# Health Information Services — company-by-company sector analysis

> Health Information Services: BrightSpring Health Services, Inc. owns the largest revenue base; Carlsmed, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Health Information Services has underperformed S&P 500 by 4.4% over 52 weeks and 13.7% over 13 weeks. 14 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself. BrightSpring Health Services, Inc. leads with revenue of $13,647 million, based on 28 of 29 comparable companies through Mar 2026.

### Is the Health Information Services sector outperforming S&P 500?

Health Information Services has underperformed S&P 500 by 4.4% over 52 weeks and 13.7% over 13 weeks. 14 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself.

### Which Health Information Services company is largest by revenue?

BrightSpring Health Services, Inc. leads with revenue of $13,647 million, based on 28 of 29 comparable companies through Mar 2026.

### Which Health Information Services company is growing fastest?

Carlsmed, Inc. has the fastest current revenue growth at 75%, across 28 of 29 comparable companies.

### Which Health Information Services company has the strongest 4-Factor Sector Score?

Simulations Plus, Inc. ranks first at 65.9/100 with 52.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Health Information Services company reports the most CAPEX?

Claritev Corporation reports the largest latest CAPEX at $47 million, with 28 of 29 companies comparable.

### Which Health Information Services company has the least gross debt?

Omada Health, Inc. has the lowest comparable gross debt at $0 million. BrightSpring Health Services, Inc. has the highest at $2,700 million.

### Which Health Information Services company has the lowest comparable PEG?

Veeva Systems Inc. has the lowest comparable Guarded PEG at 1.47, among 6 of 29 companies that pass the metric’s comparability rules.

### How much history does this Health Information Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Health Information Services has underperformed S&P 500 by 4.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.7%. 14 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. 10x Genomics, Inc. is the strongest against the sector itself at +94.9%.

13-week sector return versus NIFTY 500: 14%
52-week sector return versus NIFTY 500: -4.4%
Stocks leading NIFTY: 14/28
Stocks leading sector: 12/28

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 29
Combined market value: ₹1.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Simulations Plus, Inc. (SLP): 66/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 24.6/35 | Capital efficiency 17.8/25 | Valuation 10.1/20 | Relative strength 13.4/20
   - Exact sum: 24.6 + 17.8 + 10.1 + 13.4 = 65.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. HealthEquity, Inc. (HQY): 63/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 22.7/35 | Capital efficiency 14.4/25 | Valuation 12.6/20 | Relative strength 13.3/20
   - Exact sum: 22.7 + 14.4 + 12.6 + 13.3 = 63
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Hinge Health, Inc. (HNGE): 62/100 — Mixed-positive evidence; evidence 63%
   - Growth & earnings 19.6/35 | Capital efficiency 16.5/25 | Valuation 10.0/20 | Relative strength 16.3/20
   - Exact sum: 19.6 + 16.5 + 10 + 16.3 = 62.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Veeva Systems Inc. (VEEV): 60/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.2/35 | Capital efficiency 18.4/25 | Valuation 13.8/20 | Relative strength 7.6/20
   - Exact sum: 20.2 + 18.4 + 13.8 + 7.6 = 60
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. 10x Genomics, Inc. (TXG): 60/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 20.1/35 | Capital efficiency 9.6/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 20.1 + 9.6 + 10 + 20 = 59.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Omada Health, Inc. (OMDA): 59/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 25.2/35 | Capital efficiency 10.9/25 | Valuation 10.0/20 | Relative strength 13.0/20
   - Exact sum: 25.2 + 10.9 + 10 + 13 = 59.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. HealthStream, Inc. (HSTM): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 18.8/35 | Capital efficiency 15.7/25 | Valuation 5.8/20 | Relative strength 17.4/20
   - Exact sum: 18.8 + 15.7 + 5.8 + 17.4 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. BrightSpring Health Services, Inc. (BTSG): 58/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 21.3/35 | Capital efficiency 10.7/25 | Valuation 10.4/20 | Relative strength 15.1/20
   - Exact sum: 21.3 + 10.7 + 10.4 + 15.1 = 57.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Teladoc Health, Inc. (TDOC): 52/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 16.8/35 | Capital efficiency 9.4/25 | Valuation 10.0/20 | Relative strength 16.0/20
   - Exact sum: 16.8 + 9.4 + 10 + 16 = 52.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Waystar Holding Corp. (WAY): 51/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.7/35 | Capital efficiency 12.9/25 | Valuation 10.3/20 | Relative strength 6.5/20
   - Exact sum: 21.7 + 12.9 + 10.3 + 6.5 = 51.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Omnicell, Inc. (OMCL): 51/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 21.1/35 | Capital efficiency 12.7/25 | Valuation 9.0/20 | Relative strength 8.1/20
   - Exact sum: 21.1 + 12.7 + 9 + 8.1 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Phreesia, Inc. (PHR): 50/100 — Mixed-positive evidence; evidence 68%
   - Growth & earnings 22.5/35 | Capital efficiency 12.0/25 | Valuation 9.7/20 | Relative strength 6.2/20
   - Exact sum: 22.5 + 12 + 9.7 + 6.2 = 50.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Weave Communications, Inc. (WEAV): 48/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 21.4/35 | Capital efficiency 7.1/25 | Valuation 10.0/20 | Relative strength 9.7/20
   - Exact sum: 21.4 + 7.1 + 10 + 9.7 = 48.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Privia Health Group, Inc. (PRVA): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 22.2/35 | Capital efficiency 13.7/25 | Valuation 4.7/20 | Relative strength 5.8/20
   - Exact sum: 22.2 + 13.7 + 4.7 + 5.8 = 46.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. SOPHiA GENETICS SA (SOPH): 46/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.4/35 | Capital efficiency 4.2/25 | Valuation 10.0/20 | Relative strength 14.4/20
   - Exact sum: 17.4 + 4.2 + 10 + 14.4 = 46
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Carlsmed, Inc. (CARL): 45/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 21.3/35 | Capital efficiency 7.2/25 | Valuation 10.0/20 | Relative strength 6.7/20
   - Exact sum: 21.3 + 7.2 + 10 + 6.7 = 45.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. NRC Health (NRC): 45/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 6.7/35 | Capital efficiency 12.7/25 | Valuation 9.9/20 | Relative strength 15.7/20
   - Exact sum: 6.7 + 12.7 + 9.9 + 15.7 = 45
   - Decision use: Price leads the evidence: RS versus the benchmark is 22.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
18. TruBridge, Inc. (TBRG): 44/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 11.0/35 | Capital efficiency 9.4/25 | Valuation 9.2/20 | Relative strength 14.8/20
   - Exact sum: 11 + 9.4 + 9.2 + 14.8 = 44.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Talkspace, Inc. (TALK): 44/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 12.8/35 | Capital efficiency 10.3/25 | Valuation 8.5/20 | Relative strength 12.3/20
   - Exact sum: 12.8 + 10.3 + 8.5 + 12.3 = 43.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Doximity, Inc. (DOCS): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.7/35 | Capital efficiency 17.3/25 | Valuation 11.3/20 | Relative strength 1.8/20
   - Exact sum: 11.7 + 17.3 + 11.3 + 1.8 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Tempus AI, Inc. (TEM): 39/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 23.4/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 1.5/20
   - Exact sum: 23.4 + 4.3 + 10 + 1.5 = 39.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -38.8% and the one-year return is -21.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
22. Schrödinger, Inc. (SDGR): 39/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.9/35 | Capital efficiency 7.2/25 | Valuation 9.6/20 | Relative strength 6.2/20
   - Exact sum: 15.9 + 7.2 + 9.6 + 6.2 = 38.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23. GoodRx Holdings, Inc. (GDRX): 38/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 9.2/35 | Capital efficiency 10.6/25 | Valuation 10.6/20 | Relative strength 7.8/20
   - Exact sum: 9.2 + 10.6 + 10.6 + 7.8 = 38.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Spok Holdings, Inc. (SPOK): 38/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 8.9/35 | Capital efficiency 14.6/25 | Valuation 9.7/20 | Relative strength 4.8/20
   - Exact sum: 8.9 + 14.6 + 9.7 + 4.8 = 38
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Certara, Inc. (CERT): 37/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 12.0/35 | Capital efficiency 10.1/25 | Valuation 8.7/20 | Relative strength 6.2/20
   - Exact sum: 12 + 10.1 + 8.7 + 6.2 = 37
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. Claritev Corporation (CTEV): 35/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 13.2/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 3.3/20
   - Exact sum: 13.2 + 8.2 + 10 + 3.3 = 34.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
27. LifeMD, Inc. (LFMD): 33/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 12.3/35 | Capital efficiency 6.2/25 | Valuation 9.4/20 | Relative strength 5.4/20
   - Exact sum: 12.3 + 6.2 + 9.4 + 5.4 = 33.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Evolent Health, Inc. (EVH): 32/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 11.3/35 | Capital efficiency 6.4/25 | Valuation 10.0/20 | Relative strength 4.3/20
   - Exact sum: 11.3 + 6.4 + 10 + 4.3 = 32
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. HeartFlow, Inc. (HTFL): 48/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 20.1/35 | Capital efficiency 7.6/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 20.1 + 7.6 + 10 + 10 = 47.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: BrightSpring Health Services, Inc. is the scale leader at $13,647 million, 311.2% ahead of Veeva Systems Inc.. Carlsmed, Inc.'s growth is 75% from a $56 million base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: BrightSpring Health Services, Inc. is the scale benchmark; Carlsmed, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: BrightSpring Health Services, Inc.'s growth falls below Carlsmed, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: BrightSpring Health Services, Inc. · $13,647 million | 311.2% versus #2 · Veeva Systems Inc. | 8/8 recent comparable periods | 28/29 companies · 522 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. BrightSpring Health Services, Inc. (BTSG): ₹13.6K Cr
2. Veeva Systems Inc. (VEEV): ₹3.3K Cr
3. Teladoc Health, Inc. (TDOC): ₹2.5K Cr
4. Privia Health Group, Inc. (PRVA): ₹2.2K Cr
5. Evolent Health, Inc. (EVH): ₹1.9K Cr

### Revenue growth — fastest growers
1. Carlsmed, Inc. (CARL): 75%
2. Tempus AI, Inc. (TEM): 70%
3. Hinge Health, Inc. (HNGE): 50%
4. Omada Health, Inc. (OMDA): 49%
5. HeartFlow, Inc. (HTFL): 40%

### 20-quarter Revenue history
- VEEV: Sep 2021 ₹456 Cr | Dec 2021 ₹476 Cr | Mar 2022 ₹485 Cr | Jun 2022 ₹505 Cr | Sep 2022 ₹534 Cr | Dec 2022 ₹552 Cr | Mar 2023 ₹563 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹590 Cr | Dec 2023 ₹617 Cr | Mar 2024 ₹631 Cr | Jun 2024 ₹650 Cr | Sep 2024 ₹676 Cr | Dec 2024 ₹699 Cr | Mar 2025 ₹721 Cr | Jun 2025 ₹759 Cr | Sep 2025 ₹789 Cr | Dec 2025 ₹811 Cr | Mar 2026 ₹836 Cr | Jun 2026 ₹883 Cr
- BTSG: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- HQY: Sep 2021 ₹189 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹206 Cr | Dec 2022 ₹216 Cr | Mar 2023 ₹234 Cr | Jun 2023 ₹244 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹262 Cr | Jun 2024 ₹288 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹312 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹326 Cr | Dec 2025 ₹322 Cr | Mar 2026 ₹335 Cr | Jun 2026 ₹355 Cr
- TEM: Sep 2021 ₹52 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹116 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹166 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹334 Cr | Dec 2025 ₹367 Cr | Mar 2026 ₹348 Cr | Jun 2026 —
- TXG: Sep 2021 ₹125 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹184 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹153 Cr | Sep 2024 ₹152 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹173 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹151 Cr | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹124 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹182 Cr | Jun 2026 —
- WAY: Sep 2021 ₹147 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹173 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹182 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹197 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹225 Cr | Jun 2024 ₹235 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹244 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹269 Cr | Dec 2025 ₹304 Cr | Mar 2026 ₹314 Cr | Jun 2026 —
- DOCS: Sep 2021 ₹79 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹115 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹127 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- PRVA: Sep 2021 ₹252 Cr | Dec 2021 ₹275 Cr | Mar 2022 ₹314 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹343 Cr | Dec 2022 ₹364 Cr | Mar 2023 ₹386 Cr | Jun 2023 ₹413 Cr | Sep 2023 ₹417 Cr | Dec 2023 ₹441 Cr | Mar 2024 ₹415 Cr | Jun 2024 ₹422 Cr | Sep 2024 ₹438 Cr | Dec 2024 ₹461 Cr | Mar 2025 ₹480 Cr | Jun 2025 ₹521 Cr | Sep 2025 ₹580 Cr | Dec 2025 ₹541 Cr | Mar 2026 ₹604 Cr | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹27 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- OMCL: Sep 2021 ₹296 Cr | Dec 2021 ₹311 Cr | Mar 2022 ₹319 Cr | Jun 2022 ₹331 Cr | Sep 2022 ₹348 Cr | Dec 2022 ₹298 Cr | Mar 2023 ₹291 Cr | Jun 2023 ₹299 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹246 Cr | Jun 2024 ₹277 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹314 Cr | Mar 2026 ₹310 Cr | Jun 2026 —
- TDOC: Sep 2021 ₹522 Cr | Dec 2021 ₹554 Cr | Mar 2022 ₹565 Cr | Jun 2022 ₹592 Cr | Sep 2022 ₹611 Cr | Dec 2022 ₹638 Cr | Mar 2023 ₹629 Cr | Jun 2023 ₹652 Cr | Sep 2023 ₹660 Cr | Dec 2023 ₹661 Cr | Mar 2024 ₹646 Cr | Jun 2024 ₹642 Cr | Sep 2024 ₹641 Cr | Dec 2024 ₹640 Cr | Mar 2025 ₹629 Cr | Jun 2025 ₹632 Cr | Sep 2025 ₹626 Cr | Dec 2025 ₹642 Cr | Mar 2026 ₹614 Cr | Jun 2026 —
- CERT: Sep 2021 ₹74 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹35 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- SDGR: Sep 2021 ₹30 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹59 Cr | Jun 2026 —
- GDRX: Sep 2021 ₹195 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹192 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹184 Cr | Mar 2023 ₹184 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹198 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹194 Cr | Jun 2026 —
- TALK: Sep 2021 ₹26 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- HSTM: Sep 2021 ₹64 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- PHR: Sep 2021 ₹51 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹107 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹120 Cr | Mar 2026 ₹127 Cr | Jun 2026 ₹131 Cr
- WEAV: Sep 2021 ₹30 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹66 Cr | Jun 2026 —
- NRC: Sep 2021 ₹38 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- SOPH: Sep 2021 ₹10 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- EVH: Sep 2021 ₹222 Cr | Dec 2021 ₹248 Cr | Mar 2022 ₹297 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹353 Cr | Dec 2022 ₹382 Cr | Mar 2023 ₹428 Cr | Jun 2023 ₹469 Cr | Sep 2023 ₹511 Cr | Dec 2023 ₹556 Cr | Mar 2024 ₹640 Cr | Jun 2024 ₹647 Cr | Sep 2024 ₹621 Cr | Dec 2024 ₹647 Cr | Mar 2025 ₹484 Cr | Jun 2025 ₹444 Cr | Sep 2025 ₹480 Cr | Dec 2025 ₹469 Cr | Mar 2026 ₹496 Cr | Jun 2026 —
- TBRG: Sep 2021 ₹70 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹86 Cr | Jun 2026 —
- CTEV: Sep 2021 ₹288 Cr | Dec 2021 ₹298 Cr | Mar 2022 ₹298 Cr | Jun 2022 ₹290 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹237 Cr | Jun 2023 ₹238 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹235 Cr | Jun 2024 ₹233 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹232 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹245 Cr | Jun 2026 —
- SLP: Sep 2021 ₹10 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹16 Cr | Jun 2026 —
- SPOK: Sep 2021 ₹36 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- LFMD: Sep 2021 ₹25 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹50 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- VEEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 16% | Mar 2023 16% | Jun 2023 4.2% | Sep 2023 10% | Dec 2023 12% | Mar 2024 12% | Jun 2024 24% | Sep 2024 15% | Dec 2024 13% | Mar 2025 14% | Jun 2025 17% | Sep 2025 17% | Dec 2025 16% | Mar 2026 16% | Jun 2026 16%
- BTSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 14% | Dec 2022 9.4% | Mar 2023 11% | Jun 2023 12% | Sep 2023 14% | Dec 2023 21% | Mar 2024 13% | Jun 2024 13% | Sep 2024 15% | Dec 2024 16% | Mar 2025 26% | Jun 2025 29% | Sep 2025 28% | Dec 2025 29% | Mar 2026 26% | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.0% | Dec 2022 20% | Mar 2023 15% | Jun 2023 18% | Sep 2023 18% | Dec 2023 15% | Mar 2024 12% | Jun 2024 18% | Sep 2024 23% | Dec 2024 20% | Mar 2025 19% | Jun 2025 15% | Sep 2025 8.7% | Dec 2025 7.3% | Mar 2026 7.4% | Jun 2026 7.3%
- TEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 69% | Dec 2022 60% | Mar 2023 81% | Jun 2023 69% | Sep 2023 55% | Dec 2023 47% | Mar 2024 26% | Jun 2024 26% | Sep 2024 33% | Dec 2024 36% | Mar 2025 75% | Jun 2025 90% | Sep 2025 85% | Dec 2025 83% | Mar 2026 36% | Jun 2026 —
- TXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.9% | Sep 2022 4.8% | Dec 2022 8.3% | Mar 2023 18% | Jun 2023 28% | Sep 2023 18% | Dec 2023 18% | Mar 2024 5.2% | Jun 2024 4.1% | Sep 2024 -1.3% | Dec 2024 -10% | Mar 2025 9.9% | Jun 2025 13% | Sep 2025 -2.0% | Dec 2025 0.6% | Mar 2026 -2.6% | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -33% | Jun 2024 29% | Sep 2024 25% | Dec 2024 43% | Mar 2025 49% | Jun 2025 54% | Sep 2025 52% | Dec 2025 46% | Mar 2026 47% | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 21% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 11% | Dec 2023 14% | Mar 2024 18% | Jun 2024 20% | Sep 2024 22% | Dec 2024 18% | Mar 2025 14% | Jun 2025 15% | Sep 2025 12% | Dec 2025 25% | Mar 2026 23% | Jun 2026 —
- DOCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 29% | Dec 2022 17% | Mar 2023 18% | Jun 2023 19% | Sep 2023 12% | Dec 2023 17% | Mar 2024 6.3% | Jun 2024 18% | Sep 2024 20% | Dec 2024 25% | Mar 2025 17% | Jun 2025 15% | Sep 2025 23% | Dec 2025 9.5% | Mar 2026 5.1% | Jun 2026 —
- PRVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 36% | Dec 2022 32% | Mar 2023 23% | Jun 2023 23% | Sep 2023 22% | Dec 2023 21% | Mar 2024 7.5% | Jun 2024 2.2% | Sep 2024 5.0% | Dec 2024 4.5% | Mar 2025 16% | Jun 2025 23% | Sep 2025 32% | Dec 2025 17% | Mar 2026 26% | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 37% | Jun 2025 39% | Sep 2025 39% | Dec 2025 40% | Mar 2026 43% | Jun 2026 —
- OMCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 18% | Dec 2022 -4.2% | Mar 2023 -8.8% | Jun 2023 -9.7% | Sep 2023 -14% | Dec 2023 -13% | Mar 2024 -15% | Jun 2024 -7.4% | Sep 2024 -5.7% | Dec 2024 19% | Mar 2025 9.8% | Jun 2025 5.1% | Sep 2025 10% | Dec 2025 2.3% | Mar 2026 15% | Jun 2026 —
- TDOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 17% | Dec 2022 15% | Mar 2023 11% | Jun 2023 10% | Sep 2023 8.0% | Dec 2023 3.6% | Mar 2024 2.7% | Jun 2024 -1.5% | Sep 2024 -2.9% | Dec 2024 -3.2% | Mar 2025 -2.6% | Jun 2025 -1.6% | Sep 2025 -2.3% | Dec 2025 0.3% | Mar 2026 -2.4% | Jun 2026 —
- CERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 15% | Dec 2022 16% | Mar 2023 9.8% | Jun 2023 8.4% | Sep 2023 1.2% | Dec 2023 1.2% | Mar 2024 7.8% | Jun 2024 3.3% | Sep 2024 10% | Dec 2024 14% | Mar 2025 9.3% | Jun 2025 13% | Sep 2025 11% | Dec 2025 4.0% | Mar 2026 0.9% | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 57% | Jun 2025 49% | Sep 2025 48% | Dec 2025 58% | Mar 2026 42% | Jun 2026 —
- SDGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 23% | Dec 2022 24% | Mar 2023 33% | Jun 2023 -7.9% | Sep 2023 16% | Dec 2023 30% | Mar 2024 -43% | Jun 2024 34% | Sep 2024 -19% | Dec 2024 19% | Mar 2025 62% | Jun 2025 17% | Sep 2025 54% | Dec 2025 -1.1% | Mar 2026 -1.7% | Jun 2026 —
- GDRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.5% | Sep 2022 -4.1% | Dec 2022 -14% | Mar 2023 -9.4% | Jun 2023 -1.0% | Sep 2023 -3.7% | Dec 2023 7.1% | Mar 2024 7.6% | Jun 2024 5.8% | Sep 2024 8.3% | Dec 2024 1.0% | Mar 2025 2.5% | Jun 2025 1.0% | Sep 2025 0.5% | Dec 2025 -2.0% | Mar 2026 -4.4% | Jun 2026 —
- TALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.2% | Sep 2022 12% | Dec 2022 3.5% | Mar 2023 10% | Jun 2023 20% | Sep 2023 34% | Dec 2023 40% | Mar 2024 36% | Jun 2024 28% | Sep 2024 21% | Dec 2024 17% | Mar 2025 16% | Jun 2025 17% | Sep 2025 26% | Dec 2025 29% | Mar 2026 19% | Jun 2026 —
- HSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.5% | Sep 2022 4.7% | Dec 2022 7.8% | Mar 2023 6.2% | Jun 2023 4.6% | Sep 2023 4.5% | Dec 2023 2.9% | Mar 2024 5.8% | Jun 2024 4.4% | Sep 2024 4.3% | Dec 2024 4.2% | Mar 2025 0.0% | Jun 2025 2.8% | Sep 2025 4.1% | Dec 2025 8.1% | Mar 2026 11% | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 33% | Dec 2022 30% | Mar 2023 33% | Jun 2023 33% | Sep 2023 26% | Dec 2023 26% | Mar 2024 23% | Jun 2024 20% | Sep 2024 19% | Dec 2024 16% | Mar 2025 16% | Jun 2025 15% | Sep 2025 15% | Dec 2025 12% | Mar 2026 15% | Jun 2026 13%
- WEAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 20% | Dec 2022 19% | Mar 2023 21% | Jun 2023 20% | Sep 2023 22% | Dec 2023 21% | Mar 2024 18% | Jun 2024 21% | Sep 2024 18% | Dec 2024 17% | Mar 2025 19% | Jun 2025 14% | Sep 2025 17% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- NRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.8% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 -5.3% | Jun 2023 -2.7% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 -2.8% | Jun 2024 -2.8% | Sep 2024 -5.3% | Dec 2024 -2.6% | Mar 2025 -2.9% | Jun 2025 -2.9% | Sep 2025 -2.8% | Dec 2025 -5.4% | Mar 2026 2.9% | Jun 2026 —
- SOPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 20% | Dec 2022 18% | Mar 2023 27% | Jun 2023 25% | Sep 2023 33% | Dec 2023 31% | Mar 2024 14% | Jun 2024 6.7% | Sep 2024 0.0% | Dec 2024 5.9% | Mar 2025 13% | Jun 2025 13% | Sep 2025 19% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- EVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 59% | Dec 2022 54% | Mar 2023 44% | Jun 2023 47% | Sep 2023 45% | Dec 2023 46% | Mar 2024 50% | Jun 2024 38% | Sep 2024 22% | Dec 2024 16% | Mar 2025 -24% | Jun 2025 -31% | Sep 2025 -23% | Dec 2025 -28% | Mar 2026 2.5% | Jun 2026 —
- TBRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 19% | Dec 2022 12% | Mar 2023 10% | Jun 2023 2.4% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 -2.3% | Jun 2024 1.2% | Sep 2024 2.4% | Dec 2024 6.0% | Mar 2025 3.6% | Jun 2025 0.0% | Sep 2025 1.2% | Dec 2025 0.0% | Mar 2026 -1.2% | Jun 2026 —
- CTEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 -13% | Dec 2022 -19% | Mar 2023 -20% | Jun 2023 -18% | Sep 2023 -2.8% | Dec 2023 1.2% | Mar 2024 -0.8% | Jun 2024 -2.1% | Sep 2024 -5.4% | Dec 2024 -4.9% | Mar 2025 -1.7% | Jun 2025 3.9% | Sep 2025 7.0% | Dec 2025 6.5% | Mar 2026 6.1% | Jun 2026 —
- SLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 20% | Dec 2022 0.0% | Mar 2023 6.7% | Jun 2023 6.7% | Sep 2023 33% | Dec 2023 25% | Mar 2024 13% | Jun 2024 19% | Sep 2024 19% | Dec 2024 27% | Mar 2025 22% | Jun 2025 5.3% | Sep 2025 -11% | Dec 2025 -5.3% | Mar 2026 9.1% | Jun 2026 —
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 150% | Jun 2024 100% | Sep 2024 75% | Dec 2024 125% | Mar 2025 100% | Jun 2025 100% | Sep 2025 86% | Dec 2025 67% | Mar 2026 60% | Jun 2026 —
- SPOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.6% | Sep 2022 -5.6% | Dec 2022 -5.7% | Mar 2023 -2.9% | Jun 2023 5.9% | Sep 2023 2.9% | Dec 2023 3.0% | Mar 2024 6.1% | Jun 2024 -5.6% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 2.9% | Jun 2025 5.9% | Sep 2025 -2.9% | Dec 2025 0.0% | Mar 2026 -8.3% | Jun 2026 —
- LFMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 24% | Dec 2022 3.7% | Mar 2023 14% | Jun 2023 20% | Sep 2023 26% | Dec 2023 61% | Mar 2024 33% | Jun 2024 42% | Sep 2024 36% | Dec 2024 -89% | Mar 2025 16% | Jun 2025 22% | Sep 2025 13% | Dec 2025 840% | Mar 2026 -2.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Veeva Systems Inc. leads opm at 30.9%; 10x Genomics, Inc. leads margin change at +14.1 percentage points.

