HealthEquity, Inc. (HQY) P/E Ratio History
Deep ValueTrading at 39.4x · 10th percentile of 5-year range · Significant discount to historical valuation · Data 2015–2027
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P/E Ratio Analysis
As of July 8, 2026, HealthEquity, Inc. (HQY) trades at a price-to-earnings ratio of 39.4x, with a stock price of $96.98 and trailing twelve-month earnings per share of $2.71.
The current P/E is 94% below its 5-year average of 642.6x. Over the past five years, HQY's P/E has ranged from a low of 30.7x to a high of 6014.6x, placing the current valuation at the 10th percentile of its historical range.
Compared to the Healthcare sector median P/E of 23.4x, HQY trades at a 69% premium to its sector peers. The sector includes 231 companies with P/E ratios ranging from 0.0x to 198.8x.
The PEG ratio of 0.48 (P/E divided by 126% EPS growth) suggests the stock may be undervalued relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, HQY commands a significant premium over the S&P 500 median P/E of 25.9x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our HQY DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
HQY Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
HQY P/E vs Peers
Payer and Benefits Administration peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $5B | 18.1 | - | +13% | |
| $18B | 37.8 | - | +7% | |
| $2B | 6.7Lowest | 0.65Best | +817% | |
| $11B | 169.2 | - | +1192%Best | |
| $6B | 29.6 | 1.05 | +11% | |
| $8B | 17.8 | 0.66 | -9% | |
| $99B | 24.6 | 2.08 | +10% | |
| $38B | 22.1 | 2.20 | +7% | |
| $389B | 32.4 | - | -15% | |
| $133B | 75.1 | - | -62% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
HQY Historical P/E Data (2015–2027)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2027 Q1 | - | $82.03 | $2.67 | 30.7x | -92% |
| FY2026 Q4 | Jan 31 2026 | $85.67 | $2.46 | 34.8x | -91% |
| FY2026 Q3 | Oct 31 2025 | $94.58 | $2.18 | 43.4x | -88% |
| FY2026 Q2 | - | $97.00 | $1.65 | 58.6x | -84% |
| FY2026 Q1 | Apr 30 2025 | $85.72 | $1.37 | 62.4x | -83% |
| FY2025 Q4 | Jan 31 2025 | $110.42 | $1.09 | 100.9x | -73% |
| FY2025 Q3 | - | $85.25 | $1.09 | 77.9x | -79% |
| FY2025 Q2 | Jul 31 2024 | $78.48 | $1.20 | 65.4x | -82% |
| FY2025 Q1 | - | $78.91 | $0.92 | 85.8x | -77% |
| FY2024 Q4 | Jan 31 2024 | $75.58 | $0.64 | 118.1x | -68% |
| FY2024 Q3 | - | $71.68 | $0.34 | 212.4x | -43% |
| FY2024 Q2 | Jul 31 2023 | $67.94 | $0.15 | 458.7x | +23% |
| FY2022 Q2 | Jul 31 2021 | $73.98 | $0.01 | 6014.6x | +1518% |
| FY2022 Q1 | Apr 30 2021 | $75.97 | $0.06 | 1356.6x | +265% |
| FY2021 Q4 | Jan 31 2021 | $83.55 | $0.12 | 708.1x | +90% |
| FY2021 Q3 | Oct 31 2020 | $51.49 | $0.05 | 1136.6x | +206% |
| FY2021 Q1 | - | $56.27 | $0.03 | 2061.2x | +454% |
| FY2020 Q4 | Jan 31 2020 | $66.06 | $0.65 | 102.1x | -73% |
| FY2020 Q3 | - | $56.79 | $0.86 | 66.0x | -82% |
| FY2020 Q2 | Jul 31 2019 | $81.98 | $1.41 | 58.1x | -84% |
| FY2020 Q1 | - | $67.75 | $1.47 | 46.1x | -88% |
| FY2019 Q4 | - | $62.34 | $1.18 | 52.8x | -86% |
| FY2019 Q3 | Oct 31 2018 | $91.80 | $1.06 | 86.6x | -77% |
| FY2019 Q2 | - | $75.50 | $0.98 | 77.0x | -79% |
| FY2019 Q1 | Apr 30 2018 | $65.67 | $0.89 | 73.8x | -80% |
| FY2018 Q4 | Jan 31 2018 | $50.62 | $0.76 | 66.6x | -82% |
| FY2018 Q3 | - | $50.22 | $0.74 | 67.9x | -82% |
| FY2018 Q2 | Jul 31 2017 | $45.87 | $0.67 | 68.5x | -82% |
| FY2018 Q1 | Apr 30 2017 | $45.52 | $0.54 | 84.3x | -77% |
| FY2017 Q4 | - | $46.25 | $0.45 | 102.8x | -72% |
| FY2017 Q3 | Oct 31 2016 | $33.23 | $0.43 | 77.3x | -79% |
| FY2017 Q2 | Jul 31 2016 | $29.52 | $0.40 | 73.8x | -80% |
| FY2017 Q1 | Apr 30 2016 | $25.15 | $0.34 | 74.0x | -80% |
| FY2016 Q4 | Jan 31 2016 | $21.55 | $0.29 | 74.3x | -80% |
| FY2016 Q3 | Oct 31 2015 | $32.71 | $0.26 | 125.8x | -66% |
| FY2016 Q2 | Jul 31 2015 | $33.66 | $0.24 | 140.3x | -62% |
| FY2016 Q1 | - | $26.21 | $0.22 | 119.1x | -68% |
| FY2015 Q4 | Jan 31 2015 | $20.77 | $0.20 | 104.1x | -72% |
| FY2015 Q3 | Oct 31 2014 | $20.40 | $0.08 | 256.3x | -31% |
| FY2015 Q2 | - | $17.60 | $0.07 | 245.8x | -34% |
Average P/E for displayed period: 371.7x
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
11+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
HQY — Frequently Asked Questions
Quick answers to the most common questions about buying HQY stock.
What is HQY's P/E ratio?
HealthEquity, Inc. (HQY) trailing twelve-month P/E ratio is 39.4x, based on TTM diluted EPS of $2.71. The 5-year average P/E is 642.6x and the historical range spans 30.7x to 6014.6x.
Is HQY stock overvalued or undervalued?
HQY trades at 39.4x P/E, below its 5-year average of 642.6x. At the 10th percentile of its historical range (30.7x–6014.6x), the stock is priced at a discount to its own history.
Is HQY stock expensive?
No, HQY is not expensive on a historical basis. The current P/E of 39.4x is below the 5-year average of 642.6x and sits at the 10th percentile of its valuation range.
What is HQY's historical P/E range?
Over the past 5 years, HQY's P/E ratio has ranged from 30.7x to 6014.6x, with a median of 100.9x and an average of 642.6x. The current P/E of 39.4x places the stock at the 10th percentile of this range. Full historical data spans 2015–2027.
How does HQY's P/E compare to the S&P 500?
HQY trades at 39.4x P/E versus the S&P 500 median of 25.9x. The 52% premium to the market typically reflects higher expected earnings growth or quality.
How does HQY's valuation compare to Healthcare peers?
HealthEquity, Inc. P/E of 39.4x compares to the Healthcare sector median of 23.4x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is HQY's PEG ratio?
HQY PEG ratio is 0.48, based on a P/E of 39.4x and EPS growth of 125.7%. A PEG below 1.0 indicates the valuation is supported by the earnings growth rate — typically considered attractive.
What is HQY's earnings yield?
HQY earnings yield is 2.54%, the inverse of its 39.4x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.