HNGE

Company Overview — What Does Hinge Health, Inc. Do?

Our vision is to build a new health system that transforms outcomes, experience and costs by using technology to scale and automate the delivery of care. Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for our clients. We have designed our platform to address a broad spectrum of MSK care—from acute injury, to chronic pain, to post-surgical rehabilitation. Members receive personalized and largely automated MSK care through our AI-powered motion tracking technology and a proprietary electrical nerve stimulation wearable device, all designed and monitored by our AI-supported care team of licensed physical therapists, physicians, and board-certified health coaches. Our platform can improve pain and function and reduce the need for surgeries, all while driving health equity by allowing members to engage in their exercise therapy sessions from anywhere and embrace movement as a way of life. There is no shortage of new technologies in the healthcare industry, yet the cost of care continues to rise. In other industries, the launch of new technologies has generally improved end-user experiences and lowered costs. In healthcare, however, new technologies have not always been successful in lowering the cost of care or improving clinical outcomes. We believe there are two key reasons for healthcare’s idiosyncratic response to technology: • Automating most aspects of care is difficult because so many healthcare interventions involve unstructured physical tasks. • The current framework for healthcare reimbursement has specific pathways to pay for care, which means new technologies are constrained to deliver within this framework. At Hinge Health, we have taken these challenges head-on. To address the automation of care, we have weaved together AI-enabled capabilities - such as our AI-powered motion tracking technology, TrueMotion, our proprietary FDA-cleared wearable device, Enso, and our AI-supported care team - to deliver scalable and personalized MSK care. According to our estimates based on data from 2024, our platform reduced the number of human care team hours associated with traditional physical therapy by approximately 95%. We have done this while improving our high member satisfaction over time. To address healthcare reimbursement constraints, we developed novel billing methods for our innovative technology by both directly selling to employers while also partnering with health plans, pharmacy benefit managers (“PBMs”), third-party administrators (“TPAs”), and other ecosystem entities to efficiently provide our platform to clients and members. While the MSK market is massive, existing solutions have fallen short as they are often expensive, ineffective, inconvenient to access, and delivered in a one-to-one or few-to-one care setting. Effective MSK care should be engaging, easy to use, and accessible anytime, anywhere. We developed Hinge Health to be simple and accessible, complete, personalized, and scalable. • Simple and accessible: We provide members access to our platform at no direct cost to them and without a copay or deductible. Members can access our broad spectrum of MSK care through a single on-demand app, designed to provide an engaging, seamless, and convenient digital experience whenever and wherever the member chooses. Potential members can complete a simple intake form, download the app, and start exercises soon thereafter. During the year ended December 31, 2024, approximately 64% of members were onboarded on the same day they completed their intake form, and approximately 75% of members were onboarded within the first week. • Complete: Our platform offers a wide range of support with multiple programs across many affected areas to provide a continuum of care from prevention to treatment of acute injury and chronic pain, as well as surgery decision support and post-surgical recovery. We also offer non-addictive and non-invasive pain relief via electrostimulation through our proprietary FDA-cleared wearable device, Enso, that is seamlessly integrated into our platform. • Personalized: Our platform delivers smarter care through AI and machine learning. Our AI model is trained on a large, proprietary MSK data set, and our technology is continuously learning and improving as each new member enrolls and engages with our programs, which creates a positive feedback loop. As of March 31, 2025, we had treated over one million members and our programs had tracked over 74 million activity sessions and 32 million member-reported outcome logs. We focus on personalization to keep members moving: from customized care plans to real-time in-app exercise feedback based on the member’s input and our proprietary motion tracking technology. • Scalable: Our AI-powered motion tracking technology, TrueMotion, allows us to deliver scalable and largely automated care. According to our estimates based on data from 2024, our platform reduced the number of human care team hours associated with traditional physical therapy by approximately 95%. While most of our programs provide members with access to a dedicated care team, our technology automates most aspects of care delivery while allowing our members to progress through their exercise therapy sessions on their own time. We have developed an efficient go-to-market model by working directly with our partners and clients. We seek to be the best solution on the market, the most validated solution on the market, and the easiest to buy. Our clients are primarily self-insured employers and include many of the nation’s leading enterprises across a broad range of industries and sizes. Within this segment, we also serve many public sector self-insured employers, such as state and local city governments and labor unions. In most instances, we partner with clients’ health plans, TPAs, PBMs, or other ecosystem entities to reduce the friction of contracting, procurement, security and IT reviews, onboarding, and billing. We are also in the early stages of expanding to serve health plans’ fully-insured and Medicare Advantage populations and federal insurance plans. As of December 31, 2024, we had approximately 20 million contracted lives across more than 2,250 clients. We had active client agreements with 49% of the Fortune 100 companies and 42% of the Fortune 500 companies, as of December 31, 2024. Despite this progress, our current contracted lives only represent 5% of our total addressable market. We believe that we grow efficiently because of our scalable, repeatable go-to-market model. We sell through our direct sales force and our partners. Once we contract with a client, we are most often the sole digital MSK care provider offered to their contracted lives. Our average contract term is three years. For the term of each contract, we are able to enroll, engage, and re-engage the client’s eligible lives, driving a recurring, repeatable revenue model, which is demonstrated in our net dollar retention of 117% as of December 31, 2024. Our 12-month client retention rate was 98% as of December 31, 2024. Additionally, we have a high level of client satisfaction, as shown by our client net promoter score (“NPS”) of 87 as of October 31, 2024. We also invested early in building our partner network. As of March 31, 2025, we had over 50 partners. Our partners include the five largest national health plans by self-insured lives, and the top three PBMs by market share. As of that date, we had retained 100% of our partners that we chose to work with since inception, excluding partners who were acquired. We have experienced significant growth since our inception, with a recurring revenue business model. As of December 31, 2024, we had over 532,000 members and more than 2,250 clients, compared to approximately 371,000 members and approximately 1,650 clients as of December 31, 2023. Our principal executive offices are located in San Francisco, California. Hinge Health, Inc. (HNGE) is classified as a mid-cap stock in the Industrials sector, specifically within the Business Services industry. The company is led by CEO Daniel Perez and employs approximately 1,514 people, headquartered in SAN FRANCISCO, California. With a market capitalization of $3.0B, HNGE is one of the notable companies in the Industrials sector.

