Overview Dividends

(HQY) HealthEquity - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US42226A1079

Health Savings Accounts, Investment Platform, FSA, HRA

Managed Health Care
Market Cap in USD: 8,023m
IPO / Inception: 2014-07-31
Return 12m vs S&P 500: -19.8%

EPS (Earnings per Share)

EPS (Earnings per Share) of HQY over the last years for every Quarter: "2021-01": 0.42, "2021-04": 0.38, "2021-07": 0.4, "2021-10": 0.35, "2022-01": 0.2, "2022-04": 0.27, "2022-07": 0.33, "2022-10": 0.38, "2023-01": 0.37, "2023-04": 0.5, "2023-07": 0.53, "2023-10": 0.6, "2024-01": 0.63, "2024-04": 0.8, "2024-07": 0.86, "2024-10": 0.78, "2025-01": 0.69, "2025-04": 0.97, "2025-07": 1.08, "2025-10": 1.01,
EPS CAGR: 54.01%
EPS Trend: 96.0%
Last SUE: 1.48
Qual. Beats: 3

Revenue

Revenue of HQY over the last years for every Quarter: 2021-01: 188.169, 2021-04: 184.202, 2021-07: 189.103, 2021-10: 179.954, 2022-01: 203.297, 2022-04: 205.679, 2022-07: 206.142, 2022-10: 216.086, 2023-01: 233.841, 2023-04: 244.432, 2023-07: 243.549, 2023-10: 249.219, 2024-01: 262.387, 2024-04: 287.597, 2024-07: 299.928, 2024-10: 300.432, 2025-01: 311.817, 2025-04: 330.844, 2025-07: 325.835, 2025-10: 322.164,
Rev. CAGR: 13.06%
Rev. Trend: 98.4%
Last SUE: 0.33
Qual. Beats: 0

Dividends

Currently no dividends paid
Risk via 5d forecast
Volatility 31.6%
Value at Risk 5%th 49.3%
Relative Tail Risk -4.96%
Reward TTM
Sharpe Ratio -0.04
Alpha -20.42
CAGR/Max DD 0.44
Character TTM
Hurst Exponent 0.307
Beta 0.966
Beta Downside 1.291
Drawdowns 3y
Max DD 32.96%
Mean DD 9.42%
Median DD 8.43%

Description: HQY HealthEquity November 04, 2025

HealthEquity, Inc. (NASDAQ:HQY) operates a technology-enabled platform that administers health-savings accounts (HSAs), flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and pre-tax commuter benefits for U.S. consumers and employers. Its services are delivered through a direct sales force and a partner ecosystem that includes health plans, benefits administrators, brokers, consultants, and retirement-plan record-keepers. The company, founded in 2002 and headquartered in Draper, Utah, is classified under the Managed Health Care sub-industry.

As of FY 2023, HealthEquity reported revenue of roughly $1.1 billion, a year-over-year increase of about 12%, and total HSA balances exceeding $55 billion-reflecting strong demand for tax-advantaged savings tools amid the continued growth of high-deductible health plans. A key sector driver is the rising employer adoption of consumer-directed benefits, which is expected to boost transaction volumes and fee-based income. Additionally, macro-economic trends such as inflation-adjusted wage growth can increase employee contributions to HSAs, further expanding the addressable market.

For a deeper quantitative look at HQY’s valuation metrics, you might explore the analysis on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 7.0

Net Income (191.8m TTM) > 0 and > 6% of Revenue (6% = 77.4m TTM)
FCFTA 0.12 (>2.0%) and ΔFCFTA 16.41pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 29.29% (prev 29.62%; Δ -0.32pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.12 (>3.0%) and CFO 414.9m > Net Income 191.8m (YES >=105%, WARN >=100%)
Net Debt (719.0m) to EBITDA (460.8m) ratio: 1.56 <= 3.0 (WARN <= 3.5)
Current Ratio 4.13 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (87.0m) change vs 12m ago -1.88% (target <= -2.0% for YES)
Gross Margin 61.46% (prev 55.93%; Δ 5.52pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 37.48% (prev 32.98%; Δ 4.51pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio 5.17 (EBITDA TTM 460.8m / Interest Expense TTM 59.1m) >= 6 (WARN >= 3)

Altman Z'' 1.71

(A) 0.11 = (Total Current Assets 498.7m - Total Current Liabilities 120.6m) / Total Assets 3.40b
(B) 0.06 = Retained Earnings (Balance) 207.9m / Total Assets 3.40b
(C) 0.09 = EBIT TTM 305.6m / Avg Total Assets 3.44b
(D) 0.17 = Book Value of Equity 216.8m / Total Liabilities 1.26b
Total Rating: 1.71 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 76.46

1. Piotroski 7.0pt
2. FCF Yield 4.57%
3. FCF Margin 30.97%
4. Debt/Equity 0.48
5. Debt/Ebitda 1.56
6. ROIC - WACC (= -1.19)%
7. RoE 9.01%
8. Rev. Trend 98.40%
9. EPS Trend 95.97%

What is the price of HQY shares?

