HQY - HealthEquity, Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$109.89
DETAILS
HIGH:
$125.00
LOW:
$89.00
MEDIAN:
$110.00
CONSENSUS:
$109.89
UPSIDE:
24.72%
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| Revenue | 1,313.4 | 1,199.8 | 999.6 | 861.7 | 756.6 | 733.6 | 532.0 | 287.2 | 229.5 | 178.4 | 87.9 | 62.0 | 46.1 |
| Cost of Revenue | 400.3 | 507.2 | 469.7 | 466.2 | 415.6 | 394.3 | 240.8 | 112.0 | 99.5 | 76.3 | 41.5 | 30.9 | 23.6 |
| Gross Profit | 913.1 | 692.6 | 529.9 | 395.5 | 340.9 | 339.3 | 291.2 | 175.3 | 130.1 | 102.1 | 46.3 | 31.2 | 22.5 |
| Operating Expenses | |||||||||||||
| R&D Expenses | 262.5 | 239.5 | 218.8 | 193.4 | 157.4 | 124.8 | 77.6 | 35.1 | 27.4 | 22.4 | 10.5 | 7.1 | 4.2 |
| SG&A Expenses | 328.1 | 223.0 | 182.9 | 164.5 | 143.0 | 134.5 | 104.5 | 62.5 | 48.2 | 38.5 | 19.0 | 12.5 | 11.2 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 590.7 | 462.5 | 401.7 | 357.9 | 300.3 | 259.3 | 182.1 | 97.6 | 75.6 | 60.8 | 29.5 | 19.6 | 15.4 |
| Operating Income | |||||||||||||
| Operating Income | 322.5 | 230.1 | 128.1 | 37.7 | 40.6 | 80.0 | 109.1 | 77.7 | 54.4 | 41.2 | 16.9 | 11.5 | 7.1 |
| Interest Expense | 57.1 | 60.6 | 55.5 | 48.4 | 36.6 | 34.9 | 24.8 | 0 | 0.3 | 0 | 0 | 0.0 | 0.3 |
| Interest Income | 12.1 | 13.9 | 12.1 | 1.8 | 1.5 | 1.0 | 5.9 | 1.7 | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||||||||||
| EBITDA | 322.5 | 337.5 | 282.4 | 171.5 | 103.0 | 154.9 | 123.3 | 94.0 | 68.1 | 54.4 | 22.8 | 15.8 | 10.2 |
| EBIT | 322.5 | 175.1 | 129.3 | 10.3 | (34.2) | 39.0 | 67.9 | 76.1 | 52.5 | 40.1 | 15.8 | 5.4 | 6.8 |
| Income Before Tax | 277.4 | 116.0 | 75.0 | (38.1) | (66.7) | 4.1 | 43.2 | 75.8 | 52.2 | 40.1 | 15.8 | 5.4 | 6.5 |
| Income Tax Expense | 62.2 | 19.3 | 19.3 | (12.0) | (22.5) | (4.7) | 3.5 | 1.9 | 4.8 | 13.7 | 5.6 | 4.1 | (4.7) |
| Net Income | 215.2 | 96.7 | 55.7 | (26.1) | (44.3) | 8.8 | 39.7 | 73.9 | 47.4 | 26.4 | 10.2 | 1.2 | 11.2 |
| Per Share Data | |||||||||||||
| EPS (Basic) | 2.50 | 1.11 | 0.65 | -0.31 | -0.53 | 0.12 | 0.59 | 1.20 | 0.79 | 0.45 | 0.39 | -1.26 | 0.51 |
| EPS (Diluted) | 2.46 | 1.09 | 0.64 | -0.31 | -0.53 | 0.12 | 0.58 | 1.17 | 0.77 | 0.44 | 0.21 | 0.03 | 0.21 |
| Shares Outstanding | 86.1 | 86.9 | 85.6 | 84.4 | 83.1 | 74.2 | 67.0 | 61.8 | 60.3 | 58.6 | 31.2 | 5.7 | 7.8 |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 318.9 | 295.9 | 404.0 | 254.3 | 225.4 | 328.8 | 191.7 | 361.5 | 199.5 | 140.0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.8 | 40.4 |
| Net Receivables | 123.7 | 118.0 | 104.9 | 96.8 | 87.4 | 72.8 | 70.9 | 25.7 | 21.6 | 17.0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.6 |
| Other Current Assets | 69.7 | 63.8 | 48.6 | 31.8 | 38.5 | 58.6 | 34.7 | 7.5 | 3.3 | 2.9 |
| Total Current Assets | 512.3 | 477.7 | 557.4 | 382.9 | 351.3 | 460.2 | 297.3 | 394.7 | 265.4 | 200.8 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 39.5 | 46.4 | 54.4 | 69.3 | 87.0 | 118.6 | 116.7 | 8.2 | 7.8 | 5.2 |
| Goodwill | 1,648.1 | 1,648.1 | 1,648.1 | 1,648.1 | 1,645.8 | 1,327.2 | 1,332.6 | 4.7 | 4.7 | 4.7 |
| Intangible Assets | 1,097.2 | 1,204.7 | 835.9 | 936.4 | 973.1 | 767.0 | 783.3 | 79.7 | 83.6 | 65.0 |
| Long-Term Investments | 3.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.7 | 0.8 |
| Other Non-Current Assets | 131.7 | 71.6 | 67.9 | 52.2 | 49.8 | 37.4 | 35.1 | 21.1 | 1.5 | 1.1 |
| Total Non-Current Assets | 2,919.8 | 2,970.8 | 2,606.4 | 2,706.0 | 2,755.8 | 2,250.2 | 2,267.7 | 115.3 | 103.8 | 78.3 |
| Total Assets | 3,432.0 | 3,448.6 | 3,163.8 | 3,088.9 | 3,107.1 | 2,710.4 | 2,565.0 | 510.0 | 369.2 | 279.1 |
| Current Liabilities | ||||||||||
| Account Payables | 12.2 | 14.4 | 12.0 | 13.9 | 27.5 | 1.6 | 4.0 | 3.5 | 2.4 | 3.2 |
| Short-Term Debt | 9.9 | 0 | 0 | 17.5 | 8.8 | 62.5 | 39.1 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 134.8 | 69.3 | 49.6 | 45.8 | 47.1 | 50.7 | 50.1 | 17.0 | 12.5 | 8.7 |
| Total Current Liabilities | 156.8 | 156.3 | 117.1 | 131.1 | 153.2 | 204.7 | 151.9 | 29.1 | 20.5 | 15.7 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 957.4 | 1,056.3 | 875.0 | 907.8 | 922.1 | 924.2 | 1,181.6 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 145.4 | 55.8 | 68.7 | 82.7 | 99.8 | 119.7 | 130.5 | 0.9 | 0 | 0.0 |
| Other Non-Current Liabilities | 31.0 | 23.0 | 19.3 | 12.7 | 14.2 | 8.8 | 2.6 | 3.0 | 2.4 | 1.5 |
| Total Non-Current Liabilities | 1,168.0 | 1,177.3 | 1,011.7 | 1,062.2 | 1,101.3 | 1,127.0 | 1,382.7 | 3.9 | 2.4 | 1.5 |
| Total Liabilities | 1,324.8 | 1,333.6 | 1,128.8 | 1,193.3 | 1,254.5 | 1,331.7 | 1,534.7 | 32.9 | 22.9 | 17.2 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | 195.9 | 209.3 | 205.6 | 149.9 | 176.1 | 220.3 | 211.5 | 171.8 | 85.3 | 30.0 |
| Accumulated Other Comprehensive Income | (5.7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.3) | (0.2) |
| Total Stockholders' Equity | 2,107.2 | 2,114.9 | 2,035.0 | 1,895.6 | 1,852.6 | 1,378.7 | 1,030.3 | 477.1 | 346.3 | 261.9 |
| Total Liabilities & Equity | 3,432.0 | 3,448.6 | 3,163.8 | 3,088.9 | 3,107.1 | 2,710.4 | 2,565.0 | 510.0 | 369.2 | 279.1 |
| Debt Metrics | ||||||||||
| Total Debt | 1,001.5 | 1,108.5 | 933.1 | 994.5 | 1,008.2 | 1,075.0 | 1,301.1 | 0 | 0 | 0 |
| Net Debt | 682.6 | 812.6 | 529.2 | 740.2 | 782.8 | 746.2 | 1,109.4 | (361.5) | (199.5) | (140.0) |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 215.2 | 96.7 | 55.7 | (26.1) | (44.3) | 8.8 | 39.7 | 73.9 | 47.4 | 26.4 |
| Depreciation & Amortization | 154.7 | 162.5 | 153.1 | 161.2 | 137.2 | 115.9 | 55.4 | 18.2 | 16.0 | 13.2 |
| Stock-Based Compensation | 73.1 | 96.4 | 77.2 | 62.6 | 52.8 | 42.9 | 39.8 | 21.1 | 14.3 | 8.4 |
| Change in Working Capital | (26.6) | (6.5) | (33.1) | (33.4) | 1.6 | 12.3 | (9.5) | (1.3) | (0.4) | 0.4 |
| Other Non-Cash Items | 1.1 | 3.6 | 4.0 | 3.5 | 17.2 | 6.9 | (23.2) | 1.2 | 0.2 | 0.1 |
| Operating Cash Flow | 457.1 | 339.9 | 242.8 | 150.7 | 141.0 | 181.6 | 105.9 | 113.4 | 81.7 | 45.6 |
