HealthEquity (HQY) Financials

$101.11 +0.13 (+0.13%)

Closing price 04:00 PM Eastern

Extended Trading

$102.25 +1.14 (+1.13%)

As of 07:51 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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	1/31/2025	1/31/2024	1/31/2023	1/31/2022	1/31/2021	1/31/2020	1/31/2019	1/31/2018	1/31/2017	1/31/2016	1/31/2015
Net Income / (Loss) Attributable to Common Shareholders	97	56	-26	-44	8.83	40	74	47	26	17	10
Consolidated Net Income / (Loss)	97	56	-26	-44	8.83	40	74	47	26	17	10
Net Income / (Loss) Continuing Operations	97	56	-26	-44	8.83	40	74	47	26	17	10
Total Pre-Tax Income	116	75	-38	-67	4.14	43	76	52	40	26	16
Total Operating Income	162	118	9.06	-24	34	77	78	54	41	26	17
Total Gross Profit	777	623	492	425	415	326	181	135	106	73	48
Total Revenue	1,200	1,000	862	757	734	532	287	230	178	127	88
Operating Revenue	1,200	1,000	862	757	734	532	287	230	178	127	88
Total Cost of Revenue	423	377	370	332	318	206	106	95	72	54	40
Operating Cost of Revenue	423	377	370	332	318	206	106	95	72	54	40
Total Operating Expenses	615	505	483	449	381	249	104	80	65	46	31
Selling, General & Admin Expense	132	104	97	85	84	61	33	25	20	14	8.34
Marketing Expense	91	79	69	59	50	44	29	23	18	13	11
Research & Development Expense	240	219	193	157	125	78	35	27	22	17	11
Amortization Expense	112	93	95	83	76	35	5.93	4.86	4.30	2.21	1.64
Restructuring Charge	41	10	29	65	46	32	0.00	0.00	-	-	-
Total Other Income / (Expense), net	-46	-43	-47	-43	-30	-34	-1.85	-2.23	-1.09	-0.59	-1.11
Interest Expense	61	55	48	37	35	25	0.27	0.27	-	-	-
Other Income / (Expense), net	14	13	1.27	-5.93	5.01	-9.08	-1.58	-1.96	-1.09	-0.59	-1.11
Income Tax Expense	19	19	-12	-22	-4.69	3.49	1.92	4.83	14	8.94	5.60
Basic Earnings per Share	$1.11	$0.65	($0.31)	($0.53)	$0.12	$0.59	$1.20	$0.79	$0.45	$0.29	$0.39
Weighted Average Basic Shares Outstanding	86.87M	85.56M	84.44M	83.13M	74.24M	67.03M	61.84M	60.30M	58.62M	56.72M	31.18M
Diluted Earnings per Share	$1.09	$0.64	($0.31)	($0.53)	$0.12	$0.58	$1.17	$0.77	$0.44	$0.28	$0.21
Weighted Average Diluted Shares Outstanding	88.83M	86.96M	84.44M	83.13M	75.68M	68.45M	63.37M	61.85M	59.89M	58.86M	51.86M
Weighted Average Basic & Diluted Shares Outstanding	86.50M	86.16M	84.78M	83.82M	83.02M	71.08M	61.60M	60M	58.60M	57.30M	31.18M

