Hinge Health, Inc. (HNGE)

Price$92.37Cached quoteAs of 2026-09-06 12:23 UTC

AI: Overvalued

Price checkThe shares look expensive because today’s valuation already assumes years of unusually strong growth.

At the observed quote, Hinge’s market value is about $7.5 billion. Using June 30 liquidity of $475.6 million before later award-related cash payments and the Cylinder closing, enterprise value—equity value minus net cash—is about $7.0 billion. That is roughly 8.2 times 2026 revenue guidance, about 31 times guided management-adjusted operating income, and around 69 times trailing standard-accounting earnings. Strong growth can justify a premium, but these levels leave little value-investor margin of safety.

Big pictureRevenue growth and cash generation are excellent, but recent profits still have a short track record.

Revenue climbed from $292.7 million in 2023 to $587.9 million in 2025 and about $720 million across the latest four quarters. Those four quarters produced roughly $109 million of net income and $291 million of operating cash flow, a sharp improvement from earlier losses. Free cash flow means cash left after running and investing in the business. The company is not obviously economically cyclical, but its sales cycle is seasonal: many clients sign later in the year and launch afterward, making quarterly cash generation uneven.

Business strengthHigh margins, a cash-rich balance sheet, and broad client growth give the business real resilience.

Second-quarter gross margin—the share of revenue left after direct delivery costs—reached 86%. Clients increased 24% to 2,929, while a billing measure that adjusts for contract timing rose 52% to $861.8 million. Hinge had about $475.6 million of cash, securities, and restricted cash, with no financial debt reported in the supplied history. Current assets were $643.4 million against $481.4 million of current liabilities. One weakness is concentration: three major health-plan partners represented 38% of first-half revenue.

What could change the storyContinued growth could justify the premium, while slower engagement or heavy equity costs could break it.

The bull case needs 2026’s roughly 46% growth and 28% management-adjusted operating margin to lead to several more years of strong expansion. The bear case is weaker engagement or partner referrals: 85% of first-half revenue flowed through partners. Dilution and cash use also matter. At June 30, about 11.9 million restricted and performance awards plus 0.9 million options were outstanding versus 80.2 million basic shares. Buybacks offset some issuance, but the $105 million Cylinder deal and $77.5 million founder-award tax settlement consume cash.

AI: News

Cylinder acquisition announcedThe Cylinder deal expands Hinge beyond joint and muscle care into digestive health using cash.

Also on August 4, Hinge agreed to buy Cylinder Health for $105 million in cash, with closing expected in the third quarter. Hinge plans an integrated digestive-care program for 2027, adding a new category alongside its existing pain and migraine offerings. The purchase equals roughly one-fifth of quarter-end cash and securities, making it meaningful but manageable. The opportunity is cross-selling through existing employer and health-plan channels; the risk is committing cash before the new program proves its demand and economics.

Investor Day guidance increaseJune’s investor day showed demand running ahead of plan, prompting an earlier full-year guidance increase.

On June 9, Hinge raised 2026 revenue guidance to $818 million to $824 million from $798 million to $804 million and increased the expected management-adjusted operating margin to about 27%. Management cited stronger member conversion and performance across its client base. The later August increase to roughly $858 million of revenue strengthened the same signal: actual demand and execution were running ahead of assumptions made only weeks earlier, supporting higher growth expectations while also raising the performance bar embedded in the stock.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$587.9M	$390.4M	$292.7M
Gross profit	$468.2M	$299.9M	$194.2M
Gross margin	79.65%	76.82%	66.33%
Research & development	$368.1M	$100.8M	$110.1M
Operating expenses	$1.01B	$331.8M	$324.7M
Operating income	−$546.4M	−$31.9M	−$130.5M
Operating margin	−92.94%	−8.17%	−44.59%
EBITDA	−$541.2M	−$26.0M	−$124.9M
EBITDA margin	−92.07%	−6.65%	−42.66%
Net income	−$528.3M	−$11.9M	−$108.1M
Net profit margin	−89.86%	−3.06%	−36.94%
Basic EPSper basic share	-$7.77	-$0.88	-$8.31
Diluted EPSper diluted share	-$7.77	-$0.88	-$8.31

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈12.31%of listed shares

Deer X & Co. L.P. / Bessemer Venture Partners X Institutional L.P. / Bessemer Venture Partners X L.P. / Deer X & Co. Ltd.7.49M shares · Nov 18, 2025

View holders

Top 20 reported holders of HNGE
Holder	% owned
Deer X & Co. L.P. / Bessemer Venture Partners X Institutional L.P. / Bessemer Venture Partners X L.P. / Deer X & Co. Ltd.	≈12.31%7.49M shares
BlackRock, Inc.	5.87%3.57M shares
11.2 Capital Management, LLC	4.05%2.46M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.53%2.15M shares
Deer Management Co. LLC	3.14%1.91M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.11%1.89M shares
TWO SIGMA INVESTMENTS, LP	2.97%1.81M shares
FULLER & THALER ASSET MANAGEMENT, INC.	2.81%1.71M shares
MORGAN STANLEY	2.65%1.61M shares
FRANKLIN RESOURCES INC	2.59%1.58M shares
JANE STREET GROUP, LLC	2.33%1.42M shares
BRAIDWELL LP	2.19%1.33M shares
Divisadero Street Capital Management, LP	2.12%1.29M shares
Walleye Capital LLC	2.08%1.27M shares
WELLINGTON MANAGEMENT GROUP LLP	1.98%1.21M shares
BIT Capital GmbH	1.90%1.16M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.84%1.12M shares
BAMCO INC /NY/	1.84%1.12M shares
ACADIAN ASSET MANAGEMENT LLC	1.74%1.06M shares
MARSHALL WACE, LLP	1.73%1.05M shares

Percentages use 60.86M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)141$594.63M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Insight Holdings Group, LLC +6TenPercentOwner	SellClass A Common Stock · indirect	55	$84.59	$4.7K	0
Jun 29, 2026Form 4 · 10b5-1	Insight Holdings Group, LLC +6TenPercentOwner	SellClass A Common Stock · indirect	286	$84.59	$24.2K	0
Jun 29, 2026Form 4 · 10b5-1	Insight Holdings Group, LLC +6TenPercentOwner	SellClass A Common Stock · indirect	9	$84.59	$761.31	0
Jun 29, 2026Form 4 · 10b5-1	Insight Holdings Group, LLC +6TenPercentOwner	SellClass A Common Stock · indirect	349	$84.59	$29.5K	0
Jun 29, 2026Form 4 · 10b5-1	Insight Holdings Group, LLC +6TenPercentOwner	SellClass A Common Stock · indirect	44.4K	$84.02	$3.73M	55

Review ownership filings at SEC.gov ↗

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Hinge Health, Inc. (HNGE)

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