HTFL // Heartflow Inc.

DES <GO> NASDAQ CIK 0001464521 ↗

Health Care • Medical/Dental Instruments

$60.53 ▲ +1.43 (+2.42%)

MKT CAP: $5.26B • VOL: 1.30M

52W L $20 52W H $61

ALTMAN Z

26.00 SAFE

PIOTROSKI

5 / 9

HTFL // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 62/100 [C] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

62 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

10 / 20

NEUTRAL

FCF +19.5% vs NI -21.1% • ROIC-WACC -21.1% • Z 26

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON HTFL)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +4.03σ

HTFL Accounting Gap: Net Income (-21.1%) Outpaced OCF (+21.7%) With +160.1% Working-Capital Build

CASH CONVERSION GAP

-42.8% (NI vs OCF)

RECEIVABLES / WC BLOAT

+160.1% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Heartflow Inc. (HTFL) exposes a +-42.8% Cash Conversion Gap as YoY Net Income growth (-21.1%) diverged from Operating Cash Flow growth (+21.7%). Non-cash current assets and receivables expanded +160.1% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

HTFL // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +98.42%📐 HORIZONTAL RANGE

2026-10-30O $59.00H $59.54L $56.93C $59.05VOL 2.25M

RES: $62.22SUP: $22.38SMA50: $50.82SMA200: $34.12

HTFL // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 50/100

BEAR 0

100 BULL

Heartflow Inc. (HTFL) exhibits 76.8% gross margins and -12.0% return on invested capital within Health Care (Medical/Dental Instruments), balanced against a 24.0x enterprise multiple and 6.6% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 76.8% gross profitability converts into -36.4% operating margin and -12.0% ROIC, outpacing sector cost of capital.

ROIC: -12.0% // GM: 76.8%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +39.9% paired with -1.12% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +39.9% // FCF YLD: -1.12%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 26.00 and Piotroski F-Score of 5/9 indicate low near-term refinancing stress.

ALTMAN Z: 26.00 // F-SCORE: 5/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (27.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±6.6% implied move with a 0.81 put/call ratio around $59.00 max pain.

IMPL MOVE: ±6.6% // P/C: 0.81

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Medical/Dental Instruments require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 0.08x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 27.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.90).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 27.0x

EV / EBITDA —

FCF YIELD -1.12%

GROSS MARGIN 76.8%

OPERATING MARGIN -36.4%

NET MARGIN -60.0%

ROIC % -12.0%

REV GROWTH YOY +39.9%

DILUTED EPS TTM $-1.34

DEBT / EQUITY 0.08x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 67.3

5Y EQUITY BETA 0.90

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // HTFLPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $55.39

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for HTFL & activate live FRED threshold breach alerts.

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