HealthEquity, Inc. (HQY) Financial Ratios
14 years of historical data (2013–2026) · Healthcare · Medical - Healthcare Information Services
EV/EBITDA
↓
21.29
↓-20% vs avg
5yr avg: 26.73
30Y Low22.4·High52.2
P/FCF
↓
15.69
↓-94% vs avg
5yr avg: 275.39
30Y Low16.5·High163.0
P/B Ratio
↑
3.49
+5% vs avg
5yr avg: 3.31
30Y Low2.4·High10.6
ROE
↑
10.2%
↓+276% vs avg
5yr avg: 2.7%
30Y Low-3%·High31%
Debt/EBITDA
↓
0.14
↓-96% vs avg
5yr avg: 3.39
30Y Low0.1·High7.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
HQY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
HealthEquity, Inc. trades at 34.1x earnings, 60% below its 5-year average of 84.7x, sitting at the 0th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.3x, the stock trades at a premium of 53%. On a free-cash-flow basis, the stock trades at 15.7x P/FCF, 94% below the 5-year average of 275.4x.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.1B | $7.5B | $9.8B | $6.6B | $5.1B | $4.4B | $6.3B | $4.5B | $4.0B | $3.1B | $2.8B |
| Enterprise Value | $6.9B | $7.2B | $10.6B | $7.1B | $5.9B | $5.2B | $7.1B | $5.6B | $3.6B | $2.9B | $2.6B |
| P/E Ratio → | 34.14 | 34.83 | 101.30 | 118.09 | — | — | 696.25 | 113.90 | 53.28 | 65.74 | 105.11 |
| P/S Ratio | 5.44 | 5.71 | 8.18 | 6.57 | 5.96 | 5.87 | 8.62 | 8.50 | 13.75 | 13.64 | 15.53 |
| P/B Ratio | 3.49 | 3.56 | 4.64 | 3.23 | 2.71 | 2.40 | 4.59 | 4.39 | 8.28 | 9.04 | 10.58 |
| P/FCF | 15.69 | 16.47 | 29.04 | 33.40 | 163.00 | 1135.06 | 74.69 | 70.90 | 40.16 | 64.80 | 84.16 |
| P/OCF | 15.62 | 16.39 | 28.86 | 27.07 | 34.11 | 31.51 | 34.81 | 42.72 | 34.83 | 38.32 | 60.76 |
P/E links to full P/E history page with 30-year chart
HQY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
HealthEquity, Inc.'s enterprise value stands at 21.3x EBITDA, 20% below its 5-year average of 26.7x. The Healthcare sector median is 14.4x, placing the stock at a 48% premium on an enterprise-value basis.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.50 | 8.85 | 7.10 | 6.82 | 6.91 | 9.64 | 10.59 | 12.49 | 12.77 | 14.75 |
| EV / EBITDA | 21.29 | 22.39 | 27.06 | 25.25 | 29.56 | 29.40 | 36.08 | 34.24 | 37.44 | 41.66 | 48.35 |
| EV / EBIT | 21.29 | 22.39 | 60.66 | 54.91 | 569.18 | — | 181.16 | 82.90 | 47.17 | 55.88 | 65.56 |
| EV / FCF | — | 15.86 | 31.44 | 36.09 | 186.48 | 1335.06 | 83.51 | 88.29 | 36.48 | 60.67 | 79.90 |
HQY Profitability
Margins and return-on-capital ratios measuring operating efficiency
HealthEquity, Inc. earns an operating margin of 24.6%. Operating margins have expanded from 12.8% to 24.6% over the past 3 years, signaling improving operational efficiency. ROE of 10.2% is modest. ROIC of 10.2% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5% | 69.5% | 57.7% | 53.0% | 45.9% | 45.1% | 46.2% | 54.7% | 61.0% | 56.7% | 57.2% |
| Operating Margin | 24.6% | 24.6% | 19.2% | 12.8% | 4.4% | 5.4% | 10.9% | 20.5% | 27.0% | 23.7% | 23.1% |
| Net Profit Margin | 16.4% | 16.4% | 8.1% | 5.6% | -3.0% | -5.9% | 1.2% | 7.5% | 25.7% | 20.6% | 14.8% |
Return on Capital
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 4.7% | 2.8% | -1.4% | -2.7% | 0.7% | 5.3% | 18.0% | 15.6% | 11.3% |
| ROA | 6.3% | 6.3% | 2.9% | 1.8% | -0.8% | -1.5% | 0.3% | 2.6% | 16.8% | 14.6% | 10.6% |
| ROIC | 10.2% | 10.2% | 6.3% | 3.7% | 1.1% | 1.3% | 2.8% | 7.3% | 44.4% | 30.4% | 25.6% |
| ROCE | 9.8% | 9.8% | 7.3% | 4.3% | 1.3% | 1.5% | 3.3% | 7.5% | 18.7% | 17.8% | 17.5% |
HQY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
HealthEquity, Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (96% below the sector average of 3.3x). The company holds a net cash position — cash of $319M exceeds total debt of $44M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 5.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.52 | 0.46 | 0.52 | 0.54 | 0.78 | 1.26 | — | — | — |
| Debt / EBITDA | 0.14 | 0.14 | 2.82 | 3.32 | 5.00 | 5.67 | 5.49 | 7.91 | — | — | — |
| Net Debt / Equity | — | -0.13 | 0.38 | 0.26 | 0.39 | 0.42 | 0.54 | 1.08 | -0.76 | -0.58 | -0.53 |
| Net Debt / EBITDA | -0.85 | -0.85 | 2.07 | 1.88 | 3.72 | 4.40 | 3.81 | 6.75 | -3.77 | -2.83 | -2.57 |
| Debt / FCF | — | -0.60 | 2.41 | 2.69 | 23.48 | 200.00 | 8.81 | 17.39 | -3.67 | -4.13 | -4.25 |
| Interest Coverage | 5.64 | 5.64 | 3.79 | 2.31 | 0.78 | 1.11 | 2.29 | 4.40 | — | 198.61 | — |
Net cash position: cash ($319M) exceeds total debt ($44M)
HQY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
HealthEquity, Inc.'s current ratio of 3.27x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 4.76x to 3.27x over the past 3 years.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.27 | 3.27 | 3.06 | 4.76 | 2.92 | 2.29 | 2.25 | 1.96 | 13.58 | 12.95 | 12.79 |
| Quick Ratio | 3.27 | 3.27 | 3.06 | 4.76 | 2.92 | 2.29 | 2.25 | 1.96 | 13.58 | 12.94 | 12.75 |
| Cash Ratio | 2.03 | 2.03 | 1.89 | 3.45 | 1.94 | 1.47 | 1.61 | 1.26 | 12.44 | 11.73 | 11.49 |
| Asset Turnover | — | 0.38 | 0.35 | 0.32 | 0.28 | 0.24 | 0.27 | 0.21 | 0.56 | 0.62 | 0.64 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 462.66 | 128.91 |
| Days Sales Outstanding | — | 34.37 | 35.90 | 38.30 | 41.02 | 42.18 | 36.21 | 48.62 | 32.62 | 34.35 | 34.79 |
HQY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
HealthEquity, Inc. returns 4.2% to shareholders annually primarily through share buybacks. The earnings yield of 2.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.9% | 1.0% | 0.8% | — | — | 0.1% | 0.9% | 1.9% | 1.5% | 1.0% |
| FCF Yield | 6.4% | 6.1% | 3.4% | 3.0% | 0.6% | 0.1% | 1.3% | 1.4% | 2.5% | 1.5% | 1.2% |
| Buyback Yield | 4.2% | 4.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.2% | 4.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $87M | $89M | $87M | $84M | $83M | $76M | $68M | $63M | $62M | $60M |
Peer Comparison
Compare HQY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 HQYYou | $7B | 34.1 | 21.3 | 15.7 | 69.5% | 24.6% | 10.2% | 10.2% | 0.1 |
 WEX | $5B | 17.0 | 8.9 | 15.9 | 54.9% | 25.4% | 22.3% | 9.6% | 4.8 |
 BEN | $16B | 33.5 | 22.5 | 17.4 | 80.3% | 6.9% | 3.7% | 1.6% | 11.7 |
 INVA | $2B | 6.9 | 8.1 | 9.9 | 72.3% | 38.5% | 29.1% | 14.2% | 1.3 |
 GWRE | $12B | 172.3 | 182.3 | 40.0 | 62.5% | 3.4% | 5.0% | 2.3% | 11.0 |
 PCTY | $6B | 27.1 | 14.3 | 17.3 | 68.8% | 19.1% | 20.0% | 26.2% | 0.5 |
 PAYC | $8B | 17.1 | 9.8 | 18.4 | 78.6% | 27.6% | 27.4% | 30.7% | 0.2 |
 ADP | $86B | 21.5 | 15.6 | 18.1 | 50.8% | 26.3% | 76.0% | 47.1% | 1.5 |
 PAYX | $34B | 20.6 | 15.4 | 19.2 | 72.4% | 39.6% | 41.8% | 30.9% | 2.1 |
 UNH | $336B | 27.9 | 16.7 | 20.9 | 18.5% | 4.2% | 11.8% | 9.2% | 3.4 |
 CVS | $111B | 62.8 | 13.1 | 14.3 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
| Healthcare Median | — | 22.3 | 14.4 | 18.5 | 63.9% | -5.2% | -33.7% | -11.2% | 3.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 14 years · Updated daily
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Start ComparisonHQY — Frequently Asked Questions
Quick answers to the most common questions about buying HQY stock.
What is HealthEquity, Inc.'s P/E ratio?
HealthEquity, Inc.'s current P/E ratio is 34.1x. The historical average is 85.3x.
What is HealthEquity, Inc.'s EV/EBITDA?
HealthEquity, Inc.'s current EV/EBITDA is 21.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.8x.
What is HealthEquity, Inc.'s ROE?
HealthEquity, Inc.'s return on equity (ROE) is 10.2%. The historical average is 8.6%.
Is HQY stock overvalued?
Based on historical data, HealthEquity, Inc. is trading at a P/E of 34.1x. Compare with industry peers and growth rates for a complete picture.
What are HealthEquity, Inc.'s profit margins?
HealthEquity, Inc. has 69.5% gross margin and 24.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does HealthEquity, Inc. have?
HealthEquity, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.