Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%

Attractive yield
FCF Yield is 6.1%

Low stock price volatility
Vol 12M is 35%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -41%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 20x, P/EPrice/Earnings or Price/(Net Income) is 31x

Key risks
HQY key risks include [1] the high sensitivity of its custodial revenue to interest rate declines and [2] regulatory or healthcare policy changes that could undermine the market for its core HSA products.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
2 Attractive yield
FCF Yield is 6.1%
3 Low stock price volatility
Vol 12M is 35%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
5 Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -41%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 20x, P/EPrice/Earnings or Price/(Net Income) is 31x
7 Key risks
HQY key risks include [1] the high sensitivity of its custodial revenue to interest rate declines and [2] regulatory or healthcare policy changes that could undermine the market for its core HSA products.

HQY in ETFs

Weight = HQY's share of each fund

VTI0.01%
ITOT0.01%
IWM0.21%
IJH0.20%
VB0.09%
IHF1.1%
MDYG0.41%
IWO0.39%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/18/2026

HealthEquity (HQY) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Strong Financial Performance in Fiscal Q4 2026 and Fiscal Q1 2027: HealthEquity consistently surpassed analyst expectations for both earnings per share (EPS) and revenue. For fiscal Q4 2026 (ended January 31, 2026), the company reported an EPS of $0.95, exceeding the forecasted $0.90, and revenue of $334.6 million, above the anticipated $331.93 million. This positive momentum continued into fiscal Q1 2027 (ended April 30, 2026), with non-GAAP EPS of $1.24 beating analysts' consensus estimates of $1.11 by $0.13, and revenue of $354.6 million, an increase of 7% year-over-year, surpassing estimates of $352.02 million.

2. Increased Fiscal Year 2027 Guidance: Following its robust performance, HealthEquity raised its full-year guidance for fiscal 2027 (ending January 31, 2027). The company's updated outlook projects revenues between $1.410 billion and $1.420 billion and net income between $242 million and $248 million. This represents an increase from the initial fiscal 2027 revenue outlook of $1.38 billion to $1.41 billion provided in January 2026, signaling management's confidence in continued growth.

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Updated on 6/18/2026

HealthEquity (HQY) stock has gained about 10% since 2/28/2026 because of the following key factors:

1. Strong Financial Performance in Fiscal Q4 2026 and Fiscal Q1 2027: HealthEquity consistently surpassed analyst expectations for both earnings per share (EPS) and revenue. For fiscal Q4 2026 (ended January 31, 2026), the company reported an EPS of $0.95, exceeding the forecasted $0.90, and revenue of $334.6 million, above the anticipated $331.93 million. This positive momentum continued into fiscal Q1 2027 (ended April 30, 2026), with non-GAAP EPS of $1.24 beating analysts' consensus estimates of $1.11 by $0.13, and revenue of $354.6 million, an increase of 7% year-over-year, surpassing estimates of $352.02 million.

2. Increased Fiscal Year 2027 Guidance: Following its robust performance, HealthEquity raised its full-year guidance for fiscal 2027 (ending January 31, 2027). The company's updated outlook projects revenues between $1.410 billion and $1.420 billion and net income between $242 million and $248 million. This represents an increase from the initial fiscal 2027 revenue outlook of $1.38 billion to $1.41 billion provided in January 2026, signaling management's confidence in continued growth.

3. Robust Growth in Health Savings Account (HSA) Metrics: The company demonstrated significant expansion in its core business, with substantial growth in both HSA accounts and assets under management. As of April 30, 2026, total HSA assets increased 19% year-over-year to $37.1 billion. Additionally, HSA accounts grew 8% year-over-year to 10.6 million. This includes a record addition of 550,000 HSAs during fiscal Q4 2026.

4. Enhanced Profitability and Shareholder Returns: HealthEquity showcased improved operational efficiency and initiated a substantial share repurchase program. In fiscal Q1 2027, gross profit increased 14.3% year-over-year, and the gross margin expanded 450 basis points to 72.3%. Operating profit also improved by 23.9% from the prior-year quarter, and net income rose 29%. Furthermore, the board authorized an additional $1.0 billion for common stock repurchases in May 2026, following the repurchase of 1.5 million shares for $123.0 million during fiscal Q1 2027.

5. Positive Analyst Sentiment and Price Targets: Wall Street analysts maintained a generally bullish outlook on HealthEquity, with a consensus rating of "Moderate Buy" from multiple firms. The average 12-month price target among analysts is approximately $110.57, suggesting a forecasted upside of 28.08% from a recent trading price of $86.33. Several analyst firms also reiterated or upgraded their ratings and raised price targets for the stock during the period.

