What is the 13F Pro Quality Score for HQY?

13F Pro ranks HEALTHEQUITY, INC. (HQY) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View HQY's current score at https://13fpro.ai/company/HQY (free sign-up required for the full ranking).

Which hedge funds own the most HQY stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of HQY include BlackRock,, WASATCH ADVISORS, MORGAN STANLEY. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/HQY as soon as new 13F filings post.

Where does 13F Pro source HQY data?

All HEALTHEQUITY, INC. fundamentals and ownership data come directly from SEC EDGAR. HEALTHEQUITY, INC. files with the SEC under CIK 1428336. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is HQY in?

HEALTHEQUITY, INC. (HQY) is classified in the Industrials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/industrials.

What drives HQY's revenue?

Per HEALTHEQUITY, INC.'s latest 10-Q filed with the SEC on 2026-08-27, the biggest revenue drivers are: Custodial revenue ($175.9M, +10% YoY); Service revenue ($124.4M, +6% YoY); Interchange revenue ($50.4M, +5% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/HQY.

What are HQY's largest expenses?

HEALTHEQUITY, INC.'s latest 10-Q reports these as the largest expense items: Technology and development ($73.9M, +14% YoY); Service costs ($73.2M, -3% YoY); General and administrative ($34.9M, +16% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2027 (quarter ended July 31, 2026).

How often is HQY research updated on 13F Pro?

HQY's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

HEALTHEQUITY, INC.(HQY)Stock Analysis

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13F Pro Quality Score

71.2/100

Rank #196 of 2,961 stocksTOP 10%

View Industrials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

63.5/100

Profitability

81.7/100

Balance Sheet

77.4/100

Earnings Quality

72.1/100

Free Cash Flow

88.6/100

Institutional Flow

81.1/100

Revenue Scale

56.0/100

Dilution Risk

23.4/100

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Why HQY Scores 71/100

exact factor attribution · 2026-09-11

HQY's composite is driven by free cash flow and profitability, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Free cash flow

+5.8 pts

89th pct

Profitability

+4.8 pts

82th pct

Capital efficiency

+2.7 pts

77th pct

Revenue growth

+2.7 pts

64th pct

Earnings quality

+2.2 pts

72th pct

Earnings growth

+1.9 pts

87th pct

Institutional flow

+1.6 pts

81th pct

Scale

+0.9 pts

56th pct

Shareholder dilution

-1.3 pts

23th pct

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

HQY Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for HEALTHEQUITY, INC. (HQY), a Industrials sector company. 13F Pro's AI-powered ranking engine scores HQY at 71.2/100 on a 32-signal composite quality model, placing it at rank #196 of 2,961 stocks — the top 10% of the AI-ranked universe. HQY scores in the top quartile across free cash flow (88.6), profitability (81.7), institutional flow (81.1). Shareholder dilution risk is elevated at 23.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), HEALTHEQUITY, INC. reports quarterly revenue of $350.7M, net income of $65.6M, an operating margin of 28.1%. Top institutional holders of HQY by reported 13-F value include BlackRock, WASATCH ADVISORS, MORGAN STANLEY, 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 38 and 76 since 2021, currently 71.2 — an improving long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about HEALTHEQUITY, INC.

Quirks, history, and lore behind HQY — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial technology company · mid-cap · listed on Nasdaq · headquartered in Utah.
2
The Numbers
Serves over 15 million accounts and custodies more than $25 billion in assets — not bad for a company most people have never heard of.
3
The History
Founded in the early 2000s, it was built to ride the wave of consumer-directed healthcare — a movement that really took off when high-deductible health plans went mainstream.
4
The Secret
Its core product is essentially a tax-advantaged savings account tied to your health insurance — the kind that lets you pay for doctor bills with pre-tax dollars.
5
The Lore
It partners with employers and health plans to administer benefits, making it a behind-the-scenes player every time someone swipes a benefits debit card at a pharmacy.
6
The Giveaway
The dominant publicly traded custodian of Health Savings Accounts — if you have an HSA through your job, there's a real chance this Utah company is holding your money.

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What's Driving HQY's Business? Latest 10-Q Breakdown

✓ 20/20 datapoints verified

AI-extracted from HEALTHEQUITY, INC.'s 10-Q filed 2026-08-27 — Q2 FY2027 (quarter ended July 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Total revenue rose 8% to $350.7M as custodial revenue climbed 10% to $175.9M on a 3.83% HSA cash yield, lifting net income 10% to $65.6M.

Biggest Revenue Drivers

Custodial revenue$175.9M+10% YoY

Average annualized yield on HSA cash rose from 3.51% to 3.83% plus a $0.4B increase in average daily HSA cash

Service revenue$124.4M+6% YoY

Increases in marketplace revenue, Total Accounts, and HSA investments, partially offset by lower average service fees per account

Biggest Revenue Drivers

Total revenue: $350.7M+8% YoY

Custodial revenue$175.9M+10% YoY

Average annualized yield on HSA cash rose from 3.51% to 3.83% plus a $0.4B increase in average daily HSA cash

Service revenue$124.4M+6% YoY

Increases in marketplace revenue, Total Accounts, and HSA investments, partially offset by lower average service fees per account

Interchange revenue$50.4M+5% YoY

Increase in Total Accounts and spend per account, partially offset by a lower average rate earned on card transactions

Largest Expense Items

Technology and development$73.9M+14% YoY

Primarily an increase in software and cloud infrastructure costs

Service costs$73.2M-3% YoY

Efficiencies from technology investments and lower self-insured medical claims, partly offset by costs to support more Total Accounts

General and administrative$34.9M+16% YoY

Primarily an increase in personnel-related expenses

Amortization of acquired intangible assets$26.3M-3% YoY

Smaller carrying amount of intangible assets that have not been fully amortized

Margins: Gross profit reached $258.0M on flat cost of revenue. Adjusted EBITDA margin improved to 48% from 46%; management expects cost of revenue to decline as a percentage of revenue.

