HQY Nasdaq Managed Health Care Financials FY2017βFY2026
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.
Hi! I read HealthEquityβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
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.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA Β· 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 11.0Β pts: of every 100 in sales, about 25 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· HealthEquity made $215M of net profit in fiscal 2026. From fiscal 2017 to 2026, diluted EPS grew 21.1% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $455M in fiscal 2026, 34.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· HealthEquity returned $299M to shareholders in fiscal 2026, 66% of free cash flow. The diluted share count fell 1.5%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.0M and sold $4.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$4.2M
6 insiders
Of sales under plans
65%
$2.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 |
| Dec 12, 2025 | Gayle Furgurson WellbornDirector | Sold | 4,339 | $98.03 | $0.4M | Form 4 |
| Nov 20, 2025 | Delano LaddEVP, General Counsel | Sold plan | 1,500 | $104.56 | $0.2M | Form 4 |
| Oct 20, 2025 | Delano LaddEVP, General Counsel | Sold plan | 1,500 | $92.07 | $0.1M | Form 4 |
| Oct 7, 2025 | Michael Henry FioreEVP, Chief Commercial Officer | Sold plan | 1,781 | $88.21 | $0.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· HealthEquity owes $639M more than it holds in cash, about 1.3 years of operating profit.
Cash, debt and the ratios that show how comfortably HealthEquity can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $225M | $254M | $404M | $296M | $319M |
| Debt incl. finance leases | $931M | $925M | $875M | $1.1B | $957M |
| Net debt / EBITDA | 6.3x | 3.9x | 1.7x | 2.3x | 1.3x |
| Debt / equity | 0.5x | 0.5x | 0.4x | 0.5x | 0.5x |
| Interest coverage | β0.7x | 0.2x | 2.1x | 2.7x | 5.6x |
| Current ratio | 2.3x | 2.9x | 4.8x | 3.1x | 3.3x |
| Quick ratio | 2.3x | 2.9x | 4.8x | 3.1x | 3.3x |
| 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 (β = net cash) | $705M | $671M | $471M | $760M | $639M |
KIRA Β· Its return on capital was 8.9%: every 100 invested in the business earned about 9 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· HealthEquity passes 9 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 8 / 9 | 6 / 9 | 9 / 9 |
| Accruals ratio | β6.0% | β7.4% | β7.1% |
| Altman Z'' | 3.27 | 2.79 | 3.26 |
What does the share cost, and how does it compare?
KIRA Β· At $103.97 a share, the company is worth $8.7B: 37.5 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$639M and divides by 87.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 37.5x Β· peers 34.4x Β· sector 27.9x.
KIRA Β· HealthEquity grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 1 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| 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% | β3.4% | 9.1% | β | 23.9x | 4 | Compare β |
| Molina Healthcare MOH | $10.5B | 11.8% | 1.7% | β1.4% | β | β | 4 | Compare β |
| Humana HUM | $50.4B | 10.1% | 2.1% | 0.3% | 25.7% | 44.5x | 5 | Compare β |
| Centene CNC | $33.9B | 19.4% | β3.9% | 2.2% | β26.4% | β | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$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 | β$66.7M | β$38.1M | $75.0M | $116M | $277M |
| Income tax | $13.7M | $4.8M | $1.9M | $3.5M | β$4.7M | β$22.5M | β$12.0M | $19.3M | $19.3M | $62.2M |
| Net income | $26.4M | $47.4M | $73.9M | $39.7M | $8.8M | β$44.3M | β$26.1M | $55.7M | $96.7M | $215M |
| Diluted EPS | $0.44 | $0.77 | $1.17 | $0.58 | $0.12 | β$0.53 | β$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% | β3.2% | 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% | β5.9% | β3.0% | 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% | β0.8% | 0.3% | 3.5% | 5.0% | 8.9% |
| Return on capital employed | 17.5% | 17.8% | 18.7% | 5.3% | 1.4% | β0.9% | 0.3% | 3.9% | 5.1% | 9.9% |
| Return on equity | 11.3% | 15.6% | 18.0% | 5.3% | 0.7% | β2.7% | β1.4% | 2.8% | 4.7% | 10.2% |
| Return on assets | 10.6% | 14.6% | 16.8% | 2.6% | 0.3% | β1.5% | β0.8% | 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% | β46.3% | β77.7% | β601.4% | β | β | 73.6% | 122.5% |
| EPS growth | 57.1% | 75.0% | 52.0% | β50.4% | β79.3% | β541.7% | β | β | 70.3% | 125.7% |
| FCF growth | 73.6% | 81.8% | 43.7% | β10.8% | 72.5% | β21.6% | 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% | β1.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | β3.3x | β3.4x | β3.8x | 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 | β0.7x | 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 | β7.7% | β10.6% | β9.0% | β4.3% | β6.6% | β6.4% | β5.7% | β6.0% | β7.4% | β7.1% |
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 β not investment advice. Check the original filings before relying on any figure.