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Stock Movement Drivers

Fundamental Drivers

The 11.4% change in HQY stock from 2/28/2026 to 6/21/2026 was primarily driven by a 16.1% change in the company's Net Income Margin (%).
(LTM values as of)22820266212026Change
Stock Price ($)76.4985.2111.4%
Change Contribution By: 
Total Revenues ($ Mil)1,2911,3373.6%
Net Income Margin (%)14.9%17.3%16.1%
P/E Multiple34.331.2-9.1%
Shares Outstanding (Mil)86841.9%
Cumulative Contribution11.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/21/2026
ReturnCorrelation
HQY11.4% 
Market (SPY)9.2%19.7%
Sector (XLV)-6.4%21.4%

Fundamental Drivers

The -19.0% change in HQY stock from 11/30/2025 to 6/21/2026 was primarily driven by a -50.1% change in the company's P/E Multiple.
(LTM values as of)113020256212026Change
Stock Price ($)105.1885.21-19.0%
Change Contribution By: 
Total Revenues ($ Mil)1,2691,3375.4%
Net Income Margin (%)11.5%17.3%50.1%
P/E Multiple62.431.2-50.1%
Shares Outstanding (Mil)87842.5%
Cumulative Contribution-19.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/21/2026
ReturnCorrelation
HQY-19.0% 
Market (SPY)9.9%22.7%
Sector (XLV)-4.4%21.7%

Fundamental Drivers

The -15.3% change in HQY stock from 5/31/2025 to 6/21/2026 was primarily driven by a -65.4% change in the company's P/E Multiple.
(LTM values as of)53120256212026Change
Stock Price ($)100.6185.21-15.3%
Change Contribution By: 
Total Revenues ($ Mil)1,2001,33711.5%
Net Income Margin (%)8.1%17.3%114.0%
P/E Multiple90.231.2-65.4%
Shares Outstanding (Mil)87842.7%
Cumulative Contribution-15.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/21/2026
ReturnCorrelation
HQY-15.3% 
Market (SPY)28.1%25.7%
Sector (XLV)14.6%14.3%

Fundamental Drivers

The 55.5% change in HQY stock from 5/31/2023 to 6/21/2026 was primarily driven by a 55.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236212026Change
Stock Price ($)54.8085.2155.5%
Change Contribution By: 
Total Revenues ($ Mil)8621,33755.2%
P/S Multiple5.45.4-0.2%
Shares Outstanding (Mil)85840.4%
Cumulative Contribution55.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/21/2026
ReturnCorrelation
HQY55.5% 
Market (SPY)85.7%34.4%
Sector (XLV)22.9%20.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HQY Return-37%39%8%45%-5%-6%24%
Peers Return13%-1%15%18%-20%-9%12%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
HQY Win Rate42%58%42%67%42%33% 
Peers Win Rate53%48%57%65%45%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
HQY Max Drawdown-57%-27%-24%-22%-33%-26% 
Peers Max Drawdown-21%-23%-17%-16%-39%-26% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WEX, VOYA, ADP, PAYX, FISV. See HQY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventHQYS&P 500
2024 Yen Carry Trade Unwind
  % Loss-14.0%-7.8%
  % Gain to Breakeven16.3%8.5%
  Time to Breakeven25 days18 days
2023 SVB Regional Banking Crisis
  % Loss-19.2%-6.7%
  % Gain to Breakeven23.7%7.1%
  Time to Breakeven34 days31 days
2020 COVID-19 Crash
  % Loss-53.2%-33.7%
  % Gain to Breakeven113.7%50.9%
  Time to Breakeven314 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-43.4%-19.2%
  % Gain to Breakeven76.8%23.8%
  Time to Breakeven2129 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-18.8%-3.7%
  % Gain to Breakeven23.1%3.9%
  Time to Breakeven6 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-52.9%-12.2%
  % Gain to Breakeven112.4%13.9%
  Time to Breakeven214 days62 days

Compare to WEX, VOYA, ADP, PAYX, FISV

In The Past

HealthEquity's stock fell -14.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 16.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventHQYS&P 500
2020 COVID-19 Crash
  % Loss-53.2%-33.7%
  % Gain to Breakeven113.7%50.9%
  Time to Breakeven314 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-43.4%-19.2%
  % Gain to Breakeven76.8%23.8%
  Time to Breakeven2129 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-52.9%-12.2%
  % Gain to Breakeven112.4%13.9%
  Time to Breakeven214 days62 days

Compare to WEX, VOYA, ADP, PAYX, FISV

In The Past

HealthEquity's stock fell -14.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 16.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About HealthEquity (HQY)

HealthEquity, Inc. provides technology-enabled service platforms designed to empower individuals and employers in the United States to manage their health savings and spending effectively. The company's core mission is to help consumers make informed financial decisions related to healthcare, including paying bills, comparing treatment options and prices, and growing their health savings through investment choices.

