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HQY Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About HQY Interactive Breakdown Better Bets vs. HQY Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Trade Sentinel Industry Resource Links External Quote Links

HealthEquity (HQY)

Market Price (3/14/2026): $78.0 | Market Cap: $6.7 Bil
Sector: Health Care | Industry: Managed Health Care

HealthEquity (HQY)

Market Price (3/14/2026): $78.0
Market Cap: $6.7 Bil
Sector: Health Care
Industry: Managed Health Care

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 23%		 Weak multi-year price returns
2Y Excs Rtn is -36%, 3Y Excs Rtn is -54%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/EPrice/Earnings or Price/(Net Income) is 35x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%		  
2 Attractive yield
FCF Yield is 5.4%		  
3 Low stock price volatility
Vol 12M is 42%		  
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. 		  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
2 Attractive yield
FCF Yield is 5.4%
3 Low stock price volatility
Vol 12M is 42%
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 -54%
6 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/EPrice/Earnings or Price/(Net Income) is 35x

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

HealthEquity (HQY) stock has lost about 25% since 11/30/2025 because of the following key factors:

1. Significant Analyst Downgrades and Price Target Reductions.

Multiple financial institutions lowered their outlook on HealthEquity's stock value during the period. Goldman Sachs downgraded HealthEquity from "neutral" to a "sell" rating on January 9, 2026, setting a price target of $89.00. Concurrently, BTIG Research reduced its price target from $130.00 to $110.00 on February 18, 2026, contributing to the stock hitting a new 52-week low. Similarly, Jefferies lowered its price target for HQY to $108.00 from $120.00 on February 19, 2026, and Barclays also reduced its target from $118.00 to $110.00 on February 18, 2026.

2. Concerns over Declining HSA Cash Yields and Impact on Interest Income.

HealthEquity's business model is notably sensitive to fluctuations in interest rates, particularly the yield generated from its substantial HSA custodial cash. An updated HSA cash repricing schedule indicated that $4.5 billion of HSA cash is projected to reprice in fiscal year 2027 at a significantly lower average yield of 1.9%, compared to the current blended average yield of approximately 3.6%. This anticipated reduction in yields presents a notable near-term headwind to the company's interest income, even with efforts to mitigate this impact through Treasury forward contracts on roughly $2.3 billion of deposits.

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Stock Movement Drivers

Fundamental Drivers

The -26.0% change in HQY stock from 11/30/2025 to 3/13/2026 was primarily driven by a -44.1% change in the company's P/E Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)105.1877.81-26.0%
Change Contribution By: 
Total Revenues ($ Mil)1,2691,2911.7%
Net Income Margin (%)11.5%14.9%29.3%
P/E Multiple62.434.9-44.1%
Shares Outstanding (Mil)87860.6%
Cumulative Contribution-26.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
HQY-26.0% 
Market (SPY)-3.1%28.0%
Sector (XLV)-5.0%26.1%

Fundamental Drivers

The -12.9% change in HQY stock from 8/31/2025 to 3/13/2026 was primarily driven by a -45.1% change in the company's P/E Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)89.3377.81-12.9%
Change Contribution By: 
Total Revenues ($ Mil)1,2431,2913.8%
Net Income Margin (%)9.8%14.9%51.7%
P/E Multiple63.634.9-45.1%
Shares Outstanding (Mil)87860.8%
Cumulative Contribution-12.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
HQY-12.9% 
Market (SPY)3.0%37.1%
Sector (XLV)9.5%16.0%

Fundamental Drivers

The -29.1% change in HQY stock from 2/28/2025 to 3/13/2026 was primarily driven by a -64.8% change in the company's P/E Multiple.
(LTM values as of)22820253132026Change
Stock Price ($)109.7677.81-29.1%
Change Contribution By: 
Total Revenues ($ Mil)1,1501,29112.2%
Net Income Margin (%)8.4%14.9%76.8%
P/E Multiple99.034.9-64.8%
Shares Outstanding (Mil)87861.4%
Cumulative Contribution-29.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
HQY-29.1% 
Market (SPY)12.4%46.4%
Sector (XLV)1.9%28.2%

