HealthEquity (HQY)
Market Price (8/28/2026): $93.33 | Market Cap: $7.8 BilSector: Health Care | Industry: Managed Health Care
HealthEquity (HQY)
Market Price (8/28/2026): $93.33Market Cap: $7.8 BilSector: Health CareIndustry: Managed Health Care
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% Attractive cash flow generationCFO/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 yieldFCF Yield is 5.0% Low stock price volatilityVol 12M is 35% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. | Trading close to highsDist 52W High is -2.2% Weak multi-year price returns3Y Excs Rtn is -25% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 38x Key risksHQY 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. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/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 yieldFCF Yield is 5.0% |
| Low stock price volatilityVol 12M is 35% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Trading close to highsDist 52W High is -2.2% |
| Weak multi-year price returns3Y Excs Rtn is -25% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 38x |
| Key risksHQY 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. |
Qualitative Assessment
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Updated on 8/27/2026
HealthEquity (HQY) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong financial performance in fiscal Q1 and Q2 2027, including significant earnings beats and raised full-year guidance.
HealthEquity, which operates on a fiscal calendar that begins on February 1 and ends on January 31, reported robust results for both its fiscal first quarter ended April 30, 2026, and fiscal second quarter ended July 31, 2026. In fiscal Q1 2027, the company reported diluted EPS of $1.24, exceeding analyst estimates of $1.11 by $0.13, and revenue of $354.64 million, a 7.2% year-over-year increase that also beat expectations. This strong performance continued into fiscal Q2 2027, with non-GAAP diluted EPS of $1.24 surpassing the $1.19 consensus by $0.05, and revenue increasing 8% year-over-year to $350.7 million. Following these results, HealthEquity raised its fiscal 2027 guidance, projecting revenue between $1.411 billion and $1.421 billion and Adjusted EBITDA between $628 million and $636 million. The company also issued a non-GAAP EPS guidance of $4.66-$4.73 for fiscal year 2027.
2. Sustained growth in Health Savings Account (HSA) assets and accounts.
HealthEquity demonstrated significant expansion in its core business, with total HSA Assets growing 19% year-over-year to $37.1 billion by the end of fiscal Q1 2027. This momentum continued into fiscal Q2 2027, with total HSA Assets climbing 14% year-over-year to $37.9 billion and HSAs reaching 10.7 million, an 8% increase from the prior year. The growth also included a 20% year-over-year increase in investment HSAs to 0.9 million by July 31, 2026.
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HealthEquity (HQY) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong financial performance in fiscal Q1 and Q2 2027, including significant earnings beats and raised full-year guidance.
HealthEquity, which operates on a fiscal calendar that begins on February 1 and ends on January 31, reported robust results for both its fiscal first quarter ended April 30, 2026, and fiscal second quarter ended July 31, 2026. In fiscal Q1 2027, the company reported diluted EPS of $1.24, exceeding analyst estimates of $1.11 by $0.13, and revenue of $354.64 million, a 7.2% year-over-year increase that also beat expectations. This strong performance continued into fiscal Q2 2027, with non-GAAP diluted EPS of $1.24 surpassing the $1.19 consensus by $0.05, and revenue increasing 8% year-over-year to $350.7 million. Following these results, HealthEquity raised its fiscal 2027 guidance, projecting revenue between $1.411 billion and $1.421 billion and Adjusted EBITDA between $628 million and $636 million. The company also issued a non-GAAP EPS guidance of $4.66-$4.73 for fiscal year 2027.
2. Sustained growth in Health Savings Account (HSA) assets and accounts.
HealthEquity demonstrated significant expansion in its core business, with total HSA Assets growing 19% year-over-year to $37.1 billion by the end of fiscal Q1 2027. This momentum continued into fiscal Q2 2027, with total HSA Assets climbing 14% year-over-year to $37.9 billion and HSAs reaching 10.7 million, an 8% increase from the prior year. The growth also included a 20% year-over-year increase in investment HSAs to 0.9 million by July 31, 2026.
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Updated on 8/27/2026
HealthEquity (HQY) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong financial performance in fiscal Q1 and Q2 2027, including significant earnings beats and raised full-year guidance.