Hinge Health, Inc. (HNGE) Stock Rating — Reduce (April 2026)

As of April 2026, Hinge Health, Inc. receives a Reduce rating with a composite score of 30.3/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.HNGE ranks #3,845 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Hinge Health, Inc. ranks #658 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

HNGE Stock Price and 52-Week Range

Hinge Health, Inc. (HNGE) currently trades at $35.41. The stock lost $0.57 (1.6%) in the most recent trading session. The 52-week high for HNGE is $62.18, which means the stock is currently trading -43.1% from its annual peak. The 52-week low is $30.08, putting the stock 17.7% above its annual trough. Recent trading volume was 980K shares, suggesting relatively thin trading activity.

Is HNGE Overvalued or Undervalued? — Valuation Analysis

Hinge Health, Inc. (HNGE) carries a value factor score of 20/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 16.76x, versus the sector average of 2.23x. The price-to-sales ratio is 1.27x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, HNGE trades at 79.04x EV/EBITDA, versus 5.70x for the sector.

At current multiples, Hinge Health, Inc. trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Hinge Health, Inc. Profitability — ROE, Margins, and Quality Score

Hinge Health, Inc. (HNGE) earns a quality factor score of 34/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -1182.7%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -283.7% versus the sector average of 3.3%.

On a margin basis, Hinge Health, Inc. reports gross margins of 79.7%, compared to 35.8% for the sector. The operating margin is -92.9% (sector: 6.2%). Net profit margin stands at -89.9%, versus 3.9% for the average Industrials stock. Revenue growth is running at 53.3% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

HNGE Debt, Balance Sheet, and Financial Health

Hinge Health, Inc. has a debt-to-equity ratio of 205.0%, compared to the Industrials sector average of 70.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.47x, suggesting adequate working capital coverage. Total debt on the balance sheet is $0. Cash and equivalents stand at $261M.

HNGE has a beta of 1.34, meaning it is more volatile than the broader market — a $10,000 investment in HNGE would be expected to move 34.3% more than the S&P 500 on any given day. The stability factor score for Hinge Health, Inc. is 34/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Hinge Health, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Hinge Health, Inc. reported revenue of $588M and earnings per share (EPS) of $-7.77. Net income for the quarter was $-528M. Gross margin was 79.7%. Operating income came in at $-546M.

In FY 2025, Hinge Health, Inc. reported revenue of $588M and earnings per share (EPS) of $-7.77. Net income for the quarter was $-528M. Gross margin was 79.7%. Operating income came in at $-546M.

In Q3 2025, Hinge Health, Inc. reported revenue of $154M and earnings per share (EPS) of $-0.02. Net income for the quarter was $-2M. Gross margin was 81.8%. Operating income came in at $-6M.

In Q2 2025, Hinge Health, Inc. reported revenue of $139M and earnings per share (EPS) of $-13.10. Net income for the quarter was $-576M. Gross margin was 70.3%. Operating income came in at $-581M.

Over the past 4 quarters, Hinge Health, Inc. has demonstrated a growth trajectory, with revenue expanding from $139M to $588M. Investors analyzing HNGE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

HNGE Dividend Yield and Income Analysis

Hinge Health, Inc. (HNGE) does not currently pay a dividend. This is common among smaller companies in the Business Services industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

HNGE Momentum and Technical Analysis Profile

Hinge Health, Inc. (HNGE) has a momentum factor score of 25/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 51/100 reflects moderate short selling activity.

HNGE vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, Hinge Health, Inc. (HNGE) ranks #658 out of 752 stocks based on the Blank Capital composite score. This places HNGE in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing HNGE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full HNGE vs S&P 500 (SPY) comparison to assess how Hinge Health, Inc. stacks up against the broader market across all factor dimensions.

HNGE Next Earnings Date

No upcoming earnings date has been announced for Hinge Health, Inc. (HNGE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy HNGE? — Investment Thesis Summary

The quantitative profile for Hinge Health, Inc. suggests caution. The quality score of 34/100 flags below-average profitability. The value score of 20/100 indicates premium valuation. Momentum is weak at 25/100, a headwind for near-term performance. High volatility (stability score 34/100) increases portfolio risk.

In summary, Hinge Health, Inc. (HNGE) earns a Reduce rating with a composite score of 30.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on HNGE stock.

Related Resources for HNGE Investors

Explore more research and tools: HNGE vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare HNGE head-to-head with peers: HNGE vs SOBO, HNGE vs TEN, HNGE vs GLDD.