HealthEquity, Inc. (HQY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$1.19	$1.24	+4.2%	—	$350.7M	—
Q1 27	$1.12	$1.24	+10.7%	—	$354.6M	—
Q4 26	$0.9	$0.95	+5.6%	—	$334.6M	—
Q3 26	$0.91	$1.01	+11.0%	—	$322.2M	—
Q2 26	$0.92	$1.08	+17.4%	—	$325.8M	—
Q1 26	$0.81	$0.97	+19.8%	—	$330.8M	—
Q4 25	$0.72	$0.69	-4.2%	—	$311.8M	—
Q3 25	$0.72	$0.78	+8.3%	—	$300.4M	—
Q2 25	$0.7	$0.86	+22.9%	—	$299.9M	—
Q1 25	$0.65	$0.8	+23.1%	—	$287.6M	—
Q4 24	$0.6	$0.63	+5.0%	—	$262.4M	—
Q3 24	$0.5	$0.6	+20.0%	—	$249.2M	—
Q2 24	$0.48	$0.53	+10.4%	—	$243.5M	—
Q1 24	$0.41	$0.5	+22.0%	—	$244.4M	—
Q4 23	$0.35	$0.37	+5.7%	—	$233.8M	—
Q3 23	$0.35	$0.38	+8.6%	—	$216.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$2.5	—	—	$1.3B	—
FY25	—	$1.11	—	—	$1.2B	—
FY24	—	$0.65	—	—	$999.6M	—
FY23	—	-$0.31	—	—	$861.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$178.4M	$229.5M	$287.2M	$532M	$733.6M	$756.6M	$861.7M	$999.6M	$1.2B	$1.3B
YoY change	+40.7%	+28.7%	+25.1%	+85.2%	+37.9%	+3.13%	+13.9%	+16%	+20%	+9.47%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	178.4M	229.5M	287.2M	532M	733.6M	756.6M	861.7M	999.6M	1.2B	1.3B
Cost of revenue	72M	94.6M	106M	206.1M	318.2M	331.8M	369.8M	376.9M	422.5M	400.3M
Gross profit	106.4M	134.9M	181.2M	325.9M	415.3M	424.8M	491.9M	622.6M	777.3M	913.1M
Gross margin	59.6%	58.8%	63.1%	61.3%	56.6%	56.1%	57.1%	62.3%	64.8%	69.5%
Research & development	22.4M	27.4M	35.1M	77.6M	124.8M	157.4M	193.4M	218.8M	239.5M	262.5M
Selling, general & administrative	38.5M	48.3M	62.5M	104.5M	134.5M	144M	166.3M	182.9M	223M	215.2M
Operating expenses	60.8M	75.6M	97.6M	182.1M	259.3M	301.4M	359.7M	401.7M	462.5M	477.7M
Operating income	41.2M	54.4M	77.7M	109.1M	80M	40.6M	37.7M	128.1M	202.9M	327.5M
Operating margin	23.1%	23.7%	27%	20.5%	10.9%	5.36%	4.37%	12.8%	16.9%	24.9%
Non-operating income, net	-1.1M	-2M	-3.5M	-47.1M	-42M	-72.2M	-29.1M	-9.8M	-40.1M	-4.6M
Pretax income	40.1M	52.2M	75.8M	43.2M	4.1M	-66.7M	-38.1M	75M	116M	277.4M
Income tax	13.7M	4.8M	1.9M	3.5M	-4.7M	-22.5M	-12M	19.3M	19.3M	62.2M
Net income	26.4M	47.4M	73.9M	39.7M	8.8M	-44.3M	-26.1M	55.7M	96.7M	215.2M
Net margin	14.8%	20.6%	25.7%	7.46%	1.2%	-5.85%	-3.03%	5.57%	8.06%	16.4%
EBITDA	54.4M	68.4M	96.5M	168.4M	202M	181M	200.2M	294M	379.7M	494.2M
EPS	0.45	0.79	1.2	0.59	0.12	-0.53	-0.31	0.65	1.11	2.5
Diluted EPS	0.44	0.77	1.17	0.58	0.12	-0.53	-0.31	0.64	1.09	2.46

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	249.2M	262.4M	287.6M	299.9M	300.4M	311.8M	330.8M	325.8M	322.2M	334.6M	354.6M	350.7M
Cost of revenue	90M	96.9M	100.5M	95.9M	103.4M	122.8M	106.5M	93.2M	94.1M	106.4M	98.3M	92.8M
Gross profit	159.2M	165.5M	187.1M	204.1M	197M	189M	224.3M	232.6M	228.1M	228.1M	256.3M	258M