HealthEquity, which operates on a fiscal calendar that begins on February 1 and ends on January 31, reported robust results for both its fiscal first quarter ended April 30, 2026, and fiscal second quarter ended July 31, 2026. In fiscal Q1 2027, the company reported diluted EPS of $1.24, exceeding analyst estimates of $1.11 by $0.13, and revenue of $354.64 million, a 7.2% year-over-year increase that also beat expectations. This strong performance continued into fiscal Q2 2027, with non-GAAP diluted EPS of $1.24 surpassing the $1.19 consensus by $0.05, and revenue increasing 8% year-over-year to $350.7 million. Following these results, HealthEquity raised its fiscal 2027 guidance, projecting revenue between $1.411 billion and $1.421 billion and Adjusted EBITDA between $628 million and $636 million. The company also issued a non-GAAP EPS guidance of $4.66-$4.73 for fiscal year 2027.
2. Sustained growth in Health Savings Account (HSA) assets and accounts.
HealthEquity demonstrated significant expansion in its core business, with total HSA Assets growing 19% year-over-year to $37.1 billion by the end of fiscal Q1 2027. This momentum continued into fiscal Q2 2027, with total HSA Assets climbing 14% year-over-year to $37.9 billion and HSAs reaching 10.7 million, an 8% increase from the prior year. The growth also included a 20% year-over-year increase in investment HSAs to 0.9 million by July 31, 2026.
3. Enhanced shareholder returns through an expanded share repurchase program and a focus on profitability.
In fiscal Q1 2027, HealthEquity's board authorized an additional $1.0 billion for common stock repurchases, signaling confidence in the company's valuation and a commitment to returning value to shareholders. The company repurchased 1.5 million shares for $123.0 million during fiscal Q1 2027 and an additional 1.2 million shares for $108.1 million in fiscal Q2 2027. Alongside these repurchases, HealthEquity achieved a record Adjusted EBITDA margin of 48% in fiscal Q2 2027, up from 46% in fiscal Q1 2027, driven by accelerated revenue growth and ongoing efforts to leverage technology for efficiency gains and a structurally lower cost base.
4. Positive analyst sentiment and upward price target revisions.
Throughout the period, HealthEquity maintained a "Moderate Buy" consensus rating from analysts, with numerous firms reiterating "Buy" or "Outperform" ratings and increasing their price targets. The median analyst price target reached $115.00 by July 2026, implying a potential upside of approximately 19.9% from its trading price at that time. Analysts noted the company's strong market share penetration and increasing adoption of its enhanced rates product as key drivers for growth and margin expansion.
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HealthEquity (HQY) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong financial performance in fiscal Q1 and Q2 2027, including significant earnings beats and raised full-year guidance.
HealthEquity, which operates on a fiscal calendar that begins on February 1 and ends on January 31, reported robust results for both its fiscal first quarter ended April 30, 2026, and fiscal second quarter ended July 31, 2026. In fiscal Q1 2027, the company reported diluted EPS of $1.24, exceeding analyst estimates of $1.11 by $0.13, and revenue of $354.64 million, a 7.2% year-over-year increase that also beat expectations. This strong performance continued into fiscal Q2 2027, with non-GAAP diluted EPS of $1.24 surpassing the $1.19 consensus by $0.05, and revenue increasing 8% year-over-year to $350.7 million. Following these results, HealthEquity raised its fiscal 2027 guidance, projecting revenue between $1.411 billion and $1.421 billion and Adjusted EBITDA between $628 million and $636 million. The company also issued a non-GAAP EPS guidance of $4.66-$4.73 for fiscal year 2027.
2. Sustained growth in Health Savings Account (HSA) assets and accounts.
HealthEquity demonstrated significant expansion in its core business, with total HSA Assets growing 19% year-over-year to $37.1 billion by the end of fiscal Q1 2027. This momentum continued into fiscal Q2 2027, with total HSA Assets climbing 14% year-over-year to $37.9 billion and HSAs reaching 10.7 million, an 8% increase from the prior year. The growth also included a 20% year-over-year increase in investment HSAs to 0.9 million by July 31, 2026.
