Latest Ratios: P/E Ratio 39.3x · EV/EBITDA 27.2x · ROE 10.2%. (2013–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.1B | $7.5B | $9.8B | $6.6B | $5.1B | $4.4B | $6.3B | $4.5B | $4.0B | $3.1B | $2.8B |
| Enterprise Value | $8.8B | $8.2B | $10.6B | $7.1B | $5.9B | $5.2B | $7.1B | $5.6B | $3.6B | $2.9B | $2.6B |
| P/E Ratio → | 39.26 | 34.83 | 101.30 | 118.09 | — | — | 696.25 | 113.90 | 53.28 | 65.74 | 105.11 |
| P/S Ratio | 6.15 | 5.71 | 8.18 | 6.57 | 5.96 | 5.87 | 8.62 | 8.50 | 13.75 | 13.64 | 15.53 |
| P/B Ratio | 4.01 | 3.56 | 4.64 | 3.23 | 2.71 | 2.40 | 4.59 | 4.39 | 8.28 | 9.04 | 10.58 |
| P/FCF | 17.74 | 16.47 | 29.04 | 33.40 | 163.00 | 1135.06 | 74.69 | 70.90 | 40.16 | 64.80 | 84.16 |
| P/OCF | 17.66 | 16.39 | 28.86 | 27.07 | 34.11 | 31.51 | 34.81 | 42.72 | 34.83 | 38.32 | 60.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.23 | 8.85 | 7.10 | 6.82 | 6.91 | 9.64 | 10.59 | 12.49 | 12.77 | 14.75 |
| EV / EBITDA | 27.15 | 25.36 | 27.06 | 25.25 | 29.56 | 29.40 | 36.08 | 34.24 | 37.44 | 41.66 | 48.35 |
| EV / EBIT | 27.15 | 25.36 | 60.66 | 54.91 | 569.18 | — | 181.16 | 82.90 | 47.17 | 55.88 | 65.56 |
| EV / FCF | — | 17.97 | 31.44 | 36.09 | 186.48 | 1335.06 | 83.51 | 88.29 | 36.48 | 60.67 | 79.90 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5% | 69.5% | 57.7% | 53.0% | 45.9% | 45.1% | 46.2% | 54.7% | 61.0% | 56.7% | 57.2% |
| Operating Margin | 24.6% | 24.6% | 19.2% | 12.8% | 4.4% | 5.4% | 10.9% | 20.5% | 27.0% | 23.7% | 23.1% |
| Net Profit Margin | 16.4% | 16.4% | 8.1% | 5.6% | -3.0% | -5.9% | 1.2% | 7.5% | 25.7% | 20.6% | 14.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 4.7% | 2.8% | -1.4% | -2.7% | 0.7% | 5.3% | 18.0% | 15.6% | 11.3% |
| ROA | 6.3% | 6.3% | 2.9% | 1.8% | -0.8% | -1.5% | 0.3% | 2.6% | 16.8% | 14.6% | 10.6% |
| ROIC | 8.5% | 8.5% | 6.3% | 3.7% | 1.1% | 1.3% | 2.8% | 7.3% | 44.4% | 30.4% | 25.6% |
| ROCE | 9.8% | 9.8% | 7.3% | 4.3% | 1.3% | 1.5% | 3.3% | 7.5% | 18.7% | 17.8% | 17.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.52 | 0.46 | 0.52 | 0.54 | 0.78 | 1.26 | — | — | — |
| Debt / EBITDA | 3.11 | 3.11 | 2.82 | 3.32 | 5.00 | 5.67 | 5.49 | 7.91 | — | — | — |
| Net Debt / Equity | — | 0.32 | 0.38 | 0.26 | 0.39 | 0.42 | 0.54 | 1.08 | -0.76 | -0.58 | -0.53 |
| Net Debt / EBITDA | 2.12 | 2.12 | 2.07 | 1.88 | 3.72 | 4.40 | 3.81 | 6.75 | -3.77 | -2.83 | -2.57 |
| Debt / FCF | — | 1.50 | 2.41 | 2.69 | 23.48 | 200.00 | 8.81 | 17.39 | -3.67 | -4.13 | -4.25 |
| Interest Coverage | 5.64 | 5.64 | 2.89 | 2.33 | 0.21 | -0.94 | 1.12 | 2.74 | — | 191.47 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.27 | 3.27 | 3.06 | 4.76 | 2.92 | 2.29 | 2.25 | 1.96 | 13.58 | 12.95 | 12.79 |
| Quick Ratio | 3.27 | 3.27 | 3.06 | 4.76 | 2.92 | 2.29 | 2.25 | 1.96 | 13.58 | 12.94 | 12.75 |
| Cash Ratio | 2.03 | 2.03 | 1.89 | 3.45 | 1.94 | 1.47 | 1.61 | 1.26 | 12.44 | 11.73 | 11.49 |
| Asset Turnover | — | 0.38 | 0.35 | 0.32 | 0.28 | 0.24 | 0.27 | 0.21 | 0.56 | 0.62 | 0.64 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 462.66 | 128.91 |
| Days Sales Outstanding | — | 34.37 | 35.90 | 38.30 | 41.02 | 42.18 | 36.21 | 48.62 | 32.62 | 34.35 | 34.79 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.9% | 1.0% | 0.8% | — | — | 0.1% | 0.9% | 1.9% | 1.5% | 1.0% |
| FCF Yield | 5.6% | 6.1% | 3.4% | 3.0% | 0.6% | 0.1% | 1.3% | 1.4% | 2.5% | 1.5% | 1.2% |
| Buyback Yield | 3.7% | 4.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 4.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $87M | $89M | $87M | $84M | $83M | $76M | $68M | $63M | $62M | $60M |
Interest rate sensitivity
According to current market data, HealthEquity trades at a forward P/E of 22.36, which, when compared to its historical TTM P/E of 35.96, suggests that investors are pricing in a transition toward more sustainable, long-term earnings growth rather than the rapid, acquisition-driven expansion of previous years.
