HealthEquity (HQY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

HealthEquity

NasdaqGS•Healthcare•Health Information Services

$93.36-2.71(-0.03%)Pre-market

Market Cap

$7.88B

P/E

33.3x

P/S

5.8x

P/B

4.0x

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.

How this company scores

ExcellentMetricSide Score: 85/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (19/25).

Profitability20/25

Growth21/25

Balance Sheet & Red Flags19/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsRising earningsLow leverage

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 33.3x5y range 29.8x – 517.1x

Currently below its 13-quarter median.

P/S · 5.8x5y range 5.1x – 8.7x

Currently near its 20-quarter median.

P/B · 4.0x5y range 3.1x – 4.5x

Price & Volume

Market Cap $7.88B

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.36B
Q. Revenue: $350.73M
TTM EBITDA: $509.04M
TTM Op. Income: $351.41M
Q. Op. Income: $98.69M
TTM Net Income: $236.49M
Q. Net Income: $65.64M
EPS: $0.79
Shares Out.: $83.37M

$1.36B in TTM revenue grew 7.3% YoY, reaching $350.73M last quarter. TTM EBITDA of $509.04M and TTM operating income of $351.41M show growth is flowing through to the bottom line. TTM net income of $236.49M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.5%
EBITDA Margin: 40.1%
Op. Margin: 28.1%
Net Margin: 18.7%

Op. margin of 28.1% is up 0.6% YoY — cost efficiency is improving. Net margin at 18.7% and gross margin of 73.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 2% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 33.3x
P/S Ratio: 5.8x
P/B Ratio: 4.0x

At 33.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 5.8x and P/B of 4.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 43% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.27B
Cash: $256.00M
Long-Term Debt: $931.06M
Book Value: $1.99B
D/E Ratio: 0.5
Debt/EBITDA: 6.6

With $3.27B in assets and $931.06M in long-term debt, D/E is 0.5and book value is $1.99B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $136.16M
TTM Free Cash Flow: $487.73M
FCF Margin: 35.8%
FCF / Net Income: 2.1

TTM FCF of $487.73M on $136.16M in operating cash flow. The FCF / Net Income ratio of 2.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 5 consecutive quarters — an improving trend.