3. Enhanced shareholder returns through an expanded share repurchase program and a focus on profitability.
In fiscal Q1 2027, HealthEquity's board authorized an additional $1.0 billion for common stock repurchases, signaling confidence in the company's valuation and a commitment to returning value to shareholders. The company repurchased 1.5 million shares for $123.0 million during fiscal Q1 2027 and an additional 1.2 million shares for $108.1 million in fiscal Q2 2027. Alongside these repurchases, HealthEquity achieved a record Adjusted EBITDA margin of 48% in fiscal Q2 2027, up from 46% in fiscal Q1 2027, driven by accelerated revenue growth and ongoing efforts to leverage technology for efficiency gains and a structurally lower cost base.
4. Positive analyst sentiment and upward price target revisions.
Throughout the period, HealthEquity maintained a "Moderate Buy" consensus rating from analysts, with numerous firms reiterating "Buy" or "Outperform" ratings and increasing their price targets. The median analyst price target reached $115.00 by July 2026, implying a potential upside of approximately 19.9% from its trading price at that time. Analysts noted the company's strong market share penetration and increasing adoption of its enhanced rates product as key drivers for growth and margin expansion.
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Stock Movement Drivers
Fundamental Drivers
The 13.8% change in HQY stock from 4/30/2026 to 8/27/2026 was primarily driven by a 6.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.03 | 93.39 | 13.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,313 | 1,362 | 3.7% |
| Net Income Margin (%) | 16.4% | 17.4% | 6.0% |
| P/E Multiple | 32.5 | 32.9 | 1.2% |
| Shares Outstanding (Mil) | 85 | 83 | 2.4% |
| Cumulative Contribution | 13.8% |
Market Drivers
4/30/2026 to 8/27/2026| Return | Correlation | |
|---|---|---|
| HQY | 13.8% | |
| Market (SPY) | 7.3% | -11.6% |
| Sector (XLV) | 17.5% | 36.9% |
Fundamental Drivers
The 9.0% change in HQY stock from 1/31/2026 to 8/27/2026 was primarily driven by a 16.8% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.67 | 93.39 | 9.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,291 | 1,362 | 5.5% |
| Net Income Margin (%) | 14.9% | 17.4% | 16.8% |
| P/E Multiple | 38.4 | 32.9 | -14.3% |
| Shares Outstanding (Mil) | 86 | 83 | 3.1% |
| Cumulative Contribution | 9.0% |
Market Drivers
1/31/2026 to 8/27/2026| Return | Correlation | |
|---|---|---|
| HQY | 9.0% | |
| Market (SPY) | 11.7% | 14.5% |
| Sector (XLV) | 11.3% | 27.7% |
Fundamental Drivers
The -3.7% change in HQY stock from 7/31/2025 to 8/27/2026 was primarily driven by a -52.3% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 97.00 | 93.39 | -3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,243 | 1,362 | 9.6% |
| Net Income Margin (%) | 9.8% | 17.4% | 77.2% |
| P/E Multiple | 69.0 | 32.9 | -52.3% |
| Shares Outstanding (Mil) | 87 | 83 | 3.9% |
| Cumulative Contribution | -3.7% |
Market Drivers
7/31/2025 to 8/27/2026| Return | Correlation | |
|---|---|---|
| HQY | -3.7% | |
| Market (SPY) | 23.0% | 21.4% |
| Sector (XLV) | 33.3% | 21.7% |
Fundamental Drivers
The 37.5% change in HQY stock from 7/31/2023 to 8/27/2026 was primarily driven by a 51.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8272026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.94 | 93.39 | 37.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 901 | 1,362 | 51.3% |
