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HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. It offers health savings accounts (HAS); investment platform; online-only automated investment advisory services through Advisor, a Web-based tool. The company also provides flexible spending accounts (FSA) for health and dependent care; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. In addition, the company offers HSA and FSA members with access to certain healthcare products, programs, and services through its marketplace. It serves clients through a direct sales force; and brokers and advisors, a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. HealthEquity, Inc. was incorporated in 2002 and is based in Draper, Utah.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $1.3B | $489M | $215M | $408M | 10.2% | 9.5% | 122.5% |
| 2025 | $1.2B | $339M | $97M | $-166M | 4.6% | 20.0% | 73.6% |
| 2024 | $1000M | $284M | $56M | $197M | 2.7% | 16.0% | -313.1% |
| 2023 | $862M | $172M | $-26M | $32M | -1.4% | - | - |
| 2022 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2026 |
|---|---|
| Total Revenue | 1,313.43 |
| Operating Revenue | 1,313.43 |
| Cost Of Revenue | 400.31 |
| Gross Profit | 913.12 |
| Operating Expense | 585.64 |
| Research And Development | 262.51 |
| Selling General And Administration | 215.17 |
| Total Expenses | 985.95 |
| Operating Income | 327.48 |
| Total Operating Income As Reported | 322.46 |
| EBITDA | 489.22 |
| Normalized EBITDA | 494.24 |
| EBIT | 334.56 |
| Interest Income | 11.73 |
| Interest Expense | 57.13 |
| Net Interest Income | -45.40 |
| Other Non Operating Income Expenses | 0.38 |
| Other Income Expense | -4.65 |
| Interest Income Non Operating | 11.73 |
| Interest Expense Non Operating | 57.13 |
| Net Non Operating Interest Income Expense | -45.40 |
| Pretax Income | 277.43 |
| Tax Provision | 62.23 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | -1.13 |
| Net Income Continuous Operations | 215.20 |
| Net Income From Continuing And Discontinued Operation | 215.20 |
| Net Income From Continuing Operation Net Minority Interest | 215.20 |
| Net Income | 215.20 |
| Net Income Common Stockholders | 215.20 |
| Net Income Including Noncontrolling Interests | 215.20 |
| Normalized Income | 219.10 |
| Diluted NI Availto Com Stockholders | 215.20 |
| Basic Average Shares | 86.13 |
| Diluted Average Shares | 87.47 |
| Reconciled Depreciation | 154.66 |
| Reconciled Cost Of Revenue | 353.61 |
| Total Unusual Items | -5.02 |
| Total Unusual Items Excluding Goodwill | -5.02 |
| Special Income Charges | -5.02 |
| Restructuring And Mergern Acquisition | 5.02 |
| Gain On Sale Of Security | - |
| Depreciation Amortization Depletion Income Statement | 107.95 |
| Depreciation And Amortization In Income Statement | 107.95 |
| General And Administrative Expense | 119.93 |
| Other Gand A | 119.93 |
| Selling And Marketing Expense | 95.24 |
| Amortization | 107.95 |
| Amortization Of Intangibles Income Statement | 107.95 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| HealthEquity, Inc.this co. | HQY | $7.2B | 33.42 | 3.41 | 10.2% | 16.10 |
| ImmunityBio, Inc. | IBRX | $7.6B | -21.73 | -15.26 | 70.2% | -36.08 |
| Nuvalent, Inc. | NUVL | $7.4B | -17.46 | 5.95 | -34.1% | - |
| Praxis Precision Medicines, Inc. | PRAX | $7.4B | -24.34 | 8.41 | -34.5% | -21.54 |
| Oscar Health, Inc. | OSCR | $7.1B | -16.06 |
| - |
| - |
| - |
| - |
| - |
| 7.28 |
| -45.3% |
| - |
| Vaxcyte, Inc. | PCVX | $7.0B | -9.18 | 2.62 | -28.5% | -7.77 |
| Apogee Therapeutics, Inc. | APGE | $6.9B | -26.79 | 7.58 | -28.3% | -23.68 |
| Spyre Therapeutics, Inc. | SYRE | $6.8B | - | 9.53 | -21.7% | - |
| Arcellx, Inc. | ACLX | $6.7B | -29.41 | 16.73 | -56.9% | -30.17 |
| Peer Median | - | -21.73 | 7.43 | -31.3% | -23.68 | |