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Healthequity, Inc. (HQY) stock

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NASDAQ: HQY Nasdaq Health Care Services Next results ~November 11, 2026

B Fundamentals grade

Healthequity, Inc. is a US-listed company in the health care services industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$81–$150 across our lower- and higher-growth cases (5.3%–15.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 6% below our base value.

Price used: $103.67, November 2, 2026

Healthequity, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Healthequity files

Where Healthequity stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $1.36bn, up 7.3% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 35.8% from 28.8% a year earlier. Operating margin widened to 25.8% from 18.5%. The diluted share count is down 3.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $112 a share, against a share price of $104. At that price, our model says the market is pricing in about 9.0% a year of cash-flow growth for five years, slower than the 12.5% a year revenue growth it has delivered.

Source: 10-Q filed August 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Healthequity, Inc.'s trailing-twelve-month revenue grew 7.3% year on year, with a free-cash-flow margin of 35.8%. Where it stands out: free-cash-flow margin of 35.8% ranks 1 of 40 health care services companies we cover. Where it lags: stock pay as % of revenue of 6.0% ranks 30 of 35 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$81–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 33.5% while net income grew 62.2%: a 29pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 25.8% of revenue is left as operating profit, against a median of 2.6% for health care services companies we cover.
  • Margins widening. Operating margin is up 7.3 points on a year ago.
  • Strong cash generation. 35.8% of revenue turned into free cash flow, against a median of 5.1% for health care services companies we cover.
  • Shrinking share count. Diluted shares fell 3.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 6.0% ranks 30 of 35 health care services companies we cover (median 0.9%).
  • Short interest rising. Shares sold short rose 33% in a month to 9.6% of tradable shares.

Latest results: FY2027 Q2

Filed August 27, 2026
Earnings per share
$1.24 against an average estimate of $1.19: beat by 3.9%
Revenue
$351m, up 7.6% on a year earlier
Share reaction
-7.7% in the first session after the results on August 27, 2026, against +0.4% for the S&P 500
Guidance given
revenues $1.41bn to $1.42bn (fiscal year ending January 31, 2027); net income $242m to $248m (fiscal year ending January 31, 2027)
Next report
August 27, 2026; average EPS estimate $1.15

Healthequity's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.2%
  • 1 week-0.1%
  • 1 month+15.1%
  • This year+13.2%
  • 1 year+9.6%
  • 5 years+49.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4B
Operating margin
25.8%
Net margin
17.4%
EPS (TTM, diluted)
$2.76

Growth

Revenue growth
+7.3%
Change in growth rate
−0.2 pts
Share count change
−3.3%

Cash

Free cash flow (TTM)
$488M
FCF margin
35.8%
Stock pay % of revenue
6.0%

Earnings

Last results
August 27, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Healthequity, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 8.7% a year of cash-flow growth for five years.That is close to the 12.5% a year revenue growth Healthequity has delivered.

  • Priced in8.7%
  • Last 12 months7.3%
  • 3 years a year13.2%
  • 5 years a year12.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($103.50, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$110
Price used
$103.50close November 3, 2026
Implied change
▲ +7%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Healthequity, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($381M, FY2027 Q2 TTM), growing 8.7% and 9.4% in the next two years (forecasts, guidance and its record), then back to 10.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$81–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Healthequity, Inc.'s free cash flow after stock-based pay ( $381M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Healthequity, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$81–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$99 ~$80–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$12 ~$7.0–$20 Left out: out of range vs price (0.11x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.2 ~$4.4–$6.4 Left out: out of range vs price (0.05x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$99–$110 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Healthequity, Inc. with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +24%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $58$82$113$155$209$278
8.5% $43$60$82$112$150$200
10% $33$46$64$87$116$153

