HEALTHEQUITY, INC.(HQY)Stock Analysis
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Rank #232 of 2,879 stocksTOP 10%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
HQY Stock Analysis & AI Quality Score
AI stock analysis and institutional research for HEALTHEQUITY, INC. (HQY), a Industrials sector company. 13F Pro's AI-powered ranking engine scores HQY at 72.3/100 on a 32-signal composite quality model, placing it at rank #232 of 2,879 stocks — the top 10% of the AI-ranked universe. HQY scores in the top quartile across earnings quality (92.5), free cash flow (87.4), profitability (85.6). Areas of concern include institutional flow (31.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 24.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2027), HEALTHEQUITY, INC. reports quarterly revenue of $354.6M, net income of $69.4M, an operating margin of 29.0%. Top institutional holders of HQY by reported 13-F value include BlackRock,, WASATCH ADVISORS, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. HQY trades on the Nasdaq exchange and files with the SEC under CIK 1428336. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate HQY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for HEALTHEQUITY, INC. directly from SEC EDGAR. HEALTHEQUITY, INC.'s 13F Pro composite quality score has ranged between 8 and 79 since 2021, currently 72.3 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving HQY's Business? Latest 10-Q Breakdown
AI-extracted from HEALTHEQUITY, INC.'s 10-Q filed 2026-05-28 — Q1 FY2027 (quarter ended April 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
HealthEquity Q1 revenue grew 7% YoY to $354.6M, driven by custodial revenue up 11% as HSA assets reached $37.1B and Enhanced Rates participation increased.
Biggest Revenue Drivers
Total revenue: $354.6M+7% YoY
Increase in average annualized yield on HSA cash to 3.84% from 3.50%, increased Enhanced Rates offering participation, and $2.4M one-time benefit from early contract termination.
Increase in Total Accounts and spend per account using payment cards, partially offset by lower average rate earned on transactions.
Increases in marketplace revenue, HSA investments, and Total Accounts, partially offset by lower average service fees per account.
Largest Expense Items
Primarily due to increase in software costs as company continues technology modernization and proprietary platform development.
Increase in stock-based compensation from non-recurring award forfeitures related to retirement of former CEO, partially offset by decreased professional services.
Efficiencies from technology investments and decreases in fraud reimbursement costs, partially offset by costs to support increased Total Accounts.
Watch Items from the Filing
- Cybersecurity litigation pending: consolidated putative class action lawsuit in federal court re: fiscal 2025 data breach affecting personally identifiable and protected health information. Company cannot reasonably estimate loss exposure. Regulatory inquiries also ongoing.
- Stock repurchase acceleration: $123.3M repurchased in Q1 (vs. $59.1M in Q1 FY2026); $55.6M authorized remaining. Board increased authorization by $1.0B post-quarter, signaling capital deployment focus.
- HSA market leadership: 20% market share by HSA Assets as of December 2025 (up from 4% in December 2010); largest provider by account count and second-largest by assets per Devenir report.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2027
$354.6M
Net Income
Q1 2027
$69.4M
Free Cash Flow
Q1 2027
$97.2M
Operating Margin
Q1 2027
29.0%
ROIC
Q1 2027
3.4%
D/E Ratio
Q1 2027
0.46
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+31.4% YoYNet Income
+286.3% YoYOperating Income
+174.0% YoYEPS (Diluted)
+284.4% YoYTotal Assets
+6.8% YoYTotal Debt
+9.4% YoYOp. Cash Flow
+88.2% YoY| Metric | FY 2026 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.31B +31.4% | $999.6M +16.0% | $861.7M +13.9% | $756.6M +3.1% | $733.6M +37.9% | $532.0M |
| Net Income | $215.2M +286.3% | $55.7M +313.1% | $-26.1M +41.0% | $-44.3M -601.3% | $8.8M -77.7% | $39.7M |
| Operating Income | $322.5M +174.0% | $117.7M +1199.5% | $9.1M +137.4% | $-24.2M -171.3% | $34.0M -55.8% | $77.0M |
| EPS (Diluted) | $2.46 +284.4% | $0.64 +306.5% | $-0.31 +41.5% | $-0.53 -541.7% | $0.12 -79.3% | $0.58 |
| Total Assets | $3.38B +6.8% | $3.16B +2.4% | $3.09B -0.6% | $3.11B +14.6% | $2.71B +5.7% | $2.56B |
| Total Debt | $957.4M +9.4% | $875.0M -7.2% | $942.8M +0.3% | $939.6M -10.4% | $1.05B -16.7% | $1.26B |
| Operating Cash Flow | $457.1M +88.2% | $242.8M +61.2% | $150.7M +6.8% | $141.0M -22.4% | $181.6M +73.0% | $105.0M |
AI Insight: HQY Financial Trends
Revenue growth accelerating to 7.2% YoY in Q2 2026 while debt declined 9% over two years, but operating cash flow volatility masks underlying efficiency gains.
• Revenue grew 7.2% YoY from Q2 2025 ($331M) to Q2 2026 ($355M), marking strongest quarterly growth in dataset.
• Total debt fell 9.1% from Q3 2024 ($1,101M) to Q2 2026 ($943M), while equity remained stable near $2,100M.
• Operating income expanded 24.1% YoY from Q2 2025 ($83M) to Q2 2026 ($103M), reaching highest level in dataset.
• Operating cash flow declined to $98M in Q2 2026 from $136M in Q3 2025, despite higher profitability.
⚠ Operating cash flow volatility (ranging $65M–$139M) suggests inconsistent working capital management or lumpy customer collections.
⚠ Net income margin compressed to 19.4% in Q2 2026 from peak 24.2% in Q3 2025; monitor sustainability of recent profitability jump.
AI Insight: HQY Ratio Trends
HQY surged to record profitability in Q2 2026, with OpMargin at 29.0% and ROIC at 13.8%, marking the strongest quarter in the dataset.
• OpMargin expanded from 19.7% (Q3 2024) to 29.0% (Q2 2026), a 1,130bp improvement over 18 months.
• ROIC climbed from 7.2% (Q3 2024) to 13.8% (Q2 2026), demonstrating sustained capital efficiency gains.
• Net Profit Margin increased from 11.9% (Q3 2024) to 19.6% (Q2 2026), reflecting both operational leverage and bottom-line strength.
• Debt-to-Equity ratio steadily decreased from 0.51 (Q3 2024) to 0.45 (Q2 2026), strengthening the balance sheet.
⚠ Q4 2024 saw a sharp cliff: OpMargin collapsed to 6.5% and ROIC fell to 2.5%. Recovery has been strong but vigilance warranted.
⚠ Q1 2026 showed a sequential dip in OpMargin (21.2%) and ROIC (9.3%) from Q3 2025 highs, suggesting possible seasonality.
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Top Institutional Holders of HQY
BlackRock, Inc.
$880.2M10,532,394 shWASATCH ADVISORS LP
$601.9M7,202,934 shVANGUARD PORTFOLIO MANAGEMENT LLC
$348.0M4,163,593 shVANGUARD CAPITAL MANAGEMENT LLC
$319.6M3,823,804 shSTATE STREET CORP
$259.1M3,099,897 shMORGAN STANLEY
$207.7M2,485,913 shGEODE CAPITAL MANAGEMENT, LLC
$188.9M2,259,646 shAQR CAPITAL MANAGEMENT LLC
$172.6M2,092,223 shWILLIAM BLAIR INVESTMENT MANAGEMENT, LLC
$138.7M1,659,616 shDIMENSIONAL FUND ADVISORS LP
$136.0M1,627,039 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $880.2M | 10,532,394 |
| WASATCH ADVISORS LP | $601.9M | 7,202,934 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $348.0M | 4,163,593 |
| VANGUARD CAPITAL MANAGEMENT LLC | $319.6M | 3,823,804 |
| STATE STREET CORP | $259.1M | 3,099,897 |
| MORGAN STANLEY | $207.7M | 2,485,913 |
| GEODE CAPITAL MANAGEMENT, LLC | $188.9M | 2,259,646 |
| AQR CAPITAL MANAGEMENT LLC | $172.6M | 2,092,223 |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $138.7M | 1,659,616 |
| DIMENSIONAL FUND ADVISORS LP | $136.0M | 1,627,039 |
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Popular Research
Is HQY a good stock to buy?
13F Pro's AI-powered analysis of HEALTHEQUITY, INC. (HQY) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Industrials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for HQY are available on the HQY stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own HQY?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling HQY. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of HEALTHEQUITY, INC.'s investment landscape.