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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
103.64
0.18
+0.17%
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| Jan '17 | Jan '18 | Jan '19 | Jan '20 | Jan '21 | Jan '22 | Jan '23 | Jan '24 | Jan '25 | Jan '26 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
8 | 6 | 7 | 3 | 5 | 4 | 7 | 8 | 6 | 9 |
P/E ratio |
102.78 | 64.90 | 52.39 | 98.60 | 710.59 | 0.00 | 0.00 | 116.28 | 99.48 | 34.97 |
P/S ratio |
15.20 | 13.30 | 13.42 | 8.32 | 8.49 | 5.87 | 5.96 | 6.47 | 8.00 | 5.71 |
Altman Z-Score |
96.66 | 82.26 | 72.62 | 2.22 | 3.33 | 2.50 | 3.04 | 4.13 | 5.02 | 4.39 |
Altman Z″-Score (non-manufacturers) |
21.69 | 21.98 | 22.03 | 1.55 | 2.05 | 2.10 | 2.38 | 3.27 | 2.79 | 3.26 |
P/FCF ratio |
82.36 | 63.18 | 39.18 | 70.35 | 73.53 | 1,135.06 | 163.00 | 32.87 | 0.00 | 18.37 |
P/Operating CF |
186.17 | 154.02 | 118.11 | 143.11 | 102.21 | 87.87 | 92.60 | 83.91 | 126.63 | 63.60 |
Beneish M-Score |
(2.70) | (2.65) | (2.80) | (2.73) | (2.60) | (2.50) | (2.66) | (2.72) | (2.73) | (2.77) |
P/B ratio |
10.35 | 8.82 | 8.08 | 4.30 | 4.51 | 2.40 | 2.71 | 3.18 | 4.54 | 3.56 |
Price to Tangible BV |
14.10 | 11.83 | 9.81 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
14.19 | 12.25 | 12.16 | 10.26 | 9.38 | 6.80 | 6.74 | 6.96 | 8.64 | 6.21 |
EV/EBITDA |
46.52 | 39.96 | 36.42 | 40.40 | 44.40 | 43.85 | 33.48 | 25.42 | 31.73 | 17.06 |
EV/Operating CF |
55.51 | 34.42 | 30.80 | 51.96 | 37.90 | 36.51 | 38.56 | 28.64 | 30.51 | 17.84 |
EV/FCF |
76.88 | 58.20 | 35.51 | 86.70 | 81.30 | 1,315.29 | 184.29 | 35.35 | (62.62) | 19.97 |
Quick Ratio |
12.57 | 12.78 | 13.33 | 1.73 | 1.96 | 2.04 | 2.68 | 4.35 | 2.65 | 2.82 |
Current Ratio |
12.79 | 12.95 | 13.58 | 1.96 | 2.25 | 2.29 | 2.92 | 4.76 | 3.06 | 3.27 |
Net Debt/EBITDA |
(3.32) | (3.41) | (3.77) | 7.62 | 4.24 | 6.01 | 3.87 | 1.72 | 2.33 | 1.34 |
Debt/Assets |
0.00% | 0.00% | 0.00% | 47.59% | 36.40% | 29.96% | 29.96% | 27.66% | 30.63% | 28.32% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 1.18 | 0.72 | 0.50 | 0.49 | 0.43 | 0.50 | 0.45 |
Asset Turnover |
0.72 | 0.71 | 0.65 | 0.35 | 0.28 | 0.26 | 0.28 | 0.32 | 0.36 | 0.38 |
Operating CF/Net income |
1.73 | 1.73 | 1.53 | 2.65 | 20.56 | (3.18) | (5.76) | 4.36 | 3.51 | 2.12 |
Capex/Depreciation |
(0.96) | (2.09) | (0.82) | (0.72) | (0.80) | (0.97) | (0.72) | (0.30) | (3.07) | (0.31) |
Interest Coverage |
— | 198.61 | 287.67 | 3.11 | 0.98 | (0.66) | 0.19 | 2.12 | 2.68 | 5.64 |
| 11.33% | 15.57% | 17.95% | 5.26% | 0.73% | (2.74%) | (1.39%) | 2.83% | 4.66% | 10.19% | |
| 10.57% | 14.61% | 16.81% | 2.58% | 0.33% | (1.52%) | (0.84%) | 1.78% | 2.92% | 6.30% | |
ROIC |
31.57% | 32.08% | 41.99% | 2.34% | 1.04% | (0.59%) | 0.22% | 2.94% | 3.53% | 7.34% |
Return on Tangible Assets |
13.86% | 18.74% | 19.77% | 22.18% | 3.10% | (19.99%) | (9.88%) | 12.48% | 29.79% | 60.01% |
Average Days of Receivables |
34.79 | 34.35 | 32.62 | 48.62 | 36.21 | 42.18 | 41.02 | 38.30 | 35.90 | 34.37 |
Research and Development Expense of Revenue |
12.54% | 11.93% | 12.20% | 14.58% | 17.01% | 20.80% | 22.44% | 21.89% | 19.96% | 19.99% |
Selling, General and Administrative Expense of Revenue |
21.57% | 21.02% | 21.77% | 19.65% | 18.33% | 19.04% | 19.30% | 18.30% | 18.59% | 16.38% |
Intangible Assets out of Total Assets |