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$21.55$46.25$50.62$62.34$66.06$83.55$53.44$60.85$75.58$110.42$85.67$103.67
Market value$1.3bn$2.8bn$3.1bn$4.0bn$4.5bn$6.3bn$4.4bn$5.1bn$6.6bn$9.8bn$7.5bn$8.9bn
+ Net debt (− = net cash)−$84m−$140m−$199m−$361m−$192m−$329m−$225m−$254m−$404m−$296m−$319m$679m
Enterprise value$1.2bn$2.6bn$2.9bn$3.6bn$4.3bn$6.0bn$4.2bn$4.9bn$6.2bn$9.5bn$7.2bn$9.6bn
Multiples
Price / sales 10.0x15.5x13.6x13.8x8.5x8.6x5.9x6.0x6.6x8.2x5.7x6.5x
Price / earnings 76.4x105.0x66.1x53.5x114.0xn/m——118.0x101.4x34.8x37.6x
Price / free cash flow 52.5x66.0x41.1x36.1x46.3x37.5x33.6x34.9x27.3x29.0x16.5x18.2x
EV / EBITDA 34.1x48.4x41.7x37.4x32.7x40.0x37.3x28.7x22.8x29.3x15.0x22.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Healthequity's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.0% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 60.2%, moving by 4.7 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 17.0%; its worst year was -4.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 28.3% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 6.0% over five years; stock-based pay has been a median 7.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (69 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.72 +18% $1.4bn +8%
Next $5.52 +17% $1.5bn +8%

Next year's EPS estimate has moved +1.3% in 90 days, across 14 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $1.19 $1.24 +3.9%
Apr 2026 $1.12 $1.24 +11.2%
Jan 2026 $0.90 $0.95 +5.8%
Oct 2025 $0.91 $1.01 +10.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 27, 2026
  • revenues fiscal year ending January 31, 2027 $1.411bn to $1.421bn Raised
    “For the fiscal year ending January 31, 2027, management is raising guidance and now expects revenues of $1.411 billion to $1.421 billion.” source
  • net income per diluted share fiscal year ending January 31, 2027 $2.88 to $2.96 GAAP Raised
    “Its outlook for net income is between $242 million and $248 million, resulting in net income of $2.88 to $2.96 per diluted share.” source
  • non-GAAP net income per diluted share fiscal year ending January 31, 2027 $4.66 to $4.73 Non-GAAP Raised
    “Its outlook for non-GAAP net income, calculated using the method described below, is between $392 million and $398 million, resulting in non-GAAP net income per diluted share of $4.66 to $4.73 (based on an estimated 84 million diluted weighted-average shares outstanding).” source
  • net income fiscal year ending January 31, 2027 $242m to $248m GAAP Raised
    “Its outlook for net income is between $242 million and $248 million, resulting in net income of $2.88 to $2.96 per diluted share.” source
  • non-GAAP net income fiscal year ending January 31, 2027 $392m to $398m Non-GAAP Raised
    “Its outlook for non-GAAP net income, calculated using the method described below, is between $392 million and $398 million, resulting in non-GAAP net income per diluted share of $4.66 to $4.73 (based on an estimated 84 million diluted weighted-average shares outstanding).” source
  • Adjusted EBITDA fiscal year ending January 31, 2027 $628m to $636m Non-GAAP Raised
    “Management expects Adjusted EBITDA of $628 million to $636 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Healthequity, Inc.'s revenue by +8.7% next year and +9.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.1%, weight 56%) , management guidance (+8.1%, weight 19%) and the company's own record (+10.3%, weight 25%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy15100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202651015
  2. Sep 202651015
  3. Aug 202651015
  4. Jul 202651015

Counts of recommendations published by analysts covering Healthequity, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.6%
of tradable shares
Days to cover
6.76
at average volume
Short interest, 1 month
+33%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
2.2%
of shares
Employees
2,814
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.6%

$94.58 on October 31, 2025 to $103.67

ThenNowEffect
Revenue (last 12 months) $1.3bn $1.4bn +7.3%
Net margin 11.5% 17.4% +51.1%
P/E multiple 57.5x 37.6x −34.6%
Share count 89m 86m +3.4%

Biggest factor: p/e multiple.

