Symbols / HQY Stock $81.48 +0.44% HealthEquity, Inc.

Healthcare • Health Information Services • United States • NMS
HQY (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Healthcare
Industry Health Information Services
CEO Mr. Scott R. Cutler J.D.
Exch · Country NMS · United States
Market Cap 6.88B
Enterprise Value 7.54B
Income 215.20M
Sales 1.31B
FCF (ttm) 338.05M
Book/sh 24.79
Cash/sh 3.77
Employees 2,814
Insider 10d —
IPO Jul 31, 2014
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E 33.12
Forward P/E 15.26
PEG 1.21
P/S 5.24
P/B 3.29
P/C —
EV/EBITDA 15.64
EV/Sales 5.74
Quick Ratio 2.82
Current Ratio 3.27
Debt/Eq 47.53
LT Debt/Eq —
EPS (ttm) 2.46
EPS next Y 5.34
EPS Growth 92.40%
Revenue Growth 7.30%
EPS Gr Q/Q 88.70%
Rev Gr Q/Q —
Earnings (next) 2026-06-02
Earnings (prior) 2026-03-17
ROA 5.99%
ROE 10.19%
ROIC —
Gross Margin 69.52%
Oper. Margin 21.64%
Profit Margin 16.39%
Shs Outstand 84.48M
Shs Float 82.81M
Insider Own 2.32%
Instit Own 109.66%
Short Float 5.66%
Short Ratio 3.94
Short Interest 4.12M
52W High 116.65
vs 52W High -30.15%
52W Low 72.76
vs 52W Low 11.98%
Beta 0.26
Impl. Vol. 60.58%
Rel Volume 0.79
Avg Volume 988.68K
Volume 778.01K
Target (mean) $112.88
Tgt Median $110.00
Tgt Low $86.00
Tgt High $128.00
# Analysts 16
Recom Buy
Prev Close $81.12
Price $81.48
Change 0.44%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$112.88
Mean price target
2. Current target
$81.48
Latest analyst target
3. DCF / Fair value
$72.03
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$81.48
Low
$86.00
High
$128.00
Mean
$112.88

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-09 up BMO Capital Market Perform → Outperform $105
2026-03-19 main Deutsche Bank Buy → Buy $128
2026-03-18 main Barrington Research Outperform → Outperform $110
2026-03-18 main JP Morgan Overweight → Overweight $123
2026-03-18 main RBC Capital Outperform → Outperform $100
2026-02-18 main Barclays Overweight → Overweight $110
2026-02-17 main BTIG Buy → Buy $110
2026-01-09 down Goldman Sachs Neutral → Sell $89
2026-01-08 main Keybanc Overweight → Overweight $125
2025-12-09 init Barclays — → Overweight $118
2025-12-04 main Barrington Research Outperform → Outperform $125
2025-12-04 main JP Morgan Overweight → Overweight $129
2025-12-04 main Citizens Market Outperform → Market Outperform $122
2025-12-04 reit BTIG Buy → Buy $130
2025-11-13 init BMO Capital — → Market Perform $100
2025-10-08 main Keybanc Overweight → Overweight $120
2025-09-03 main Jefferies Buy → Buy $134
2025-09-03 main JP Morgan Overweight → Overweight $126
2025-09-03 main Barrington Research Outperform → Outperform $125
2025-09-03 main RBC Capital Outperform → Outperform $110
News
RSS: Latest HQY news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-25 NEELEMAN STEPHEN Officer and Director — 39,775 $0.00 $0
2026-03-25 LUCANIA JAMES M Chief Financial Officer — 27,283 $0.00 $0
2026-03-25 LADD DELANO W IV General Counsel — 35,608 $0.00 $0
2026-03-25 CUTLER SCOTT RAYMOND Chief Executive Officer — 72,754 $0.00 $0
2026-03-25 ROSNER ELIMELECH Chief Technology Officer — 60,607 $0.00 $0