Investor read: Veeva Systems Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Veeva Systems Inc. · 30.9% | 6.6% versus #2 · HealthEquity, Inc. | 7/8 recent comparable periods | 29/29 companies · 521 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Veeva Systems Inc. (VEEV): 31%
2. HealthEquity, Inc. (HQY): 29%
3. Waystar Holding Corp. (WAY): 26%
4. Simulations Plus, Inc. (SLP): 23%
5. Hinge Health, Inc. (HNGE): 18%

### Margin change — fastest expanders
1. 10x Genomics, Inc. (TXG): +14.1 pp
2. Simulations Plus, Inc. (SLP): +11.1 pp
3. SOPHiA GENETICS SA (SOPH): +10.5 pp
4. Omnicell, Inc. (OMCL): +9.7 pp
5. Omada Health, Inc. (OMDA): +9.2 pp

### 20-quarter OPM history
- VEEV: Sep 2021 27% | Dec 2021 28% | Mar 2022 25% | Jun 2022 25% | Sep 2022 19% | Dec 2022 22% | Mar 2023 19% | Jun 2023 12% | Sep 2023 18% | Dec 2023 21% | Mar 2024 21% | Jun 2024 24% | Sep 2024 25% | Dec 2024 44% | Mar 2025 -21% | Jun 2025 31% | Sep 2025 25% | Dec 2025 45% | Mar 2026 -18% | Jun 2026 31%
- BTSG: Sep 2021 3.9% | Dec 2021 3.5% | Mar 2022 3.3% | Jun 2022 3.5% | Sep 2022 1.8% | Dec 2022 1.2% | Mar 2023 2.5% | Jun 2023 3.7% | Sep 2023 -2.3% | Dec 2023 2.9% | Mar 2024 -0.7% | Jun 2024 1.6% | Sep 2024 1.1% | Dec 2024 2.0% | Mar 2025 1.8% | Jun 2025 1.5% | Sep 2025 2.6% | Dec 2025 3.0% | Mar 2026 3.4% | Jun 2026 —
- HQY: Sep 2021 -0.5% | Dec 2021 -0.2% | Mar 2022 -13% | Jun 2022 -3.5% | Sep 2022 -1.2% | Dec 2022 2.6% | Mar 2023 5.7% | Jun 2023 9.5% | Sep 2023 10% | Dec 2023 12% | Mar 2024 15% | Jun 2024 15% | Sep 2024 20% | Dec 2024 6.5% | Mar 2025 14% | Jun 2025 25% | Sep 2025 28% | Dec 2025 24% | Mar 2026 21% | Jun 2026 29%
- TEM: Sep 2021 -123% | Dec 2021 -87% | Mar 2022 -120% | Jun 2022 -85% | Sep 2022 -72% | Dec 2022 -58% | Mar 2023 -47% | Jun 2023 -34% | Sep 2023 -33% | Dec 2023 -35% | Mar 2024 -37% | Jun 2024 -321% | Sep 2024 -30% | Dec 2024 -25% | Mar 2025 -27% | Jun 2025 -20% | Sep 2025 -18% | Dec 2025 -17% | Mar 2026 -24% | Jun 2026 —
- TXG: Sep 2021 -13% | Dec 2021 -11% | Mar 2022 -37% | Jun 2022 -55% | Sep 2022 -31% | Dec 2022 -15% | Mar 2023 -39% | Jun 2023 -43% | Sep 2023 -62% | Dec 2023 -30% | Mar 2024 -44% | Jun 2024 -27% | Sep 2024 -27% | Dec 2024 -30% | Mar 2025 -25% | Jun 2025 17% | Sep 2025 -22% | Dec 2025 -12% | Mar 2026 -11% | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11% | Jun 2023 -53% | Sep 2023 -27% | Dec 2023 -37% | Mar 2024 -38% | Jun 2024 -20% | Sep 2024 -3.8% | Dec 2024 36% | Mar 2025 11% | Jun 2025 -418% | Sep 2025 -4.0% | Dec 2025 16% | Mar 2026 18% | Jun 2026 —
- WAY: Sep 2021 11% | Dec 2021 7.2% | Mar 2022 9.0% | Jun 2022 12% | Sep 2022 14% | Dec 2022 16% | Mar 2023 18% | Jun 2023 19% | Sep 2023 16% | Dec 2023 18% | Mar 2024 16% | Jun 2024 3.5% | Sep 2024 11% | Dec 2024 22% | Mar 2025 25% | Jun 2025 24% | Sep 2025 22% | Dec 2025 19% | Mar 2026 26% | Jun 2026 —
- DOCS: Sep 2021 31% | Dec 2021 37% | Mar 2022 30% | Jun 2022 24% | Sep 2022 31% | Dec 2022 33% | Mar 2023 30% | Jun 2023 27% | Sep 2023 30% | Dec 2023 43% | Mar 2024 36% | Jun 2024 36% | Sep 2024 39% | Dec 2024 47% | Mar 2025 35% | Jun 2025 37% | Sep 2025 38% | Dec 2025 39% | Mar 2026 17% | Jun 2026 —
- PRVA: Sep 2021 -5.1% | Dec 2021 -7.0% | Mar 2022 -3.7% | Jun 2022 -1.6% | Sep 2022 -1.3% | Dec 2022 0.6% | Mar 2023 1.7% | Jun 2023 1.7% | Sep 2023 1.3% | Dec 2023 0.3% | Mar 2024 0.2% | Jun 2024 1.2% | Sep 2024 1.3% | Dec 2024 1.1% | Mar 2025 1.1% | Jun 2025 0.6% | Sep 2025 2.5% | Dec 2025 2.1% | Mar 2026 1.2% | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -60% | Jun 2024 -46% | Sep 2024 -45% | Dec 2024 -46% | Mar 2025 -47% | Jun 2025 -32% | Sep 2025 -33% | Dec 2025 -36% | Mar 2026 -56% | Jun 2026 —
- OMCL: Sep 2021 9.9% | Dec 2021 3.7% | Mar 2022 1.6% | Jun 2022 3.8% | Sep 2022 5.3% | Dec 2022 -13% | Mar 2023 -7.9% | Jun 2023 2.6% | Sep 2023 1.2% | Dec 2023 -9.0% | Mar 2024 -8.9% | Jun 2024 1.2% | Sep 2024 2.3% | Dec 2024 4.0% | Mar 2025 -4.3% | Jun 2025 2.8% | Sep 2025 2.7% | Dec 2025 0.1% | Mar 2026 5.4% | Jun 2026 —
- TDOC: Sep 2021 -12% | Dec 2021 2.0% | Mar 2022 — | Jun 2022 -523% | Sep 2022 -12% | Dec 2022 -586% | Mar 2023 -12% | Jun 2023 -11% | Sep 2023 -9.8% | Dec 2023 -5.3% | Mar 2024 -14% | Jun 2024 -131% | Sep 2024 -6.9% | Dec 2024 -7.5% | Mar 2025 -19% | Jun 2025 -8.6% | Sep 2025 -8.3% | Dec 2025 -5.6% | Mar 2026 -10% | Jun 2026 —
- CERT: Sep 2021 -1.0% | Dec 2021 4.6% | Mar 2022 7.5% | Jun 2022 5.0% | Sep 2022 13% | Dec 2022 13% | Mar 2023 8.2% | Jun 2023 14% | Sep 2023 -62% | Dec 2023 -9.6% | Mar 2024 -1.3% | Jun 2024 -9.7% | Sep 2024 2.7% | Dec 2024 6.0% | Mar 2025 7.2% | Jun 2025 9.1% | Sep 2025 2.9% | Dec 2025 0.8% | Mar 2026 -4.0% | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -51% | Jun 2024 -24% | Sep 2024 -19% | Dec 2024 -15% | Mar 2025 -15% | Jun 2025 -7.1% | Sep 2025 -3.7% | Dec 2025 4.3% | Mar 2026 -6.1% | Jun 2026 —
- SDGR: Sep 2021 -116% | Dec 2021 -49% | Mar 2022 -59% | Jun 2022 -113% | Sep 2022 -125% | Dec 2022 -50% | Mar 2023 -47% | Jun 2023 -174% | Sep 2023 -132% | Dec 2023 -40% | Mar 2024 -184% | Jun 2024 -111% | Sep 2024 -194% | Dec 2024 -24% | Mar 2025 -86% | Jun 2025 -97% | Sep 2025 -85% | Dec 2025 -20% | Mar 2026 -83% | Jun 2026 —
- GDRX: Sep 2021 3.6% | Dec 2021 5.5% | Mar 2022 9.7% | Jun 2022 -2.1% | Sep 2022 -8.4% | Dec 2022 0.9% | Mar 2023 6.1% | Jun 2023 9.7% | Sep 2023 -21% | Dec 2023 -9.3% | Mar 2024 3.7% | Jun 2024 9.9% | Sep 2024 11% | Dec 2024 9.2% | Mar 2025 12% | Jun 2025 13% | Sep 2025 7.5% | Dec 2025 12% | Mar 2026 7.2% | Jun 2026 —
- TALK: Sep 2021 -96% | Dec 2021 546% | Mar 2022 -70% | Jun 2022 -71% | Sep 2022 -68% | Dec 2022 -70% | Mar 2023 -27% | Jun 2023 -18% | Sep 2023 -13% | Dec 2023 -6.1% | Mar 2024 -3.7% | Jun 2024 -7.6% | Sep 2024 0.2% | Dec 2024 1.2% | Mar 2025 -2.1% | Jun 2025 -3.3% | Sep 2025 3.7% | Dec 2025 6.1% | Mar 2026 -12% | Jun 2026 —
- HSTM: Sep 2021 2.8% | Dec 2021 -0.7% | Mar 2022 6.2% | Jun 2022 4.5% | Sep 2022 3.5% | Dec 2022 4.5% | Mar 2023 4.2% | Jun 2023 5.8% | Sep 2023 6.9% | Dec 2023 6.0% | Mar 2024 7.8% | Jun 2024 6.2% | Sep 2024 8.9% | Dec 2024 6.3% | Mar 2025 6.0% | Jun 2025 7.9% | Sep 2025 9.9% | Dec 2025 3.0% | Mar 2026 9.3% | Jun 2026 —
- PHR: Sep 2021 -47% | Dec 2021 -64% | Mar 2022 -80% | Jun 2022 -80% | Sep 2022 -68% | Dec 2022 -55% | Mar 2023 -52% | Jun 2023 -45% | Sep 2023 -43% | Dec 2023 -35% | Mar 2024 75% | Jun 2024 -19% | Sep 2024 -17% | Dec 2024 -13% | Mar 2025 78% | Jun 2025 -2.8% | Sep 2025 -1.3% | Dec 2025 3.1% | Mar 2026 76% | Jun 2026 5.2%
- WEAV: Sep 2021 -46% | Dec 2021 -43% | Mar 2022 -41% | Jun 2022 -42% | Sep 2022 -33% | Dec 2022 -26% | Mar 2023 -22% | Jun 2023 -24% | Sep 2023 -18% | Dec 2023 -18% | Mar 2024 -17% | Jun 2024 -18% | Sep 2024 -13% | Dec 2024 -14% | Mar 2025 -17% | Jun 2025 -17% | Sep 2025 -15% | Dec 2025 -3.4% | Mar 2026 -9.2% | Jun 2026 —
- NRC: Sep 2021 35% | Dec 2021 34% | Mar 2022 30% | Jun 2022 31% | Sep 2022 30% | Dec 2022 32% | Mar 2023 25% | Jun 2023 26% | Sep 2023 26% | Dec 2023 31% | Mar 2024 25% | Jun 2024 25% | Sep 2024 22% | Dec 2024 26% | Mar 2025 26% | Jun 2025 4.7% | Sep 2025 22% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- SOPH: Sep 2021 -198% | Dec 2021 -192% | Mar 2022 -230% | Jun 2022 -206% | Sep 2022 -203% | Dec 2022 -113% | Mar 2023 -138% | Jun 2023 -133% | Sep 2023 -102% | Dec 2023 -111% | Mar 2024 -119% | Jun 2024 -95% | Sep 2024 -97% | Dec 2024 -98% | Mar 2025 -90% | Jun 2025 -101% | Sep 2025 -92% | Dec 2025 -85% | Mar 2026 -80% | Jun 2026 —
- EVH: Sep 2021 -3.0% | Dec 2021 -4.9% | Mar 2022 -0.9% | Jun 2022 -1.4% | Sep 2022 3.7% | Dec 2022 -0.5% | Mar 2023 -2.4% | Jun 2023 -4.6% | Sep 2023 -3.5% | Dec 2023 -3.8% | Mar 2024 -2.1% | Jun 2024 1.2% | Sep 2024 -2.6% | Dec 2024 -2.9% | Mar 2025 -0.3% | Jun 2025 -0.3% | Sep 2025 0.2% | Dec 2025 -87% | Mar 2026 -2.1% | Jun 2026 —
- TBRG: Sep 2021 6.5% | Dec 2021 10% | Mar 2022 12% | Jun 2022 5.5% | Sep 2022 6.0% | Dec 2022 5.1% | Mar 2023 7.3% | Jun 2023 -2.3% | Sep 2023 -6.3% | Dec 2023 -50% | Mar 2024 -0.7% | Jun 2024 -2.5% | Sep 2024 3.3% | Dec 2024 7.2% | Mar 2025 9.4% | Jun 2025 4.2% | Sep 2025 4.7% | Dec 2025 5.7% | Mar 2026 3.5% | Jun 2026 —
- CTEV: Sep 2021 36% | Dec 2021 37% | Mar 2022 39% | Jun 2022 34% | Sep 2022 15% | Dec 2022 20% | Mar 2023 20% | Jun 2023 15% | Sep 2023 16% | Dec 2023 17% | Mar 2024 -207% | Jun 2024 -224% | Sep 2024 -147% | Dec 2024 -18% | Mar 2025 5.8% | Jun 2025 6.9% | Sep 2025 4.1% | Dec 2025 3.5% | Mar 2026 2.7% | Jun 2026 —
- SLP: Sep 2021 1.8% | Dec 2021 31% | Mar 2022 37% | Jun 2022 33% | Sep 2022 5.9% | Dec 2022 7.3% | Mar 2023 26% | Jun 2023 25% | Sep 2023 -1.8% | Dec 2023 6.6% | Mar 2024 24% | Jun 2024 10% | Sep 2024 -6.2% | Dec 2024 0.7% | Mar 2025 12% | Jun 2025 -365% | Sep 2025 3.8% | Dec 2025 3.9% | Mar 2026 23% | Jun 2026 —
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -224% | Jun 2023 -120% | Sep 2023 -110% | Dec 2023 -125% | Mar 2024 -105% | Jun 2024 -104% | Sep 2024 -118% | Dec 2024 -50% | Mar 2025 -56% | Jun 2025 -54% | Sep 2025 -69% | Dec 2025 -61% | Mar 2026 -58% | Jun 2026 —
- SPOK: Sep 2021 -9.9% | Dec 2021 -60% | Mar 2022 -26% | Jun 2022 7.2% | Sep 2022 11% | Dec 2022 8.9% | Mar 2023 14% | Jun 2023 17% | Sep 2023 18% | Dec 2023 12% | Mar 2024 14% | Jun 2024 13% | Sep 2024 14% | Dec 2024 14% | Mar 2025 17% | Jun 2025 15% | Sep 2025 13% | Dec 2025 12% | Mar 2026 7.4% | Jun 2026 —
- LFMD: Sep 2021 -51% | Dec 2021 -50% | Mar 2022 -45% | Jun 2022 -42% | Sep 2022 -23% | Dec 2022 -37% | Mar 2023 -8.6% | Jun 2023 -14% | Sep 2023 -12% | Dec 2023 -4.8% | Mar 2024 -14% | Jun 2024 -12% | Sep 2024 -7.5% | Dec 2024 258% | Mar 2025 -2.3% | Jun 2025 -1.5% | Sep 2025 -3.3% | Dec 2025 -2.3% | Mar 2026 -18% | Jun 2026 —