Last 3 years +61.6%

$64.14 on November 3, 2023 to $103.67

ThenNowEffect
Revenue (last 12 months) $938m $1.4bn +45.2%
Net margin 1.4% 17.4% +1169.7%
P/E multiple n/m 37.6x −91.2%
Share count 85m 86m −0.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HQY−37%+39%+8%+45%−5%+13%
Industry peers (median)−1%−28%+6%−6%−9%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HQY42%58%42%67%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HQY−57%−27%−24%−22%−33%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from November 7, 2018 to December 20, 2021. Getting back needed a 154% gain, reached on November 18, 2024, 1064 days after the low.

Price behaviour

52-week range
$73.21 – $106.79
From 52-week high
−2.9%
vs 50-day average
+8.7%
vs 200-day average
+16.4%
Volatility (1 year)
35%
Beta vs S&P 500
0.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.3%
After a week
5 up, 7 down
typical move ±4.9%
After a month
6 up, 6 down
typical move ±7.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 27, 2026 −7.7% +0.4% −5.4% −15.3%
May 28, 2026 +1.7% +0.8% −0.6% +1.4%
March 17, 2026 +1.1% −1.1% +4.4% +7.4%
February 17, 2026 +4.4% +0.7% +2.7% +7.7%
December 3, 2025 −3.2% +0.4% −3.2% −5.5%
September 2, 2025 +7.0% −0.2% +4.1% +1.5%
June 3, 2025 +10.0% +0.5% +4.3% −0.6%
March 18, 2025 −16.3% 0.0% −10.5% −18.1%
February 18, 2025 +1.0% +0.5% −4.6% −25.2%
December 9, 2024 −4.8% −0.8% −7.0% +0.1%
September 3, 2024 +3.9% −2.3% −6.1% −0.6%
June 3, 2024 +2.1% +0.2% +6.4% +2.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Healthequity, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Healthequity, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Healthequity, Inc.
$900M $1B $1.1B $1.2B $1.3B $1.4B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $971M Revenue (TTM), FY24 Q4: $999.6M Revenue (TTM), FY25 Q1: $1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.3B Revenue (TTM), FY26 Q3: $1.3B Revenue (TTM), FY26 Q4: $1.3B Revenue (TTM), FY27 Q1: $1.3B Revenue (TTM), FY27 Q2: $1.4B $1.4B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $971M
FY24 Q4 $999.6M
FY25 Q1 $1B
FY25 Q2 $1.1B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.2B
FY26 Q2 $1.3B
FY26 Q3 $1.3B
FY26 Q4 $1.3B
FY27 Q1 $1.3B
FY27 Q2 $1.4B
Revenue growth, TTM YoY Healthequity, Inc.
