HQYNasdaqServices-Business Services, NECFiscal year ends January 31
HEALTHEQUITY, INC.
Financials through Q2 FY2027, quarter ended Jul 31, 2026Last filing: 10-Q on Aug 27, 2026
$93.07+1.04 (+1.13%)
Close on Oct 19, 2026
- Market cap
- $7.82B
- P/E (TTM)
- 33.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
69.5%+12.9 pts over 5 years
Operating margin
24.6%+19.9 pts over 5 years
Net margin
16.4%+15.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.5% | +15.1% | +12.4% | +26.3% | |
| Gross profit | +17.5% | +22.9% | +17.1% | +28.8% | |
| Operating income | +98.6% | +229.0% | +56.8% | +28.6% | |
| Net income | +122.5% | – | +89.4% | +29.2% | |
| EPS, diluted | +125.7% | – | +83.0% | +24.3% | |
| Free cash flow | +34.7% | +45.7% | +22.0% | +34.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 11.3% | 0.7% | 10.2% | |
| Return on assets | 10.6% | 0.3% | 6.3% | |
| Current ratio | 12.79 | 2.25 | 3.27 | |
| Debt to equity | – | 0.72 | 0.45 | |
| Net debt to EBITDA | – | 4.39× | 1.34× | |
| Interest coverage | – | 1.0× | 5.6× | |
| Inventory turnover | 118.8× | – | – | |
| Capex to revenue | 2.0% | 1.8% | 0.1% | |
| Diluted shares | 60M | 76M | 87M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Healthequity generated $1.33B from operations and spent $438.77M on capital expenditure, dividends and share buybacks. 4% of that went back into the business.
Generated
$1.33B
Used
$438.77M
Capital expenditure$18.03M4%Dividends$00%Share buybacks$420.75M96%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin16.4%
×Asset turnover0.38×
×Equity multiplier1.62×
=Return on equity, FY202610.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 16.4% | 0.38× | 1.62× | 10.2% |
| FY2025 | 8.1% | 0.36× | 1.59× | 4.7% |
| FY2024 | 5.6% | 0.32× | 1.59× | 2.8% |
| FY2023 | -3.0% | 0.28× | 1.65× | -1.4% |
| FY2022 | -5.9% | 0.26× | 1.80× | -2.7% |
| FY2021 | 1.2% | 0.28× | 2.19× | 0.7% |
| FY2020 | 7.5% | 0.35× | 2.04× | 5.3% |
| FY2019 | 25.7% | 0.65× | 1.07× | 18.0% |
| FY2018 | 20.6% | 0.71× | 1.07× | 15.6% |
| FY2017 | 14.8% | 0.72× | 1.07× | 11.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
9of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$215.20M
- Cash generatingOperating cash flow above zero$457.09M
- Return on assets improvedROA up on the prior year3.1% → 6.2%
- Earnings backed by cashOperating cash flow above net income$457.09M vs $215.20M
- Less leverageLong-term debt to assets fell30.6% → 28.3%
- Better liquidityCurrent ratio rose3.06 → 3.27
- No dilutionShare count did not rise89M → 87M
- Gross margin improvedGross margin up on the prior year64.78% → 69.52%
- More efficientAsset turnover rose0.38 → 0.38