### 20-quarter Margin change history
- VEEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.5 pp | Dec 2022 −5.9 pp | Mar 2023 −5.4 pp | Jun 2023 −13.6 pp | Sep 2023 −1.3 pp | Dec 2023 −1.2 pp | Mar 2024 +2.1 pp | Jun 2024 +12.2 pp | Sep 2024 +7.0 pp | Dec 2024 +22.7 pp | Mar 2025 −42.7 pp | Jun 2025 +6.9 pp | Sep 2025 +0.2 pp | Dec 2025 +1.5 pp | Mar 2026 +3.2 pp | Jun 2026 +0.1 pp
- BTSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 −2.1 pp | Dec 2022 −2.3 pp | Mar 2023 −0.8 pp | Jun 2023 +0.2 pp | Sep 2023 −4.1 pp | Dec 2023 +1.7 pp | Mar 2024 −3.2 pp | Jun 2024 −2.1 pp | Sep 2024 +3.4 pp | Dec 2024 −0.9 pp | Mar 2025 +2.5 pp | Jun 2025 −0.1 pp | Sep 2025 +1.5 pp | Dec 2025 +1.0 pp | Mar 2026 +1.6 pp | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +2.8 pp | Mar 2023 +19.1 pp | Jun 2023 +13.0 pp | Sep 2023 +11.4 pp | Dec 2023 +9.8 pp | Mar 2024 +9.1 pp | Jun 2024 +5.0 pp | Sep 2024 +9.4 pp | Dec 2024 −5.9 pp | Mar 2025 −1.3 pp | Jun 2025 +10.6 pp | Sep 2025 +7.9 pp | Dec 2025 +17.9 pp | Mar 2026 +7.7 pp | Jun 2026 +3.9 pp
- TEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +16.4 pp | Sep 2022 +51.0 pp | Dec 2022 +28.2 pp | Mar 2023 +73.5 pp | Jun 2023 +50.9 pp | Sep 2023 +39.3 pp | Dec 2023 +22.9 pp | Mar 2024 +10.1 pp | Jun 2024 −287.3 pp | Sep 2024 +3.3 pp | Dec 2024 +10.1 pp | Mar 2025 +9.6 pp | Jun 2025 +301.8 pp | Sep 2025 +11.3 pp | Dec 2025 +8.6 pp | Mar 2026 +2.6 pp | Jun 2026 —
- TXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −46.2 pp | Sep 2022 −17.8 pp | Dec 2022 −3.8 pp | Mar 2023 −2.2 pp | Jun 2023 +11.9 pp | Sep 2023 −31.2 pp | Dec 2023 −15.2 pp | Mar 2024 −4.9 pp | Jun 2024 +15.9 pp | Sep 2024 +34.3 pp | Dec 2024 −0.2 pp | Mar 2025 +18.2 pp | Jun 2025 +44.7 pp | Sep 2025 +5.8 pp | Dec 2025 +18.4 pp | Mar 2026 +14.1 pp | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −48.6 pp | Jun 2024 +33.7 pp | Sep 2024 +23.6 pp | Dec 2024 +73.1 pp | Mar 2025 +48.6 pp | Jun 2025 −398.0 pp | Sep 2025 −0.2 pp | Dec 2025 −19.7 pp | Mar 2026 +7.0 pp | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +3.2 pp | Dec 2022 +8.5 pp | Mar 2023 +9.3 pp | Jun 2023 +6.8 pp | Sep 2023 +2.6 pp | Dec 2023 +2.5 pp | Mar 2024 −2.6 pp | Jun 2024 −15.5 pp | Sep 2024 −5.0 pp | Dec 2024 +3.6 pp | Mar 2025 +9.7 pp | Jun 2025 +20.5 pp | Sep 2025 +11.1 pp | Dec 2025 −2.4 pp | Mar 2026 +0.2 pp | Jun 2026 —
- DOCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −10.3 pp | Sep 2022 0.0 pp | Dec 2022 −3.2 pp | Mar 2023 −0.2 pp | Jun 2023 +3.5 pp | Sep 2023 −1.7 pp | Dec 2023 +9.9 pp | Mar 2024 +5.9 pp | Jun 2024 +9.0 pp | Sep 2024 +9.1 pp | Dec 2024 +4.1 pp | Mar 2025 −0.3 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −8.5 pp | Mar 2026 −18.1 pp | Jun 2026 —
- PRVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +84.0 pp | Sep 2022 +3.8 pp | Dec 2022 +7.6 pp | Mar 2023 +5.4 pp | Jun 2023 +3.3 pp | Sep 2023 +2.6 pp | Dec 2023 −0.3 pp | Mar 2024 −1.5 pp | Jun 2024 −0.5 pp | Sep 2024 0.0 pp | Dec 2024 +0.8 pp | Mar 2025 +0.9 pp | Jun 2025 −0.6 pp | Sep 2025 +1.2 pp | Dec 2025 +1.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +12.8 pp | Jun 2025 +14.1 pp | Sep 2025 +12.7 pp | Dec 2025 +9.8 pp | Mar 2026 −9.1 pp | Jun 2026 —
- OMCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.8 pp | Sep 2022 −4.6 pp | Dec 2022 −16.6 pp | Mar 2023 −9.5 pp | Jun 2023 −1.2 pp | Sep 2023 −4.1 pp | Dec 2023 +3.9 pp | Mar 2024 −1.0 pp | Jun 2024 −1.4 pp | Sep 2024 +1.1 pp | Dec 2024 +13.0 pp | Mar 2025 +4.6 pp | Jun 2025 +1.6 pp | Sep 2025 +0.4 pp | Dec 2025 −3.9 pp | Mar 2026 +9.7 pp | Jun 2026 —
- TDOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −507.0 pp | Sep 2022 −0.1 pp | Dec 2022 −588.4 pp | Mar 2023 +1,167.4 pp | Jun 2023 +511.7 pp | Sep 2023 +1.9 pp | Dec 2023 +581.1 pp | Mar 2024 −1.2 pp | Jun 2024 −119.9 pp | Sep 2024 +2.9 pp | Dec 2024 −2.2 pp | Mar 2025 −5.7 pp | Jun 2025 +122.3 pp | Sep 2025 −1.4 pp | Dec 2025 +1.9 pp | Mar 2026 +9.1 pp | Jun 2026 —
- CERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 +13.8 pp | Dec 2022 +8.5 pp | Mar 2023 +0.7 pp | Jun 2023 +9.4 pp | Sep 2023 −74.5 pp | Dec 2023 −22.7 pp | Mar 2024 −9.5 pp | Jun 2024 −24.1 pp | Sep 2024 +64.4 pp | Dec 2024 +15.6 pp | Mar 2025 +8.5 pp | Jun 2025 +18.8 pp | Sep 2025 +0.2 pp | Dec 2025 −5.2 pp | Mar 2026 −11.2 pp | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +36.0 pp | Jun 2025 +17.3 pp | Sep 2025 +15.0 pp | Dec 2025 +19.1 pp | Mar 2026 +9.2 pp | Jun 2026 —
- SDGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −11.1 pp | Sep 2022 −8.6 pp | Dec 2022 −1.4 pp | Mar 2023 +11.8 pp | Jun 2023 −60.7 pp | Sep 2023 −7.2 pp | Dec 2023 +10.2 pp | Mar 2024 −137.2 pp | Jun 2024 +62.3 pp | Sep 2024 −61.9 pp | Dec 2024 +16.5 pp | Mar 2025 +98.8 pp | Jun 2025 +14.8 pp | Sep 2025 +109.3 pp | Dec 2025 +3.8 pp | Mar 2026 +2.2 pp | Jun 2026 —
- GDRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.9 pp | Sep 2022 −12.0 pp | Dec 2022 −4.6 pp | Mar 2023 −3.6 pp | Jun 2023 +11.8 pp | Sep 2023 −12.9 pp | Dec 2023 −10.2 pp | Mar 2024 −2.4 pp | Jun 2024 +0.2 pp | Sep 2024 +31.8 pp | Dec 2024 +18.5 pp | Mar 2025 +7.8 pp | Jun 2025 +3.3 pp | Sep 2025 −3.0 pp | Dec 2025 +2.4 pp | Mar 2026 −4.3 pp | Jun 2026 —
- TALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −159.6 pp | Sep 2022 +28.0 pp | Dec 2022 −615.5 pp | Mar 2023 +43.2 pp | Jun 2023 +52.6 pp | Sep 2023 +54.3 pp | Dec 2023 +63.4 pp | Mar 2024 +23.4 pp | Jun 2024 +10.4 pp | Sep 2024 +13.6 pp | Dec 2024 +7.3 pp | Mar 2025 +1.6 pp | Jun 2025 +4.3 pp | Sep 2025 +3.5 pp | Dec 2025 +4.9 pp | Mar 2026 −9.5 pp | Jun 2026 —
- HSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.8 pp | Sep 2022 +0.7 pp | Dec 2022 +5.2 pp | Mar 2023 −2.0 pp | Jun 2023 +1.3 pp | Sep 2023 +3.4 pp | Dec 2023 +1.5 pp | Mar 2024 +3.6 pp | Jun 2024 +0.4 pp | Sep 2024 +2.0 pp | Dec 2024 +0.3 pp | Mar 2025 −1.8 pp | Jun 2025 +1.7 pp | Sep 2025 +1.0 pp | Dec 2025 −3.3 pp | Mar 2026 +3.3 pp | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.6 pp | Dec 2022 +9.4 pp | Mar 2023 +28.3 pp | Jun 2023 +34.7 pp | Sep 2023 +25.2 pp | Dec 2023 +19.5 pp | Mar 2024 +126.9 pp | Jun 2024 +26.0 pp | Sep 2024 +26.2 pp | Dec 2024 +22.0 pp | Mar 2025 +3.3 pp | Jun 2025 +16.4 pp | Sep 2025 +15.6 pp | Dec 2025 +16.1 pp | Mar 2026 −2.7 pp | Jun 2026 +8.0 pp
- WEAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.6 pp | Sep 2022 +13.2 pp | Dec 2022 +17.0 pp | Mar 2023 +19.1 pp | Jun 2023 +18.2 pp | Sep 2023 +14.3 pp | Dec 2023 +8.4 pp | Mar 2024 +4.2 pp | Jun 2024 +5.3 pp | Sep 2024 +5.7 pp | Dec 2024 +3.9 pp | Mar 2025 +0.6 pp | Jun 2025 +0.9 pp | Sep 2025 −1.9 pp | Dec 2025 +10.2 pp | Mar 2026 +7.5 pp | Jun 2026 —
- NRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 −5.3 pp | Dec 2022 −1.5 pp | Mar 2023 −5.7 pp | Jun 2023 −4.9 pp | Sep 2023 −3.3 pp | Dec 2023 −1.3 pp | Mar 2024 +0.1 pp | Jun 2024 −0.6 pp | Sep 2024 −3.9 pp | Dec 2024 −4.8 pp | Mar 2025 +0.8 pp | Jun 2025 −20.6 pp | Sep 2025 +0.1 pp | Dec 2025 −12.7 pp | Mar 2026 −9.6 pp | Jun 2026 —
- SOPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −49.9 pp | Sep 2022 −5.0 pp | Dec 2022 +79.4 pp | Mar 2023 +92.3 pp | Jun 2023 +73.2 pp | Sep 2023 +101.4 pp | Dec 2023 +1.6 pp | Mar 2024 +19.2 pp | Jun 2024 +38.3 pp | Sep 2024 +4.6 pp | Dec 2024 +12.7 pp | Mar 2025 +28.7 pp | Jun 2025 −6.0 pp | Sep 2025 +5.1 pp | Dec 2025 +13.1 pp | Mar 2026 +10.5 pp | Jun 2026 —
- EVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.1 pp | Sep 2022 +6.7 pp | Dec 2022 +4.4 pp | Mar 2023 −1.5 pp | Jun 2023 −3.2 pp | Sep 2023 −7.2 pp | Dec 2023 −3.3 pp | Mar 2024 +0.3 pp | Jun 2024 +5.8 pp | Sep 2024 +0.9 pp | Dec 2024 +0.9 pp | Mar 2025 +1.8 pp | Jun 2025 −1.5 pp | Sep 2025 +2.8 pp | Dec 2025 −84.2 pp | Mar 2026 −1.8 pp | Jun 2026 —
- TBRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.8 pp | Sep 2022 −0.5 pp | Dec 2022 −5.1 pp | Mar 2023 −4.2 pp | Jun 2023 −7.8 pp | Sep 2023 −12.3 pp | Dec 2023 −55.2 pp | Mar 2024 −8.0 pp | Jun 2024 −0.2 pp | Sep 2024 +9.6 pp | Dec 2024 +57.3 pp | Mar 2025 +10.1 pp | Jun 2025 +6.7 pp | Sep 2025 +1.4 pp | Dec 2025 −1.5 pp | Mar 2026 −5.9 pp | Jun 2026 —
- CTEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.2 pp | Sep 2022 −21.7 pp | Dec 2022 −16.5 pp | Mar 2023 −19.3 pp | Jun 2023 −19.1 pp | Sep 2023 +1.8 pp | Dec 2023 −3.1 pp | Mar 2024 −227.2 pp | Jun 2024 −239.0 pp | Sep 2024 −163.0 pp | Dec 2024 −34.9 pp | Mar 2025 +213.2 pp | Jun 2025 +231.3 pp | Sep 2025 +150.8 pp | Dec 2025 +21.3 pp | Mar 2026 −3.1 pp | Jun 2026 —
- SLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 +4.1 pp | Dec 2022 −23.2 pp | Mar 2023 −11.4 pp | Jun 2023 −7.9 pp | Sep 2023 −7.7 pp | Dec 2023 −0.7 pp | Mar 2024 −1.3 pp | Jun 2024 −15.1 pp | Sep 2024 −4.4 pp | Dec 2024 −5.9 pp | Mar 2025 −12.2 pp | Jun 2025 −374.6 pp | Sep 2025 +10.0 pp | Dec 2025 +3.2 pp | Mar 2026 +11.1 pp | Jun 2026 —
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +119.2 pp | Jun 2024 +16.2 pp | Sep 2024 −8.4 pp | Dec 2024 +75.4 pp | Mar 2025 +48.7 pp | Jun 2025 +50.1 pp | Sep 2025 +48.9 pp | Dec 2025 −11.5 pp | Mar 2026 −1.5 pp | Jun 2026 —
- SPOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.7 pp | Sep 2022 +20.4 pp | Dec 2022 +69.1 pp | Mar 2023 +39.8 pp | Jun 2023 +9.8 pp | Sep 2023 +7.0 pp | Dec 2023 +3.1 pp | Mar 2024 −0.2 pp | Jun 2024 −3.8 pp | Sep 2024 −3.3 pp | Dec 2024 +1.7 pp | Mar 2025 +2.6 pp | Jun 2025 +1.9 pp | Sep 2025 −1.3 pp | Dec 2025 −2.1 pp | Mar 2026 −9.2 pp | Jun 2026 —
- LFMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +29.9 pp | Sep 2022 +28.0 pp | Dec 2022 +12.9 pp | Mar 2023 +36.5 pp | Jun 2023 +28.8 pp | Sep 2023 +10.7 pp | Dec 2023 +32.1 pp | Mar 2024 −5.4 pp | Jun 2024 +1.2 pp | Sep 2024 +4.3 pp | Dec 2024 +262.5 pp | Mar 2025 +11.7 pp | Jun 2025 +10.9 pp | Sep 2025 +4.2 pp | Dec 2025 −260.0 pp | Mar 2026 −15.5 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Veeva Systems Inc. leads with $941 million of TTM profit, 307.4% above HealthEquity, Inc.. Waystar Holding Corp. shows ≥100% on the scoring scale (404% uncapped) growth from a $126 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Veeva Systems Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Veeva Systems Inc. · $941 million | 307.4% versus #2 · HealthEquity, Inc. | 8/8 recent comparable periods | 28/29 companies · 522 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Veeva Systems Inc. (VEEV): ₹941 Cr
2. HealthEquity, Inc. (HQY): ₹231 Cr
3. Doximity, Inc. (DOCS): ₹196 Cr
4. BrightSpring Health Services, Inc. (BTSG): ₹170 Cr
5. Waystar Holding Corp. (WAY): ₹126 Cr

### Profit growth — fastest growers
1. Waystar Holding Corp. (WAY): 100%
2. HealthEquity, Inc. (HQY): 89%
3. Privia Health Group, Inc. (PRVA): 40%
4. Veeva Systems Inc. (VEEV): 21%
5. HealthStream, Inc. (HSTM): 5.3%

