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HEALTHEQUITY, INC.

HQY· Nasdaq· Services-Business Services, NEC

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
34.7%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+12.4%
We record prices for the companies we cover; HQY is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
87.5M
Revenue
$1.3B
Free cash flow
$455.1M
Owner earnings
$382.1M

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
69.5%
Operating
24.6%
Net
16.4%
Free cash flow
34.7%
Owner earnings
29.1%
Stock pay
5.6%

Returns

ROIC, FY2026
9.1%
ROIC, 5 yr avg
–
ROE, FY2026
10.2%
ROE, 5 yr avg
2.8%

Growth (CAGR)

Revenue, 3 yr
15.1%
Revenue, 5 yr
12.4%
Revenue, 9 yr
24.8%
Diluted EPS, 3 yr
–
Diluted EPS, 5 yr
83.0%
Diluted EPS, 9 yr
21.1%
Free cash flow, 3 yr
45.7%
Free cash flow, 5 yr
22.0%
Free cash flow, 9 yr
30.3%

Financial health · FY2026

Cash and investments
$318.9M
Total debt
$957.4M
Net debt
$638.5M
Debt/Equity
0.5x
Debt/FCF
2.1x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
2.9%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$1.3B

+24.8% a year over 9 years

FY2017: Revenue $178.4MFY2018: Revenue $229.5MFY2019: Revenue $287.2MFY2020: Revenue $532.0MFY2021: Revenue $733.6MFY2022: Revenue $756.6MFY2023: Revenue $861.7MFY2024: Revenue $999.6MFY2025: Revenue $1.2BFY2026: Revenue $1.3B
FY2017FY2026

Margins

Gross69.5%Operating24.6%Net16.4%

FY2026

FY2017: Gross 59.6%, Operating 23.1%, Net 14.8%FY2018: Gross 58.8%, Operating 23.7%, Net 20.6%FY2019: Gross 63.1%, Operating 27.0%, Net 25.7%FY2020: Gross 61.3%, Operating 14.5%, Net 7.5%FY2021: Gross 56.6%, Operating 4.6%, Net 1.2%FY2022: Gross 56.1%, Operating -3.2%, Net -5.9%FY2023: Gross 57.1%, Operating 1.1%, Net -3.0%FY2024: Gross 62.3%, Operating 11.8%, Net 5.6%FY2025: Gross 64.8%, Operating 13.5%, Net 8.1%FY2026: Gross 69.5%, Operating 24.6%, Net 16.4%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$455.1MOwner earnings$382.1M

Free cash flow +30.3% a year

FY2017: Free cash flow $41.9M, Owner earnings $33.5MFY2018: Free cash flow $76.2M, Owner earnings $61.9MFY2019: Free cash flow $109.6M, Owner earnings $88.5MFY2020: Free cash flow $97.7M, Owner earnings $57.9MFY2021: Free cash flow $168.5M, Owner earnings $125.7MFY2022: Free cash flow $132.1M, Owner earnings $79.3MFY2023: Free cash flow $147.3M, Owner earnings $84.7MFY2024: Free cash flow $241.1M, Owner earnings $164.0MFY2025: Free cash flow $337.8M, Owner earnings $241.3MFY2026: Free cash flow $455.1M, Owner earnings $382.1M
FY2017FY2026

Diluted shares

87.5M

+46.0% over 9 years, net dilution

FY2017: Diluted shares 59.9MFY2018: Diluted shares 61.9MFY2019: Diluted shares 63.4MFY2020: Diluted shares 68.5MFY2021: Diluted shares 75.7MFY2022: Diluted shares 83.1MFY2023: Diluted shares 84.4MFY2024: Diluted shares 87.0MFY2025: Diluted shares 88.8MFY2026: Diluted shares 87.5M
FY2017FY2026

Return on invested capital

9.1%

FY2026

FY2017: ROIC –FY2018: ROIC –FY2019: ROIC 65.5%FY2020: ROIC 3.4%FY2021: ROIC –FY2022: ROIC –FY2023: ROIC –FY2024: ROIC 3.5%FY2025: ROIC 4.7%FY2026: ROIC 9.1%
FY2017FY2026

Net debt (below zero)

-$638.5M

$638.5M more debt than cash

FY2017: Net cash –FY2018: Net cash –FY2019: Net cash $361.5MFY2020: Net cash -$1.0BFY2021: Net cash -$657.9MFY2022: Net cash -$705.4MFY2023: Net cash -$671.1MFY2024: Net cash -$471.0MFY2025: Net cash -$760.4MFY2026: Net cash -$638.5M
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$178.4M$229.5M$287.2M$532.0M$733.6M$756.6M$861.7M$999.6M$1.2B$1.3B
Revenue growth40.7%28.7%25.1%85.2%37.9%3.1%13.9%16.0%20.0%9.5%
Gross margin59.6%58.8%63.1%61.3%56.6%56.1%57.1%62.3%64.8%69.5%
Operating margin23.1%23.7%27.0%14.5%4.6%-3.2%1.1%11.8%13.5%24.6%
Net income$26.4M$47.4M$73.9M$39.7M$8.8M-$44.3M-$26.1M$55.7M$96.7M$215.2M
Net margin14.8%20.6%25.7%7.5%1.2%-5.9%-3.0%5.6%8.1%16.4%
Diluted EPS$0.44$0.77$1.17$0.58$0.12$-0.53$-0.31$0.64$1.09$2.46
Return on invested capital?––65.5%3.4%–––3.5%4.7%9.1%
Cash
Operating cash flow$45.6M$81.7M$113.4M$105.0M$181.6M$141.0M$150.7M$242.8M$339.9M$457.1M
Capital expenditure$3.6M$5.5M$3.9M$7.3M$13.1M$8.9M$3.4M$1.7M$2.1M$2.0M
Free cash flow$41.9M$76.2M$109.6M$97.7M$168.5M$132.1M$147.3M$241.1M$337.8M$455.1M
Stock-based compensation$8.4M$14.3M$21.1M$39.8M$42.9M$52.8M$62.6M$77.2M$96.4M$73.1M
Owner earnings?$33.5M$61.9M$88.5M$57.9M$125.7M$79.3M$84.7M$164.0M$241.3M$382.1M
Free cash flow per share$0.70$1.23$1.73$1.43$2.23$1.59$1.74$2.77$3.80$5.20
Capital allocation
Dividends paid$0–––––––––
Share repurchases––––––$0$0$121.5M$299.3M
Diluted shares59.9M61.9M63.4M68.5M75.7M83.1M84.4M87.0M88.8M87.5M
Share count change?1.8%3.3%2.5%8.0%10.6%9.8%1.6%3.0%2.2%-1.5%
Balance sheet
Cash and equivalents$140.0M$199.5M$361.5M$191.7M$328.8M$225.4M$254.3M$404.0M$295.9M$318.9M
Short-term investments––––––––––
Total debt––$0$1.2B$986.7M$930.8M$925.3M$875.0M$1.1B$957.4M
Net debt––-$361.5M$1.0B$657.9M$705.4M$671.1M$471.0M$760.4M$638.5M
Shareholders' equity$261.9M$346.3M$477.1M$1.0B$1.4B$1.9B$1.9B$2.0B$2.1B$2.1B

Latest filings

All on EDGAR
2026-08-2710-QQuarterly report
2026-08-278-KEarnings release
2026-05-2810-QQuarterly report
2026-05-288-KEarnings release
2026-05-13DEF 14AProxy statement
2026-03-1710-KAnnual report
2026-03-178-KEarnings release
2026-02-178-KEarnings release
2025-12-0310-QQuarterly report
2025-12-038-KEarnings release

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