HealthEquity (HQY) Financials

$83.36 +1.16 (+1.41%)

As of 04:00 PM Eastern

Annual Income Statements for HealthEquity

This table shows HealthEquity's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Income / (Loss) Attributable to Common Shareholders	10	17	26	47	74	40	8.83	-44	-26	56	97
Consolidated Net Income / (Loss)	10	17	26	47	74	40	8.83	-44	-26	56	97
Net Income / (Loss) Continuing Operations	10	17	26	47	74	40	8.83	-44	-26	56	97
Total Pre-Tax Income	16	26	40	52	76	43	4.14	-67	-38	75	116
Total Operating Income	17	26	41	54	78	77	34	-24	9.06	118	162
Total Gross Profit	48	73	106	135	181	326	415	425	492	623	777
Total Revenue	88	127	178	230	287	532	734	757	862	1,000	1,200
Operating Revenue	88	127	178	230	287	532	734	757	862	1,000	1,200
Total Cost of Revenue	40	54	72	95	106	206	318	332	370	377	423
Operating Cost of Revenue	40	54	72	95	106	206	318	332	370	377	423
Total Operating Expenses	31	46	65	80	104	249	381	449	483	505	615
Selling, General & Admin Expense	8.34	14	20	25	33	61	84	85	97	104	132
Marketing Expense	11	13	18	23	29	44	50	59	69	79	91
Research & Development Expense	11	17	22	27	35	78	125	157	193	219	240
Amortization Expense	1.64	2.21	4.30	4.86	5.93	35	76	83	95	93	112
Restructuring Charge	-	-	-	0.00	0.00	32	46	65	29	10	41
Total Other Income / (Expense), net	-1.11	-0.59	-1.09	-2.23	-1.85	-34	-30	-43	-47	-43	-46
Interest Expense	-	-	-	0.27	0.27	25	35	37	48	55	61
Other Income / (Expense), net	-1.11	-0.59	-1.09	-1.96	-1.58	-9.08	5.01	-5.93	1.27	13	14
Income Tax Expense	5.60	8.94	14	4.83	1.92	3.49	-4.69	-22	-12	19	19
Basic Earnings per Share	$0.39	$0.29	$0.45	$0.79	$1.20	$0.59	$0.12	($0.53)	($0.31)	$0.65	$1.11
Weighted Average Basic Shares Outstanding	31.18M	56.72M	58.62M	60.30M	61.84M	67.03M	74.24M	83.13M	84.44M	85.56M	86.87M
Diluted Earnings per Share	$0.21	$0.28	$0.44	$0.77	$1.17	$0.58	$0.12	($0.53)	($0.31)	$0.64	$1.09
Weighted Average Diluted Shares Outstanding	51.86M	58.86M	59.89M	61.85M	63.37M	68.45M	75.68M	83.13M	84.44M	86.96M	88.83M
Weighted Average Basic & Diluted Shares Outstanding	31.18M	57.30M	58.60M	60M	61.60M	71.08M	83.02M	83.82M	84.78M	86.16M	86.50M

This table shows HealthEquity's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Net Income / (Loss) Attributable to Common Shareholders	-11	-1.64	-0.21	4.09	11	15	26	29	36	5.70	26
Consolidated Net Income / (Loss)	-11	-1.64	-0.21	4.09	11	15	26	29	36	5.70	26
Net Income / (Loss) Continuing Operations	-11	-1.64	-0.21	4.09	11	15	26	29	36	5.70	26
Total Pre-Tax Income	-14	-6.18	0.01	10	14	21	30	33	47	6.22	30
Total Operating Income	-2.41	5.54	13	23	25	31	39	42	59	20	42
Total Gross Profit	118	127	136	148	152	159	163	187	204	197	189
Total Revenue	206	216	234	244	244	249	262	288	300	300	312
Operating Revenue	206	216	234	244	244	249	262	288	300	300	312
Total Cost of Revenue	88	89	98	96	92	90	99	100	96	103	123
Operating Cost of Revenue	88	89	98	96	92	90	99	100	96	103	123
Total Operating Expenses	120	121	123	125	127	128	124	146	145	177	147
Selling, General & Admin Expense	26	25	23	26	28	27	23	38	32	32	30
Marketing Expense	16	17	19	20	19	20	21	23	22	23	23
Research & Development Expense	47	49	53	53	55	56	55	56	59	60	65
Amortization Expense	24	24	23	23	23	23	23	26	31	28	27
Restructuring Charge	7.68	6.51	5.11	3.46	2.04	2.66	2.28	2.14	1.78	34	2.18
Total Other Income / (Expense), net	-11	-12	-13	-13	-11	-9.80	-9.17	-8.39	-12	-13	-12
Interest Expense	11	12	14	15	13	14	14	12	15	18	15
Other Income / (Expense), net	0.03	0.44	1.10	1.83	2.76	3.74	4.47	3.40	3.11	4.75	3.07
Income Tax Expense	-3.22	-4.54	0.22	5.92	3.64	6.41	3.35	4.43	11	0.52	3.60
Basic Earnings per Share	($0.13)	($0.02)	-	$0.05	$0.12	$0.17	$0.31	$0.33	$0.41	$0.07	$0.30
Weighted Average Basic Shares Outstanding	84.44M	84.57M	84.44M	85.03M	85.53M	85.70M	85.56M	86.47M	87.13M	87.19M	86.87M
Diluted Earnings per Share	($0.13)	($0.02)	-	$0.05	$0.12	$0.17	$0.30	$0.33	$0.40	$0.06	$0.30
Weighted Average Diluted Shares Outstanding	84.44M	84.57M	84.44M	86.10M	86.34M	87.12M	86.96M	88.32M	88.65M	88.63M	88.83M
Weighted Average Basic & Diluted Shares Outstanding	84.53M	84.64M	84.78M	85.47M	85.63M	85.80M	86.16M	87.01M	87.32M	86.66M	86.50M

