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Healthequity

HQY on Nasdaq. HealthEquity sells health savings account administration to employers and consumers. Market value $7.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
5.8%fair

For every $100 of what the whole company costs, it produced $5.80 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
23.4×full

You pay 23.4 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to January 2026
3.7%five-year median

Each dollar kept in the business earns 4 cents a year. Above 10 is good.

Quality score: 80 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.

$91.05 a share, 25% above its 1-year low

Over the past year the price has ranged from $72.76 to $107.62.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.1
0.2
0.3
0.4
0.4
2022202320242025202612 monthsto Jul '26
Revenue
$757m$862m$1.0bn$1.2bn$1.3bn
Operating margin
-3.2%1.1%11.8%13.5%24.6%
Debt to equity
0.500.490.430.500.45
Shares outstanding
0.08bn0.09bn0.09bn0.09bn0.08bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)9 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.45× equity
  • Revenue growth, five yearsStrong, 12.4% a year
  • Buying back its own sharesYes, 2% fewer since 2022

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $351 million last quarter, up 8% on a year ago.
  • Profit: $66 million, up 10% on a year ago.
  • It keeps 26 cents of each $1 of sales as operating profit, up from 18 cents a year earlier.
  • Spare cash over the past 12 months: $437 million, up from $313 million.
  • 4% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $675 million more than cash, down from $702 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
October 2024$300m
January 2025$312m
April 2025$331m
July 2025$326m
October 2025$322m
January 2026$335m
April 2026$355m
July 2026$351m
Profit by quarter
Profit by quarter
Quarter toAmount
October 2024$6m
January 2025$26m
April 2025$54m
July 2025$60m
October 2025$52m
January 2026$50m
April 2026$69m
July 2026$66m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
17 March 2026
Next quarterly (estimated, 10-Q)
26 November 2026

Who owns it

2 long-term investors we follow own it, up from 1 last quarter. 498 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $5m, $3m of it under preset trading plans.

  • DILLON ADRIAN T
    Director
    Sold
    under a preset trading plan
    Date
    25 August 2026
    Shares
    7,632
    Price
    $104.61
    Value
    $798,373
  • Fiore Michael Henry
    EVP, CHIEF COMMERCIAL OFFICER
    Sold
    under a preset trading plan
    Date
    10 July 2026
    Shares
    2,354
    Price
    $95.00
    Value
    $223,630
  • Fiore Michael Henry
    EVP, CHIEF COMMERCIAL OFFICER
    Sold
    under a preset trading plan
    Date
    2 July 2026
    Shares
    2,470
    Price
    $95.00
    Value
    $234,650
  • Fiore Michael Henry
    EVP, CHIEF COMMERCIAL OFFICER
    Sold
    under a preset trading plan
    Date
    29 May 2026
    Shares
    3,142
    Price
    $95.00
    Value
    $298,490
  • Wellborn Gayle Furgurson
    Director
    Sold
    under a preset trading plan
    Date
    28 May 2026
    Shares
    2,439
    Price
    $90.00
    Value
    $219,510
  • Ladd Delano
    EVP, General Counsel
    Sold
    under a preset trading plan
    Date
    28 May 2026
    Shares
    7,500
    Price
    $90.00
    Value
    $675,000
  • Ladd Delano
    EVP, General Counsel
    Sold
    under a preset trading plan
    Date
    19 December 2025
    Shares
    1,500
    Price
    $94.72
    Value
    $142,080
  • Rosner Elimelech
    EVP, CHIEF TECHNOLOGY OFFICER
    Sold
    Date
    18 December 2025
    Shares
    10,959
    Price
    $95.45
    Value
    $1m
  • Wellborn Gayle Furgurson
    Director
    Sold
    Date
    12 December 2025
    Shares
    4,339
    Price
    $98.03
    Value
    $425,352
  • Ladd Delano
    EVP, General Counsel
    Sold
    under a preset trading plan
    Date
    20 November 2025
    Shares
    1,500
    Price
    $104.56
    Value
    $156,840

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Mar 2026, plus the 10-Q filed 27 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • If we fail to operate our marketplace effectively, if our Network Partners, Clients, or members respond negatively to our marketplace, or if our marketplace partners, products, or services are disrupted, our business may be adversely affected.

    Could happen
    The products, programs, and services made available through our marketplace may also subject us to additional federal, state, and local laws and regulations, and a failure to comply with any such law or regulation could have a negative effect on our business, financial condition, and results of operations, and may expose us to civil and criminal penalties. For example, one of our marketplace partners, in addition to offering branded GLP-1 medications as part of its weight loss programs, also offers access to compounded GLP-1 medications, and the regulatory environment around compounded GLP-1 medications has been volatile. The products, programs, and services made available through the marketplace are part of highly competitive markets, and introduce new and more sophisticated competitors to us, which could result in scrutiny, competitive pressures, and litigation from these competitors.
    Read more

  • If we fail to operate our marketplace effectively, if our Network Partners, Clients, or members respond negatively to our marketplace, or if our marketplace partners, products, or services are disrupted, our business may be adversely affected.

    Could happen
    We generate revenue from our marketplace partners who provide the HSA or FSA eligible products and services, including access to telehealth consultations, certain healthcare programs, and certain prescription medications through a third-party partner, to our members. The growth of our marketplace is dependent on our ability to operate the marketplace in a regulatorily compliant manner, market to members effectively and in a cost-efficient manner, and adapt to demands of our Network Partners, Clients, and members. Failure to operate the marketplace effectively could have a negative impact on our growth opportunities.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.