2026-03-25 FIORE MICHAEL HENRY Officer — 17,582 $0.00 $0
2026-03-25 GATHRIGHT MICHAEL Officer — 15,157 $0.00 $0
2026-02-02 NATARAJAN RAJESH Director — 976 $0.00 $0
2026-02-02 PARKER STUART B Director — 1,263 $0.00 $0
2025-12-19 NEELEMAN STEPHEN Officer and Director — 140,000 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2026-01-31 2025-01-31 2024-01-31 2023-01-31
Total Revenue
1,313.43
+9.47%
1,199.77
+20.03%
999.59
+16.00%
861.75
Operating Revenue
1,313.43
+9.47%
1,199.77
+20.03%
999.59
+16.00%
861.75
Cost Of Revenue
400.31
-5.25%
422.51
+12.09%
376.95
+1.93%
369.81
Reconciled Cost Of Revenue
353.61
-4.93%
371.94
+17.47%
316.63
+4.43%
303.20
Gross Profit
913.12
+17.48%
777.26
+24.83%
622.64
+26.57%
491.94
Operating Expense
585.64
+1.96%
574.39
+16.16%
494.50
+8.85%
454.28
Research And Development
262.51
+9.60%
239.51
+9.46%
218.81
+13.15%
193.38
Selling General And Administration
215.17
-3.51%
223.00
+21.90%
182.93
+9.99%
166.32
Selling And Marketing Expense
95.24
+4.96%
90.74
+14.46%
79.27
+15.14%
68.85
General And Administrative Expense
119.93
-9.32%
132.26
+27.60%
103.66
+6.34%
97.47
Other Gand A
119.93
-9.32%
132.26
+27.60%
103.66
+6.34%
97.47
Total Expenses
985.95
-1.10%
996.90
+14.40%
871.45
+5.75%
824.10
Operating Income
327.48
+61.42%
202.87
+58.33%
128.13
+240.30%
37.65
Total Operating Income As Reported
322.46
+98.64%
162.33
+37.92%
117.70
+1199.54%
9.06
EBITDA
489.22
+44.26%
339.12
+19.59%
283.57
+65.32%
171.53
Normalized EBITDA
494.24
+30.18%
379.65
+29.13%
294.01
+46.87%
200.18
Reconciled Depreciation
154.66
-4.80%
162.45
+6.12%
153.08
-5.04%
161.20
EBIT
334.56
+89.37%
176.67
+35.38%
130.50
+1163.51%
10.33
Total Unusual Items
-5.02
+87.61%
-40.53
-288.45%
-10.44
+63.58%
-28.65
Total Unusual Items Excluding Goodwill
-5.02
+87.61%
-40.53
-288.45%
-10.44
+63.58%
-28.65
Special Income Charges
-5.02
+87.61%
-40.53
-288.45%
-10.44
+63.58%
-28.65
Restructuring And Mergern Acquisition
5.02
-87.61%
40.53
+288.45%
10.44
-63.58%
28.65
Net Income
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Pretax Income
277.43
+139.10%
116.03
+54.63%
75.04
+296.98%
-38.10
Net Non Operating Interest Income Expense
-45.40
+2.82%
-46.72
-7.86%
-43.32
+7.17%
-46.66
Interest Expense Non Operating
57.13
-5.78%
60.63
+9.34%
55.45
+14.52%
48.42
Net Interest Income
-45.40
+2.82%
-46.72
-7.86%
-43.32
+7.17%
-46.66
Interest Expense
57.13
-5.78%
60.63
+9.34%
55.45
+14.52%
48.42
Interest Income Non Operating
11.73
-15.70%
13.91
+14.63%
12.14
+588.49%
1.76
Interest Income
11.73
-15.70%
13.91
+14.63%
12.14
+588.49%
1.76
Other Income Expense
-4.65
+88.42%
-40.12
-310.30%
-9.78
+66.39%
-29.09
Other Non Operating Income Expenses
0.38
-10.00%
0.42
-36.17%
0.66
+249.89%
-0.44
Gain On Sale Of Security
—
—
—
—
Tax Provision
62.23
+221.92%
19.33
+0.02%
19.33
+261.70%
-11.95
Tax Rate For Calcs
0.00
+34.46%
0.00
-35.32%
0.00
-17.97%
0.00
Tax Effect Of Unusual Items
-1.13
+83.34%
-6.75
-151.25%
-2.69
+70.12%
-9.00
Net Income Including Noncontrolling Interests
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Net Income From Continuing Operation Net Minority Interest
