HealthEquity

HQY · Nasdaq · Health Care · Financials, fiscal 2017 to 2026

HQY · Last close · October 26, 2026

$103.75

HealthEquity's revenue rose 9.5% to $1.3 billion in fiscal 2026. Its operating margin was 24.6%, up from 13.5% a year earlier. Free cash flow was $455 million, up 34.7%. It paid out $299 million in dividends and buybacks, 66% of free cash flow. The diluted share count fell 1.5%.

HEALTHEQUITY, INC. Latest fiscal year ended January 31, 2026 10-K filed March 17, 2026 · 0001428336-26-000010 Updated October 16, 2026

Revenue

$1.3B

9.5%

Operating margin

24.6%

11.0 pts

Net income

$215M

122.5%

Free cash flow

$455M

34.7%

Return on capital

8.9%

3.9 pts

Market cap

$8.7B

Oct 26 close

P/E

37.5x

On $2.77 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. HealthEquity had no borrowings before it borrowed to buy WageWorks in fiscal 2020 (its balance sheets had no debt line), so debt is zero in earlier years.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 21.1% a year and net income 26.3% a year, as new shares raised the share count by 46% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value HealthEquity yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from HealthEquity's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from HealthEquity's fiscal 2026 free cash flow of $455M, net cash of −$638M at January 31, 2026 and 88 million diluted shares, from its filings. The scenarios are fitted to HealthEquity: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 15.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Managed Health Care), plus 1 point as a smaller company, worth $8.7B, plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at January 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to HealthEquity's own revenue growth, as above. Cautious: growth of 7.5% then 5% a year, 2% after year 10, a 10% discount rate. Base: growth of 15% then 9% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 22.5% then 13% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $103.75
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from HealthEquity's earnings per share of $2.77 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 34.2×, the middle of HealthEquity's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Oscar Health, Humana.

Earnings growth in the years ahead (% a year) Starts at HealthEquity's revenue growth over the last 3 years, 15.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $103.75
Value at this multiple, against the last close: —
HealthEquity's P/E at the last close: 37.5×

