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

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Health Information Services has underperformed S&P 500 by 9.3% over 52 weeks and 8.3% over 13 weeks. 12 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself. Veeva Systems Inc. leads with revenue of $3,319 million, based on 22 of 29 comparable companies through Jun 2026.

## Sector relative strength

Health Information Services has underperformed S&P 500 by 9.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 8.3%. 12 of 29 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 +91.7%.

13-week sector return versus NIFTY 500: 8.3%
52-week sector return versus NIFTY 500: -9.3%
Stocks leading NIFTY: 12/29
Stocks leading sector: 12/29

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. HealthEquity, Inc. (HQY): 68/100 — Favorable setup; evidence 85%
   - Growth & earnings 23.6/35 | Capital efficiency 15.5/25 | Valuation 12.4/20 | Relative strength 16.4/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 23.6 + 15.5 + 12.4 + 16.4 = 67.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Simulations Plus, Inc. (SLP): 64/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 24.6/35 | Capital efficiency 16.2/25 | Valuation 10.3/20 | Relative strength 13.1/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 24.6 + 16.2 + 10.3 + 13.1 = 64.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Hinge Health, Inc. (HNGE): 62/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 19.9/35 | Capital efficiency 15.1/25 | Valuation 10.0/20 | Relative strength 16.7/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 19.9 + 15.1 + 10 + 16.7 = 61.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Veeva Systems Inc. (VEEV): 62/100 — Mixed-positive evidence; evidence 85%
   - Growth & earnings 20.5/35 | Capital efficiency 17.7/25 | Valuation 13.8/20 | Relative strength 9.5/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 20.5 + 17.7 + 13.8 + 9.5 = 61.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. 10x Genomics, Inc. (TXG): 57/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 20.1/35 | Capital efficiency 6.8/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 20.1 + 6.8 + 10 + 20 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. BrightSpring Health Services, Inc. (BTSG): 56/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.7/35 | Capital efficiency 12.7/25 | Valuation 10.1/20 | Relative strength 13.7/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 19.7 + 12.7 + 10.1 + 13.7 = 56.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. HealthStream, Inc. (HSTM): 56/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 19.0/35 | Capital efficiency 14.2/25 | Valuation 5.6/20 | Relative strength 17.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 19 + 14.2 + 5.6 + 17 = 55.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Omada Health, Inc. (OMDA): 54/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 25.2/35 | Capital efficiency 7.0/25 | Valuation 10.0/20 | Relative strength 11.4/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 25.2 + 7 + 10 + 11.4 = 53.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Phreesia, Inc. (PHR): 49/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 22.7/35 | Capital efficiency 10.9/25 | Valuation 9.7/20 | Relative strength 5.9/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 22.7 + 10.9 + 9.7 + 5.9 = 49.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Omnicell, Inc. (OMCL): 47/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 21.4/35 | Capital efficiency 12.8/25 | Valuation 9.9/20 | Relative strength 3.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 21.4 + 12.8 + 9.9 + 3.2 = 47.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. SOPHiA GENETICS SA (SOPH): 47/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 17.4/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 16.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 17.4 + 3.6 + 10 + 16 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Weave Communications, Inc. (WEAV): 47/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 21.7/35 | Capital efficiency 5.6/25 | Valuation 10.0/20 | Relative strength 9.2/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 21.7 + 5.6 + 10 + 9.2 = 46.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Waystar Holding Corp. (WAY): 46/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 16.6/35 | Capital efficiency 12.6/25 | Valuation 11.0/20 | Relative strength 5.9/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 16.6 + 12.6 + 11 + 5.9 = 46.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. NRC Health (NRC): 46/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 12.6/35 | Capital efficiency 11.5/25 | Valuation 9.0/20 | Relative strength 12.6/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 12.6 + 11.5 + 9 + 12.6 = 45.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. TruBridge, Inc. (TBRG): 45/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 10.9/35 | Capital efficiency 10.0/25 | Valuation 9.2/20 | Relative strength 15.2/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 8 weeks with a reading, within the last 12, ending 2026-07-10 (no longer priced)