### 20-quarter Net profit history
- VEEV: Sep 2021 ₹109 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹189 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹162 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹186 Cr | Mar 2025 ₹196 Cr | Jun 2025 ₹228 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹236 Cr | Mar 2026 ₹244 Cr | Jun 2026 ₹261 Cr
- BTSG: Sep 2021 ₹17 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-130 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-56 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- HQY: Sep 2021 ₹-4 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹50 Cr | Jun 2026 ₹69 Cr
- TEM: Sep 2021 ₹-65 Cr | Dec 2021 ₹-55 Cr | Mar 2022 ₹-77 Cr | Jun 2022 ₹-67 Cr | Sep 2022 ₹-63 Cr | Dec 2022 ₹-59 Cr | Mar 2023 ₹-54 Cr | Jun 2023 ₹-56 Cr | Sep 2023 ₹-53 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹-65 Cr | Jun 2024 ₹-552 Cr | Sep 2024 ₹-74 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹-66 Cr | Jun 2025 ₹-41 Cr | Sep 2025 ₹-82 Cr | Dec 2025 ₹-51 Cr | Mar 2026 ₹-123 Cr | Jun 2026 —
- TXG: Sep 2021 ₹-17 Cr | Dec 2021 ₹-18 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-64 Cr | Sep 2022 ₹-42 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹-51 Cr | Jun 2023 ₹-62 Cr | Sep 2023 ₹-93 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-60 Cr | Jun 2024 ₹-38 Cr | Sep 2024 ₹-36 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹17 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-24 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹-576 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- WAY: Sep 2021 ₹-12 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹43 Cr | Jun 2026 —
- DOCS: Sep 2021 ₹36 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- PRVA: Sep 2021 ₹-11 Cr | Dec 2021 ₹-12 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-21 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-32 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-51 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹-27 Cr | Jun 2026 —
- OMCL: Sep 2021 ₹29 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹-28 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- TDOC: Sep 2021 ₹-84 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-6.7K Cr | Jun 2022 ₹-3.1K Cr | Sep 2022 ₹-73 Cr | Dec 2022 ₹-3.8K Cr | Mar 2023 ₹-69 Cr | Jun 2023 ₹-65 Cr | Sep 2023 ₹-57 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-82 Cr | Jun 2024 ₹-838 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-48 Cr | Mar 2025 ₹-93 Cr | Jun 2025 ₹-33 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-64 Cr | Jun 2026 —
- CERT: Sep 2021 ₹-2 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹-49 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-19 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- SDGR: Sep 2021 ₹-35 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-48 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-27 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-62 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹-55 Cr | Jun 2024 ₹-54 Cr | Sep 2024 ₹-38 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹-60 Cr | Jun 2025 ₹-43 Cr | Sep 2025 ₹-33 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹-60 Cr | Jun 2026 —
- GDRX: Sep 2021 ₹-18 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-42 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹-38 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- TALK: Sep 2021 ₹2 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-23 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- HSTM: Sep 2021 ₹2 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- PHR: Sep 2021 ₹-24 Cr | Dec 2021 ₹-36 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-51 Cr | Sep 2022 ₹-47 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹-38 Cr | Jun 2023 ₹-38 Cr | Sep 2023 ₹-37 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹103 Cr | Jun 2026 ₹3 Cr
- WEAV: Sep 2021 ₹-14 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-14 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- NRC: Sep 2021 ₹10 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- SOPH: Sep 2021 ₹-21 Cr | Dec 2021 ₹-21 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹-23 Cr | Dec 2022 ₹-14 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹-21 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-24 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-19 Cr | Mar 2026 ₹-19 Cr | Jun 2026 —
- EVH: Sep 2021 ₹-13 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-33 Cr | Mar 2024 ₹-17 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-24 Cr | Mar 2025 ₹-65 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-431 Cr | Mar 2026 ₹-27 Cr | Jun 2026 —
- TBRG: Sep 2021 ₹3 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-42 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- CTEV: Sep 2021 ₹78 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹-650 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-36 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹-540 Cr | Jun 2024 ₹-577 Cr | Sep 2024 ₹-391 Cr | Dec 2024 ₹-138 Cr | Mar 2025 ₹-143 Cr | Jun 2025 ₹-63 Cr | Sep 2025 ₹-70 Cr | Dec 2025 ₹-81 Cr | Mar 2026 ₹-147 Cr | Jun 2026 —
- SLP: Sep 2021 ₹0 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-67 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-5 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- SPOK: Sep 2021 ₹-2 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- LFMD: Sep 2021 ₹-14 Cr | Dec 2021 ₹-18 Cr | Mar 2022 ₹-13 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —

### 20-quarter Profit growth history
- VEEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -17% | Dec 2022 1.9% | Mar 2023 95% | Jun 2023 32% | Sep 2023 23% | Dec 2023 25% | Mar 2024 -22% | Jun 2024 23% | Sep 2024 53% | Dec 2024 38% | Mar 2025 33% | Jun 2025 41% | Sep 2025 17% | Dec 2025 27% | Mar 2026 24% | Jun 2026 14%
- BTSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 -235% | Dec 2022 -480% | Mar 2023 -300% | Jun 2023 -79% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 167% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 13% | Sep 2025 — | Dec 2025 1,150% | Mar 2026 722% | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 625% | Sep 2024 227% | Dec 2024 -60% | Mar 2025 0.0% | Jun 2025 86% | Sep 2025 67% | Dec 2025 767% | Mar 2026 92% | Jun 2026 28%
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -253% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 19% | Mar 2026 106% | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 520% | Dec 2025 5.3% | Mar 2026 48% | Jun 2026 —
- DOCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -28% | Dec 2022 -41% | Mar 2023 -16% | Jun 2023 27% | Sep 2023 19% | Dec 2023 45% | Mar 2024 32% | Jun 2024 46% | Sep 2024 42% | Dec 2024 56% | Mar 2025 51% | Jun 2025 29% | Sep 2025 41% | Dec 2025 -17% | Mar 2026 -69% | Jun 2026 —
- PRVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 500% | Dec 2023 -88% | Mar 2024 -50% | Jun 2024 -17% | Sep 2024 -33% | Dec 2024 150% | Mar 2025 100% | Jun 2025 -40% | Sep 2025 150% | Dec 2025 120% | Mar 2026 -33% | Jun 2026 —
- OMCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -55% | Sep 2022 -41% | Dec 2022 -300% | Mar 2023 -288% | Jun 2023 -67% | Sep 2023 -65% | Dec 2023 — | Mar 2024 — | Jun 2024 33% | Sep 2024 50% | Dec 2024 — | Mar 2025 — | Jun 2025 50% | Sep 2025 -44% | Dec 2025 -113% | Mar 2026 — | Jun 2026 —
- CERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -50% | Jun 2023 — | Sep 2023 -1,325% | Dec 2023 -233% | Mar 2024 -600% | Jun 2024 -360% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -186% | Mar 2026 -280% | Jun 2026 —
- SDGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -143% | Jun 2024 -1,450% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GDRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -103% | Sep 2022 — | Dec 2022 — | Mar 2023 -125% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -88% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 86% | Sep 2025 -75% | Dec 2025 -29% | Mar 2026 -91% | Jun 2026 —
- TALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -177% | Sep 2022 -1,000% | Dec 2022 -117% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 50% | Dec 2025 400% | Mar 2026 — | Jun 2026 —
- HSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 100% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 33% | Sep 2023 0.0% | Dec 2023 150% | Mar 2024 67% | Jun 2024 0.0% | Sep 2024 50% | Dec 2024 0.0% | Mar 2025 -20% | Jun 2025 25% | Sep 2025 0.0% | Dec 2025 -40% | Mar 2026 50% | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 24% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- NRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -20% | Dec 2022 -30% | Mar 2023 -22% | Jun 2023 -13% | Sep 2023 0.0% | Dec 2023 29% | Mar 2024 -14% | Jun 2024 -14% | Sep 2024 -25% | Dec 2024 -22% | Mar 2025 0.0% | Jun 2025 -100% | Sep 2025 -33% | Dec 2025 -71% | Mar 2026 -50% | Jun 2026 —
- EVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -467% | Mar 2023 — | Jun 2023 — | Sep 2023 -1,350% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -1,100% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TBRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -33% | Dec 2022 -40% | Mar 2023 -63% | Jun 2023 -200% | Sep 2023 -300% | Dec 2023 -1,500% | Mar 2024 -167% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CTEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -74% | Dec 2022 -2,700% | Mar 2023 -100% | Jun 2023 -357% | Sep 2023 -220% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 -67% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 100% | Mar 2024 0.0% | Jun 2024 -25% | Sep 2024 0.0% | Dec 2024 -100% | Mar 2025 -25% | Jun 2025 -2,333% | Sep 2025 -200% | Dec 2025 — | Mar 2026 67% | Jun 2026 —
- SPOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 150% | Sep 2023 33% | Dec 2023 -88% | Mar 2024 33% | Jun 2024 -40% | Sep 2024 0.0% | Dec 2024 33% | Mar 2025 25% | Jun 2025 67% | Sep 2025 -25% | Dec 2025 -25% | Mar 2026 -60% | Jun 2026 —
- LFMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -107% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Claritev Corporation reports $47 million of CAPEX; Claritev Corporation has the highest covered intensity at 19.2%. Coverage is only 28 of 29 companies and 453 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Claritev Corporation · $47 million | 113.6% versus #2 · BrightSpring Health Services, Inc. | 8/8 recent comparable periods | 28/29 companies · 453 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Claritev Corporation (CTEV): ₹47 Cr
2. BrightSpring Health Services, Inc. (BTSG): ₹22 Cr
3. Waystar Holding Corp. (WAY): ₹15 Cr
4. Omnicell, Inc. (OMCL): ₹12 Cr
5. Tempus AI, Inc. (TEM): ₹8 Cr

### CAPEX intensity — highest reinvestment intensity
1. Claritev Corporation (CTEV): 19%
2. NRC Health (NRC): 5.7%
3. Schrödinger, Inc. (SDGR): 5.1%
4. Waystar Holding Corp. (WAY): 4.8%
5. SOPHiA GENETICS SA (SOPH): 4.5%

### 20-quarter CAPEX history
- BTSG: Sep 2021 ₹14 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- HQY: Sep 2021 ₹4 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- TEM: Sep 2021 ₹5 Cr | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- TXG: Sep 2021 ₹20 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- DOCS: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRVA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- OMCL: Sep 2021 ₹7 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- TDOC: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- CERT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- SDGR: Sep 2021 ₹3 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- GDRX: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- TALK: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HSTM: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- PHR: Sep 2021 ₹1 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹4 Cr
- WEAV: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- NRC: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- SOPH: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- EVH: Sep 2021 ₹6 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- TBRG: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- CTEV: Sep 2021 ₹20 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹47 Cr | Jun 2026 —
- SLP: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- SPOK: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LFMD: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- BTSG: Sep 2021 0.8% | Dec 2021 0.9% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 1.0% | Dec 2022 0.9% | Mar 2023 0.9% | Jun 2023 1.0% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 0.8% | Dec 2024 0.5% | Mar 2025 0.6% | Jun 2025 0.8% | Sep 2025 0.5% | Dec 2025 1.1% | Mar 2026 0.6% | Jun 2026 —
- HQY: Sep 2021 2.1% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 0.5% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.4% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.0% | Jun 2026 0.0%
- TEM: Sep 2021 9.6% | Dec 2021 3.2% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.0% | Mar 2023 5.2% | Jun 2023 7.6% | Sep 2023 12% | Dec 2023 2.0% | Mar 2024 4.1% | Jun 2024 4.8% | Sep 2024 0.0% | Dec 2024 4.0% | Mar 2025 0.8% | Jun 2025 2.5% | Sep 2025 2.1% | Dec 2025 1.4% | Mar 2026 2.3% | Jun 2026 —
- TXG: Sep 2021 16% | Dec 2021 19% | Mar 2022 25% | Jun 2022 24% | Sep 2022 28% | Dec 2022 26% | Mar 2023 3.7% | Jun 2023 17% | Sep 2023 9.7% | Dec 2023 1.6% | Mar 2024 2.1% | Jun 2024 2.0% | Sep 2024 2.6% | Dec 2024 1.8% | Mar 2025 1.3% | Jun 2025 1.2% | Sep 2025 0.7% | Dec 2025 1.2% | Mar 2026 1.3% | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 2.9% | Jun 2022 2.9% | Sep 2022 2.8% | Dec 2022 1.6% | Mar 2023 2.6% | Jun 2023 2.6% | Sep 2023 3.0% | Dec 2023 2.9% | Mar 2024 2.7% | Jun 2024 3.0% | Sep 2024 3.8% | Dec 2024 2.5% | Mar 2025 2.0% | Jun 2025 2.2% | Sep 2025 2.2% | Dec 2025 3.0% | Mar 2026 4.8% | Jun 2026 —
- DOCS: Sep 2021 0.0% | Dec 2021 1.0% | Mar 2022 1.1% | Jun 2022 1.1% | Sep 2022 1.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PRVA: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.4% | Jun 2024 3.2% | Sep 2024 3.0% | Dec 2024 0.0% | Mar 2025 2.7% | Jun 2025 2.3% | Sep 2025 2.2% | Dec 2025 4.1% | Mar 2026 3.8% | Jun 2026 —
- OMCL: Sep 2021 2.4% | Dec 2021 3.5% | Mar 2022 3.4% | Jun 2022 3.0% | Sep 2022 3.7% | Dec 2022 4.7% | Mar 2023 3.4% | Jun 2023 4.0% | Sep 2023 3.7% | Dec 2023 3.5% | Mar 2024 3.7% | Jun 2024 3.6% | Sep 2024 3.2% | Dec 2024 2.9% | Mar 2025 4.1% | Jun 2025 4.1% | Sep 2025 3.2% | Dec 2025 2.5% | Mar 2026 3.9% | Jun 2026 —
- TDOC: Sep 2021 0.2% | Dec 2021 0.5% | Mar 2022 0.7% | Jun 2022 0.5% | Sep 2022 0.7% | Dec 2022 0.9% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.9% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.9% | Mar 2025 0.5% | Jun 2025 0.2% | Sep 2025 0.3% | Dec 2025 0.5% | Mar 2026 0.3% | Jun 2026 —
- CERT: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 1.2% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 1.1% | Mar 2024 1.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.9% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 1.0% | Mar 2026 0.9% | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 1.5% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- SDGR: Sep 2021 10% | Dec 2021 2.2% | Mar 2022 4.1% | Jun 2022 5.3% | Sep 2022 8.1% | Dec 2022 1.8% | Mar 2023 6.2% | Jun 2023 5.7% | Sep 2023 12% | Dec 2023 2.7% | Mar 2024 11% | Jun 2024 2.1% | Sep 2024 2.9% | Dec 2024 1.1% | Mar 2025 1.7% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 5.1% | Jun 2026 —
- GDRX: Sep 2021 0.5% | Dec 2021 0.5% | Mar 2022 1.0% | Jun 2022 0.5% | Sep 2022 0.5% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 1.0% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 —
- TALK: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HSTM: Sep 2021 0.0% | Dec 2021 1.6% | Mar 2022 1.5% | Jun 2022 1.5% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 1.4% | Jun 2023 1.4% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 1.4% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 1.4% | Jun 2025 2.7% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 1.2% | Jun 2026 —
- PHR: Sep 2021 2.0% | Dec 2021 21% | Mar 2022 3.4% | Jun 2022 3.2% | Sep 2022 1.5% | Dec 2022 1.4% | Mar 2023 1.3% | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 1.1% | Mar 2024 2.1% | Jun 2024 1.0% | Sep 2024 3.9% | Dec 2024 0.9% | Mar 2025 2.7% | Jun 2025 3.4% | Sep 2025 1.7% | Dec 2025 2.5% | Mar 2026 2.4% | Jun 2026 3.1%
- WEAV: Sep 2021 6.7% | Dec 2021 6.3% | Mar 2022 3.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 2.6% | Mar 2023 2.5% | Jun 2023 0.0% | Sep 2023 2.3% | Dec 2023 0.0% | Mar 2024 2.1% | Jun 2024 2.0% | Sep 2024 1.9% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 1.7% | Sep 2025 0.0% | Dec 2025 1.6% | Mar 2026 1.5% | Jun 2026 —
- NRC: Sep 2021 2.6% | Dec 2021 5.3% | Mar 2022 7.9% | Jun 2022 2.7% | Sep 2022 11% | Dec 2022 5.3% | Mar 2023 8.3% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 14% | Sep 2024 5.6% | Dec 2024 11% | Mar 2025 8.8% | Jun 2025 8.8% | Sep 2025 11% | Dec 2025 2.9% | Mar 2026 5.7% | Jun 2026 —
- SOPH: Sep 2021 10% | Dec 2021 0.0% | Mar 2022 9.1% | Jun 2022 8.3% | Sep 2022 8.3% | Dec 2022 15% | Mar 2023 7.1% | Jun 2023 6.7% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 4.5% | Jun 2026 —
- EVH: Sep 2021 2.7% | Dec 2021 2.8% | Mar 2022 3.0% | Jun 2022 2.8% | Sep 2022 2.8% | Dec 2022 2.9% | Mar 2023 2.1% | Jun 2023 1.5% | Sep 2023 1.4% | Dec 2023 1.1% | Mar 2024 0.8% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 0.9% | Mar 2025 1.9% | Jun 2025 2.0% | Sep 2025 1.9% | Dec 2025 1.7% | Mar 2026 1.2% | Jun 2026 —
- TBRG: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 1.2% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 1.2% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 1.2% | Jun 2026 —
- CTEV: Sep 2021 6.9% | Dec 2021 9.1% | Mar 2022 8.1% | Jun 2022 6.6% | Sep 2022 8.4% | Dec 2022 11% | Mar 2023 9.7% | Jun 2023 13% | Sep 2023 9.1% | Dec 2023 13% | Mar 2024 13% | Jun 2024 11% | Sep 2024 14% | Dec 2024 13% | Mar 2025 17% | Jun 2025 10% | Sep 2025 15% | Dec 2025 12% | Mar 2026 19% | Jun 2026 —
- SLP: Sep 2021 10% | Dec 2021 8.3% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- SPOK: Sep 2021 2.8% | Dec 2021 2.9% | Mar 2022 2.9% | Jun 2022 2.9% | Sep 2022 2.9% | Dec 2022 6.1% | Mar 2023 3.0% | Jun 2023 2.8% | Sep 2023 2.9% | Dec 2023 2.9% | Mar 2024 2.9% | Jun 2024 2.9% | Sep 2024 2.9% | Dec 2024 2.9% | Mar 2025 2.8% | Jun 2025 2.8% | Sep 2025 2.9% | Dec 2025 2.9% | Mar 2026 3.0% | Jun 2026 —
- LFMD: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 2.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 1.6% | Sep 2025 1.7% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Veeva Systems Inc. has the clearest covered balance-sheet capacity with $7,210 million net cash and gross debt of $103 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Omada Health, Inc. · $0 million | null versus #2 · Simulations Plus, Inc. | 8/8 recent comparable periods | 29/29 companies · 509 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Omada Health, Inc. (OMDA): ₹0 Cr
2. Simulations Plus, Inc. (SLP): ₹0 Cr
3. Talkspace, Inc. (TALK): ₹0 Cr
4. LifeMD, Inc. (LFMD): ₹6 Cr
5. Spok Holdings, Inc. (SPOK): ₹6 Cr

### Net debt — lowest net debt
1. Veeva Systems Inc. (VEEV): ₹-7.2K Cr
2. Doximity, Inc. (DOCS): ₹-739 Cr
3. 10x Genomics, Inc. (TXG): ₹-459 Cr
4. Privia Health Group, Inc. (PRVA): ₹-411 Cr
5. Hinge Health, Inc. (HNGE): ₹-309 Cr

