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Side-by-side financial comparison of Heartflow, Inc. (HTFL) and Exzeo Group, Inc. (XZO). Click either name above to swap in a different company.
Exzeo Group, Inc. is the larger business by last-quarter revenue ($55.2M vs $46.3M, roughly 1.2× Heartflow, Inc.). Exzeo Group, Inc. runs the higher net margin — 38.3% vs -109.9%, a 148.2% gap on every dollar of revenue. Exzeo Group, Inc. produced more free cash flow last quarter ($86.6M vs $-4.2M).
HeartFlow, Inc. develops non-invasive cardiovascular diagnostic solutions for global healthcare providers. Its core product uses CT scan data to build 3D coronary artery models, assess blood flow to detect blockages, and support clinicians in making personalized heart disease treatment decisions without invasive procedures.
Exzeo Group, Inc. is a global technology firm specializing in cloud-native SaaS solutions for the insurance industry. Its core product portfolio includes claims processing platforms, policy administration tools, and underwriting automation systems, serving insurance carriers, third-party administrators, and independent adjusters across North America and European markets.
HTFL vs XZO — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.3M | $55.2M |
| Net Profit | $-50.9M | $21.2M |
| Gross Margin | 76.5% | 61.2% |
| Operating Margin | -32.6% | 49.4% |
| Net Margin | -109.9% | 38.3% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $-1.04 | $0.25 |
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.
| Q3 25 | $46.3M | $55.2M | ||
| Q2 25 | $43.4M | — |
| Q3 25 | $-50.9M | $21.2M | ||
| Q2 25 | $-9.2M | — |
| Q3 25 | 76.5% | 61.2% | ||
| Q2 25 | 75.5% | — |
| Q3 25 | -32.6% | 49.4% | ||
| Q2 25 | -31.6% | — |
| Q3 25 | -109.9% | 38.3% | ||
| Q2 25 | -21.2% | — |
| Q3 25 | $-1.04 | $0.25 | ||
| Q2 25 | $-1.46 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $291.2M | $140.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $254.6M | $78.4M |
| Total Assets | $364.4M | $182.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $291.2M | $140.9M | ||
| Q2 25 | $80.2M | — |
| Q3 25 | $254.6M | $78.4M | ||
| Q2 25 | $-894.8M | — |
| Q3 25 | $364.4M | $182.3M | ||
| Q2 25 | $159.4M | — |
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 | $-3.0M | $89.0M |
| Free Cash FlowOCF − Capex | $-4.2M | $86.6M |
| FCF MarginFCF / Revenue | -9.1% | 156.9% |
| Capex IntensityCapex / Revenue | 2.7% | 4.4% |
| Cash ConversionOCF / Net Profit | — | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-3.0M | $89.0M | ||
| Q2 25 | $-40.5M | — |
| Q3 25 | $-4.2M | $86.6M | ||
| Q2 25 | $-42.4M | — |
| Q3 25 | -9.1% | 156.9% | ||
| Q2 25 | -97.6% | — |
| Q3 25 | 2.7% | 4.4% | ||
| Q2 25 | 4.4% | — |
| Q3 25 | — | 4.21× | ||
| Q2 25 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTFL
Segment breakdown not available.
XZO
| Underwriting And Management Services | $44.9M | 81% |
| Claim Services | $8.0M | 15% |
| Technology Service | $2.3M | 4% |
