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Stocks · Industrials · Services-Business Services, NEC

HEALTHEQUITY, INC.

HQY Clue Score73
United States Fiscal year ends January CIK 0001428336
$92.61 -0.47% Close, 9 Oct 2026
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Price $92.61 +43.45% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue178.4Operating income41.2Net income26.4EPS, diluted0.44Fiscal year 2018Revenue229.5 +28.7%Operating income54.4Net income47.4 +79.6%EPS, diluted0.77 +75.0%Fiscal year 2019Revenue287.2 +25.1%Operating income77.7Net income73.9 +56.0%EPS, diluted1.17 +51.9%Fiscal year 2020Revenue532.0 +85.2%Operating income77.0Net income39.7 −46.3%EPS, diluted0.58 −50.4%Fiscal year 2021Revenue733.6 +37.9%Operating income34.0Net income8.8 −77.7%EPS, diluted0.12 −79.3%Fiscal year 2022Revenue756.6 +3.1%Operating income−24.2Net income−44.3 −601.3%EPS, diluted−0.53 −541.7%Fiscal year 2023Revenue861.7 +13.9%Operating income9.1Net income−26.1EPS, diluted−0.31Fiscal year 2024Revenue999.6 +16.0%Operating income117.7Net income55.7EPS, diluted0.64Fiscal year 2025Revenue1,199.8 +20.0%Operating income162.3Net income96.7 +73.6%EPS, diluted1.09 +70.3%Fiscal year 2026Revenue1,313.4 +9.5%Operating income322.5Net income215.2 +122.5%EPS, diluted2.46 +125.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 178.4 229.5 287.2 532.0 733.6 756.6 861.7 999.6 1,199.8 1,313.4
Growth +28.7% +25.1% +85.2% +37.9% +3.1% +13.9% +16.0% +20.0% +9.5%
Operating income 41.2 54.4 77.7 77.0 34.0 −24.2 9.1 117.7 162.3 322.5
Net income 26.4 47.4 73.9 39.7 8.8 −44.3 −26.1 55.7 96.7 215.2
Growth +79.6% +56.0% −46.3% −77.7% −601.3% +73.6% +122.5%
EPS, diluted 0.44 0.77 1.17 0.58 0.12 −0.53 −0.31 0.64 1.09 2.46
Growth +75.0% +51.9% −50.4% −79.3% −541.7% +70.3% +125.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin59.6%Operating margin23.1%Net margin14.8%Free cash flow margin23.5%Fiscal year 2018Gross margin58.8%Operating margin23.7%Net margin20.6%Free cash flow margin33.2%Fiscal year 2019Gross margin63.1%Operating margin27.0%Net margin25.7%Free cash flow margin38.1%Fiscal year 2020Gross margin61.3%Operating margin14.5%Net margin7.5%Free cash flow margin18.4%Fiscal year 2021Gross margin56.6%Operating margin4.6%Net margin1.2%Free cash flow margin23.0%Fiscal year 2022Gross margin56.1%Operating margin−3.2%Net margin−5.9%Free cash flow margin17.5%Fiscal year 2023Gross margin57.1%Operating margin1.1%Net margin−3.0%Free cash flow margin17.1%Fiscal year 2024Gross margin62.3%Operating margin11.8%Net margin5.6%Free cash flow margin24.1%Fiscal year 2025Gross margin64.8%Operating margin13.5%Net margin8.1%Free cash flow margin28.2%Fiscal year 2026Gross margin69.5%Operating margin24.6%Net margin16.4%Free cash flow margin34.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 59.6% 58.8% 63.1% 61.3% 56.6% 56.1% 57.1% 62.3% 64.8% 69.5%
Operating margin 23.1% 23.7% 27.0% 14.5% 4.6% −3.2% 1.1% 11.8% 13.5% 24.6%
Net margin 14.8% 20.6% 25.7% 7.5% 1.2% −5.9% −3.0% 5.6% 8.1% 16.4%
Free cash flow margin 23.5% 33.2% 38.1% 18.4% 23.0% 17.5% 17.1% 24.1% 28.2% 34.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow45.6Capital expenditure−3.6Free cash flow41.9Dividends paid0.0Fiscal year 2018Operating cash flow81.7Capital expenditure−5.5Free cash flow76.2 +81.8%Fiscal year 2019Operating cash flow113.4Capital expenditure−3.9Free cash flow109.6 +43.7%Fiscal year 2020Operating cash flow105.0Capital expenditure−7.3Free cash flow97.7 −10.8%Fiscal year 2021Operating cash flow181.6Capital expenditure−13.1Free cash flow168.5 +72.5%Fiscal year 2022Operating cash flow141.0Capital expenditure−8.9Free cash flow132.1 −21.6%Fiscal year 2023Operating cash flow150.7Capital expenditure−3.4Free cash flow147.3 +11.5%Buybacks0.0Fiscal year 2024Operating cash flow242.8Capital expenditure−1.7Free cash flow241.1 +63.7%Buybacks0.0Fiscal year 2025Operating cash flow339.9Capital expenditure−2.1Free cash flow337.8 +40.1%Buybacks−121.5Fiscal year 2026Operating cash flow457.1Capital expenditure−2.0Free cash flow455.1 +34.7%Buybacks−299.3
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 45.6 81.7 113.4 105.0 181.6 141.0 150.7 242.8 339.9 457.1
Capital expenditure −3.6 −5.5 −3.9 −7.3 −13.1 −8.9 −3.4 −1.7 −2.1 −2.0
Free cash flow 41.9 76.2 109.6 97.7 168.5 132.1 147.3 241.1 337.8 455.1
Growth +81.8% +43.7% −10.8% +72.5% −21.6% +11.5% +63.7% +40.1% +34.7%
Buybacks n/a n/a n/a n/a n/a n/a 0.0 0.0 −121.5 −299.3
Dividends paid 0.0 n/a n/a n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash140.0Shareholders’ equity261.9Fiscal year 2018Cash199.5Shareholders’ equity346.3Fiscal year 2019Cash361.5Total debt0.0Net cash (debt)361.5Shareholders’ equity477.1Debt to equity0.00Fiscal year 2020Cash191.7Total debt1,220.7Net cash (debt)−1,029.0Shareholders’ equity1,030.3Debt to equity1.18Fiscal year 2021Cash328.8Total debt986.7Net cash (debt)−657.9Shareholders’ equity1,378.7Debt to equity0.72Fiscal year 2022Cash225.4Total debt930.8Net cash (debt)−705.4Shareholders’ equity1,852.6Debt to equity0.50Fiscal year 2023Cash254.3Total debt925.3Net cash (debt)−671.1Shareholders’ equity1,895.6Debt to equity0.49Fiscal year 2024Cash404.0Total debt875.0Net cash (debt)−471.0Shareholders’ equity2,035.0Debt to equity0.43Fiscal year 2025Cash295.9Total debt1,056.3Net cash (debt)−760.4Shareholders’ equity2,114.9Debt to equity0.50Fiscal year 2026Cash318.9Total debt957.4Net cash (debt)−638.5Shareholders’ equity2,107.2Debt to equity0.45
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 140.0 199.5 361.5 191.7 328.8 225.4 254.3 404.0 295.9 318.9
Total debt n/a n/a 0.0 1,220.7 986.7 930.8 925.3 875.0 1,056.3 957.4
Net cash (debt) n/a n/a 361.5 −1,029.0 −657.9 −705.4 −671.1 −471.0 −760.4 −638.5
Shareholders’ equity 261.9 346.3 477.1 1,030.3 1,378.7 1,852.6 1,895.6 2,035.0 2,114.9 2,107.2
Debt to equity n/a n/a 0.00 1.18 0.72 0.50 0.49 0.43 0.50 0.45

