Healthequity Inc (HQY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2027, filed Aug 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HQY SEC filings page.
Healthequity Inc (HQY) reported $1.4B in revenue over the twelve months to Jul 31, 2026, up 7.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Profit growth is being driven by margin expansion and cash conversion, allowing shareholder returns without heavier balance-sheet leverage.
Revenue growth slowed to9.5% from FY2025 to FY2026. Operating margin nevertheless expanded from13.5% to24.6% , while SG&A fell and R&D rose; that combination points to a changed cost mix, not merely more volume.
Operating cash flow reached
Long-term debt fell from
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Healthequity Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Healthequity Inc has an operating margin of 24.6%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is up from 13.5% the prior year.
Healthequity Inc's revenue grew 9.5% year-over-year to $1.3B, a solid pace of expansion. This earns a growth score of 75/100.
Healthequity Inc has a moderate D/E ratio of 0.45. This balance of debt and equity financing earns a leverage score of 41/100.
With a current ratio of 3.27, Healthequity Inc holds $3.27 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 82/100.
Healthequity Inc converts 34.6% of revenue into free cash flow ($455.1M). This strong cash generation earns a score of 94/100.
Healthequity Inc's ROE of 10.2% shows moderate profitability relative to equity, earning a score of 49/100. This is up from 4.6% the prior year.
Healthequity Inc scores 4.55, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.7B) relative to total liabilities ($1.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Healthequity Inc passes 9 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Healthequity Inc generates $2.12 in operating cash flow ($457.1M OCF vs $215.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Healthequity Inc earns $5.64 in operating income for every $1 of interest expense ($322.5M vs $57.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Healthequity Inc generated $350.7M in revenue in Q2 2027. This represents an increase of 7.6% from the same quarter a year earlier. Against the prior quarter it is down 1.1%.
Healthequity Inc's EBITDA was $140.7M in Q2 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.8% from the same quarter a year earlier. Against the prior quarter it is down 0.3%.
Healthequity Inc reported $65.6M in net income in Q2 2027. This represents an increase of 9.7% from the same quarter a year earlier. Against the prior quarter it is down 5.4%.
Healthequity Inc earned $0.78 per diluted share (EPS) in Q2 2027. This represents an increase of 14.7% from the same quarter a year earlier. Against the prior quarter it is down 4.9%.
Cash & Balance Sheet
Healthequity Inc generated $135.2M in free cash flow in Q2 2027, representing cash available after capex. This represents an increase of 0.1% from the same quarter a year earlier. Against the prior quarter it is up 39.1%.
Healthequity Inc held $256.0M in cash against $931.1M in long-term debt as of Q2 2027.
Not reported for Q2 2027.
Margins & Returns
Healthequity Inc's gross margin was 73.6% in Q2 2027, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.
Healthequity Inc's operating margin was 28.1% in Q2 2027, reflecting core business profitability. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.9 percentage points.
Healthequity Inc's net profit margin was 18.7% in Q2 2027, showing the share of revenue converted to profit. This is up 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.9 percentage points.
Healthequity Inc's ROE was 3.3% in Q2 2027, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.
Capital Allocation
Healthequity Inc invested $73.9M in research and development in Q2 2027. This represents an increase of 14.1% from the same quarter a year earlier. Against the prior quarter it is up 9.1%.
Healthequity Inc spent $107.7M on share buybacks in Q2 2027, returning capital to shareholders by reducing shares outstanding. This represents an increase of 61.4% from the same quarter a year earlier. Against the prior quarter it is down 12.6%.
Healthequity Inc invested $978K in capex in Q2 2027, funding long-term assets and infrastructure. This represents an increase of 26.5% from the same quarter a year earlier. Against the prior quarter it is up 170.2%.
HQY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $350.7M+7.6% | $354.6M+7.2% | $334.6M+7.3% | $322.2M+7.2% | $325.8M+8.6% | $330.8M+15.0% | $311.8M+18.8% | $300.4M+20.5% |
| Cost of Revenue | $92.8M-0.5% | $98.3M-7.7% | $106.4M-13.3% | $94.1M-9.0% | $93.2M-2.7% | $106.5M+6.0% | $122.8M+23.9% | $103.4M+14.8% |
| Gross Profit | $258.0M+10.9% | $256.3M+14.3% | $228.1M+20.7% | $228.1M+15.8% | $232.6M+14.0% | $224.3M+19.9% | $189.0M+15.8% | $197.0M+23.8% |
| R&D Expenses | $73.9M+14.1% | $67.8M+10.3% | $70.4M+8.8% | $65.9M+9.5% | $64.8M+10.6% | $61.4M+9.5% | $64.7M | $60.2M+8.2% |
| SG&A Expenses | $34.9M+16.3% | $31.1M+21.9% | $33.5M+11.8% | $30.9M-2.9% | $30.0M-7.0% | $25.5M-33.2% | $30.0M | $31.8M+17.1% |
| Operating Income | $98.7M+10.1% | $103.0M+23.9% | $71.1M+68.6% | $78.7M+301.0% | $89.6M+52.1% | $83.1M+99.6% | $42.1M | $19.6M-36.5% |
| EBITDA | $140.7M+9.8% | $141.2M+15.9% | $109.7M+34.8% | $117.5M+94.8% | $128.1M+25.0% | $121.8M+51.2% | $81.4M | $60.3M-12.2% |
| Interest Expense | $12.6M-15.7% | $12.6M-15.3% | $13.3M-13.0% | $14.0M-22.6% | $15.0M-3.1% | $14.9M+26.0% | $15.3M | $18.2M+34.0% |
| Income Tax | $22.2M+22.1% | $23.0M+35.0% | $11.2M+210.3% | $15.8M+2975.7% | $18.2M+68.6% | $17.0M+285.0% | $3.6M+7.2% | $515K-92.0% |
| Net Income | $65.6M+9.7% | $69.4M+28.8% | $49.7M+88.7% | $51.7M+806.4% | $59.9M+67.1% | $53.9M+87.1% | $26.4M0.0% | $5.7M-61.1% |
| EPS (Basic) | $0.79+14.5% | $0.82+32.3% | $0.58+93.3% | $0.60+757.1% | $0.69+68.3% | $0.62+87.9% | $0.30-3.2% | $0.07-58.8% |
| EPS (Diluted) | $0.78+14.7% | $0.82+34.4% | $0.58+93.3% | $0.59+883.3% | $0.68+70.0% | $0.61+84.8% | $0.300.0% | $0.06-64.7% |
| Diluted Shares (Avg) | 84M-4.3% | 85M-3.9% | N/A | 87M-1.9% | 88M-1.0% | 88M+0.1% | N/A | 89M+1.7% |
HQY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.3B-4.3% | $3.3B-3.2% | $3.4B-2.0% | $3.4B-2.6% | $3.4B-2.8% | $3.4B+5.2% | $3.4B+9.0% | $3.5B+12.8% |
| Current Assets | $460.2M-6.6% | $466.5M-1.3% | $512.3M+7.2% | $498.7M+0.7% | $492.8M-0.6% | $472.8M+16.8% | $477.7M-14.3% | $495.2M+4.4% |
| Cash & Equivalents | $256.0M-15.9% | $265.4M-7.8% | $318.9M+7.8% | $309.3M-4.0% | $304.5M-6.9% | $287.9M+14.6% | $295.9M-26.7% | $322.2M-3.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $122.2M+9.9% | $122.0M+4.9% | $123.7M+4.8% | $111.2M+4.2% | $111.2M+2.5% | $116.3M+9.5% | $118.0M+12.5% | $106.7M+10.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% |
| Total Liabilities | $1.3B+0.9% | $1.3B-2.6% | $1.3B-4.5% | $1.3B-7.3% | $1.3B-6.4% | $1.3B+12.5% | $1.3B+18.1% | $1.4B+23.3% |
| Current Liabilities | $153.8M+31.9% | $135.7M+16.7% | $156.8M+0.3% | $120.6M-21.9% | $116.6M-3.6% | $116.3M+26.2% | $156.3M+33.5% | $154.5M+60.6% |
| Non-Current Liabilities | $1.1B-2.3% | $1.1B-4.5% | $1.1B-5.2% | $1.1B-5.4% | $1.2B-6.7% | $1.2B+11.3% | $1.2B+16.4% | $1.2B+19.8% |
| Long-Term Debt | $931.1M-7.5% | $942.7M-10.8% | $957.4M-9.4% | $982.1M-9.2% | $1.0B-8.6% | $1.1B+14.1% | $1.1B+20.7% | $1.1B+23.7% |
| Total Equity | $2.0B-7.3% | $2.0B-3.6% | $2.1B-0.4% | $2.1B+0.4% | $2.1B-0.5% | $2.1B+1.2% | $2.1B+3.9% | $2.1B+6.9% |
| Retained Earnings | $162.6M-28.3% | $177.2M-18.8% | $195.9M-6.4% | $207.9M-10.2% | $226.9M-16.0% | $218.4M-6.9% | $209.3M+1.8% | $231.6M+29.2% |
Not reported in any period shown, so not listed: Inventory.
HQY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $136.2M+0.2% | $97.5M+50.6% | $117.9M+55.7% | $138.6M+53.0% | $135.9M+25.7% | $64.7M-1.1% | $75.7M-1.7% | $90.5M+58.6% |
| Depreciation & Amortization | $42.0M+9.1% | $38.2M-1.4% | $38.7M-1.3% | $38.8M-4.7% | $38.5M-11.7% | $38.7M-0.5% | $39.2M+3.4% | $40.7M+7.7% |
| Stock-Based Compensation | $22.2M+16.5% | $19.4M+35.4% | N/A | $20.5M-2.8% | $19.1M-11.6% | $14.3M-55.2% | N/A | $21.1M-2.5% |
| Capital Expenditures | $978K+26.5% | $362K+320.9% | $326K-0.6% | $784K+166.7% | $773K+4.3% | $86K-88.1% | $328K-41.4% | $294K-46.0% |
| Free Cash Flow | $135.2M+0.1% | $97.2M+50.3% | $117.6M+55.9% | $137.8M+52.7% | $135.1M+25.8% | $64.7M-0.1% | $75.4M-1.4% | $90.3M+59.6% |
| Investing Cash Flow | -$25.9M-131.8% | -$13.9M+13.9% | -$8.4M+37.8% | -$11.4M+11.5% | -$11.2M+94.7% | -$16.1M+94.0% | -$13.6M-20.3% | -$12.9M+16.6% |
| Financing Cash Flow | -$119.6M-10.6% | -$137.2M-142.2% | -$99.8M-12.9% | -$122.4M-48.5% | -$108.1M-161.2% | -$56.6M-209.4% | -$88.4M-2248.4% | -$82.4M-4163.9% |
| Share Buybacks | $107.7M+61.4% | $123.3M+108.8% | $81.0M+28.6% | $92.4M+58.0% | $66.7M | $59.1M | $63.0M | $58.5M |
Not reported in any period shown, so not listed: Dividends Paid.
HQY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.6%+2.2pp | 72.3%+4.5pp | 68.2%+7.6pp | 70.8%+5.2pp | 71.4%+3.3pp | 67.8%+2.7pp | 60.6%-1.6pp | 65.6%+1.7pp |
| Operating Margin | 28.1%+0.6pp | 29.0%+3.9pp | 21.2%+7.7pp | 24.4%+17.9pp | 27.5%+7.9pp | 25.1%+10.6pp | 13.5% | 6.5%-5.9pp |
| Net Margin | 18.7%+0.4pp | 19.6%+3.3pp | 14.9%+6.4pp | 16.1%+14.2pp | 18.4%+6.4pp | 16.3%+6.3pp | 8.5%-1.6pp | 1.9%-4.0pp |
| Return on Equity | 3.3%+0.5pp | 3.4%+0.9pp | 2.4%+1.1pp | 2.4%+2.1pp | 2.8%+1.1pp | 2.5%+1.2pp | 1.3%0.0pp | 0.3%-0.5pp |
| Return on Assets | 2.0%+0.3pp | 2.1%+0.5pp | 1.5%+0.7pp | 1.5%+1.4pp | 1.8%+0.7pp | 1.6%+0.7pp | 0.8%-0.1pp | 0.2%-0.3pp |
| Current Ratio | 2.99-1.2x | 3.44-0.6x | 3.27+0.2x | 4.13+0.9x | 4.23+0.1x | 4.06-0.3x | 3.06-1.7x | 3.20-1.7x |
| Debt-to-Equity | 0.470.0x | 0.460.0x | 0.450.0x | 0.460.0x | 0.470.0x | 0.50+0.1x | 0.50+0.1x | 0.51+0.1x |
| Asset Turnover | 0.110.0x | 0.110.0x | 0.100.0x | 0.090.0x | 0.100.0x | 0.100.0x | 0.090.0x | 0.090.0x |
| FCF Margin | 38.5%-2.9pp | 27.4%+7.9pp | 35.1%+10.9pp | 42.8%+12.7pp | 41.5%+5.7pp | 19.5%-3.0pp | 24.2%-5.0pp | 30.0%+7.3pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Healthequity Inc HQY | FY2026 | $1.3B | $215.2M | 16.4% | $7.7B | 68/100 |
| Waystar Holding Corp. WAY | FY2025 | $1.1B | $112.1M | 10.2% | $4.8B | 59/100 |
| BrightSpring Health Services, Inc. BTSG | FY2025 | $12.9B | $189.1M | 1.5% | $12.0B | 45/100 |
| Privia Health Group, Inc. PRVA | FY2025 | $2.1B | $22.9M | 1.1% | $2.6B | 47/100 |
| Doximity Inc DOCS | FY2026 | $644.9M | $196.1M | 30.4% | $4.7B | 88/100 |
Where Healthequity Inc Ranks
Frequently Asked Questions
What is Healthequity Inc's annual revenue?
Healthequity Inc (HQY) reported $1.3B in total revenue for fiscal year 2026. This represents a 9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Healthequity Inc's revenue growing?
Healthequity Inc (HQY) revenue grew by 9.5% year-over-year, from $1.2B to $1.3B in fiscal year 2026.
Is Healthequity Inc profitable?
Yes, Healthequity Inc (HQY) reported a net income of $215.2M in fiscal year 2026, with a net profit margin of 16.4%.
What is Healthequity Inc's EBITDA?
Healthequity Inc (HQY) had EBITDA of $477.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Healthequity Inc have?
As of fiscal year 2026, Healthequity Inc (HQY) had $318.9M in cash and equivalents against $957.4M in long-term debt.
What is Healthequity Inc's gross margin?
Healthequity Inc (HQY) had a gross margin of 69.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Healthequity Inc's operating margin?
Healthequity Inc (HQY) had an operating margin of 24.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Healthequity Inc's net profit margin?
Healthequity Inc (HQY) had a net profit margin of 16.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Healthequity Inc's return on equity (ROE)?
Healthequity Inc (HQY) has a return on equity of 10.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Healthequity Inc's free cash flow?
Healthequity Inc (HQY) generated $455.1M in free cash flow during fiscal year 2026. This represents a 34.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Healthequity Inc's operating cash flow?
Healthequity Inc (HQY) generated $457.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Healthequity Inc's total assets?
Healthequity Inc (HQY) had $3.4B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Healthequity Inc's capital expenditures?
Healthequity Inc (HQY) invested $2.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Healthequity Inc spend on research and development?
Healthequity Inc (HQY) invested $262.5M in research and development during fiscal year 2026.
What is Healthequity Inc's current ratio?
Healthequity Inc (HQY) had a current ratio of 3.27 as of fiscal year 2026, which is generally considered healthy.
What is Healthequity Inc's debt-to-equity ratio?
Healthequity Inc (HQY) had a debt-to-equity ratio of 0.45 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Healthequity Inc's return on assets (ROA)?
Healthequity Inc (HQY) had a return on assets of 6.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Healthequity Inc's P/E ratio?
Healthequity Inc (HQY) trades at 32.7x earnings, its market capitalization divided by net income of $236.5M net income, trailing 12 months to July 31, 2026. The market capitalization is $7.7B as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Healthequity Inc's price-to-sales ratio?
Healthequity Inc (HQY) trades at 5.7x sales, its market capitalization divided by revenue of $1.4B revenue, trailing 12 months to July 31, 2026. The market capitalization is $7.7B as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Healthequity Inc's Altman Z-Score?
Healthequity Inc (HQY) has an Altman Z-Score of 4.55, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Healthequity Inc's Piotroski F-Score?
Healthequity Inc (HQY) has a Piotroski F-Score of 9 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Healthequity Inc's earnings high quality?
Healthequity Inc (HQY) has an earnings quality ratio of 2.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Healthequity Inc cover its interest payments?
Healthequity Inc (HQY) has an interest coverage ratio of 5.64x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Healthequity Inc?
Healthequity Inc (HQY) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.