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

Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Income / (Loss) Attributable to Common Shareholders	26	5.70	36	29	26	15	11	4.09	-0.21	-1.64	-11
Consolidated Net Income / (Loss)	26	5.70	36	29	26	15	11	4.09	-0.21	-1.64	-11
Net Income / (Loss) Continuing Operations	26	5.70	36	29	26	15	11	4.09	-0.21	-1.64	-11
Total Pre-Tax Income	30	6.22	47	33	30	21	14	10	0.01	-6.18	-14
Total Operating Income	42	20	59	42	39	31	25	23	13	5.54	-2.41
Total Gross Profit	189	197	204	187	163	159	152	148	136	127	118
Total Revenue	312	300	300	288	262	249	244	244	234	216	206
Operating Revenue	312	300	300	288	262	249	244	244	234	216	206
Total Cost of Revenue	123	103	96	100	99	90	92	96	98	89	88
Operating Cost of Revenue	123	103	96	100	99	90	92	96	98	89	88
Total Operating Expenses	147	177	145	146	124	128	127	125	123	121	120
Selling, General & Admin Expense	30	32	32	38	23	27	28	26	23	25	26
Marketing Expense	23	23	22	23	21	20	19	20	19	17	16
Research & Development Expense	65	60	59	56	55	56	55	53	53	49	47
Amortization Expense	27	28	31	26	23	23	23	23	23	24	24
Restructuring Charge	2.18	34	1.78	2.14	2.28	2.66	2.04	3.46	5.11	6.51	7.68
Total Other Income / (Expense), net	-12	-13	-12	-8.39	-9.17	-9.80	-11	-13	-13	-12	-11
Interest Expense	15	18	15	12	14	14	13	15	14	12	11
Other Income / (Expense), net	3.07	4.75	3.11	3.40	4.47	3.74	2.76	1.83	1.10	0.44	0.03
Income Tax Expense	3.60	0.52	11	4.43	3.35	6.41	3.64	5.92	0.22	-4.54	-3.22
Basic Earnings per Share	$0.30	$0.07	$0.41	$0.33	$0.31	$0.17	$0.12	$0.05	-	($0.02)	($0.13)
Weighted Average Basic Shares Outstanding	86.87M	87.19M	87.13M	86.47M	85.56M	85.70M	85.53M	85.03M	84.44M	84.57M	84.44M
Diluted Earnings per Share	$0.30	$0.06	$0.40	$0.33	$0.30	$0.17	$0.12	$0.05	-	($0.02)	($0.13)
Weighted Average Diluted Shares Outstanding	88.83M	88.63M	88.65M	88.32M	86.96M	87.12M	86.34M	86.10M	84.44M	84.57M	84.44M
Weighted Average Basic & Diluted Shares Outstanding	86.50M	86.66M	87.32M	87.01M	86.16M	85.80M	85.63M	85.47M	84.78M	84.64M	84.53M

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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	1/31/2025	1/31/2024	1/31/2023	1/31/2022	1/31/2021	1/31/2020	1/31/2019	1/31/2018	1/31/2017	1/31/2016	1/31/2015
Net Change in Cash & Equivalents	-108	150	29	-103	137	-170	162	60	56	-27	97
Net Cash From Operating Activities	340	243	151	141	182	105	113	82	46	27	15
Net Cash From Continuing Operating Activities	340	243	151	141	182	105	113	82	46	27	15
Net Income / (Loss) Continuing Operations	97	56	-26	-44	8.83	40	74	47	26	17	10
Consolidated Net Income / (Loss)	97	56	-26	-44	8.83	40	74	47	26	17	10
Depreciation Expense	162	153	161	137	116	55	18	16	13	8.60	5.89
Amortization Expense	2.07	2.85	3.26	4.45	5.10	2.71	0.06	-	0.10	0.02	0.00
Non-Cash Adjustments To Reconcile Net Income	105	88	71	83	56	19	22	15	8.43	5.91	3.32
Changes in Operating Assets and Liabilities, net	-26	-57	-59	-39	-3.99	-12	-0.56	3.48	-2.50	-4.60	-4.33
Net Cash From Investing Activities	-505	-46	-119	-639	-97	-1,740	26	-37	-13	-91	-8.44
Net Cash From Continuing Investing Activities	-505	-46	-119	-639	-97	-1,740	26	-37	-13	-91	-8.44
Purchase of Property, Plant & Equipment	-53	-43	-49	-72	-65	-33	-14	-16	-13	-9.27	-8.13
Acquisitions	-452	-3.26	-71	-570	-32	-1,654	-1.00	-20	0.00	-40	0.00
Net Cash From Financing Activities	58	-47	-2.67	395	52	1,466	23	15	24	37	90
Net Cash From Continuing Financing Activities	58	-47	-2.67	395	52	1,466	23	15	24	37	90
Repayment of Debt	-566	-54	-8.75	-1,015	-239	-38	0.00	0.00	-	-	-
Repurchase of Common Equity	-121	0.00	0.00	-	-	-	-	-	-	-0.32	0.00
Issuance of Debt	737	0.00	0.00	950	0.00	1,250	0.00	0.00	-	23	0.00
Other Financing Activities, net	7.81	7.34	6.08	3.75	4.71	-204	23	15	24	13	8.24
Cash Interest Paid	59	50	44	16	28	22	0.20	0.20	0.21	0.05	0.00
Cash Income Taxes Paid	26	35	1.53	-5.63	-6.02	9.28	0.59	0.03	0.86	1.36	-1.50

