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Friday 6 November 2026
Export HQY’s income statement to Excel — free account
HealthEquity, Inc.
HQY Healthcare Health Information Services
HealthEquity, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.3 billion, up 9.47% from fiscal 2025.
- Revenue
- +7.64%
- EPS
- +14.5%
- Free cash flow
- −3.44%
- Total debt
- −7.53%
Quarter to July 2026, against a year earlier
102.82
0.64
−0.62%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 178 | 230 | 287 | 532 | 734 | 757 | 862 | 1,000 | 1,200 | 1,313 | 1,362 | +24.8% | 1,417 | 1,527 | 1,606 | +6.9% | |
| Gross margin, % | 59.63 | 58.78 | 63.08 | 61.26 | 56.62 | 56.14 | 57.09 | 62.29 | 64.78 | 69.52 | 71.25 | +9.9 pt | ||||||
| EBT | 40 | 52 | 76 | 43 | 4 | (67) | (38) | 75 | 116 | 277 | 309 | +24.0% | ||||||
| EBT margin, % | 22.49 | 22.74 | 26.40 | 8.11 | 0.56 | (8.82) | (4.42) | 7.51 | 9.67 | 21.12 | 22.66 | (1.4) pt | ||||||
| Net income | 26 | 47 | 74 | 40 | 9 | (44) | (26) | 56 | 97 | 215 | 236 | +26.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.04 | 3.81 | 4.65 | 7.94 | 9.88 | 9.10 | 10.21 | 11.68 | 13.81 | 15.25 | 16.34 | +19.6% | |||||
| Earnings | 0.45 | 0.79 | 1.20 | 0.59 | 0.12 | (0.53) | (0.31) | 0.65 | 1.11 | 2.50 | 2.79 | +21.0% | ||||||
| Cash flow | 0.78 | 1.35 | 1.83 | 1.57 | 2.45 | 1.70 | 1.78 | 2.84 | 3.91 | 5.31 | 5.88 | +23.8% | ||||||
| Capex | (0.22) | (0.55) | (0.24) | (0.63) | (1.31) | (1.65) | (1.41) | (0.54) | (5.82) | (0.57) | (0.64) | +11.3% | ||||||
| Free cash flow | 0.56 | 0.80 | 1.59 | 0.94 | 1.14 | 0.05 | 0.37 | 2.30 | (1.91) | 4.74 | 5.24 | +26.7% | ||||||
| Book value | 4.47 | 5.74 | 7.72 | 15.37 | 18.57 | 22.28 | 22.45 | 23.78 | 24.35 | 24.46 | 23.87 | +20.8% | ||||||
| Shares, m | 59 | 60 | 62 | 67 | 74 | 83 | 84 | 86 | 87 | 86 | 85 | +4.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 102.78 | 64.90 | 52.39 | 98.60 | 710.59 | 0.00 | 0.00 | 116.28 | 99.48 | 34.97 | 36.89 | 128.0 | |||||
| P/S | 15.20 | 13.30 | 13.42 | 8.32 | 8.49 | 5.87 | 5.96 | 6.47 | 8.00 | 5.71 | 6.30 | 9.1 | ||||||
| P/B | 10.35 | 8.82 | 8.08 | 4.30 | 4.51 | 2.40 | 2.71 | 3.18 | 4.54 | 3.56 | 4.31 | 5.2 | ||||||
| EV/Sales | 14.19 | 12.25 | 12.16 | 10.26 | 9.38 | 6.80 | 6.74 | 6.96 | 8.64 | 6.21 | 6.81 | 9.4 | ||||||
| EV/FCF | 76.88 | 58.20 | 35.51 | 86.70 | 81.30 | 1,315.29 | 184.29 | 35.35 | (62.62) | 19.97 | 21.24 | 183.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 46 | 82 | 113 | 105 | 182 | 141 | 151 | 243 | 340 | 457 | 490 | +29.2% | |||||
| Capex | (13) | (33) | (15) | (42) | (97) | (137) | (119) | (46) | (505) | (49) | (53) | +16.2% | ||||||
| Free cash flow | 33 | 48 | 98 | 63 | 85 | 4 | 32 | 197 | (166) | 408 | 437 | +32.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 185 | 245 | 366 | 145 | 255 | 198 | 252 | 440 | 321 | 355 | 306 | +7.5% | |||||
| Net debt | (180) | (240) | (361) | 1,029 | 658 | 705 | 671 | 471 | 760 | 638 | 675 | n/m | ||||||
| Shareholders’ equity | 262 | 346 | 477 | 1,030 | 1,379 | 1,853 | 1,896 | 2,035 | 2,115 | 2,107 | 1,990 | +26.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 10.57 | 14.61 | 16.81 | 2.58 | 0.33 | (1.52) | (0.84) | 1.78 | 2.92 | 6.30 | 7.07 | (4.3) pt | |||||
| ROIC | 31.57 | 32.08 | 41.99 | 2.34 | 1.04 | (0.59) | 0.22 | 2.94 | 3.53 | 7.34 | 8.24 | (24.2) pt | ||||||
| ROE | 11.33 | 15.57 | 17.95 | 5.26 | 0.73 | (2.74) | (1.39) | 2.83 | 4.66 | 10.19 | 11.43 | (1.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 875 | 1,027 | 1,141 | 2,931 | 3,039 | 3,695 | 3,208 | 3,150 | 3,120 | 2,814 | — | +13.9% | |||||
| Revenue/emp, $m | 0.20 | 0.22 | 0.25 | 0.18 | 0.24 | 0.20 | 0.27 | 0.32 | 0.38 | 0.47 | — | +9.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Custodial revenue | 637 | 48.48% |
|---|---|---|
| Service revenue | 485 | 36.93% |
| Interchange revenue | 192 | 14.59% |
| Gross margin | 69.52% | |
| Operating margin | 24.55% | |
| Pre-tax margin | 21.12% |
