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Side-by-side financial comparison of HEALTHSTREAM INC (HSTM) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
HEALTHSTREAM INC is the larger business by last-quarter revenue ($79.7M vs $57.6M, roughly 1.4× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 7.4%). HEALTHSTREAM INC produced more free cash flow last quarter ($13.0M vs $-167.0M).
HealthStream Inc is a leading U.S.-based provider of workforce development, compliance, and training solutions tailored for the healthcare industry. It offers cloud-based platforms covering clinical skill training, talent management, patient safety education, and regulatory adherence tools, serving over 4,000 healthcare organizations including hospitals, clinics, and long-term care facilities nationwide.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
HSTM vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.7M | $57.6M |
| Net Profit | — | — |
| Gross Margin | — | 86.7% |
| Operating Margin | 3.0% | — |
| Net Margin | — | — |
| Revenue YoY | 7.4% | 94.1% |
| Net Profit YoY | — | 71.6% |
| EPS (diluted) | $0.09 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $79.7M | $57.6M | ||
| Q3 25 | $76.5M | $49.5M | ||
| Q2 25 | $74.4M | $39.5M | ||
| Q1 25 | $73.5M | $28.5M | ||
| Q4 24 | $74.2M | $29.7M | ||
| Q3 24 | $73.1M | $16.4M | ||
| Q2 24 | $71.6M | $7.3M | ||
| Q1 24 | $72.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | $6.1M | $-30.0M | ||
| Q2 25 | $5.4M | $-75.8M | ||
| Q1 25 | $4.3M | $-94.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $5.7M | $-85.6M | ||
| Q2 24 | $4.2M | $-91.4M | ||
| Q1 24 | $5.2M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 9.9% | -30.8% | ||
| Q2 25 | 7.9% | -151.7% | ||
| Q1 25 | 6.0% | -276.5% | ||
| Q4 24 | 6.3% | — | ||
| Q3 24 | 8.9% | -433.0% | ||
| Q2 24 | 6.2% | -1055.4% | ||
| Q1 24 | 7.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | 8.0% | -60.5% | ||
| Q2 25 | 7.2% | -191.9% | ||
| Q1 25 | 5.9% | -330.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 7.8% | -523.3% | ||
| Q2 24 | 5.8% | -1248.6% | ||
| Q1 24 | 7.2% | — |
| Q4 25 | $0.09 | — | ||
| Q3 25 | $0.20 | $-0.41 | ||
| Q2 25 | $0.18 | $-1.05 | ||
| Q1 25 | $0.14 | $-1.31 | ||
| Q4 24 | $0.16 | — | ||
| Q3 24 | $0.19 | $-1.32 | ||
| Q2 24 | $0.14 | $-1.56 | ||
| Q1 24 | $0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $354.0M | $-438.2M |
| Total Assets | $520.4M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.2M | $130.0M | ||
| Q3 25 | $53.5M | $135.2M | ||
| Q2 25 | $52.1M | $149.6M | ||
| Q1 25 | $77.3M | $212.3M | ||
| Q4 24 | $59.5M | $297.3M | ||
| Q3 24 | $57.5M | $334.7M | ||
| Q2 24 | $46.1M | $276.2M | ||
| Q1 24 | $52.4M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $354.0M | $-438.2M | ||
| Q3 25 | $349.2M | $-422.5M | ||
| Q2 25 | $350.6M | $-405.8M | ||
| Q1 25 | $362.8M | $-338.4M | ||
| Q4 24 | $359.4M | $-253.6M | ||
| Q3 24 | $355.5M | $-187.1M | ||
| Q2 24 | $349.2M | $-233.8M | ||
| Q1 24 | $344.9M | — |
| Q4 25 | $520.4M | $259.1M | ||
| Q3 25 | $499.9M | $240.3M | ||
| Q2 25 | $500.1M | $250.2M | ||
| Q1 25 | $524.0M | $294.2M | ||
| Q4 24 | $510.8M | $378.3M | ||
| Q3 24 | $502.8M | $387.0M | ||
| Q2 24 | $499.6M | $319.4M | ||
| Q1 24 | $511.6M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.2M | $-166.8M |
| Free Cash FlowOCF − Capex | $13.0M | $-167.0M |
| FCF MarginFCF / Revenue | 16.3% | -290.0% |
| Capex IntensityCapex / Revenue | 0.3% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.2M | $-166.8M | ||
| Q3 25 | $18.0M | $-14.1M | ||
| Q2 25 | $5.0M | $-62.7M | ||
| Q1 25 | $27.1M | $-84.9M | ||
| Q4 24 | $11.2M | $-266.8M | ||
| Q3 24 | $19.1M | $-63.6M | ||
| Q2 24 | $6.5M | $-70.7M | ||
| Q1 24 | $20.9M | — |
| Q4 25 | $13.0M | $-167.0M | ||
| Q3 25 | $17.9M | $-14.1M | ||
| Q2 25 | $2.7M | $-62.8M | ||
| Q1 25 | $26.0M | $-84.9M | ||
| Q4 24 | $11.0M | $-266.9M | ||
| Q3 24 | $18.8M | $-63.6M | ||
| Q2 24 | $6.3M | $-70.8M | ||
| Q1 24 | $20.2M | — |
| Q4 25 | 16.3% | -290.0% | ||
| Q3 25 | 23.4% | -28.6% | ||
| Q2 25 | 3.6% | -159.0% | ||
| Q1 25 | 35.4% | -297.9% | ||
| Q4 24 | 14.8% | -899.8% | ||
| Q3 24 | 25.8% | -389.0% | ||
| Q2 24 | 8.8% | -966.2% | ||
| Q1 24 | 27.8% | — |
| Q4 25 | 0.3% | 0.4% | ||
| Q3 25 | 0.1% | 0.1% | ||
| Q2 25 | 3.1% | 0.2% | ||
| Q1 25 | 1.4% | 0.1% | ||
| Q4 24 | 0.3% | 0.5% | ||
| Q3 24 | 0.4% | 0.3% | ||
| Q2 24 | 0.2% | 0.6% | ||
| Q1 24 | 1.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 2.96× | — | ||
| Q2 25 | 0.93× | — | ||
| Q1 25 | 6.25× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.34× | — | ||
| Q2 24 | 1.55× | — | ||
| Q1 24 | 4.01× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSTM
| Subscription Services | $77.0M | 97% |
| Professional Services | $2.7M | 3% |
PHAT
Segment breakdown not available.