| P/S Multiple | 6.4 | 5.7 | -10.9% |
| Shares Outstanding (Mil) | 85 | 83 | 2.0% |
| Cumulative Contribution | 37.5% |
Market Drivers
7/31/2023 to 8/27/2026| Return | Correlation | |
|---|---|---|
| HQY | 37.5% | |
| Market (SPY) | 74.4% | 33.2% |
| Sector (XLV) | 33.9% | 23.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HQY Return | -37% | 39% | 8% | 45% | -5% | 14% | 50% |
| Peers Return | 13% | -1% | 15% | 18% | -20% | 15% | 41% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| HQY Win Rate | 42% | 58% | 42% | 67% | 42% | 62% | |
| Peers Win Rate | 53% | 48% | 57% | 65% | 45% | 55% | |
| S&P 500 Win Rate | 75% | 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% | -27% | |
| 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 8/27/2026 (YTD)
How Low Can It Go
| Event | HQY | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.0% | -7.8% |
| % Gain to Breakeven | 16.3% | 8.5% |
| Time to Breakeven | 25 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.2% | -6.7% |
| % Gain to Breakeven | 23.7% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.2% | -33.7% |
| % Gain to Breakeven | 113.7% | 50.9% |
| Time to Breakeven | 314 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.4% | -19.2% |
| % Gain to Breakeven | 76.8% | 23.8% |
| Time to Breakeven | 2129 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -18.8% | -3.7% |
| % Gain to Breakeven | 23.1% | 3.9% |
| Time to Breakeven | 6 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -52.9% | -12.2% |
| % Gain to Breakeven | 112.4% | 13.9% |
| Time to Breakeven | 214 days | 62 days |
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
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Asset Allocation
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| Event | HQY | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -53.2% | -33.7% |
| % Gain to Breakeven | 113.7% | 50.9% |
| Time to Breakeven | 314 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.4% | -19.2% |
| % Gain to Breakeven | 76.8% | 23.8% |
| Time to Breakeven | 2129 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -52.9% | -12.2% |
| % Gain to Breakeven | 112.4% | 13.9% |
| Time to Breakeven | 214 days | 62 days |
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:
- 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.
- 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.
- 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.
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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:
- 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.
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Managed Health Care
HQY has outperformed 86% of its 7 Managed Health Care peers over 5Y. Managed Health Care ranks 3rd of 10 industries in Health Care by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Managed Health Care constituents that HQY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
0%
of 7 industry peers · 6.1% return
3Y
71%
of 7 industry peers · 37.5% return
5Y
86%
of 7 industry peers · 42.0% return
No Managed Health Care peer with a comparable growth profile has beaten HQY by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Managed Health Care is HQY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 11.4% | 82.6% | 133.3% | CAH 407% · MCK 354% · COR 182% |
| Health Care Services | 20 | 19.8% | 45.0% | 3.4% | HIMS 310% · RDNT 142% · DGX 81% |
| Managed Health Care ← | 8 | 33.7% | -2.9% | 2.5% | OSCR 114% · HQY 42% · ELV 15% |
| Health Care Facilities | 24 | 4.6% | -4.2% | -16.8% | THC 257% · NHC 244% · ENSG 113% |
| Health Care Equipment | 51 | -5.4% | -6.4% | -21.4% | POCI 10975% · UFPT 336% · GKOS 220% |
| Health Care Supplies | 12 | 33.7% | -14.8% | -34.4% | LNTH 291% · HAE 71% · MMSI 25% |
| Pharmaceuticals | 63 | -0.6% | 9.6% | -37.0% | LQDA 2490% · INDV 1235% · ETON 1136% |
| Life Sciences Tools & Services | 108 | -1.2% | -31.2% | -72.1% | SNWV 1802% · MEDP 239% · AXGN 208% |
| Health Care Technology | 21 | -22.7% | -56.6% | -74.4% | SPOK 119% · HSTM -1% · VEEV -15% |
| Biotechnology | 365 | 8.8% | -24.8% | -77.7% | BRTX 102900% · DNTH 1685% · CELZ 1529% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 113.82 |
| Mkt Cap | 18.6 |
| Rev LTM | 7,265 |
| Op Inc LTM | 2,510 |
| FCF LTM | 1,757 |
| FCF 3Y Avg | 1,606 |
| CFO LTM | 1,874 |
| CFO 3Y Avg | 1,704 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 6.8% |
| Op Inc Chg 3Y Avg | 7.4% |
| Op Mgn LTM | 26.1% |
| Op Mgn 3Y Avg | 26.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 26.4% |
| CFO/Rev 3Y Avg | 26.2% |
| FCF/Rev LTM | 20.3% |
| FCF/Rev 3Y Avg | 18.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 18.6 |
| P/S | 3.8 |
| P/Op Inc | 18.0 |
| P/EBIT | 13.6 |
| P/E | 22.7 |
| P/CFO | 16.8 |
| Total Yield | 6.8% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 4.5% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.0% |
| 3M Rtn | 28.7% |
| 6M Rtn | 31.8% |
| 12M Rtn | 1.3% |
| 3Y Rtn | 17.4% |
| 1M Excs Rtn | -2.5% |
| 3M Excs Rtn | 26.5% |
| 6M Excs Rtn | 19.9% |
| 12M Excs Rtn | -19.1% |
| 3Y Excs Rtn | -56.4% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $93.39 | |
| Market Cap ($ Bil) | 7.9 | |
| First Trading Date | 07/31/2014 | |
| Distance from 52W High | -12.5% | |
| 50 Days | 200 Days | |
| DMA Price | $97.81 | $89.50 |
| DMA Trend | up | up |
| Distance from DMA | -4.5% | 4.3% |
| 3M | 1YR | |
| Volatility | 37.5% | 36.5% |
| Downside Capture | -59.47 | 57.70 |
| Upside Capture | -38.42 | 52.14 |
| Correlation (SPY) | -13.7% | 23.2% |
HQY Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.77 | -0.67 | -0.43 | 0.39 | 0.63 | 0.79 |
| Up Beta | -2.97 | -1.31 | -0.56 | 0.12 | 0.92 | 0.92 |
| Down Beta | 0.09 | -0.56 | -0.63 | -0.15 | 0.54 | 1.01 |
| Up Capture | 43% | -6% | 20% | 77% | 41% | 29% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 23 | 35 | 73 | 134 | 394 |
| Down Capture | -133% | -104% | -98% | 55% | 70% | 80% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 20 | 28 | 53 | 116 | 352 |
[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 | 4.6% | 36.5% | 0.19 | - |
| Sector ETF (XLV) | 26.9% | 16.0% | 1.30 | 23.4% |
| Equity (SPY) | 20.6% | 12.8% | 1.19 | 20.8% |
| Gold (GLD) | 35.6% | 28.8% | 1.05 | -8.2% |
| Commodities (DBC) | 40.3% | 20.3% | 1.55 | -14.6% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 16.1% |
| Bitcoin (BTCUSD) | -29.7% | 43.6% | -0.69 | 7.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HQY | |
|---|---|---|---|---|
| HQY | 8.2% | 40.0% | 0.31 | - |
| Sector ETF (XLV) | 6.5% | 15.1% | 0.24 | 21.2% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 28.0% |