### 20-quarter Gross debt history
- VEEV: Sep 2021 ₹59 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹72 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹96 Cr | Jun 2026 ₹103 Cr
- BTSG: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- HQY: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹998 Cr | Mar 2023 ₹994 Cr | Jun 2023 ₹942 Cr | Sep 2023 ₹936 Cr | Dec 2023 ₹935 Cr | Mar 2024 ₹933 Cr | Jun 2024 ₹984 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹985 Cr
- TEM: Sep 2021 ₹244 Cr | Dec 2021 ₹239 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹396 Cr | Dec 2022 ₹433 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹459 Cr | Dec 2023 ₹488 Cr | Mar 2024 ₹485 Cr | Jun 2024 ₹476 Cr | Sep 2024 ₹472 Cr | Dec 2024 ₹468 Cr | Mar 2025 ₹858 Cr | Jun 2025 ₹853 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- TXG: Sep 2021 ₹80 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- WAY: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- DOCS: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- PRVA: Sep 2021 ₹43 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹161 Cr | Dec 2023 ₹161 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹160 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹205 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- OMCL: Sep 2021 ₹523 Cr | Dec 2021 ₹528 Cr | Mar 2022 ₹602 Cr | Jun 2022 ₹608 Cr | Sep 2022 ₹608 Cr | Dec 2022 ₹606 Cr | Mar 2023 ₹604 Cr | Jun 2023 ₹604 Cr | Sep 2023 ₹602 Cr | Dec 2023 ₹604 Cr | Mar 2024 ₹605 Cr | Jun 2024 ₹605 Cr | Sep 2024 ₹604 Cr | Dec 2024 ₹372 Cr | Mar 2025 ₹374 Cr | Jun 2025 ₹373 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹192 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- TDOC: Sep 2021 ₹1.3K Cr | Dec 2021 ₹91 Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- CERT: Sep 2021 ₹296 Cr | Dec 2021 ₹308 Cr | Mar 2022 ₹309 Cr | Jun 2022 ₹307 Cr | Sep 2022 ₹305 Cr | Dec 2022 ₹303 Cr | Mar 2023 ₹307 Cr | Jun 2023 ₹300 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹298 Cr | Mar 2024 ₹302 Cr | Jun 2024 ₹308 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹305 Cr | Jun 2025 ₹304 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹302 Cr | Mar 2026 ₹300 Cr | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹31 Cr | Dec 2022 ₹31 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹30 Cr | Dec 2023 ₹30 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹30 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- SDGR: Sep 2021 ₹79 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹95 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹116 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- GDRX: Sep 2021 ₹702 Cr | Dec 2021 ₹702 Cr | Mar 2022 ₹700 Cr | Jun 2022 ₹700 Cr | Sep 2022 ₹698 Cr | Dec 2022 ₹717 Cr | Mar 2023 ₹716 Cr | Jun 2023 ₹714 Cr | Sep 2023 ₹711 Cr | Dec 2023 ₹711 Cr | Mar 2024 ₹710 Cr | Jun 2024 ₹707 Cr | Sep 2024 ₹545 Cr | Dec 2024 ₹543 Cr | Mar 2025 ₹541 Cr | Jun 2025 ₹548 Cr | Sep 2025 ₹545 Cr | Dec 2025 ₹543 Cr | Mar 2026 ₹541 Cr | Jun 2026 —
- TALK: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- HSTM: Sep 2021 ₹27 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- PHR: Sep 2021 ₹13 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹102 Cr | Jun 2026 ₹93 Cr
- WEAV: Sep 2021 ₹26 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- NRC: Sep 2021 ₹28 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- SOPH: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- EVH: Sep 2021 ₹302 Cr | Dec 2021 ₹280 Cr | Mar 2022 ₹345 Cr | Jun 2022 ₹348 Cr | Sep 2022 ₹477 Cr | Dec 2022 ₹476 Cr | Mar 2023 ₹691 Cr | Jun 2023 ₹696 Cr | Sep 2023 ₹654 Cr | Dec 2023 ₹645 Cr | Mar 2024 ₹643 Cr | Jun 2024 ₹636 Cr | Sep 2024 ₹635 Cr | Dec 2024 ₹714 Cr | Mar 2025 ₹870 Cr | Jun 2025 ₹853 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹990 Cr | Mar 2026 ₹985 Cr | Jun 2026 —
- TBRG: Sep 2021 ₹121 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹148 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹148 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹179 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹167 Cr | Jun 2026 —
- CTEV: Sep 2021 ₹7 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- SLP: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹0 Cr
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹17 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- SPOK: Sep 2021 ₹18 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- LFMD: Sep 2021 ₹11 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

### 20-quarter Net debt history
- VEEV: Sep 2021 ₹-2.2K Cr | Dec 2021 ₹-2.3K Cr | Mar 2022 ₹-2.3K Cr | Jun 2022 ₹-2.8K Cr | Sep 2022 ₹-2.9K Cr | Dec 2022 ₹-3.0K Cr | Mar 2023 ₹-3.0K Cr | Jun 2023 ₹-3.6K Cr | Sep 2023 ₹-3.8K Cr | Dec 2023 ₹-3.9K Cr | Mar 2024 ₹-4.0K Cr | Jun 2024 ₹-4.7K Cr | Sep 2024 ₹-4.8K Cr | Dec 2024 ₹-5.0K Cr | Mar 2025 ₹-5.1K Cr | Jun 2025 ₹-6.0K Cr | Sep 2025 ₹-6.3K Cr | Dec 2025 ₹-6.5K Cr | Mar 2026 ₹-6.5K Cr | Jun 2026 ₹-7.2K Cr
- BTSG: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- HQY: Sep 2021 ₹303 Cr | Dec 2021 ₹362 Cr | Mar 2022 ₹783 Cr | Jun 2022 ₹845 Cr | Sep 2022 ₹825 Cr | Dec 2022 ₹788 Cr | Mar 2023 ₹740 Cr | Jun 2023 ₹716 Cr | Sep 2023 ₹646 Cr | Dec 2023 ₹601 Cr | Mar 2024 ₹529 Cr | Jun 2024 ₹733 Cr | Sep 2024 ₹830 Cr | Dec 2024 ₹813 Cr | Mar 2025 ₹813 Cr | Jun 2025 ₹819 Cr | Sep 2025 ₹751 Cr | Dec 2025 ₹719 Cr | Mar 2026 ₹682 Cr | Jun 2026 ₹720 Cr
- TEM: Sep 2021 ₹-101 Cr | Dec 2021 ₹-39 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹27 Cr | Dec 2022 ₹130 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹326 Cr | Dec 2023 ₹290 Cr | Mar 2024 ₹390 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹639 Cr | Jun 2025 ₹562 Cr | Sep 2025 ₹576 Cr | Dec 2025 ₹572 Cr | Mar 2026 ₹680 Cr | Jun 2026 —
- TXG: Sep 2021 ₹-520 Cr | Dec 2021 ₹-506 Cr | Mar 2022 ₹-438 Cr | Jun 2022 ₹-401 Cr | Sep 2022 ₹-357 Cr | Dec 2022 ₹-338 Cr | Mar 2023 ₹-319 Cr | Jun 2023 ₹-293 Cr | Sep 2023 ₹-259 Cr | Dec 2023 ₹-294 Cr | Mar 2024 ₹-280 Cr | Jun 2024 ₹-291 Cr | Sep 2024 ₹-312 Cr | Dec 2024 ₹-310 Cr | Mar 2025 ₹-347 Cr | Jun 2025 ₹-360 Cr | Sep 2025 ₹-395 Cr | Dec 2025 ₹-439 Cr | Mar 2026 ₹-459 Cr | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-407 Cr | Dec 2023 ₹-407 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-456 Cr | Dec 2024 ₹-456 Cr | Mar 2025 ₹-461 Cr | Jun 2025 ₹-403 Cr | Sep 2025 ₹-471 Cr | Dec 2025 ₹-356 Cr | Mar 2026 ₹-309 Cr | Jun 2026 —
- WAY: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹914 Cr | Sep 2025 ₹834 Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- DOCS: Sep 2021 ₹-742 Cr | Dec 2021 ₹-764 Cr | Mar 2022 ₹-797 Cr | Jun 2022 ₹-764 Cr | Sep 2022 ₹-734 Cr | Dec 2022 ₹-785 Cr | Mar 2023 ₹-825 Cr | Jun 2023 ₹-857 Cr | Sep 2023 ₹-715 Cr | Dec 2023 ₹-695 Cr | Mar 2024 ₹-748 Cr | Jun 2024 ₹-736 Cr | Sep 2024 ₹-793 Cr | Dec 2024 ₹-832 Cr | Mar 2025 ₹-904 Cr | Jun 2025 ₹-829 Cr | Sep 2025 ₹-867 Cr | Dec 2025 ₹-724 Cr | Mar 2026 ₹-739 Cr | Jun 2026 —
- PRVA: Sep 2021 ₹-319 Cr | Dec 2021 ₹-275 Cr | Mar 2022 ₹-270 Cr | Jun 2022 ₹-279 Cr | Sep 2022 ₹-305 Cr | Dec 2022 ₹-336 Cr | Mar 2023 ₹-300 Cr | Jun 2023 ₹-308 Cr | Sep 2023 ₹-321 Cr | Dec 2023 ₹-382 Cr | Mar 2024 ₹-343 Cr | Jun 2024 ₹-380 Cr | Sep 2024 ₹-416 Cr | Dec 2024 ₹-485 Cr | Mar 2025 ₹-464 Cr | Jun 2025 ₹-383 Cr | Sep 2025 ₹-435 Cr | Dec 2025 ₹-470 Cr | Mar 2026 ₹-411 Cr | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹38 Cr | Dec 2023 ₹38 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹109 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹-269 Cr | Dec 2025 ₹-155 Cr | Mar 2026 ₹-132 Cr | Jun 2026 —
- OMCL: Sep 2021 ₹41 Cr | Dec 2021 ₹179 Cr | Mar 2022 ₹337 Cr | Jun 2022 ₹363 Cr | Sep 2022 ₹342 Cr | Dec 2022 ₹276 Cr | Mar 2023 ₹264 Cr | Jun 2023 ₹205 Cr | Sep 2023 ₹155 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-48 Cr | Jun 2026 —
- TDOC: Sep 2021 ₹441 Cr | Dec 2021 ₹-805 Cr | Mar 2022 ₹747 Cr | Jun 2022 ₹-814 Cr | Sep 2022 ₹686 Cr | Dec 2022 ₹655 Cr | Mar 2023 ₹694 Cr | Jun 2023 ₹615 Cr | Sep 2023 ₹541 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹482 Cr | Jun 2024 ₹416 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹384 Cr | Jun 2025 ₹345 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹277 Cr | Jun 2026 —
- CERT: Sep 2021 ₹-121 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹128 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹151 Cr | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-85 Cr | Dec 2022 ₹-85 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-46 Cr | Dec 2023 ₹-46 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-46 Cr | Dec 2024 ₹-46 Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹-193 Cr | Sep 2025 ₹-199 Cr | Dec 2025 ₹-222 Cr | Mar 2026 ₹-212 Cr | Jun 2026 —
- SDGR: Sep 2021 ₹-521 Cr | Dec 2021 ₹-499 Cr | Mar 2022 ₹-447 Cr | Jun 2022 ₹-418 Cr | Sep 2022 ₹-383 Cr | Dec 2022 ₹-340 Cr | Mar 2023 ₹-416 Cr | Jun 2023 ₹-433 Cr | Sep 2023 ₹-374 Cr | Dec 2023 ₹-341 Cr | Mar 2024 ₹-310 Cr | Jun 2024 ₹-258 Cr | Sep 2024 ₹-278 Cr | Dec 2024 ₹-249 Cr | Mar 2025 ₹-396 Cr | Jun 2025 ₹-348 Cr | Sep 2025 ₹-290 Cr | Dec 2025 ₹-293 Cr | Mar 2026 ₹-299 Cr | Jun 2026 —
- GDRX: Sep 2021 ₹-210 Cr | Dec 2021 ₹-239 Cr | Mar 2022 ₹-145 Cr | Jun 2022 ₹-31 Cr | Sep 2022 ₹-31 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹-48 Cr | Sep 2023 ₹-84 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹305 Cr | Jun 2026 —
- TALK: Sep 2021 ₹-223 Cr | Dec 2021 ₹-198 Cr | Mar 2022 ₹-184 Cr | Jun 2022 ₹-167 Cr | Sep 2022 ₹-153 Cr | Dec 2022 ₹-139 Cr | Mar 2023 ₹-125 Cr | Jun 2023 ₹-126 Cr | Sep 2023 ₹-125 Cr | Dec 2023 ₹-124 Cr | Mar 2024 ₹-120 Cr | Jun 2024 ₹-115 Cr | Sep 2024 ₹-119 Cr | Dec 2024 ₹-118 Cr | Mar 2025 ₹-108 Cr | Jun 2025 ₹-103 Cr | Sep 2025 ₹-92 Cr | Dec 2025 ₹-93 Cr | Mar 2026 ₹-84 Cr | Jun 2026 —
- HSTM: Sep 2021 ₹-34 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹-36 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹-51 Cr | Dec 2023 ₹-51 Cr | Mar 2024 ₹-65 Cr | Jun 2024 ₹-64 Cr | Sep 2024 ₹-77 Cr | Dec 2024 ₹-80 Cr | Mar 2025 ₹-96 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-78 Cr | Dec 2025 ₹-42 Cr | Mar 2026 ₹-52 Cr | Jun 2026 —
- PHR: Sep 2021 ₹-427 Cr | Dec 2021 ₹-388 Cr | Mar 2022 ₹-298 Cr | Jun 2022 ₹-255 Cr | Sep 2022 ₹-228 Cr | Dec 2022 ₹-199 Cr | Mar 2023 ₹-168 Cr | Jun 2023 ₹-135 Cr | Sep 2023 ₹-112 Cr | Dec 2023 ₹-89 Cr | Mar 2024 ₹-76 Cr | Jun 2024 ₹-62 Cr | Sep 2024 ₹-65 Cr | Dec 2024 ₹-61 Cr | Mar 2025 ₹-66 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-85 Cr | Dec 2025 ₹-96 Cr | Mar 2026 ₹28 Cr | Jun 2026 ₹18 Cr
- WEAV: Sep 2021 ₹-14 Cr | Dec 2021 ₹-111 Cr | Mar 2022 ₹-52 Cr | Jun 2022 ₹-48 Cr | Sep 2022 ₹-44 Cr | Dec 2022 ₹-39 Cr | Mar 2023 ₹-40 Cr | Jun 2023 ₹-39 Cr | Sep 2023 ₹-47 Cr | Dec 2023 ₹-49 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-41 Cr | Sep 2024 ₹-41 Cr | Dec 2024 ₹-43 Cr | Mar 2025 ₹-43 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-30 Cr | Mar 2026 ₹-22 Cr | Jun 2026 —
- NRC: Sep 2021 ₹-24 Cr | Dec 2021 ₹-27 Cr | Mar 2022 ₹-22 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- SOPH: Sep 2021 ₹-268 Cr | Dec 2021 ₹-252 Cr | Mar 2022 ₹-231 Cr | Jun 2022 ₹-200 Cr | Sep 2022 ₹-173 Cr | Dec 2022 ₹-162 Cr | Mar 2023 ₹-144 Cr | Jun 2023 ₹-129 Cr | Sep 2023 ₹-115 Cr | Dec 2023 ₹-104 Cr | Mar 2024 ₹-87 Cr | Jun 2024 ₹-75 Cr | Sep 2024 ₹-64 Cr | Dec 2024 ₹-50 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-31 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- EVH: Sep 2021 ₹33 Cr | Dec 2021 ₹-62 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹295 Cr | Dec 2022 ₹273 Cr | Mar 2023 ₹512 Cr | Jun 2023 ₹506 Cr | Sep 2023 ₹446 Cr | Dec 2023 ₹438 Cr | Mar 2024 ₹426 Cr | Jun 2024 ₹515 Cr | Sep 2024 ₹522 Cr | Dec 2024 ₹551 Cr | Mar 2025 ₹607 Cr | Jun 2025 ₹678 Cr | Sep 2025 ₹942 Cr | Dec 2025 ₹812 Cr | Mar 2026 ₹819 Cr | Jun 2026 —
- TBRG: Sep 2021 ₹104 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹144 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹156 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹132 Cr | Jun 2026 —
- CTEV: Sep 2021 ₹-218 Cr | Dec 2021 ₹-165 Cr | Mar 2022 ₹-331 Cr | Jun 2022 ₹-334 Cr | Sep 2022 ₹-419 Cr | Dec 2022 ₹-314 Cr | Mar 2023 ₹-247 Cr | Jun 2023 ₹-71 Cr | Sep 2023 ₹-83 Cr | Dec 2023 ₹-54 Cr | Mar 2024 ₹-41 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-69 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-37 Cr | Sep 2025 ₹-19 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹-1 Cr | Jun 2026 —
- SLP: Sep 2021 ₹-123 Cr | Dec 2021 ₹-123 Cr | Mar 2022 ₹-123 Cr | Jun 2022 ₹-120 Cr | Sep 2022 ₹-127 Cr | Dec 2022 ₹-131 Cr | Mar 2023 ₹-114 Cr | Jun 2023 ₹-121 Cr | Sep 2023 ₹-114 Cr | Dec 2023 ₹-113 Cr | Mar 2024 ₹-108 Cr | Jun 2024 ₹-118 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-20 Cr | Jun 2025 ₹-27 Cr | Sep 2025 ₹-31 Cr | Dec 2025 ₹-35 Cr | Mar 2026 ₹-41 Cr | Jun 2026 ₹-50 Cr
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-23 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹-27 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-97 Cr | Dec 2025 ₹-93 Cr | Mar 2026 ₹-80 Cr | Jun 2026 —
- SPOK: Sep 2021 ₹-49 Cr | Dec 2021 ₹-43 Cr | Mar 2022 ₹-30 Cr | Jun 2022 ₹-19 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹-21 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- LFMD: Sep 2021 ₹2 Cr | Dec 2021 ₹-39 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-31 Cr | Mar 2026 ₹-28 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Hinge Health, Inc. leads ROCE at 8.4%, 2.6 percentage points above NRC Health. Simulations Plus, Inc. has the strongest latest improvement at +52 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Hinge Health, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Hinge Health, Inc. · 8.4% | 44.8% versus #2 · NRC Health | 3/5 recent comparable periods | 29/29 companies · 510 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Hinge Health, Inc. (HNGE): 8.4%
2. NRC Health (NRC): 5.8%
3. Veeva Systems Inc. (VEEV): 4.0%
4. Simulations Plus, Inc. (SLP): 3.4%
5. HealthEquity, Inc. (HQY): 3.2%

### ROCE change — fastest improvers
1. Simulations Plus, Inc. (SLP): +52.0 pp
2. Omada Health, Inc. (OMDA): +15.4 pp
3. HeartFlow, Inc. (HTFL): +11.6 pp
4. Carlsmed, Inc. (CARL): +11.4 pp
5. Tempus AI, Inc. (TEM): +3.8 pp