   - Exact sum: 10.9 + 10 + 9.2 + 15.2 = 45.3
   - 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 55%
   - Growth & earnings 21.3/35 | Capital efficiency 4.2/25 | Valuation 10.0/20 | Relative strength 9.7/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 21.3 + 4.2 + 10 + 9.7 = 45.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17. Privia Health Group, Inc. (PRVA): 44/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 22.8/35 | Capital efficiency 11.1/25 | Valuation 4.7/20 | Relative strength 5.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 22.8 + 11.1 + 4.7 + 5.6 = 44.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.3% and the one-year return is 15.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
18. GoodRx Holdings, Inc. (GDRX): 42/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 8.6/35 | Capital efficiency 11.0/25 | Valuation 10.4/20 | Relative strength 12.2/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 8.6 + 11 + 10.4 + 12.2 = 42.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Doximity, Inc. (DOCS): 41/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 11.6/35 | Capital efficiency 15.9/25 | Valuation 11.3/20 | Relative strength 1.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 11.6 + 15.9 + 11.3 + 1.9 = 40.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Talkspace, Inc. (TALK): 41/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 12.9/35 | Capital efficiency 6.0/25 | Valuation 8.5/20 | Relative strength 13.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 12.9 + 6 + 8.5 + 13.2 = 40.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 12%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
21. HeartFlow, Inc. (HTFL): 40/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 20.1/35 | Capital efficiency 4.0/25 | Valuation 10.0/20 | Relative strength 5.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 20.1 + 4 + 10 + 5.6 = 39.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. Schrödinger, Inc. (SDGR): 38/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 15.8/35 | Capital efficiency 4.9/25 | Valuation 9.6/20 | Relative strength 7.2/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 15.8 + 4.9 + 9.6 + 7.2 = 37.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23. Tempus AI, Inc. (TEM): 37/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 19.0/35 | Capital efficiency 5.4/25 | Valuation 10.0/20 | Relative strength 2.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 19 + 5.4 + 10 + 2.7 = 37.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. Spok Holdings, Inc. (SPOK): 36/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 8.4/35 | Capital efficiency 13.0/25 | Valuation 9.7/20 | Relative strength 4.9/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 8.4 + 13 + 9.7 + 4.9 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25. Claritev Corporation (CTEV): 36/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 13.1/35 | Capital efficiency 8.9/25 | Valuation 10.0/20 | Relative strength 4.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 13.1 + 8.9 + 10 + 4 = 36
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. Certara, Inc. (CERT): 36/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 12.0/35 | Capital efficiency 8.8/25 | Valuation 8.7/20 | Relative strength 6.1/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 12 + 8.8 + 8.7 + 6.1 = 35.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
27. Evolent Health, Inc. (EVH): 33/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 11.3/35 | Capital efficiency 8.1/25 | Valuation 10.0/20 | Relative strength 3.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 11.3 + 8.1 + 10 + 3.3 = 32.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. LifeMD, Inc. (LFMD): 31/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 12.3/35 | Capital efficiency 4.0/25 | Valuation 9.4/20 | Relative strength 5.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 12.3 + 4 + 9.4 + 5.3 = 31
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. Teladoc Health, Inc. (TDOC): 42/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 18.6/35 | Capital efficiency 6.8/25 | Valuation 10.0/20 | Relative strength 6.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 18.6 + 6.8 + 10 + 6.5 = 41.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

10x Genomics, Inc. has the strongest one-year price move in Health Information Services at +289.4%. It also leads on Mansfield relative strength against the S&P 500 at +96.6%. 12 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. 10x Genomics, Inc. (TXG): 289%
2. BrightSpring Health Services, Inc. (BTSG): 202%
3. SOPHiA GENETICS SA (SOPH): 115%
4. Talkspace, Inc. (TALK): 106%
5. Hinge Health, Inc. (HNGE): 40%