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Net Income From Continuing And Discontinued Operation
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Net Income Continuous Operations
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Normalized Income
219.10
+67.91%
130.48
+105.62%
63.46
+1077.83%
-6.49
Net Income Common Stockholders
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Diluted EPS
2.46
+125.69%
1.09
+70.31%
0.64
+306.45%
-0.31
Basic EPS
2.50
+125.23%
1.11
+70.77%
0.65
+309.68%
-0.31
Basic Average Shares
86.13
-0.85%
86.87
+1.53%
85.56
+1.33%
84.44
Diluted Average Shares
87.47
-1.53%
88.83
+2.15%
86.96
+2.98%
84.44
Diluted NI Availto Com Stockholders
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Amortization
107.95
-3.51%
111.88
+20.61%
92.76
-1.93%
94.59
Amortization Of Intangibles Income Statement
107.95
-3.51%
111.88
+20.61%
92.76
-1.93%
94.59
Depreciation Amortization Depletion Income Statement
107.95
-3.51%
111.88
+20.61%
92.76
-1.93%
94.59
Depreciation And Amortization In Income Statement
107.95
-3.51%
111.88
+20.61%
92.76
-1.93%
94.59
Line Item Trend 2026-01-31 2025-01-31 2024-01-31 2023-01-31
Total Assets
3,380.33
-1.98%
3,448.55
+9.00%
3,163.79
+2.42%
3,088.90
Current Assets
512.28
+7.23%
477.75
-14.30%
557.44
+45.59%
382.89
Cash Cash Equivalents And Short Term Investments
318.93
+7.76%
295.95
-26.74%
403.98
+58.88%
254.27
Cash And Cash Equivalents
318.93
+7.76%
295.95
-26.74%
403.98
+58.88%
254.27
Receivables
123.70
+4.82%
118.01
+12.50%
104.89
+8.32%
96.83
Accounts Receivable
123.70
+4.82%
118.01
+12.50%
104.89
+8.32%
96.83
Gross Accounts Receivable
124.62
+3.78%
120.08
+10.32%
108.84
+6.89%
101.82
Allowance For Doubtful Accounts Receivable
-0.92
+55.36%
-2.07
+47.56%
-3.95
+20.89%
-4.99
Other Current Assets
69.66
+9.19%
63.80
+31.36%
48.56
+52.76%
31.79
Total Non Current Assets
2,868.05
-3.46%
2,970.80
+13.98%
2,606.35
-3.68%
2,706.01
Net PPE
39.49
-14.94%
46.42
-14.65%
54.39
-21.54%
69.32
Gross PPE
76.81
-7.55%
83.08
-12.93%
95.41
-14.15%
111.14
Accumulated Depreciation
-37.32
-1.81%
-36.65
+10.64%
-41.02
+1.92%
-41.82
Properties
0.00
0.00
0.00
0.00
Machinery Furniture Equipment
26.36
+1.65%
25.93
-20.41%
32.58
-10.54%
36.41
Other Properties
36.31
-15.92%
43.19
-10.74%
48.38
-14.31%
56.46
Leases
14.14
+1.25%
13.97
-3.38%
14.46
-20.88%
18.27
Goodwill And Other Intangible Assets
2,745.32
-3.77%
2,852.80
+14.84%
2,484.09
-3.89%
2,584.50
Goodwill
1,648.14
+0.00%
1,648.14
+0.00%
1,648.14
+0.00%
1,648.14
Other Intangible Assets
1,097.17
-8.92%
1,204.66
+44.11%
835.95
-10.72%
936.36
Other Non Current Assets
83.25
+16.31%
71.57
+5.46%
67.87
+30.07%
52.18
Total Liabilities Net Minority Interest
1,273.14
-4.54%
1,333.64
+18.15%
1,128.77
-5.40%
1,193.26
Current Liabilities
156.85
+0.34%
156.32
+33.51%
117.09
-10.66%
131.06
Payables And Accrued Expenses
86.55
+12.41%
76.99
+32.56%
58.08
+0.89%
57.57
Payables
12.16
-15.33%
14.36
+19.27%
12.04
-13.37%
13.90
Accounts Payable
12.16
-15.33%
14.36
+19.27%
12.04
-13.37%
13.90
Current Accrued Expenses
74.39
+18.77%
62.63
+36.04%
46.04
+5.43%
43.67
Pensionand Other Post Retirement Benefit Plans Current
60.39
-12.89%
69.33
+39.76%
49.61
+8.23%
45.84
Current Debt And Capital Lease Obligation
9.91
-0.90%
10.00
+6.35%
9.40
-66.00%
27.66
Current Debt
—
—
—
17.50
Other Current Borrowings
—
—
—
17.50
Current Capital Lease Obligation
9.91
-0.90%
10.00
+6.35%
9.40
-7.43%
10.16
Total Non Current Liabilities Net Minority Interest
1,116.29
-5.18%
1,177.32
+16.37%
1,011.68
-4.76%
1,062.20
Long Term Debt And Capital Lease Obligation
991.57
-9.74%
1,098.52
+18.92%
923.74
-4.46%
966.83
Long Term Debt
957.38
-9.36%
1,056.30
+20.72%
874.97
-3.62%
907.84
Long Term Capital Lease Obligation
34.19
-19.02%
42.22
-13.43%
48.77
-17.33%
58.99
Non Current Deferred Liabilities
93.71
+67.84%
55.83
-18.69%
68.67
-16.93%
82.67
Non Current Deferred Taxes Liabilities
93.71
+67.84%
55.83
-18.69%
68.67
-16.93%
82.67
Other Non Current Liabilities
31.01
+35.04%
22.96
+19.16%
19.27
+51.64%
12.71
Stockholders Equity
2,107.20
-0.36%
2,114.91
+3.93%
2,035.02
+7.35%
1,895.64
Common Stock Equity
2,107.20
-0.36%
2,114.91
+3.93%
2,035.02
+7.35%
1,895.64
Capital Stock
0.01
-11.11%
0.01
+0.00%
0.01
+12.50%
0.01
Common Stock
0.01
-11.11%
0.01
+0.00%
0.01
+12.50%
0.01
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
85.01
-1.77%
86.54
+0.47%
86.13
+1.62%
84.76
Ordinary Shares Number
85.01
-1.77%
86.54
+0.47%
86.13
+1.62%
84.76
Additional Paid In Capital
1,916.99
+0.60%
1,905.63
+4.17%
1,829.38
+4.79%
1,745.72
Retained Earnings
195.91
-6.39%
209.27
+1.77%
205.63
+37.16%
149.92
Gains Losses Not Affecting Retained Earnings
-5.71
0.00
—
—
Other Equity Adjustments
-5.71
—
—
—
Total Equity Gross Minority Interest
2,107.20
-0.36%
2,114.91
+3.93%
2,035.02
+7.35%
1,895.64
Total Capitalization
3,064.57
-3.36%
3,171.21
+8.98%
2,909.99
+3.80%
2,803.48
Working Capital
355.43
+10.58%
321.43
-27.01%
440.35
+74.86%
251.83
Invested Capital
3,064.57
-3.36%
3,171.21
+8.98%
2,909.99
+3.16%
2,820.98
Total Debt
1,001.48
-9.66%
1,108.52
+18.79%
933.14
-6.17%
994.49
Net Debt
638.45
-16.03%
760.35
+61.44%
470.99
-29.81%
671.07
Capital Lease Obligations
44.10
-15.55%
52.22
-10.23%
58.17
-15.87%
69.15
Net Tangible Assets
-638.12
+13.52%
-737.89
-64.31%
-449.07
+34.81%
-688.86
Tangible Book Value
-638.12
+13.52%
-737.89
-64.31%
-449.07
+34.81%
-688.86
Line Item Trend 2026-01-31 2025-01-31 2024-01-31 2023-01-31
Operating Cash Flow
457.09
+34.50%
339.86
+39.96%
242.83
+61.19%
150.65
Cash Flow From Continuing Operating Activities
457.09
+34.50%
339.86
+39.96%
242.83
+61.19%
150.65
Net Income From Continuing Operations
215.20
+122.54%
96.70
+73.58%
55.71
+313.10%
-26.14
Depreciation Amortization Depletion
154.66
-4.80%
162.45
+6.12%
153.08
-5.04%
161.20
Depreciation And Amortization
154.66
-4.80%
162.45
+6.12%
153.08
-5.04%
161.20
Other Non Cash Items
1.08
-47.85%
2.07
-27.52%
2.85
-19.18%
3.53
Stock Based Compensation
73.06
-24.23%
96.42
+24.98%
77.15
+23.22%
62.61
Asset Impairment Charge
—
—
0.00
0.00
Deferred Tax
39.73
+409.52%
-12.84
+8.28%
-13.99
+18.54%
-17.18
Deferred Income Tax
39.73
+409.52%
-12.84
+8.28%
-13.99
+18.54%
-17.18
Operating Gains Losses
-0.02
-101.02%
