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HQYHealthEquity, Inc.
$90.04$7.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
HQY logo

HealthEquity, Inc.

HQY
NASDAQ · Healthcare IT
$90.04
At close - Oct 2, 4:00 PM EDT - USD
Market Cap$7.53B
P/E36.6x
52W High$107.62
Volume834.33K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2027Q2

Margin Expansion Offsets Decelerating Growth Trajectory

HealthEquity's investment case is anchored in its demonstrated ability to translate slowing revenue growth into robust profitability, with operating margins expanding from 15.2% in 2025Q1 to 28.1% in 2027Q2. The company's asset-light, high-fixed-cost platform ...

GrowthAccelerating
ProfitabilityStrong
ValuationExpensive
TechnicalsMixed
Explore valuation models
MARKET ACTION

HQY price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

+30% Peers

P/E is 30% above peer median

03

Market leadership

RS 54 · Avg

Average momentum (RS Rating: 54)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Nov 27
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth has decelerated from a peak of 23.1% in 2025Q2 to 7.6% in 2027Q2, yet gross margins have expanded dramatically from 56.2% to 73.5% over the same period, indicating strong operating leverage on the technology platform.

Analyst Consensus+28.0% target
Buy(27 analysts)
25 Buy1 Hold1 Sell

The Bull Case

Upside Catalysts

Strong revenue and earnings growth

HealthEquity reported first-quarter revenue of US$354.64 million and net income of US$69.42 million, with a raised full-year fiscal 2027 earnings outlook.

Industry-leading HSA solutions

HealthEquity offers more than an industry-leading Health Savings Account (HSA), providing comprehensive benefits solutions for employers.

Positive analyst sentiment

Bullish theses from ValueInvestorsClub and Substack highlight optimism around HealthEquity's growth potential and market position.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
HQY-1.13%
S&P 500 (^GSPC)+12.66%
1-Year Return
HQY+0.40%
S&P 500 (^GSPC)+15.01%
3-Year Return
HQY+22.01%
S&P 500 (^GSPC)+81.30%
5-Year Return
HQY+37.32%
S&P 500 (^GSPC)+83.94%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
36.6x
Forward P/EExpansion
22.8x
EV/EBITDA40th %ile
25.5x
FCF YieldCash Flow
6.0%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
36.6x
101.3x
33rd· Fair
EV/EBITDA
25.5x
27.1x
40th· Fair
Price/FCF
16.5x
33.4x
25th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$77.91-13.5%
Base (Fair)$124.50+38.3%
Bull$189.63+110.6%
$77.91 Bear$124.50 Base$189.63 Bull
Current Market Price: $90.04
Trades at a 27.7% discount to Base DCF ($124.50)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.31B+9.5% YoY
Net income
$215M+122.5% YoY
Free cash flow
$455M+34.7% YoY
Operating margin
24.6%+5.4 pts YoY
ROIC (TTM)8.5%
Avg ROIC 5Y-
ROE (TTM)10.2%
Piotroski Score9 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate12/12 (100%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 27, 2026
$1.24+4.2%
vs $1.19
$351M+0.4%
vs $349M
Q2 2026
May 28, 2026
$1.24+11.7%
vs $1.11
$355M+0.7%
vs $352M
Q2 2026
Mar 17, 2026
$0.95+6.7%
vs $0.89
$335M+0.7%
vs $332M
Q4 2025
Dec 3, 2025
$1.01+10.7%
vs $0.91
$322M+0.5%
vs $321M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
GlobeNewsWire·2d ago
HealthEquity Appoints Moody's CFO Noémie Heuland to Board of Directors

DRAPER, Utah, Sept. 30, 2026 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (“HealthEquity” or the “Company”), the largest independent health savings account (HSA) custodian by account volume and a leader in consumer-directed benefits (CDB), today announced that Noémie Heuland, Chief Financial Officer of Moody's Corporation (NYSE: MCO), has been elected to its board of directors (the “Board”) effective Sept.

Zacks Investment Research·Sep 24, 2026
Here's Why HealthEquity (HQY) is a Strong Growth Stock

Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.

Zacks Investment Research·Sep 4, 2026
Reasons to Hold HealthEquity Stock in Your Portfolio for Now

HQY's growth is driven by rising HSA assets and AI-led efficiencies, while cybersecurity risks remain a key concern.

Zacks Investment Research·Sep 2, 2026
HQY Up 15.7% in 3 Months as HSA Growth Builds: Can the Rally Continue?

HealthEquity's 15.7% three-month rally is backed by rising HSA scale, stronger margins and higher guidance, though key risks remain.

Filtered for HealthEquity, Inc.More Headlines
04

Compare before deciding

Benchmark HQY against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for HealthEquity, Inc. (HQY)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
HQY logoHQYHealthEquity, Inc.Current
$90.04$7.53B36.609.47%16.38%10.19%—
WEX logoWEXWEX Inc.
$169.10$5.76B19.961.24%12.56%28.22%—
BEN logoBENFranklin Resources, Inc.
$32.81$17.05B36.053.52%9.56%6.35%—
INVA logoINVAInnoviva, Inc.
$20.50$1.51B6.2118.52%80.56%30.03%—
GWRE logoGWREGuidewire Software, Inc.
$152.15$12.67B187.8422.64%9.44%10.03%—
PCTY logoPCTYPaylocity Holding Corporation
$144.47$7.74B29.3611.04%15.23%23.44%—

Compare HQY vs Peers

HealthEquity, Inc. (HQY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WEX

Most directly comparable listed peer for HQY.

Scale Benchmark

vs UNH

Larger-name benchmark to compare HQY against a more recognizable public peer.

Peer Set

Compare Top 5

vs WEX, BEN, INVA, GWRE

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

HQY SEC Filings & Documents

HealthEquity, Inc. (HQY) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 27, 2026·SEC

Material company update

May 28, 2026·SEC

Material company update

May 8, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 17, 2026·SEC

FY 2025

Mar 18, 2025·SEC

FY 2024

Mar 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 27, 2026·SEC

FY 2026

May 28, 2026·SEC

FY 2025

Dec 3, 2025·SEC

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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 $1.36B in revenue for fiscal year 2026. This represents a 2855% 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 $236.5M 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 $471.7M in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in HQY back in 2013?

Total return calculator · dividends reinvested · 13+ years of data

See returns →