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending January, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Jan 2017 FY2018 31 Jan 2018 FY2019 31 Jan 2019 FY2020 31 Jan 2020 FY2021 31 Jan 2021 FY2022 31 Jan 2022 FY2023 31 Jan 2023 FY2024 31 Jan 2024 FY2025 31 Jan 2025 FY2026 31 Jan 2026
Revenue and profit
178.4 229.5 287.2 532.0 733.6 756.6 861.7 999.6 1,199.8 1,313.4
Growth +28.7% +25.1% +85.2% +37.9% +3.1% +13.9% +16.0% +20.0% +9.5%
72.0 94.6 106.1 206.1 318.2 331.8 369.8 377.0 422.5 400.3
106.4 134.9 181.2 325.9 415.3 424.8 491.9 622.6 777.3 913.1
Growth +26.9% +34.3% +79.9% +27.4% +2.3% +15.8% +26.6% +24.8% +17.5%
22.4 27.4 35.1 77.6 124.8 157.4 193.4 218.8 239.5 262.5
20.2 25.1 33.0 60.6 84.5 85.4 97.5 103.7 132.3 119.9
41.2 54.4 77.7 77.0 34.0 −24.2 9.1 117.7 162.3 322.5
Growth +32.0% +42.7% −0.9% −55.8% −171.3% +1,199.5% +37.9% +98.6%
40.1 52.2 75.8 43.2 4.1 −66.7 −38.1 75.0 116.0 277.4
13.7 4.8 1.9 3.5 −4.7 −22.5 −12.0 19.3 19.3 62.2
26.4 47.4 73.9 39.7 8.8 −44.3 −26.1 55.7 96.7 215.2
Growth +79.6% +56.0% −46.3% −77.7% −601.3% +73.6% +122.5%
Per share
0.45 0.79 1.20 0.59 0.12 −0.53 −0.31 0.65 1.11 2.50
0.44 0.77 1.17 0.58 0.12 −0.53 −0.31 0.64 1.09 2.46
Growth +75.0% +51.9% −50.4% −79.3% −541.7% +70.3% +125.7%
58.6 60.3 61.8 67.0 74.2 83.1 84.4 85.6 86.9 86.1
59.9 61.9 63.4 68.5 75.7 83.1 84.4 87.0 88.8 87.5
Growth +3.3% +2.5% +8.0% +10.6% +9.8% +1.6% +3.0% +2.2% −1.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 12.4% a year over five years, and earnings per share grew 83.0% a year.
  • The diluted share count rose 15.6% in five years, which is dilution.
  • Operating margin is up 19.9 points on five years ago, at 24.6%.
  • A net loss in 2 of 10 years on file.