### 20-quarter ROCE history
- VEEV: Sep 2021 — | Dec 2021 5.3% | Mar 2022 4.5% | Jun 2022 4.5% | Sep 2022 3.4% | Dec 2022 3.8% | Mar 2023 3.2% | Jun 2023 1.7% | Sep 2023 2.8% | Dec 2023 3.2% | Mar 2024 3.2% | Jun 2024 3.5% | Sep 2024 3.5% | Dec 2024 6.0% | Mar 2025 -2.9% | Jun 2025 4.1% | Sep 2025 3.3% | Dec 2025 5.7% | Mar 2026 -2.3% | Jun 2026 4.0%
- BTSG: Sep 2021 1.6% | Dec 2021 1.5% | Mar 2022 2.6% | Jun 2022 3.0% | Sep 2022 0.8% | Dec 2022 0.5% | Mar 2023 2.3% | Jun 2023 3.5% | Sep 2023 -1.2% | Dec 2023 1.6% | Mar 2024 -0.3% | Jun 2024 0.9% | Sep 2024 0.6% | Dec 2024 1.3% | Mar 2025 1.2% | Jun 2025 1.1% | Sep 2025 1.9% | Dec 2025 2.4% | Mar 2026 2.7% | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 0.0% | Mar 2022 -1.0% | Jun 2022 -0.2% | Sep 2022 -0.1% | Dec 2022 0.2% | Mar 2023 0.4% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 1.0% | Mar 2024 1.3% | Jun 2024 1.4% | Sep 2024 1.9% | Dec 2024 0.6% | Mar 2025 1.3% | Jun 2025 2.6% | Sep 2025 2.7% | Dec 2025 2.4% | Mar 2026 2.2% | Jun 2026 3.2%
- TEM: Sep 2021 -12% | Dec 2021 -10% | Mar 2022 -30% | Jun 2022 -26% | Sep 2022 -13% | Dec 2022 -13% | Mar 2023 — | Jun 2023 — | Sep 2023 -11% | Dec 2023 -13% | Mar 2024 -41% | Jun 2024 -156% | Sep 2024 -11% | Dec 2024 -11% | Mar 2025 -9.4% | Jun 2025 -6.5% | Sep 2025 -4.6% | Dec 2025 -4.8% | Mar 2026 -5.6% | Jun 2026 —
- TXG: Sep 2021 -1.8% | Dec 2021 -1.8% | Mar 2022 -4.8% | Jun 2022 -7.2% | Sep 2022 -4.5% | Dec 2022 -2.6% | Mar 2023 -5.7% | Jun 2023 -7.1% | Sep 2023 -11% | Dec 2023 -6.4% | Mar 2024 -7.2% | Jun 2024 -4.9% | Sep 2024 -5.0% | Dec 2024 -6.1% | Mar 2025 -4.9% | Jun 2025 3.6% | Sep 2025 -3.8% | Dec 2025 -2.3% | Mar 2026 -2.0% | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -5.1% | Dec 2023 -7.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -0.9% | Dec 2024 9.7% | Mar 2025 5.9% | Jun 2025 -306% | Sep 2025 -1.5% | Dec 2025 6.8% | Mar 2026 8.4% | Jun 2026 —
- WAY: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 — | Jun 2022 — | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 1.5% | Jun 2023 1.6% | Sep 2023 0.7% | Dec 2023 0.8% | Mar 2024 0.8% | Jun 2024 0.2% | Sep 2024 0.6% | Dec 2024 1.2% | Mar 2025 1.5% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.2% | Mar 2026 1.6% | Jun 2026 —
- DOCS: Sep 2021 6.5% | Dec 2021 7.4% | Mar 2022 5.4% | Jun 2022 2.6% | Sep 2022 3.8% | Dec 2022 4.3% | Mar 2023 3.5% | Jun 2023 3.0% | Sep 2023 3.7% | Dec 2023 6.3% | Mar 2024 4.3% | Jun 2024 4.7% | Sep 2024 5.6% | Dec 2024 8.2% | Mar 2025 4.8% | Jun 2025 5.5% | Sep 2025 6.1% | Dec 2025 7.0% | Mar 2026 2.4% | Jun 2026 —
- PRVA: Sep 2021 -4.1% | Dec 2021 -5.7% | Mar 2022 -3.3% | Jun 2022 -1.2% | Sep 2022 -1.0% | Dec 2022 0.4% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.0% | Dec 2023 0.2% | Mar 2024 0.1% | Jun 2024 0.8% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.5% | Sep 2025 2.0% | Dec 2025 1.5% | Mar 2026 1.0% | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -13% | Dec 2024 -14% | Mar 2025 -25% | Jun 2025 -22% | Sep 2025 -7.3% | Dec 2025 -8.8% | Mar 2026 -13% | Jun 2026 —
- OMCL: Sep 2021 1.8% | Dec 2021 0.9% | Mar 2022 0.4% | Jun 2022 0.7% | Sep 2022 1.1% | Dec 2022 -2.5% | Mar 2023 -1.5% | Jun 2023 0.4% | Sep 2023 0.2% | Dec 2023 -1.3% | Mar 2024 -1.2% | Jun 2024 0.2% | Sep 2024 0.4% | Dec 2024 0.7% | Mar 2025 -0.7% | Jun 2025 0.5% | Sep 2025 0.6% | Dec 2025 0.0% | Mar 2026 1.1% | Jun 2026 —
- TDOC: Sep 2021 -0.6% | Dec 2021 0.1% | Mar 2022 -48% | Jun 2022 -25% | Sep 2022 -0.6% | Dec 2022 -35% | Mar 2023 -1.0% | Jun 2023 -1.2% | Sep 2023 -1.1% | Dec 2023 -0.9% | Mar 2024 -2.2% | Jun 2024 -26% | Sep 2024 -1.4% | Dec 2024 -1.5% | Mar 2025 -3.8% | Jun 2025 -2.1% | Sep 2025 -2.0% | Dec 2025 -1.4% | Mar 2026 -2.5% | Jun 2026 —
- CERT: Sep 2021 -0.1% | Dec 2021 0.3% | Mar 2022 0.5% | Jun 2022 0.3% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.5% | Jun 2023 0.9% | Sep 2023 -3.7% | Dec 2023 -0.6% | Mar 2024 -0.1% | Jun 2024 -0.6% | Sep 2024 0.2% | Dec 2024 0.4% | Mar 2025 0.5% | Jun 2025 0.7% | Sep 2025 0.2% | Dec 2025 0.1% | Mar 2026 -0.3% | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -8.8% | Dec 2024 -7.3% | Mar 2025 -18% | Jun 2025 -3.5% | Sep 2025 -1.6% | Dec 2025 2.0% | Mar 2026 -2.9% | Jun 2026 —
- SDGR: Sep 2021 -5.2% | Dec 2021 -3.4% | Mar 2022 -4.4% | Jun 2022 -7.0% | Sep 2022 -7.3% | Dec 2022 -4.6% | Mar 2023 -4.5% | Jun 2023 -9.1% | Sep 2023 -8.9% | Dec 2023 -4.7% | Mar 2024 -10% | Jun 2024 -8.0% | Sep 2024 -11% | Dec 2024 -3.2% | Mar 2025 -8.4% | Jun 2025 -9.4% | Sep 2025 -8.6% | Dec 2025 -2.9% | Mar 2026 -9.4% | Jun 2026 —
- GDRX: Sep 2021 0.5% | Dec 2021 0.8% | Mar 2022 1.4% | Jun 2022 -0.3% | Sep 2022 -1.0% | Dec 2022 0.1% | Mar 2023 0.7% | Jun 2023 1.2% | Sep 2023 -2.5% | Dec 2023 -1.2% | Mar 2024 0.5% | Jun 2024 1.3% | Sep 2024 1.4% | Dec 2024 1.3% | Mar 2025 1.8% | Jun 2025 2.1% | Sep 2025 1.2% | Dec 2025 1.9% | Mar 2026 1.2% | Jun 2026 —
- TALK: Sep 2021 -8.0% | Dec 2021 153% | Mar 2022 -7.2% | Jun 2022 -10% | Sep 2022 -11% | Dec 2022 -13% | Mar 2023 -6.0% | Jun 2023 -4.5% | Sep 2023 -3.9% | Dec 2023 -2.1% | Mar 2024 -1.4% | Jun 2024 -2.9% | Sep 2024 0.1% | Dec 2024 0.5% | Mar 2025 -0.9% | Jun 2025 -1.6% | Sep 2025 1.9% | Dec 2025 3.2% | Mar 2026 -6.2% | Jun 2026 —
- HSTM: Sep 2021 0.5% | Dec 2021 -0.1% | Mar 2022 1.1% | Jun 2022 0.8% | Sep 2022 0.6% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 1.1% | Sep 2023 1.3% | Dec 2023 1.1% | Mar 2024 1.5% | Jun 2024 1.1% | Sep 2024 1.7% | Dec 2024 1.2% | Mar 2025 1.1% | Jun 2025 1.5% | Sep 2025 1.9% | Dec 2025 0.6% | Mar 2026 1.9% | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 -9.4% | Mar 2022 -13% | Jun 2022 -11% | Sep 2022 -11% | Dec 2022 -10% | Mar 2023 -11% | Jun 2023 -12% | Sep 2023 -12% | Dec 2023 -11% | Mar 2024 26% | Jun 2024 -7.3% | Sep 2024 -6.7% | Dec 2024 -5.1% | Mar 2025 32% | Jun 2025 -1.2% | Sep 2025 -0.5% | Dec 2025 1.3% | Mar 2026 25% | Jun 2026 1.7%
- WEAV: Sep 2021 -33% | Dec 2021 -15% | Mar 2022 -13% | Jun 2022 -15% | Sep 2022 -14% | Dec 2022 -7.2% | Mar 2023 -5.5% | Jun 2023 -6.8% | Sep 2023 -5.8% | Dec 2023 -6.0% | Mar 2024 -6.2% | Jun 2024 -7.3% | Sep 2024 -5.2% | Dec 2024 -6.1% | Mar 2025 -7.9% | Jun 2025 -8.5% | Sep 2025 -7.5% | Dec 2025 -1.8% | Mar 2026 -5.1% | Jun 2026 —
- NRC: Sep 2021 12% | Dec 2021 12% | Mar 2022 11% | Jun 2022 11% | Sep 2022 11% | Dec 2022 11% | Mar 2023 8.6% | Jun 2023 9.5% | Sep 2023 12% | Dec 2023 13% | Mar 2024 10% | Jun 2024 10% | Sep 2024 9.6% | Dec 2024 11% | Mar 2025 10% | Jun 2025 1.8% | Sep 2025 8.4% | Dec 2025 4.8% | Mar 2026 5.8% | Jun 2026 —
- SOPH: Sep 2021 -9.8% | Dec 2021 -10% | Mar 2022 -14% | Jun 2022 -15% | Sep 2022 -8.9% | Dec 2022 -5.9% | Mar 2023 -8.2% | Jun 2023 -9.2% | Sep 2023 -8.3% | Dec 2023 -9.8% | Mar 2024 -11% | Jun 2024 -8.7% | Sep 2024 -9.5% | Dec 2024 -12% | Mar 2025 -12% | Jun 2025 -13% | Sep 2025 -13% | Dec 2025 -15% | Mar 2026 -15% | Jun 2026 —
- EVH: Sep 2021 -0.7% | Dec 2021 -1.3% | Mar 2022 -0.3% | Jun 2022 -0.5% | Sep 2022 1.1% | Dec 2022 -0.2% | Mar 2023 -0.7% | Jun 2023 -1.4% | Sep 2023 -1.0% | Dec 2023 -1.3% | Mar 2024 -0.7% | Jun 2024 0.4% | Sep 2024 -0.8% | Dec 2024 -1.0% | Mar 2025 -0.1% | Jun 2025 -0.1% | Sep 2025 0.0% | Dec 2025 -24% | Mar 2026 -0.6% | Jun 2026 —
- TBRG: Sep 2021 1.4% | Dec 2021 2.4% | Mar 2022 2.6% | Jun 2022 1.2% | Sep 2022 1.3% | Dec 2022 1.2% | Mar 2023 1.6% | Jun 2023 -0.5% | Sep 2023 -1.4% | Dec 2023 -11% | Mar 2024 -0.2% | Jun 2024 -0.6% | Sep 2024 0.8% | Dec 2024 1.7% | Mar 2025 2.3% | Jun 2025 1.0% | Sep 2025 1.2% | Dec 2025 1.5% | Mar 2026 0.9% | Jun 2026 —
- CTEV: Sep 2021 2.3% | Dec 2021 1.3% | Mar 2022 1.4% | Jun 2022 1.2% | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.6% | Mar 2024 -7.4% | Jun 2024 -8.3% | Sep 2024 -5.6% | Dec 2024 -0.7% | Mar 2025 0.2% | Jun 2025 0.3% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.1% | Jun 2026 —
- SLP: Sep 2021 0.1% | Dec 2021 2.3% | Mar 2022 3.2% | Jun 2022 2.8% | Sep 2022 0.4% | Dec 2022 0.5% | Mar 2023 2.4% | Jun 2023 2.3% | Sep 2023 -0.2% | Dec 2023 0.5% | Mar 2024 2.6% | Jun 2024 1.1% | Sep 2024 -0.6% | Dec 2024 0.1% | Mar 2025 1.5% | Jun 2025 -49% | Sep 2025 0.4% | Dec 2025 0.5% | Mar 2026 3.5% | Jun 2026 3.4%
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -63% | Dec 2023 -83% | Mar 2024 — | Jun 2024 — | Sep 2024 -31% | Dec 2024 -19% | Mar 2025 -23% | Jun 2025 -30% | Sep 2025 -11% | Dec 2025 -12% | Mar 2026 -12% | Jun 2026 —
- SPOK: Sep 2021 -1.5% | Dec 2021 -10% | Mar 2022 -4.4% | Jun 2022 1.2% | Sep 2022 1.8% | Dec 2022 1.5% | Mar 2023 2.6% | Jun 2023 3.4% | Sep 2023 3.5% | Dec 2023 2.2% | Mar 2024 2.7% | Jun 2024 2.5% | Sep 2024 2.8% | Dec 2024 2.7% | Mar 2025 3.6% | Jun 2025 3.2% | Sep 2025 2.6% | Dec 2025 2.4% | Mar 2026 1.6% | Jun 2026 —
- LFMD: Sep 2021 334% | Dec 2021 -103% | Mar 2022 -94% | Jun 2022 -147% | Sep 2022 -288% | Dec 2022 -97% | Mar 2023 -18% | Jun 2023 -61% | Sep 2023 -55% | Dec 2023 -24% | Mar 2024 -52% | Jun 2024 -78% | Sep 2024 -37% | Dec 2024 87% | Mar 2025 -8.0% | Jun 2025 -8.2% | Sep 2025 -17% | Dec 2025 -5.8% | Mar 2026 -54% | Jun 2026 —