The company's primary products and services center around health savings accounts (HSAs), which often include a mutual fund investment platform and online automated investment advisory services. Beyond HSAs, HealthEquity also administers other pre-tax benefit accounts such as flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). Additionally, it offers Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation services and manages pre-tax commuter benefit programs.

HealthEquity serves two main customer segments: individual consumers and employers. The company utilizes a multi-pronged approach to reach its market, including a direct sales force, collaborations with benefits brokers and advisors, and strategic partnerships with health plans, benefits administrators, and retirement plan record-keepers across the United States.

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  • Mint.com for health expenses and savings.
  • Fidelity for your health savings and investment accounts.
  • ADP for managing health and commuter benefits.
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  • Technology-enabled Health Finance Platform: Cloud-based platforms empowering individuals to manage health savings, spending, and investment decisions, offering tools for comparison, personalized information, and wellness incentives.
  • Health Savings Accounts (HSAs): Administration of tax-advantaged savings accounts used to pay for qualified medical expenses.
  • Flexible Spending Accounts (FSAs): Administration of employer-sponsored plans allowing pre-tax contributions for healthcare or dependent care expenses.
  • Health Reimbursement Arrangements (HRAs): Administration of employer-funded plans that reimburse employees for out-of-pocket medical expenses.
  • Mutual Fund Investment Platform: A platform providing options for investing funds held in health savings accounts into various mutual funds.
  • Automated Investment Advisory Services (Advisor): An online tool offering automated investment advice specifically for health savings accounts.
  • COBRA Continuation Services: Administration of services enabling individuals to continue health coverage after certain qualifying events.
  • Pre-tax Commuter Benefit Programs: Administration of programs allowing employees to use pre-tax earnings for qualified commuting expenses.

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Major Customers of HealthEquity (HQY)

HealthEquity (HQY) sells its technology-enabled services platforms primarily to other companies, which then often make these services available to individuals (their employees or members). The provided company description does not list specific names of customer companies.

Based on the description, HealthEquity's major customers and partners fall into the following categories:

  • Employers: HealthEquity provides platforms directly to employers for their employees to manage health savings and spending.
  • Health Plans: The company works with a network of health plans, which likely integrate or offer HealthEquity's services to their members.
  • Benefits Administrators: HealthEquity serves benefits administrators, who manage various employee benefits programs for other companies.
  • Benefits Brokers and Consultants: These intermediaries recommend and facilitate the adoption of HealthEquity's solutions to employers and other organizations.
  • Retirement Plan Record-keepers: The company partners with retirement plan record-keepers, integrating its health savings and investment options into broader financial wellness offerings.

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  • Axos Bank (AX)

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Scott Cutler, President / CEO

Scott Cutler became President and CEO of HealthEquity in January 2025. He brings a strong background in leveraging technology to empower consumers and transforming service experiences. Before joining HealthEquity, he served as CEO of StockX, a leading consumer e-commerce marketplace, and held key leadership roles at eBay, including Senior Vice President of the Americas. He also served as President of StubHub and Executive Vice President at the New York Stock Exchange. Earlier in his career, he worked as a technology investment banker and a corporate securities lawyer.

James Lucania, EVP / Chief Financial Officer

James Lucania was appointed Executive Vice President and Chief Financial Officer of HealthEquity, with his term commencing in September 2023. He has over two decades of experience in finance leadership. Prior to HealthEquity, he served as CFO at Ascensus starting in 2016 and as CFO of Checkpoint Systems, where he successfully executed a strategic sale. His background also includes roles at Miller Buckfire & Co., focusing on corporate restructuring and M&A transactions, and leadership positions at Levine Leichtman Capital Partners, indicating experience with private equity firms.

