Filing Flows › Health Catalyst (HCAT) › Takeover & LBO
Is Health Catalyst (HCAT) a takeover target?
A leveraged buyout does not work for Health Catalyst on its latest figures: it has no positive EBITDA to borrow against (−$198M over the last 12 months, on revenue of $292M). Historically 7.2% of companies with its figures were bought within a year (1.43× the average).
Why a leveraged buyout does not fit
A leveraged buyout is paid for mostly with debt that the company's own cash flow repays. Health Catalyst's EBITDA over the last 12 months was −$198M on revenue of $292M, so there is nothing to lend against and nothing to repay a loan with: a buyer would have to pay almost entirely with its own money. That is the kind of deal another company — a strategic buyer that wants the products, the pipeline or the technology — makes, not a private-equity fund. The model therefore gives no buyout price.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Health Catalyst would cost about $2.30 a share, $170M for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $1.98 | $147M |
| Median | 30% | $2.30 | $170M |
| High end (a quarter paid more) | 31% | $2.32 | $171M |
The odds, from history
Historically 7.2% of companies with its figures were bought within a year (1.43× the average). Its figures put it in decile 9 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Health Catalyst's latest quarter
Health Catalyst, Q3 2026: revenue $56.3M (-26% year over year), operating margin 89.1%, net earnings $40.5M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
Questions
Is Health Catalyst being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Health Catalyst?
A leveraged buyout does not work for Health Catalyst on its latest figures: it has no positive EBITDA to borrow against (−$198M over the last 12 months, on revenue of $292M). With no cash flow to repay a loan, a buyer would pay almost entirely with its own money: a deal for another company (a strategic buyer), not for a private-equity fund.
What would a takeover of Health Catalyst cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Health Catalyst would cost about $2.30 a share, $170M for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.