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MARKETS / NASDAQ / 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
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
0.5B1.0B20122014201620182020202220242025
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 five years — 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%20122014201620182020202220242025
ROE
FY2025 · ROE 10.2%
5%10%15%-1%-2%20122014201620182020202220242025
Gross margin69.5%
Operating margin24.6%
Net margin16.4%
Return on assets6.3%
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
200M400M20122014201620182020202220242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 287.8
100M200M201220132014201520162022202320242025
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
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 %10.24.72.8−1.4−2.70.75.318.015.611.39.615.5··
Shares out B0.090.090.090.080.080.080.070.060.060.060.060.050.01·

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

Provenance
Company facts, as filed
How we verify · 0 failures in 68 reconciliationsAUDITED

Reconciled in 14 of 19 fiscal years. 27 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Business Services, NEC
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsJanuary 31
Data on record since2012

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