Watch Items from the Filing

Cash flow hedges swung to a $91.5M pre-tax unrealized loss; $6.1M of losses expected to be reclassified into custodial revenue within 12 months.
$2.3B of HSA cash reprices in the remainder of FY2027 at just a 1.5% current average yield, versus a 3.9% blended book yield.
CDB accounts fell 2% YoY to 7.0 million, offsetting 8% HSA growth; Total Accounts grew only 4% to 17.8 million.
Consolidated putative class action and regulatory inquiries over the fiscal 2025 cybersecurity incident; potential loss cannot be reasonably estimated and no accrual recorded.
Repurchased 1.2 million shares for $108.1M in the quarter; $948.4M remains authorized after a $1.0B increase in May 2026.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$350.7M

Net Income

Q2 2026

$65.6M

Free Cash Flow

Q2 2026

$135.2M

Operating Margin

Q2 2026

28.1%

ROIC

Q2 2026

13.5%

D/E Ratio

Q2 2026

0.47

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+9.5% YoY

$1.31BFY 2026

FY23 $861.7MFY24 $999.6MFY25 $1.20BFY26 $1.31B

Net Income

+122.5% YoY

$215.2MFY 2026

FY23 $-26.1MFY24 $55.7MFY25 $96.7MFY26 $215.2M

Operating Income

+98.6% YoY

$322.5MFY 2026

FY23 $9.1MFY24 $117.7MFY25 $162.3MFY26 $322.5M

EPS (Diluted)

+125.7% YoY

$2.46FY 2026

FY23 $-0.31FY24 $0.64FY25 $1.09FY26 $2.46

Total Assets

-2.0% YoY

$3.38BFY 2026

FY23 $3.09BFY24 $3.16BFY25 $3.45BFY26 $3.38B

Total Debt

-9.4% YoY

$957.4MFY 2026

FY23 $942.8MFY24 $875.0MFY25 $1.06BFY26 $957.4M

Op. Cash Flow

+34.5% YoY

$457.1MFY 2026

FY23 $150.7MFY24 $242.8MFY25 $339.9MFY26 $457.1M

Free Cash Flow

+34.7% YoY

$455.1MFY 2026

FY23 $147.3MFY24 $241.1MFY25 $337.8MFY26 $455.1M

Metric	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Revenue	$1.31B +9.5%	$1.20B +20.0%	$999.6M +16.0%	$861.7M +13.9%	$756.6M +3.1%	$733.6M
Net Income	$215.2M +122.5%	$96.7M +73.6%	$55.7M +313.1%	$-26.1M +41.0%	$-44.3M -601.3%	$8.8M
Operating Income	$322.5M +98.6%	$162.3M +37.9%	$117.7M +1199.5%	$9.1M +137.4%	$-24.2M -171.3%	$34.0M
EPS (Diluted)	$2.46 +125.7%	$1.09 +70.3%	$0.64 +306.5%	$-0.31 +41.5%	$-0.53 -541.7%	$0.12
Total Assets	$3.38B -2.0%	$3.45B +9.0%	$3.16B +2.4%	$3.09B -0.6%	$3.11B +14.6%	$2.71B
Total Debt	$957.4M -9.4%	$1.06B +20.7%	$875.0M -7.2%	$942.8M +0.3%	$939.6M -10.4%	$1.05B
Operating Cash Flow	$457.1M +34.5%	$339.9M +40.0%	$242.8M +61.2%	$150.7M +6.8%	$141.0M -22.4%	$181.6M
Free Cash Flow	$455.1M +34.7%	$337.8M +40.1%	$241.1M +63.7%	$147.3M +11.5%	$132.1M -21.6%	$168.5M

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Available Research

13F Pro tracks comprehensive data for HEALTHEQUITY, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of HQY

BlackRock, Inc.
$1.0B11,277,914 sh
WASATCH ADVISORS LP
$719.0M7,960,735 sh
MORGAN STANLEY
$410.7M4,547,219 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$366.5M4,057,643 sh
VANGUARD CAPITAL MANAGEMENT LLC
$328.8M3,640,776 sh
STATE STREET CORP
$292.7M3,241,046 sh
GEODE CAPITAL MANAGEMENT, LLC
$214.5M2,374,467 sh
AQR CAPITAL MANAGEMENT LLC
$176.1M1,999,209 sh
DIMENSIONAL FUND ADVISORS LP
$168.8M1,869,036 sh
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC
$160.2M1,773,227 sh

Fund	Value	Shares
BlackRock, Inc.	$1.0B	11,277,914
WASATCH ADVISORS LP	$719.0M	7,960,735
MORGAN STANLEY	$410.7M	4,547,219
VANGUARD PORTFOLIO MANAGEMENT LLC	$366.5M	4,057,643
VANGUARD CAPITAL MANAGEMENT LLC	$328.8M	3,640,776
STATE STREET CORP	$292.7M	3,241,046
GEODE CAPITAL MANAGEMENT, LLC	$214.5M	2,374,467
AQR CAPITAL MANAGEMENT LLC	$176.1M	1,999,209
DIMENSIONAL FUND ADVISORS LP	$168.8M	1,869,036
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	$160.2M	1,773,227

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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. HQY is classified as a mid company.

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.