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Administrator of health savings accounts (HSAs) and other consumer-directed healthcare benefit accounts for employers.
Administrator of health savings accounts (HSAs) and other consumer-directed healthcare benefit accounts for employers.
Earns fees per account from employers and health plans, a share of interest on the cash balances in HSAs that it holds, and interchange (fees charged on card payments) when members spend, so higher account balances and interest rates both lift income. Acquired WageWorks, a large benefits administrator, in 2019.
Moat: narrow (switching costs, scale, distribution). Once an employer's HSA program is set up with payroll/benefits integration, switching administrators is disruptive.
Headquarters: Draper, Utah, US · Founded: 2002 · Employees: 2,814
Size HealthEquity (HQY) is a United States Financials company (Investment Managers) with a market value of $8.57B, the 857th largest of 3,117 United States companies the cockpit tracks. Shares closed at $103.63 on 6 Nov 2026.
Performance Over six months the shares gained 22.1%, against -0.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +12.4%); the operating margin is 26.1% (peer median 35.6%).
Valuation It trades at 20.5× forward earnings against a peer median of 14.0× (5th most expensive of 19).
Backlog Backlog (remaining performance obligations) was $3.10M at 31 Jul 2026, down 73% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit HealthEquity has 1 bond outstanding ($600M), rated BB- by the agencies and trading like BB- at a weighted spread of 179 bp.
Short interest Short interest is 7.2% of the free float (15 Oct 2026).
Next results Next results expected around 1 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.36B | $1.31B | $1.20B | $1,000M | $862M |
| Revenue growth | — | +9% | +20% | +16% | — |
| Gross profit | $864M | $805M | $693M | $530M | $396M |
| EBITDA | $513M | $482M | $393M | $281M | $199M |
| Net income | $236M | $215M | $96.7M | $55.7M | -$26.1M |
| Free cash flow | $488M | $455M | $338M | $241M | $147M |
| Capital expenditure | $53.5M | $48.8M | $505M | $46.1M | $119M |
| Total debt | $971M | $1.00B | $1.11B | $933M | $994M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HealthEquity HQY | $8.57B | +22% | +7% | 26% | 20.5× | n/a |
| UnitedHealth UNH | $353B | +4% | +3% | 5% | 17.4× | 4.3% |
| WEX WEX | $5.99B | +29% | +10% | 27% | 8.0× | n/a |
| Webster Financial WBS | n/a | +7% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HQY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | +1.9% | 3rd highest of 21 |
| 6-month return | +22.1% | -0.3% | 4th highest of 20 |
| Distance from 52-week high | -6.0% | -14.7% | 4th highest of 21 |
| Revenue growth (TTM) | +7.3% | +12.4% | 6th lowest of 21 |
| Operating margin | 26.1% | 35.6% | 8th lowest of 21 |
| Forward P/E | 20.5× | 14.0× | 5th most expensive of 19 |
| Bond spread | 179 bp | 112 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HealthEquity HQY | United States | $8.57B | +22% | +7% | 26% | 20.5× | n/a | n/a |
| VZ Holding AG VZN.SW | Switzerland | $8.03B | +17% | +9% | 45% | 24.1× | n/a | n/a |
| Affiliated Managers AMG | United States | $9.39B | +20% | +12% | 22% | 9.1× | n/a | n/a |
| Banca Generali BGN.MI | Italy | $7.73B | +4% | +17% | 38% | 15.3× | n/a | n/a |
| Victory Capital VCTR | United States | $7.38B | +40% | +50% | 46% | 14.0× | n/a | n/a |
| ICG ICG.L | United Kingdom | $7.32B | +2% | +6% | 60% | 11.9× | n/a | n/a |
| Nippon Life India Asset Management NAM-INDIA.NS | India | $7.22B | -4% | +23% | 68% | 39.1× | n/a | n/a |
| China Industrial Securities 601377.SS | China | $7.12B | -9% | -11% | 29% | 13.2× | n/a | n/a |
| Stifel Financial SF | United States | $10.7B | -7% | +8% | 22% | 10.3× | n/a | n/a |
| SBI Funds Management SBIFUNDS.NS | India | $10.8B | n/a | +21% | 89% | 31.1× | n/a | n/a |
| ChinaLin Securities 002945.SZ | China | $6.27B | 0% | +15% | 25% | n/a | n/a | n/a |
| EFG International EFGN.SW | Switzerland | $6.26B | -1% | -1% | 26% | 14.4× | n/a | n/a |
| Vontobel VONN.SW | Switzerland | $6.18B | +36% | +11% | 25% | 12.6× | n/a | n/a |
| Invesco IVZ | United States | $11.9B | -1% | +17% | 24% | 8.6× | n/a | n/a |
| HDFC Asset Management HDFCAMC.NS | India | $12.0B | -7% | +12% | 80% | 35.5× | n/a | n/a |
| SEI Investments SEIC | United States | $12.5B | +15% | +13% | 30% | 15.3× | n/a | n/a |
| China CITIC Financial Asset Management 2799.HK | Hong Kong | $5.83B | -24% | -18% | 135% | 3.1× | n/a | n/a |
| StepStone STEP | United States | $5.73B | -15% | +51% | -53% | 18.1× | n/a | n/a |
| iA Financial IAG.TO | Canada | $13.1B | +29% | +13% | 59% | 13.9× | n/a | n/a |
| IGM Financial IGM.TO | Canada | $13.3B | +7% | +20% | 36% | 14.0× | n/a | n/a |
| Capital Securities 601136.SS | China | $5.41B | -21% | +1% | 36% | n/a | n/a | n/a |
HealthEquity has 1 bond outstanding with $600M face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 6.33%, a spread of 179 bp over government bonds.
HealthEquity reported $3.10M of remaining performance obligations at 31 Jul 2026, down 73% from a year earlier and down 38% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.