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.
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HealthEquity, Inc. (HQY) Piotroski F-score
HealthEquity, Inc.'s Piotroski F-score for fiscal 2026 is 9 out of 9: 9 of nine tests of profitability, leverage and efficiency passed, up from 6 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 9 | 3.00 |
| FY2025 | 6 | (2.00) |
| FY2024 | 8 | 1.00 |
| FY2023 | 7 | 3.00 |
| FY2022 | 4 | (1.00) |
| FY2021 | 5 | 2.00 |
| FY2020 | 3 | (4.00) |
| FY2019 | 7 | 1.00 |
| FY2018 | 6 | (2.00) |
| FY2017 | 8 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 6.30% | 2.92% | Pass | 1 |
| Positive operating cash flow | 457.09m | 339.86m | Pass | 1 |
| Rising return on assets | 6.30% | 2.92% | Pass | 1 |
| Cash flow above net income | 241.89m | 243.15m | Pass | 1 |
| Falling long-term leverage | 0.28 | 0.32 | Pass | 1 |
| Rising current ratio | 3.27 | 3.06 | Pass | 1 |
| No new shares issued | 86,132,000 | 86,870,000 | Pass | 1 |
| Rising gross margin | 69.52% | 64.78% | Pass | 1 |
| Rising asset turnover | 0.38 | 0.36 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 9 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| HQY HealthEquity, Inc. | 9 |
| BTSG BrightSpring Health Services, Inc. compare | 7 |
| TXG 10x Genomics compare | 6 |
| WAY Waystar Holding Corp. compare | 6 |
| PRVA Privia Health Group, Inc. compare | 6 |
| HTFL Heartflow, Inc. compare | 5 |
| DOCS Doximity, Inc. compare | 5 |
| HNGE Hinge Health Inc. compare | 5 |
| TEM Tempus AI, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover