Healthequity Inc Financials
This page shows Healthequity Inc (HQY) financial statements, including the 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).
Margin expansion and an asset-light cash engine turned moderate sales growth into much larger profit and cash gains.
The strongest quality signal is free-cash-flow margin rising from24.1% to34.7% , which means margin expansion translated into retained cash rather than being absorbed by reinvestment. That shows up in operating cash flow of$457.1M versus net income of$215.2M , so the earnings improvement was backed by cash conversion, not just accounting profit.
The clearest operating shift is a better delivery-cost mix: cost of revenue fell to
The balance sheet looks liquid but acquisition-heavy: cash was
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 results in a moderate score of 64/100, indicating healthy but not exceptional operating efficiency. 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 58/100.
Healthequity Inc carries a low D/E ratio of 0.45, meaning only $0.45 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
Healthequity Inc's current ratio of 3.27 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.
Healthequity Inc converts 34.6% of revenue into free cash flow ($455.1M). This strong cash generation earns a score of 100/100.
Healthequity Inc generates a 10.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is up from 4.5% the prior year.
Healthequity Inc scores 4.19, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.0B) relative to total liabilities ($1.3B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Healthequity Inc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 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 $5.6 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 $1.3B in revenue in fiscal year 2026. This represents an increase of 9.5% from the prior year.
Healthequity Inc's EBITDA was $477.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 46.9% from the prior year.
Healthequity Inc reported $215.2M in net income in fiscal year 2026. This represents an increase of 122.5% from the prior year.
Healthequity Inc earned $2.46 per diluted share (EPS) in fiscal year 2026. This represents an increase of 125.7% from the prior year.
Cash & Balance Sheet
Healthequity Inc generated $455.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 34.7% from the prior year.
Healthequity Inc held $318.9M in cash against $957.4M in long-term debt as of fiscal year 2026.
Healthequity Inc had 84M shares outstanding in fiscal year 2026. This represents a decrease of 2.3% from the prior year.
Margins & Returns
Healthequity Inc's gross margin was 69.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 4.7 percentage points from the prior year.
Healthequity Inc's operating margin was 24.6% in fiscal year 2026, reflecting core business profitability. This is up 11.0 percentage points from the prior year.
Healthequity Inc's net profit margin was 16.4% in fiscal year 2026, showing the share of revenue converted to profit. This is up 8.3 percentage points from the prior year.
Healthequity Inc's ROE was 10.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 5.7 percentage points from the prior year.
Capital Allocation
Healthequity Inc invested $262.5M in research and development in fiscal year 2026. This represents an increase of 9.6% from the prior year.
Healthequity Inc spent $299.3M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 146.3% from the prior year.
Healthequity Inc invested $2.0M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 5.5% from the prior year.
HQY Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $334.6M+3.9% | $322.2M-1.1% | $325.8M-1.5% | $330.8M+6.1% | $311.8M+3.8% | $300.4M+0.2% | $299.9M+4.3% | $287.6M |
| Cost of Revenue | $106.4M+13.1% | $94.1M+0.9% | $93.2M-12.5% | $106.5M-13.2% | $122.8M+18.7% | $103.4M+7.9% | $95.9M-4.6% | $100.5M |
| Gross Profit | $228.1M0.0% | $228.1M-1.9% | $232.6M+3.7% | $224.3M+18.7% | $189.0M-4.1% | $197.0M-3.4% | $204.1M+9.0% | $187.1M |
| R&D Expenses | $70.4M+6.7% | $65.9M+1.7% | $64.8M+5.5% | $61.4M-5.0% | $64.7M+7.4% | $60.2M+2.7% | $58.6M+4.4% | $56.1M |