This table details how cash moves in and out of HealthEquity's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Change in Cash & Equivalents	97	-27	56	60	162	-170	137	-103	29	150	-108
Net Cash From Operating Activities	15	27	46	82	113	105	182	141	151	243	340
Net Cash From Continuing Operating Activities	15	27	46	82	113	105	182	141	151	243	340
Net Income / (Loss) Continuing Operations	10	17	26	47	74	40	8.83	-44	-26	56	97
Consolidated Net Income / (Loss)	10	17	26	47	74	40	8.83	-44	-26	56	97
Depreciation Expense	5.89	8.60	13	16	18	55	116	137	161	153	162
Amortization Expense	0.00	0.02	0.10	-	0.06	2.71	5.10	4.45	3.26	2.85	2.07
Non-Cash Adjustments To Reconcile Net Income	3.32	5.91	8.43	15	22	19	56	83	71	88	105
Changes in Operating Assets and Liabilities, net	-4.33	-4.60	-2.50	3.48	-0.56	-12	-3.99	-39	-59	-57	-26
Net Cash From Investing Activities	-8.44	-91	-13	-37	26	-1,740	-97	-639	-119	-46	-505
Net Cash From Continuing Investing Activities	-8.44	-91	-13	-37	26	-1,740	-97	-639	-119	-46	-505
Purchase of Property, Plant & Equipment	-8.13	-9.27	-13	-16	-14	-33	-65	-72	-49	-43	-53
Acquisitions	0.00	-40	0.00	-20	-1.00	-1,654	-32	-570	-71	-3.26	-452
Net Cash From Financing Activities	90	37	24	15	23	1,466	52	395	-2.67	-47	58
Net Cash From Continuing Financing Activities	90	37	24	15	23	1,466	52	395	-2.67	-47	58
Repayment of Debt	-	-	-	0.00	0.00	-38	-239	-1,015	-8.75	-54	-566
Repurchase of Common Equity	0.00	-0.32	-	-	-	-	-	-	0.00	0.00	-121
Issuance of Debt	0.00	23	-	0.00	0.00	1,250	0.00	950	0.00	0.00	737
Other Financing Activities, net	8.24	13	24	15	23	-204	4.71	3.75	6.08	7.34	7.81
Cash Interest Paid	0.00	0.05	0.21	0.20	0.20	22	28	16	44	50	59
Cash Income Taxes Paid	-1.50	1.36	0.86	0.03	0.59	9.28	-6.02	-5.63	1.53	35	26

This table details how cash moves in and out of HealthEquity's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Net Change in Cash & Equivalents	16	33	44	-29	65	44	70	-153	76	-4.73	-26
Net Cash From Operating Activities	40	48	55	32	77	57	77	65	108	91	76
Net Cash From Continuing Operating Activities	40	48	55	32	77	57	77	65	108	91	76
Net Income / (Loss) Continuing Operations	-11	-1.64	-0.21	4.09	11	15	26	29	36	5.70	26
Consolidated Net Income / (Loss)	-11	-1.64	-0.21	4.09	11	15	26	29	36	5.70	26
Depreciation Expense	41	41	40	39	38	38	38	39	44	41	39
Amortization Expense	0.83	0.82	0.81	0.78	0.68	0.69	0.70	0.70	0.73	0.38	0.26
Non-Cash Adjustments To Reconcile Net Income	21	20	14	21	25	23	19	34	23	24	23
Changes in Operating Assets and Liabilities, net	-11	-12	0.04	-34	2.68	-19	-7.07	-37	4.77	19	-13
Net Cash From Investing Activities	-21	-14	-10	-9.14	-10	-15	-11	-270	-209	-13	-14
Net Cash From Continuing Investing Activities	-21	-14	-10	-9.14	-10	-15	-11	-270	-209	-13	-14
Purchase of Property, Plant & Equipment	-12	-12	-10	-9.14	-10	-12	-11	-14	-13	-13	-14
Net Cash From Financing Activities	-3.39	-1.10	-1.15	-51	-2.16	2.03	4.12	52	177	-82	-88
Net Cash From Continuing Financing Activities	-3.39	-1.10	-1.15	-51	-2.16	2.03	4.12	52	177	-82	-88
Repayment of Debt	-2.19	-2.19	-2.19	-54	-	-	-	0.00	-	-541	-25
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-	-63
Other Financing Activities, net	-1.20	1.09	1.04	3.35	-2.16	2.03	4.12	1.77	1.62	4.85	-0.43
Cash Interest Paid	3.95	17	7.30	19	4.01	21	5.37	19	8.12	23	8.38
Cash Income Taxes Paid	0.52	0.20	0.75	-0.01	15	9.66	11	0.28	13	10	2.25

This table presents HealthEquity's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	159	220	279	369	510	2,565	2,710	3,107	3,089	3,164	3,449
Total Current Assets	125	143	201	265	395	297	460	351	383	557	478
Cash & Equivalents	111	84	140	199	361	192	329	225	254	404	296
Accounts Receivable	9.05	14	17	22	26	71	73	87	97	105	118
Other Current Assets	2.27	1.70	2.87	3.53	7.53	35	59	38	32	49	64
Plant, Property, & Equipment, net	2.58	3.51	5.17	7.84	8.22	33	29	23	13	6.01	3.24
Total Noncurrent Assets	31	73	73	96	107	2,234	2,221	2,732	2,693	2,600	2,968
Goodwill	4.65	4.65	4.65	4.65	4.65	1,333	1,327	1,646	1,648	1,648	1,648
Intangible Assets	27	67	65	84	80	783	767	973	936	836	1,205
Other Noncurrent Operating Assets	0.28	1.75	1.86	2.18	21	118	127	113	109	116	115
Total Liabilities & Shareholders' Equity	159	220	279	369	510	2,565	2,710	3,107	3,089	3,164	3,449
Total Liabilities	15	16	17	23	33	1,535	1,332	1,255	1,193	1,129	1,334
Total Current Liabilities	8.83	12	16	20	29	152	205	153	131	117	156
Accounts Payable	1.30	2.43	3.22	2.42	3.52	3.98	1.61	28	14	12	14
Accrued Expenses	2.23	1.90	3.76	5.52	8.55	46	76	58	44	46	63
Current Employee Benefit Liabilities	5.30	7.78	8.72	13	17	50	51	47	46	50	69
Other Current Liabilities	-	-	-	-	0.00	12	14	12	10	9.40	10
Total Noncurrent Liabilities	5.84	4.23	1.49	2.40	3.88	1,383	1,127	1,101	1,062	1,012	1,177
Long-Term Debt	-	-	-	-	0.00	1,182	924	922	908	875	1,056
Capital Lease Obligations	-	-	-	-	-	68	74	-	59	49	42
Noncurrent Deferred & Payable Income Tax Liabilities	5.36	4.00	0.04	0.00	0.92	130	120	100	83	69	56
Other Noncurrent Operating Liabilities	-	-	-	-	2.97	2.63	8.81	79	13	19	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	144	203	262	346	477	1,030	1,379	1,853	1,896	2,035	2,115
Total Preferred & Common Equity	144	203	262	346	477	1,030	1,379	1,853	1,896	2,035	2,115
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	144	203	262	346	477	1,030	1,379	1,853	1,896	2,035	2,115
Common Stock	157	200	232	261	305	819	1,158	1,677	1,746	1,829	1,906
Retained Earnings	-13	3.61	30	85	172	212	220	176	150	206	209