Stephen D. Neeleman, MD, Founder / Vice Chair

Dr. Stephen D. Neeleman founded HealthEquity in 2002 with a vision to connect health and wealth for Americans and re-introduce consumerism to healthcare. He has served as Vice Chairman since February 2014, and previously as President and Chief Executive Officer from November 2002 through January 2014. He is also the co-author of "The Complete HSA Guidebook—How to Make Health Savings Accounts Work for You."

Eli Rosner, EVP / Chief Technology Officer

Eli Rosner joined HealthEquity in 2022 as EVP and Chief Technology Officer. Before this, he was the Chief Product and Technology Officer at Finastra, a global provider of financial services software. He also served as CTO and Head of Product Management, where he was instrumental in transforming a hardware and services company into a global leader in platform, data, and solutions for various sectors including financial services and retail.

Del Ladd, EVP / General Counsel

Del Ladd serves as the Executive Vice President, General Counsel, and Secretary of HealthEquity, a position he has held since joining the company in 2016. He leads the Legal Department and possesses substantial experience in corporate governance, securities, and mergers and acquisitions. Prior to his time at HealthEquity, Mr. Ladd worked for Willkie Farr & Gallagher LLP in New York.

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HealthEquity (HQY) faces several key risks to its business operations and financial performance:

  1. Interest Rate Sensitivity: A significant portion of HealthEquity's custodial revenue is derived from the interest earned on cash assets held within Health Savings Accounts (HSAs). Consequently, a decline in interest rates could lead to a reduction in this crucial revenue stream, impacting the company's profitability.
  2. Competitive Landscape: HealthEquity operates in a highly competitive market for health savings and consumer-directed benefits administration. The company faces stiff competition from diversified financial institutions, such as Fidelity Investments and Optum (part of UnitedHealth Group), which can leverage their extensive client bases and offer bundled services, potentially eroding HealthEquity's market share and pricing power.
  3. Regulatory and Legislative Changes: HealthEquity's business model is largely dependent on the existing regulatory and legislative framework governing tax-advantaged HSAs and other consumer-directed benefits. Any adverse changes to these policies, including shifts in eligibility criteria, contribution limits, or the overall healthcare regulatory environment, could significantly impact the demand for its services and its financial results.

AI Analysis | Feedback

The rapid advancement and integration of artificial intelligence (AI) and large language models (LLMs) into personal finance and healthcare management platforms pose an emerging threat. These technologies could enable new entrants, existing financial institutions, or major tech companies to offer highly personalized, automated, and proactive solutions for health saving and spending decisions, treatment cost comparisons, and HSA investment optimization. Such advanced AI-driven tools, potentially embedded directly into broader financial wellness platforms, electronic health records, or consumer-facing apps, could diminish the unique value proposition and necessity of HealthEquity's dedicated cloud-based platforms and advisory services by providing a more integrated and autonomous user experience.

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HealthEquity, Inc. (HQY) addresses several significant markets within the United States for its main products and services:

  • Health Savings Accounts (HSAs): The U.S. HSA market is substantial and growing. As of midyear 2025, HSA assets reached approximately $159 billion across 40 million accounts. This market is projected to exceed 47 million accounts and hold over $208 billion in total assets by the end of 2027. Furthermore, new tax legislation enacted in July 2025 is anticipated to broaden eligibility for HSAs, making them accessible to an additional 10 million Americans starting in 2026.
  • Flexible Spending Accounts (FSAs): The Flexible Spending Account solution market, globally, was estimated at $15 billion in 2025 and is projected to grow to approximately $28 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 8%. The United States is expected to dominate this market. Annual spending tied to FSAs in American households is estimated to be $36 billion. In 2024, a survey indicated that 72% of state and local government workers and 47% of private-sector workers in the U.S. had access to a health care flexible spending account.
  • Health Reimbursement Arrangements (HRAs) and Consolidated Omnibus Budget Reconciliation Act (COBRA) Continuation Services: These services fall under the broader Benefits Administration Service Market. The global Benefits Administration Service Market is estimated to be valued at US$ 934.7 million in 2025 and is expected to reach US$ 1,697.7 million by 2032, growing at a CAGR of 8.9% from 2025 to 2032. North America is estimated to lead this market, holding a 41.2% share in 2025. The core benefits administration segment, which includes COBRA administration and FSA/HSA account management, is expected to be a leading segment within this market, holding a 39.6% share in 2025.
  • Pre-Tax Commuter Benefit Programs: In the U.S., subsidized commuting was available to 10% of all private industry workers in 2024. For 2026, the IRS permits employees to exclude up to $340 per month for public transportation and $340 per month for qualified parking separately as pre-tax commuter benefits. Employers offering these programs can save approximately $532 in FICA taxes per employee per year, while employees can save an average of $800 per year.

