The company maintains a moderate leverage profile with a D/E ratio of 0.49 and a robust current ratio of 2.99, but its asset base is heavily concentrated in $1.6B of goodwill, which constitutes approximately 48% of total assets.
HealthEquity, Inc. (HQY) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 |
|---|
| Total Current Assets | 460.2M | 512.28M | 477.75M | 557.44M | 382.89M | 351.34M | 460.18M | 297.3M | 394.68M | 265.4M | 200.82M | 143.05M | 124.72M | 23.76M | 15.33M |
| Cash & Short-Term Investments | 256M | 318.93M | 295.95M | 403.98M | 254.27M | 225.41M | 328.8M | 191.73M | 361.48M | 240.27M | 180.36M | 123.78M | 111M | 13.92M | 5.91M |
| Cash Only | 256M | 318.93M | 295.95M | 403.98M | 254.27M | 225.41M | 328.8M | 191.73M | 361.48M | 199.47M | 139.95M | 83.64M | 111M | 13.92M | 5.91M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.8M | 40.41M | 40.13M | 0 | 0 | 0 |
| Accounts Receivable | 122.19M | 123.7M | 118.01M | 104.89M | 96.83M | 87.43M | 72.77M | 70.86M | 25.67M | 21.6M | 17M | 14.31M | 9.05M | 5.71M | 4.15M |
| Days Sales Outstanding | 32.1 | 34.37 | 35.9 | 38.3 | 41.02 | 42.18 | 36.21 | 48.62 | 32.62 | 34.35 | 34.79 | 41.19 | 37.62 | 33.58 | 32.88 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 215K | 592K | 620K | 625K | 391K | 272K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 0.79 | 2.83 | 4.01 | 5.49 | 4.63 | 4.21 |
| Other Current Assets | 82.01M | 69.66M | 63.8M | 48.56M | 31.79M | 38.49M | 58.61M | 34.71M | 7.53M | 3.31M | 2.87M | 4.34M | 1.76M | 3.08M | 5M |
| Total Non-Current Assets | 2.81B | 2.92B | 2.97B | 2.61B | 2.71B | 2.76B | 2.25B | 2.27B | 115.34M | 103.76M | 78.32M | 76.75M | 34.05M | 31.33M | 30.16M |
| Property, Plant & Equipment | 37.7M | 39.49M | 46.42M | 54.39M | 69.32M | 86.98M | 118.61M | 116.66M | 8.22M | 7.84M | 5.17M | 3.51M | 2.58M | 1.99M | 1.13M |
| Fixed Asset Turnover | 34.70x | 33.26x | 25.84x | 18.38x | 12.43x | 8.70x | 6.18x | 4.56x | 34.93x | 29.29x | 34.50x | 36.16x | 34.09x | 31.13x | 40.64x |
| Goodwill | 1.65B | 1.65B | 1.65B | 1.65B | 1.65B | 1.65B | 1.33B | 1.33B | 4.65M | 4.65M | 4.65M | 4.65M | 4.65M | 4.65M | 4.65M |
| Intangible Assets | 1.05B | 1.1B | 1.2B | 835.95M | 936.36M | 973.14M | 767M | 783.28M | 79.67M | 83.64M | 65.02M | 66.84M | 26.54M | 24.69M | 24.38M |
| Long-Term Investments | 11.08M | 3.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 706K | 760K | -2.64M | 281K | 0 | 0 |
| Other Non-Current Assets | 77.52M | 131.67M | 71.57M | 67.87M | 52.18M | 49.81M | 37.42M | 35.09M | 21.12M | 1.47M | 1.1M | 1.75M | -1.76M | 0 | -30.16M |
| Total Assets | 3.27B | 3.43B | 3.45B | 3.16B | 3.09B | 3.11B | 2.71B | 2.56B | 510.02M | 369.16M | 279.14M | 219.79M | 158.77M | 55.09M | 46.3M |
| Asset Turnover | 0.41x | 0.38x | 0.35x | 0.32x | 0.28x | 0.24x | 0.27x | 0.21x | 0.56x | 0.62x | 0.64x | 0.58x | 0.55x | 1.13x | 1.00x |
| Asset Growth % | -10.54% | -0.48% | 9% | 2.42% | -0.59% | 14.64% | 5.67% | 402.92% | 38.16% | 32.25% | 27% | 38.44% | 188.2% | 18.98% | - |
| Total Current Liabilities | 153.78M | 156.85M | 156.32M | 117.09M | 131.06M | 153.19M | 204.7M | 151.94M | 29.05M | 20.49M | 15.7M | 12.11M | 8.83M | 9.43M | 8.3M |
| Accounts Payable | 8.59M | 12.16M | 14.36M | 12.04M | 13.9M | 27.54M | 1.61M | 3.98M | 3.52M | 2.42M | 3.22M | 2.43M | 1.3M | 2.37M | 876K |
