NASDAQ : HQY
HealthEquity, Inc. — Financial statements
Healthcare · Health Information Services · United States
Last price 102.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.48B
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Financial statements
HealthEquity, Inc. (HQY) reported revenue of 1.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 1.36B | 1.31B | 1.20B | 999.59M | 861.75M | 756.56M |
| Cost of Revenue | 391.65M | 400.31M | 422.51M | 376.95M | 369.81M | 331.79M |
| Gross Profit | 970.48M | 913.12M | 777.26M | 622.64M | 491.94M | 424.76M |
| Selling, General & Admin | 229.79M | 215.17M | 223.00M | 182.93M | 166.32M | 144.04M |
| Research & Development | 277.96M | 262.51M | 239.51M | 218.81M | 193.38M | 157.36M |
| Amortization of Goodwill & Intangibles | 106.75M | 107.95M | 111.88M | 92.76M | 94.59M | 82.79M |
| Operating Expenses | 614.50M | 585.64M | 574.39M | 494.50M | 454.28M | 384.20M |
| Operating Income | 355.98M | 327.48M | 202.87M | 128.13M | 37.65M | 40.57M |
| Interest Expense | -52.51M | -57.13M | -60.63M | -55.45M | -48.42M | -36.57M |
| Interest & Investment Income | 9.28M | 11.73M | 13.91M | 12.14M | 1.76M | 1.50M |
| Other Non Operating Income (Expenses) | 532.00K | 378.00K | 420.00K | 658.00K | -439.00K | 1.71M |
| EBT Excluding Unusual Items | 313.28M | 282.46M | 156.57M | 85.47M | -9.45M | 7.20M |
| Merger & Restructuring Charges | -4.57M | -5.02M | -40.53M | -10.44M | -28.65M | -75.64M |
| Gain (Loss) on Sale of Investments | 1.69M | |||||
| Pretax Income | 308.71M | 277.43M | 116.03M | 75.04M | -38.10M | -66.74M |
| Income Tax Expense | 72.22M | 62.23M | 19.33M | 19.33M | -11.95M | -22.45M |
| Net Income | 236.49M | 215.20M | 96.70M | 55.71M | -26.14M | -44.29M |
| Net Income to Common | 236.49M | 215.20M | 96.70M | 55.71M | -26.14M | -44.29M |
| Shares Outstanding (Basic) | 84.77M | 86.13M | 86.87M | 85.56M | 84.44M | 83.13M |
| Shares Outstanding (Diluted) | 85.69M | 87.47M | 88.83M | 86.96M | 84.44M | 83.13M |
| EPS (Basic) | 2.79 | 2.50 | 1.11 | 0.65 | -0.31 | -0.53 |
| EPS (Diluted) | 2.76 | 2.46 | 1.09 | 0.64 | -0.31 | -0.53 |
| Free Cash Flow | 487.73M | 455.12M | 337.77M | 241.13M | 147.28M | 132.09M |
| Free Cash Flow Per Share | 5.69 | 5.20 | 3.80 | 2.77 | 1.74 | 1.59 |
| Gross Margin | 71.25% | 69.52% | 64.78% | 62.29% | 57.09% | 56.15% |
| Operating Margin | 26.13% | 24.93% | 16.91% | 12.82% | 4.37% | 5.36% |
| Profit Margin | 17.36% | 16.38% | 8.06% | 5.57% | -3.03% | -5.85% |
| Free Cash Flow Margin | 35.81% | 34.65% | 28.15% | 24.12% | 17.09% | 17.46% |
| EBITDA | 513.61M | 482.14M | 365.32M | 281.21M | 198.85M | 177.75M |
| EBITDA Margin | 37.71% | 36.71% | 30.45% | 28.13% | 23.08% | 23.49% |
