HQY

HEALTHEQUITY, INC.

Ticker: HQYIndustrialsBusiness Services
HQ DRAPER, UTCIK 1428336FY end 01-31Book / share $23.53Shares 85M
Revenue (FY)
$1.31B+9.47%
TTM $1.36B
Op. margin
24.55%+11.02%
TTM 25.80%
Net income
$215.20M+122.54%
TTM $236.49M
Operating cash
$457.09M+34.50%
TTM $490.17M
Free cash flow
$408.61M+42.55%
TTM $436.95M
Return on equity
10.21%+5.64%
TTM 11.88%
Debt / equity
0.45-0.05%
TTM 0.47
Shares outstanding
87.5M-1.53%
TTM 84.6M

The business

HealthEquity, Inc. (NASDAQ: HQY) is a leading technology-enabled services provider that empowers consumers to make healthcare saving, spending, and investing decisions through tax-advantaged accounts. The company's website is www.healthequity.com.

HealthEquity administers health savings accounts (HSAs) and complementary consumer-directed benefits (CDBs) including flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), COBRA continuation coverage, and commuter benefit programs. As of January 31, 2026, the company administered 10.6 million HSAs with balances totaling $36.5 billion in HSA Assets, along with 7.2 million complementary CDBs, for a combined total of 17.8 million accounts. The company holds a 20 percent market share of HSA Assets as of June 2025 and is the largest HSA provider by number of accounts and second largest by HSA Assets.

The company operates a business-to-business-to-consumer distribution model, reaching consumers primarily through relationships with employers (Clients) and benefits brokers, as well as through integrated partnerships with health plans, benefits administrators, and retirement plan recordkeepers (Network Partners). As of January 31, 2026, HealthEquity's platforms were integrated with more than 200 Network Partners.

Revenue is generated from three primary sources: service fees from Clients, Network Partners, and members for administration services; custodial revenue from HSA cash held by insurance company and bank partners; and interchange revenue from payment card transactions. The company also provides investment advisory services through its SEC-registered subsidiary, HealthEquity Advisors, LLC, and offers members access to healthcare products and services through its marketplace.

HealthEquity operates a proprietary cloud-based technology platform designed specifically for managing consumer healthcare savings and spending. The company employs 2,814 team members and serves the United States market exclusively. In fiscal 2025, the company acquired the BenefitWallet HSA portfolio from Conduent Business Services, LLC, comprising approximately 616,000 HSAs and $2.7 billion in HSA Assets for $425.0 million, significantly expanding its market position.

Sector
Industrials
Industry
Business Services
HQ
DRAPER, UT
FY end
01-31
CIK
1428336
SIC
7389
Financial performance · annual
20152026
$-184.93M$236.99M$658.92M$1.08B$1.50B201520162017201820192020202120222023202420252026TTMTTMTTM

Ownership

Who holds HEALTHEQUITY, INC. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

511
funds hold it
0 of 35
superinvestors hold it
$3.80B
fund-held value
52.0%
of shares held by funds
1
bond issues held by funds

Top fund holders

Fund% of fundValue
iShares Core S&P Mid-Cap ETF
IJH · iShares Trust
0.21%$261.14M
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%$227.88M
Wasatch Core Growth Fund
WGROX · WASATCH FUNDS TRUST
6.75%$201.30M
iShares Russell 2000 ETF
IWM · iShares Trust
0.24%$196.74M
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.09%$164.58M

Bonds held by funds

Funds report holding 1 issues of HEALTHEQUITY, INC.'s debt, $243.71M at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 4.50%, maturing 20292029.

IssueCouponMaturesFundsFund-held
HealthEquity Inc4.500%2029-10-01110$243.71M

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

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