Stocktoria

HEALTHEQUITY, INC. HQY

Nasdaq · stock · Services-Business Services, NEC · website · IPO 2014-07-31 · LEI

HEALTHEQUITY, INC. statistics & valuation

Market cap$7.4B
P / E34.4×
P / S5.6×
P / B3.5×
P / FCF16.2×
Net margin16.4%
Return on equity10.2%
FCF margin34.7%
Net debt$638.5M
Net debt / EBITDA1.3×
Enterprise value USD$8.0B
EV / EBITDA16.8×
Earnings yield EBIT/EV4%
Return on capital10%
Graham number -65.4%$36.52

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($36.52); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
14.80% 20.60% 25.70% 7.50% 1.20% -5.90% -3.00% 5.60% 8.10% 16.40% 2017201820192020202120222023202420252026
Gross margin (%)
59.60% 58.80% 63.10% 61.30% 56.60% 56.10% 57.10% 62.30% 64.80% 69.50% 2017201820192020202120222023202420252026
Operating margin (%)
23.10% 23.70% 27.00% 14.50% 4.60% -3.20% 1.10% 11.80% 13.50% 24.60% 2017201820192020202120222023202420252026
Return on equity (%)
10.10% 13.70% 15.50% 3.80% 0.60% -2.40% -1.40% 2.70% 4.60% 10.20% 2017201820192020202120222023202420252026
Shares outstanding
59.9M 61.9M 63.4M 71.1M 77.2M 83.8M 84.8M 87.0M 88.8M 87.5M 2017201820192020202120222023202420252026
Net debt ($)
-$361.5M $1.03B $657.9M $705.4M $671.1M $471.0M $760.4M $638.5M 2017201820192020202120222023202420252026
Share buybacks ($)
2017201820192020202120222023202420252026
Return on assets (%)
9.40% 12.80% 14.50% 1.50% 0.30% -1.40% -0.80% 1.80% 2.80% 6.40% 2017201820192020202120222023202420252026
Free cash flow margin (%)
23.50% 33.20% 38.10% 18.40% 23.00% 17.50% 17.10% 24.10% 28.20% 34.70% 2017201820192020202120222023202420252026
Debt / equity (×)
0.00× 1.18× 0.72× 0.50× 0.49× 0.43× 0.50× 0.45× 2017201820192020202120222023202420252026
EPS ($)
$0.44 $0.77 $1.17 $0.58 $0.12 -$0.53 -$0.31 $0.64 $1.09 $2.46 2017201820192020202120222023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

HEALTHEQUITY, INC. trades at about 42.9× earnings — below its 10-year norm (10-year range 31.1×–686.2×, median 99.3×).

31.1× 686.2×

Shaded band = 10-year range (31.1×–686.2×); dot = today's 42.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Gross margin69.5%64.8%62.3%57.1%56.1%56.6%61.3%63.1%58.8%59.6%
Operating margin24.6%13.5%11.8%1.1%-3.2%4.6%14.5%27.0%23.7%23.1%
Net margin16.4%8.1%5.6%-3.0%-5.9%1.2%7.5%25.7%20.6%14.8%
FCF margin34.7%28.2%24.1%17.1%17.5%23.0%18.4%38.1%33.2%23.5%
Return on assets6.4%2.8%1.8%-0.8%-1.4%0.3%1.5%14.5%12.8%9.4%
Return on equity10.2%4.6%2.7%-1.4%-2.4%0.6%3.8%15.5%13.7%10.1%
Debt / equity0.45×0.50×0.43×0.49×0.50×0.72×1.18×0.00×——
Current ratio3.273.064.762.922.292.251.9613.5812.9512.79

Computed from company filings · US · as of 2026-01-31. Facts plus Stocktoria's own computed scores — not investment advice.