| D&A For EBITDA | 157.63M | 154.66M | 162.45M | 153.08M | 161.20M | 137.19M |
| EBIT | 355.98M | 327.48M | 202.87M | 128.13M | 37.65M | 40.57M |
| EBIT Margin | 26.13% | 24.93% | 16.91% | 12.82% | 4.37% | 5.36% |
| Effective Tax Rate | 23.39% | 22.43% | 16.66% | 25.76% | ||
| Revenue as Reported | 1.36B | 1.31B | 1.20B | 999.59M | 861.75M | 756.56M |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 256.00M | 318.93M | 295.95M | 403.98M | 254.27M | 225.41M |
| Cash & Short-Term Investments | 256.00M | 318.93M | 295.95M | 403.98M | 254.27M | 225.41M |
| Receivables | 122.19M | 123.70M | 118.01M | 104.89M | 96.83M | 87.43M |
| Prepaid Expenses | 82.01M | 69.66M | 63.80M | 31.20M | 20.10M | 20.60M |
| Other Current Assets | 17.36M | 11.69M | 17.89M | |||
| Total Current Assets | 460.20M | 512.28M | 477.75M | 557.44M | 382.89M | 351.34M |
| Property, Plant & Equipment | 37.70M | 39.49M | 46.42M | 54.39M | 69.32M | 86.98M |
| Goodwill | 1.65B | 1.65B | 1.65B | 1.65B | 1.65B | 1.65B |
| Other Intangible Assets | 1.05B | 1.10B | 1.20B | 835.95M | 936.36M | 973.14M |
| Long-Term Deferred Charges | 5.10M | 5.90M | 7.70M | 2.50M | 3.40M | 4.40M |
| Other Long-Term Assets | 72.42M | 77.35M | 63.87M | 65.37M | 48.78M | 45.41M |
| Total Assets | 3.27B | 3.38B | 3.45B | 3.16B | 3.09B | 3.11B |
| Accounts Payable | 8.59M | 12.16M | 14.36M | 12.04M | 13.90M | 27.54M |
| Accrued Expenses | 97.34M | 127.84M | 131.96M | 95.65M | 89.50M | 104.72M |
| Current Portion of Long-Term Debt | 17.50M | 8.75M | ||||
| Current Portion of Leases | 9.97M | 9.91M | 10.00M | 9.40M | 10.16M | 12.17M |
| Other Current Liabilities | 37.87M | 6.93M | ||||
| Total Current Liabilities | 153.78M | 156.85M | 156.32M | 117.09M | 131.06M | 153.19M |
| Long-Term Debt | 931.06M | 957.38M | 1.06B | 874.97M | 907.84M | 922.08M |
| Long-Term Leases | 29.98M | 34.19M | 42.22M | 48.77M | 58.99M | 65.23M |
| Long-Term Deferred Tax Liabilities | 92.43M | 93.71M | 55.83M | 68.67M | 82.67M | 99.85M |
| Other Long-Term Liabilities | 74.00M | 31.01M | 22.96M | 19.27M | 12.71M | 14.19M |
| Total Liabilities | 1.28B | 1.27B | 1.33B | 1.13B | 1.19B | 1.25B |
| Common Stock | 8.00K | 8.00K | 9.00K | 9.00K | 8.00K | 8.00K |
| Additional Paid-In Capital | 1.90B | 1.92B | 1.91B | 1.83B | 1.75B | 1.68B |
| Retained Earnings | 162.58M | 195.91M | 209.27M | 205.63M | 149.92M | 176.06M |
| Comprehensive Income & Other | -69.05M | -5.71M | ||||
| Shareholders' Equity | 1.99B | 2.11B | 2.11B | 2.04B | 1.90B | 1.85B |
| Total Liabilities & Equity | 3.27B | 3.38B | 3.45B | 3.16B | 3.09B | 3.11B |
| Total Debt | 971.02M | 1.00B | 1.11B | 933.14M | 994.49M | 1.01B |
| Net Cash (Debt) | -715.01M | -682.55M | -812.57M | -529.16M | -740.22M | -782.82M |
| Net Cash Per Share | -8.34 | -7.80 | -9.15 | -6.09 | -8.77 | -9.42 |
| Filing Date Shares Outstanding | 82.72M | 84.48M | 86.50M | 86.16M | 84.78M | 83.82M |
| Total Common Shares Outstanding | 82.91M | 85.01M | 86.54M | 86.13M | 84.76M | 83.78M |
| Working Capital | 306.43M | 355.43M | 321.43M | 440.35M | 251.83M | 198.15M |
| Book Value Per Share | 24.00 | 24.79 | 24.44 | 23.63 | 22.37 | 22.11 |
| Tangible Book Value | -705.83M | -638.12M | -737.89M | -449.07M | -688.86M | -766.40M |
| Tangible Book Value Per Share | -8.51 | -7.51 | -8.53 | -5.21 | -8.13 | -9.15 |
| Machinery | 27.39M | 26.36M | 25.93M | 32.58M | 36.41M | 40.40M |
| Leasehold Improvements | 15.28M | 14.14M | 13.97M | 14.46M | 18.27M | 18.57M |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 236.49M | 215.20M | 96.70M | 55.71M | -26.14M | -44.29M |
| Depreciation & Amortization | 157.63M | 154.66M | 162.45M | 153.08M | 161.20M | 137.19M |
| Other Amortization | 1.10M | 1.08M | 2.07M | 2.85M | 3.26M | 4.45M |
| Asset Writedown & Restructuring Costs | 11.25M | |||||
| Loss (Gain) From Sale of Investments | -1.68M | |||||
| Stock-Based Compensation | 81.28M | 73.06M | 96.42M | 77.15M | 62.61M | 52.75M |
| Other Operating Activities | 28.16M | 39.71M | -11.26M | -12.84M | -16.91M | -20.30M |
| Change in Accounts Receivable | -11.03M | -5.69M | -13.11M | -8.06M | -9.57M | -11.20M |
| Change in Accounts Payable | -8.10M | 1.71M | 8.89M | -204.00K | -26.67M | -2.18M |
| Change in Other Net Operating Assets | 4.65M | -22.64M | -2.31M | -24.87M | 2.87M | 15.01M |
| Operating Cash Flow | 490.18M | 457.09M | 339.86M | 242.83M | 150.65M | 141.00M |
| Capital Expenditures | -2.45M | -1.97M | -2.08M | -1.69M | -3.37M | -8.91M |
| Cash Acquisitions | -504.53M | |||||
| Sale (Purchase) of Intangibles | -51.06M | -46.81M | -503.37M | -44.38M | -115.76M | -128.17M |
| Investment in Securities | 2.37M | |||||
| Other Investing Activities | -6.12M | 1.64M | ||||
| Investing Cash Flow | -59.64M | -47.14M | -505.45M | -46.07M | -119.13M | -639.25M |
| Long-Term Debt Issued | 736.88M | 950.00M | ||||
| Long-Term Debt Repaid | -100.00M | -561.88M | -54.38M | -8.75M | -1.00B | |
| Net Debt Issued (Repaid) | -76.88M | -100.00M | 175.00M | -54.38M | -8.75M | -53.12M |
| Issuance of Common Stock | 1.62M | 11.41M | 9.43M | 6.47M | 6.68M | 466.39M |
| Repurchase of Common Stock | -404.50M | -299.25M | -121.49M | |||
| Other Financing Activities | 751.00K | 867.00K | -5.37M | 865.00K | -603.00K | -18.41M |
| Financing Cash Flow | -479.00M | -386.98M | 57.57M | -47.04M | -2.67M | 394.86M |
| Net Cash Flow | -48.46M | 22.98M | -108.03M | 149.71M | 28.85M | -103.39M |
