HQY · Healthequity, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $1.31B | $1.20B | $999.59M | $861.75M | $756.56M | $733.57M |
| Cost of Revenue | $400.31M | $422.51M | $376.95M | $371.66M | $332.85M | $318.24M |
| Gross Profit | $913.12M | $777.26M | $622.64M | $490.09M | $423.71M | $415.33M |
| R&D | $262.51M | $239.51M | $218.81M | $193.38M | $157.36M | $124.81M |
| SG&A | $119.93M | $132.26M | $103.66M | $95.63M | $84.38M | $84.49M |
| Total Operating Expenses | $590.66M | $614.92M | $504.94M | $481.03M | $447.94M | $381.32M |
| D&A | $154.66M | $162.45M | $153.08M | $161.20M | $137.19M | $115.90M |
| Operating Income | $322.46M | $162.33M | $117.70M | $9.06M | ($24.24M) | $34.01M |
| Interest Expense | $57.13M | $60.63M | $55.45M | $48.42M | $36.57M | $34.88M |
| Income Tax | $62.23M | $19.33M | $19.33M | ($11.95M) | ($22.45M) | ($4.69M) |
| Net Income | $215.20M | $96.70M | $55.71M | ($26.14M) | ($44.29M) | $8.83M |
| EPS - Basic | $2.50 | $1.11 | $0.65 | ($0.31) | ($0.53) | $0.12 |
| EPS - Diluted | $2.46 | $1.09 | $0.64 | ($0.31) | ($0.53) | $0.12 |
Balance Sheet
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $318.93M | $295.95M | $403.98M | $254.27M | $225.41M | $328.80M |
| Accounts Receivable | $123.70M | $118.01M | $104.89M | $96.83M | $87.43M | $72.77M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $12.16M | $14.36M | $12.04M | $13.90M | $27.54M | $1.61M |
| Current Assets | $512.28M | $477.75M | $557.44M | $382.89M | $351.34M | $460.18M |
| Total Assets | $3.38B | $3.45B | $3.16B | $3.09B | $3.11B | $2.71B |
| Current Liabilities | $156.85M | $156.32M | $117.09M | $131.06M | $153.19M | $204.70M |
| Long-term Debt | $957.38M | $1.06B | $874.97M | $907.84M | $922.08M | $924.22M |
| Total Liabilities | $1.27B | $1.33B | $1.13B | $1.19B | $1.25B | $1.33B |
| Stockholders' Equity | $2.11B | $2.11B | $2.04B | $1.90B | $1.85B | $1.38B |
| Retained Earnings | $195.91M | $209.27M | $205.63M | $149.92M | $176.06M | $220.35M |
Cash Flow
| Line item | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $457.09M | $339.86M | $242.83M | $150.65M | $141.00M | $181.62M |
| Investing Cash Flow | ($47.14M) | ($505.45M) | ($46.07M) | ($119.13M) | ($639.25M) | ($96.96M) |
| Financing Cash Flow | ($386.98M) | $57.57M | ($47.04M) | ($2.67M) | $394.86M | $52.42M |
| CapEx | $1.97M | $2.08M | $1.69M | $3.37M | $8.91M | $13.09M |
| Free Cash Flow | $455.13M | $337.77M | $241.13M | $147.28M | $132.09M | $168.53M |
Ratios
| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 69.5% | 64.8% | 62.3% | 56.9% | 56.0% | 56.6% |
| Operating margin | 24.6% | 13.5% | 11.8% | 1.1% | -3.2% | 4.6% |
| EBITDA margin | 36.3% | 27.1% | 27.1% | 19.8% | 14.9% | 20.4% |
| Net margin | 16.4% | 8.1% | 5.6% | -3.0% | -5.9% | 1.2% |
| Free cash flow margin | 34.7% | 28.2% | 24.1% | 17.1% | 17.5% | 23.0% |
