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%
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

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 (at or above 1.5: strong)
Debt/Equity 0.47 (at or below 0.5: strong)
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% (at or above 15%: strong)
This Y EPS Growth 18.09% (at or above 15%: strong)
Next Y EPS Growth 16.44% (at or above 15%: strong)
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

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
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

HealthEquity, Inc. vs peers in Health Information Services (Q) = latest quarter vs a year earlier

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.

HealthEquity, Inc. (HQY) Latest News

31 Aug

30 Aug

stockrow.com/HQY · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com