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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%
Market cap
$8.6B
P/E
37.1×
Fwd P/E
34.8×
Dividend yield
—
F-score
9/9
Altman Z
4.39
Beneish M
−2.77
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

HealthEquity, Inc. (HQY) valuation and DCF model

What the price implies · reverse DCF

At $103.64 the price implies free cash flow after share-based pay growing 9.6% a year for ten years.

The industry’s median company is priced for 14.0%.

In January 2017 the price assumed 31.9% a year; HealthEquity, Inc. went on to grow free cash flow after share-based pay 33.7% a year to FY2026.

Price implies
9.6%
Industry median implies
14.0%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
9.6% a year for ten years
$103.64
today’s price
Its base case
5.0% a year for five years, then 3.0%
$66.04
36.3% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record HealthEquity, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to July 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 9.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against HealthEquity, Inc.’s own cost of capital: risk-free 4.3% + beta 0.19 × equity premium 4.5% = 5.2% cost of equity; weighted, 5.2%.

Use 5.2%
Equity value $5.67b ▼ below market cap $8.90b
Base case value per share $66.04 equity value ÷ 85.87m shares
Current price $103.64 market price per share
Below today’s price 36.3% downside at the base case’s assumptions

How we got there$2.84b 10 years of cash to equity+$3.51b terminal value−$675.06m net debt=$5.67b equity value÷85.87m shares=$66.04 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Health Information Services).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 37.15× 199.69× 146.35× 75% below 40.99× 9% below
P/FCF 19.79× 273.82× 169.77× 88% below 19.60× 1% above
P/B 4.34× 3.66× 4.64× 6% below 1.86× 134% above
EV/EBITDA 18.30× 25.20× 33.10× 45% below 13.36× 37% above
EV/Sales 6.85× 7.08× 8.63× 21% below 2.35× 192% above
P/E P/FCF P/B EV/EBITDA EV/Sales
48.86×248.08×447.30×646.51×10Y avg 146.35×201720182019202020212024202520262026

HQY trades at 37.15× P/E, against a 10-year average of 146.35× (range 34.97×–710.59×). That is cheaper than 88% of the last 8 year-end readings; re-rating to the average implies $408.32 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.