| Investing Activities | ||||||||||
| Capital Expenditure | (2.0) | (2.1) | (46.1) | (119.1) | (137.1) | (97.0) | (42.1) | (15.0) | (33.4) | (12.7) |
| Acquisitions | 0 | 0 | 0 | 0 | (504.5) | 0 | (1,647.4) | 11.2 | (2.9) | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | 128.2 | 0 | (53.8) | (0.7) | (0.5) | (0.4) |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 2.4 | 0 | 34.8 | 41.4 | 27.9 | 0 |
| Other Investing Activities | (45.2) | (503.4) | (44.4) | 0 | (128.2) | 0 | (34.8) | (11.2) | (27.9) | (9.4) |
| Investing Cash Flow | (47.1) | (505.5) | (46.1) | (119.1) | (639.2) | (97.0) | (1,743.3) | 25.7 | (36.7) | (13.1) |
| Financing Activities | ||||||||||
| Net Debt Issuance | (100) | 171.3 | (54.4) | (8.8) | (65.0) | (239.1) | 1,242.2 | 0 | 0 | 0 |
| Stock Repurchased | (299.3) | (121.5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0.9 | (1.6) | 0.9 | (0.6) | (6.5) | (3.9) | (244.3) | 0 | 0 | 16.6 |
| Financing Cash Flow | (387.0) | 57.6 | (47.0) | (2.7) | 394.9 | 52.4 | 1,467.7 | 22.9 | 14.6 | 23.8 |
| Cash Position | ||||||||||
| Net Change in Cash | 23.0 | (108.0) | 149.7 | 28.9 | (103.4) | 137.1 | (169.7) | 162.0 | 59.5 | 56.3 |
| Cash at Beginning | 295.9 | 404.0 | 254.3 | 225.4 | 328.8 | 191.7 | 361.5 | 199.5 | 140.0 | 83.6 |
| Cash at End | 318.9 | 295.9 | 404.0 | 254.3 | 225.4 | 328.8 | 191.7 | 361.5 | 199.5 | 140.0 |
| Free Cash Flow | 455.1 | 337.8 | 196.8 | 31.5 | 3.9 | 84.7 | 63.8 | 98.4 | 48.3 | 32.9 |
| Key Metrics | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1,313.4 | 1,199.8 | 999.6 | 861.7 | 756.6 | 733.6 | 532.0 | 287.2 | 229.5 | 178.4 | 87.9 | 62.0 | 46.1 |
| Gross Profit | 913.1 | 692.6 | 529.9 | 395.5 | 340.9 | 339.3 | 291.2 | 175.3 | 130.1 | 102.1 | 46.3 | 31.2 | 22.5 |
| Operating Income | 322.5 | 230.1 | 128.1 | 37.7 | 40.6 | 80.0 | 109.1 | 77.7 | 54.4 | 41.2 | 16.9 | 11.5 | 7.1 |
| Net Income | 215.2 | 96.7 | 55.7 | (26.1) | (44.3) | 8.8 | 39.7 | 73.9 | 47.4 | 26.4 | 10.2 | 1.2 | 11.2 |
| EPS (Diluted) | 2.46 | 1.09 | 0.64 | -0.31 | -0.53 | 0.12 | 0.58 | 1.17 | 0.77 | 0.44 | 0.21 | 0.03 | 0.21 |
| Balance Sheet | |||||||||||||
| Cash & Equivalents | 318.9 | 295.9 | 404.0 | 254.3 | 225.4 | 328.8 | 191.7 | 361.5 | 199.5 | 140.0 | |||
| Total Assets | 3,432.0 | 3,448.6 | 3,163.8 | 3,088.9 | 3,107.1 | 2,710.4 | 2,565.0 | 510.0 | 369.2 | 279.1 | |||
| Total Debt | 1,001.5 | 1,108.5 | 933.1 | 994.5 | 1,008.2 | 1,075.0 | 1,301.1 | 0 | 0 | 0 | |||
| Stockholders' Equity | 2,107.2 | 2,114.9 | 2,035.0 | 1,895.6 | 1,852.6 | 1,378.7 | 1,030.3 | 477.1 | 346.3 | 261.9 | |||
| Cash Flow | |||||||||||||
| Operating Cash Flow | 457.1 | 339.9 | 242.8 | 150.7 | 141.0 | 181.6 | 105.9 | 113.4 | 81.7 | 45.6 | |||
| Capital Expenditure | (2.0) | (2.1) | (46.1) | (119.1) | (137.1) | (97.0) | (42.1) | (15.0) | (33.4) | (12.7) | |||
| Free Cash Flow | 455.1 | 337.8 | 196.8 | 31.5 | 3.9 | 84.7 | 63.8 | 98.4 | 48.3 | 32.9 | |||