HealthEquity vs Humana

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KIRA’s take AI analyst

I put HealthEquity and Humana side by side, using each one’s latest annual report. Here is what stands out:

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%).
HealthEquity turned more of its sales into free cash flow (34.7% FCF margin, against 0.3%).
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 44.5x against 37.5x for HealthEquity.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

HealthEquity

HQY

7/10

5-year growthOperating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change

Humana

HUM

3/10

Revenue growthReturn on capitalNet debt / EBITDA

Side by side

Best in the row

Latest fiscal year	HQY FY26	HUM FY25
Size
Market cap	$8.7B	$50.4B
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	44.5x
Piotroski F-score	9	5

Ten years

Revenue

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

HQY HUM

Operating margin

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

HQY HUM

Free cash flow

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

HQY HUM

Return on capital

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

HQY HUM

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.