HQY - NASDAQ

HealthEquity, Inc.

HQY·NASDAQ

$87.56

+2.6%

HealthcareMedical - Healthcare Information Services

HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, compare treatment options and prices, receive personalized benefit and clinical information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts. It also provides mutual fund investment platform; and online-only automated investment advisory services through Advisor, a Web-based tool. In addition, the company offers flexible spending accounts; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. It serves clients through a direct sales force; benefits brokers and advisors; and a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. The company was incorporated in 2002 and is headquartered in Draper, Utah.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$7.32B

EPS2.5000

P/E Ratio35.02

Earnings Date06/08/2026

457.09M

Operating Cash Flow

34%

3Y+203.0%

5Y+152.0%

10Y+903.0%

-47.14M

Investing Cash Flow

-91%

3Y-60.0%

5Y-51.0%

10Y+261.0%

-386.98M

Financing Cash Flow

-772%

3Y+14388.0%

5Y-838.0%

10Y-1728.0%

HealthEquity, Inc. Cash Conversion Engine

HQY · NASDAQ

FCF Components

Net Income215.20M

Depreciation & Amortization154.66M

Stock-Based Compensation73.06M

Change in Working Capital-26.62M

Others1.06M

Capital Expenditures-1.97M

Free Cash Flow455.12M

Cash Flow Quality Analysis

FCF Conversion Rate

211.5%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

0.4%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+34.7%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

-$26.62M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

HealthEquity, Inc. Cash Flow Statement

HQY • NASDAQ

HealthEquity, Inc. Cash Flow Statement	Jan 2026	Jan 2025	Jan 2024	Jan 2023	Jan 2022	Jan 2021	Jan 2020	Jan 2019	Jan 2018	Jan 2017	Jan 2016	Jan 2015	Jan 2014	Jan 2013
OPERATING ACTIVITIES
Net Income	215.2M	96.7M	55.7M	-26.1M	-44.3M	8.8M	39.7M	73.9M	47.4M	26.4M	16.6M	10.2M	1.2M	11.2M
Depreciation & Amortization	154.7M	162.5M	153.1M	161.2M	137.2M	115.9M	55.4M	18.2M	16M	13.2M	8.6M	5.9M	4.3M	3.4M
Change in Deferred Taxes	39.7M	-12.8M	-14M	-17.2M	-23.4M	-5.1M	3.7M	408K	4.3M	-2.9M	-2.2M	1.6M	3.6M	-4.9M
Stock-Based Compensation	73.1M	96.4M	77.2M	62.6M	52.8M	42.9M	39.8M	21.1M	14.3M	8.4M	5.9M	2.5M	57K	47K
Other Non-Cash Items	1.1M	3.6M	4M	3.5M	17.2M	6.9M	-23.2M	1.2M	220K	103K	47K	790K	5.7M	129K
Cash Taxes Paid	(0.0)	(26.1M)	(35.4M)	(1.5M)	(0.0)	(0.0)	(9.3M)	(587K)	(27K)	(863K)	(1.4M)	(1.5M)	(353K)	(274K)
Change in Working Capital	-26.6M	-6.5M	-33.1M	-33.4M	1.6M	12.3M	-9.5M	-1.3M	-448K	419K	-2.4M	-5.9M	3.2M	2M
Cash from Operating Activities	457.1M	339.9M	242.8M	150.7M	141M	181.6M	105.9M	113.4M	81.7M	45.6M	26.5M	15M	18M	11.8M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	-2M	-2.1M	-1.7M	-119.1M	-137.1M	-97M	-42.1M	-15M	-33.4M	-12.7M	-49.8M	-8.1M	-5.4M	-2.7M
Acquisitions, Net	(0.0)	(0.0)	(0.0)	(0.0)	-504.5M	(0.0)	-1.6B	(11.2M)	-2.9M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Purchase of Investments	(0.0)	(0.0)	(0.0)	(0.0)	(128.2M)	(0.0)	-53.8M	-728K	-483K	-379K	-40.8M	-305K	(0.0)	(0.0)
Sale/Maturity of Investments	0.0	0.0	0.0	0.0	2.4M	0.0	34.8M	41.4M	27.9M	0.0	0.0	0.0	0.0	0.0
Other Investing Items	-45.2M	-503.4M	-44.4M	0.0	-128.2M	0.0	-34.8M	-11.2M	-27.9M	-9.4M	-88.2M	-6.7M	800K	-800K
Cash from Investing Activities	-47.1M	-505.5M	-46.1M	-119.1M	-639.2M	-97M	-1.7B	(25.7M)	-36.7M	-13.1M	-90.6M	-8.4M	-4.6M	-3.5M
FINANCING ACTIVITIES
Net Issuance of Common Stock	-287.8M	-112.1M	6.5M	6.7M	466.4M	295.3M	458.5M	0.0	0.0	0.0	23.5M	132.6M	597K	0.0
Net Issuance of Debt	-100M	171.3M	-54.4M	-8.8M	-65M	-239.1M	1.2B	0.0	0.0	0.0	0.0	0.0	-2.2M	-7.6M
Cash Paid for Dividends	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-50.3M	-694K	(0.0)
Share Repurchases	-299.3M	-121.5M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-3.4M	(0.0)
Other Financing Items	867K	-1.6M	865K	-603K	-6.5M	-3.9M	-234.9M	22.9M	14.6M	23.8M	13.2M	8.2M	271K	110K
Cash from Financing Activities	-387M	57.6M	-47M	-2.7M	394.9M	52.4M	1.5B	22.9M	14.6M	23.8M	36.6M	90.5M	-5.4M	-7.5M
CASH FLOW SUMMARY
Net Change in Cash	23M	-108M	149.7M	28.9M	-103.4M	137.1M	-169.7M	162M	59.5M	56.3M	-27.4M	97.1M	8M	775K
Cash at Beginning of Period	295.9M	404M	254.3M	225.4M	328.8M	191.7M	361.5M	199.5M	140M	83.6M	111M	13.9M	5.9M	5.1M
Cash at End of Period	318.9M	295.9M	404M	254.3M	225.4M	328.8M	191.7M	361.5M	199.5M	140M	83.6M	111M	13.9M	5.9M
Free Cash Flow	455.1M	337.8M	196.8M	31.5M	3.9M	84.7M	63.8M	98.4M	48.3M	32.9M	-23.2M	6.9M	12.6M	9M

SEC Filings

HQY - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
10-Q 10-Q 2026 Q2 Q2	May 28, 2026	April 30, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 28, 2026	May 28, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	May 13, 2026	January 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 08, 2026	May 05, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 06, 2026	April 06, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 30, 2026	March 26, 2026	2026	View Filing
10-K 10-K 2026 FY FY	March 17, 2026	January 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 17, 2026	March 17, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 17, 2026	February 17, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 12, 2026	January 12, 2026	2026	View Filing

Showing 1 to 10 of 225 filings

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