### 20-quarter ROCE change history
- VEEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.5 pp | Mar 2023 −1.3 pp | Jun 2023 −2.8 pp | Sep 2023 −0.6 pp | Dec 2023 −0.6 pp | Mar 2024 0.0 pp | Jun 2024 +1.8 pp | Sep 2024 +0.7 pp | Dec 2024 +2.8 pp | Mar 2025 −6.1 pp | Jun 2025 +0.6 pp | Sep 2025 −0.2 pp | Dec 2025 −0.3 pp | Mar 2026 +0.6 pp | Jun 2026 −0.1 pp
- BTSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −1.0 pp | Mar 2023 −0.3 pp | Jun 2023 +0.5 pp | Sep 2023 −2.0 pp | Dec 2023 +1.1 pp | Mar 2024 −2.6 pp | Jun 2024 −2.6 pp | Sep 2024 +1.8 pp | Dec 2024 −0.3 pp | Mar 2025 +1.5 pp | Jun 2025 +0.2 pp | Sep 2025 +1.3 pp | Dec 2025 +1.1 pp | Mar 2026 +1.5 pp | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +1.4 pp | Jun 2023 +1.0 pp | Sep 2023 +0.9 pp | Dec 2023 +0.8 pp | Mar 2024 +0.9 pp | Jun 2024 +0.6 pp | Sep 2024 +1.1 pp | Dec 2024 −0.4 pp | Mar 2025 0.0 pp | Jun 2025 +1.2 pp | Sep 2025 +0.8 pp | Dec 2025 +1.8 pp | Mar 2026 +0.9 pp | Jun 2026 +0.6 pp
- TEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −3.1 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +2.1 pp | Dec 2023 +0.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 +2.8 pp | Mar 2025 +31.6 pp | Jun 2025 +149.7 pp | Sep 2025 +5.9 pp | Dec 2025 +5.7 pp | Mar 2026 +3.8 pp | Jun 2026 —
- TXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 −0.8 pp | Mar 2023 −0.9 pp | Jun 2023 +0.1 pp | Sep 2023 −6.6 pp | Dec 2023 −3.8 pp | Mar 2024 −1.5 pp | Jun 2024 +2.2 pp | Sep 2024 +6.1 pp | Dec 2024 +0.3 pp | Mar 2025 +2.3 pp | Jun 2025 +8.5 pp | Sep 2025 +1.2 pp | Dec 2025 +3.8 pp | Mar 2026 +2.9 pp | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.2 pp | Dec 2024 +16.7 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.6 pp | Dec 2025 −2.9 pp | Mar 2026 +2.5 pp | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.3 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 +0.2 pp | Mar 2024 −0.7 pp | Jun 2024 −1.4 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 +0.7 pp | Jun 2025 +1.2 pp | Sep 2025 +0.7 pp | Dec 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- DOCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 −3.1 pp | Mar 2023 −1.9 pp | Jun 2023 +0.4 pp | Sep 2023 −0.1 pp | Dec 2023 +2.0 pp | Mar 2024 +0.8 pp | Jun 2024 +1.7 pp | Sep 2024 +1.9 pp | Dec 2024 +1.9 pp | Mar 2025 +0.5 pp | Jun 2025 +0.8 pp | Sep 2025 +0.5 pp | Dec 2025 −1.2 pp | Mar 2026 −2.4 pp | Jun 2026 —
- PRVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 +6.1 pp | Mar 2023 +4.6 pp | Jun 2023 +2.5 pp | Sep 2023 +2.0 pp | Dec 2023 −0.2 pp | Mar 2024 −1.2 pp | Jun 2024 −0.5 pp | Sep 2024 −0.1 pp | Dec 2024 +0.6 pp | Mar 2025 +0.7 pp | Jun 2025 −0.3 pp | Sep 2025 +1.1 pp | Dec 2025 +0.7 pp | Mar 2026 +0.2 pp | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −12.6 pp | Dec 2024 −13.5 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +5.3 pp | Dec 2025 +4.7 pp | Mar 2026 +11.6 pp | Jun 2026 —
- OMCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −3.4 pp | Mar 2023 −1.9 pp | Jun 2023 −0.3 pp | Sep 2023 −0.9 pp | Dec 2023 +1.2 pp | Mar 2024 +0.3 pp | Jun 2024 −0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +2.0 pp | Mar 2025 +0.5 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 −0.7 pp | Mar 2026 +1.8 pp | Jun 2026 —
- TDOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −35.1 pp | Mar 2023 +46.5 pp | Jun 2023 +23.5 pp | Sep 2023 −0.5 pp | Dec 2023 +34.1 pp | Mar 2024 −1.2 pp | Jun 2024 −24.6 pp | Sep 2024 −0.3 pp | Dec 2024 −0.6 pp | Mar 2025 −1.6 pp | Jun 2025 +23.7 pp | Sep 2025 −0.6 pp | Dec 2025 +0.1 pp | Mar 2026 +1.3 pp | Jun 2026 —
- CERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.5 pp | Mar 2023 0.0 pp | Jun 2023 +0.6 pp | Sep 2023 −4.5 pp | Dec 2023 −1.4 pp | Mar 2024 −0.6 pp | Jun 2024 −1.5 pp | Sep 2024 +3.9 pp | Dec 2024 +1.0 pp | Mar 2025 +0.6 pp | Jun 2025 +1.3 pp | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 −0.8 pp | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −8.8 pp | Dec 2024 −7.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +7.2 pp | Dec 2025 +9.3 pp | Mar 2026 +15.4 pp | Jun 2026 —
- SDGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −1.2 pp | Mar 2023 −0.1 pp | Jun 2023 −2.1 pp | Sep 2023 −1.6 pp | Dec 2023 −0.1 pp | Mar 2024 −5.5 pp | Jun 2024 +1.1 pp | Sep 2024 −2.1 pp | Dec 2024 +1.5 pp | Mar 2025 +1.6 pp | Jun 2025 −1.4 pp | Sep 2025 +2.4 pp | Dec 2025 +0.3 pp | Mar 2026 −1.0 pp | Jun 2026 —
- GDRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −0.7 pp | Mar 2023 −0.7 pp | Jun 2023 +1.5 pp | Sep 2023 −1.5 pp | Dec 2023 −1.3 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 +3.9 pp | Dec 2024 +2.5 pp | Mar 2025 +1.3 pp | Jun 2025 +0.8 pp | Sep 2025 −0.2 pp | Dec 2025 +0.6 pp | Mar 2026 −0.6 pp | Jun 2026 —
- TALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 −165.4 pp | Mar 2023 +1.2 pp | Jun 2023 +5.9 pp | Sep 2023 +7.0 pp | Dec 2023 +10.8 pp | Mar 2024 +4.6 pp | Jun 2024 +1.6 pp | Sep 2024 +4.0 pp | Dec 2024 +2.6 pp | Mar 2025 +0.5 pp | Jun 2025 +1.3 pp | Sep 2025 +1.8 pp | Dec 2025 +2.7 pp | Mar 2026 −5.3 pp | Jun 2026 —
- HSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.9 pp | Mar 2023 −0.3 pp | Jun 2023 +0.3 pp | Sep 2023 +0.7 pp | Dec 2023 +0.3 pp | Mar 2024 +0.7 pp | Jun 2024 0.0 pp | Sep 2024 +0.4 pp | Dec 2024 +0.1 pp | Mar 2025 −0.4 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 −0.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.7 pp | Mar 2023 +2.3 pp | Jun 2023 −0.2 pp | Sep 2023 −1.2 pp | Dec 2023 −0.6 pp | Mar 2024 +36.9 pp | Jun 2024 +4.2 pp | Sep 2024 +5.4 pp | Dec 2024 +5.6 pp | Mar 2025 +6.3 pp | Jun 2025 +6.1 pp | Sep 2025 +6.2 pp | Dec 2025 +6.4 pp | Mar 2026 −6.7 pp | Jun 2026 +2.9 pp
- WEAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +19.3 pp | Dec 2022 +7.8 pp | Mar 2023 +7.7 pp | Jun 2023 +8.3 pp | Sep 2023 +7.9 pp | Dec 2023 +1.2 pp | Mar 2024 −0.7 pp | Jun 2024 −0.5 pp | Sep 2024 +0.6 pp | Dec 2024 −0.1 pp | Mar 2025 −1.7 pp | Jun 2025 −1.2 pp | Sep 2025 −2.3 pp | Dec 2025 +4.3 pp | Mar 2026 +2.8 pp | Jun 2026 —
- NRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.4 pp | Mar 2023 −2.0 pp | Jun 2023 −1.5 pp | Sep 2023 +1.0 pp | Dec 2023 +1.4 pp | Mar 2024 +1.7 pp | Jun 2024 +0.7 pp | Sep 2024 −1.9 pp | Dec 2024 −2.3 pp | Mar 2025 −0.2 pp | Jun 2025 −8.4 pp | Sep 2025 −1.2 pp | Dec 2025 −5.7 pp | Mar 2026 −4.3 pp | Jun 2026 —
- SOPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +4.5 pp | Mar 2023 +6.2 pp | Jun 2023 +5.6 pp | Sep 2023 +0.6 pp | Dec 2023 −3.9 pp | Mar 2024 −2.4 pp | Jun 2024 +0.5 pp | Sep 2024 −1.2 pp | Dec 2024 −1.9 pp | Mar 2025 −1.4 pp | Jun 2025 −3.8 pp | Sep 2025 −3.6 pp | Dec 2025 −3.7 pp | Mar 2026 −3.1 pp | Jun 2026 —
- EVH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +1.1 pp | Mar 2023 −0.4 pp | Jun 2023 −0.9 pp | Sep 2023 −2.1 pp | Dec 2023 −1.1 pp | Mar 2024 0.0 pp | Jun 2024 +1.8 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.6 pp | Jun 2025 −0.5 pp | Sep 2025 +0.8 pp | Dec 2025 −23.4 pp | Mar 2026 −0.5 pp | Jun 2026 —
- TBRG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −1.2 pp | Mar 2023 −1.0 pp | Jun 2023 −1.7 pp | Sep 2023 −2.7 pp | Dec 2023 −12.1 pp | Mar 2024 −1.8 pp | Jun 2024 −0.1 pp | Sep 2024 +2.2 pp | Dec 2024 +12.6 pp | Mar 2025 +2.5 pp | Jun 2025 +1.6 pp | Sep 2025 +0.4 pp | Dec 2025 −0.2 pp | Mar 2026 −1.4 pp | Jun 2026 —
- CTEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −0.7 pp | Mar 2023 −0.8 pp | Jun 2023 −0.7 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 −8.0 pp | Jun 2024 −8.8 pp | Sep 2024 −6.1 pp | Dec 2024 −1.3 pp | Mar 2025 +7.6 pp | Jun 2025 +8.6 pp | Sep 2025 +5.8 pp | Dec 2025 +0.9 pp | Mar 2026 −0.1 pp | Jun 2026 —
- SLP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −1.8 pp | Mar 2023 −0.8 pp | Jun 2023 −0.5 pp | Sep 2023 −0.6 pp | Dec 2023 0.0 pp | Mar 2024 +0.2 pp | Jun 2024 −1.2 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −1.1 pp | Jun 2025 −49.7 pp | Sep 2025 +1.0 pp | Dec 2025 +0.4 pp | Mar 2026 +2.0 pp | Jun 2026 +52.0 pp
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +32.0 pp | Dec 2024 +63.6 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +20.6 pp | Dec 2025 +7.2 pp | Mar 2026 +11.4 pp | Jun 2026 —
- SPOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.3 pp | Dec 2022 +11.6 pp | Mar 2023 +7.0 pp | Jun 2023 +2.2 pp | Sep 2023 +1.7 pp | Dec 2023 +0.7 pp | Mar 2024 +0.1 pp | Jun 2024 −0.9 pp | Sep 2024 −0.7 pp | Dec 2024 +0.5 pp | Mar 2025 +0.9 pp | Jun 2025 +0.7 pp | Sep 2025 −0.2 pp | Dec 2025 −0.3 pp | Mar 2026 −2.0 pp | Jun 2026 —
- LFMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −622.7 pp | Dec 2022 +5.9 pp | Mar 2023 +75.6 pp | Jun 2023 +86.0 pp | Sep 2023 +233.3 pp | Dec 2023 +72.9 pp | Mar 2024 −34.1 pp | Jun 2024 −17.2 pp | Sep 2024 +18.4 pp | Dec 2024 +111.4 pp | Mar 2025 +44.2 pp | Jun 2025 +70.1 pp | Sep 2025 +19.5 pp | Dec 2025 −93.1 pp | Mar 2026 −45.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Veeva Systems Inc. has the lowest comparable Guarded PEG at 1.47×, 6.4% below HealthEquity, Inc.. Only 6 of 29 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Veeva Systems Inc. · 1.47× | 6.4% versus #2 · HealthEquity, Inc. | 0/8 recent comparable periods | 6/29 companies · 39 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Veeva Systems Inc. (VEEV): 1.5
2. HealthEquity, Inc. (HQY): 1.6
3. Doximity, Inc. (DOCS): 1.8
4. Spok Holdings, Inc. (SPOK): 2.3
5. Privia Health Group, Inc. (PRVA): 3.9

### P/E — lowest P/E
1. Spok Holdings, Inc. (SPOK): 18.2
2. Doximity, Inc. (DOCS): 23.8
3. Veeva Systems Inc. (VEEV): 27.8
4. HealthEquity, Inc. (HQY): 30.7
5. HealthStream, Inc. (HSTM): 30.9

### 20-quarter Guarded PEG history
- VEEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.2 | Sep 2023 1.7 | Dec 2023 1.3 | Mar 2024 9.2 | Jun 2024 9.9 | Sep 2024 4.0 | Dec 2024 3.2 | Mar 2025 1.6 | Jun 2025 1.3 | Sep 2025 2.0 | Dec 2025 2.1 | Mar 2026 1.5 | Jun 2026 1.5
- HQY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.3 | Sep 2025 1.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DOCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.1 | Mar 2024 1.0 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.8 | Mar 2026 — | Jun 2026 —
- PRVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.4 | Dec 2025 2.4 | Mar 2026 3.9 | Jun 2026 —
- HSTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 1.9 | Mar 2024 0.9 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 1.5 | Mar 2025 5.9 | Jun 2025 3.1 | Sep 2025 — | Dec 2025 — | Mar 2026 4.9 | Jun 2026 —
- SPOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.7 | Sep 2025 2.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- VEEV: Sep 2021 — | Dec 2021 118.7 | Mar 2022 89.9 | Jun 2022 71.6 | Sep 2022 92.0 | Dec 2022 68.6 | Mar 2023 56.9 | Jun 2023 56.0 | Sep 2023 61.5 | Dec 2023 55.4 | Mar 2024 64.4 | Jun 2024 58.6 | Sep 2024 51.2 | Dec 2024 51.6 | Mar 2025 54.0 | Jun 2025 49.5 | Sep 2025 58.4 | Dec 2025 56.7 | Mar 2026 37.5 | Jun 2026 27.8
- BTSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 139.2 | Jun 2025 181.5 | Sep 2025 68.7 | Dec 2025 43.1 | Mar 2026 34.6 | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 452.9 | Dec 2023 210.8 | Mar 2024 118.1 | Jun 2024 85.8 | Sep 2024 65.4 | Dec 2024 78.2 | Mar 2025 101.3 | Jun 2025 62.6 | Sep 2025 58.8 | Dec 2025 43.4 | Mar 2026 34.8 | Jun 2026 30.7
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 415.1 | Jun 2025 85.2 | Sep 2025 61.2 | Dec 2025 53.7 | Mar 2026 36.0 | Jun 2026 —
- DOCS: Sep 2021 172.1 | Dec 2021 85.0 | Mar 2022 74.4 | Jun 2022 49.7 | Sep 2022 46.5 | Dec 2022 61.0 | Mar 2023 61.1 | Jun 2023 61.9 | Sep 2023 36.6 | Dec 2023 42.5 | Mar 2024 37.4 | Jun 2024 35.0 | Sep 2024 50.1 | Dec 2024 53.4 | Mar 2025 52.3 | Jun 2025 52.4 | Sep 2025 58.1 | Dec 2025 36.9 | Mar 2026 23.8 | Jun 2026 —
- PRVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 251.0 | Jun 2023 96.7 | Sep 2023 74.2 | Dec 2023 121.2 | Mar 2024 130.6 | Jun 2024 144.8 | Sep 2024 182.1 | Dec 2024 177.7 | Mar 2025 187.1 | Jun 2025 209.1 | Sep 2025 191.5 | Dec 2025 131.7 | Mar 2026 128.6 | Jun 2026 —
- OMCL: Sep 2021 86.8 | Dec 2021 111.4 | Mar 2022 86.9 | Jun 2022 90.3 | Sep 2022 85.3 | Dec 2022 420.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 164.9 | Mar 2025 76.0 | Jun 2025 58.8 | Sep 2025 70.8 | Dec 2025 1,132.5 | Mar 2026 75.9 | Jun 2026 —
- CERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 178.6 | Mar 2023 267.9 | Jun 2023 151.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 234.0 | Sep 2025 174.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SDGR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 202.5 | Jun 2023 58.1 | Sep 2023 50.5 | Dec 2023 66.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GDRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 184.0 | Sep 2023 140.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 116.3 | Mar 2025 55.1 | Jun 2025 49.8 | Sep 2025 47.0 | Dec 2025 30.1 | Mar 2026 32.7 | Jun 2026 —
- TALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 309.0 | Mar 2025 128.0 | Jun 2025 139.0 | Sep 2025 92.0 | Dec 2025 90.8 | Mar 2026 517.5 | Jun 2026 —
- HSTM: Sep 2021 124.3 | Dec 2021 146.4 | Mar 2022 94.9 | Jun 2022 94.4 | Sep 2022 70.9 | Dec 2022 63.7 | Mar 2023 69.5 | Jun 2023 58.5 | Sep 2023 50.2 | Dec 2023 54.1 | Mar 2024 46.0 | Jun 2024 47.3 | Sep 2024 44.4 | Dec 2024 48.2 | Mar 2025 51.1 | Jun 2025 41.3 | Sep 2025 41.5 | Dec 2025 37.8 | Mar 2026 30.9 | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 335.8 | Jun 2026 61.4
- NRC: Sep 2021 29.9 | Dec 2021 28.4 | Mar 2022 27.3 | Jun 2022 26.8 | Sep 2022 28.8 | Dec 2022 29.4 | Mar 2023 36.0 | Jun 2023 37.2 | Sep 2023 38.3 | Dec 2023 31.7 | Mar 2024 31.9 | Jun 2024 19.0 | Sep 2024 20.2 | Dec 2024 17.0 | Mar 2025 12.4 | Jun 2025 22.1 | Sep 2025 18.3 | Dec 2025 37.5 | Mar 2026 43.5 | Jun 2026 —
- TBRG: Sep 2021 32.0 | Dec 2021 23.3 | Mar 2022 22.5 | Jun 2022 24.2 | Sep 2022 21.8 | Dec 2022 25.2 | Mar 2023 40.8 | Jun 2023 74.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 87.7 | Dec 2025 76.1 | Mar 2026 73.2 | Jun 2026 —
- SLP: Sep 2021 94.3 | Dec 2021 93.9 | Mar 2022 70.3 | Jun 2022 81.9 | Sep 2022 100.1 | Dec 2022 78.1 | Mar 2023 74.6 | Jun 2023 86.7 | Sep 2023 90.8 | Dec 2023 75.4 | Mar 2024 78.3 | Jun 2024 100.5 | Sep 2024 74.0 | Dec 2024 79.4 | Mar 2025 82.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 42.8
- SPOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 7.5 | Mar 2023 6.3 | Jun 2023 7.6 | Sep 2023 7.9 | Dec 2023 20.1 | Mar 2024 19.2 | Jun 2024 19.2 | Sep 2024 20.6 | Dec 2024 22.0 | Mar 2025 21.1 | Jun 2025 21.3 | Sep 2025 21.6 | Dec 2025 17.6 | Mar 2026 18.2 | Jun 2026 —
- LFMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 13.6 | Mar 2026 72.2 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: SOPHiA GENETICS SA leads ev/ebitda at 0.36×; Teladoc Health, Inc. leads p/bv at 0.06×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: SOPHiA GENETICS SA · 0.36× | 37.9% versus #2 · Claritev Corporation | 0/8 recent comparable periods | 23/29 companies · 279 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. SOPHiA GENETICS SA (SOPH): 0.4
2. Claritev Corporation (CTEV): 0.6
3. GoodRx Holdings, Inc. (GDRX): 5.9
4. Teladoc Health, Inc. (TDOC): 7.2
5. HealthStream, Inc. (HSTM): 8.2

### P/BV — lowest P/BV
1. Teladoc Health, Inc. (TDOC): 0.1
2. Evolent Health, Inc. (EVH): 0.7
3. Certara, Inc. (CERT): 0.9
4. GoodRx Holdings, Inc. (GDRX): 1.1
5. Waystar Holding Corp. (WAY): 1.2

### 20-quarter EV/EBITDA history
- VEEV: Sep 2021 — | Dec 2021 90.7 | Mar 2022 64.1 | Jun 2022 47.7 | Sep 2022 62.5 | Dec 2022 46.5 | Mar 2023 49.1 | Jun 2023 59.5 | Sep 2023 68.0 | Dec 2023 62.4 | Mar 2024 63.8 | Jun 2024 49.2 | Sep 2024 42.2 | Dec 2024 36.1 | Mar 2025 45.0 | Jun 2025 54.2 | Sep 2025 64.9 | Dec 2025 60.7 | Mar 2026 28.2 | Jun 2026 25.2
- BTSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 16.7 | Jun 2024 20.2 | Sep 2024 17.1 | Dec 2024 18.2 | Mar 2025 15.7 | Jun 2025 18.3 | Sep 2025 18.7 | Dec 2025 21.4 | Mar 2026 19.1 | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 45.3 | Mar 2022 46.6 | Jun 2022 55.9 | Sep 2022 49.8 | Dec 2022 57.6 | Mar 2023 34.6 | Jun 2023 26.4 | Sep 2023 28.7 | Dec 2023 27.3 | Mar 2024 26.0 | Jun 2024 26.3 | Sep 2024 23.4 | Dec 2024 25.7 | Mar 2025 31.9 | Jun 2025 22.5 | Sep 2025 23.3 | Dec 2025 19.7 | Mar 2026 16.7 | Jun 2026 15.3
- TXG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 316.3 | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 97.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16.9 | Sep 2024 19.7 | Dec 2024 23.8 | Mar 2025 22.7 | Jun 2025 21.4 | Sep 2025 19.6 | Dec 2025 19.7 | Mar 2026 14.4 | Jun 2026 —
- DOCS: Sep 2021 151.1 | Dec 2021 77.5 | Mar 2022 77.8 | Jun 2022 51.2 | Sep 2022 40.6 | Dec 2022 44.1 | Mar 2023 40.3 | Jun 2023 40.1 | Sep 2023 22.6 | Dec 2023 27.4 | Mar 2024 24.5 | Jun 2024 23.4 | Sep 2024 35.0 | Dec 2024 39.7 | Mar 2025 42.2 | Jun 2025 43.2 | Sep 2025 49.9 | Dec 2025 29.7 | Mar 2026 15.4 | Jun 2026 —
- PRVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 745.4 | Jun 2023 167.5 | Sep 2023 89.1 | Dec 2023 87.8 | Mar 2024 93.1 | Jun 2024 87.1 | Sep 2024 89.2 | Dec 2024 79.0 | Mar 2025 80.5 | Jun 2025 89.8 | Sep 2025 71.8 | Dec 2025 57.0 | Mar 2026 46.7 | Jun 2026 —
- OMCL: Sep 2021 38.9 | Dec 2021 50.2 | Mar 2022 40.0 | Jun 2022 38.7 | Sep 2022 31.9 | Dec 2022 29.9 | Mar 2023 50.7 | Jun 2023 66.9 | Sep 2023 58.2 | Dec 2023 35.3 | Mar 2024 27.2 | Jun 2024 27.5 | Sep 2024 42.3 | Dec 2024 25.0 | Mar 2025 17.8 | Jun 2025 14.1 | Sep 2025 14.4 | Dec 2025 24.3 | Mar 2026 13.2 | Jun 2026 —
- TDOC: Sep 2021 — | Dec 2021 131.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 226.5 | Jun 2023 152.3 | Sep 2023 — | Dec 2023 40.4 | Mar 2024 25.8 | Jun 2024 13.1 | Sep 2024 11.0 | Dec 2024 — | Mar 2025 — | Jun 2025 18.7 | Sep 2025 17.9 | Dec 2025 13.2 | Mar 2026 7.2 | Jun 2026 —
- CERT: Sep 2021 94.0 | Dec 2021 67.0 | Mar 2022 60.5 | Jun 2022 59.0 | Sep 2022 25.4 | Dec 2022 27.6 | Mar 2023 68.5 | Jun 2023 30.8 | Sep 2023 70.3 | Dec 2023 50.9 | Mar 2024 — | Jun 2024 — | Sep 2024 8,623.8 | Dec 2024 22.3 | Mar 2025 240.2 | Jun 2025 20.6 | Sep 2025 20.7 | Dec 2025 15.7 | Mar 2026 12.1 | Jun 2026 —
- GDRX: Sep 2021 — | Dec 2021 268.1 | Mar 2022 95.4 | Jun 2022 29.1 | Sep 2022 29.8 | Dec 2022 32.4 | Mar 2023 47.7 | Jun 2023 28.1 | Sep 2023 29.7 | Dec 2023 33.2 | Mar 2024 36.5 | Jun 2024 39.1 | Sep 2024 22.4 | Dec 2024 13.9 | Mar 2025 11.7 | Jun 2025 12.3 | Sep 2025 10.5 | Dec 2025 7.0 | Mar 2026 5.9 | Jun 2026 —
- TALK: Sep 2021 6.7 | Dec 2021 — | Mar 2022 0.6 | Jun 2022 1.1 | Sep 2022 0.1 | Dec 2022 0.5 | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 169.1 | Dec 2025 85.1 | Mar 2026 914.3 | Jun 2026 —
- HSTM: Sep 2021 19.2 | Dec 2021 17.8 | Mar 2022 12.9 | Jun 2022 14.3 | Sep 2022 13.4 | Dec 2022 14.5 | Mar 2023 16.0 | Jun 2023 13.9 | Sep 2023 11.1 | Dec 2023 13.5 | Mar 2024 12.4 | Jun 2024 12.9 | Sep 2024 12.9 | Dec 2024 14.2 | Mar 2025 14.4 | Jun 2025 11.8 | Sep 2025 11.6 | Dec 2025 10.1 | Mar 2026 8.2 | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 3.8 | Sep 2024 4.4 | Dec 2024 3.0 | Mar 2025 — | Jun 2025 — | Sep 2025 159.6 | Dec 2025 46.1 | Mar 2026 35.5 | Jun 2026 13.5
- NRC: Sep 2021 18.9 | Dec 2021 18.1 | Mar 2022 17.6 | Jun 2022 17.2 | Sep 2022 18.6 | Dec 2022 17.7 | Mar 2023 21.7 | Jun 2023 22.5 | Sep 2023 23.9 | Dec 2023 21.5 | Mar 2024 21.6 | Jun 2024 13.0 | Sep 2024 13.6 | Dec 2024 11.3 | Mar 2025 8.6 | Jun 2025 13.6 | Sep 2025 10.7 | Dec 2025 16.5 | Mar 2026 16.5 | Jun 2026 —
- SOPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EVH: Sep 2021 80.0 | Dec 2021 136.6 | Mar 2022 98.4 | Jun 2022 85.8 | Sep 2022 70.6 | Dec 2022 43.5 | Mar 2023 56.0 | Jun 2023 52.9 | Sep 2023 60.6 | Dec 2023 83.9 | Mar 2024 89.5 | Jun 2024 38.2 | Sep 2024 53.1 | Dec 2024 26.3 | Mar 2025 22.5 | Jun 2025 32.3 | Sep 2025 23.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TBRG: Sep 2021 16.1 | Dec 2021 12.6 | Mar 2022 13.7 | Jun 2022 13.2 | Sep 2022 11.3 | Dec 2022 11.4 | Mar 2023 12.9 | Jun 2023 13.0 | Sep 2023 13.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 13.0 | Mar 2025 13.1 | Jun 2025 10.9 | Sep 2025 9.3 | Dec 2025 10.0 | Mar 2026 8.2 | Jun 2026 —
- CTEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 1.4 | Sep 2025 1.9 | Dec 2025 1.5 | Mar 2026 0.6 | Jun 2026 —
- SLP: Sep 2021 51.9 | Dec 2021 53.0 | Mar 2022 38.1 | Jun 2022 46.5 | Sep 2022 59.0 | Dec 2022 44.4 | Mar 2023 45.5 | Jun 2023 56.8 | Sep 2023 61.5 | Dec 2023 52.3 | Mar 2024 53.9 | Jun 2024 73.7 | Sep 2024 60.0 | Dec 2024 51.2 | Mar 2025 48.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 17.3
- SPOK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 37.1 | Mar 2023 10.7 | Jun 2023 11.5 | Sep 2023 10.9 | Dec 2023 11.2 | Mar 2024 12.0 | Jun 2024 12.0 | Sep 2024 12.8 | Dec 2024 13.2 | Mar 2025 13.6 | Jun 2025 14.2 | Sep 2025 14.3 | Dec 2025 11.0 | Mar 2026 11.0 | Jun 2026 —
- LFMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 265.5 | Dec 2025 — | Mar 2026 313.3 | Jun 2026 —