### Strongest relative strength versus NIFTY 500
1. 10x Genomics, Inc. (TXG): 97%
2. Hinge Health, Inc. (HNGE): 36%
3. BrightSpring Health Services, Inc. (BTSG): 31%
4. SOPHiA GENETICS SA (SOPH): 29%
5. Talkspace, Inc. (TALK): 12%

## Revenue Scale & Growth Durability

What the numbers say: Veeva Systems Inc. is the scale leader at $3,319 million, 47.8% ahead of Privia Health Group, 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: Veeva Systems 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: Veeva Systems Inc.'s growth falls below Carlsmed, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Veeva Systems Inc. · $3,319 million | 47.8% versus #2 · Privia Health Group, Inc. | 8/8 recent comparable periods | 22/29 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. Veeva Systems Inc. (VEEV): ₹3.3K Cr
2. Privia Health Group, Inc. (PRVA): ₹2.2K Cr
3. Evolent Health, Inc. (EVH): ₹1.9K Cr
4. HealthEquity, Inc. (HQY): ₹1.3K Cr
5. Claritev Corporation (CTEV): ₹980 Cr

### Revenue growth — fastest growers
1. Carlsmed, Inc. (CARL): 75%
2. Hinge Health, Inc. (HNGE): 50%
3. Omada Health, Inc. (OMDA): 49%
4. HeartFlow, Inc. (HTFL): 40%
5. LifeMD, Inc. (LFMD): 37%

### 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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%
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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%
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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.. HealthEquity, Inc. shows 89.3% growth from a $231 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 | 22/29 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. Phreesia, Inc. (PHR): ₹111 Cr
5. Privia Health Group, Inc. (PRVA): ₹28 Cr

### Profit growth — fastest growers
1. HealthEquity, Inc. (HQY): 89%
2. Privia Health Group, Inc. (PRVA): 40%
3. Veeva Systems Inc. (VEEV): 21%
4. HealthStream, Inc. (HSTM): 5.3%
5. Doximity, Inc. (DOCS): -12%

### 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —

## Return On Capital Employed

What the numbers say: Hinge Health, Inc. leads ROCE at 8.4%, 4.4 percentage points above Veeva Systems Inc.. 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% | 110% versus #2 · Veeva Systems Inc. | 3/5 recent comparable periods | 29/29 companies · 516 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. Veeva Systems Inc. (VEEV): 4.0%
3. Simulations Plus, Inc. (SLP): 3.4%
4. HealthEquity, Inc. (HQY): 3.2%
5. BrightSpring Health Services, Inc. (BTSG): 2.9%

### 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. Phreesia, Inc. (PHR): +2.9 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 2.9%
- 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 -4.8%
- 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 —
- 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 —
- 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 1.5%
- 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 2.1%
- 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 -1.9%
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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%
- 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 —
- 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 —
- 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 —
- 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 -3.1%
- 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 —
- 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 —
- 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 —
- 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 +1.8 pp
- 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 +1.7 pp
- 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 —
- 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 —
- 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 +0.1 pp
- 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 +1.6 pp
- 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 +0.2 pp
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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 —
- 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 −4.9 pp
- 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 —
- 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 —
- 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 —
- 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 PEG at 1.47×, 6.4% below HealthEquity, Inc.. Only 6 of 29 companies have earnings and growth steady enough for the ratio to mean anything, 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### 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. Waystar Holding Corp. (WAY): 29.3
5. HealthEquity, Inc. (HQY): 30.7

### 20-quarter 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 107.2 | Sep 2025 56.9 | Dec 2025 43.1 | Mar 2026 32.3 | Jun 2026 44.4
- 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 29.3
- 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 49.4
- 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 —
- 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 —
- 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 —
- 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 86.3
- 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 —