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HealthEquity (HQY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Continued Growth in Health Savings Accounts (HSAs) and Assets: HealthEquity, as the nation's largest HSA custodian, is poised to benefit from the increasing demand for tax-advantaged healthcare spending and savings solutions. The company has reported solid year-over-year growth in HSA accounts and assets, with projections indicating continued expansion in this core business. This growth underpins a scaling, diversified fee and yield model.
  2. Optimizing Custodial Revenue and Yield on HSA Cash: A significant portion of HealthEquity's revenue is derived from custodial revenue and the yield generated on Health Savings Account (HSA) cash. The company's ability to maintain or improve its average annualized yield on HSA cash, partly through its Enhanced Rates offering and strategic cash placements, will be a key driver of revenue growth.
  3. Investments in Technology and Digital Engagement: HealthEquity is focused on modernizing its business, enhancing security, and accelerating the digital experience to drive engagement with its platforms. Initiatives include a new direct HSA enrollment platform and advanced AI-powered solutions (such as agentic AI, Expedited Claims AI, and HSAnswers), which are expected to increase trust, engagement, and product adoption among consumers and partners.
  4. Expansion of Product and Service Offerings: The company is expanding its HealthEquity marketplace platform to provide greater access to affordable healthcare solutions. This includes the introduction of programs supporting weight loss through GLP-1s, demonstrating a strategy to diversify offerings beyond traditional HSAs and cater to evolving healthcare needs.
  5. Deepening Relationships with Employers and Members: HealthEquity aims to further strengthen its relationships with employers and members. This involves working with employers and partners on plan design to support HSA adoption and securing new employer clients, which is crucial for driving ongoing product adoption and expanding its customer base.

AI Analysis | Feedback

Capital Allocation Decisions of HealthEquity (HQY)

Share Repurchases

  • HealthEquity repurchased 1.0 million shares for $93.7 million during the third quarter ended October 31, 2025, with $258.8 million remaining authorized for future repurchases.
  • The company repurchased 0.7 million shares for $66.0 million during the second quarter ended July 31, 2025.
  • Under a buyback program announced on September 3, 2024, HealthEquity completed the repurchase of 3,294,219 shares for US$300 million by September 30, 2025.

Share Issuance

  • HealthEquity's shares outstanding increased by 2.15% to 0.089 billion in 2025 from 2024.
  • Shares outstanding increased by 2.98% to 0.087 billion in 2024 from 2023.
  • The company's shares outstanding saw a 1.57% increase in 2023 from 2022.

Outbound Investments

  • In November 2021, HealthEquity acquired Further, an HSA and consumer-directed benefit administration services provider, for $455 million, with a potential additional $45 million.
  • In March 2022, HealthEquity acquired the Health Savings Administrators, L.L.C. HSA portfolio for $60 million in cash.
  • During fiscal year 2025 (ending January 31, 2025), HealthEquity acquired the BenefitWallet HSA portfolio for $425.0 million.

Capital Expenditures

  • HealthEquity's annual capital expenditures were $505.454 million in 2025, $46.074 million in 2024, and $119.127 million in 2023.
  • The trailing twelve months (TTM) annual capital expenditures for HealthEquity were $52.261 million as of March 9, 2026.
  • Quarterly capital expenditures for the periods ending October 31, 2025, July 31, 2025, and April 30, 2025, were $11.381 million, $11.18 million, and $16.143 million, respectively.

Better Bets vs. HealthEquity (HQY)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
Mkt Price85.21127.5390.20218.4198.2447.8694.22
Mkt Cap7.24.48.487.735.225.617.0
Rev LTM1,3372,6988,04321,6006,33421,0907,188
Op Inc LTM347665-5,7272,3375,1582,337
FCF LTM4414011,4314,8412,0904,1271,761
FCF 3Y Avg1663231,3604,1901,8754,1621,617
CFO LTM4906051,4315,4522,3206,0131,875
CFO 3Y Avg3694951,3604,7652,0645,7751,712