This table presents HealthEquity's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Total Assets	3,100	3,065	3,074	3,065	3,035	3,066	3,094	3,246	3,514	3,488
Total Current Assets	764	279	309	332	358	423	474	405	496	495
Cash & Equivalents	649	161	177	210	226	290	334	251	327	322
Accounts Receivable	84	86	90	88	98	93	96	106	108	107
Other Current Assets	31	32	41	34	34	40	44	47	60	66
Plant, Property, & Equipment, net	25	21	18	16	11	9.15	7.66	5.08	4.59	3.89
Total Noncurrent Assets	2,311	2,765	2,747	2,717	2,666	2,635	2,611	2,836	3,014	2,989
Goodwill	1,364	1,646	1,646	1,646	1,648	1,648	1,648	1,648	1,648	1,648
Intangible Assets	821	1,008	992	965	908	882	861	1,071	1,254	1,228
Other Noncurrent Operating Assets	126	111	109	107	110	105	103	117	112	113
Total Liabilities & Shareholders' Equity	3,100	3,065	3,074	3,065	3,035	3,066	3,094	3,246	3,514	3,488
Total Liabilities	1,228	1,210	1,209	1,182	1,116	1,117	1,106	1,149	1,357	1,364
Total Current Liabilities	107	118	126	110	90	103	96	92	121	155
Accounts Payable	5.24	14	16	16	13	13	13	18	11	10
Accrued Expenses	50	48	43	33	46	49	42	41	63	87
Current Employee Benefit Liabilities	33	33	42	35	20	31	31	23	37	48
Other Current Liabilities	13	12	11	11	11	10	9.77	9.76	9.90	9.95
Total Noncurrent Liabilities	1,121	1,092	1,084	1,071	1,027	1,014	1,009	1,056	1,237	1,209
Long-Term Debt	924	919	915	911	873	874	874	926	1,101	1,081
Capital Lease Obligations	68	64	-	-	-	-	-	48	46	44
Noncurrent Deferred & Payable Income Tax Liabilities	110	95	92	89	82	75	67	63	63	59
Other Noncurrent Operating Liabilities	19	14	76	71	72	65	68	19	25	25
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,872	1,855	1,865	1,883	1,919	1,950	1,988	2,098	2,157	2,125
Total Preferred & Common Equity	1,872	1,855	1,865	1,883	1,919	1,950	1,988	2,098	2,157	2,125
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,872	1,855	1,865	1,883	1,919	1,950	1,988	2,098	2,157	2,125
Common Stock	1,663	1,693	1,713	1,733	1,765	1,785	1,809	1,863	1,887	1,893
Retained Earnings	209	162	152	150	154	165	179	234	270	232