5% 10% 15% 20% 25% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 16.8% Revenue growth, TTM YoY, FY24 Q4: 16.0% Revenue growth, TTM YoY, FY25 Q1: 15.8% Revenue growth, TTM YoY, FY25 Q2: 17.2% Revenue growth, TTM YoY, FY25 Q3: 18.5% Revenue growth, TTM YoY, FY25 Q4: 20.0% Revenue growth, TTM YoY, FY26 Q1: 19.2% Revenue growth, TTM YoY, FY26 Q2: 15.4% Revenue growth, TTM YoY, FY26 Q3: 12.2% Revenue growth, TTM YoY, FY26 Q4: 9.5% Revenue growth, TTM YoY, FY27 Q1: 7.6% Revenue growth, TTM YoY, FY27 Q2: 7.3% 7.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 16.8%
FY24 Q4 16.0%
FY25 Q1 15.8%
FY25 Q2 17.2%
FY25 Q3 18.5%
FY25 Q4 20.0%
FY26 Q1 19.2%
FY26 Q2 15.4%
FY26 Q3 12.2%
FY26 Q4 9.5%
FY27 Q1 7.6%
FY27 Q2 7.3%
Operating margin (TTM) Healthequity, Inc.
5% 10% 15% 20% 25% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 9.5% Operating margin (TTM), FY24 Q4: 11.8% Operating margin (TTM), FY25 Q1: 13.1% Operating margin (TTM), FY25 Q2: 15.5% Operating margin (TTM), FY25 Q3: 13.8% Operating margin (TTM), FY25 Q4: 13.5% Operating margin (TTM), FY26 Q1: 16.4% Operating margin (TTM), FY26 Q2: 18.5% Operating margin (TTM), FY26 Q3: 22.7% Operating margin (TTM), FY26 Q4: 24.6% Operating margin (TTM), FY27 Q1: 25.6% Operating margin (TTM), FY27 Q2: 25.8% 25.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 9.5%
FY24 Q4 11.8%
FY25 Q1 13.1%
FY25 Q2 15.5%
FY25 Q3 13.8%
FY25 Q4 13.5%
FY26 Q1 16.4%
FY26 Q2 18.5%
FY26 Q3 22.7%
FY26 Q4 24.6%
FY27 Q1 25.6%
FY27 Q2 25.8%
FCF margin (TTM) Healthequity, Inc.
20% 25% 30% 35% 40% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 22.6% FCF margin (TTM), FY24 Q4: 24.1% FCF margin (TTM), FY25 Q1: 26.3% FCF margin (TTM), FY25 Q2: 27.8% FCF margin (TTM), FY25 Q3: 29.5% FCF margin (TTM), FY25 Q4: 28.2% FCF margin (TTM), FY26 Q1: 27.2% FCF margin (TTM), FY26 Q2: 28.8% FCF margin (TTM), FY26 Q3: 32.0% FCF margin (TTM), FY26 Q4: 34.7% FCF margin (TTM), FY27 Q1: 36.5% FCF margin (TTM), FY27 Q2: 35.8% 35.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 22.6%
FY24 Q4 24.1%
FY25 Q1 26.3%
FY25 Q2 27.8%
FY25 Q3 29.5%
FY25 Q4 28.2%
FY26 Q1 27.2%
FY26 Q2 28.8%
FY26 Q3 32.0%
FY26 Q4 34.7%
FY27 Q1 36.5%
FY27 Q2 35.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Healthequity took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.3B
  2. Cost of revenue $400M · 30.5%
  3. Gross profit $913M · 69.5%
  4. Research and development $263M · 20.0%
  5. Selling, general and admin $215M · 16.4%
  6. Other operating costs $113M · 8.6%
  7. Operating income $322M · 24.6%
  8. Income tax $62.2M · 4.7%
  9. Interest and other $45M · 3.4%
  10. Net income $215M · 16.4%

Shares of revenue. Source: Healthequity's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Jan 2013 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 46 62 88 127 178 230 287 532 734 757 862 1,000 1,200 1,313 1,362
Gross profit 24 33 48 73 106 135 181 326 415 425 492 623 777 913 970
EBITDA 10 16 23 35 54 70 96 132 150 113 170 271 325 477 429
Operating income 7 12 17 26 41 54 78 77 34 −24 9 118 162 322 351
Net income 11 1 10 17 26 47 74 40 9 −44 −26 56 97 215 236
Diluted EPS $0.25 −$1.26 $0.21 $0.28 $0.44 $0.77 $1.17 $0.58 $0.12 −$0.53 −$0.31 $0.64 $1.09 $2.46 $2.76
Growth (year on year)
Revenue — +34.6% +41.7% +44.3% +40.7% +28.7% +25.1% +85.2% +37.9% +3.1% +13.9% +16.0% +20.0% +9.5% +7.3%
EBITDA — +51.0% +44.1% +52.6% +56.6% +29.4% +36.2% +38.1% +13.3% −24.7% +50.7% +59.0% +19.9% +46.9% +36.7%
Operating income — +62.5% +46.4% +54.9% +57.6% +32.0% +42.7% −0.9% −55.8% −171.3% — — +37.9% +98.6% +49.9%
Net income — −89.0% — +63.4% +58.8% +79.6% +56.0% −46.3% −77.7% — — — +73.6% +122.5% +62.2%
Diluted EPS — −604.0% — +33.3% +57.1% +75.0% +51.9% −50.4% −79.3% — — — +70.3% +125.7% +67.7%
Margins
Gross margin 52.3% 52.9% 54.6% 57.3% 59.6% 58.8% 63.1% 61.3% 56.6% 56.1% 57.1% 62.3% 64.8% 69.5% 71.2%
EBITDA margin 22.7% 25.5% 25.9% 27.4% 30.5% 30.7% 33.4% 24.9% 20.4% 14.9% 19.8% 27.1% 27.1% 36.3% 31.5%
Operating margin 15.4% 18.6% 19.2% 20.6% 23.1% 23.7% 27.0% 14.5% 4.6% −3.2% 1.1% 11.8% 13.5% 24.6% 25.8%
Net margin 24.2% 2.0% 11.6% 13.1% 14.8% 20.6% 25.7% 7.5% 1.2% −5.9% −3.0% 5.6% 8.1% 16.4% 17.4%
Free-cash-flow margin 23.7% 26.5% 15.2% 19.1% 23.5% 33.2% 38.1% 18.4% 23.0% 17.5% 17.1% 24.1% 28.2% 34.7% 35.8%
Cash flow
Cash from operations 12 18 15 27 46 82 113 105 182 141 151 243 340 457 490
Capital spending 1 2 2 2 4 5 4 7 13 9 3 2 2 2 2
Free cash flow 11 16 13 24 42 76 110 98 169 132 147 241 338 455 488
Stock-based pay 0 0 3 6 8 14 21 40 43 53 63 77 96 73 81
Free cash flow after stock pay 11 16 11 18 34 62 88 58 126 79 85 164 241 382 406
Balance sheet
Cash 6 14 111 84 140 199 361 192 329 225 254 404 296 319 256
Total debt 0 — — — — — — — — — — — — — 935
Net debt (negative = net cash) −6 −14 −111 −84 −140 −199 −361 −192 −329 −225 −254 −404 −296 −319 679
Diluted shares 38m 6m 52m 59m 60m 62m 63m 68m 76m 83m 84m 87m 89m 87m 86m
Returned to shareholders
Dividends 0 1 50 0 0 — — — — — — — — — —
Buybacks — — — — — — — — — — 0 0 121 299 404
Total returned 0 1 50 0 0 — — — — — 0 0 121 299 404