The current PEG ratio of 0.43 indicates that the market may be undervaluing the company's growth potential relative to its earnings multiple, likely due to skepticism regarding the sustainability of custodial yields. This valuation appears to command a premium over traditional benefits processors, reflecting the unique financial float captured by the platform.
Based on recent financial statements, the company's ROIC has remained modest, hovering around 2.8% in 2027Q1, which suggests that the significant goodwill accumulated from aggressive portfolio acquisitions continues to weigh heavily on the efficiency of capital deployed across the firm's proprietary technology infrastructure.
While the company demonstrates strong operating margins, the low ROIC relative to peers like Innoviva suggests that the benefits of scale are being partially offset by the high carrying value of past M&A. Investors should monitor whether future organic growth can improve these returns as the integration of acquired portfolios matures.
As reported in quarterly filings, HealthEquity maintains a debt-to-equity ratio of 0.48, a figure that has remained remarkably stable over the last ten quarters, indicating that management has successfully utilized debt to fund acquisitions without compromising the overall health of the corporate balance sheet.
The interest coverage ratio of 7.41 in 2027Q1 provides a comfortable buffer for debt service, suggesting that the company is well-positioned to manage its obligations even if interest rate volatility impacts custodial revenue. This disciplined approach to leverage appears to be a core component of the company's defensive financial strategy.
According to recent SEC filings, the company's asset turnover remains low at 0.11, which is characteristic of a service-based model where the primary value is derived from the proprietary platform rather than physical asset utilization, allowing for significant margin expansion as the member base grows.
The stability of the DSO at approximately 31 days suggests that the company maintains effective control over its billing cycles, minimizing working capital friction. This efficiency in managing member-related receivables is critical for maintaining the high free cash flow margins observed in recent periods.
As indicated by the company's unique revenue structure, the P/E ratio is frequently misapplied by analysts who fail to adjust for the non-cash impact of stock-based compensation and the lumpy nature of custodial portfolio acquisitions that can temporarily distort reported net income and earnings quality.
Investors should instead focus on EV/EBITDA or free cash flow metrics to better capture the underlying cash-generating power of the business. Relying solely on P/E may obscure the company's true operational performance, particularly during periods of heavy M&A activity where amortization and integration costs are significant.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying HQY stock.
HealthEquity, Inc.'s current P/E ratio is 39.3x. The historical average is 85.3x. This places it at the 11th percentile of its historical range.
HealthEquity, Inc.'s current EV/EBITDA is 27.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 35.1x.
HealthEquity, Inc.'s return on equity (ROE) is 10.2%. The historical average is 8.6%.
Based on historical data, HealthEquity, Inc. is trading at a P/E of 39.3x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HealthEquity, Inc. has 69.5% gross margin and 24.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
HealthEquity, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.