Fundamental Drivers

The 19.4% change in HQY stock from 2/28/2023 to 3/13/2026 was primarily driven by a 55.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820233132026Change
Stock Price ($)65.1777.8119.4%
Change Contribution By: 
Total Revenues ($ Mil)8311,29155.3%
P/S Multiple6.65.2-21.8%
Shares Outstanding (Mil)8586-1.7%
Cumulative Contribution19.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
HQY19.4% 
Market (SPY)73.4%37.0%
Sector (XLV)23.3%20.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HQY Return-37%39%8%45%-5%-14%13%
Peers Return13%-1%15%18%-20%-10%11%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
HQY Win Rate42%58%42%67%42%33% 
Peers Win Rate53%48%57%65%45%27% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
HQY Max Drawdown-43%0%-17%-0%-20%-20% 
Peers Max Drawdown-15%-16%-5%-5%-32%-14% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[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 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventHQYS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-56.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven130.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1,052 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-53.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven116.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven314 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-48.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven93.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1,866 days120 days

Compare to WEX, VOYA, ADP, PAYX, FISV

In The Past

HealthEquity's stock fell -56.6% during the 2022 Inflation Shock from a high on 1/26/2021. A -56.6% loss requires a 130.3% 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 services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, compare treatment options and prices, receive personalized benefit and clinical information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts. It also provides mutual fund investment platform; and online-only automated investment advisory services through Advisor, a Web-based tool. In addition, the company offers flexible spending accounts; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. It serves clients through a direct sales force; benefits brokers and advisors; and a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. The company was incorporated in 2002 and is headquartered in Draper, Utah.

AI Analysis | Feedback

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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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AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • Axos Bank (AX)

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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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Better Bets vs. HealthEquity (HQY)

Latest Trefis Analyses

Trade Ideas

Select ideas related to HQY.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
ADP_2132026_Dip_Buyer_ValueBuy02132026ADPAutomatic Data ProcessingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		1.1%1.1%-3.0%
HQY_2062026_Dip_Buyer_FCFYield02062026HQYHealthEquityDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-3.7%-3.7%-7.9%

Recent Active Movers

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Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
Mkt Price77.81159.9566.25208.5292.6156.7485.21
Mkt Cap6.75.56.384.233.330.418.6
Rev LTM1,2912,6617,98721,2146,03421,1937,010
Op Inc LTM299664-5,5742,2375,6982,237
FCF LTM3632411,2884,1851,9964,2991,642
FCF 3Y Avg1264431,4243,9241,8004,3781,612
CFO LTM4154541,2884,7402,2236,0621,756
CFO 3Y Avg3266151,4244,4871,9835,9521,703

Growth & Margins

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
Rev Chg LTM12.2%1.2%1.2%6.6%12.4%3.6%5.1%
Rev Chg 3Y Avg15.8%4.3%11.6%7.1%7.9%6.1%7.5%
Rev Chg Q7.2%5.7%4.2%6.2%18.3%0.6%5.9%
QoQ Delta Rev Chg LTM1.7%1.4%1.1%1.5%4.2%0.2%1.4%
Op Mgn LTM23.2%24.9%-26.3%37.1%26.9%26.3%
Op Mgn 3Y Avg17.1%25.5%-25.9%39.7%27.0%25.9%
QoQ Delta Op Mgn LTM1.6%-0.0%-0.1%-1.0%-1.8%-0.0%
CFO/Rev LTM32.1%17.1%16.1%22.3%36.8%28.6%25.5%
CFO/Rev 3Y Avg28.2%23.7%18.6%22.5%35.9%29.4%25.9%
FCF/Rev LTM28.1%9.0%16.1%19.7%33.1%20.3%20.0%
FCF/Rev 3Y Avg10.7%17.1%18.6%19.7%32.6%21.6%19.2%

Valuation

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
Mkt Cap6.75.56.384.233.330.418.6
P/S5.22.10.84.05.51.43.0
P/EBIT21.98.45.814.114.45.211.3
P/E34.918.29.619.920.98.719.0
P/CFO16.112.24.917.815.05.013.6
Total Yield2.9%5.5%13.2%8.0%9.4%11.4%8.7%
Dividend Yield0.0%0.0%2.8%3.0%4.6%0.0%1.4%
FCF Yield 3Y Avg1.9%6.2%20.0%3.7%4.1%7.0%5.2%
D/E0.20.90.50.10.21.00.3
Net D/E0.1-0.1-4.00.00.10.90.1