Gross margin	63.9%	63.1%	65.1%	68%	65.6%	60.6%	67.8%	71.4%	70.8%	68.2%	72.3%	73.5%
Research & development	55.6M	55.2M	56.1M	58.6M	60.2M	64.7M	61.4M	64.8M	65.9M	70.4M	67.8M	73.9M
Selling, general & administrative	46.8M	45.9M	61.7M	53.8M	54.4M	53.1M	51.5M	49.9M	55.3M	58.5M	58M	58.1M
Operating expenses	102.4M	101.1M	117.8M	112.4M	114.6M	117.7M	113M	114.7M	121.2M	128.8M	125.7M	132M
Operating income	33.5M	41.2M	43.8M	60.7M	54.1M	44.3M	84.4M	90.9M	79.9M	72.4M	104.1M	99.7M
Operating margin	13.5%	15.7%	15.2%	20.2%	18%	14.2%	25.5%	27.9%	24.8%	21.6%	29.3%	28.4%
Non-operating income, net	-2.6M	-2.1M	-2.6M	-1.8M	-33.6M	-2.1M	-1.3M	-1.2M	-1.1M	-995K	-952K	-951K
Pretax income	21.1M	29.7M	33.2M	46.6M	6.2M	30M	71M	78M	67.5M	60.9M	92.4M	87.9M
Income tax	6.4M	3.4M	4.4M	10.8M	515K	3.6M	17M	18.2M	15.8M	11.2M	23M	22.2M
Net income	14.7M	26.4M	28.8M	35.8M	5.7M	26.4M	53.9M	59.9M	51.7M	49.7M	69.4M	65.6M
Net margin	5.89%	10%	10%	11.9%	1.9%	8.46%	16.3%	18.4%	16%	14.9%	19.6%	18.7%
EBITDA	75.1M	83.5M	86.1M	107.4M	99.5M	86.6M	125.8M	132.7M	121.5M	114.2M	144.3M	143.4M
EPS	0.17	0.31	0.33	0.41	0.07	0.3	0.62	0.69	0.6	0.58	0.82	0.79
Diluted EPS	0.17	0.3	0.33	0.4	0.06	0.3	0.61	0.68	0.59	0.58	0.82	0.78

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	2.7B	3.1B	3.9B	4.4B	—	—	5.1B	6.5B	9.6B	7.4B	7.3B
Enterprise value	2.5B	2.8B	3.5B	5.5B	—	—	5.9B	7B	10.4B	8.1B	8B
Shares outstanding	58.6M	60.3M	61.8M	67M	74.2M	83.1M	84.4M	85.6M	86.9M	86.1M	86.1M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	102.8	64.5	52.2	111.6	—	—	—	116.1	99.2	34.3	31.9
P/S	15.2	13.3	13.4	8.32	—	—	5.96	6.47	7.99	5.62	5.36
P/B	10.3	8.82	8.08	4.3	—	—	2.71	3.18	4.54	3.5	3.68
EV/EBITDA	46.5	41.1	36.2	32.9	—	—	29.4	23.8	27.4	16.3	15.6
EV/Sales	14.2	12.3	12.2	10.4	—	—	6.82	7	8.67	6.14	5.88
Earnings yield	0.97%	1.55%	1.92%	0.9%	—	—	—	0.86%	1.01%	2.92%	3.14%
FCF yield	1.21%	1.58%	2.55%	1.42%	—	—	0.61%	3.04%	-1.73%	5.53%	5.43%
PEG	—	—	—	—	—	—	—	—	—	—	2.2

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	59.6%	58.8%	63.1%	61.3%	56.6%	56.1%	57.1%	62.3%	64.8%	69.5%	73.5%
Operating margin	23.1%	23.7%	27%	20.5%	10.9%	5.36%	4.37%	12.8%	16.9%	24.9%	28.4%
Net margin	14.8%	20.6%	25.7%	7.46%	1.2%	-5.85%	-3.03%	5.57%	8.06%	16.4%	17.4%
ROE	10.1%	13.7%	15.5%	3.85%	0.64%	-2.39%	-1.38%	2.74%	4.57%	10.2%	11.4%
ROA	9.45%	12.8%	14.5%	1.55%	0.33%	-1.43%	-0.85%	1.76%	2.8%	6.37%	6.65%
ROIC	33.2%	46.6%	65.5%	4.69%	3.77%	1.54%	1.43%	3.71%	5.78%	9.11%	10.1%
Return on tangible assets	18.9%	24.6%	21.6%	-2.38%	-0.6%	2.08%	1.26%	-3.09%	-4.28%	-10.2%	-11.2%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	12.8	13	13.6	1.96	2.25	2.29	2.92	4.76	3.06	3.27	2.99
Quick ratio	12.8	12.9	13.6	1.96	2.25	2.29	2.92	4.76	3.06	3.27	2.99
Debt / equity	—	—	0	1.26	0.78	0.54	0.52	0.46	0.52	0.48	0.49
