94	23.15	16.03	13.23	17.66	16.23
Price/Cash Flow Low	7.39	18.56	19.36	16.71	17.98	23.3	14.05	15.78	11.64	15.99	15.99	11.08	9.78	12.61	10.92
Price/Free Cash Flow Average	9.22	21.14	22.12	17.03	16	20.2	12.77	13.95	8.48	13.09	12.23	8.99	8.06	14.61	12.86
Price/Free Cash Flow High	15.33	27.05	30.76	21.83	19.62	24.33	16.42	16.7	9.52	16.38	14.52	10.78	9.23	17.34	15.4
Price/Free Cash Flow Low	5.16	14.07	15.08	13.09	12.65	15.01	10.73	11.08	7.49	10.5	10.03	7.45	6.83	12.37	10.37
EV/Sales Average	2.24	5.66	5.36	3.88	3.41	3.7	3.24	3.13	3.01	2.89	3.14	2.48	2.58	2.8	2.75
EV/Sales High	4.35	7.35	7.62	5.11	4.27	4.5	4.28	3.86	3.43	3.62	3.74	2.99	2.96	3.35	3.31
EV/Sales Low	0.84	3.63	3.51	2.87	2.61	2.68	2.66	2.37	2.61	2.31	2.56	2.04	2.17	2.35	2.2
EV/EBITDA Average	10.99	29.16	31.46	24.28	23.31	25.79	20.83	18.24	17.95	15.37	17.95	13.13	12.59	13.06	13.13
EV/EBITDA High	21.3	37.89	44.78	31.97	29.2	31.42	27.49	22.5	20.44	19.27	21.4	15.84	14.47	15.62	15.79
EV/EBITDA Low	4.12	18.72	20.61	17.96	17.87	18.7	17.09	13.8	15.58	12.29	14.64	10.81	10.61	10.95	10.52
EV/EBIT Average	16.24	43.59	48.31	40.49	52.54	99.03	74.07	46.77	51.93	44.71	99.97	53.15	44.86	38.35	41.35
EV/EBIT High	31.46	56.64	68.76	53.31	65.81	120.65	97.78	57.69	59.13	56.04	119.22	64.11	51.59	45.87	49.73
EV/EBIT Low	6.08	27.99	31.64	29.95	40.27	71.82	60.76	35.38	45.07	35.76	81.56	43.75	37.81	32.17	33.12
Last Price	18.45	24.31	32.63	29.48	22	25.05	23.16	24.15	27.2	21.84	26.36	24.84	27.03	31.8	23.07
High Price	19.32	30.76	39.77	34.64	32.41	28.84	31.53	31.86	30	27.99	31.11	26.78	27.69	33.52	34.24
Enterprise Value Average	184	587	708	663	712	710	697	725	764	707	805	662	719	816	837
Enterprise Value High	357	762	1,008	873	892	865	920	894	870	886	960	798	826	976	1,006
Enterprise Value Low	69	377	464	490	546	515	572	548	663	566	657	545	606	685	670

Shares Outstanding	26	26	27	28	32	32	32	32	32	31	31	31	30	30	30
Diluted Weighted Avg Shares	24	28	28	28	30	32	32	32	32	32	32	31	31	31	30
Basic Weighted Avg Shares	22	26	27	28	30	32	32	32	32	32	32	31	31	30	30
Revenue per Share	3.66	3.97	4.93	6.19	6.95	6.06	6.74	7.18	7.85	7.66	8.14	8.71	9.13	9.6	10.13
EBITDA per Share	0.75	0.77	0.84	0.99	1.02	0.87	1.05	1.23	1.32	1.44	1.42	1.64	1.87	2.06	2.12
Operating Income per Share	0.51	0.52	0.55	0.59	0.45	0.23	0.3	0.48	0.45	0.49	0.26	0.41	0.52	0.7	0.67
Basic EPS, GAAP	0.31	0.29	0.31	0.38	0.29	0.12	0.31	1	0.49	0.44	0.19	0.39	0.5	0.66	0.61
Basic EPS from Cont Ops	0.31	0.29	0.31	0.38	0.29	0.15	0.28	0.41	0.44	0.44	0.19	0.39	0.5	0.66	0.61
Diluted EPS, GAAP	0.29	0.28	0.3	0.37	0.28	0.12	0.31	1	0.49	0.44	0.18	0.39	0.5	0.66	0.61
Diluted EPS from Cont Ops	0.29	0.28	0.3	0.37	0.28	0.15	0.27	0.41	0.44	0.44	0.18	0.39	0.5	0.66	0.61
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	0.1	0.11	0.12
Cash Flow per Share	0.88	0.86	1.01	1.24	1.16	0.76	1.47	1.34	2.03	1.12	1.34	1.67	2.09	1.9	2.11
Free Cash Flow per Basic Share	0.43	0.53	0.68	0.87	0.65	0.33	0.99	0.77	0.9	0.53	0.54	0.85	1.18	1.85	1.99
Cash & Equivalents per Share	3.72	3.57	4.03	4.39	4.96	3.25	4.12	5.23	5.34	1.45	1.65	1.76	2.33	3.2	1.9
Book Value per Share	5.39	5.06	5.57	6.09	9.33	9.02	9.42	9.89	10.45	10.45	10.75	10.93	11.17	11.89	11.84
Tangible Book Value per Share	4	3.23	3.49	3.57	4.24	2.57	4.07	4.81	4.77	0.88	1.11	0.75	1.33	2.28	0.87

HealthStream, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)