Saturday 17 October 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. In the quarter to July 2026, revenue grew 7.64%, EPS grew 14.5%, free cash flow fell 3.44% and total debt fell 7.53%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
92.03
0.48
−0.52%
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| Jan '26 | Jan '25 | Jan '24 | Jan '23 | Jan '22 | Jan '21 | Jan '20 | Jan '19 | Jan '18 | Jan '17 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
9 | 6 | 8 | 7 | 4 | 5 | 3 | 7 | 6 | 8 |
P/E ratio |
34.97 | 99.48 | 116.28 | 0.00 | 0.00 | 710.59 | 98.60 | 52.39 | 64.90 | 102.78 |
P/S ratio |
5.71 | 8.00 | 6.47 | 5.96 | 5.87 | 8.49 | 8.32 | 13.42 | 13.30 | 15.20 |
Altman Z-Score |
4.39 | 5.02 | 4.13 | 3.04 | 2.50 | 3.33 | 2.22 | 72.62 | 82.26 | 96.66 |
Altman Z″-Score (non-manufacturers) |
3.26 | 2.79 | 3.27 | 2.38 | 2.10 | 2.05 | 1.55 | 22.03 | 21.98 | 21.69 |
P/FCF ratio |
18.37 | 0.00 | 32.87 | 163.00 | 1,135.06 | 73.53 | 70.35 | 39.18 | 63.18 | 82.36 |
P/Operating CF |
63.60 | 126.63 | 83.91 | 92.60 | 87.87 | 102.21 | 143.11 | 118.11 | 154.02 | 186.17 |
Beneish M-Score |
(2.77) | (2.73) | (2.72) | (2.66) | (2.50) | (2.60) | (2.73) | (2.80) | (2.65) | (2.70) |
P/B ratio |
3.56 | 4.54 | 3.18 | 2.71 | 2.40 | 4.51 | 4.30 | 8.08 | 8.82 | 10.35 |
Price to Tangible BV |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.81 | 11.83 | 14.10 |
EV/Sales |
6.21 | 8.64 | 6.96 | 6.74 | 6.80 | 9.38 | 10.26 | 12.16 | 12.25 | 14.19 |
EV/EBITDA |
17.06 | 31.73 | 25.42 | 33.48 | 43.85 | 44.40 | 40.40 | 36.42 | 39.96 | 46.52 |
EV/Operating CF |
17.84 | 30.51 | 28.64 | 38.56 | 36.51 | 37.90 | 51.96 | 30.80 | 34.42 | 55.51 |
EV/FCF |
19.97 | (62.62) | 35.35 | 184.29 | 1,315.29 | 81.30 | 86.70 | 35.51 | 58.20 | 76.88 |
Quick Ratio |
2.82 | 2.65 | 4.35 | 2.68 | 2.04 | 1.96 | 1.73 | 13.33 | 12.78 | 12.57 |
Current Ratio |
3.27 | 3.06 | 4.76 | 2.92 | 2.29 | 2.25 | 1.96 | 13.58 | 12.95 | 12.79 |
Net Debt/EBITDA |
1.34 | 2.33 | 1.72 | 3.87 | 6.01 | 4.24 | 7.62 | (3.77) | (3.41) | (3.32) |
Debt/Assets |
28.32% | 30.63% | 27.66% | 29.96% | 29.96% | 36.40% | 47.59% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.45 | 0.50 | 0.43 | 0.49 | 0.50 | 0.72 | 1.18 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.38 | 0.36 | 0.32 | 0.28 | 0.26 | 0.28 | 0.35 | 0.65 | 0.71 | 0.72 |
Operating CF/Net income |
2.12 | 3.51 | 4.36 | (5.76) | (3.18) | 20.56 | 2.65 | 1.53 | 1.73 | 1.73 |
Capex/Depreciation |
(0.31) | (3.07) | (0.30) | (0.72) | (0.97) | (0.80) | (0.72) | (0.82) | (2.09) | (0.96) |
Interest Coverage |
5.64 | 2.68 | 2.12 | 0.19 | (0.66) | 0.98 | 3.11 | 287.67 | 198.61 | — |
| 10.19% | 4.66% | 2.83% | (1.39%) | (2.74%) | 0.73% | 5.26% | 17.95% | 15.57% | 11.33% | |
| 6.30% | 2.92% | 1.78% | (0.84%) | (1.52%) | 0.33% | 2.58% | 16.81% | 14.61% | 10.57% | |
ROIC |
7.34% | 3.53% | 2.94% | 0.22% | (0.59%) | 1.04% | 2.34% | 41.99% | 32.08% | 31.57% |
Return on Tangible Assets |
60.01% | 29.79% | 12.48% | (9.88%) | (19.99%) | 3.10% | 22.18% | 19.77% | 18.74% | 13.86% |
Average Days of Receivables |
34.37 | 35.90 | 38.30 | 41.02 | 42.18 | 36.21 | 48.62 | 32.62 | 34.35 | 34.79 |
Research and Development Expense of Revenue |
19.99% | 19.96% | 21.89% | 22.44% | 20.80% | 17.01% | 14.58% | 12.20% | 11.93% | 12.54% |
Selling, General and Administrative Expense of Revenue |