HealthEquity, Inc. vs peers in Health Information Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| BTSG BrightSpring Health Services, Inc. | $13.1B | 33.0× | 41.2× | +26.37% (above 0%: growing) | +77.78% (above 0%: growing) | +97.70% (above 0%: growing) | 12.31% | 3.81% | Compare |
| TEM Tempus AI, Inc. | $12.9B | — (loss-making) | — (loss-making) | +23.14% (above 0%: growing) | n/m | +95.67% (above 0%: growing) | 64.81% | (13.82%) | Compare |
| HNGE Hinge Health Inc. | $9.4B | 86.1× | 56.0× | +53.00% (above 0%: growing) | n/m | +441.14% (above 0%: growing) | 86.44% | 19.00% | Compare |
| HQY HealthEquity, Inc. | $8.6B | 36.9× | 34.8× | +7.64% (above 0%: growing) | +14.49% (above 0%: growing) | −3.44% (below 0%: shrinking) | 73.55% | 28.14% | |
| DOCS Doximity, Inc. | $5.9B | 44.4× | 49.7× | +3.57% (above 0%: growing) | −42.42% (below 0%: shrinking) | +1.87% (above 0%: growing) | 85.48% | 25.16% | Compare |
| WAY Waystar Holding Corp. | $5.6B | 40.9× | 31.9× | +21.21% (above 0%: growing) | −10.22% (below 0%: shrinking) | +23.36% (above 0%: growing) | 69.53% | 18.81% | Compare |
| HTFL Heartflow, Inc. | $4.5B | — (loss-making) | — (loss-making) | +47.57% (above 0%: growing) | n/m | +62.62% (above 0%: growing) | 83.00% | (27.93%) | Compare |
| PRVA Privia Health Group, Inc. | $3.1B | 88.3× | 83.4× | +13.19% (above 0%: growing) | +83.33% (above 0%: growing) | −44.35% (below 0%: shrinking) | 0.00% | 3.13% | Compare |
| SDGR Schrodinger, Inc. | $2.2B | — (loss-making) | — (loss-making) | +18.72% (above 0%: growing) | n/m | +21.64% (above 0%: growing) | 59.32% | (40.52%) | Compare |
| Median of peers | $5.7B | 44.4× | 49.7× | +22.18% | +33.78% | +42.99% | 67.17% | 3.47% |
From the latest earnings call
- CEO Scott Cutler said HealthEquity is expanding Marketplace and plans a new app to bring members’ accounts, education and services together.
- CFO James Lucania said lower administration fees are a headwind to service revenue, as HealthEquity balances savings passed to clients against those retained in margins.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
107.26%
Held by the ten largest
54.00%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 11.28m | 13.49% | +745.52k |
| Vanguard | 8.45m | 10.11% | −279.34k |
| WASATCH ADVISORS LP | 7.96m | 9.52% | +757.80k |
| Morgan Stanley | 4.55m | 5.44% | +2.06m |
| State Street | 3.24m | 3.88% | +141.15k |
| Geode Capital Management | 2.37m | 2.84% | +114.82k |
| AQR Capital Management | 2.00m | 2.39% | −94.95k |
| Dimensional Fund Advisors | 1.87m | 2.24% | +242.00k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 1.77m | 2.12% | +113.61k |
| Franklin Templeton | 1.66m | 1.98% | +6.06k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 13 May 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 13.58m | 10.42m | 102.54 |
| 2024 | 13.45m | 22.91m | 90.46 |
| 2023 | 13.40m | 14.44m | 72.83 |
| 2022 | 9.95m | (5.49m) | 63.96 |
Ownership
Directors and executive officers, together
1.60%
BlackRock, Inc.
12.60%
The Vanguard Group
10.30%
Wasatch Advisors, Inc.
8.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
HealthEquity, Inc. (HQY) Latest News
27 Aug
29 May
28 May
22 May
HQY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
HealthEquity administers health savings accounts, or HSAs, and other employee benefits in the United States. An HSA lets an eligible person save, spend and invest money for healthcare with tax advantages. The account belongs to the individual and remains theirs if they change jobs, change health plans or retire.
Employers offer HealthEquity’s services to employees, often through health plans, benefits administrators and other partners. Alongside HSAs, the company administers flexible spending accounts for healthcare and dependent care, health reimbursement arrangements funded by employers, and commuter benefits. It also administers continuation of health coverage under COBRA.