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HealthEquity

HQY Nasdaq Managed Health Care Financials FY2017–FY2026

HealthEquity's revenue rose 9.5% to $1.3 billion in fiscal 2026. Its operating margin was 24.6%, up from 13.5% a year earlier. Free cash flow was $455 million, up 34.7%. It paid out $299 million in dividends and buybacks, 66% of free cash flow. The diluted share count fell 1.5%.

Last close · Oct 23, 2026

$103.97

3.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.3B
9.5% vs prior year
Operating margin Operating income as a share of revenue.
24.6%
11.0 pts
Net income Profit after all expenses, interest and tax.
$215M
122.5%
Free cash flow Cash from operations minus capital spending.
$455M
34.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.9%
3.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
37.5x
On $2.77 EPS (TTM)

About these figures. HealthEquity had no borrowings before it borrowed to buy WageWorks in fiscal 2020 (its balance sheets had no debt line), so debt is zero in earlier years.

What HealthEquity does

No business description yet.

Legal name
HEALTHEQUITY, INC.
Fiscal year ends
January 31, 2026
Latest annual report
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Accession · CIK
0001428336-26-000010
0001428336

Revenue and margins

HealthEquity had $1.3B of revenue in fiscal 2026, up 9.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 21.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $455M in fiscal 2026, 34.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

HealthEquity returned $299M to shareholders in fiscal 2026, 66% of free cash flow. The diluted share count fell 1.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value HealthEquity yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$639M and divides by 87.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 37.5x · peers 34.4x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably HealthEquity can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $225M$254M$404M$296M$319M
Debt incl. finance leases $931M$925M$875M$1.1B$957M
Net debt / EBITDA 6.3x3.9x1.7x2.3x1.3x
Debt / equity 0.5x0.5x0.4x0.5x0.5x
Interest coverage −0.7x0.2x2.1x2.7x5.6x
Current ratio 2.3x2.9x4.8x3.1x3.3x
Quick ratio 2.3x2.9x4.8x3.1x3.3x
Total assets $3.1B$3.1B$3.2B$3.4B$3.4B
Total liabilities $1.3B$1.2B$1.1B$1.3B$1.3B
Shareholders' equity $1.9B$1.9B$2.0B$2.1B$2.1B
Net debt (− = net cash) $705M$671M$471M$760M$639M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$3.7M