As of January 02, 2026, the stock is trading at USD 91.61 with a total of 616,404 shares traded.
Over the past week, the price has changed by -2.00%, over one month by -10.55%, over three months by +0.99% and over the past year by -5.37%.

Is HQY a buy, sell or hold?

HealthEquity has received a consensus analysts rating of 4.57. Therefore, it is recommended to buy HQY.
  • Strong Buy: 9
  • Buy: 4
  • Hold: 1
  • Sell: 0
  • Strong Sell: 0

What are the forecasts/targets for the HQY price?

Issuer Target Up/Down from current
Wallstreet Target Price 121.4 32.5%
Analysts Target Price 121.4 32.5%
ValueRay Target Price 99.6 8.7%

HQY Fundamental Data Overview December 31, 2025

Market Cap USD = 8.02b (8.02b USD * 1.0 USD.USD)
P/E Trailing = 42.5596
P/E Forward = 20.8768
P/S = 6.2163
P/B = 3.7425
P/EG = 0.8356
Beta = 0.179
Revenue TTM = 1.29b USD
EBIT TTM = 305.6m USD
EBITDA TTM = 460.8m USD
Long Term Debt = 982.1m USD (from longTermDebt, last quarter)
Short Term Debt = 9.93m USD (from shortTermDebt, last quarter)
Debt = 1.03b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 719.0m USD (from netDebt column, last quarter)
Enterprise Value = 8.74b USD (8.02b + Debt 1.03b - CCE 309.3m)
Interest Coverage Ratio = 5.17 (Ebit TTM 305.6m / Interest Expense TTM 59.1m)
FCF Yield = 4.57% (FCF TTM 399.7m / Enterprise Value 8.74b)
FCF Margin = 30.97% (FCF TTM 399.7m / Revenue TTM 1.29b)
Net Margin = 14.86% (Net Income TTM 191.8m / Revenue TTM 1.29b)
Gross Margin = 61.46% ((Revenue TTM 1.29b - Cost of Revenue TTM 497.5m) / Revenue TTM)
Gross Margin QoQ = 62.41% (prev 63.10%)
Tobins Q-Ratio = 2.57 (Enterprise Value 8.74b / Total Assets 3.40b)
Interest Expense / Debt = 1.37% (Interest Expense 14.0m / Debt 1.03b)
Taxrate = 23.46% (15.8m / 67.5m)
NOPAT = 233.9m (EBIT 305.6m * (1 - 23.46%))
Current Ratio = 4.13 (Total Current Assets 498.7m / Total Current Liabilities 120.6m)
Debt / Equity = 0.48 (Debt 1.03b / totalStockholderEquity, last quarter 2.13b)
Debt / EBITDA = 1.56 (Net Debt 719.0m / EBITDA 460.8m)
Debt / FCF = 1.80 (Net Debt 719.0m / FCF TTM 399.7m)
Total Stockholder Equity = 2.13b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.65% (Net Income 191.8m / Total Assets 3.40b)
RoE = 9.01% (Net Income TTM 191.8m / Total Stockholder Equity 2.13b)
RoCE = 9.82% (EBIT 305.6m / Capital Employed (Equity 2.13b + L.T.Debt 982.1m))
RoIC = 7.41% (NOPAT 233.9m / Invested Capital 3.16b)
WACC = 8.60% (E(8.02b)/V(9.05b) * Re(9.57%) + D(1.03b)/V(9.05b) * Rd(1.37%) * (1-Tc(0.23)))
Discount Rate = 9.57% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -33.33 | Cagr: -0.09%
[DCF Debug] Terminal Value 63.88% ; FCFE base≈399.7m ; Y1≈262.4m ; Y5≈120.0m
Fair Price DCF = 21.65 (DCF Value 1.87b / Shares Outstanding 86.2m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 95.97 | EPS CAGR: 54.01% | SUE: 1.48 | # QB: 3
Revenue Correlation: 98.40 | Revenue CAGR: 13.06% | SUE: 0.33 | # QB: 0
EPS next Quarter (2026-04-30): EPS=1.13 | Chg30d=+0.022 | Revisions Net=+1 | Analysts=9
EPS next Year (2027-01-31): EPS=4.56 | Chg30d=+0.067 | Revisions Net=+6 | Growth EPS=+15.5% | Growth Revenue=+7.8%

Additional Sources for HQY Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle