HealthEquity, Inc.HQY
NasdaqGS•Healthcare•Health Information Services
HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. It offers health savings accounts (HAS); investment platform; online-only automated investment advisory services through Advisor, a Web-based tool. The company also provides flexible spending accounts (FSA) for health and dependent care; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. In addition, the company offers HSA and FSA members with access to certain healthcare products, programs, and services through its marketplace. It serves clients through a direct sales force; and brokers and advisors, a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. HealthEquity, Inc. was incorporated in 2002 and is based in Draper, Utah.
HealthEquity, Inc. (HQY) reported trailing twelve months revenue of $1.34B as of April 2026, a 7.6% increase year-over-year. Quarterly revenue reached $354.64M, reflecting continued top-line momentum.
HealthEquity, Inc. generated $230.70M in TTM net income, with quarterly EBITDA of $141.17M. The operating margin expanded from 25.1% to 29.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (29.0%) and net margin (19.6%) indicates moderate non-operating costs. Net margin has improved from 16.3% a year ago, signaling stronger bottom-line efficiency.
HQY trades at a P/E of 31.8x (a premium multiple) and a P/S of 5.5x. The price-to-book ratio of 3.6x reflects a moderate premium to book value.
The company generated $97.16M in free cash flow over the trailing twelve months, a 50.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.31B in total assets with $942.66M in long-term debt against $2.05B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~20.9%, suggesting durable pricing power and cost discipline.
ROE is positive at ~7.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~21.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~25.6% — no sign of cost or pricing stress.
FCF covers net income by 3.9x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation