HealthEquity
HQY · Managed Health Care
$103.97
3.0%Humana
HUM · Managed Health Care
$422.07
0.3%The short version
- Humana is the larger business, with $129.7B of revenue in fiscal 2025 against $1.3B for HealthEquity, about 99 times as much.
- Humana grew revenue faster (10.1%, against 9.5%).
- HealthEquity kept more of each dollar of sales as operating profit (24.6% operating margin, against 2.1% operating margin).
- HealthEquity turned more of its sales into free cash flow (34.7% FCF margin, against 0.3% FCF margin).
- Humana earned a higher return on the capital invested in it (25.7%, against 8.9%).
- Investors pay more for each dollar of Humana’s earnings: a P/E of 45.0x against 37.5x for HealthEquity.
| Latest fiscal year | HQY · FY26 | HUM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.7B | $50.9B |
| Revenue | $1.3B | $129.7B |
| Free cash flow | $455M | $375M |
| Net income | $215M | $1.2B |
| Growth | ||
| Revenue growth | 9.5% | 10.1% |
| 5-year growth | 12.4% | 10.9% |
| Share count change | −1.5% | −0.0% |
| Profitability | ||
| Gross margin | 69.5% | — |
| Operating margin | 24.6% | 2.1% |
| Net margin | 16.4% | 0.9% |
| FCF margin | 34.7% | 0.3% |
| Return on capital | 8.9% | 25.7% |
| Return on equity | 10.2% | 7.0% |
| Balance sheet | ||
| Net debt | $639M | −$7.5B |
| Net debt / EBITDA | 1.3x | −2.2x |
| Dividends and buybacks | $299M | $581M |
| Valuation & quality | ||
| P/E | 37.5x | 45.0x |
| Piotroski F-score | 9 | 5 |
FY17
HQY $178M
HUM $53.8B
FY18
HQY $230M
HUM $56.9B
FY19
HQY $287M
HUM $64.9B
FY20
HQY $532M
HUM $77.2B
FY21
HQY $734M
HUM $83.1B
FY22
HQY $757M
HUM $92.9B
FY23
HQY $862M
HUM $106.4B
FY24
HQY $1,000M
HUM $117.8B
FY25
HQY $1.2B
HUM $129.7B
FY26
HQY $1.3B
HUM —
HQY
HUM
FY17
HQY 23.1%
HUM 7.9%
FY18
HQY 23.7%
HUM 5.5%
FY19
HQY 27.0%
HUM 4.9%
FY20
HQY 14.5%
HUM 6.5%
FY21
HQY 4.6%
HUM 3.8%
FY22
HQY −3.2%
HUM 4.1%
FY23
HQY 1.1%
HUM 3.8%
FY24
HQY 11.8%
HUM 2.2%
FY25
HQY 13.5%
HUM 2.1%
FY26
HQY 24.6%
HUM —
HQY
HUM
FY17
HQY $42.0M
HUM $3.5B
FY18
HQY $76.2M
HUM $1.6B
FY19
HQY $110M
HUM $4.5B
FY20
HQY $97.7M
HUM $4.7B
FY21
HQY $169M
HUM $920M
FY22
HQY $132M
HUM $3.5B
FY23
HQY $147M
HUM $3.0B
FY24
HQY $241M
HUM $2.4B
FY25
HQY $338M
HUM $375M
FY26
HQY $455M
HUM —
HQY
HUM
FY17
HQY 33.7%
HUM —
FY18
HQY 52.8%
HUM —
FY19
HQY 68.4%
HUM —
FY20
HQY 6.5%
HUM —
FY21
HQY 1.7%
HUM 42.8%
FY22
HQY −0.8%
HUM 38.5%
FY23
HQY 0.3%
HUM 56.3%
FY24
HQY 3.5%
HUM 30.9%
FY25
HQY 5.0%
HUM 25.7%
FY26
HQY 8.9%
HUM —
HQY
HUM
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.