## 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 ₹34.4K Cr; latest fundamentals Jun 2026
- BrightSpring Health Services, Inc. (BTSG) — market value ₹13.2K Cr; latest fundamentals Jun 2026
- HealthEquity, Inc. (HQY) — market value ₹8.8K Cr; latest fundamentals Jun 2026
- Tempus AI, Inc. (TEM) — market value ₹8.5K Cr; latest fundamentals Jun 2026
- Hinge Health, Inc. (HNGE) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- 10x Genomics, Inc. (TXG) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Waystar Holding Corp. (WAY) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- Doximity, Inc. (DOCS) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Privia Health Group, Inc. (PRVA) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- HeartFlow, Inc. (HTFL) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Omnicell, Inc. (OMCL) — market value ₹1.7K Cr; latest fundamentals Jun 2026
- Teladoc Health, Inc. (TDOC) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- Omada Health, Inc. (OMDA) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Certara, Inc. (CERT) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Schrödinger, Inc. (SDGR) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- GoodRx Holdings, Inc. (GDRX) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- HealthStream, Inc. (HSTM) — market value ₹871 Cr; latest fundamentals Mar 2026
- Talkspace, Inc. (TALK) — market value ₹863 Cr; latest fundamentals Mar 2026
- Phreesia, Inc. (PHR) — market value ₹707 Cr; latest fundamentals Jun 2026
- SOPHiA GENETICS SA (SOPH) — market value ₹574 Cr; latest fundamentals Mar 2026
- Weave Communications, Inc. (WEAV) — market value ₹547 Cr; latest fundamentals Mar 2026
- Claritev Corporation (CTEV) — market value ₹450 Cr; latest fundamentals Mar 2026
- NRC Health (NRC) — market value ₹434 Cr; latest fundamentals Jun 2026
- TruBridge, Inc. (TBRG) — market value ₹388 Cr; latest fundamentals Mar 2026
- Simulations Plus, Inc. (SLP) — market value ₹371 Cr; latest fundamentals Jun 2026
- Carlsmed, Inc. (CARL) — market value ₹365 Cr; latest fundamentals Mar 2026
- Evolent Health, Inc. (EVH) — market value ₹350 Cr; latest fundamentals Mar 2026
- Spok Holdings, Inc. (SPOK) — market value ₹234 Cr; latest fundamentals Mar 2026
- LifeMD, Inc. (LFMD) — market value ₹189 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

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

Health Information Services has underperformed S&P 500 by 9.3% over 52 weeks and 8.3% over 13 weeks. 12 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself.

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

Veeva Systems Inc. leads with revenue of $3,319 million, based on 22 of 29 comparable companies through Jun 2026.

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

Carlsmed, Inc. has the fastest current revenue growth at 75%, across 22 of 29 comparable companies.

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

HealthEquity, Inc. ranks first at 67.9/100 with 85.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Veeva Systems Inc. has the lowest comparable PEG at 1.47, among 6 of 29 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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

Veeva Systems Inc. is the largest, with trailing-twelve-month revenue of $3,319 million, ahead of Privia Health Group, Inc. at $2,246 million. That covers 22 of 29 companies with comparable reporting through Jun 2026.

### 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 22 of 29 comparable companies. HealthEquity, Inc. has the fastest profit growth at 89.3%, 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 PEG — where a LOWER number is cheaper — Veeva Systems Inc. screens cheapest at 1.47×. Only 6 of 29 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Health Information Services has underperformed S&P 500 by 9.3% over the last 52 weeks and 8.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 12 of 29 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?

HealthEquity, Inc. scores 67.9 out of 100 with 85.3% evidence confidence, from 23.6 points on growth and earnings, 15.5 on capital efficiency, 12.4 on valuation and 16.4 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, 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 $104,843 million of combined market value. Veeva Systems Inc. is the largest at $34,415 million, about 33% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 49.4×, 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 2026-08-04.

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

12 of the 29 covered Health Information Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 9.3% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.