| Days Payables Outstanding | 14.73 | 11.09 | 10.33 | 9.36 | 10.88 | 24.19 | 1.49 | 6.03 | 11.47 | 8.88 | 15.41 | 15.73 | 11.45 | 28.02 | 13.55 |
| Short-Term Debt | 9.97M | 9.91M | 0 | 0 | 17.5M | 8.75M | 62.5M | 39.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 135.21M | 134.78M | 69.33M | 49.61M | 45.84M | 47.14M | 50.67M | 50.12M | 16.98M | 12.55M | 8.72M | 7.78M | 5.3M | 4.13M | 4.55M |
| Current Ratio | 2.99x | 3.27x | 3.06x | 4.76x | 2.92x | 2.29x | 2.25x | 1.96x | 13.58x | 12.95x | 12.79x | 11.82x | 14.12x | 2.52x | 1.85x |
| Quick Ratio | 2.99x | 3.27x | 3.06x | 4.76x | 2.92x | 2.29x | 2.25x | 1.96x | 13.58x | 12.94x | 12.75x | 11.77x | 14.05x | 2.48x | 1.81x |
| Cash Conversion Cycle | 17.36 | - | - | - | - | - | - | - | - | 26.26 | 22.21 | 29.47 | 31.66 | 10.19 | 23.54 |
| Total Non-Current Liabilities | 1.13B | 1.17B | 1.18B | 1.01B | 1.06B | 1.1B | 1.13B | 1.38B | 3.88M | 2.4M | 1.49M | 4.23M | 5.84M | 11.65M | 0 |
| Long-Term Debt | 931.06M | 957.38M | 1.06B | 874.97M | 907.84M | 922.08M | 924.22M | 1.18B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 132.51M | 34.19M | 42.22M | 48.77M | 58.99M | 65.23M | 74.22M | 68.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 434.78M | 145.42M | 55.83M | 68.67M | 82.67M | 99.85M | 119.73M | 130.49M | 916K | 0 | 37K | 4M | 5.36M | 5.08M | 0 |
| Other Non-Current Liabilities | 74M | 31.01M | 22.96M | 19.27M | 12.71M | 14.19M | 8.81M | 2.63M | 2.97M | 2.4M | 1.46M | 236K | 488K | 6.58M | 0 |
| Total Liabilities | 1.28B | 1.32B | 1.33B | 1.13B | 1.19B | 1.25B | 1.33B | 1.53B | 32.94M | 22.89M | 17.2M | 16.34M | 14.67M | 21.08M | 8.3M |
| Total Debt | 971.02M | 1B | 1.11B | 933.14M | 994.49M | 1.01B | 1.07B | 1.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 715.01M | 682.55M | 812.57M | 529.16M | 740.22M | 782.82M | 746.17M | 1.11B | -361.48M | -199.47M | -139.95M | -83.64M | -111M | -13.92M | -5.91M |
| Debt / Equity | 0.49x | 0.48x | 0.52x | 0.46x | 0.52x | 0.54x | 0.78x | 1.26x | - | - | - | - | - | - | - |
| Debt / EBITDA | 2.98x | 3.11x | 2.82x | 3.32x | 5.00x | 5.67x | 5.49x | 7.91x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.19x | 2.12x | 2.07x | 1.88x | 3.72x | 4.40x | 3.81x | 6.75x | -3.77x | -2.83x | -2.57x | -2.41x | -6.00x | -0.88x | -0.56x |
| Interest Coverage | 6.43x | 5.64x | 2.89x | 2.33x | 0.21x | -0.94x | 1.12x | 2.74x | - | 191.47x | - | - | - | 123.14x | 20.94x |
| Total Equity | 1.99B | 2.11B | 2.11B | 2.04B | 1.9B | 1.85B | 1.38B | 1.03B | 477.08M | 346.27M | 261.94M | 203.46M | 144.09M | 34.01M | 35.6M |
| Equity Growth % | -10.81% | -0.36% | 3.93% | 7.35% | 2.32% | 34.37% | 33.82% | 115.96% | 37.77% | 32.2% | 28.74% | 41.2% | 323.71% | -4.49% | - |
| Book Value per Share | 23.69 | 24.09 | 23.81 | 23.40 | 22.45 | 22.28 | 18.22 | 15.05 | 7.53 | 5.60 | 4.37 | 3.46 | 2.78 | 0.75 | 0.78 |
| Total Shareholders' Equity | 1.99B | 2.11B | 2.11B | 2.04B | 1.9B | 1.85B | 1.38B | 1.03B | 477.08M | 346.27M | 261.94M | 203.46M | 144.09M | 34.01M | 35.6M |
| Common Stock | 8K | 8K | 9K | 9K | 8K | 8K | 8K | 7K | 6K | 6K | 6K | 6K | 5K | 1K | 1K |
| Retained Earnings | 162.58M | 195.91M | 209.27M | 205.63M | 149.92M | 176.06M | 220.35M | 211.51M | 171.85M | 85.3M | 29.98M | 3.61M | -13M | -23.17M | -19.07M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -69.05M | -5.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -269K | -165K | -98K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HQY stock.
As of 2026, HealthEquity, Inc. (HQY) had total assets of $3.43B including $512.3M in current assets.
HealthEquity, Inc. (HQY) carries total debt of $1.00B, offset by $318.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
HealthEquity, Inc. (HQY) has total shareholders' equity (book value) of $2.11B ($24.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
HealthEquity, Inc. (HQY) reported a current ratio of 3.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Interest rate sensitivity on custodial revenue
Metrics are mathematically derived from official filings.
Stable Leverage Amidst Asset Growth
The balance sheet has maintained a stable leverage profile with a D/E ratio consistently around 0.49, even as total assets grew from $3.2B to $3.3B over the last ten quarters, suggesting disciplined capital management alongside organic expansion.
The stability in the debt-to-equity ratio, despite the company's acquisition-driven growth strategy, indicates that new debt has been largely offset by retained earnings and equity growth. This suggests management is successfully funding expansion without over-leveraging the balance sheet, a positive sign for long-term financial health. The consistent equity base provides a solid foundation for future strategic moves.
Moderate Leverage with Strong Coverage
With total debt of $971.0M against equity of $2.0B, the company maintains a moderate D/E of 0.49, which appears strategically managed to fund acquisitions while preserving financial flexibility, as indicated by its strong current ratio of 2.99.
The debt level, while substantial in absolute terms, is well-supported by the company's equity base and robust cash generation. The current ratio of 2.99 suggests ample liquidity to cover near-term obligations, reducing immediate refinancing risk. This leverage profile appears to be a strategic choice to fuel growth rather than a necessity-driven burden, aligning with the company's history of M&A-led expansion.
Goodwill-Dominant Asset Base
Goodwill and intangible assets constitute approximately 48% of total assets at $1.6B, highlighting the company's acquisition-heavy growth model and creating a significant concentration of value in non-physical assets that requires careful monitoring for impairment risk.
The asset mix is overwhelmingly dominated by goodwill, reflecting the premium paid for acquired HSA books of business. This structure means the balance sheet's tangible asset base is minimal, with PPE net of only $37.7M. Investors should monitor the company's ability to integrate acquisitions and realize synergies, as any deterioration in the acquired businesses' performance could lead to material goodwill impairment charges.
Robust Liquidity Buffer
The company's current ratio of 2.99 and cash position of $256.0M provide a substantial liquidity buffer, suggesting strong operational resilience and the capacity to absorb short-term shocks or fund opportunistic investments without immediate external financing.
The high current ratio, significantly above the peer WEX's 1.05, indicates a conservative approach to working capital management. The cash on hand, while lower than its peak in 2026Q4, remains ample relative to the company's operational scale. This liquidity profile supports the company's strategic flexibility and reduces vulnerability to sudden market dislocations.
Goodwill Concentration and Impairment Risk
The single most significant balance sheet risk is the $1.6B in goodwill, representing nearly half of total assets, which could be subject to impairment if acquired HSA portfolios underperform or if the competitive landscape for new accounts intensifies.
This concentration makes the headline equity figure heavily dependent on management's execution of integration and the continued growth of acquired accounts. A significant write-down would not only reduce reported equity but also signal a deterioration in the value of the company's core growth strategy. Given the company's reliance on M&A, this risk is structural and warrants continuous scrutiny of the performance of acquired books of business.