Growth & Margins

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
Rev Chg LTM7.6%3.3%2.8%6.9%16.4%1.9%5.1%
Rev Chg 3Y Avg14.2%3.4%9.2%6.9%8.9%5.2%7.9%
Rev Chg Q7.2%5.8%2.9%7.0%19.9%-2.0%6.4%
QoQ Delta Rev Chg LTM1.8%1.4%0.7%1.8%5.0%-0.5%1.6%
Op Inc Chg LTM42.6%-2.1%-7.9%3.5%-15.1%3.5%
Op Inc Chg 3Y Avg81.1%1.4%-10.0%5.8%11.3%10.0%
Op Mgn LTM26.0%24.6%-26.5%36.9%24.5%26.0%
Op Mgn 3Y Avg19.8%25.3%-26.2%39.9%26.7%26.2%
QoQ Delta Op Mgn LTM1.0%-0.3%-0.2%-0.2%-2.4%-0.2%
CFO/Rev LTM36.6%22.4%17.8%25.2%36.6%28.5%26.9%
CFO/Rev 3Y Avg30.2%18.8%17.6%23.5%36.5%28.2%25.8%
FCF/Rev LTM33.0%14.9%17.8%22.4%33.0%19.6%21.0%
FCF/Rev 3Y Avg12.4%12.3%17.6%20.6%33.2%20.3%19.0%

Valuation

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
Mkt Cap7.24.48.487.735.225.617.0
P/S5.41.61.04.15.61.22.8
P/Op Inc20.76.6-15.315.15.015.1
P/EBIT20.36.67.414.314.64.810.9
P/E31.214.212.320.221.58.017.2
P/CFO14.77.35.916.115.24.311.0
Total Yield3.2%7.1%10.2%7.9%9.1%12.5%8.5%
Dividend Yield0.0%0.0%2.1%2.9%4.4%0.0%1.1%
FCF Yield 3Y Avg2.3%4.4%19.9%4.2%4.5%7.1%4.5%
D/E0.11.20.40.00.11.10.3
Net D/E0.10.4-2.90.00.11.10.1

Returns

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
1M Rtn-3.3%-15.3%10.1%-2.3%1.3%-16.2%-2.8%
3M Rtn5.2%-18.7%35.1%5.5%7.5%-16.1%5.3%
6M Rtn-10.8%-15.5%21.3%-14.0%-10.5%-29.6%-12.4%
12M Rtn-15.9%-9.3%38.5%-26.7%-31.4%-70.7%-21.3%
3Y Rtn34.8%-26.3%38.5%6.3%-2.5%-60.3%1.9%
1M Excs Rtn-1.3%-11.6%11.4%-2.2%2.0%-16.6%-1.8%
3M Excs Rtn-8.5%-29.5%22.3%-9.1%-5.0%-29.6%-8.8%
6M Excs Rtn-21.5%-26.7%11.1%-25.7%-23.0%-39.6%-24.4%
12M Excs Rtn-40.2%-35.8%13.6%-52.4%-58.3%-96.1%-46.3%
3Y Excs Rtn-41.0%-99.6%-36.6%-65.4%-76.1%-131.4%-70.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20262025202420232022
Single Segment1,3131,2001,000862757
Total1,3131,2001,000862757


Price Behavior

Price Behavior
Market Price$85.21 
Market Cap ($ Bil)7.2 
First Trading Date07/31/2014 
Distance from 52W High-19.2% 
   50 Days200 Days
DMA Price$84.74$88.32
DMA Trendindeterminateup
Distance from DMA0.6%-3.5%
 3M1YR
Volatility37.3%35.2%
Downside Capture109.1397.93
Upside Capture74.5650.42
Correlation (SPY)18.8%28.7%
HQY Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.711.450.840.930.940.87
Up Beta2.871.150.891.351.410.97
Down Beta-0.59-0.95-0.480.651.141.12
Up Capture73%116%127%46%38%37%
Bmk +ve Days13283667141432
Stock +ve Days12254066128394
Down Capture-42%356%112%120%94%85%
Bmk -ve Days7132757109318
Stock -ve Days8162357119350

