# HealthEquity Inc. (HQY) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Healthcare / Health Care Providers & Services. Price $96.07, market value $7.9 billion.

## Valuation
- **P/E (trailing): 34.7×** (5-yr avg 84.7×, 3-yr avg 84.7×). HealthEquity Inc. trades at 34.7× trailing earnings, well below its own five-year average of 84.7×: cheap by its own standards. The Healthcare median in the September 2026 study was 28.5×. Forward P/E is 17.5×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.14**. A PEG of 0.14 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 5.8×**. Each dollar of revenue is priced at 5.8×.
- **Price / book: 4.0×**. The shares trade at 4.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 16.9×**. Enterprise value is 16.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 6.1%** (5-yr avg 3.8%). Free cash flow equals 6.1% of the market value, above its five-year average of 3.8%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 2.9%**. The inverse of the P/E: 2.9% of the price is earned each year.

## Profitability
- **Gross margin: 71.2%**. HealthEquity Inc. keeps 71.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 25.8%**. 25.8% of revenue is left after running the business, an exceptional level.
- **Net margin: 16.4%**. 16.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 10.2%**. 10.2% on shareholders' equity is solid.
- **Return on invested capital: 10.1%**. Return on all capital, debt included, is 10.1%.
- **Return on assets: 7.0%**. Each dollar of assets produces 7.0% of profit.

## Growth
- **Revenue growth (1 yr): 9.5%** (3-yr 15.1%/yr, 5-yr 12.4%/yr). Revenue grew 9.5% over the last year, against 12.4% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): 125.7%** (5-yr 83.0%/yr). Earnings per share rose 125.7%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 45.7%/yr**. Free cash flow has compounded at 45.7% a year over three years.

## Financial health
- **Debt to equity: 0.45**. Debt is 0.45 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 1.3×**. It would take 1.3 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 5.32**. A Z-score of 5.32 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 8/9**. 8 of 9 fundamental checks pass: strong and improving financials.

## Dividends
- **Dividend: none**. HealthEquity Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: strong_buy** (15 analysts). 15 analysts cover HealthEquity Inc.; the consensus is strong_buy, with an average price target of $118.53 (+23% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -1.7%** (YTD 4.9%, 3-mo 8.3%). The shares are down 1.7% over twelve months including dividends.
- **From 52-week high: -10.7%** (32.0% above the low). Trading 11% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 41**. An RSI of 41 is neutral.
- **Beta (1 yr): 0.59** (volatility 36%). Beta of 0.59 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=HQY · Page: https://foliofundamentals.com/stocks/hqy

Not investment advice.