6 insiders

Of sales under plans

71%

$2.6M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Sunil RajasekarEVP Chief Prod & Strat Officer Bought 108 $90.33 $0.0M Form 4
Aug 25, 2026 Adrian T DillonDirector Sold plan 7,632 $104.61 $0.8M Form 4
Aug 24, 2026 Sunil RajasekarEVP Chief Prod & Strat Officer Sold 108 $105.60 $0.0M Form 4
Jul 10, 2026 Michael Henry FioreEVP, Chief Commercial Officer Sold plan 2,354 $95.00 $0.2M Form 4
Jul 8, 2026 Sunil RajasekarEVP Chief Prod & Strat Officer Bought 23 $95.06 $0.0M Form 4
Jul 2, 2026 Michael Henry FioreEVP, Chief Commercial Officer Sold plan 2,470 $95.00 $0.2M Form 4
May 29, 2026 Michael Henry FioreEVP, Chief Commercial Officer Sold plan 3,142 $95.00 $0.3M Form 4
May 28, 2026 Delano LaddEVP, General Counsel Sold plan 7,500 $90.00 $0.7M Form 4
May 28, 2026 Gayle Furgurson WellbornDirector Sold plan 2,439 $90.00 $0.2M Form 4
Apr 22, 2026 Sunil RajasekarEVP Chief Prod & Strat Officer Sold 23 $82.81 $0.0M Form 4
Dec 19, 2025 Delano LaddEVP, General Counsel Sold plan 1,500 $94.72 $0.1M Form 4
Dec 18, 2025 Elimelech RosnerEVP, Chief Technology Officer Sold 10,959 $95.45 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 8 / 96 / 99 / 9
Accruals ratio −6.0%−7.4%−7.1%
Altman Z'' 3.272.793.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
HealthEquity HQY $8.7B 9.5% 24.6% 34.7% 8.9% 37.5x 9
Oscar Health OSCR $10.3B 27.5% −3.4% 9.1% — 23.8x 4 Compare →
Molina Healthcare MOH $10.8B 11.8% 1.7% −1.4% — — 4 Compare →
Humana HUM $50.9B 10.1% 2.1% 0.3% 25.7% 45.0x 5 Compare →
Centene CNC $34.9B 19.4% −3.9% 2.2% −26.4% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $178M $230M $287M $532M $734M $757M $862M $1,000M $1.2B $1.3B
Gross profit $106M $135M $181M $326M $415M $425M $492M $623M $777M $913M
Research and development $22.4M $27.4M $35.1M $77.6M $125M $157M $193M $219M $240M $263M
Operating income $41.2M $54.4M $77.7M $77.0M $34.0M −$24.2M $9.1M $118M $162M $323M
Interest expense $0.2M $0.3M $0.3M $24.8M $34.9M $36.6M $48.4M $55.5M $60.6M $57.1M
Pretax income $40.1M $52.2M $75.8M $43.2M $4.1M −$66.7M −$38.1M $75.0M $116M $277M
Income tax $13.7M $4.8M $1.9M $3.5M −$4.7M −$22.5M −$12.0M $19.3M $19.3M $62.2M
Net income $26.4M $47.4M $73.9M $39.7M $8.8M −$44.3M −$26.1M $55.7M $96.7M $215M
Diluted EPS $0.44 $0.77 $1.17 $0.58 $0.12 −$0.53 −$0.31 $0.64 $1.09 $2.46
Diluted shares 0.06B 0.06B 0.06B 0.07B 0.08B 0.08B 0.08B 0.09B 0.09B 0.09B
Cash flow
Cash from operations $45.6M $81.7M $113M $105M $182M $141M $151M $243M $340M $457M
Capital expenditure $3.6M $5.5M $3.9M $7.3M $13.1M $8.9M $3.4M $1.7M $2.1M $2.0M
Free cash flow $42.0M $76.2M $110M $97.7M $169M $132M $147M $241M $338M $455M
Depreciation and amortization $13.2M $16.0M $18.2M $55.4M $116M $137M $161M $153M $163M $155M
Stock-based compensation $8.4M $14.3M $21.1M $39.8M $42.9M $52.8M $62.6M $77.2M $96.4M $73.1M
Acquisitions $0.0M $2.9M $0.0M $1.6B $0.0M $505M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $122M $299M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $121M $299M
Balance sheet
Cash and short-term investments $181M $241M $362M $192M $329M $225M $254M $404M $296M $319M
Total debt $0.0M $0.0M $0.0M $1.2B $987M $931M $925M $875M $1.1B $957M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $201M $265M $395M $297M $460M $351M $383M $557M $478M $512M
Current liabilities $15.7M $20.5M $29.1M $152M $205M $153M $131M $117M $156M $157M
Inventory $0.6M $0.2M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $5.2M $7.8M $8.2M $33.5M $29.1M $23.4M $12.9M $6.0M $3.2M $3.2M
Total assets $279M $369M $510M $2.6B $2.7B $3.1B $3.1B $3.2B $3.4B $3.4B
Total liabilities $17.2M $22.9M $32.9M $1.5B $1.3B $1.3B $1.2B $1.1B $1.3B $1.3B
Shareholders' equity $262M $346M $477M $1.0B $1.4B $1.9B $1.9B $2.0B $2.1B $2.1B
Margins
Gross margin 59.6% 58.8% 63.1% 61.3% 56.6% 56.1% 57.1% 62.3% 64.8% 69.5%
Operating margin 23.1% 23.7% 27.0% 14.5% 4.6% −3.2% 1.1% 11.8% 13.5% 24.6%
EBITDA margin 30.5% 30.7% 33.4% 24.9% 20.4% 14.9% 19.8% 27.1% 27.1% 36.3%
Net margin 14.8% 20.6% 25.7% 7.5% 1.2% −5.9% −3.0% 5.6% 8.1% 16.4%
FCF margin 23.5% 33.2% 38.1% 18.4% 23.0% 17.5% 17.1% 24.1% 28.2% 34.7%
Returns
Return on capital 33.7% 52.8% 68.4% 6.5% 1.7% −0.8% 0.3% 3.5% 5.0% 8.9%
Return on capital employed 17.5% 17.8% 18.7% 5.3% 1.4% −0.9% 0.3% 3.9% 5.1% 9.9%
Return on equity 11.3% 15.6% 18.0% 5.3% 0.7% −2.7% −1.4% 2.8% 4.7% 10.2%
Return on assets 10.6% 14.6% 16.8% 2.6% 0.3% −1.5% −0.8% 1.8% 2.9% 6.3%
Growth
Revenue growth 40.7% 28.7% 25.2% 85.2% 37.9% 3.1% 13.9% 16.0% 20.0% 9.5%
Net income growth 58.8% 79.6% 56.0% −46.3% −77.7% −601.4% — — 73.6% 122.5%
EPS growth 57.1% 75.0% 52.0% −50.4% −79.3% −541.7% — — 70.3% 125.7%
FCF growth 73.6% 81.8% 43.7% −10.8% 72.5% −21.6% 11.5% 63.7% 40.1% 34.7%
Share count change 1.8% 3.3% 2.5% 8.0% 10.6% 9.9% 1.6% 3.0% 2.2% −1.5%
Financial health
Net debt / EBITDA −3.3x −3.4x −3.8x 7.8x 4.4x 6.3x 3.9x 1.7x 2.3x 1.3x
Debt / equity 0.0x 0.0x 0.0x 1.2x 0.7x 0.5x 0.5x 0.4x 0.5x 0.5x
Interest coverage 193.5x 198.6x 287.7x 3.1x 1.0x −0.7x 0.2x 2.1x 2.7x 5.6x
Current ratio 12.8x 13.0x 13.6x 2.0x 2.3x 2.3x 2.9x 4.8x 3.1x 3.3x
Quick ratio 12.8x 12.9x 13.6x 2.0x 2.3x 2.3x 2.9x 4.8x 3.1x 3.3x
Capital allocation
Capex / revenue 2.0% 2.4% 1.4% 1.4% 1.8% 1.2% 0.4% 0.2% 0.2% 0.2%
Stock comp / revenue 4.7% 6.2% 7.3% 7.5% 5.8% 7.0% 7.3% 7.7% 8.0% 5.6%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 36.0% 65.8%
Quality scores
Piotroski F-score 7.0 6.0 6.0 4.0 5.0 4.0 6.0 8.0 6.0 9.0
Altman Z'' 21.7 22.0 22.0 1.6 2.1 2.1 2.4 3.3 2.8 3.3
Accruals ratio −7.7% −10.6% −9.0% −4.3% −6.6% −6.4% −5.7% −6.0% −7.4% −7.1%

Source: SEC EDGAR XBRL filings (CIK 0001428336). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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