| Gold (GLD) | 20.5% | 18.7% | 0.89 | -11.9% |
| Commodities (DBC) | 11.0% | 19.6% | 0.44 | 5.3% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 12.5% |
| Bitcoin (BTCUSD) | 11.0% | 52.7% | 0.39 | 11.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HQY | |
|---|---|---|---|---|
| HQY | 12.2% | 44.6% | 0.42 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 37.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 43.1% |
| Gold (GLD) | 12.6% | 16.3% | 0.64 | -10.0% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 15.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 30.1% |
| Bitcoin (BTCUSD) | 63.6% | 66.1% | 1.03 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/28/2026 | -2.8% | -5.0% | -3.0% |
| 3/17/2026 | 0.2% | 3.4% | 6.5% |
| 12/3/2025 | -3.0% | -3.0% | -3.2% |
| 9/2/2025 | 7.5% | 4.7% | 2.1% |
| 6/3/2025 | 9.0% | 3.3% | -1.9% |
| 3/18/2025 | -17.1% | -11.3% | -18.9% |
| 12/9/2024 | -5.6% | -7.8% | -0.7% |
| 9/3/2024 | 5.1% | -5.0% | 0.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 11 |
| # Negative | 10 | 14 | 13 |
| Median Positive | 3.7% | 5.1% | 6.5% |
| Median Negative | -2.9% | -5.7% | -3.2% |
| Max Positive | 11.6% | 14.3% | 18.8% |
| Max Negative | -24.6% | -27.4% | -18.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/28/2026 | -2.8% | -5.0% | -3.0% |
| 3/17/2026 | 0.2% | 3.4% | 6.5% |
| 12/3/2025 | -3.0% | -3.0% | -3.2% |
| 9/2/2025 | 7.5% | 4.7% | 2.1% |
| 6/3/2025 | 9.0% | 3.3% | -1.9% |
| 3/18/2025 | -17.1% | -11.3% | -18.9% |
| 12/9/2024 | -5.6% | -7.8% | -0.7% |
| 9/3/2024 | 5.1% | -5.0% | 0.6% |
| 6/3/2024 | 2.7% | 7.0% | 2.9% |
| 3/19/2024 | -2.6% | -4.8% | -4.4% |
| 12/5/2023 | 0.4% | 1.3% | -1.6% |
| 9/5/2023 | 3.8% | 5.6% | 7.9% |
| 6/5/2023 | 11.6% | 8.9% | 12.0% |
| 3/21/2023 | -1.9% | -1.4% | -2.1% |
| 12/6/2022 | 0.7% | -7.9% | -7.9% |
| 9/6/2022 | 1.0% | 10.3% | 7.6% |
| 6/6/2022 | 4.7% | 3.5% | 0.1% |
| 3/22/2022 | 1.1% | 14.3% | 18.8% |
| 12/6/2021 | -24.6% | -27.4% | -17.9% |
| 9/8/2021 | 4.4% | -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% |
| 9/8/2020 | 3.6% | -14.3% | -8.4% |
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 11 |
| # Negative | 10 | 14 | 13 |
| Median Positive | 3.7% | 5.1% | 6.5% |
| Median Negative | -2.9% | -5.7% | -3.2% |
| Max Positive | 11.6% | 14.3% | 18.8% |
| Max Negative | -24.6% | -27.4% | -18.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/27/2026 | 10-Q |
| 04/30/2026 | 05/28/2026 | 10-Q |
| 01/31/2026 | 03/17/2026 | 10-K |
| 10/31/2025 | 12/03/2025 | 10-Q |
| 07/31/2025 | 09/02/2025 | 10-Q |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/18/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/03/2024 | 10-Q |
| 04/30/2024 | 06/03/2024 | 10-Q |
| 01/31/2024 | 03/22/2024 | 10-K |
| 10/31/2023 | 12/05/2023 | 10-Q |
| 07/31/2023 | 09/05/2023 | 10-Q |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/27/2026 | 10-Q |
| 04/30/2026 | 05/28/2026 | 10-Q |
| 01/31/2026 | 03/17/2026 | 10-K |
| 10/31/2025 | 12/03/2025 | 10-Q |
| 07/31/2025 | 09/02/2025 | 10-Q |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/18/2025 | 10-K |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/03/2024 | 10-Q |
| 04/30/2024 | 06/03/2024 | 10-Q |
| 01/31/2024 | 03/22/2024 | 10-K |
| 10/31/2023 | 12/05/2023 | 10-Q |
| 07/31/2023 | 09/05/2023 | 10-Q |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/30/2023 | 10-K |
| 10/31/2022 | 12/08/2022 | 10-Q |
