Healthcare · Medical - Healthcare Information Services
Price
$88.46
Market Cap
$7.4B
Employees
3,105
Beta
0.22
Avg Volume
1,008,576
CEO
Scott R. Cutler
Business Description
Headquartered in Draper, Utah, and established in 2002, HealthEquity, Inc. furnishes technology-powered service platforms to both individual consumers and employers across the United States. The company provides cloud-based solutions designed to assist individuals in overseeing their healthcare expenditures and savings. These platforms enable users to make informed decisions about their health finances, pay medical bills, compare treatment options and costs, access personalized benefits and clinical data, earn incentives for wellness, and grow their savings through various investment avenues, including specific investment choices. In addition to these personal financial management tools, HealthEquity administers a range of health-related accounts, such as Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs). Its offerings also encompass a mutual fund investment platform, an automated online advisory service known as Advisor, COBRA continuation services, and the management of pre-tax commuter benefits programs. HealthEquity markets its services through a dedicated direct sales team, collaborates with benefits brokers and advisors, and leverages a comprehensive network comprising health plans, benefits administrators, consultants, and retirement plan record-keepers.
Business History
Price Overview
Last updated: Jun 28, 2026 12:11pm (just now)$88.46
+5.03 (+6.03%)
Day Range
$83.73 – $88.78
52-Week Range
$72.76 – $106.60
50-Day MA
$85.12
200-Day MA
$88.09
Volume
2,309,420.00
Analyst Price Targets
Low
$89.00
Consensus
$107.33
High
$125.00
(38 analysts)
Share Structure
Outstanding
83,602,157.00
Float
81,957,703.00
Free Float
98.0%
High free float
— 98.0% of shares trade freely, ~2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
32.37
Stock Price: $88.46
EPS (Diluted): 2.50
EPS (Diluted): 2.50
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
3.50
Stock Price: $88.46
Total Equity: $2.11B
Shares: 87,473,000
Total Equity: $2.11B
Shares: 87,473,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
17.70
Market Cap: $7.40B
Total Debt: $957.38M
Cash: $318.93M
EBITDA: $489.22M
Total Debt: $957.38M
Cash: $318.93M
EBITDA: $489.22M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$8.1B
Market Cap: $7.40B
Total Debt: $957.38M
Cash: $318.93M
Total Debt: $957.38M
Cash: $318.93M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
69.5%
Gross Profit: $913.12M
Revenue: $1.31B
Revenue: $1.31B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
24.6%
Operating Income: $322.46M
Revenue: $1.31B
Revenue: $1.31B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
16.4%
Net Income: $215.20M
Revenue: $1.31B
Revenue: $1.31B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
10.9%
Net Income: $215.20M
Total Equity: $2.11B
Total Equity: $2.11B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
8.3%
Operating Income: $322.46M
Tax Rate: 22.4%
Equity: $2.11B
Total Debt: $957.38M
Cash: $318.93M
Tax Rate: 22.4%
Equity: $2.11B
Total Debt: $957.38M
Cash: $318.93M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
3.27
Current Assets: $512.28M
Current Liabilities: $156.85M
Current Liabilities: $156.85M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.45
Short-Term Debt: $0.00
Long-Term Debt: $957.38M
Total Debt: $957.38M
Total Equity: $2.11B
Long-Term Debt: $957.38M
Total Debt: $957.38M
Total Equity: $2.11B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$15.02
Revenue: $1.31B
Shares: 87,473,000
Shares: 87,473,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$24.09
Total Equity: $2.11B
Shares: 87,473,000
Shares: 87,473,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$5.20
Operating CF: $457.09M
CapEx: -$1.97M
Shares: 87,473,000
CapEx: -$1.97M
Shares: 87,473,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $88.46
Stock Price: $88.46
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $215.20M