Debt / assets	—	—	0	0.51	0.4	0.32	0.32	0.29	0.32	0.3	0.3
Net debt / EBITDA	—	—	-3.75	6.59	3.69	4.33	3.7	1.8	2.14	1.38	1.37
Interest coverage	—	191.5	281.8	2.74	1.12	-0.82	0.21	2.35	2.91	5.86	6.88
Effective tax rate	34.3%	9.25%	2.53%	8.09%	0%	0%	0%	25.8%	16.7%	22.4%	23.4%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	3.04	3.81	4.65	7.94	9.88	9.1	10.2	11.7	13.8	15.2	16.1
EPS (basic)	0.45	0.79	1.2	0.59	0.12	-0.53	-0.31	0.65	1.11	2.5	2.5
EPS (diluted)	0.44	0.77	1.17	0.58	0.12	-0.53	-0.31	0.64	1.09	2.46	2.77
Book value per share	4.47	5.74	7.72	15.4	18.6	22.3	22.4	23.8	24.3	24.5	24
FCF per share	0.56	0.8	1.59	0.94	1.14	0.05	0.37	2.3	-1.91	4.74	5.2
Cash per share	3.08	3.98	5.85	2.86	4.43	2.71	3.01	4.72	3.41	3.7	3.1
Capex per share	0.06	0.09	0.06	0.11	0.18	0.11	0.04	0.02	0.02	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	2.04%	2.38%	1.35%	1.37%	1.78%	1.18%	0.39%	0.17%	0.17%	—	—
Capex / operating cash flow	8.32%	6.73%	3.51%	5.75%	8.66%	6.99%	2.24%	0.7%	0.62%	—	—
Payout ratio	0%	—	—	—	—	—	—	—	—	—	0%
Dividend yield	0%	—	—	—	—	—	—	—	—	—	—

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$249.2M	$262.4M	$287.6M	$299.9M	$300.4M	$311.8M	$330.8M	$325.8M	$322.2M	$334.6M	$354.6M	$350.7M
YoY change	+15.3%	+12.2%	+17.7%	+23.1%	+20.5%	+18.8%	+15%	+8.64%	+7.23%	+7.3%	+7.19%	+7.64%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	180.4M	240.3M	361.5M	191.7M	328.8M	225.4M	254.3M	404M	295.9M	318.9M
Receivables	17M	21.6M	25.7M	70.9M	72.8M	87.4M	96.8M	104.9M	118M	123.7M
Inventory	592K	215K	—	—	—	—	—	—	—	—
Total current assets	200.8M	265.4M	394.7M	297.3M	460.2M	351.3M	382.9M	557.4M	477.7M	512.3M
Property, plant & equipment	5.2M	7.8M	8.2M	116.7M	118.6M	87M	69.3M	54.4M	46.4M	39.5M
Goodwill & intangibles	139.3M	176.6M	168.6M	4.2B	4.2B	5.2B	5.2B	5B	5.7B	5.5B
Total assets	279.1M	369.2M	510M	2.6B	2.7B	3.1B	3.1B	3.2B	3.4B	3.4B
Accounts payable	3.2M	2.4M	3.5M	4M	1.6M	27.5M	13.9M	12M	14.4M	12.2M
Short-term debt	—	—	—	51.5M	76.5M	20.9M	27.7M	9.4M	10M	9.9M
Total current liabilities	15.7M	20.5M	29.1M	151.9M	204.7M	153.2M	131.1M	117.1M	156.3M	156.8M
Long-term debt	—	—	0	1.2B	998.4M	987.3M	966.8M	923.7M	1.1B	991.6M
Total liabilities	17.2M	22.9M	32.9M	1.5B	1.3B	1.3B	1.2B	1.1B	1.3B	1.3B
Shareholders' equity	261.9M	346.3M	477.1M	1B	1.4B	1.9B	1.9B	2B	2.1B	2.1B
Total debt	—	—	0	1.3B	1.1B	1B	994.5M	933.1M	1.1B	1B
Net debt	—	—	-361.5M	1.1B	746.2M	782.8M	740.2M	529.2M	812.6M	682.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	—	—	—	—	—	—	—	—	309.3M	318.9M	265.4M	256M
Receivables	—	—	—	—	—	—	—	—	111.2M	123.7M	122M	122.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	498.7M	512.3M	466.5M	460.2M
Property, plant & equipment	—	—	—	—	—	—	—	—	41.4M	39.5M	38.4M	37.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	5.5B	5.5B	5.4B	5.4B
Total assets	—	—	—	—	—	—	—	—	3.4B	3.4B	3.3B	3.3B
Accounts payable	—	—	—	—	—	—	—	—	19.5M	12.2M	14.2M	8.6M
Short-term debt	—	—	—	—	—	—	—	—	9.9M	9.9M	9.9M	10M
Total current liabilities	—	—	—	—	—	—	—	—	120.6M	156.8M	135.7M	153.8M
Long-term debt	924.9M	923.7M	973.9M	1.1B	1.1B	1.1B	1.1B	1B	1B	991.6M	974.8M	961M
Total liabilities	—	—	—	—	—	—	—	—	1.3B	1.3B	1.3B	1.3B
Shareholders' equity	—	—	—	—	—	—	—	—	2.1B	2.1B	2B	2B
Total debt	924.9M	923.7M	973.9M	1.1B	1.1B	1.1B	1.1B	1B	1B	1B	984.7M	971M
Net debt	—	—	—	—	—	—	—	—	719M	682.6M	719.3M	715M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	26.4M	47.4M	73.9M	39.7M	8.8M	-44.3M	-26.1M	55.7M	96.7M	215.2M
Depreciation & amortization	13.2M	16M	18.2M	55.4M	115.9M	137.2M	161.2M	153.1M	162.5M	154.7M
Stock-based compensation	8.4M	14.3M	21.1M	39.8M	42.9M	52.8M	62.6M	77.2M	96.4M	73.1M
Change in working capital	-1.3M	-932K	-4M	-15.1M	-18.1M	1.6M	-33.4M	-33.1M	-6.5M	-26.6M
Operating cash flow	43.8M	81.1M	110.3M	126.8M	151.2M	127.4M	150.7M	241.7M	338.3M	457.1M
Capital expenditure	-3.6M	-5.5M	-3.9M	-7.3M	-13.1M	-8.9M	-3.4M	-1.7M	-2.1M	—
Investing cash flow	-4M	-8.8M	36.8M	-1.7B	-13.1M	-511.1M	-3.4M	-1.7M	-2.1M	1.6M
Dividends paid	0	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-121.5M	-299.3M
Financing cash flow	16.6M	0	0	1.5B	43.9M	385.1M	-9.4M	-53.5M	48.1M	-398.4M
Net change in cash	56.4M	72.3M	147.1M	-124.5M	182M	1.4M	137.9M	186.5M	384.3M	60.3M
Free cash flow	32.9M	48.3M	98.4M	62.9M	84.7M	3.9M	31.5M	196.8M	-165.6M	408.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	14.7M	26.4M	28.8M	35.8M	5.7M	26.4M	53.9M	59.9M	51.7M	49.7M	69.4M	65.6M
Depreciation & amortization	37.8M	37.9M	38.9M	43.6M	40.7M	39.2M	38.7M	38.5M	38.8M	38.7M	38.2M	42M
Stock-based compensation	21.7M	17.2M	32M	21.6M	21.1M	21.7M	14.3M	19.1M	20.5M	19.1M	19.4M	22.2M
Change in working capital	-9.9M	-7M	-29.7M	6.2M	16.4M	-9M	-43.8M	-24M	13.3M	4.7M	-28M	-25M
Operating cash flow	57.1M	77.1M	65.4M	108.1M	79.4M	75.7M	64.7M	135.9M	138.6M	117.9M	97.5M	136.2M
Capital expenditure	-544K	-560K	-721K	-741K	-294K	-328K	-86K	—	—	—	—	—
Investing cash flow	-544K	-560K	-721K	-741K	-294K	-328K	-86K	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	-58.5M	-63M	-59.1M	-66.7M	-92.4M	-81M	-123.3M	-107.7M
Financing cash flow	-22K	1M	49.5M	174.7M	-83.2M	-92.8M	-57.6M	-117.6M	-117.4M	-105.8M	-137.6M	-119.9M
Net change in cash	56.5M	77.6M	114.2M	282.1M	-4.1M	-17.4M	7M	18.3M	21.2M	12.1M	-40.1M	16.3M
Free cash flow	41.7M	65.8M	-204.5M	-101M	77.7M	62.2M	48.6M	124.7M	127.2M	107.8M	81.2M	120.4M

HealthEquity, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement