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MARKETS / NASDAQ / Industrials / Business services / HQY
NASDAQ · SERVICES-BUSINESS SERVICES, NEC · LARGE CAP

Healthequity, Inc. HQY

14 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.3B
▲ 9.5% YoY
$215.2M
▲ 122.5% YoY
$455.1M
▲ 34.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

It earns revenue primarily from three sources: service, custodial, and interchange. Service revenue comes mainly from fees paid by its Clients, Network Partners, and account holders for the administration services it provides in connection with HSAs and other CDBs. Custodial revenue comes primarily from HSA cash held by its insurance company partners and by its federally insured bank and credit union Depository Partners, and from Client-held funds deposited with its Depository Partners. Interchange revenue comes mainly from fees paid by merchants on payments its members make using its physical payment cards and its virtual payment system. HealthEquity, Inc. was incorporated as a Delaware corporation on September 18, 2002.

Written from the business description in HealthEquity, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 17 March 2026. Every sentence was checked against that document before publication.

Growth

USD 1.3B
Revenue, FY2025 · full 14-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.3 · Net income 0.2
0.5B1.0B
201220152018202120242025
Compound annual growth
+15.1%
+12.4%
+26.3%
+89.4%
+29.2%
+83.0%
+24.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +12.4% a year over the five years to FY2025 — but profit grew faster: net income at +89.4%, earnings per share at +83.0%.

The share count rose from 0.08B to 0.09B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

16 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 24.6% · Net 16.4%
10%20%-2%-4%
201220182025
ROE
FY2025 · ROE 10.2%
5%10%15%-1%-2%
201220182025
Three returns, three denominators.
Gross margin69.5%
Operating margin24.6%
Net margin16.4%
EBITDAUSD 477.1M

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders

USD 287.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 455.1
200M400M
201220182025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 287.8
150M300M
201220132014201520162022202320242025
Dividends paid·
Net buybacksUSD 287.8M
Share of profit133.8%
Consecutive raises·

USD 287.8M in buybacks — 134% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 3.4B
EquityUSD 2.1B
CashUSD 318.9M
Gross debtUSD 957.4M
Net debtUSD 638.5M
Current ratio3.27×

Net debt stands at 30% of equity.

The 14-year record

14 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
HQY, 14-year financial record
Metric 20252024202320222021202020192018201720162015201420132012
Revenue $B1.31.21.00.90.80.70.50.30.20.20.10.10.10.0
Operating income $B0.30.20.10.0−0.00.00.10.10.10.00.00.00.00.0
EBITDA $B0.50.30.30.20.10.10.10.10.10.10.00.00.00.0
Income tax $B0.10.00.0−0.0−0.0−0.00.00.00.00.00.00.00.0−0.0
Net income $B0.20.10.1−0.0−0.00.00.00.10.00.00.00.00.00.0
Free cash flow $B0.50.30.20.10.10.20.10.10.10.00.00.00.00.0
EPS, diluted $2.461.090.64−0.31−0.530.120.581.170.770.440.280.21−1.260.25
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %—————————00495560
ROE %10.24.72.8−1.4−2.70.75.318.015.611.39.6———
Shares out B0.090.090.090.080.080.080.070.060.060.060.060.010.01◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 68 reconciliationsAUDITED

Reconciled in 14 of the 14 fiscal years we could check. 12 checks were skipped: the balance sheet is not tagged before 2013. Five checks were skipped: EPS is not tagged before 2012. Five checks were skipped: revenue is not tagged before 2012.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Business Services, NEC
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsJanuary 31
Data on record since2012

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