1.58
+36.21%
1.16
—
Gain Loss On Investment Securities
-0.02
—
—
—
Change In Working Capital
-26.62
-307.64%
-6.53
+80.29%
-33.13
+0.72%
-33.37
Change In Receivables
-5.69
+56.61%
-13.11
-62.73%
-8.06
+15.80%
-9.57
Changes In Account Receivables
-5.69
+56.61%
-13.11
-62.73%
-8.06
+15.80%
-9.57
Change In Payables And Accrued Expense
1.71
-80.78%
8.89
+4456.86%
-0.20
+99.24%
-26.67
Change In Payable
1.71
-80.78%
8.89
+4456.86%
-0.20
+99.24%
-26.67
Change In Account Payable
1.71
-80.78%
8.89
+4456.86%
-0.20
+99.24%
-26.67
Change In Other Working Capital
-8.81
-149.59%
17.76
+501.76%
2.95
+330.19%
-1.28
Change In Other Current Assets
-5.88
-14.67%
-5.13
+77.32%
-22.60
-275.68%
12.86
Change In Other Current Liabilities
-7.95
+46.76%
-14.94
-186.26%
-5.22
+40.08%
-8.71
Investing Cash Flow
-47.14
+90.67%
-505.45
-997.05%
-46.07
+61.32%
-119.13
Cash Flow From Continuing Investing Activities
-47.14
+90.67%
-505.45
-997.05%
-46.07
+61.32%
-119.13
Net PPE Purchase And Sale
-1.97
+5.52%
-2.08
-23.02%
-1.69
+49.75%
-3.37
Purchase Of PPE
-1.97
+5.52%
-2.08
-23.02%
-1.69
+49.75%
-3.37
Capital Expenditure
-48.78
+90.35%
-505.45
-997.05%
-46.07
+61.32%
-119.13
Net Investment Purchase And Sale
1.64
0.00
0.00
0.00
Purchase Of Investment
—
—
—
—
Sale Of Investment
1.64
0.00
0.00
0.00
Net Business Purchase And Sale
—
—
0.00
0.00
Purchase Of Business
—
—
0.00
0.00
Net Intangibles Purchase And Sale
-46.81
+90.70%
-503.37
-1034.23%
-44.38
+61.66%
-115.76
Purchase Of Intangibles
-46.81
+90.70%
-503.37
-1034.23%
-44.38
+61.66%
-115.76
Financing Cash Flow
-386.98
-772.22%
57.57
+222.38%
-47.04
-1661.10%
-2.67
Cash Flow From Continuing Financing Activities
-386.98
-772.22%
57.57
+222.38%
-47.04
-1661.10%
-2.67
Net Issuance Payments Of Debt
-100.00
-157.14%
175.00
+421.84%
-54.38
-521.43%
-8.75
Issuance Of Debt
0.00
-100.00%
736.88
0.00
0.00
Repayment Of Debt
-100.00
+82.20%
-561.88
-933.33%
-54.38
-521.43%
-8.75
Long Term Debt Issuance
0.00
-100.00%
736.88
0.00
0.00
Long Term Debt Payments
-100.00
+82.20%
-561.88
-933.33%
-54.38
-521.43%
-8.75
Net Long Term Debt Issuance
-100.00
-157.14%
175.00
+421.84%
-54.38
-521.43%
-8.75
Net Common Stock Issuance
-299.25
-146.31%
-121.49
0.00
0.00
Common Stock Payments
-299.25
-146.31%
-121.49
0.00
0.00
Repurchase Of Capital Stock
-299.25
-146.31%
-121.49
0.00
0.00
Proceeds From Stock Option Exercised
11.41
+21.04%
9.43
+45.70%
6.47
-3.16%
6.68
Net Other Financing Charges
0.87
+116.15%
-5.37
-720.58%
0.86
+243.45%
-0.60
Changes In Cash
22.98
+121.27%
-108.03
-172.16%
149.71
+418.90%
28.85
Beginning Cash Position
295.95
-26.74%
403.98
+58.88%
254.27
+12.80%
225.41
End Cash Position
318.93
+7.76%
295.95
-26.74%
403.98
+58.88%
254.27
Free Cash Flow
408.32
+346.57%
-165.60
-184.17%
196.75
+524.15%
31.52
Interest Paid Supplemental Data
52.24
-10.82%
58.59
+18.21%
49.56
+13.75%
43.57
Income Tax Paid Supplemental Data
8.04
-69.15%
26.07
-26.26%
35.35
+2216.64%
1.53
Common Stock Issuance
—
—
0.00
0.00
Issuance Of Capital Stock
—
—
0.00
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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