HealthEquity
HQYNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $103.54 Prior regular-session close from the quote source.
- $101.81–$104.03 Regular-session low and high so far today.
- 581.4K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $72.76–$110.26 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HQY if its HSA-centered benefits platform keeps turning employer adoption and custodial balances into high-margin, cash-generative growth after the recent rate-aided margin surge normalizes.
HQY price history
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Investment thesis
What must happen next
Employer and consumer demand for a specialized healthcare saving, spending, and investing platform continues to pull activity onto Health equity rather than into bank or benefits-broker alternatives.StrengtheningMateriality: High
GAAP annual revenue increased from $861.7 million in FY2023 to $999.6 million in FY2024, $1.1998 billion in FY2025, and $1.3134 billion in FY2026. If this holds, the company can keep growing from its installed platform; if it breaks, the revenue base becomes a mature administrator rather than a compounding HSA platform.
Watch: Large employers or health plans shift HSA custody and administration to bundled competitors such as Optum Bank, Fidelity, HSA Bank, Bank of America, or WEX.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $861.7 million in FY2023 to $999.6 million in FY2024, $1.1998 billion in FY2025, and $1.3134.
Open source ↗Health equity’s aggregation of HSA balances preserves attractive custodial and service economics instead of being competed away through higher member yields, client concessions, or lower fees.StrengtheningMateriality: High
GAAP annual gross profit rose from $491.9 million in FY2023 to $913.1 million in FY2026. This determines whether growth is profitable platform growth or low-margin account administration.
Watch: Falling short-term interest rates or depository partner repricing compress the spread HealthEquity earns on custodial cash.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit rose from $491.9 million in FY2023 to $913.1 million in FY2026.
Open source ↗The technology-enabled administration model scales so that incremental accounts and balances require less incremental operating expense over time.StrengtheningMateriality: Medium
GAAP annual operating income improved from $9.1 million in FY2023 to $117.7 million in FY2024, $162.3 million in FY2025, and $322.5 million in FY2026. If operating leverage persists, revenue growth can translate into disproportionate earnings growth; if not, the platform is less differentiated and valuation support weakens.
Watch: Customer service, cybersecurity, compliance, or platform-modernization needs force a step-change in operating expense.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income improved from $9.1 million in FY2023 to $117.7 million in FY2024, $162.3 million in FY2025, and.
Open source ↗Health equity’s platform economics convert reported earnings into operating cash that can fund growth, acquisitions, debt reduction, or shareholder value creation without relying heavily on external capital.StrengtheningMateriality: Medium
GAAP annual operating cash flow increased from $150.7 million in FY2023 to $242.8 million in FY2024, $339.9 million in FY2025, and $457.1 million in FY2026. Cash conversion gives owners strategic flexibility; weak cash conversion would make earnings quality and capital allocation more suspect.
Watch: Custodial balance outflows, unfavorable working-capital timing, or client-payment terms reduce cash conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow increased from $150.7 million in FY2023 to $242.8 million in FY2024, $339.9 million in FY2025.
Open source ↗Switching friction around regulated HSA custody and employer benefit integrations remains strong enough that earnings gains accrue to shareholders rather than being lost to churn, repricing, or dilution.StrengtheningMateriality: Medium
GAAP annual diluted EPS improved from a loss of $0.31 in FY2023 to $0.64 in FY2024, $1.09 in FY2025, and $2.46 in FY2026. The owner ultimately needs durable per-share earnings power, not just larger account volumes or revenue.
Watch: Large employer or health-plan RFP losses show that switching friction is weaker than expected.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual diluted EPS improved from a loss of $0.31 in FY2023 to $0.64 in FY2024, $1.09 in FY2025, and.
Open source ↗
Full investment case & evidence
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Original research
Employer and consumer demand for a specialized healthcare saving, spending, and investing platform continues to pull activity onto Health equity rather than into bank or benefits-broker alternatives. If this holds, the company can keep growing from its installed platform; if it breaks, the revenue base becomes a mature administrator rather than a compounding HSA platform.
Health equity’s aggregation of HSA balances preserves attractive custodial and service economics instead of being competed away through higher member yields, client concessions, or lower fees. This determines whether growth is profitable platform growth or low-margin account administration.
The technology-enabled administration model scales so that incremental accounts and balances require less incremental operating expense over time. If operating leverage persists, revenue growth can translate into disproportionate earnings growth; if not, the platform is less differentiated and valuation support weakens.
Health equity’s platform economics convert reported earnings into operating cash that can fund growth, acquisitions, debt reduction, or shareholder value creation without relying heavily on external capital. Cash conversion gives owners strategic flexibility; weak cash conversion would make earnings quality and capital allocation more suspect.
Switching friction around regulated HSA custody and employer benefit integrations remains strong enough that earnings gains accrue to shareholders rather than being lost to churn, repricing, or dilution. The owner ultimately needs durable per-share earnings power, not just larger account volumes or revenue.
All standing thesis claims
Original report summary
its HSA-centered benefits platform keeps turning employer adoption and custodial balances into high-margin, cash-generative growth after the recent rate-aided margin surge normalizes.
Bull case and bear case
Bull case and bear case for Healthequity
Where the evidence on Healthequity stands: Strengthening on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Employer and consumer demand for a specialized healthcare saving, spending, and investing platform continues to pull activity onto Health equity rather than into bank or benefits-broker alternatives.
Health equity’s aggregation of HSA balances preserves attractive custodial and service economics instead of being competed away through higher member yields, client concessions, or lower fees.
The technology-enabled administration model scales so that incremental accounts and balances require less incremental operating expense over time.
Health equity’s platform economics convert reported earnings into operating cash that can fund growth, acquisitions, debt reduction, or shareholder value creation without relying heavily on external capital.
Switching friction around regulated HSA custody and employer benefit integrations remains strong enough that earnings gains accrue to shareholders rather than being lost to churn, repricing, or dilution.
Bear case: what would count against it
Large employers or health plans shift HSA custody and administration to bundled competitors such as Optum Bank, Fidelity, HSA Bank, Bank of America, or WEX.
Falling short-term interest rates or depository partner repricing compress the spread HealthEquity earns on custodial cash.
Customer service, cybersecurity, compliance, or platform-modernization needs force a step-change in operating expense.
Thesis-Break Engine
Thesis-break watch · Healthequity
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Healthequity filed an SEC 8-K on 2026-10-09: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Healthequity filed an SEC 8-K on 2026-09-30: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Healthequity filed an SEC 8-K on 2026-08-27: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large employers or health plans shift HSA custody and administration to bundled competitors such as Optum Bank, Fidelity, HSA Bank, Bank of America, or WEX.
- Falling short-term interest rates or depository partner repricing compress the spread HealthEquity earns on custodial cash.
- Customer service, cybersecurity, compliance, or platform-modernization needs force a step-change in operating expense.
- Custodial balance outflows, unfavorable working-capital timing, or client-payment terms reduce cash conversion.
- Large employer or health-plan RFP losses show that switching friction is weaker than expected.
HQY news
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Financial statements
HQY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HQY: quick answers
- Have members of Congress traded HQY?
- Reports made public in the last 90 days disclose 1 trade in HQY by 1 filer: 1 purchase and 0 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed HQY trade