### 20-quarter P/BV history
- VEEV: Sep 2021 — | Dec 2021 17.6 | Mar 2022 12.5 | Jun 2022 9.2 | Sep 2022 10.7 | Dec 2022 7.7 | Mar 2023 7.3 | Jun 2023 7.3 | Sep 2023 7.9 | Dec 2023 7.1 | Mar 2024 7.2 | Jun 2024 6.6 | Sep 2024 6.0 | Dec 2024 6.2 | Mar 2025 6.5 | Jun 2025 6.1 | Sep 2025 7.0 | Dec 2025 6.8 | Mar 2026 4.6 | Jun 2026 3.5
- BTSG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 2.9 | Dec 2025 3.8 | Mar 2026 4.2 | Jun 2026 —
- HQY: Sep 2021 — | Dec 2021 3.0 | Mar 2022 2.4 | Jun 2022 2.8 | Sep 2022 2.6 | Dec 2022 3.5 | Mar 2023 2.7 | Jun 2023 2.4 | Sep 2023 3.0 | Dec 2023 3.1 | Mar 2024 3.2 | Jun 2024 3.3 | Sep 2024 3.2 | Dec 2024 3.5 | Mar 2025 4.5 | Jun 2025 3.5 | Sep 2025 3.9 | Dec 2025 3.8 | Mar 2026 3.5 | Jun 2026 3.4
- TEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 55.0 | Sep 2024 — | Dec 2024 97.2 | Mar 2025 25.6 | Jun 2025 35.6 | Sep 2025 28.3 | Dec 2025 21.4 | Mar 2026 19.5 | Jun 2026 —
- TXG: Sep 2021 20.3 | Dec 2021 20.4 | Mar 2022 10.7 | Jun 2022 6.6 | Sep 2022 4.2 | Dec 2022 5.2 | Mar 2023 8.1 | Jun 2023 8.3 | Sep 2023 6.5 | Dec 2023 9.0 | Mar 2024 6.3 | Jun 2024 3.2 | Sep 2024 3.8 | Dec 2024 2.5 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.9 | Dec 2025 2.6 | Mar 2026 3.4 | Jun 2026 —
- HNGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 23.3 | Sep 2025 18.6 | Dec 2025 20.6 | Mar 2026 26.7 | Jun 2026 —
- WAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.2 | Sep 2024 1.6 | Dec 2024 2.1 | Mar 2025 2.1 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 1.6 | Mar 2026 1.2 | Jun 2026 —
- DOCS: Sep 2021 19.5 | Dec 2021 11.4 | Mar 2022 11.4 | Jun 2022 7.5 | Sep 2022 6.6 | Dec 2022 7.0 | Mar 2023 6.5 | Jun 2023 6.7 | Sep 2023 4.6 | Dec 2023 6.0 | Mar 2024 5.6 | Jun 2024 5.7 | Sep 2024 8.5 | Dec 2024 9.7 | Mar 2025 10.1 | Jun 2025 11.2 | Sep 2025 12.6 | Dec 2025 8.4 | Mar 2026 4.5 | Jun 2026 —
- PRVA: Sep 2021 6.1 | Dec 2021 6.5 | Mar 2022 6.7 | Jun 2022 7.2 | Sep 2022 8.2 | Dec 2022 5.2 | Mar 2023 6.2 | Jun 2023 5.8 | Sep 2023 5.0 | Dec 2023 4.9 | Mar 2024 4.0 | Jun 2024 3.5 | Sep 2024 3.6 | Dec 2024 3.7 | Mar 2025 4.1 | Jun 2025 4.1 | Sep 2025 4.3 | Dec 2025 4.0 | Mar 2026 3.4 | Jun 2026 —
- HTFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 11.0 | Dec 2025 8.3 | Mar 2026 7.3 | Jun 2026 —
- OMCL: Sep 2021 5.9 | Dec 2021 7.0 | Mar 2022 5.3 | Jun 2022 4.6 | Sep 2022 3.4 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 2.9 | Sep 2023 1.7 | Dec 2023 1.4 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.6 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.7 | Mar 2026 1.2 | Jun 2026 —
- TDOC: Sep 2021 1.3 | Dec 2021 0.9 | Mar 2022 1.3 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 1.8 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.1 | Jun 2026 —
- CERT: Sep 2021 5.4 | Dec 2021 4.4 | Mar 2022 3.3 | Jun 2022 3.3 | Sep 2022 2.0 | Dec 2022 2.4 | Mar 2023 3.6 | Jun 2023 2.7 | Sep 2023 2.2 | Dec 2023 2.7 | Mar 2024 2.7 | Jun 2024 2.1 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- OMDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.9 | Sep 2025 5.9 | Dec 2025 4.0 | Mar 2026 3.2 | Jun 2026 —
- SDGR: Sep 2021 6.7 | Dec 2021 4.4 | Mar 2022 4.6 | Jun 2022 3.8 | Sep 2022 3.8 | Dec 2022 3.0 | Mar 2023 3.2 | Jun 2023 5.9 | Sep 2023 3.6 | Dec 2023 4.7 | Mar 2024 3.8 | Jun 2024 3.0 | Sep 2024 3.0 | Dec 2024 3.3 | Mar 2025 3.9 | Jun 2025 4.3 | Sep 2025 4.6 | Dec 2025 3.6 | Mar 2026 2.7 | Jun 2026 —
- GDRX: Sep 2021 19.3 | Dec 2021 15.7 | Mar 2022 9.7 | Jun 2022 2.9 | Sep 2022 2.4 | Dec 2022 2.3 | Mar 2023 3.0 | Jun 2023 2.4 | Sep 2023 2.5 | Dec 2023 3.5 | Mar 2024 4.2 | Jun 2024 4.4 | Sep 2024 3.8 | Dec 2024 2.5 | Mar 2025 2.4 | Jun 2025 2.8 | Sep 2025 2.4 | Dec 2025 1.5 | Mar 2026 1.1 | Jun 2026 —
- TALK: Sep 2021 2.7 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.7 | Sep 2022 1.2 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 1.8 | Sep 2023 2.8 | Dec 2023 3.6 | Mar 2024 5.1 | Jun 2024 3.4 | Sep 2024 3.0 | Dec 2024 4.5 | Mar 2025 3.8 | Jun 2025 4.1 | Sep 2025 4.2 | Dec 2025 5.2 | Mar 2026 7.7 | Jun 2026 —
- HSTM: Sep 2021 2.6 | Dec 2021 2.4 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 2.0 | Dec 2022 2.3 | Mar 2023 2.5 | Jun 2023 2.2 | Sep 2023 1.9 | Dec 2023 2.4 | Mar 2024 2.4 | Jun 2024 2.4 | Sep 2024 2.5 | Dec 2024 2.7 | Mar 2025 2.7 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 —
- PHR: Sep 2021 — | Dec 2021 7.9 | Mar 2022 3.9 | Jun 2022 3.1 | Sep 2022 3.5 | Dec 2022 4.5 | Mar 2023 6.9 | Jun 2023 6.4 | Sep 2023 6.9 | Dec 2023 2.9 | Mar 2024 5.7 | Jun 2024 4.8 | Sep 2024 5.9 | Dec 2024 4.2 | Mar 2025 6.3 | Jun 2025 5.2 | Sep 2025 5.4 | Dec 2025 4.3 | Mar 2026 2.4 | Jun 2026 1.6
- WEAV: Sep 2021 — | Dec 2021 8.7 | Mar 2022 3.8 | Jun 2022 2.2 | Sep 2022 3.8 | Dec 2022 3.6 | Mar 2023 4.1 | Jun 2023 9.9 | Sep 2023 7.0 | Dec 2023 10.2 | Mar 2024 11.1 | Jun 2024 9.3 | Sep 2024 13.5 | Dec 2024 17.4 | Mar 2025 12.1 | Jun 2025 8.1 | Sep 2025 6.6 | Dec 2025 7.2 | Mar 2026 4.4 | Jun 2026 —
- NRC: Sep 2021 12.9 | Dec 2021 12.3 | Mar 2022 12.3 | Jun 2022 13.8 | Sep 2022 14.5 | Dec 2022 12.8 | Mar 2023 14.3 | Jun 2023 13.8 | Sep 2023 18.8 | Dec 2023 19.6 | Mar 2024 25.6 | Jun 2024 13.6 | Sep 2024 15.5 | Dec 2024 13.0 | Mar 2025 9.8 | Jun 2025 18.2 | Sep 2025 20.2 | Dec 2025 30.4 | Mar 2026 28.4 | Jun 2026 —
- SOPH: Sep 2021 3.9 | Dec 2021 3.3 | Mar 2022 2.0 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.1 | Dec 2023 2.0 | Mar 2024 2.4 | Jun 2024 2.5 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 2.7 | Jun 2025 2.7 | Sep 2025 5.3 | Dec 2025 6.8 | Mar 2026 7.8 | Jun 2026 —
- EVH: Sep 2021 4.5 | Dec 2021 3.6 | Mar 2022 4.8 | Jun 2022 4.6 | Sep 2022 4.3 | Dec 2022 3.3 | Mar 2023 3.3 | Jun 2023 3.1 | Sep 2023 2.9 | Dec 2023 3.5 | Mar 2024 3.6 | Jun 2024 2.1 | Sep 2024 3.2 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.5 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 0.7 | Jun 2026 —
- TBRG: Sep 2021 2.4 | Dec 2021 1.9 | Mar 2022 2.2 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 1.6 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.8 | Mar 2025 2.5 | Jun 2025 2.0 | Sep 2025 1.7 | Dec 2025 1.9 | Mar 2026 1.2 | Jun 2026 —
- CTEV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 22.9 | Jun 2025 -18.6 | Sep 2025 -8.6 | Dec 2025 -4.1 | Mar 2026 -1.2 | Jun 2026 —
- SLP: Sep 2021 5.4 | Dec 2021 5.6 | Mar 2022 4.6 | Jun 2022 5.4 | Sep 2022 6.8 | Dec 2022 4.6 | Mar 2023 4.6 | Jun 2023 5.2 | Sep 2023 5.2 | Dec 2023 4.5 | Mar 2024 4.7 | Jun 2024 5.3 | Sep 2024 4.0 | Dec 2024 3.5 | Mar 2025 3.1 | Jun 2025 5.2 | Sep 2025 2.3 | Dec 2025 2.7 | Mar 2026 1.9 | Jun 2026 2.5
- CARL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.3 | Dec 2025 3.3 | Mar 2026 2.7 | Jun 2026 —
- SPOK: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 1.2 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 2.1 | Mar 2025 2.2 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 1.9 | Mar 2026 1.6 | Jun 2026 —
- LFMD: Sep 2021 -9.5 | Dec 2021 5.2 | Mar 2022 8.3 | Jun 2022 18.0 | Sep 2022 -108.7 | Dec 2022 -5.4 | Mar 2023 -4.5 | Jun 2023 -8.8 | Sep 2023 -17.1 | Dec 2023 86.8 | Mar 2024 -495.4 | Jun 2024 -68.1 | Sep 2024 -28.5 | Dec 2024 -23.0 | Mar 2025 -101.9 | Jun 2025 -344.9 | Sep 2025 240.7 | Dec 2025 6.9 | Mar 2026 11.4 | Jun 2026 —

## Market action

BrightSpring Health Services, Inc. has the strongest one-year price move in Health Information Services at +268.9%. 10x Genomics, Inc. leads on Mansfield relative strength against the S&P 500 at +106.6%. 14 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. BrightSpring Health Services, Inc. (BTSG): 269%
2. 10x Genomics, Inc. (TXG): 260%
3. Talkspace, Inc. (TALK): 126%
4. NRC Health (NRC): 78%
5. SOPHiA GENETICS SA (SOPH): 76%

### Strongest relative strength versus NIFTY 500
1. 10x Genomics, Inc. (TXG): 107%
2. BrightSpring Health Services, Inc. (BTSG): 59%
3. Hinge Health, Inc. (HNGE): 34%
4. Teladoc Health, Inc. (TDOC): 23%
5. NRC Health (NRC): 23%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Veeva Systems Inc. (VEEV) — market value ₹32.7K Cr; latest fundamentals Jun 2026
- BrightSpring Health Services, Inc. (BTSG) — market value ₹15.1K Cr; latest fundamentals Mar 2026
- HealthEquity, Inc. (HQY) — market value ₹8.5K Cr; latest fundamentals Jun 2026
- Tempus AI, Inc. (TEM) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- 10x Genomics, Inc. (TXG) — market value ₹6.0K Cr; latest fundamentals Mar 2026
- Hinge Health, Inc. (HNGE) — market value ₹5.8K Cr; latest fundamentals Mar 2026
- Waystar Holding Corp. (WAY) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- Doximity, Inc. (DOCS) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Privia Health Group, Inc. (PRVA) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- HeartFlow, Inc. (HTFL) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Omnicell, Inc. (OMCL) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Teladoc Health, Inc. (TDOC) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Certara, Inc. (CERT) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Omada Health, Inc. (OMDA) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Schrödinger, Inc. (SDGR) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- GoodRx Holdings, Inc. (GDRX) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Talkspace, Inc. (TALK) — market value ₹873 Cr; latest fundamentals Mar 2026
- HealthStream, Inc. (HSTM) — market value ₹843 Cr; latest fundamentals Mar 2026
- Phreesia, Inc. (PHR) — market value ₹671 Cr; latest fundamentals Jun 2026
- Weave Communications, Inc. (WEAV) — market value ₹548 Cr; latest fundamentals Mar 2026
- NRC Health (NRC) — market value ₹503 Cr; latest fundamentals Mar 2026
- SOPHiA GENETICS SA (SOPH) — market value ₹467 Cr; latest fundamentals Mar 2026
- Evolent Health, Inc. (EVH) — market value ₹421 Cr; latest fundamentals Mar 2026
- TruBridge, Inc. (TBRG) — market value ₹388 Cr; latest fundamentals Mar 2026
- Claritev Corporation (CTEV) — market value ₹386 Cr; latest fundamentals Mar 2026
- Simulations Plus, Inc. (SLP) — market value ₹371 Cr; latest fundamentals Jun 2026
- Carlsmed, Inc. (CARL) — market value ₹335 Cr; latest fundamentals Mar 2026
- Spok Holdings, Inc. (SPOK) — market value ₹228 Cr; latest fundamentals Mar 2026
- LifeMD, Inc. (LFMD) — market value ₹186 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Health Information Services company is the biggest?

BrightSpring Health Services, Inc. is the largest, with trailing-twelve-month revenue of $13,647 million, ahead of Veeva Systems Inc. at $3,319 million. That covers 28 of 29 companies with comparable reporting through Mar 2026.

### Which Health Information Services company is growing fastest?

Carlsmed, Inc. has the fastest revenue growth at 75% year on year, across 28 of 29 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Health Information Services company has the best profit margins?

Veeva Systems Inc. has the highest operating margin at 30.9%, from 29 of 29 comparable companies. 10x Genomics, Inc. shows the biggest recent improvement, at +14.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Health Information Services company makes the most profit?

Veeva Systems Inc. earns the most, at $941 million of trailing-twelve-month net profit, from 28 of 29 comparable companies. Waystar Holding Corp. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Health Information Services company earns the highest return on capital?

Hinge Health, Inc. leads on return on capital employed at 8.4%, across 29 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Health Information Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Veeva Systems Inc. screens cheapest at 1.47×. Only 6 of 29 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Health Information Services company has the strongest balance sheet?

Omada Health, Inc. carries the lowest comparable gross debt at $0 million, from 29 of 29 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Health Information Services company is investing most in new capacity?

Claritev Corporation reports the largest capital spending at $47 million, across 28 of 29 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Health Information Services sector beating the market?

Health Information Services has underperformed S&P 500 by 4.4% over the last 52 weeks and 13.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 14 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Health Information Services stock has the strongest price momentum?

10x Genomics, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Health Information Services company scores highest for research priority?

Simulations Plus, Inc. scores 65.9 out of 100 with 52.7% evidence confidence, from 24.6 points on growth and earnings, 17.8 on capital efficiency, 10.1 on valuation and 13.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Health Information Services companies does this comparison cover, and over what period?

It compares 29 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Health Information Services sector?

The 29 Health Information Services companies on this page carry $104,011 million of combined market value. Veeva Systems Inc. is the largest at $32,684 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Health Information Services sector's P/E ratio?

The median price-to-earnings ratio across the 29 Health Information Services companies on this page is 43.5×, measured on the 18 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Health Information Services sector performing?

14 of the 28 covered Health Information Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 4.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Health Information Services stocks are listed in the US?

This comparison covers 29 listed Health Information Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/health-information-services