Company	Last close	Earnings per share	P/E today
HumanaHUM	$417.22	$9.37	44.5×
HealthEquityHQY	$103.75	$2.77	37.5×
Oscar HealthOSCR	$31.10	$1.30	23.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	225	254	404	296	319
Debt incl. finance leases	931	925	875	1,056	957
Net debt (negative means net cash)	705	671	471	760	638
Net debt to EBITDA	6.2x	3.9x	1.7x	2.3x	1.3x
Debt to equity	0.5x	0.5x	0.4x	0.5x	0.5x
Interest coverage	−0.7x	0.2x	2.1x	2.7x	5.6x
Current ratio	2.3x	2.9x	4.8x	3.1x	3.3x
Quick ratio	2.3x	2.9x	4.8x	3.1x	3.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $11,942 of HealthEquity shares on the open market, and 6 insiders sold $4.2 million, $2.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Sunil RajasekarEVP Chief Prod & Strat Officer	Bought	108	$90.33	$9,756	Form 4
Aug 25, 2026	Adrian T DillonDirector	Sold plan	7,632	$104.61	$798,367	Form 4
Aug 24, 2026	Sunil RajasekarEVP Chief Prod & Strat Officer	Sold	108	$105.60	$11,405	Form 4
Jul 10, 2026	Michael Henry FioreEVP, Chief Commercial Officer	Sold plan	2,354	$95.00	$223,630	Form 4
Jul 8, 2026	Sunil RajasekarEVP Chief Prod & Strat Officer	Bought	23	$95.06	$2,186	Form 4
Jul 2, 2026	Michael Henry FioreEVP, Chief Commercial Officer	Sold plan	2,470	$95.00	$234,650	Form 4
May 29, 2026	Michael Henry FioreEVP, Chief Commercial Officer	Sold plan	3,142	$95.00	$298,490	Form 4
May 28, 2026	Delano LaddEVP, General Counsel	Sold plan	7,500	$90.00	$675,000	Form 4
May 28, 2026	Gayle Furgurson WellbornDirector	Sold plan	2,439	$90.00	$219,510	Form 4
Apr 22, 2026	Sunil RajasekarEVP Chief Prod & Strat Officer	Sold	23	$82.81	$1,905	Form 4
Dec 19, 2025	Delano LaddEVP, General Counsel	Sold plan	1,500	$94.72	$142,080	Form 4
Dec 18, 2025	Elimelech RosnerEVP, Chief Technology Officer	Sold	10,959	$95.45	$1.0 million	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	8 of 9	6 of 9	9 of 9
Accruals ratio	−6.0%	−7.3%	−7.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put HealthEquity side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
HealthEquity	FY26	9.5%	24.6%	34.6%	8.9%	1.3x	9
Oscar Health	FY25	27.5%	−3.4%	9.1%	—	—	4	Compare
Molina Healthcare	FY25	11.8%	1.7%	−1.4%	—	−4.4x	4	Compare
Humana	FY25	10.1%	2.1%	0.3%	25.7%	−2.2x	5	Compare
Centene	FY25	19.4%	−3.9%	2.2%	−26.4%	—	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	178	230	287	532	734	757	862	1,000	1,200	1,313
Revenue growth	40.7%	28.7%	25.1%	85.2%	37.9%	3.1%	13.9%	16.0%	20.0%	9.5%
Gross profit	106	135	181	326	415	425	492	623	777	913
Research and development	22	27	35	78	125	157	193	219	240	262
Operating income	41	54	78	77	34	−24	9	118	162	322
Net income	26	47	74	40	9	−44	−26	56	97	215
Diluted EPS (US$)	0.44	0.77	1.17	0.58	0.12	−0.53	−0.31	0.64	1.09	2.46
Diluted shares (millions)	60	62	63	68	76	83	84	87	89	88
Cash flow
Cash from operations	46	82	113	105	182	141	151	243	340	457
Capital expenditure	4	6	4	7	13	9	3	2	2	2
Free cash flow	42	76	110	98	169	132	147	241	338	455
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	122	299
Acquisitions	0	3	0	1,645	0	504	0	0	0	0
Stock-based compensation	8	14	21	40	43	53	63	77	96	73
Balance sheet at fiscal year end
Cash and short-term investments	181	241	362	192	329	225	254	404	296	319
Debt incl. finance leases	0	0	0	1,221	987	931	925	875	1,056	957
Total assets	279	369	510	2,565	2,710	3,107	3,089	3,164	3,448	3,380
Total liabilities	17	23	33	1,535	1,332	1,254	1,193	1,129	1,334	1,273
Shareholders' equity	262	346	477	1,030	1,379	1,853	1,896	2,035	2,115	2,107
Margins and ratios
Gross margin	59.6%	58.8%	63.1%	61.3%	56.6%	56.1%	57.1%	62.3%	64.8%	69.5%
Operating margin	23.1%	23.7%	27.0%	14.5%	4.6%	−3.2%	1.1%	11.8%	13.5%	24.6%
Net margin	14.8%	20.6%	25.7%	7.5%	1.2%	−5.8%	−3.0%	5.6%	8.1%	16.4%
Free cash flow margin	23.5%	33.2%	38.1%	18.4%	23.0%	17.5%	17.1%	24.1%	28.1%	34.6%
Return on capital	33.7%	52.8%	68.4%	6.5%	1.7%	−0.8%	0.3%	3.5%	5.0%	8.9%
Return on equity	11.3%	15.6%	17.9%	5.3%	0.7%	−2.7%	−1.4%	2.8%	4.7%	10.2%
Return on assets	10.6%	14.6%	16.8%	2.6%	0.3%	−1.5%	−0.8%	1.8%	2.9%	6.3%
Net debt to EBITDA	−3.3x	−3.4x	−3.8x	7.8x	4.4x	6.2x	3.9x	1.7x	2.3x	1.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: HealthEquity's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with HealthEquity.