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · July 31, 2026
What it owns · $3.3bn
Short-term assets $460mLonger-term assets $2.8bn
What it owes, and who funded it · $3.3bn
Short-term liabilities $154mLonger-term liabilities $1.1bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $460m of assets due within a year against $154m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $460m short-term assets against $1.1bn of longer-dated liabilities.
  • More cash than debt $256m of cash against $931m of debt.
  • Debt below 40% of shareholders' equity Debt is 47% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 50% to 47% over five years.
  • A year's operating cash flow covers at least 20% of debt $490m of operating cash flow against $931m of debt.
  • Operating profit covers interest at least five times over Operating income of $351m against $53m of interest.

From Healthequity, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$404M
Returned to shareholders
83%
of free cash flow
Buybacks, last 3 fiscal years
$421M
Diluted share count
−3.3%
year over year
Total shareholder yield
4.7%
dividends 0.0% + buybacks 4.7% of market value
R&D spending
20.4%
of revenue
Days sales outstanding
33 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated HQY PGNY ADUS PIII GH PNTG Median
Revenue, last 12 months $1.4bn $1.3bn $1.5bn $1.5bn $1.2bn $1.1bn $1.2bn
Revenue growth, last 12 months 7.3% 5.5% 15.9% 2.8% 42.7% 37.9% 7.3%
Revenue growth, 3-year average 13.2% 11.0% 13.9% 9.7% 32.4% 30.0% 11.3%
Revenue growth, latest quarter 7.6% 5.3% 8.0% 8.6% 44.3% 35.8% 8.5%
Gross margin 71.2% 24.6% 32.4% — 65.0% — 27.9%
Operating margin 25.8% 8.6% 10.0% −9.9% −39.7% 5.6% 2.3%
Operating margin, 3-year average 19.9% 7.0% 9.4% −14.7% −58.3% 5.5% 2.3%
Net margin 17.4% 6.0% 7.1% −6.6% −38.3% 2.9% 1.2%
Cash from operations / revenue 36.0% 15.4% 11.0% −8.7% −15.7% 4.8% 6.1%
Free-cash-flow margin 35.8% 13.6% 10.5% −8.7% −20.3% 3.1% 5.1%
Free-cash-flow margin, 3-year average 30.8% 14.7% 8.9% −7.1% −33.2% 3.5% 3.6%
Stock pay / revenue 6.0% 8.2% 1.2% 0.3% 16.2% 0.9% 1.1%
Change in share count −3.3% −4.2% 0.8% 40.0% 4.6% 3.6% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 7.3% 7.3% 21 of 41
Change in growth rate Growth -0.2pp +1.1pp 26 of 41
Gross margin Profitability 71.2% 29.0% 3 of 27
Operating margin Profitability 25.8% 2.6% 2 of 40
Net margin Profitability 17.4% 1.2% 3 of 41
Free-cash-flow margin Cash generation 35.8% 5.1% 1 of 40
Stock pay as % of revenue Cash generation 6.0% 0.9% 30 of 35
Long-term debt as % of assets Balance sheet 28.5% 27.7% 17 of 31
Change in share count Balance sheet -3.3% 0.4% 9 of 39
Days sales outstanding Balance sheet 33 days 39 days 7 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Financial Service Other $637M 48.5% ▲ 16.8%
Services $485M 36.9% ▲ 1.4%
Credit and Debit Card $192M 14.6% ▲ 8.8%

From Healthequity, Inc.'s 10-K filed March 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.1B
Institutions reporting
494
Shares held vs prior quarter
▲ 4.0%
Positions opened / closed
70 / 56