| 07/31/2022 | 09/08/2022 | 10-Q |
| 04/30/2022 | 06/08/2022 | 10-Q |
| 01/31/2022 | 03/31/2022 | 10-K |
| 10/31/2021 | 12/09/2021 | 10-Q |
| 07/31/2021 | 09/09/2021 | 10-Q |
| 04/30/2021 | 06/08/2021 | 10-Q |
| 01/31/2021 | 03/31/2021 | 10-K |
| 10/31/2020 | 12/09/2020 | 10-Q |
| 07/31/2020 | 09/09/2020 | 10-Q |
| 04/30/2020 | 06/04/2020 | 10-Q |
| 01/31/2020 | 03/31/2020 | 10-K |
| 10/31/2019 | 12/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/27/2026Latest: Q2 2026 Earnings Reported 8/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue | 1.41 Bil | 1.42 Bil | 1.42 Bil | 0.1% | Raised | Guidance: 1.42 Bil for 2027 | |
| 2027 Net Income | 242.00 Mil | 245.00 Mil | 248.00 Mil | 0 | Affirmed | Guidance: 245.00 Mil for 2027 | |
| 2027 Non-GAAP Net Income | 392.00 Mil | 395.00 Mil | 398.00 Mil | 0 | Affirmed | Guidance: 395.00 Mil for 2027 | |
| 2027 Adjusted EBITDA | 628.00 Mil | 632.00 Mil | 636.00 Mil | 0.5% | Raised | Guidance: 629.00 Mil for 2027 | |
Prior: Q1 2026 Earnings Reported 5/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue | 1.41 Bil | 1.42 Bil | 1.42 Bil | 0.4% | Raised | Guidance: 1.41 Bil for 2027 | |
| 2027 Net Income | 242.00 Mil | 245.00 Mil | 248.00 Mil | 1.0% | Raised | Guidance: 242.50 Mil for 2027 | |
| 2027 EPS | 2.88 | 2.92 | 2.95 | 3.6% | Raised | Guidance: 2.81 for 2027 | |
| 2027 Non-GAAP Net Income | 392.00 Mil | 395.00 Mil | 398.00 Mil | -0.3% | Lowered | Guidance: 396.00 Mil for 2027 | |
| 2027 Non-GAAP EPS | 4.66 | 4.7 | 4.73 | 2.0% | Raised | Guidance: 4.61 for 2027 | |
| 2027 Adjusted EBITDA | 625.00 Mil | 629.00 Mil | 633.00 Mil | 1.0% | Raised | Guidance: 623.00 Mil for 2027 | |
Q4 2026 Earnings Reported 3/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Revenue | 1.41 Bil | 1.41 Bil | 1.42 Bil | 7.9% | Higher New | Guidance: 1.31 Bil for 2026 | |
| 2027 Net Income | 239.00 Mil | 242.50 Mil | 246.00 Mil | 20.6% | Higher New | Guidance: 201.00 Mil for 2026 | |
| 2027 EPS | 2.78 | 2.81 | 2.85 | 23.2% | Higher New | Guidance: 2.29 for 2026 | |
| 2027 Non-GAAP Net Income | 392.00 Mil | 396.00 Mil | 400.00 Mil | 14.9% | Higher New | Guidance: 344.50 Mil for 2026 | |
| 2027 Non-GAAP EPS | 4.56 | 4.61 | 4.65 | 17.8% | Higher New | Guidance: 3.91 for 2026 | |
| 2027 Adjusted EBITDA | 618.00 Mil | 623.00 Mil | 628.00 Mil | 11.2% | Higher New | Guidance: 560.00 Mil for 2026 | |
Q3 2026 Earnings Reported 12/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.30 Bil | 1.31 Bil | 1.31 Bil | 0.5% | Raised | Guidance: 1.30 Bil for 2026 | |
| 2026 Net Income | 197.00 Mil | 201.00 Mil | 205.00 Mil | 4.4% | Raised | Guidance: 192.50 Mil for 2026 | |
| 2026 EPS | 2.24 | 2.29 | 2.33 | 4.1% | Raised | Guidance: 2.19 for 2026 | |
| 2026 Non-GAAP Net Income | 341.00 Mil | 344.50 Mil | 348.00 Mil | 2.4% | Raised | Guidance: 336.50 Mil for 2026 | |
| 2026 Non-GAAP EPS | 3.87 | 3.91 | 3.95 | 2.2% | Raised | Guidance: 3.83 for 2026 | |
| 2026 Adjusted EBITDA | 555.00 Mil | 560.00 Mil | 565.00 Mil | 1.8% | Raised | Guidance: 550.00 Mil for 2026 | |
Insider Activity
Updated 8/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dillon, Adrian T | Direct | Sell | 8272026 | 104.61 | 7,632 | 798,373 | 6,527,054 | Form | |
| 2 | Fiore, Michael Henry | EVP, CHIEF COMMERCIAL OFFICER | Direct | Sell | 7142026 | 95.00 | 2,354 | 223,630 | 4,963,180 | Form |
