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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Market cap: $7.7B
P/E: 33.0×
Fwd P/E: 30.2×
Dividend yield: —
F-score: 9/9
Altman Z: 4.39
Beneish M: −2.77
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 4.22

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	3	—	—	—	—	3	—	2	1	—	—

Insider Ownership 3.40%

Capital & Financial Ratios $m

Market Cap 7,650.00

Revenue 1,362.12

Net Income 236.49

Free Cash Flow 436.95

Net Debt 675.06

Current Ratio 2.99

Debt/Equity 0.47

P/E ratio 32.99

Fwd P/E 30.20

P/S ratio 5.63

P/B ratio 3.86

Past 5Y EPS Growth 82.96%

This Y EPS Growth 18.09%

Next Y EPS Growth 16.44%

Next Y revenue growth 7.89%

Next 5Y EPS Growth 14.33%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 4.34%

10-year low 10-year high

P/S against its own 10 years 9.69%

10-year low 10-year high

P/B against its own 10 years 50.06%

10-year low 10-year high

EV/Sales against its own 10 years 6.97%

10-year low 10-year high

EV/FCF against its own 10 years 4.54%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2018	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2024	2025	2026	Q'26
Cash	404	296	319	256
Receivables	105	118	124	122
Inventory	—	—	—	—
Other	49	64	—	—
	557	478	512	460

	2024	2025	2026	Q'26
Payables	12	14	12	9
ST’ Debt	—	—	—	—
Other	—	—	—	—
	117	156	157	154

Compound Annual Growth %

	10y	5y	3y
Sales	26.34%	12.36%	15.08%
Cash Flow	32.93%	20.27%	44.77%
Earnings	29.19%	89.38%	0.00%
Book Value	26.33%	8.85%	3.59%

Revenue $m

	Apr	Jul	Oct	Jan	Year
’26	355	351	—	—	—
’26	331	326	322	335	1,313
’25	288	300	300	312	1,200
’24	244	244	249	262	1,000
’23	206	206	216	234	862
’22	184	189	180	203	757
’21	190	176	179	188	734

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Apr	Jul	Oct	Jan	Year
’26	98	136	—	—	—
’26	65	136	139	118	457
’25	65	108	91	76	340
’24	32	77	57	77	243
’23	7	40	48	55	151
’22	31	37	22	51	141
’21	15	54	52	61	182

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Apr	Jul	Oct	Jan	Year
’26	81	120	—	—	—
’26	49	125	127	108	408
’25	(205)	(101)	78	62	(166)
’24	22	67	42	66	197
’23	(67)	19	34	45	32
’22	13	14	(57)	34	4
’21	(10)	23	31	41	85

Fiscal quarters ending in the months shown.

EPS $

	Apr	Jul	Oct	Jan	Year
’26	0.82	0.78	—	—	—
’26	0.61	0.68	0.59	0.58	2.46
’25	0.33	0.40	0.06	0.30	1.09
’24	0.05	0.12	0.17	0.30	0.64
’23	(0.16)	(0.13)	(0.02)	0.00	(0.31)
’22	(0.03)	(0.05)	(0.06)	(0.39)	(0.53)
’21	0.03	0.00	0.02	0.07	0.12