| FCF / Net income | 2.11 | 3.49 | 4.33 | -5.63 | -2.98 | 19.08 |
| R&D / Revenue | 20.0% | 20.0% | 21.9% | 22.4% | 20.8% | 17.0% |
| SG&A / Revenue | 9.1% | 11.0% | 10.4% | 11.1% | 11.2% | 11.5% |
| Effective tax rate | 22.4% | 16.7% | 25.8% | - | - | -113.4% |
| Return on assets | 6.4% | 2.8% | 1.8% | -0.8% | -1.4% | 0.3% |
| Return on equity | 10.2% | 4.6% | 2.7% | -1.4% | -2.4% | 0.6% |
| Return on invested capital | 8.2% | 4.3% | 3.0% | 0.3% | -0.7% | 1.5% |
| Liquidity | ||||||
| Current ratio | 3.27 | 3.06 | 4.76 | 2.92 | 2.29 | 2.25 |
| Quick ratio | 3.27 | 3.06 | 4.76 | 2.92 | 2.29 | 2.25 |
| Cash ratio | 2.03 | 1.89 | 3.45 | 1.94 | 1.47 | 1.61 |
| Leverage | ||||||
| Debt / Equity | 0.45 | 0.50 | 0.43 | 0.48 | 0.50 | 0.67 |
| Debt / Assets | 0.28 | 0.31 | 0.28 | 0.29 | 0.30 | 0.34 |
| Debt / EBITDA | 2.01 | 3.25 | 3.23 | 5.33 | 8.16 | 6.16 |
| Interest coverage | 5.6x | 2.7x | 2.1x | 0.2x | -0.7x | 1.0x |
| Equity multiplier | 1.60 | 1.63 | 1.55 | 1.63 | 1.68 | 1.97 |
| Liabilities / Assets | 0.38 | 0.39 | 0.36 | 0.39 | 0.40 | 0.49 |
| Efficiency | ||||||
| Asset turnover | 0.39 | 0.35 | 0.32 | 0.28 | 0.24 | 0.27 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 34d | 36d | 38d | 41d | 42d | 36d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 11d | 12d | 12d | 14d | 30d | 2d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 34.8x | 101.3x | 118.1x | - | - | 696.3x |
| P / B | 3.6x | 4.6x | 3.2x | 2.7x | 2.4x | 4.6x |
| P / S | 5.7x | 8.2x | 6.6x | 6.0x | 5.9x | 8.6x |
| EV / EBITDA | 17.0x | 32.5x | 26.0x | 34.0x | 45.5x | 46.1x |
| Growth | ||||||
| Revenue growth (YoY) | 9.5% | 20.0% | 16.0% | 13.9% | 3.1% | 37.9% |
| Revenue CAGR (3y) | 15.1% | 16.6% | 10.9% | 17.4% | 61.9% | 47.3% |
| Revenue CAGR (5y) | 12.4% | 17.7% | 41.2% | 30.3% | 33.5% | 42.1% |
| Gross profit growth (YoY) | 17.5% | 24.8% | 27.0% | 15.7% | 2.0% | 27.4% |
| Operating income growth (YoY) | 98.6% | 37.9% | 1199.5% | - | - | -55.8% |
| Net income growth (YoY) | 122.5% | 73.6% | - | 41.0% | - | -77.7% |
| EPS growth (YoY) | 125.7% | 70.3% | - | 41.5% | - | -79.3% |
| EPS CAGR (3y) | - | - | 74.7% | - | - | -46.2% |
| EPS CAGR (5y) | 83.0% | 13.4% | -11.4% | - | - | -15.6% |
| FCF growth (YoY) | 34.7% | 40.1% | 63.7% | 11.5% | -21.6% | 72.5% |
| FCF CAGR (5y) | 22.0% | 28.2% | 17.1% | 14.1% | 25.8% | 47.5% |
| Book value growth (YoY) | -0.4% | 3.9% | 7.4% | 2.3% | 34.4% | 33.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2026-01-31.
Product / service
$1.31B totalFinancial Service Other$636.80M · 48.5%
Service$485.02M · 36.9%
Credit And Debit Card$191.61M · 14.6%
Stability scores
Altman Z′
FY 2026 · bankruptcy risk
1.50
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2026 · 9-point quality
9/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Business Services, NEC
Comparing HEALTHEQUITY against the 5 most active filers in the same SIC group.