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HQY Financials Healthequity, Inc.

14 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated Overview →

Growth & profitability

  • Revenue has grown 12.4% per year over the past 5 years.
  • Net income has grown faster than revenue (89.4% vs 12.4% per year).
  • Operating margin has expanded, at 24.6% in the latest year.
  • Free cash flow has grown 22.0% per year over the past 5 years.

Financial health

  • Total debt ($957M) exceeds cash ($319M); net debt is $638M.
  • Total debt has grown slower than revenue (-0.6% vs 12.4% per year).
  • Operating income covered interest expense 5.6× in the latest year.
  • Total debt is 2.0× EBITDA.
Revenue & net income
-$44M $635M $1B $0 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
-6% 32% 70% 0% 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
$0 $228M $455M 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $610M $1B 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$2B -$137M $1B $0 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2026 $1.3B $215M 69.5% 24.6% $455M $957M $319M
2025 $1.2B $97M 64.8% 13.5% $338M $1.1B $296M
2024 $1000M $56M 62.3% 11.8% $241M $875M $404M
2023 $862M -$26M 57.1% 1.1% $147M $925M $254M
2022 $757M -$44M 56.1% -3.2% $132M $931M $225M
2021 $734M $9M 56.6% 4.6% $169M $987M $329M
2020 $532M $40M 61.3% 14.5% $98M $1.2B $192M
2019 $287M $74M 63.1% 27.0% $110M $0 $361M
2018 $230M $47M 58.8% 23.7% $76M — $199M
2017 $178M $26M 59.6% 23.1% $42M — $140M
2016 — $17M — — $24M — $84M
2015 — $10M — — $13M — $111M
2014 — $1M — — $16M — $14M
2013 — $11M — — $11M — $6M

Valuation over time

How the market has priced HQY against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

Price / earnings (P/E)
0.0 76.2 152.4 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 4.2 8.5 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S

Frequently asked questions

Is HQY growing its revenue and profit?

Over the past 5 years, Healthequity, Inc.'s revenue has grown 12.4% per year, and net income grown 89.4% per year. These are computed facts, not advice.

How much debt does HQY have?

As of FY2026, Healthequity, Inc. reported $957M of total debt against $319M of cash; operating income covered interest expense 5.6×.

What is HQY's profit margin?

In FY2026, gross margin was 69.5%, operating margin 24.6%, and net margin 16.4%.

What is HQY's P/E ratio?

As of Jun '26, Healthequity, Inc. traded at a price-to-earnings ratio of about 32.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.