This table displays calculated financial ratios and metrics derived from HealthEquity's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	41.67%	44.31%	40.69%	28.68%	25.15%	85.21%	37.89%	3.13%	13.90%	16.00%	20.03%
EBITDA Growth	124.53%	57.84%	56.25%	28.11%	37.88%	33.56%	27.02%	-30.34%	56.81%	63.87%	19.12%
EBIT Growth	193.34%	62.10%	57.00%	30.77%	45.03%	-10.73%	-42.55%	-177.31%	134.23%	1,163.51%	35.38%
NOPAT Growth	311.54%	56.20%	59.41%	82.27%	53.29%	-6.51%	2.55%	-123.38%	137.37%	1,278.31%	54.82%
Net Income Growth	724.49%	63.42%	58.77%	79.56%	56.03%	-46.33%	-77.73%	-601.35%	40.97%	313.10%	73.58%
EPS Growth	116.67%	33.33%	57.14%	75.00%	51.95%	-50.43%	-79.31%	-541.67%	41.51%	306.45%	70.31%
Operating Cash Flow Growth	-16.48%	76.40%	71.78%	79.21%	38.82%	-7.42%	72.95%	-22.37%	6.85%	61.19%	39.96%
Free Cash Flow Firm Growth	87.86%	-1,297.48%	185.13%	-0.93%	164.84%	-3,036.06%	104.58%	-621.58%	86.78%	357.94%	-243.66%
Invested Capital Growth	64.70%	140.80%	2.38%	29.94%	9.06%	1,740.13%	-0.77%	21.18%	2.65%	-2.70%	14.20%
Revenue Q/Q Growth	0.00%	9.51%	6.53%	6.31%	5.64%	30.85%	-1.75%	2.04%	3.67%	2.94%	4.30%
EBITDA Q/Q Growth	0.00%	11.65%	4.95%	3.24%	11.19%	20.96%	-2.92%	-21.48%	38.91%	10.14%	0.80%
EBIT Q/Q Growth	0.00%	10.24%	4.50%	1.90%	14.37%	-3.89%	-17.68%	-464.49%	127.91%	28.63%	1.06%
NOPAT Q/Q Growth	0.00%	11.41%	3.80%	7.08%	8.08%	1.62%	115.33%	-1,800.91%	128.84%	47.72%	1.84%
Net Income Q/Q Growth	0.00%	11.83%	3.67%	4.05%	10.82%	-25.12%	169.58%	-625.57%	55.50%	91.19%	0.00%
EPS Q/Q Growth	0.00%	7.69%	4.76%	5.48%	9.35%	-31.76%	700.00%	-657.14%	55.71%	88.24%	0.00%
Operating Cash Flow Q/Q Growth	-6.88%	14.21%	17.51%	6.88%	12.74%	-1.59%	19.76%	-6.84%	3.39%	9.75%	-0.39%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	102.81%	5.42%	25.11%	0.33%	104.06%	-439.65%	84.70%	21.19%	14.74%
Invested Capital Q/Q Growth	0.00%	8.84%	-6.11%	-3.05%	-8.65%	-0.76%	-1.07%	15.19%	1.00%	1.05%	-0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.60%	57.26%	59.63%	58.78%	63.08%	61.26%	56.62%	56.14%	57.09%	62.29%	64.78%
EBITDA Margin	24.65%	26.96%	29.94%	29.81%	32.84%	23.68%	21.81%	14.73%	20.28%	28.65%	28.44%
Operating Margin	19.21%	20.62%	23.10%	23.71%	27.04%	14.48%	4.64%	-3.20%	1.05%	11.77%	13.53%
EBIT Margin	17.94%	20.16%	22.49%	22.86%	26.49%	12.77%	5.32%	-3.99%	1.20%	13.05%	14.73%
Profit (Net Income) Margin	11.57%	13.10%	14.79%	20.63%	25.73%	7.46%	1.20%	-5.85%	-3.03%	5.57%	8.06%
Tax Burden Percent	64.49%	65.01%	65.74%	90.75%	97.47%	91.91%	213.38%	66.36%	68.62%	74.24%	83.34%
Interest Burden Percent	100.00%	100.00%	100.00%	99.48%	99.65%	63.53%	10.61%	221.22%	-368.86%	57.50%	65.68%
Effective Tax Rate	35.51%	34.99%	34.26%	9.25%	2.53%	8.09%	-113.38%	0.00%	0.00%	25.76%	16.66%
Return on Invested Capital (ROIC)	40.92%	30.14%	33.60%	52.65%	68.32%	6.31%	3.43%	-0.73%	0.24%	3.37%	4.94%
ROIC Less NNEP Spread (ROIC-NNEP)	42.07%	30.47%	34.07%	53.61%	68.92%	-2.15%	-3.55%	-4.53%	-4.28%	-1.69%	-0.89%
Return on Net Nonoperating Assets (RNNOA)	-29.51%	-20.58%	-22.27%	-37.08%	-50.37%	-1.05%	-2.69%	-2.01%	-1.64%	-0.54%	-0.28%
Return on Equity (ROE)	11.42%	9.56%	11.33%	15.57%	17.95%	5.26%	0.73%	-2.74%	-1.40%	2.83%	4.66%
Cash Return on Invested Capital (CROIC)	-7.96%	-52.49%	31.25%	26.61%	59.66%	-173.07%	4.20%	-19.88%	-2.37%	6.11%	-8.31%
Operating Return on Assets (OROA)	14.74%	13.50%	16.08%	16.18%	17.31%	4.42%	1.48%	-1.04%	0.33%	4.17%	5.34%
Return on Assets (ROA)	9.51%	8.78%	10.57%	14.61%	16.81%	2.58%	0.33%	-1.52%	-0.84%	1.78%	2.92%
Return on Common Equity (ROCE)	7.90%	9.56%	11.33%	15.57%	17.95%	5.26%	0.73%	-2.74%	-1.40%	2.83%	4.66%
Return on Equity Simple (ROE_SIMPLE)	7.06%	8.17%	10.07%	13.68%	15.49%	3.85%	0.64%	-2.39%	-1.38%	2.74%	4.57%
Net Operating Profit after Tax (NOPAT)	11	17	27	49	76	71	73	-17	6.34	87	135
NOPAT Margin	12.39%	13.41%	15.19%	21.52%	26.36%	13.30%	9.89%	-2.24%	0.74%	8.74%	11.28%
Net Nonoperating Expense Percent (NNEP)	-1.15%	-0.33%	-0.47%	-0.96%	-0.60%	8.46%	6.97%	3.80%	4.53%	5.07%	5.84%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	0.22%	2.95%	4.21%
Cost of Revenue to Revenue	45.40%	42.74%	40.37%	41.22%	36.92%	38.74%	43.38%	43.86%	42.91%	37.71%	35.22%
SG&A Expenses to Revenue	9.50%	11.13%	11.30%	10.94%	11.50%	11.38%	11.52%	11.29%	11.31%	10.37%	11.02%
R&D to Revenue	11.95%	13.28%	12.54%	11.93%	12.20%	14.58%	17.01%	20.80%	22.44%	21.89%	19.96%
Operating Expenses to Revenue	35.40%	36.64%	36.52%	35.07%	36.04%	46.79%	51.98%	59.35%	56.03%	50.51%	51.25%
Earnings before Interest and Taxes (EBIT)	16	26	40	52	76	68	39	-30	10	130	177
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	34	53	68	94	126	160	111	175	286	341
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.89	6.10	10.48	8.87	8.15	4.54	4.67	2.41	2.72	3.19	4.52
Price to Tangible Book Value (P/TBV)	10.07	9.41	14.28	11.90	9.90	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	12.94	9.79	15.39	13.38	13.54	8.80	8.77	5.91	5.98	6.49	7.98
Price to Earnings (P/E)	111.87	74.75	104.10	64.85	52.63	118.05	728.16	0.00	0.00	116.40	98.96
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.89%	1.34%	0.96%	1.54%	1.90%	0.85%	0.14%	0.00%	0.00%	0.86%	1.01%
Enterprise Value to Invested Capital (EV/IC)	31.01	14.03	31.45	26.71	30.52	2.72	3.39	2.02	2.24	2.74	3.56
Enterprise Value to Revenue (EV/Rev)	11.68	8.82	14.38	12.33	12.28	10.86	9.77	6.84	6.82	7.01	8.64
Enterprise Value to EBITDA (EV/EBITDA)	47.39	32.71	48.04	41.38	37.40	45.87	44.77	46.41	33.64	24.46	30.40
Enterprise Value to EBIT (EV/EBIT)	65.10	43.75	63.94	53.96	46.37	85.08	183.61	0.00	569.36	53.68	58.71
Enterprise Value to NOPAT (EV/NOPAT)	94.31	65.79	94.69	57.32	46.60	81.65	98.72	0.00	927.52	80.16	76.66
Enterprise Value to Operating Cash Flow (EV/OCF)	68.21	42.13	56.27	34.65	31.10	55.04	39.45	36.69	39.03	28.85	30.52
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	101.82	113.42	53.37	0.00	80.52	0.00	0.00	44.25	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	1.25	0.77	0.50	0.52	0.45	0.52
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	1.21	0.72	0.50	0.51	0.45	0.52
Financial Leverage	-0.70	-0.68	-0.65	-0.69	-0.73	0.49	0.76	0.44	0.38	0.32	0.32
Leverage Ratio	1.20	1.09	1.07	1.07	1.07	2.04	2.19	1.80	1.65	1.59	1.59
Compound Leverage Factor	1.20	1.09	1.07	1.06	1.06	1.30	0.23	3.98	-6.10	0.91	1.05
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	55.57%	43.49%	33.44%	34.18%	31.22%	34.19%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.68%	2.56%	0.31%	0.61%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	53.89%	40.93%	33.13%	33.57%	31.22%	34.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	44.43%	56.51%	66.56%	65.82%	68.78%	65.81%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	10.23	6.63	8.35	5.63	3.23	3.22
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	8.71	4.58	6.33	4.18	1.81	2.35
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	9.92	6.24	8.27	5.53	3.23	3.22
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	18.21	14.62	-54.86	155.26	10.57	8.12
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	15.50	10.09	-41.58	115.15	5.95	5.93
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	17.66	13.76	-54.35	152.50	10.57	8.12
Altman Z-Score	48.14	47.30	97.86	82.73	73.24	2.31	3.44	2.50	3.05	4.16	5.02
Noncontrolling Interest Sharing Ratio	30.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	14.12	11.82	12.79	12.95	13.58	1.96	2.25	2.29	2.92	4.76	3.06
Quick Ratio	13.60	11.41	12.57	12.78	13.33	1.73	1.96	2.04	2.68	4.35	2.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.12	-30	25	25	66	-1,941	89	-464	-61	158	-227
Operating Cash Flow to CapEx	185.02%	286.25%	359.69%	515.86%	816.93%	318.79%	281.17%	196.88%	310.34%	567.13%	638.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	91.10	244.83	-78.35	2.55	-12.69	-1.27	2.85	-3.75
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	298.18	420.08	4.24	5.21	3.86	3.11	4.38	5.61
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	240.38	368.66	2.91	3.36	1.90	2.11	3.61	4.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.67	0.72	0.71	0.65	0.35	0.28	0.26	0.28	0.32	0.36
Accounts Receivable Turnover	11.91	10.85	11.39	11.89	12.15	11.02	10.21	9.45	9.35	9.91	10.77
Inventory Turnover	78.51	87.05	118.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	38.46	41.69	41.12	35.30	35.77	25.51	23.44	28.83	47.57	105.92	259.35
Accounts Payable Turnover	21.73	29.02	25.48	33.54	35.71	54.96	113.78	22.76	17.85	29.06	32.01
Days Sales Outstanding (DSO)	30.66	33.63	32.03	30.69	30.03	33.11	35.73	38.64	39.02	36.83	33.91
Days Inventory Outstanding (DIO)	4.65	4.19	3.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	16.80	12.58	14.32	10.88	10.22	6.64	3.21	16.04	20.45	12.56	11.40
Cash Conversion Cycle (CCC)	18.51	25.25	20.78	19.81	19.81	26.47	32.52	22.61	18.57	24.27	22.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	33	80	82	106	116	2,127	2,111	2,558	2,626	2,555	2,917
Invested Capital Turnover	3.30	2.25	2.21	2.45	2.59	0.47	0.35	0.32	0.33	0.39	0.44
Increase / (Decrease) in Invested Capital	13	47	1.90	24	9.60	2,012	-16	447	68	-71	363
Enterprise Value (EV)	1,026	1,118	2,565	2,831	3,528	5,779	7,165	5,173	5,880	7,005	10,372
Market Capitalization	1,137	1,242	2,746	3,071	3,889	4,682	6,433	4,468	5,150	6,485	9,569
Book Value per Share	$2.63	$3.53	$4.41	$5.71	$7.65	$14.54	$17.91	$22.16	$22.40	$23.72	$24.40
Tangible Book Value per Share	$2.06	$2.29	$3.24	$4.25	$6.30	($15.32)	($9.29)	($9.17)	($8.14)	($5.23)	($8.51)
Total Capital	144	203	262	346	477	2,319	2,440	2,783	2,880	2,959	3,213
Total Debt	0.00	0.00	0.00	0.00	0.00	1,289	1,061	931	984	924	1,099
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	1,250	998	922	967	924	1,099
Net Debt	-111	-124	-180	-240	-361	1,097	732	705	730	520	803
Capital Expenditures (CapEx)	8.13	9.27	13	16	14	33	65	72	49	43	53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.88	7.17	4.76	4.64	4.15	-7.30	-11	-19	15	36	25
Debt-free Net Working Capital (DFNWC)	116	131	185	245	366	184	318	207	269	440	321
Net Working Capital (NWC)	116	131	185	245	366	145	255	198	252	440	321
Net Nonoperating Expense (NNE)	0.72	0.38	0.72	2.02	1.81	31	64	27	32	32	39
Net Nonoperating Obligations (NNO)	-111	-124	-180	-240	-361	1,097	732	705	730	520	803
Total Depreciation and Amortization (D&A)	5.89	8.62	13	16	18	58	121	142	164	156	165
Debt-free, Cash-free Net Working Capital to Revenue	5.56%	5.65%	2.67%	2.02%	1.44%	-1.37%	-1.48%	-2.45%	1.75%	3.64%	2.12%
Debt-free Net Working Capital to Revenue	131.91%	103.28%	103.78%	106.70%	127.29%	34.67%	43.35%	27.35%	31.25%	44.05%	26.79%
Net Working Capital to Revenue	131.91%	103.28%	103.78%	106.70%	127.29%	27.32%	34.83%	26.19%	29.22%	44.05%	26.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.39	$0.29	$0.45	$0.79	$1.20	$0.59	$0.12	($0.53)	($0.31)	$0.65	$1.11
Adjusted Weighted Average Basic Shares Outstanding	31.18M	56.72M	58.62M	60.30M	61.84M	67.03M	74.24M	83.13M	84.44M	85.56M	86.87M
Adjusted Diluted Earnings per Share	$0.21	$0.28	$0.44	$0.77	$1.17	$0.58	$0.12	($0.53)	($0.31)	$0.64	$1.09
Adjusted Weighted Average Diluted Shares Outstanding	51.86M	58.86M	59.89M	61.85M	63.37M	68.45M	75.68M	83.13M	84.44M	86.96M	88.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	55.07M	57.77M	59.63M	60.95M	62.47M	71.08M	83.02M	83.82M	84.78M	86.16M	86.50M
Normalized Net Operating Profit after Tax (NOPAT)	11	17	27	49	76	100	56	28	26	95	169
Normalized NOPAT Margin	12.39%	13.41%	15.19%	21.52%	26.36%	18.85%	7.63%	3.75%	3.06%	9.52%	14.09%
Pre Tax Income Margin	17.94%	20.16%	22.49%	22.74%	26.40%	8.11%	0.56%	-8.82%	-4.42%	7.51%	9.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	191.47	281.81	2.74	1.12	-0.82	0.21	2.35	2.91
NOPAT to Interest Expense	0.00	0.00	0.00	180.24	280.39	2.86	2.08	-0.46	0.13	1.58	2.23
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	133.67	230.39	1.41	-0.73	-2.78	-0.79	1.58	2.04
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	122.43	228.96	1.53	0.23	-2.42	-0.87	0.80	1.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	495.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	495.25%	1.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	125.64%

