Healthequity, Inc. key statistics and ratios

In fiscal 2026, Healthequity, Inc. had return on equity of 10.2%, an operating margin of 24.6%, debt equal to 45.4% of equity and a current ratio of 3.27. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Healthequity, Inc.: financial ratios, annual
Fiscal year	2013Jan 2013	2014Jan 2014	2015Jan 2015	2016Jan 2016	2017Jan 2017	2018Jan 2018	2019Jan 2019	2020Jan 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Jan 2024	2025Jan 2025	2026Jan 2026	LTMJul 2026
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%
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%
Return on equity	—	—	15.5%	9.6%	11.3%	15.6%	18.0%	5.3%	0.7%	−2.7%	−1.4%	2.8%	4.7%	10.2%	11.5%
Return on assets	—	2.2%	9.5%	8.8%	10.6%	14.6%	16.8%	2.6%	0.3%	−1.5%	−0.8%	1.8%	2.9%	6.3%	7.1%
Asset turnover	—	1.13	0.82	0.67	0.71	0.71	0.65	0.35	0.28	0.26	0.28	0.32	0.36	0.38	0.41
Current ratio	—	2.52	14.12	11.82	12.79	12.95	13.58	1.96	2.25	2.29	2.92	4.76	3.06	3.27	2.99
Debt to equity	—	—	—	—	—	—	0.0%	118.5%	71.6%	50.2%	48.8%	43.0%	49.9%	45.4%	47.0%
Interest cover (operating income ÷ interest)	21.8x	—	—	—	—	198.6x	—	3.1x	1.0x	n/m	0.2x	2.1x	2.7x	5.6x	6.7x
Effective tax rate	—	77.1%	35.5%	35.0%	34.3%	9.2%	2.5%	8.1%	—	—	—	25.8%	16.7%	22.4%	23.4%
R&D as % of revenue	9.2%	11.5%	12.0%	13.3%	12.5%	11.9%	12.2%	14.6%	17.0%	20.8%	22.4%	21.9%	20.0%	20.0%	20.4%
Capital spending as % of revenue	1.8%	2.6%	1.9%	1.9%	2.0%	2.4%	1.3%	1.4%	1.8%	1.2%	0.4%	0.2%	0.2%	0.1%	0.2%
Free cash flow ÷ net income	97.9%	>999%	131.2%	145.5%	159.0%	161.0%	148.2%	246.4%	>999%	—	—	432.8%	349.3%	211.5%	206.2%
Dividends ÷ net income	0.0%	56.3%	495.2%	0.0%	0.0%	—	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	0.0%	4.2%	377.6%	0.0%	0.0%	—	—	—	—	—	0.0%	0.0%	36.0%	65.8%	82.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Healthequity, Inc.: financial ratios, quarterly
Quarter	2025 Q3Oct 2024	2025 Q4Jan 2025	2026 Q1Apr 2025	2026 Q2Jul 2025	2026 Q3Oct 2025	2026 Q4Jan 2026	2027 Q1Apr 2026	2027 Q2Jul 2026
Gross margin	65.6%	60.6%	67.8%	71.4%	70.8%	68.2%	72.3%	73.5%
Operating margin	6.5%	13.5%	25.1%	27.5%	24.4%	21.2%	29.0%	28.1%
Net margin	1.9%	8.5%	16.3%	18.4%	16.0%	14.9%	19.6%	18.7%
Free-cash-flow margin	30.0%	24.2%	19.5%	41.5%	42.8%	35.1%	27.4%	38.5%
Current ratio	3.20	3.06	4.06	4.23	4.13	3.27	3.44	2.99
Debt to equity	50.9%	49.9%	49.7%	46.9%	46.0%	45.4%	46.0%	46.8%
R&D as % of revenue	20.0%	20.7%	18.6%	19.9%	20.5%	21.0%	19.1%	21.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Healthequity, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Healthequity, Inc.