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	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Change in Cash & Equivalents	-26	-4.73	76	-153	70	44	65	-29	44	33	16
Net Cash From Operating Activities	76	91	108	65	77	57	77	32	55	48	40
Net Cash From Continuing Operating Activities	76	91	108	65	77	57	77	32	55	48	40
Net Income / (Loss) Continuing Operations	26	5.70	36	29	26	15	11	4.09	-0.21	-1.64	-11
Consolidated Net Income / (Loss)	26	5.70	36	29	26	15	11	4.09	-0.21	-1.64	-11
Depreciation Expense	39	41	44	39	38	38	38	39	40	41	41
Amortization Expense	0.26	0.38	0.73	0.70	0.70	0.69	0.68	0.78	0.81	0.82	0.83
Non-Cash Adjustments To Reconcile Net Income	23	24	23	34	19	23	25	21	14	20	21
Changes in Operating Assets and Liabilities, net	-13	19	4.77	-37	-7.07	-19	2.68	-34	0.04	-12	-11
Net Cash From Investing Activities	-14	-13	-209	-270	-11	-15	-10	-9.14	-10	-14	-21
Net Cash From Continuing Investing Activities	-14	-13	-209	-270	-11	-15	-10	-9.14	-10	-14	-21
Purchase of Property, Plant & Equipment	-14	-13	-13	-14	-11	-12	-10	-9.14	-10	-12	-12
Net Cash From Financing Activities	-88	-82	177	52	4.12	2.03	-2.16	-51	-1.15	-1.10	-3.39
Net Cash From Continuing Financing Activities	-88	-82	177	52	4.12	2.03	-2.16	-51	-1.15	-1.10	-3.39
Repayment of Debt	-25	-541	-	0.00	-	-	-	-54	-2.19	-2.19	-2.19
Repurchase of Common Equity	-63	-	-	-	-	-	-	-	-	-	-
Other Financing Activities, net	-0.43	4.85	1.62	1.77	4.12	2.03	-2.16	3.35	1.04	1.09	-1.20
Cash Interest Paid	8.38	23	8.12	19	5.37	21	4.01	19	7.30	17	3.95
Cash Income Taxes Paid	2.25	10	13	0.28	11	9.66	15	-0.01	0.75	0.20	0.52

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

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 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	10/31/2024	7/31/2024	4/30/2024	10/31/2023	7/31/2023	4/30/2023	10/31/2022	7/31/2022	4/30/2022	10/31/2021
Total Assets	3,488	3,514	3,246	3,094	3,066	3,035	3,065	3,074	3,065	3,100
Total Current Assets	495	496	405	474	423	358	332	309	279	764
Cash & Equivalents	322	327	251	334	290	226	210	177	161	649
Accounts Receivable	107	108	106	96	93	98	88	90	86	84
Other Current Assets	66	60	47	44	40	34	34	41	32	31
Plant, Property, & Equipment, net	3.89	4.59	5.08	7.66	9.15	11	16	18	21	25
Total Noncurrent Assets	2,989	3,014	2,836	2,611	2,635	2,666	2,717	2,747	2,765	2,311
Goodwill	1,648	1,648	1,648	1,648	1,648	1,648	1,646	1,646	1,646	1,364
Intangible Assets	1,228	1,254	1,071	861	882	908	965	992	1,008	821
Other Noncurrent Operating Assets	113	112	117	103	105	110	107	109	111	126
Total Liabilities & Shareholders' Equity	3,488	3,514	3,246	3,094	3,066	3,035	3,065	3,074	3,065	3,100
Total Liabilities	1,364	1,357	1,149	1,106	1,117	1,116	1,182	1,209	1,210	1,228
Total Current Liabilities	155	121	92	96	103	90	110	126	118	107
Accounts Payable	10	11	18	13	13	13	16	16	14	5.24
Accrued Expenses	87	63	41	42	49	46	33	43	48	50
Current Employee Benefit Liabilities	48	37	23	31	31	20	35	42	33	33
Other Current Liabilities	9.95	9.90	9.76	9.77	10	11	11	11	12	13
Total Noncurrent Liabilities	1,209	1,237	1,056	1,009	1,014	1,027	1,071	1,084	1,092	1,121
Long-Term Debt	1,081	1,101	926	874	874	873	911	915	919	924
Capital Lease Obligations	44	46	48	-	-	-	-	-	64	68
Noncurrent Deferred & Payable Income Tax Liabilities	59	63	63	67	75	82	89	92	95	110
Other Noncurrent Operating Liabilities	25	25	19	68	65	72	71	76	14	19
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	2,125	2,157	2,098	1,988	1,950	1,919	1,883	1,865	1,855	1,872
Total Preferred & Common Equity	2,125	2,157	2,098	1,988	1,950	1,919	1,883	1,865	1,855	1,872
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	2,125	2,157	2,098	1,988	1,950	1,919	1,883	1,865	1,855	1,872
Common Stock	1,893	1,887	1,863	1,809	1,785	1,765	1,733	1,713	1,693	1,663
Retained Earnings	232	270	234	179	165	154	150	152	162	209