This table displays calculated financial ratios and metrics derived from HealthEquity's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.01%	20.08%	15.02%	18.84%	18.15%	15.33%	12.21%	17.66%	23.15%	20.55%	18.84%
EBITDA Growth	16.03%	26.35%	737.40%	98.21%	69.75%	54.55%	47.44%	30.61%	59.92%	-10.44%	3.28%
EBIT Growth	-348.21%	117.16%	143.35%	429.50%	1,255.29%	478.65%	202.93%	80.07%	125.64%	-29.62%	4.29%
NOPAT Growth	-175.66%	1,614.21%	-1,710.06%	285.78%	1,190.01%	454.08%	109.99%	280.70%	146.06%	-16.26%	7.51%
Net Income Growth	-179.05%	67.43%	99.36%	130.02%	199.31%	994.15%	12,714.35%	603.79%	238.55%	-61.13%	0.00%
EPS Growth	-160.00%	66.67%	0.00%	131.25%	192.31%	950.00%	0.00%	560.00%	233.33%	-64.71%	0.00%
Operating Cash Flow Growth	7.79%	115.22%	9.76%	345.64%	92.05%	19.14%	38.89%	107.46%	40.23%	58.56%	-1.72%
Free Cash Flow Firm Growth	-9,014.75%	-329.95%	11.42%	124.47%	121.85%	124.78%	125.53%	-266.27%	-493.06%	-510.50%	-408.87%
Invested Capital Growth	21.54%	17.07%	2.65%	-4.54%	-3.18%	-2.75%	-2.70%	9.92%	17.56%	15.81%	14.20%
Revenue Q/Q Growth	0.23%	4.82%	8.22%	4.53%	-0.36%	2.33%	5.28%	9.61%	4.29%	0.17%	3.79%
EBITDA Q/Q Growth	19.81%	20.70%	17.54%	16.61%	2.61%	9.89%	12.13%	3.30%	25.63%	-38.45%	29.31%
EBIT Q/Q Growth	68.64%	351.47%	139.15%	74.73%	9.94%	25.95%	25.20%	3.87%	37.77%	-60.72%	85.53%
NOPAT Q/Q Growth	66.91%	329.77%	-9,000.04%	102.75%	94.15%	16.80%	60.50%	4.60%	25.49%	-60.25%	106.07%
Net Income Q/Q Growth	21.89%	84.60%	87.26%	2,058.85%	158.45%	38.67%	79.68%	9.29%	24.33%	-84.08%	362.30%
EPS Q/Q Growth	18.75%	84.62%	0.00%	0.00%	140.00%	41.67%	76.47%	10.00%	21.21%	-85.00%	400.00%
Operating Cash Flow Q/Q Growth	467.32%	19.39%	15.77%	-43.17%	144.49%	-25.94%	34.96%	-15.11%	65.26%	-16.26%	-16.35%
Free Cash Flow Firm Q/Q Growth	13.38%	19.38%	-10.09%	131.83%	-22.66%	-8.56%	13.41%	-307.31%	-82.83%	4.50%	14.67%
Invested Capital Q/Q Growth	-2.67%	-0.63%	1.00%	-2.28%	-1.29%	-0.18%	1.05%	10.40%	5.57%	-1.68%	-0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.15%	58.71%	58.20%	60.74%	62.27%	63.87%	62.24%	65.07%	68.03%	65.58%	60.63%
EBITDA Margin	19.01%	21.89%	23.77%	26.52%	27.31%	29.33%	31.24%	29.44%	35.47%	21.79%	27.15%
Operating Margin	-1.17%	2.56%	5.65%	9.48%	10.16%	12.40%	14.82%	14.48%	19.65%	6.53%	13.52%
EBIT Margin	-1.15%	2.77%	6.12%	10.23%	11.29%	13.90%	16.52%	15.66%	20.69%	8.11%	14.50%
Profit (Net Income) Margin	-5.17%	-0.76%	-0.09%	1.67%	4.34%	5.89%	10.05%	10.02%	11.94%	1.90%	8.46%
Tax Burden Percent	76.80%	26.55%	-2,612.50%	40.89%	74.39%	69.58%	88.72%	86.68%	76.84%	91.72%	88.00%
Interest Burden Percent	582.90%	-103.26%	0.06%	40.03%	51.73%	60.89%	68.54%	73.81%	75.14%	25.51%	66.26%
Effective Tax Rate	0.00%	0.00%	2,712.50%	59.11%	25.61%	30.42%	11.28%	13.32%	23.16%	8.28%	12.00%
Return on Invested Capital (ROIC)	-0.27%	0.62%	-49.09%	1.33%	2.75%	3.27%	5.07%	4.86%	6.02%	2.53%	5.22%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.00%	-0.42%	-1.02%	0.60%	1.58%	2.18%	3.77%	3.80%	4.68%	0.70%	3.59%
Return on Net Nonoperating Assets (RNNOA)	-0.56%	-0.12%	-0.39%	0.24%	0.55%	0.71%	1.20%	1.29%	1.60%	0.23%	1.15%
Return on Equity (ROE)	-0.83%	0.50%	-49.48%	1.57%	3.31%	3.97%	6.27%	6.15%	7.62%	2.75%	6.36%
Cash Return on Invested Capital (CROIC)	-20.54%	-16.64%	-2.37%	5.70%	5.07%	5.09%	6.11%	-5.32%	-11.15%	-9.78%	-8.31%
Operating Return on Assets (OROA)	-0.30%	0.75%	1.70%	3.02%	3.45%	4.38%	5.28%	5.20%	6.91%	2.84%	5.26%
Return on Assets (ROA)	-1.32%	-0.20%	-0.02%	0.49%	1.33%	1.86%	3.21%	3.33%	3.99%	0.66%	3.07%
Return on Common Equity (ROCE)	-0.83%	0.50%	-49.48%	1.57%	3.31%	3.97%	6.27%	6.15%	7.62%	2.75%	6.36%
Return on Equity Simple (ROE_SIMPLE)	-3.33%	-3.12%	0.00%	-0.44%	0.66%	1.47%	0.00%	3.83%	4.90%	4.55%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.69	3.88	-345	9.48	18	21	34	36	45	18	37
NOPAT Margin	-0.82%	1.80%	-147.65%	3.88%	7.56%	8.62%	13.15%	12.55%	15.10%	5.99%	11.90%
Net Nonoperating Expense Percent (NNEP)	1.72%	1.04%	-48.08%	0.73%	1.17%	1.09%	1.30%	1.06%	1.35%	1.83%	1.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-11.99%	-	-	-	1.17%	-	-	-	1.15%
Cost of Revenue to Revenue	42.85%	41.29%	41.80%	39.26%	37.73%	36.13%	37.76%	34.93%	31.97%	34.42%	39.37%
SG&A Expenses to Revenue	12.58%	11.63%	9.70%	10.45%	11.42%	10.90%	8.82%	13.30%	10.76%	10.58%	9.61%
R&D to Revenue	22.60%	22.63%	22.55%	21.76%	22.49%	22.32%	21.05%	19.50%	19.53%	20.03%	20.73%
Operating Expenses to Revenue	58.32%	56.14%	52.55%	51.26%	52.11%	51.48%	47.42%	50.59%	48.39%	59.05%	47.11%
Earnings before Interest and Taxes (EBIT)	-2.38	5.99	14	25	27	35	43	45	62	24	45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	39	47	56	65	67	73	82	85	106	65	85
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.63	3.50	2.72	2.36	2.98	3.09	3.19	3.24	3.17	3.50	4.52
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.17	7.92	5.98	5.03	6.19	6.32	6.49	6.52	6.21	6.47	7.98
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	452.78	210.64	116.40	84.53	64.62	76.98	98.96
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.22%	0.47%	0.86%	1.18%	1.55%	1.30%	1.01%
Enterprise Value to Invested Capital (EV/IC)	2.16	2.81	2.24	2.02	2.52	2.64	2.74	2.67	2.57	2.82	3.56
Enterprise Value to Revenue (EV/Rev)	7.12	8.79	6.82	5.75	6.81	6.88	7.01	7.21	6.96	7.17	8.64
Enterprise Value to EBITDA (EV/EBITDA)	48.80	58.03	33.64	25.03	27.28	25.68	24.46	24.56	22.10	24.37	30.40
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	569.36	120.65	87.77	65.83	53.68	49.97	41.33	47.18	58.71
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	927.52	187.18	134.98	112.89	80.16	67.50	55.53	62.08	76.66
Enterprise Value to Operating Cash Flow (EV/OCF)	47.14	50.11	39.03	29.58	30.13	30.18	28.85	27.18	24.86	24.17	30.52
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	34.61	48.93	51.13	44.25	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.49	0.52	0.46	0.45	0.44	0.45	0.46	0.53	0.53	0.52