Fiscal quarters ending in the months shown.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027e
Price, $
Price, $	Low	37.62	46.08	50.29	34.40	36.81	43.98	48.86	65.01	74.07	72.76	Analyst estimates 2027–2029 Powerpack
	High	55.31	101.58	85.07	88.78	93.32	79.20	76.62	105.82	116.65	107.62
People
People	Employees	875	1,027	1,141	2,931	3,039	3,695	3,208	3,150	3,120	2,814
	Revenue/emp, $m	0.20	0.22	0.25	0.18	0.24	0.20	0.27	0.32	0.38	0.47
Income, $m
Income, $m	Revenue	178	230	287	532	734	757	862	1,000	1,200	1,313
	Gross margin, %	59.63	58.78	63.08	61.26	56.62	56.14	57.09	62.29	64.78	69.52
	EBT	40	52	76	43	4	(67)	(38)	75	116	277
	EBT margin, %	22.49	22.74	26.40	8.11	0.56	(8.82)	(4.42)	7.51	9.67	21.12
	Net income	26	47	74	40	9	(44)	(26)	56	97	215
	Depreciation	13	16	18	58	121	142	164	156	165	156
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
	Earnings	0.45	0.79	1.20	0.59	0.12	(0.53)	(0.31)	0.65	1.11	2.50
	Cash flow	0.78	1.35	1.83	1.57	2.45	1.70	1.78	2.84	3.91	5.31
	Capex	(0.22)	(0.55)	(0.24)	(0.63)	(1.31)	(1.65)	(1.41)	(0.54)	(5.82)	(0.57)
	Free cash flow	0.56	0.80	1.59	0.94	1.14	0.05	0.37	2.30	(1.91)	4.74
	Book value	4.47	5.74	7.72	15.37	18.57	22.28	22.45	23.78	24.35	24.46
	Shares, m	59	60	62	67	74	83	84	86	87	86
Valuation, ×
Valuation, ×	P/E	102.78	64.90	52.39	98.60	710.59	0.00	0.00	116.28	99.48	34.97
	P/S	15.20	13.30	13.42	8.32	8.49	5.87	5.96	6.47	8.00	5.71
	P/B	10.35	8.82	8.08	4.30	4.51	2.40	2.71	3.18	4.54	3.56
	EV/Sales	14.19	12.25	12.16	10.26	9.38	6.80	6.74	6.96	8.64	6.21
	EV/FCF	76.88	58.20	35.51	86.70	81.30	1,315.29	184.29	35.35	(62.62)	19.97
Cash, $m
Cash, $m	Operating cash flow	46	82	113	105	182	141	151	243	340	457
	Capex	(13)	(33)	(15)	(42)	(97)	(137)	(119)	(46)	(505)	(49)
	Free cash flow	33	48	98	63	85	4	32	197	(166)	408
Balance, $m
Balance, $m	Working capital	185	245	366	145	255	198	252	440	321	355
	Total debt	—	—	—	1,221	987	931	925	875	1,056	957
	Net debt	(180)	(240)	(361)	1,029	658	705	671	471	760	638
	Shareholders’ equity	262	346	477	1,030	1,379	1,853	1,896	2,035	2,115	2,107
Returns, %
Returns, %	ROA	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
	ROE	11.33	15.57	17.95	5.26	0.73	(2.74)	(1.39)	2.83	4.66	10.19

Negative figures in brackets.

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
TEM Tempus AI, Inc.	$12.8B	— (loss-making)	— (loss-making)	+21.56% (above 0%: growing)	n/m	−153.72% (below 0%: shrinking)	64.45%	(19.85%)	Compare
BTSG BrightSpring Health Services, Inc.	$12.3B	34.0×	37.6×	+23.05% (above 0%: growing)	+192.86% (above 0%: growing)	−39.62% (below 0%: shrinking)	12.72%	3.37%	Compare
TXG 10x Genomics	$9.4B	— (loss-making)	— (loss-making)	−12.65% (below 0%: shrinking)	n/m	−4.61% (below 0%: shrinking)	74.48%	(12.95%)	Compare
HNGE Hinge Health Inc.	$8.5B	73.5×	39.4×	+53.00% (above 0%: growing)	n/m	+441.14% (above 0%: growing)	86.44%	19.00%	Compare
HQY HealthEquity, Inc.	$7.7B	33.0×	30.2×	+7.64% (above 0%: growing)	+14.49% (above 0%: growing)	−3.44% (below 0%: shrinking)	73.55%	28.14%
DOCS Doximity, Inc.	$5.6B	34.8×	26.2×	+7.34% (above 0%: growing)	−53.57% (below 0%: shrinking)	−34.14% (below 0%: shrinking)	84.87%	21.48%	Compare
WAY Waystar Holding Corp.	$5.4B	38.0×	22.4×	+18.11% (above 0%: growing)	+10.53% (above 0%: growing)	−52.42% (below 0%: shrinking)	69.44%	23.79%	Compare
HTFL Heartflow, Inc.	$4.4B	— (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.	$2.9B	102×	87.8×	+21.39% (above 0%: growing)	+250.00% (above 0%: growing)	−86.20% (below 0%: shrinking)	9.93%	1.86%	Compare
Median of peers	$7.0B	38.0×	37.6×	+21.48%	+101.70%	−36.88%	71.96%	2.62%

All 51 Health Information Services stocks →

HealthEquity, Inc. (HQY) key facts

Strength: HealthEquity, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $1.3 billion, up 9.47% from fiscal 2025.
HealthEquity, Inc. (HQY) is a Health Information Services company in the Healthcare sector, listed on Nasdaq.
As of October 16, 2026, HQY traded at $92.03, a market capitalization of $7.7 billion.
Return on equity was 10.2% and debt-to-equity 0.47.
Its Piotroski F-score is 9 out of 9 and its Altman Z-score is 4.39 (safe zone) for fiscal 2026.

Source: company filings (standardised) and stockrow calculations.