Top buyers and sellers, Q2 2026: 277 institutions bought and 212 sold ; the biggest buyer was Morgan Stanley (+2.1M shares) and the biggest seller Mackenzie Financial Corp (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1B 11.3M 12.6% ▲ 7.1%
Wasatch Advisors LP $719M 8.0M 8.9% ▲ 10.5%
Morgan Stanley $411M 4.5M 5.1% ▲ 82.9%
Vanguard Portfolio Management LLC $366M 4.1M 4.5% ▼ 2.5%
Vanguard Capital Management LLC $329M 3.6M 4.1% ▼ 4.8%
State Street Corp $293M 3.2M 3.6% ▲ 4.6%
Geode Capital Management, LLC $214M 2.4M 2.7% ▲ 5.1%
AQR Capital Management LLC $176M 2.0M 2.2% ▼ 4.4%
Dimensional Fund Advisors LP $169M 1.9M 2.1% ▲ 14.9%
William Blair Investment Management, LLC $160M 1.8M 2.0% ▲ 6.8%
FMR LLC $139M 1.5M 1.7% ▲ 35.5%
Brown Advisory Inc $124M 1.4M 1.5% ▼ 2.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Healthequity, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $11,942 2 trades by 1 insider, last 12 months Insider sales History → $4.2M 13 trades by 6 insiders · 65% under pre-set plans
Net ▼ $4.2M net selling
Insider Date Trade Shares Price Value
Rajasekar Sunil EVP Chief Prod & Strat Officer October 15, 2026 Buy 108 $90.33 $9,756
Dillon Adrian T Director August 25, 2026 Sell pre-set plan 6,300 $104.47 $658,161
Dillon Adrian T Director August 25, 2026 Sell pre-set plan 1,332 $105.26 $140,206
Rajasekar Sunil EVP Chief Prod & Strat Officer August 24, 2026 Sell 108 $105.60 $11,405
Fiore Michael Henry EVP, CHIEF COMMERCIAL OFFICER July 10, 2026 Sell pre-set plan 2,354 $95.00 $223,630
Rajasekar Sunil EVP Chief Prod & Strat Officer July 8, 2026 Buy 23 $95.06 $2,186
Fiore Michael Henry EVP, CHIEF COMMERCIAL OFFICER July 2, 2026 Sell pre-set plan 2,470 $95.00 $234,650
Fiore Michael Henry EVP, CHIEF COMMERCIAL OFFICER May 29, 2026 Sell pre-set plan 3,142 $95.00 $298,490
Ladd Delano EVP, General Counsel May 28, 2026 Sell pre-set plan 7,500 $90.00 $675,000
Wellborn Gayle Furgurson Director May 28, 2026 Sell pre-set plan 2,439 $90.00 $219,510
Rajasekar Sunil EVP Chief Prod & Strat Officer April 22, 2026 Sell 23 $82.81 $1,905
Ladd Delano EVP, General Counsel December 19, 2025 Sell pre-set plan 1,500 $94.72 $142,080

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

In the last 12 months, 1 member of Congress disclosed 3 purchases and 0 sales of Healthequity, Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 10, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded June 30, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 29, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 27, 2026
  • May 28, 2026
  • March 17, 2026
  • February 17, 2026
  • December 3, 2025
  • September 2, 2025

Recent SEC filings

Data status

When each part of this page on Healthequity, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Healthequity, Inc. in brief

What does Healthequity, Inc. do?
Healthequity, Inc. is a US-listed company in the health care services industry. Its financial year ends in January.
What is Healthequity, Inc.'s stock ticker?
Healthequity, Inc. trades under the ticker HQY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Healthequity, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Healthequity, Inc. reported revenue of $1.4B, 7.3% higher than a year earlier, according to its SEC filings.
What is Healthequity, Inc.'s free cash flow?
Healthequity, Inc.'s free-cash-flow margin is 35.8% of revenue over the trailing twelve months, ranking 1 of the 40 health care services companies we cover.
What is Healthequity, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Healthequity, Inc.'s free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$81–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Healthequity, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Wasatch Advisors LP and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Healthequity, Inc. buying back stock, and does it pay a dividend?
Healthequity, Inc. spent $404M on share repurchases over the trailing twelve months, and its diluted share count fell 3.3% over the year.
What is Healthequity, Inc.'s market cap?
On November 2, 2026, Healthequity, Inc.'s market capitalisation was about $8.9B, with a price-to-earnings ratio of 37.6 and net debt of $679M. Market figures come from third-party market data and may be delayed.
How much debt does Healthequity, Inc. have?
Healthequity, Inc.'s debt-to-equity ratio is 46.8%, from its latest balance sheet (49.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Healthequity, Inc.'s competitors?
In our Health Care Services peer group, the companies closest to Healthequity, Inc. are Progyny, Inc., Addus Homecare Corp, P3 Health Partners Inc., Guardant Health, Inc. and Pennant Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Healthequity, Inc.'s.
Are insiders buying or selling Healthequity, Inc. stock?
Over the last 12 months, Healthequity, Inc.'s directors and officers reported 2 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Healthequity, Inc.'s next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Healthequity, Inc. announces its own schedule.