HealthEquity
HQY Nasdaq· Managed Health Care
Last close · Oct 23, 2026
$103.97
KIRA · Stoqly’s AI analyst, in plain words
- HealthEquity had $1.3B of revenue in fiscal 2026, up 9.5% on the year before. Over five years, revenue changed +12.4% a year on average.
- Its operating margin was 24.6%, up 11.0 pts: of every 100 in sales, about 25 is left after running the business.
- HealthEquity made $215M of net profit in fiscal 2026. From fiscal 2017 to 2026, diluted EPS grew 21.1% a year.
- Free cash flow was $455M in fiscal 2026, 34.7% of revenue.
- HealthEquity returned $299M to shareholders in fiscal 2026, 66% of free cash flow. The diluted share count fell 1.5%.
- HealthEquity owes $639M more than it holds in cash, about 1.3 years of operating profit.
Market cap
$8.7B
P/E
37.5x
Revenue
$1.3B
Net income
$215M
Free cash flow
$455M
Operating margin
24.6%
HealthEquity in 30 seconds · fiscal 2026
Are sales growing?
+9.5%
Yes. Sales grew 9.5% last year.
Does it make a profit?
16.4%
Yes. It keeps 16.4% of every sale as profit.
Does profit turn into cash?
34.7%
Yes. 34.7% of sales ends up as free cash.
Is debt under control?
1.3x
Keep an eye on it. Repaying its debt would take 1.3 years of operating profit.
How healthy are the accounts?
9 / 9
Solid. It passes 9 of 9 health tests.
How is the share priced?
37.5x
One share costs 37.5 times its yearly profit per share. Typical for its sector: 27.9x.
What HealthEquity does
No business description yet.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 17, 2026
- Legal name
- HEALTHEQUITY, INC.
- CIK
- 0001428336
HealthEquity · HQY
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $757M | $862M | $1,000M | $1.2B | $1.3B |
| Revenue growth | 3.1% | 13.9% | 16.0% | 20.0% | 9.5% |
| Gross margin | 56.1% | 57.1% | 62.3% | 64.8% | 69.5% |
| Operating margin | −3.2% | 1.1% | 11.8% | 13.5% | 24.6% |
| Net income | −$44.3M | −$26.1M | $55.7M | $96.7M | $215M |
| Net margin | −5.9% | −3.0% | 5.6% | 8.1% | 16.4% |
| Diluted EPS | −$0.53 | −$0.31 | $0.64 | $1.09 | $2.46 |
| Cash | |||||
| Cash from operations | $141M | $151M | $243M | $340M | $457M |
| Capital expenditure | $8.9M | $3.4M | $1.7M | $2.1M | $2.0M |
| Free cash flow | $132M | $147M | $241M | $338M | $455M |
| FCF margin | 17.5% | 17.1% | 24.1% | 28.2% | 34.7% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $122M | $299M |
| Share count change | 9.9% | 1.6% | 3.0% | 2.2% | −1.5% |
| Debt and strength | |||||
| Cash and short-term investments | $225M | $254M | $404M | $296M | $319M |
| Debt incl. finance leases | $931M | $925M | $875M | $1.1B | $957M |
| Shareholders' equity | $1.9B | $1.9B | $2.0B | $2.1B | $2.1B |
| Net debt / EBITDA | 6.3x | 3.9x | 1.7x | 2.3x | 1.3x |
| Current ratio | 2.3x | 2.9x | 4.8x | 3.1x | 3.3x |
| Interest coverage | −0.7x | 0.2x | 2.1x | 2.7x | 5.6x |
| Returns and quality | |||||
| Return on capital | −0.8% | 0.3% | 3.5% | 5.0% | 8.9% |
| Return on equity | −2.7% | −1.4% | 2.8% | 4.7% | 10.2% |
| Piotroski F-score | 4 | 6 | 8 | 6 | 9 |
| Altman Z'' | 2.1 | 2.4 | 3.3 | 2.8 | 3.3 |
Insiders bought, 12 months
$0.0M
1 insider
Insiders sold, 12 months
$4.2M
6 insiders
Of sales under plans
65%
$2.7M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
HealthEquity · HQY
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| HealthEquity HQY | $8.7B | 9.5% | 24.6% | 34.7% | 8.9% | 37.5x | 9 |
| Oscar Health OSCR | $10.4B | 27.5% | −3.4% | 9.1% | — | 23.9x | 4 |
| Molina Healthcare MOH | $10.5B | 11.8% | 1.7% | −1.4% | — | — | 4 |
| Humana HUM | $50.4B | 10.1% | 2.1% | 0.3% | 25.7% | 44.5x | 5 |
| Centene CNC | $33.9B | 19.4% | −3.9% | 2.2% | −26.4% | — | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $103.97 a share, the company is worth $8.7B: 37.5 times its earnings of the last four quarters.
HealthEquity grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 1 of 2.
Source: SEC EDGAR XBRL filings (CIK 0001428336). Data updated October 16, 2026. For information only — not investment advice. Check the original filings before relying on any figure.