0.25 | 0.24 | 0.17 | 0.82 | 0.77 | 0.84 | 0.84 | 0.79 | 0.83 | 0.81 |
Share Based Compensation of Revenue |
4.71% | 6.23% | 7.33% | 7.49% | 5.84% | 6.97% | 7.27% | 7.72% | 8.04% | 5.56% |
Graham Net Nets |
0.07 | 0.08 | 0.09 | (0.28) | (0.14) | (0.20) | (0.16) | (0.09) | (0.09) | (0.10) |
Graham Number |
6.73 | 10.04 | 14.37 | 15.22 | 7.02 | 0.00 | 0.00 | 18.65 | 24.66 | 37.02 |
Earnings Yield |
0.97% | 1.54% | 1.91% | 1.01% | 0.14% | (0.99%) | (0.51%) | 0.86% | 1.01% | 2.86% |
Free Cash Flow Yield |
1.21% | 1.58% | 2.55% | 1.42% | 1.36% | 0.09% | 0.61% | 3.04% | (1.73%) | 5.44% |
Revenue per Share |
3.04 | 3.81 | 4.65 | 7.94 | 9.88 | 9.10 | 10.21 | 11.68 | 13.81 | 15.25 |
Operating CF per Share |
0.78 | 1.35 | 1.83 | 1.57 | 2.45 | 1.70 | 1.78 | 2.84 | 3.91 | 5.31 |
Capex per Share |
(0.22) | (0.55) | (0.24) | (0.63) | (1.31) | (1.65) | (1.41) | (0.54) | (5.82) | (0.57) |
Free Cash Flow per Share |
0.56 | 0.80 | 1.59 | 0.94 | 1.14 | 0.05 | 0.37 | 2.30 | (1.91) | 4.74 |
Cash per Share |
3.08 | 3.98 | 5.85 | 2.86 | 4.43 | 2.71 | 3.01 | 4.72 | 3.41 | 3.70 |
Shareholders Equity per Share |
4.47 | 5.74 | 7.72 | 15.37 | 18.57 | 22.28 | 22.45 | 23.78 | 24.35 | 24.46 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
4.47 | 5.74 | 7.72 | 15.37 | 18.57 | 22.28 | 22.45 | 23.78 | 24.35 | 24.46 |
Free Cash Flow |
32.92 | 48.32 | 98.38 | 62.94 | 84.66 | 3.91 | 31.52 | 196.75 | (165.60) | 408.32 |
Working Capital |
185.12 | 244.91 | 365.62 | 145.36 | 255.48 | 198.15 | 251.83 | 440.35 | 321.43 | 355.43 |
Capital Expenditures |
(12.67) | (33.38) | (15.04) | (42.07) | (96.96) | (137.08) | (119.13) | (46.07) | (505.45) | (48.78) |
Net Current Asset Value |
183.62 | 242.51 | 361.74 | (1,237.39) | (871.50) | (903.19) | (810.37) | (571.33) | (855.89) | (760.85) |
EV/EBIT |
61.40 | 51.68 | 44.98 | 70.86 | 202.34 | 0.00 | 641.42 | 59.10 | 63.88 | 25.29 |
Capex to Sales |
0.07 | 0.15 | 0.05 | 0.08 | 0.13 | 0.18 | 0.14 | 0.05 | 0.42 | 0.04 |
Price to Operating Income |
65.78 | 56.10 | 49.63 | 57.50 | 183.00 | 0.00 | 567.33 | 54.94 | 59.09 | 23.26 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
2.55 | 2.04 | 2.22 | 1.73 | 4.16 | 6.06 | 12.79 | 25.93 | 50.79 | 49.01 |
Cash ROIC |
7.44% | 8.24% | 11.73% | 2.58% | 3.14% | 0.13% | 1.03% | 5.94% | (4.78%) | 12.07% |
Accounts Receivable Turnover |
11.39 | 11.89 | 12.15 | 11.02 | 10.21 | 9.45 | 9.35 | 9.91 | 10.77 | 10.87 |
Accounts Payable Turnover |
25.48 | 33.54 | 35.71 | 54.96 | 113.78 | 22.76 | 17.85 | 29.06 | 32.01 | 30.19 |
Inventory Turnover |
118.84 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
16.33 | 9.34 | 12.12 | 7.05 | 1.85 | 30.30 | 13.72 | 11.66 | 12.41 | 11.09 |
Days of Inventory on Hand |
3.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
15.65 | 19.30 | 23.64 | 48.27 | 71.82 | 80.10 | 92.13 | 100.86 | 111.45 | 120.85 |
Average Payables |
2.83 | 2.82 | 2.97 | 3.75 | 2.80 | 14.58 | 20.72 | 12.97 | 13.20 | 13.26 |
Average Inventory |
0.61 | — | — | — | — | — | — | — | — | — |
Average Assets |
249.47 | 324.15 | 439.59 | 1,537.50 | 2,637.69 | 2,908.75 | 3,098.00 | 3,126.35 | 3,306.17 | 3,414.44 |
Average Common Equity |
232.70 | 304.11 | 411.68 | 753.69 | 1,204.51 | 1,615.65 | 1,874.11 | 1,965.33 | 2,074.97 | 2,111.05 |
Columns are period end dates