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HQY
HQY-15.3%35.1%-0.42-
Sector ETF (XLV)14.0%15.0%0.6615.4%
Equity (SPY)26.5%12.4%1.6128.7%
Gold (GLD)24.2%27.5%0.77-12.5%
Commodities (DBC)19.8%18.8%0.83-9.7%
Real Estate (VNQ)11.0%13.7%0.529.0%
Bitcoin (BTCUSD)-40.0%42.4%-1.087.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HQY
HQY1.5%39.7%0.15-
Sector ETF (XLV)5.4%14.7%0.1919.6%
Equity (SPY)13.5%17.1%0.6229.3%
Gold (GLD)17.1%18.3%0.76-12.3%
Commodities (DBC)7.5%19.4%0.297.7%
Real Estate (VNQ)1.9%18.9%0.0012.3%
Bitcoin (BTCUSD)11.0%54.2%0.4010.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HQY
HQY11.6%44.4%0.41-
Sector ETF (XLV)9.4%16.6%0.4637.8%
Equity (SPY)15.3%18.0%0.7343.9%
Gold (GLD)12.3%16.1%0.63-10.5%
Commodities (DBC)5.9%18.0%0.2616.5%
Real Estate (VNQ)5.3%20.7%0.2230.1%
Bitcoin (BTCUSD)60.0%66.8%1.008.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity4.1 Mil
Short Interest: % Change Since 5152026-8.3%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest3.5 days
Basic Shares Quantity84.4 Mil
Short % of Basic Shares4.9%

Earnings Returns History

Updated 6/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/28/2026-2.8%-5.0% 
3/17/20260.2%3.4%6.5%
12/3/2025-3.0%-3.0%-3.2%
9/2/20257.5%4.7%2.1%
6/3/20259.0%3.3%-1.9%
3/18/2025-17.1%-11.3%-18.9%
12/9/2024-5.6%-7.8%-0.7%
9/3/20245.1%-5.0%0.6%
...
SUMMARY STATS   
# Positive141111
# Negative111413
Median Positive3.7%4.7%6.5%
Median Negative-3.0%-5.7%-4.4%
Max Positive11.6%14.3%18.8%
Max Negative-24.6%-27.4%-18.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/28/2026-2.8%-5.0% 
3/17/20260.2%3.4%6.5%
12/3/2025-3.0%-3.0%-3.2%
9/2/20257.5%4.7%2.1%
6/3/20259.0%3.3%-1.9%
3/18/2025-17.1%-11.3%-18.9%
12/9/2024-5.6%-7.8%-0.7%
9/3/20245.1%-5.0%0.6%
6/3/20242.7%7.0%2.9%
3/19/2024-2.6%-4.8%-4.4%
12/5/20230.4%1.3%-1.6%
9/5/20233.8%5.6%7.9%
6/5/202311.6%8.9%12.0%
3/21/2023-1.9%-1.4%-2.1%
12/6/20220.7%-7.9%-7.9%
9/6/20221.0%10.3%7.6%
6/6/20224.7%3.5%0.1%
3/22/20221.1%14.3%18.8%
12/6/2021-24.6%-27.4%-17.9%
9/8/20214.4%-2.9%2.6%
6/7/2021-1.1%-6.5%-3.0%
3/15/2021-7.1%-11.6%-12.9%
12/7/2020-1.1%-4.0%13.4%
9/8/20203.6%-14.3%-8.4%
6/2/2020-7.2%3.9%-5.1%
SUMMARY STATS   
# Positive141111
# Negative111413
Median Positive3.7%4.7%6.5%
Median Negative-3.0%-5.7%-4.4%
Max Positive11.6%14.3%18.8%
Max Negative-24.6%-27.4%-18.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
04/30/202605/28/202610-Q
01/31/202603/17/202610-K
10/31/202512/03/202510-Q
07/31/202509/02/202510-Q
04/30/202506/03/202510-Q
01/31/202503/18/202510-K
10/31/202412/09/202410-Q
07/31/202409/03/202410-Q
04/30/202406/03/202410-Q
01/31/202403/22/202410-K
10/31/202312/05/202310-Q
07/31/202309/05/202310-Q
04/30/202306/07/202310-Q
01/31/202303/30/202310-K
10/31/202212/08/202210-Q
07/31/202209/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
04/30/202605/28/202610-Q
01/31/202603/17/202610-K
10/31/202512/03/202510-Q
07/31/202509/02/202510-Q
04/30/202506/03/202510-Q
01/31/202503/18/202510-K
10/31/202412/09/202410-Q
07/31/202409/03/202410-Q
04/30/202406/03/202410-Q
01/31/202403/22/202410-K
10/31/202312/05/202310-Q
07/31/202309/05/202310-Q
04/30/202306/07/202310-Q
01/31/202303/30/202310-K
10/31/202212/08/202210-Q
07/31/202209/08/202210-Q
04/30/202206/08/202210-Q
01/31/202203/31/202210-K
10/31/202112/09/202110-Q
07/31/202109/09/202110-Q
04/30/202106/08/202110-Q
01/31/202103/31/202110-K
10/31/202012/09/202010-Q
07/31/202009/09/202010-Q
04/30/202006/04/202010-Q
01/31/202003/31/202010-K
10/31/201912/05/201910-Q
07/31/201909/09/201910-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/28/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Revenue1.41 Bil1.42 Bil1.42 Bil0.4% RaisedGuidance: 1.41 Bil for 2027
2027 Net Income242.00 Mil245.00 Mil248.00 Mil1.0% RaisedGuidance: 242.50 Mil for 2027
2027 EPS2.882.922.953.6% RaisedGuidance: 2.81 for 2027
2027 Non-GAAP Net Income392.00 Mil395.00 Mil398.00 Mil-0.3% LoweredGuidance: 396.00 Mil for 2027
2027 Non-GAAP EPS4.664.74.732.0% RaisedGuidance: 4.61 for 2027
2027 Adjusted EBITDA625.00 Mil629.00 Mil633.00 Mil1.0% RaisedGuidance: 623.00 Mil for 2027

Prior: Q4 2026 Earnings Reported 3/17/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Revenue1.41 Bil1.41 Bil1.42 Bil7.9% Higher NewGuidance: 1.31 Bil for 2026
2027 Net Income239.00 Mil242.50 Mil246.00 Mil20.6% Higher NewGuidance: 201.00 Mil for 2026
2027 EPS2.782.812.8523.2% Higher NewGuidance: 2.29 for 2026
2027 Non-GAAP Net Income392.00 Mil396.00 Mil400.00 Mil15.0% Higher NewGuidance: 344.50 Mil for 2026
2027 Non-GAAP EPS4.564.614.6517.8% Higher NewGuidance: 3.91 for 2026
2027 Adjusted EBITDA618.00 Mil623.00 Mil628.00 Mil11.2% Higher NewGuidance: 560.00 Mil for 2026

Insider Activity

Updated 6/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Fiore, Michael HenryEVP, CHIEF COMMERCIAL OFFICERDirectSell602202695.003,142298,4905,615,735Form
2Wellborn, Gayle FurgursonDirectSell601202690.002,439219,5101,775,970Form
3Ladd, DelanoEVP, General CounselDirectSell601202690.007,500675,0008,202,690Form
4Ladd, DelanoEVP, General CounselDirectSell1223202594.721,500142,0807,007,291Form
5Rosner, ElimelechEVP, CHIEF TECHNOLOGY OFFICERDirectSell1219202595.4510,9591,046,0904,366,298Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Fiore, Michael HenryEVP, CHIEF COMMERCIAL OFFICERDirectSell602202695.003,142298,4905,615,735Form
2Wellborn, Gayle FurgursonDirectSell601202690.002,439219,5101,775,970Form
3Ladd, DelanoEVP, General CounselDirectSell601202690.007,500675,0008,202,690Form
4Ladd, DelanoEVP, General CounselDirectSell1223202594.721,500142,0807,007,291Form
5Rosner, ElimelechEVP, CHIEF TECHNOLOGY OFFICERDirectSell1219202595.4510,9591,046,0904,366,298Form
6Wellborn, Gayle FurgursonDirectSell1216202598.034,339425,3311,934,329Form
7Ladd, DelanoEVP, General CounselDirectSell11242025104.561,500156,8407,892,084Form
8Ladd, DelanoEVP, General CounselDirectSell1022202592.071,500138,1057,087,457Form
9Fiore, Michael HenryEVP, CHIEF COMMERCIAL OFFICERDirectSell1008202588.211,781157,1024,392,417Form
10Ladd, DelanoEVP, General CounselDirectSell922202594.116,000564,6477,477,437Form
11Dilsaver, Evelyn SDirectSell909202593.303,461322,9164,497,869Form
12Fiore, Michael HenryEVP, CHIEF COMMERCIAL OFFICERDirectSell7082025101.731,794182,4995,414,439Form
13Rosner, ElimelechEVP, CHIEF TECHNOLOGY OFFICERDirectSell6102025111.3713,0001,447,8666,981,943Form
14Kessler, JonDirectSell6102025112.08134,18315,038,65528,412,313Form
15Kessler, Jonby GKF, LLCSell6102025112.0597,76710,954,3228,403,389Form
16Rosner, ElimelechEVP, CHIEF TECHNOLOGY OFFICERDirectSell6102025112.5658,0006,528,4348,519,493Form
Core Cache Last Updated: 6/21/2026