16.38% | 18.59% | 18.30% | 19.30% | 19.04% | 18.33% | 19.65% | 21.77% | 21.02% | 21.57% |
Intangible Assets out of Total Assets |
0.81 | 0.83 | 0.79 | 0.84 | 0.84 | 0.77 | 0.82 | 0.17 | 0.24 | 0.25 |
Share Based Compensation of Revenue |
5.56% | 8.04% | 7.72% | 7.27% | 6.97% | 5.84% | 7.49% | 7.33% | 6.23% | 4.71% |
Graham Net Nets |
(0.10) | (0.09) | (0.09) | (0.16) | (0.20) | (0.14) | (0.28) | 0.09 | 0.08 | 0.07 |
Graham Number |
37.02 | 24.66 | 18.65 | 0.00 | 0.00 | 7.02 | 15.22 | 14.37 | 10.04 | 6.73 |
Earnings Yield |
2.86% | 1.01% | 0.86% | (0.51%) | (0.99%) | 0.14% | 1.01% | 1.91% | 1.54% | 0.97% |
Free Cash Flow Yield |
5.44% | (1.73%) | 3.04% | 0.61% | 0.09% | 1.36% | 1.42% | 2.55% | 1.58% | 1.21% |
Revenue per Share |
15.25 | 13.81 | 11.68 | 10.21 | 9.10 | 9.88 | 7.94 | 4.65 | 3.81 | 3.04 |
Operating CF per Share |
5.31 | 3.91 | 2.84 | 1.78 | 1.70 | 2.45 | 1.57 | 1.83 | 1.35 | 0.78 |
Capex per Share |
(0.57) | (5.82) | (0.54) | (1.41) | (1.65) | (1.31) | (0.63) | (0.24) | (0.55) | (0.22) |
Free Cash Flow per Share |
4.74 | (1.91) | 2.30 | 0.37 | 0.05 | 1.14 | 0.94 | 1.59 | 0.80 | 0.56 |
Cash per Share |
3.70 | 3.41 | 4.72 | 3.01 | 2.71 | 4.43 | 2.86 | 5.85 | 3.98 | 3.08 |
Shareholders Equity per Share |
24.46 | 24.35 | 23.78 | 22.45 | 22.28 | 18.57 | 15.37 | 7.72 | 5.74 | 4.47 |
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 |
24.46 | 24.35 | 23.78 | 22.45 | 22.28 | 18.57 | 15.37 | 7.72 | 5.74 | 4.47 |
Free Cash Flow |
408.32 | (165.60) | 196.75 | 31.52 | 3.91 | 84.66 | 62.94 | 98.38 | 48.32 | 32.92 |
Working Capital |
355.43 | 321.43 | 440.35 | 251.83 | 198.15 | 255.48 | 145.36 | 365.62 | 244.91 | 185.12 |
Capital Expenditures |
(48.78) | (505.45) | (46.07) | (119.13) | (137.08) | (96.96) | (42.07) | (15.04) | (33.38) | (12.67) |
Net Current Asset Value |
(760.85) | (855.89) | (571.33) | (810.37) | (903.19) | (871.50) | (1,237.39) | 361.74 | 242.51 | 183.62 |
EV/EBIT |
25.29 | 63.88 | 59.10 | 641.42 | 0.00 | 202.34 | 70.86 | 44.98 | 51.68 | 61.40 |
Capex to Sales |
0.04 | 0.42 | 0.05 | 0.14 | 0.18 | 0.13 | 0.08 | 0.05 | 0.15 | 0.07 |
Price to Operating Income |
23.26 | 59.09 | 54.94 | 567.33 | 0.00 | 183.00 | 57.50 | 49.63 | 56.10 | 65.78 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
49.01 | 50.79 | 25.93 | 12.79 | 6.06 | 4.16 | 1.73 | 2.22 | 2.04 | 2.55 |
Cash ROIC |
12.07% | (4.78%) | 5.94% | 1.03% | 0.13% | 3.14% | 2.58% | 11.73% | 8.24% | 7.44% |
Accounts Receivable Turnover |
10.87 | 10.77 | 9.91 | 9.35 | 9.45 | 10.21 | 11.02 | 12.15 | 11.89 | 11.39 |
Accounts Payable Turnover |
30.19 | 32.01 | 29.06 | 17.85 | 22.76 | 113.78 | 54.96 | 35.71 | 33.54 | 25.48 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 118.84 |
Average Days of Payables |
11.09 | 12.41 | 11.66 | 13.72 | 30.30 | 1.85 | 7.05 | 12.12 | 9.34 | 16.33 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.00 |
Average Receivables |
120.85 | 111.45 | 100.86 | 92.13 | 80.10 | 71.82 | 48.27 | 23.64 | 19.30 | 15.65 |
Average Payables |
13.26 | 13.20 | 12.97 | 20.72 | 14.58 | 2.80 | 3.75 | 2.97 | 2.82 | 2.83 |
Average Inventory |
— | — | — | — | — | — | — | — | — | 0.61 |
Average Assets |
3,414.44 | 3,306.17 | 3,126.35 | 3,098.00 | 2,908.75 | 2,637.69 | 1,537.50 | 439.59 | 324.15 | 249.47 |
Average Common Equity |
2,111.05 | 2,074.97 | 1,965.33 | 1,874.11 | 1,615.65 | 1,204.51 | 753.69 | 411.68 | 304.11 | 232.70 |
Columns are period end dates