| 3 | Fiore, Michael Henry | EVP, CHIEF COMMERCIAL OFFICER | Direct | Sell | 7072026 | 95.00 | 2,470 | 234,650 | 5,381,085 | Form |
| 4 | Fiore, Michael Henry | EVP, CHIEF COMMERCIAL OFFICER | Direct | Sell | 6022026 | 95.00 | 3,142 | 298,490 | 5,615,735 | Form |
| 5 | Wellborn, Gayle Furgurson | Direct | Sell | 6012026 | 90.00 | 2,439 | 219,510 | 1,775,970 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dillon, Adrian T | Direct | Sell | 8272026 | 104.61 | 7,632 | 798,373 | 6,527,054 | Form | |
| 2 | Fiore, Michael Henry | EVP, CHIEF COMMERCIAL OFFICER | Direct | Sell | 7142026 | 95.00 | 2,354 | 223,630 | 4,963,180 | Form |
| 3 | Fiore, Michael Henry | EVP, CHIEF COMMERCIAL OFFICER | Direct | Sell | 7072026 | 95.00 | 2,470 | 234,650 | 5,381,085 | Form |
| 4 | Fiore, Michael Henry | EVP, CHIEF COMMERCIAL OFFICER | Direct | Sell | 6022026 | 95.00 | 3,142 | 298,490 | 5,615,735 | Form |
| 5 | Wellborn, Gayle Furgurson | Direct | Sell | 6012026 | 90.00 | 2,439 | 219,510 | 1,775,970 | Form | |
| 6 | Ladd, Delano | EVP, General Counsel | Direct | Sell | 6012026 | 90.00 | 7,500 | 675,000 | 8,202,690 | Form |
| 7 | Ladd, Delano | EVP, General Counsel | Direct | Sell | 12232025 | 94.72 | 1,500 | 142,080 | 7,007,291 | Form |
| 8 | Rosner, Elimelech | EVP, CHIEF TECHNOLOGY OFFICER | Direct | Sell | 12192025 | 95.45 | 10,959 | 1,046,090 | 4,366,298 | Form |
| 9 | Wellborn, Gayle Furgurson | Direct | Sell | 12162025 | 98.03 | 4,339 | 425,331 | 1,934,329 | Form | |
| 10 | Ladd, Delano | EVP, General Counsel | Direct | Sell | 11242025 | 104.56 | 1,500 | 156,840 | 7,892,084 | Form |
| 11 | Ladd, Delano | EVP, General Counsel | Direct | Sell | 10222025 | 92.07 | 1,500 | 138,105 | 7,087,457 | Form |
| 12 | Fiore, Michael Henry | EVP, CHIEF COMMERCIAL OFFICER | Direct | Sell | 10082025 | 88.21 | 1,781 | 157,102 | 4,392,417 | Form |
| 13 | Ladd, Delano | EVP, General Counsel | Direct | Sell | 9222025 | 94.11 | 6,000 | 564,647 | 7,477,437 | Form |
| 14 | Dilsaver, Evelyn S | Direct | Sell | 9092025 | 93.30 | 3,461 | 322,916 | 4,497,869 | Form |
Investor Activity (13F)
Updated Aug 28, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cadian Capital Management, LP | $69.6 Mil | 8.5% | 23 | ADD +46.9% | 13F |
| Atalan Capital Partners, LP | $73.8 Mil | 6.8% | 10 | Hold | 13F |
| Greenhouse Funds LLLP | $105.1 Mil | 5.0% | 28 | ADD +16.5% | 13F |
| Park West Asset Management LLC | $52.1 Mil | 4.6% | 48 | New | 13F |
| 12th Street Asset Management Company, LLC | $21.0 Mil | 3.4% | 32 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Greenhouse Funds LLLP | $105.1 Mil | 5.0% | 28 | ADD +16.5% | 13F |
| Atalan Capital Partners, LP | $73.8 Mil | 6.8% | 10 | Hold | 13F |
| Cadian Capital Management, LP | $69.6 Mil | 8.5% | 23 | ADD +46.9% | 13F |
| Park West Asset Management LLC | $52.1 Mil | 4.6% | 48 | New | 13F |
| 12th Street Asset Management Company, LLC | $21.0 Mil | 3.4% | 32 | Hold | 13F |
HealthEquity — Investor Video Playlist
Leadership
Transforming Healthcare: Scott Cutler and Steve Neeleman Talk Digital Innovation
Products & Services
Leveraging AI & Teamwork To Improve The Member Experience
Products & Services
What Are Limited Purpose Flexible Spending Accounts? | Benefits Qs
Products & Services
Understanding FSAs: Everything You Need to Know | Benefits Qs
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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