Returns

HQYWEXVOYAADPPAYXFISVMedian
NameHealthEq.WEX Voya Fin.Automati.Paychex Fiserv  
1M Rtn1.2%-3.5%-11.4%-3.4%-2.4%-8.6%-3.4%
3M Rtn-19.6%4.0%-9.5%-21.0%-18.9%-17.5%-18.2%
6M Rtn-15.9%-5.8%-13.0%-27.9%-30.1%-57.8%-21.9%
12M Rtn-17.2%6.4%4.5%-26.0%-33.2%-72.9%-21.6%
3Y Rtn34.9%-9.6%4.6%4.6%-6.0%-48.7%-0.7%
1M Excs Rtn3.5%-1.1%-9.0%-1.0%0.0%-6.3%-1.0%
3M Excs Rtn-17.1%5.1%-6.2%-16.8%-15.5%-13.2%-14.3%
6M Excs Rtn-18.6%-12.1%-15.2%-31.5%-33.1%-61.0%-25.0%
12M Excs Rtn-39.8%-14.6%-18.1%-48.0%-54.9%-94.2%-43.9%
3Y Excs Rtn-53.5%-85.8%-73.9%-68.5%-79.4%-121.3%-76.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,000862757734532
Total1,000862757734532


Price Behavior

Price Behavior
Market Price$77.81 
Market Cap ($ Bil)6.7 
First Trading Date07/31/2014 
Distance from 52W High-31.2% 
   50 Days200 Days
DMA Price$82.38$92.92
DMA Trenddowndown
Distance from DMA-5.6%-16.3%
 3M1YR
Volatility37.4%41.8%
Downside Capture105.5485.94
Upside Capture-15.8549.38
Correlation (SPY)29.3%44.7%
HQY Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta1.591.111.021.191.020.94
Up Beta-0.601.481.852.331.071.03
Down Beta3.982.211.971.441.361.20
Up Capture111%-36%-62%41%33%38%
Bmk +ve Days9203170142431
Stock +ve Days11202661121384
Down Capture193%130%134%104%97%92%
Bmk -ve Days12213054109320
Stock -ve Days10213461127361

[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-19.3%41.9%-0.40-
Sector ETF (XLV)5.0%17.5%0.1228.3%
Equity (SPY)19.6%18.9%0.8144.8%
Gold (GLD)71.9%26.3%2.05-12.7%
Commodities (DBC)19.3%17.3%0.8913.1%
Real Estate (VNQ)6.2%16.3%0.1930.0%
Bitcoin (BTCUSD)-15.0%44.2%-0.2411.8%

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
HQY-0.1%39.5%0.11-
Sector ETF (XLV)7.5%14.5%0.3319.0%
Equity (SPY)13.1%17.0%0.6129.3%
Gold (GLD)24.1%17.3%1.14-12.3%
Commodities (DBC)11.2%19.0%0.4710.4%
Real Estate (VNQ)4.8%18.8%0.1612.6%
Bitcoin (BTCUSD)6.4%56.7%0.339.2%

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
HQY13.0%44.6%0.44-
Sector ETF (XLV)10.1%16.5%0.5038.3%
Equity (SPY)14.5%17.9%0.7044.2%
Gold (GLD)14.4%15.6%0.77-11.2%
Commodities (DBC)8.6%17.6%0.4017.9%
Real Estate (VNQ)5.6%20.7%0.2330.3%
Bitcoin (BTCUSD)67.5%66.8%1.078.4%

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

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity3.2 Mil
Short Interest: % Change Since 21520261.7%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest4.6 days
Basic Shares Quantity86.0 Mil
Short % of Basic Shares3.8%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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%
2/18/20250.5%-5.1%-25.5%
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%
2/21/20242.7%3.7%2.7%
...
SUMMARY STATS   
# Positive161211
# Negative71112
Median Positive3.6%3.8%2.9%
Median Negative-5.6%-6.5%-6.1%
Max Positive11.6%10.3%14.7%
Max Negative-24.6%-27.4%-25.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
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

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Ladd, DelanoEVP, General CounselDirectSell1223202594.721,500142,0807,007,291Form
2Rosner, ElimelechEVP, CHIEF TECHNOLOGY OFFICERDirectSell1219202595.4510,9591,046,0904,366,298Form
3Wellborn, Gayle FurgursonDirectSell1216202598.034,339425,3311,934,329Form
4Ladd, DelanoEVP, General CounselDirectSell11242025104.561,500156,8407,892,084Form
5Ladd, DelanoEVP, General CounselDirectSell1022202592.071,500138,1057,087,457Form

Industry Resources

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