Long-Term Debt to Equity	0.49	0.48	0.51	0.46	0.45	0.44	0.45	0.46	0.53	0.53	0.52
Financial Leverage	0.28	0.28	0.38	0.39	0.35	0.32	0.32	0.34	0.34	0.33	0.32
Leverage Ratio	1.67	1.64	1.65	1.62	1.61	1.59	1.59	1.56	1.60	1.60	1.59
Compound Leverage Factor	9.73	-1.70	0.00	0.65	0.83	0.97	1.09	1.15	1.20	0.41	1.06
Debt to Total Capital	33.23%	32.98%	34.18%	31.27%	30.94%	30.55%	31.22%	31.71%	34.73%	34.62%	34.19%
Short-Term Debt to Total Capital	0.47%	0.55%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.76%	32.44%	33.57%	31.27%	30.94%	30.55%	31.22%	31.71%	34.73%	34.62%	34.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.77%	67.02%	65.82%	68.73%	69.06%	69.46%	68.78%	68.29%	65.27%	65.38%	65.81%
Debt to EBITDA	8.00	7.36	5.63	4.22	3.73	3.36	3.23	3.18	3.32	3.32	3.22
Net Debt to EBITDA	6.48	5.69	4.18	3.13	2.49	2.08	1.81	2.36	2.37	2.37	2.35
Long-Term Debt to EBITDA	7.89	7.24	5.53	4.22	3.73	3.36	3.23	3.18	3.32	3.32	3.22
Debt to NOPAT	-35.53	-42.15	155.26	31.55	18.45	14.78	10.57	8.74	8.33	8.47	8.12
Net Debt to NOPAT	-28.76	-32.59	115.15	23.39	12.32	9.13	5.95	6.49	5.96	6.05	5.93
Long-Term Debt to NOPAT	-35.03	-41.45	152.50	31.55	18.45	14.78	10.57	8.74	8.33	8.47	8.12
Altman Z-Score	2.83	3.78	3.05	2.94	3.66	3.91	4.07	4.13	3.62	3.84	4.89
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.46	3.01	2.92	4.00	4.09	4.93	4.76	4.39	4.10	3.20	3.06
Quick Ratio	2.13	2.70	2.68	3.61	3.71	4.47	4.35	3.88	3.60	2.78	2.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-465	-375	-413	131	102	93	105	-219	-400	-382	-326
Operating Cash Flow to CapEx	339.99%	410.46%	540.48%	345.24%	752.34%	469.52%	683.88%	473.20%	834.07%	703.85%	558.74%
Free Cash Flow to Firm to Interest Expense	-40.49	-30.84	-28.87	8.76	7.66	6.86	7.73	-18.53	-25.90	-21.02	-21.34
Operating Cash Flow to Interest Expense	3.49	3.94	3.88	2.10	5.81	4.22	5.65	5.55	7.01	4.99	4.96
Operating Cash Flow Less CapEx to Interest Expense	2.47	2.98	3.16	1.49	5.04	3.32	4.82	4.37	6.17	4.28	4.08
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.27	0.28	0.30	0.31	0.32	0.32	0.33	0.33	0.35	0.36
Accounts Receivable Turnover	9.66	9.68	9.35	9.77	10.25	10.56	9.91	10.19	10.93	11.34	10.77
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	35.02	41.00	47.57	57.11	69.03	83.42	105.92	133.56	160.02	199.19	259.35
Accounts Payable Turnover	34.71	35.00	17.85	27.48	26.41	25.67	29.06	24.20	33.36	33.55	32.01
Days Sales Outstanding (DSO)	37.79	37.72	39.02	37.37	35.61	34.56	36.83	35.81	33.38	32.19	33.91
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	10.52	10.43	20.45	13.28	13.82	14.22	12.56	15.08	10.94	10.88	11.40
Cash Conversion Cycle (CCC)	27.28	27.29	18.57	24.09	21.79	20.35	24.27	20.73	22.44	21.31	22.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,616	2,600	2,626	2,566	2,533	2,528	2,555	2,820	2,978	2,928	2,917
Invested Capital Turnover	0.33	0.34	0.33	0.34	0.36	0.38	0.39	0.39	0.40	0.42	0.44
Increase / (Decrease) in Invested Capital	464	379	68	-122	-83	-71	-71	255	445	400	363
Enterprise Value (EV)	5,659	7,302	5,880	5,179	6,390	6,678	7,005	7,521	7,649	8,247	10,372
Market Capitalization	4,908	6,586	5,150	4,532	5,807	6,138	6,485	6,799	6,829	7,444	9,569
Book Value per Share	$22.10	$22.28	$22.40	$22.63	$22.81	$23.22	$23.72	$24.35	$24.79	$24.33	$24.40
Tangible Book Value per Share	($9.16)	($8.60)	($8.14)	($7.52)	($6.79)	($6.08)	($5.23)	($7.22)	($8.57)	($8.61)	($8.51)
Total Capital	2,793	2,810	2,880	2,791	2,823	2,862	2,959	3,072	3,305	3,250	3,213
Total Debt	928	927	984	873	874	874	924	974	1,148	1,125	1,099
Total Long-Term Debt	915	911	967	873	874	874	924	974	1,148	1,125	1,099
Net Debt	751	717	730	647	583	540	520	723	821	803	803
Capital Expenditures (CapEx)	12	12	10	9.14	10	12	11	14	13	13	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	19	27	15	43	29	44	36	61	48	19	25
Debt-free Net Working Capital (DFNWC)	196	237	269	269	319	378	440	313	375	341	321
Net Working Capital (NWC)	183	222	252	269	319	378	440	313	375	341	321
Net Nonoperating Expense (NNE)	8.97	5.52	-345	5.38	7.82	6.82	8.14	7.27	9.46	12	11
Net Nonoperating Obligations (NNO)	751	717	730	647	583	540	520	723	821	803	803
Total Depreciation and Amortization (D&A)	42	41	41	40	39	38	39	40	44	41	39
Debt-free, Cash-free Net Working Capital to Revenue	2.43%	3.24%	1.75%	4.79%	3.09%	4.54%	3.64%	5.89%	4.35%	1.61%	2.12%
Debt-free Net Working Capital to Revenue	24.68%	28.52%	31.25%	29.84%	34.04%	38.95%	44.05%	29.99%	34.09%	29.62%	26.79%
Net Working Capital to Revenue	23.03%	26.68%	29.22%	29.84%	34.04%	38.95%	44.05%	29.99%	34.09%	29.62%	26.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	($0.02)	$0.00	$0.05	$0.12	$0.17	$0.31	$0.33	$0.41	$0.07	$0.30
Adjusted Weighted Average Basic Shares Outstanding	84.44M	84.57M	84.44M	85.03M	85.53M	85.70M	85.56M	86.47M	87.13M	87.19M	86.87M
Adjusted Diluted Earnings per Share	($0.13)	($0.02)	$0.00	$0.05	$0.12	$0.17	$0.30	$0.33	$0.40	$0.06	$0.30
Adjusted Weighted Average Diluted Shares Outstanding	84.44M	84.57M	84.44M	86.10M	86.34M	87.12M	86.96M	88.32M	88.65M	88.63M	88.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	84.53M	84.64M	84.78M	85.47M	85.63M	85.80M	86.16M	87.01M	87.32M	86.66M	86.50M
Normalized Net Operating Profit after Tax (NOPAT)	3.69	8.44	13	19	20	23	37	38	47	50	39
Normalized NOPAT Margin	1.79%	3.90%	5.49%	7.63%	8.18%	9.37%	13.92%	13.19%	15.55%	16.50%	12.51%
Pre Tax Income Margin	-6.73%	-2.86%	0.00%	4.10%	5.84%	8.46%	11.33%	11.56%	15.54%	2.07%	9.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.21	0.49	1.00	1.67	2.07	2.56	3.18	3.82	4.02	1.34	2.96
NOPAT to Interest Expense	-0.15	0.32	-24.14	0.63	1.39	1.59	2.53	3.06	2.94	0.99	2.43
EBIT Less CapEx to Interest Expense	-1.23	-0.47	0.28	1.06	1.30	1.66	2.35	2.65	3.18	0.63	2.08
NOPAT Less CapEx to Interest Expense	-1.17	-0.64	-24.85	0.02	0.61	0.69	1.70	1.89	2.10	0.28	1.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	125.64%