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

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

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

Metric	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.84%	20.55%	23.15%	17.66%	12.21%	15.33%	18.15%	18.84%	15.02%	20.08%	9.01%
EBITDA Growth	3.28%	-10.44%	59.92%	30.61%	47.44%	54.55%	69.75%	98.21%	737.40%	26.35%	16.03%
EBIT Growth	4.29%	-29.62%	125.64%	80.07%	202.93%	478.65%	1,255.29%	429.50%	143.35%	117.16%	-348.21%
NOPAT Growth	7.51%	-16.26%	146.06%	280.70%	109.99%	454.08%	1,190.01%	285.78%	-1,710.06%	1,614.21%	-175.66%
Net Income Growth	0.00%	-61.13%	238.55%	603.79%	12,714.35%	994.15%	199.31%	130.02%	99.36%	67.43%	-179.05%
EPS Growth	0.00%	-64.71%	233.33%	560.00%	0.00%	950.00%	192.31%	131.25%	0.00%	66.67%	-160.00%
Operating Cash Flow Growth	-1.72%	58.56%	40.23%	107.46%	38.89%	19.14%	92.05%	345.64%	9.76%	115.22%	7.79%
Free Cash Flow Firm Growth	-408.87%	-510.50%	-493.06%	-266.27%	125.53%	124.78%	121.85%	124.47%	11.42%	-329.95%	-9,014.75%
Invested Capital Growth	14.20%	15.81%	17.56%	9.92%	-2.70%	-2.75%	-3.18%	-4.54%	2.65%	17.07%	21.54%
Revenue Q/Q Growth	3.79%	0.17%	4.29%	9.61%	5.28%	2.33%	-0.36%	4.53%	8.22%	4.82%	0.23%
EBITDA Q/Q Growth	29.31%	-38.45%	25.63%	3.30%	12.13%	9.89%	2.61%	16.61%	17.54%	20.70%	19.81%
EBIT Q/Q Growth	85.53%	-60.72%	37.77%	3.87%	25.20%	25.95%	9.94%	74.73%	139.15%	351.47%	68.64%
NOPAT Q/Q Growth	106.07%	-60.25%	25.49%	4.60%	60.50%	16.80%	94.15%	102.75%	-9,000.04%	329.77%	66.91%
Net Income Q/Q Growth	362.30%	-84.08%	24.33%	9.29%	79.68%	38.67%	158.45%	2,058.85%	87.26%	84.60%	21.89%
EPS Q/Q Growth	400.00%	-85.00%	21.21%	10.00%	76.47%	41.67%	140.00%	0.00%	0.00%	84.62%	18.75%
Operating Cash Flow Q/Q Growth	-16.35%	-16.26%	65.26%	-15.11%	34.96%	-25.94%	144.49%	-43.17%	15.77%	19.39%	467.32%
Free Cash Flow Firm Q/Q Growth	14.67%	4.50%	-82.83%	-307.31%	13.41%	-8.56%	-22.66%	131.83%	-10.09%	19.38%	13.38%
Invested Capital Q/Q Growth	-0.35%	-1.68%	5.57%	10.40%	1.05%	-0.18%	-1.29%	-2.28%	1.00%	-0.63%	-2.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.63%	65.58%	68.03%	65.07%	62.24%	63.87%	62.27%	60.74%	58.20%	58.71%	57.15%
EBITDA Margin	27.15%	21.79%	35.47%	29.44%	31.24%	29.33%	27.31%	26.52%	23.77%	21.89%	19.01%
Operating Margin	13.52%	6.53%	19.65%	14.48%	14.82%	12.40%	10.16%	9.48%	5.65%	2.56%	-1.17%
EBIT Margin	14.50%	8.11%	20.69%	15.66%	16.52%	13.90%	11.29%	10.23%	6.12%	2.77%	-1.15%
Profit (Net Income) Margin	8.46%	1.90%	11.94%	10.02%	10.05%	5.89%	4.34%	1.67%	-0.09%	-0.76%	-5.17%
Tax Burden Percent	88.00%	91.72%	76.84%	86.68%	88.72%	69.58%	74.39%	40.89%	-2,612.50%	26.55%	76.80%
Interest Burden Percent	66.26%	25.51%	75.14%	73.81%	68.54%	60.89%	51.73%	40.03%	0.06%	-103.26%	582.90%
