(HQY) HealthEquity - Overview

Sector: Healthcare | Industry: Health Information Services | Exchange: NASDAQ (USA) | Market Cap: 7.386m USD | Total Return: -14.4% in 12m

Savings Accounts, Investment Platforms, Benefit Administration
Total Rating 44
Safety 62
Buy Signal -0.81
Health Information Services
Industry Rotation: +9.7
Market Cap: 7.39B
Avg Turnover: 68.6M
Risk 3d forecast
Volatility36.0%
VaR 5th Pctl6.18%
VaR vs Median4.33%
Reward TTM
Sharpe Ratio-0.32
Rel. Str. IBD26
Rel. Str. Peer Group45.7
Character TTM
Beta0.619
Beta Downside0.806
Hurst Exponent0.345
Drawdowns 3y
Max DD36.07%
CAGR/Max DD0.39
CAGR/Mean DD1.22
EPS (Earnings per Share) EPS (Earnings per Share) of HQY over the last years for every Quarter: "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, "2026-01": 0.95,
EPS CAGR: 38.84%
EPS Trend: 98.0%
Last SUE: 0.77
Qual. Beats: 0
Revenue Revenue of HQY over the last years for every Quarter: 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, 2026-01: 334.586,
Rev. CAGR: 15.74%
Rev. Trend: 99.2%
Last SUE: 0.43
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

Confidence

Description: HQY HealthEquity

HealthEquity, Inc. (HQY) operates a technology-enabled services platform focused on managing consumer-directed benefits for employers and individuals in the United States. Its primary offerings include Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and Flexible Spending Accounts (FSAs), alongside COBRA administration and commuter benefit programs. The company also integrates an investment platform and automated advisory tools to help members manage HSA assets.

The business model relies on a dual-revenue stream consisting of service fees from employers and custodial revenue generated from the cash and investment balances held within its HSA ecosystem. As a leader in the Managed Health Care technology sector, HealthEquity leverages a distribution network of health plans and benefits brokers to scale its user base. Investors may find it useful to review ValueRay for a deeper look at the company’s valuation metrics.

The HSA market is characterized by high customer retention rates, as these accounts are triple-tax advantaged and often integrated directly into payroll systems. HealthEquitys marketplace further extends its utility by providing members direct access to curated healthcare products and services.

Headlines to Watch Out For
  • Rising interest rates increase custodial revenue yields on HSA cash balances
  • Expansion of HSA accounts and assets under management drives recurring revenue
  • Higher employment levels increase employer-sponsored health savings account adoption rates
  • Consolidation through strategic acquisitions expands market share and technology platform scale
  • Regulatory changes to tax-advantaged healthcare accounts impact long-term growth trajectory
Piotroski VR-10 (Strict) 7.0
Net Income: 215.2m TTM > 0 and > 6% of Revenue
FCF/TA: 0.13 > 0.02 and ΔFCF/TA 17.60 > 1.0
NWC/Revenue: 27.06% < 20% (prev 26.79%; Δ 0.27% < -1%)
CFO/TA 0.13 > 3% & CFO 457.1m > Net Income 215.2m
Net Debt (726.7m) to EBITDA (477.1m): 1.52 < 3
Current Ratio: 3.27 > 1.5 & < 3
Outstanding Shares: last quarter (87.5m) vs 12m ago -1.29% < -2%
Gross Margin: 69.52% > 18% (prev 0.58%; Δ 6.89k% > 0.5%)
Asset Turnover: 38.18% > 50% (prev 34.79%; Δ 3.39% > 0%)
Interest Coverage Ratio: 5.64 > 6 (EBITDA TTM 477.1m / Interest Expense TTM 57.1m)
Altman Z'' 1.65
A: 0.10 (Total Current Assets 512.3m - Total Current Liabilities 156.8m) / Total Assets 3.43b
B: 0.06 (Retained Earnings 195.9m / Total Assets 3.43b)
C: 0.09 (EBIT TTM 322.5m / Avg Total Assets 3.44b)
D: 0.14 (Book Value of Equity 190.2m / Total Liabilities 1.32b)
Altman-Z'' = 1.65 = BB
Beneish M -3.23
DSRI: 0.96 (Receivables 123.7m/118.0m, Revenue 1.31b/1.20b)
GMI: 0.83 (GM 69.52% / 57.73%)
AQI: 0.99 (AQ_t 0.84 / AQ_t-1 0.85)
SGI: 1.09 (Revenue 1.31b / 1.20b)
TATA: -0.07 (NI 215.2m - CFO 457.1m) / TA 3.43b)
Beneish M = -3.23 (Cap -4..+1) = AA
What is the price of HQY shares?

As of June 01, 2026, the stock is trading at USD 87.99 with a total of 2,766,706 shares traded.
Over the past week, the price has changed by +1.80%, over one month by +7.27%, over three months by +12.91% and over the past year by -14.41%.

Is HQY a buy, sell or hold?

HealthEquity has received a consensus analysts rating of 4.57. Therefore, it is recommended to buy HQY.

  • StrongBuy: 9
  • Buy: 4
  • Hold: 1
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the HQY price?
Analysts Target Price 112.9 28.3%
HealthEquity (HQY) - Fundamental Data Overview as of 01 June 2026
Market Cap USD = 7.39b (7.39b USD * 1.0 USD.USD)
P/E Trailing = 35.8171
P/E Forward = 17.762
P/S = 5.6237
P/B = 3.5073
P/EG = 1.1849
Revenue TTM = 1.31b USD
EBIT TTM = 322.5m USD
EBITDA TTM = 477.1m USD
Long Term Debt = 957.4m USD (from longTermDebt, last quarter)
Short Term Debt = 9.91m USD (from shortTermDebt, last quarter)
Debt = 1.05b USD (from shortLongTermDebtTotal, last quarter) + Leases 44.1m
Net Debt = 726.7m USD (calculated: Debt 1.05b - CCE 318.9m)
Enterprise Value = 8.11b USD (7.39b + Debt 1.05b - CCE 318.9m)
Interest Coverage Ratio = 5.64 (Ebit TTM 322.5m / Interest Expense TTM 57.1m)
EV/FCF = 18.48x (Enterprise Value 8.11b / FCF TTM 439.1m)
FCF Yield = 5.41% (FCF TTM 439.1m / Enterprise Value 8.11b)
FCF Margin = 33.43% (FCF TTM 439.1m / Revenue TTM 1.31b)
Net Margin = 16.38% (Net Income TTM 215.2m / Revenue TTM 1.31b)
Gross Margin = 69.52% ((Revenue TTM 1.31b - Cost of Revenue TTM 400.3m) / Revenue TTM)
Gross Margin QoQ = 92.40% (prev 62.41%)
Tobins Q-Ratio = 2.36 (Enterprise Value 8.11b / Total Assets 3.43b)
Interest Expense / Debt = 5.46% (Interest Expense 57.1m / Debt 1.05b)
Taxrate = 18.32% (11.2m / 60.9m)
NOPAT = 263.4m (EBIT 322.5m * (1 - 18.32%))
Current Ratio = 3.27 (Total Current Assets 512.3m / Total Current Liabilities 156.8m)
Debt / Equity = 0.50 (Debt 1.05b / totalStockholderEquity, last quarter 2.11b)
Debt / EBITDA = 1.52 (Net Debt 726.7m / EBITDA 477.1m)
Debt / FCF = 1.65 (Net Debt 726.7m / FCF TTM 439.1m)
Total Stockholder Equity = 2.13b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.26% (Net Income 215.2m / Total Assets 3.43b)
RoE = 10.11% (Net Income TTM 215.2m / Total Stockholder Equity 2.13b)
RoCE = 10.45% (EBIT 322.5m / Capital Employed (Equity 2.13b + L.T.Debt 957.4m))
RoIC = 8.02% (NOPAT 263.4m / Invested Capital 3.28b)
WACC = 7.70% (E(7.39b)/V(8.43b) * Re(8.16%) + D(1.05b)/V(8.43b) * Rd(5.46%) * (1-Tc(0.18)))
Discount Rate = 8.16% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -11.11 | Cagr: 0.18%
[DCF] Terminal Value 75.44% ; FCFF base≈439.1m ; Y1≈440.9m ; Y5≈467.0m
[DCF] Fair Price = 77.98 (EV 7.26b - Net Debt 726.7m = Equity 6.54b / Shares 83.8m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 97.97 | EPS CAGR: 38.84% | SUE: 0.77 | # QB: 0
Revenue Correlation: 99.22 | Revenue CAGR: 15.74% | SUE: 0.43 | # QB: 0
EPS current Quarter (2026-07-31): EPS=1.19 | Chg30d=+0.05% | Revisions=+33% | Analysts=14
EPS current Year (2027-01-31): EPS=4.63 | Chg30d=+0.00% | Revisions=+62% | GrowthEPS=+15.7% | GrowthRev=+7.5%
EPS next Year (2028-01-31): EPS=5.34 | Chg30d=+0.00% | Revisions=+40% | GrowthEPS=+15.5% | GrowthRev=+8.2%
[Analyst] Revisions Ratio: +62%