| SG&A Expenses | $33.5M+8.6% | $30.9M+3.0% | $30.0M+17.4% | $25.5M-14.8% | $30.0M-5.7% | $31.8M-1.5% | $32.3M-15.6% | $38.2M |
| Operating Income | $71.1M-9.7% | $78.7M-12.2% | $89.6M+7.9% | $83.1M+97.1% | $42.1M+114.8% | $19.6M-66.7% | $58.9M+41.6% | $41.6M |
| Interest Expense | $13.3M-5.6% | $14.0M-6.1% | $15.0M+0.7% | $14.9M-2.6% | $15.3M-16.0% | $18.2M+17.7% | $15.4M+30.8% | $11.8M |
| Income Tax | $11.2M-29.6% | $15.8M-12.9% | $18.2M+6.8% | $17.0M+373.8% | $3.6M+598.3% | $515K-95.2% | $10.8M+143.9% | $4.4M |
| Net Income | $49.7M-3.8% | $51.7M-13.6% | $59.9M+11.0% | $53.9M+104.5% | $26.4M+362.3% | $5.7M-84.1% | $35.8M+24.3% | $28.8M |
| EPS (Diluted) | N/A | $0.59-13.2% | $0.68+11.5% | $0.61 | N/A | $0.06-85.0% | $0.40+21.2% | $0.33 |
HQY Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.4B-0.5% | $3.4B-0.5% | $3.4B0.0% | $3.4B-0.9% | $3.4B-1.1% | $3.5B-0.7% | $3.5B+8.3% | $3.2B |
| Current Assets | $512.3M+2.7% | $498.7M+1.2% | $492.8M+4.2% | $472.8M-1.0% | $477.7M-3.5% | $495.2M-0.1% | $495.6M+22.4% | $404.9M |
| Cash & Equivalents | $318.9M+3.1% | $309.3M+1.6% | $304.5M+5.8% | $287.9M-2.7% | $295.9M-8.1% | $322.2M-1.4% | $326.9M+30.1% | $251.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $123.7M+11.2% | $111.2M+0.1% | $111.2M-4.4% | $116.3M-1.5% | $118.0M+10.6% | $106.7M-1.6% | $108.5M+2.1% | $106.2M |
| Goodwill | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B0.0% | $1.6B |
| Total Liabilities | $1.3B+0.7% | $1.3B-0.5% | $1.3B-1.7% | $1.3B-3.1% | $1.3B-2.2% | $1.4B+0.5% | $1.4B+18.2% | $1.1B |
| Current Liabilities | $156.8M+30.0% | $120.6M+3.5% | $116.6M+0.2% | $116.3M-25.6% | $156.3M+1.2% | $154.5M+27.8% | $120.9M+31.1% | $92.2M |
| Long-Term Debt | $957.4M-2.5% | $982.1M-2.5% | $1.0B-4.7% | $1.1B0.0% | $1.1B-2.3% | $1.1B-1.8% | $1.1B+19.0% | $925.7M |
| Total Equity | $2.1B-1.3% | $2.1B-0.6% | $2.1B+1.1% | $2.1B+0.4% | $2.1B-0.5% | $2.1B-1.5% | $2.2B+2.8% | $2.1B |
| Retained Earnings | $195.9M-5.8% | $207.9M-8.4% | $226.9M+3.9% | $218.4M+4.3% | $209.3M-9.6% | $231.6M-14.3% | $270.3M+15.3% | $234.4M |
HQY Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $117.9M-14.9% | $138.6M+2.0% | $135.9M+109.9% | $64.7M-14.5% | $75.7M-16.3% | $90.5M-16.3% | $108.1M+65.3% | $65.4M |
| Capital Expenditures | $326K-58.4% | $784K+1.4% | $773K+798.8% | $86K-73.8% | $328K+11.6% | $294K-60.3% | $741K+2.8% | $721K |
| Free Cash Flow | $117.6M-14.7% | $137.8M+2.0% | $135.1M+109.0% | $64.7M-14.3% | $75.4M-16.4% | $90.3M-16.0% | $107.4M+66.0% | $64.7M |
| Investing Cash Flow | -$8.4M+25.9% | -$11.4M-1.8% | -$11.2M+30.7% | -$16.1M-19.1% | -$13.6M-5.4% | -$12.9M+93.8% | -$209.1M+22.5% | -$269.9M |
| Financing Cash Flow | -$99.8M+18.5% | -$122.4M-13.2% | -$108.1M-90.9% | -$56.6M+35.9% | -$88.4M-7.3% | -$82.4M-146.7% | $176.6M+241.2% | $51.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $81.0M-12.3% | $92.4M+38.5% | $66.7M+13.0% | $59.1M-6.2% | $63.0M+7.6% | $58.5M | $0 | $0 |
HQY Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.2%-2.6pp | 70.8%-0.6pp | 71.4%+3.6pp | 67.8%+7.2pp | 60.6%-5.0pp | 65.6%-2.4pp | 68.0%+3.0pp | 65.1% |
| Operating Margin | 21.2%-3.2pp | 24.4%-3.1pp | 27.5%+2.4pp | 25.1%+11.6pp | 13.5%+7.0pp | 6.5%-13.1pp | 19.7%+5.2pp | 14.5% |
| Net Margin | 14.9%-1.2pp | 16.1%-2.3pp | 18.4%+2.1pp | 16.3%+7.8pp | 8.5%+6.6pp | 1.9%-10.0pp | 11.9%+1.9pp | 10.0% |
| Return on Equity | 2.4%-0.1pp | 2.4%-0.4pp | 2.8%+0.3pp | 2.5%+1.3pp | 1.3%+1.0pp | 0.3%-1.4pp | 1.7%+0.3pp | 1.4% |
| Return on Assets | 1.5%-0.1pp | 1.5%-0.2pp | 1.8%+0.2pp | 1.6%+0.8pp | 0.8%+0.6pp | 0.2%-0.9pp | 1.0%+0.1pp | 0.9% |
| Current Ratio | 3.27-0.9 | 4.13-0.1 | 4.23+0.2 | 4.06+1.0 | 3.06-0.1 | 3.20-0.9 | 4.10-0.3 | 4.39 |
| Debt-to-Equity | 0.450.0 | 0.460.0 | 0.47-0.0 | 0.500.0 | 0.500.0 | 0.510.0 | 0.51+0.1 | 0.44 |
| FCF Margin | 35.1%-7.6pp | 42.8%+1.3pp | 41.5%+21.9pp | 19.5%-4.7pp | 24.2%-5.8pp | 30.0%-5.8pp | 35.8%+13.3pp | 22.5% |
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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 Altman Z-Score?
Healthequity Inc (HQY) has an Altman Z-Score of 4.19, 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 8 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 5.6x, 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 67 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.