Zacks Investment Research·1 day ago
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HealthEquity, Inc.(HQY)Earnings, Financials & Key Ratios
HQY•NASDAQ
$96.98
39.4× P/E·Price updated Jul 7, 2026
AboutHealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, compare treatment options and prices, receive personalized benefit and clinical information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts. It also provides mutual fund investment platform; and online-only automated investment advisory services through Advisor, a Web-based tool. In addition, the company offers flexible spending accounts; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. It serves clients through a direct sales force; benefits brokers and advisors; and a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. The company was incorporated in 2002 and is headquartered in Draper, Utah.Show more
- Revenue$1.31B+9.5%
- EBITDA$322M-17.8%
- Net Income$215M+122.5%
- EPS (Diluted)2.46+125.7%
- Gross Margin69.52%+20.4%
- EBITDA Margin24.55%-25.0%
- Operating Margin24.55%+28.0%
- Net Margin16.38%+103.3%
- ROE10.19%+118.7%
HQY Price & Volume
HealthEquity, Inc. (HQY) stock price & volume — 10-year historical chart
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Operational Efficiency Drives Margin Expansion Amid Maturation
Investment Thesis • Updated 2027Q1
VerdictNeutral
Growth:Decelerating
Profitability:Strong
Financial:Healthy
Cash Flow:Improving
Primary Risk:Interest rate sensitivity
Key Thesis Takeaways
- HealthEquity is transitioning from an acquisition-heavy growth phase to a more mature, organic model, evidenced by a deceleration in revenue growth from 23.1% in 2025Q2 to 7.2% in 2027Q1.
- While the company demonstrates strong operational leverage with a 29.0% operating margin, investors should monitor the persistent impact of $19.4M in quarterly stock-based compensation on true earnings quality.
- The firm's disciplined capital allocation, highlighted by $123.3M in recent share repurchases, suggests management confidence in long-term value despite the risks associated with a balance sheet where goodwill accounts for $1.6B of total assets.
Verdict Logic
while the forward P/E of 22.36 and PEG of 0.43 suggest potential undervaluation, the significant reliance on $1.6B in goodwill and the volatility of free cash flow margins warrant a cautious approach.
HQY Growth Metrics
HealthEquity, Inc. (HQY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years26.34%
5 Years12.36%
3 Years15.08%
TTM7.58%
Profit CAGR
10 Years29.19%
5 Years89.38%
3 Years-
TTM89.4%
EPS CAGR
10 Years24.27%
5 Years82.96%
3 Years-
TTM94.28%
Return on Capital
10 Years8.89%
5 Years4.82%
3 Years7.12%
Last Year9.82%
HQY Recent Earnings
HealthEquity, Inc. (HQY) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
May 28, 2026Metric
Actual
Est
EPS
$1.24+11.7%
$1.11
Rev
$355M+0.7%
$352M
Q2 2026
Mar 17, 2026Metric
Actual
Est
EPS
$0.95+6.7%
$0.89
Rev
$335M+0.7%
$332M
Q4 2025
Dec 3, 2025Metric
Actual
Est
EPS
$1.01+10.7%
$0.91
Rev
$322M+0.5%
$321M
Q4 2025
Sep 2, 2025Metric
Actual
Est
EPS
$1.08+18.2%
$0.91
Rev
$326M+1.6%
$321M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 28, 2026 | $1.24vs $1.11+11.7% | $355Mvs $352M+0.7% |
| Q2 2026 | Mar 17, 2026 | $0.95vs $0.89+6.7% | $335Mvs $332M+0.7% |
| Q4 2025 | Dec 3, 2025 | $1.01vs $0.91+10.7% | $322Mvs $321M+0.5% |
| Q4 2025 | Sep 2, 2025 | $1.08vs $0.91+18.2% | $326Mvs $321M+1.6% |
Based on last 12 quarters of dataView full earnings history →
Latest HQY News
Recent stock market news and headlines for HealthEquity, Inc. (HQY)
Zacks Investment Research·Jun 19, 2026
Here's Why HealthEquity (HQY) is a Strong Growth StockThe Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage.
Peers Comparison
Key metrics vs top competitors for HealthEquity, Inc. (HQY)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $96.98 | $8.11B | 39.42 | 9.47% | 16.38% | 10.19% | — | |
| $153.14 | $5.31B | 18.08 | 1.24% | 11.5% | 26.96% | — | |
| $34.36 | $17.85B | 37.76 | 3.45% | 8.99% | 5.64% | — | |
| $22.25 | $1.64B | 6.74 | 18.52% | 118.91% | 47.59% | — | |
| $137.06 | $11.41B | 169.21 | 22.64% | 11.25% | 10.99% | — | |
| $118.84 | $6.36B | 29.56 | 13.74% | 14.94% | 22.36% | — |
Compare HQY vs Peers
HealthEquity, Inc. (HQY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
HQY SEC Filings & Documents
HealthEquity, Inc. (HQY) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 28, 2026·SEC
Material company update
May 8, 2026·SEC
Material company update
Apr 6, 2026·SEC
10-K Annual Reports
310-Q Quarterly Reports
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HQY Frequently Asked Questions
HealthEquity, Inc. (HQY) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is HealthEquity, Inc.'s revenue?
HealthEquity, Inc. (HQY) reported $1.34B in revenue for fiscal year 2026. This represents a 2801% increase from $46.1M in 2013.
How fast is HealthEquity, Inc. growing?
HealthEquity, Inc. (HQY) grew revenue by 9.5% over the past year. This is steady growth.
Is HQY profitable?
Yes, HealthEquity, Inc. (HQY) is profitable, generating $230.7M in net income for fiscal year 2026 (16.4% net margin).
Dividend & Returns
What is HQY's return on equity?
HealthEquity, Inc. (HQY) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.
What is HealthEquity, Inc.'s free cash flow?
HealthEquity, Inc. (HQY) generated $487.6M in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.