Dashboard|HQY – Overview

HQY

HEALTHEQUITY, INC.

Technology • CIK: 0001428336

Market Cap

$8.42B

P/E (TTM)

57.7x

Rev Growth (TTM)

—

Net Margin (TTM)

11.5%

FCF Yield (TTM)

—

FCF Margin (TTM)

28.8%

LATEST EARNINGS

•

Q4 FY2026

•

16 days ago

•View source

Revenue

N/A

—

Net Income

N/A

—

EPS

N/A

—

•Total HSAs increased by 7% to 10.6 million as of January 31, 2026, compared to 9.9 million a year prior.
•HSA Assets grew 14% year-over-year to $36.5 billion as of January 31, 2026.
•Fourth-quarter new HSAs from sales rose 17% year over year.
•HSA investments increased 26% year over year to $18.5 billion.

View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive

TTM$365M

Q2 '26

$135M+109%

Q1 '26

$65M-14%

FCF Margin

TTM28.8%

Q2 '2641.5%+112%

Sector: 10.0%Top 25%

OCF Margin–

OCF/NI2.52x

CapEx Coverage247.7x

FCF Yield–

FCF Growth (2Y)–

Cash Conversion Cycle

–

View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Total Shareholder Yield

TTM0.0%

Div Yield0.0%

Insufficient data

Dividend & Payout Metrics

Dividend Yield (TTM)0.0%

Free Cash Flow (TTM)$365.4M

Stock Repurchases ()$247.3M

Est. Dividends Paid (TTM)$0

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

6.4%

P25MedianP75

75th pctl (med: 0.1%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

14.5%

Asset Turnover

0.37x

Leverage (1+D/E)

1.47x

D/E: 0.47x

DuPont: 7.8% ≈ 6.4% ROIC

Asset & CapEx Efficiency

Invested Cap Turn

0.44x

8Q:–

CapEx Intensity

0.1%

8Q:–

Asset-based ROIC formula

Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

Metric	TTM	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024
Revenue	$1.3B	$325.8M↓1.5%	$330.8M↑6.1%	$311.8M↑3.8%	$300.4M↑0.2%	$299.9M↑4.3%	$287.6M↑9.6%	$262.4M↑5.3%	$249.2M
Operating Income	$234.5M	$89.6M↑7.9%	$83.1M↑97.1%	$42.1M↑114.8%	$19.6M↓66.7%	$58.9M↑41.6%	$41.6M↑7.1%	$38.9M↑25.9%	$30.9M
Net Income	$145.8M	$59.9M↑11.0%	$53.9M↑104.5%	$26.4M↑362.3%	$5.7M↓84.1%	$35.8M↑24.3%	$28.8M↑9.3%	$26.4M↑79.7%	$14.7M
Operating Cash Flow	$366.9M	$135.9M↑109.9%	$64.7M↓14.5%	$75.7M↓16.3%	$90.5M↓16.3%	$108.1M↑65.3%	$65.4M↓15.1%	$77.1M↑35.0%	$57.1M
Free Cash Flow	$365.4M	$135.1M↑109.0%	$64.7M↓14.3%	$75.4M↓16.4%	$90.3M↓16.0%	$107.4M↑66.0%	$64.7M↓15.4%	$76.5M↑35.3%	$56.6M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

57.7x

Valuation Lenses

Earnings

57.7x

vs – sector

Cash Flow

24.0x

EV/FCF vs –

Growth-Adj

–PEG

N/A

Quality-Adj

9.0P/E per %ROIC

ROIC: 6.4%

Shareholder Returns

Dividend

–

Buyback

–

Total Yield

–

Market Cap$8.42B

EV–

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

62/100

High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg

6.9%

8Q:–

Return on Invested Capital (ROIC)Top 25%

6.4%

8Q:–

vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 14.5%

Asset Turnover: 0.37x

Earnings Quality

Cash Conversion

2.52x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin66.4%

Capital Efficiency

Invested Capital Turnover0.44x

Working Capital

Cash Conversion Cycle–

Growth Quality & Momentum

Growth Rates

Revenue Growth YoY

N/A

OpInc Growth YoY

52.1%

EPS Growth YoY

N/A

FCF 3Y CAGR

N/A

Margin Quality & Sustainability

Low Quality

Profitability Cascade

Gross

66.4%

Operating

18.5%

Top 25% in sector

Net

11.5%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

+17.3 pts

FCF: 28.8% | Net: 11.5%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Adequate

Net Debt / EBITDA

–Net Debt: $702.37M

Interest Coverage

–

Leverage Metrics

Debt-to-Equity

0.47x

Balance sheet risk & solvency analysis