Net Income: $215.20M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares HQY against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:55pm (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $756.6M | $861.7M | $999.6M | $1.2B | $1.3B |
| Cost of Revenue | $415.6M | $466.2M | $469.7M | $507.2M | $400.3M |
| Gross Profit | $340.9M | $395.5M | $529.9M | $692.6M | $913.1M |
| Operating Expenses | $300.3M | $357.9M | $401.7M | $462.5M | $590.7M |
| Operating Income | $40.6M | $37.7M | $128.1M | $230.1M | $322.5M |
| Net Income | -$44.3M | -$26.1M | $55.7M | $96.7M | $215.2M |
| EBITDA | $103.0M | $171.5M | $282.4M | $337.5M | $489.2M |
| EPS | $-0.53 | $-0.31 | $0.65 | $1.11 | $2.50 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:55pm (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $225.4M | $254.3M | $404.0M | $295.9M | $318.9M |
| Total Current Assets | $351.3M | $382.9M | $557.4M | $477.7M | $512.3M |
| Total Assets | $3.1B | $3.1B | $3.2B | $3.4B | $3.4B |
| Current Liabilities | $153.2M | $131.1M | $117.1M | $156.3M | $156.9M |
| Long-Term Debt | $922.1M | $907.8M | $875.0M | $1.1B | $957.4M |
| Total Liabilities | $1.3B | $1.2B | $1.1B | $1.3B | $1.3B |
| Total Equity | $1.9B | $1.9B | $2.0B | $2.1B | $2.1B |
| Retained Earnings | $176.1M | $149.9M | $205.6M | $209.3M | $195.9M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:55pm (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $141.0M | $150.7M | $242.8M | $339.9M | $457.1M |
| Capital Expenditure | -$137.1M | -$119.1M | -$46.1M | -$2.1M | -$2.0M |
| Free Cash Flow | $3.9M | $31.5M | $196.8M | $337.8M | $455.1M |
| Acquisitions (net) | -$504.5M | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | -$121.5M | -$299.3M |
| Net Change in Cash | -$103.4M | $28.9M | $149.7M | -$108.0M | $23.0M |
Analyst Estimates (Annual)
Last updated: Jun 28, 2026 12:11pm (just now)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$1.3B $1.3B – $1.3B
|
$1.4B $1.4B – $1.4B
|
$1.5B $1.5B – $1.6B
|
$1.6B $1.6B – $1.6B
|
| EBITDA |
$745.3M $731.7M – $751.0M
|
$804.2M $798.6M – $816.6M
|
$867.9M $845.1M – $885.1M
|
$927.4M $923.4M – $931.3M
|
| Net Income |
$345.6M $343.4M – $347.8M
|
$414.4M $410.4M – $418.3M
|
$478.5M $460.6M – $496.4M
|
$535.6M $512.0M – $559.2M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:55pm (6d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +13.9% | +16.0% | +20.0% | +9.5% |
| Gross Profit Growth | +16.0% | +34.0% | +30.7% | +31.8% |
| Operating Income Growth | -7.2% | +240.3% | +79.6% | +40.2% |
| Net Income Growth | +41.0% | +313.1% | +73.6% | +122.5% |
| EBITDA Growth | +66.6% | +64.6% | +19.5% | +44.9% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-29 | Fiore Michael Henry | S-Sale | 3,142.00 | $95.00 | $298,490 |
| 2026-05-28 | Wellborn Gayle Furgurson | M-Exempt | 2,439.00 | $47.21 | $115,145 |
| 2026-05-28 | Wellborn Gayle Furgurson | S-Sale | 2,439.00 | $90.00 | $219,510 |
| 2026-05-28 | Wellborn Gayle Furgurson | M-Exempt | 2,439.00 | $47.21 | $115,145 |
| 2026-05-28 | Ladd Delano | S-Sale | 7,500.00 | $90.00 | $675,000 |
| 2026-04-17 | Rajasekar Sunil | 0.00 | $0.00 | $0 | |
| 2026-04-17 | Rajasekar Sunil | 0.00 | $0.00 | $0 | |
| 2026-04-06 | Neeleman Stephen | F-InKind | 2,559.00 | $83.84 | $214,537 |
| 2026-04-06 | Ladd Delano | F-InKind | 2,481.00 | $83.84 | $207,998 |
| 2026-04-06 | Fiore Michael Henry | F-InKind | 3,378.00 | $83.84 | $283,199 |
| 2026-04-06 | Rosner Elimelech | F-InKind | 4,768.00 | $83.84 | $399,731 |
| 2026-04-06 | Lucania James M | F-InKind | 4,393.00 | $83.84 | $368,293 |
| 2026-04-06 | Cutler Scott | F-InKind | 4,931.00 | $83.84 | $413,397 |
| 2026-03-31 | Ladd Delano | F-InKind | 7,726.00 | $82.53 | $637,599 |
| 2026-03-31 | Neeleman Stephen | F-InKind | 9,292.00 | $82.53 | $766,835 |
| 2026-03-31 | Rosner Elimelech | F-InKind | 18,010.00 | $82.53 | $1.5M |
| 2026-03-26 | Gassen William | 0.00 | $0.00 | $0 | |
| 2026-03-25 | Ladd Delano | A-Award | 20,451.00 | $0.00 | $0 |
| 2026-03-25 | Ladd Delano | A-Award | 15,157.00 | $0.00 | $0 |
| 2026-03-25 | Gathright Michael | A-Award | 15,157.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for HQY — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30