Frequently Asked Questions About HealthEquity's Financials

When does HealthEquity's financial year end?

According to the most recent income statement we have on file, HealthEquity's fiscal year ends in January. Their fiscal year 2025 ended on January 31, 2025.

How has HealthEquity's net income changed over the last 10 years?

HealthEquity's net income appears to be on an upward trend, with a most recent value of $96.70 million in 2025, rising from $10.17 million in 2015. The previous period was $55.71 million in 2024.

What is HealthEquity's operating income?

HealthEquity's total operating income in 2025 was $162.33 million, based on the following breakdown:

Total Gross Profit: $777.26 million
Total Operating Expenses: $614.93 million

How has HealthEquity revenue changed over the last 10 years?

Over the last 10 years, HealthEquity's total revenue changed from $87.86 million in 2015 to $1.20 billion in 2025, a change of 1,265.6%.

How much debt does HealthEquity have?

HealthEquity's total liabilities were at $1.33 billion at the end of 2025, a 18.1% increase from 2024, and a 8,988.4% increase since 2015.

How much cash does HealthEquity have?

In the past 10 years, HealthEquity's cash and equivalents has ranged from $83.64 million in 2016 to $403.98 million in 2024, and is currently $295.95 million as of their latest financial filing in 2025.

How has HealthEquity's book value per share changed over the last 10 years?

Over the last 10 years, HealthEquity's book value per share changed from 2.63 in 2015 to 24.40 in 2025, a change of 827.3%.

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This page (NASDAQ:HQY) was last updated on 4/14/2025 by MarketBeat.com Staff

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HealthEquity (HQY) Financials

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HealthEquity (HQY) Financials

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