| Free Cash Flow | 487.73M | 455.12M | 337.77M | 241.13M | 147.28M | 132.09M |
| Free Cash Flow Margin | 35.81% | 34.65% | 28.15% | 24.12% | 17.09% | 17.46% |
| Free Cash Flow Per Share | 5.69 | 5.20 | 3.80 | 2.77 | 1.74 | 1.59 |
| Levered Free Cash Flow | 397.51M | 338.05M | -145.32M | 211.89M | 69.65M | 69.70M |
| Unlevered Free Cash Flow | 429.23M | 372.68M | -109.49M | 243.69M | 96.65M | 88.11M |
| Cash Interest Paid | 47.23M | 52.24M | 58.59M | 49.56M | 43.57M | 16.11M |
| Cash Income Tax Paid | 37.12M | 8.04M | 26.07M | 35.35M | 1.53M | -5.63M |
| Change in Working Capital | -14.48M | -26.62M | -6.53M | -33.13M | -33.37M | 1.62M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.61B | 7.32B | 9.57B | 6.48B | 5.15B | 4.47B |
| Enterprise Value | 9.33B | 8.04B | 10.38B | 7.09B | 5.94B | 4.83B |
| Last Close Price | 102.47 | 85.67 | 110.42 | 75.58 | 60.85 | 53.44 |
| PE Ratio | 37.67 | 34.01 | 98.95 | 116.40 | ||
| Forward PE | 20.54 | 19.75 | 31.70 | 28.55 | 36.76 | 40.27 |
| PS Ratio | 6.37 | 5.57 | 7.98 | 6.49 | 5.98 | 5.91 |
| PB Ratio | 4.27 | 3.47 | 4.53 | 3.19 | 2.72 | 2.41 |
| P/FCF Ratio | 17.78 | 16.08 | 28.33 | 26.89 | 34.97 | 33.82 |
| P/OCF Ratio | 17.69 | 16.01 | 28.16 | 26.71 | 34.19 | 31.69 |
| PEG Ratio | 1.26 | 1.16 | 1.28 | 1.17 | 1.33 | 3.58 |
| EV/Sales Ratio | 6.89 | 6.12 | 8.65 | 7.09 | 6.89 | 6.38 |
| EV/EBITDA Ratio | 18.27 | 16.67 | 28.42 | 25.20 | 29.86 | 27.17 |
| EV/EBIT Ratio | 26.36 | 24.55 | 51.18 | 55.30 | 157.71 | 119.04 |
| EV/FCF Ratio | 19.24 | 17.66 | 30.74 | 29.38 | 40.32 | 36.56 |
| Debt / Equity Ratio | 0.49 | 0.47 | 0.52 | 0.46 | 0.53 | 0.54 |
| Debt / EBITDA Ratio | 1.88 | 2.06 | 2.99 | 3.24 | 4.78 | 5.29 |
| Debt / FCF Ratio | 1.99 | 2.20 | 3.28 | 3.87 | 6.75 | 7.63 |
| Net Debt / Equity Ratio | 0.36 | 0.32 | 0.38 | 0.26 | 0.39 | 0.42 |
| Net Debt / EBITDA Ratio | 1.39 | 1.42 | 2.22 | 1.88 | 3.72 | 4.40 |
| Net Debt / FCF Ratio | 1.47 | 1.50 | 2.41 | 2.19 | 5.03 | 5.93 |
| Asset Turnover | 0.41 | 0.39 | 0.36 | 0.32 | 0.28 | 0.26 |
| Quick Ratio | 2.46 | 2.82 | 2.65 | 4.35 | 2.68 | 2.04 |
| Current Ratio | 2.99 | 3.27 | 3.06 | 4.76 | 2.92 | 2.29 |
| Return on Equity (ROE) | 11.43% | 10.19% | 4.66% | 2.83% | -1.40% | -2.74% |
| Return on Assets (ROA) | 6.65% | 5.99% | 3.84% | 2.56% | 0.76% | 0.87% |
| Return on Invested Capital (ROIC) | 9.97% | 8.89% | 6.16% | 3.66% | 1.43% | 1.70% |
| Return on Capital Employed (ROCE) | 11.40% | 10.20% | 6.20% | 4.20% | 1.30% | 1.40% |
| Earnings Yield | 2.65% | 2.94% | 1.01% | 0.86% | -0.51% | -0.99% |
| FCF Yield | 5.63% | 6.22% | 3.53% | 3.72% | 2.86% | 2.96% |
| Buyback Yield / Dilution | 3.29% | 1.52% | -2.15% | -2.98% | -1.57% | -9.85% |