HealthEquity, Inc. (HQY)

HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. It offers health savings accounts (HAS); investment platform; online-only automated investment advisory services through Advisor, a Web-based tool. The company also provides flexible spending accounts (FSA) for health and dependent care; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. In addition, the company offers HSA and FSA members with access to certain healthcare products, programs, and services through its marketplace. It serves clients through a direct sales force; and brokers and advisors, a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. HealthEquity, Inc. was incorporated in 2002 and is based in Draper, Utah.

Ticker: HQY
Exchange: Nasdaq
Sector: Healthcare
Industry: Health Information Services
Market cap: $8.54B
52-week range: $72.76 - $110.26

Valuation

Share price: $103.05 (close of Nov 12, 2026)
P/E (TTM): 36.80x
Price to book: 4.29x
Price to free cash flow: 17.52x
Enterprise value: $9.26B
Book value per share: $24.00

Price performance

Period	Change
1 day	+0.02%
5 days	-0.40%
1 month	+11.97%
3 months	-2.32%
6 months	+28.08%
Year to date	+12.49%
1 year	+2.54%
3 years	+49.37%
5 years	+52.26%
10 years	+156.85%
All time	+485.51%

Short interest

As of: Oct 30, 2026
Short % of float: 8.79%
Shares short: 5.48M
Days to cover: 7.55
Change since prior report: -7.89%
Source: FINRA consolidated short interest

Members of Congress who disclosed HQY trades

Gilbert Ray Cisneros · Lisa McClain · Robert Bresnahan

Super investors holding HQY

Ken Griffin (Citadel)

Profitability and growth

Return on equity: 10.21%
Return on invested capital: 8.37%
Return on assets: 6.37%
Return on capital employed: 10.00%
Gross margin: 69.52%
Net margin: 16.38%
EBITDA margin: 36.33%
Revenue growth: 9.47%
Net income growth: 122.54%
Free cash flow growth: 34.74%

Cash flow and balance sheet

Free cash flow yield (TTM): 5.71%
Current ratio: 2.99x
Net debt to EBITDA: 1.38x

Latest reported year

Period end: Jan 31, 2026
Fiscal year: 2026
Revenue: $1.31B
Cost of revenue: $400.31M
Gross profit: $913.12M
EBITDA: $477.11M
Net income: $215.20M
Earnings per share: $2.50
Research and development: $262.51M
Interest expense: $57.13M
Shares outstanding: 86.13M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2026-01-31	$1.31B	$913.12M	$215.20M	$2.50
2025-01-31	$1.20B	$777.26M	$96.70M	$1.11
2024-01-31	$999.59M	$622.64M	$55.71M	$0.65
2023-01-31	$861.75M	$491.94M	-$26.14M	-$0.31
2022-01-31	$756.56M	$424.76M	-$44.29M	-$0.53
2021-01-31	$733.57M	$415.33M	$8.83M	$0.12
2020-01-31	$531.99M	$325.91M	$39.66M	$0.59
2019-01-31	$287.24M	$181.19M	$73.90M	$1.20
2018-01-31	$229.53M	$134.92M	$47.36M	$0.79
2017-01-31	$178.37M	$106.36M	$26.38M	$0.45

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2026-01-31	69.52%	16.38%	10.21%	8.37%
2025-01-31	64.78%	8.06%	4.57%	4.44%
2024-01-31	62.29%	5.57%	2.74%	3.31%
2023-01-31	57.09%	-3.03%	-1.38%	0.31%
2022-01-31	56.14%	-5.85%	-2.39%	-0.42%
2021-01-31	56.62%	1.20%	0.64%	1.39%
2020-01-31	61.26%	7.46%	3.85%	3.15%
2019-01-31	63.08%	25.73%	15.49%	15.88%
2018-01-31	58.78%	20.63%	13.68%	14.32%
2017-01-31	59.63%	14.79%	10.07%	10.49%

Cash and debt by year

Period end	Cash	Debt
2026-01-31	$318.93M	$957.38M
2025-01-31	$295.95M	$1.06B
2024-01-31	$403.98M	$874.97M
2023-01-31	$254.27M	$907.84M
2022-01-31	$225.41M	$922.08M
2021-01-31	$328.80M	$924.22M
2020-01-31	$191.73M	$1.18B
2019-01-31	$361.48M	-
2018-01-31	$240.63M	-
2017-01-31	$180.62M	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2026-01-31	$455.13M	$73.06M
2025-01-31	$337.77M	$96.42M
2024-01-31	$241.13M	$77.15M
2023-01-31	$147.28M	$62.61M
2022-01-31	$132.09M	$52.75M
2021-01-31	$168.53M	$42.86M
2020-01-31	$97.72M	$39.84M
2019-01-31	$109.55M	$21.06M
2018-01-31	$76.24M	$14.31M
2017-01-31	$41.95M	$8.40M

Investor relations

Next earnings report

Next confirmed report: Dec 1, 2026
Consensus EPS estimate: $0.96

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-27	Jul 2026	$0.99
2026-05-28	Apr 2026	$0.94
2026-03-17	Jan 2026	$0.70
2025-12-03	Oct 2025	$0.71
2025-09-02	Jul 2025	$0.75
2025-06-03	Apr 2025	$0.62
2025-03-18	Jan 2025	$0.51
2024-12-09	Oct 2024	$0.51

Filings and sources

Company website: healthequity.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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