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 Aug 30, 2026, 10:12 UTC 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

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2026	$1.3B	$215M	69.5%	24.6%	10.2%	6.4%	$455M	$957M	$319M
2025	$1.2B	$97M	64.8%	13.5%	4.6%	2.8%	$338M	$1.1B	$296M
2024	$1000M	$56M	62.3%	11.8%	2.7%	1.8%	$241M	$875M	$404M
2023	$862M	-$26M	57.1%	1.1%	-1.4%	-0.8%	$147M	$925M	$254M
2022	$757M	-$44M	56.1%	-3.2%	-2.4%	-1.4%	$132M	$931M	$225M
2021	$734M	$9M	56.6%	4.6%	0.6%	0.3%	$169M	$987M	$329M
2020	$532M	$40M	61.3%	14.5%	3.8%	1.5%	$98M	$1.2B	$192M
2019	$287M	$74M	63.1%	27.0%	15.5%	14.5%	$110M	$0	$361M
2018	$230M	$47M	58.8%	23.7%	13.7%	12.8%	$76M	—	$199M
2017	$178M	$26M	59.6%	23.1%	10.1%	9.4%	$42M	—	$140M
2016	—	$17M	—	—	8.2%	7.6%	$24M	—	$84M
2015	—	$10M	—	—	7.1%	6.4%	$13M	—	$111M
2014	—	$1M	—	—	-9.7%	2.2%	$16M	—	$14M
2013	—	$11M	—	—	-174.5%	—	$11M	—	$6M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jul '26	$351M	$66M	73.5%	28.1%	3.3%	2.0%	$135M	$931M	$256M
Apr '26	$355M	$69M	72.3%	29.0%	3.4%	2.1%	$97M	$943M	$265M
Jan '26	$335M	$50M	68.2%	21.2%	2.4%	1.5%	$118M	$957M	$319M
Oct '25	$322M	$52M	70.8%	24.4%	2.4%	1.5%	$138M	$982M	$309M
Jul '25	$326M	$60M	71.4%	27.5%	2.8%	1.8%	$135M	$1.0B	$304M
Apr '25	$331M	$54M	67.8%	25.1%	2.5%	1.6%	$65M	$1.1B	$288M
Jan '25	$312M	$26M	60.6%	13.5%	1.2%	0.8%	$75M	$1.1B	$296M
Oct '24	$300M	$6M	65.6%	6.5%	0.3%	0.2%	$90M	$1.1B	$322M
Jul '24	$300M	$36M	68.0%	19.6%	1.7%	1.0%	$107M	$1.1B	$327M
Apr '24	$288M	$29M	65.1%	14.5%	1.4%	0.9%	$65M	$926M	$251M
Jan '24	$262M	$26M	62.2%	14.8%	1.3%	0.8%	$77M	$875M	$404M
Oct '23	$249M	$15M	63.9%	12.4%	0.7%	0.5%	$57M	$874M	$334M
Jul '23	$244M	$11M	62.3%	10.2%	0.5%	0.3%	$77M	$874M	$290M
Apr '23	$244M	$4M	60.7%	9.5%	0.2%	0.1%	$31M	$873M	$226M
Jan '23	$234M	-$209000	57.6%	5.7%	-0.0%	-0.0%	$55M	$925M	$254M
Oct '22	$216M	-$2M	58.9%	2.6%	-0.1%	-0.1%	$47M	$927M	$210M
Jul '22	$206M	-$11M	57.4%	-1.2%	-0.6%	-0.3%	$39M	$928M	$177M
Apr '22	$206M	-$14M	54.1%	-3.5%	-0.7%	-0.4%	$6M	$929M	$161M
Jan '22	$203M	-$33M	52.0%	-13.4%	-1.8%	-1.1%	$49M	$931M	$225M
Oct '21	$180M	-$5M	57.6%	-0.2%	-0.3%	-0.2%	$21M	$930M	$649M

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.

The price-to-earnings ratio has fallen from 112.2× (Jan '24) to 41.8× (Nov '26).
The price-to-sales ratio has risen from 5.6× (Mar '23) to 6.9× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

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?

Healthequity, Inc.'s P/E (TTM) is 38.06 as of the 2026-11-04 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the HQY stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 41.8× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.