Effective Tax Rate	12.00%	8.28%	23.16%	13.32%	11.28%	30.42%	25.61%	59.11%	2,712.50%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.22%	2.53%	6.02%	4.86%	5.07%	3.27%	2.75%	1.33%	-49.09%	0.62%	-0.27%
ROIC Less NNEP Spread (ROIC-NNEP)	3.59%	0.70%	4.68%	3.80%	3.77%	2.18%	1.58%	0.60%	-1.02%	-0.42%	-2.00%
Return on Net Nonoperating Assets (RNNOA)	1.15%	0.23%	1.60%	1.29%	1.20%	0.71%	0.55%	0.24%	-0.39%	-0.12%	-0.56%
Return on Equity (ROE)	6.36%	2.75%	7.62%	6.15%	6.27%	3.97%	3.31%	1.57%	-49.48%	0.50%	-0.83%
Cash Return on Invested Capital (CROIC)	-8.31%	-9.78%	-11.15%	-5.32%	6.11%	5.09%	5.07%	5.70%	-2.37%	-16.64%	-20.54%
Operating Return on Assets (OROA)	5.26%	2.84%	6.91%	5.20%	5.28%	4.38%	3.45%	3.02%	1.70%	0.75%	-0.30%
Return on Assets (ROA)	3.07%	0.66%	3.99%	3.33%	3.21%	1.86%	1.33%	0.49%	-0.02%	-0.20%	-1.32%
Return on Common Equity (ROCE)	6.36%	2.75%	7.62%	6.15%	6.27%	3.97%	3.31%	1.57%	-49.48%	0.50%	-0.83%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.55%	4.90%	3.83%	0.00%	1.47%	0.66%	-0.44%	0.00%	-3.12%	-3.33%
Net Operating Profit after Tax (NOPAT)	37	18	45	36	34	21	18	9.48	-345	3.88	-1.69
NOPAT Margin	11.90%	5.99%	15.10%	12.55%	13.15%	8.62%	7.56%	3.88%	-147.65%	1.80%	-0.82%
Net Nonoperating Expense Percent (NNEP)	1.62%	1.83%	1.35%	1.06%	1.30%	1.09%	1.17%	0.73%	-48.08%	1.04%	1.72%
Return On Investment Capital (ROIC_SIMPLE)	1.15%	-	-	-	1.17%	-	-	-	-11.99%	-	-
Cost of Revenue to Revenue	39.37%	34.42%	31.97%	34.93%	37.76%	36.13%	37.73%	39.26%	41.80%	41.29%	42.85%
SG&A Expenses to Revenue	9.61%	10.58%	10.76%	13.30%	8.82%	10.90%	11.42%	10.45%	9.70%	11.63%	12.58%
R&D to Revenue	20.73%	20.03%	19.53%	19.50%	21.05%	22.32%	22.49%	21.76%	22.55%	22.63%	22.60%
Operating Expenses to Revenue	47.11%	59.05%	48.39%	50.59%	47.42%	51.48%	52.11%	51.26%	52.55%	56.14%	58.32%
Earnings before Interest and Taxes (EBIT)	45	24	62	45	43	35	27	25	14	5.99	-2.38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	85	65	106	85	82	73	67	65	56	47	39
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.52	3.50	3.17	3.24	3.19	3.09	2.98	2.36	2.72	3.50	2.63
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)	7.98	6.47	6.21	6.52	6.49	6.32	6.19	5.03	5.98	7.92	6.17
Price to Earnings (P/E)	98.96	76.98	64.62	84.53	116.40	210.64	452.78	0.00	0.00	0.00	0.00
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	1.01%	1.30%	1.55%	1.18%	0.86%	0.47%	0.22%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.56	2.82	2.57	2.67	2.74	2.64	2.52	2.02	2.24	2.81	2.16
Enterprise Value to Revenue (EV/Rev)	8.64	7.17	6.96	7.21	7.01	6.88	6.81	5.75	6.82	8.79	7.12
Enterprise Value to EBITDA (EV/EBITDA)	30.40	24.37	22.10	24.56	24.46	25.68	27.28	25.03	33.64	58.03	48.80
Enterprise Value to EBIT (EV/EBIT)	58.71	47.18	41.33	49.97	53.68	65.83	87.77	120.65	569.36	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	76.66	62.08	55.53	67.50	80.16	112.89	134.98	187.18	927.52	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	30.52	24.17	24.86	27.18	28.85	30.18	30.13	29.58	39.03	50.11	47.14
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	44.25	51.13	48.93	34.61	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.53	0.53	0.46	0.45	0.44	0.45	0.46	0.52	0.49	0.50
Long-Term Debt to Equity	0.52	0.53	0.53	0.46	0.45	0.44	0.45	0.46	0.51	0.48	0.49
Financial Leverage	0.32	0.33	0.34	0.34	0.32	0.32	0.35	0.39	0.38	0.28	0.28
Leverage Ratio	1.59	1.60	1.60	1.56	1.59	1.59	1.61	1.62	1.65	1.64	1.67
Compound Leverage Factor	1.06	0.41	1.20	1.15	1.09	0.97	0.83	0.65	0.00	-1.70	9.73
Debt to Total Capital	34.19%	34.62%	34.73%	31.71%	31.22%	30.55%	30.94%	31.27%	34.18%	32.98%	33.23%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.61%	0.55%	0.47%
Long-Term Debt to Total Capital	34.19%	34.62%	34.73%	31.71%	31.22%	30.55%	30.94%	31.27%	33.57%	32.44%	32.76%
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	65.81%	65.38%	65.27%	68.29%	68.78%	69.46%	69.06%	68.73%	65.82%	67.02%	66.77%
Debt to EBITDA	3.22	3.32	3.32	3.18	3.23	3.36	3.73	4.22	5.63	7.36	8.00
Net Debt to EBITDA	2.35	2.37	2.37	2.36	1.81	2.08	2.49	3.13	4.18	5.69	6.48
Long-Term Debt to EBITDA	3.22	3.32	3.32	3.18	3.23	3.36	3.73	4.22	5.53	7.24	7.89
Debt to NOPAT	8.12	8.47	8.33	8.74	10.57	14.78	18.45	31.55	155.26	-42.15	-35.53
Net Debt to NOPAT	5.93	6.05	5.96	6.49	5.95	9.13	12.32	23.39	115.15	-32.59	-28.76
Long-Term Debt to NOPAT	8.12	8.47	8.33	8.74	10.57	14.78	18.45	31.55	152.50	-41.45	-35.03
Altman Z-Score	4.89	3.84	3.62	4.13	4.07	3.91	3.66	2.94	3.05	3.78	2.83
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	3.06	3.20	4.10	4.39	4.76	4.93	4.09	4.00	2.92	3.01	2.46
Quick Ratio	2.65	2.78	3.60	3.88	4.35	4.47	3.71	3.61	2.68	2.70	2.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-326	-382	-400	-219	105	93	102	131	-413	-375	-465
Operating Cash Flow to CapEx	558.74%	703.85%	834.07%	473.20%	683.88%	469.52%	752.34%	345.24%	540.48%	410.46%	339.99%
Free Cash Flow to Firm to Interest Expense	-21.34	-21.02	-25.90	-18.53	7.73	6.86	7.66	8.76	-28.87	-30.84	-40.49
Operating Cash Flow to Interest Expense	4.96	4.99	7.01	5.55	5.65	4.22	5.81	2.10	3.88	3.94	3.49
Operating Cash Flow Less CapEx to Interest Expense	4.08	4.28	6.17	4.37	4.82	3.32	5.04	1.49	3.16	2.98	2.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.35	0.33	0.33	0.32	0.32	0.31	0.30	0.28	0.27	0.26
Accounts Receivable Turnover	10.77	11.34	10.93	10.19	9.91	10.56	10.25	9.77	9.35	9.68	9.66
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	259.35	199.19	160.02	133.56	105.92	83.42	69.03	57.11	47.57	41.00	35.02
Accounts Payable Turnover	32.01	33.55	33.36	24.20	29.06	25.67	26.41	27.48	17.85	35.00	34.71
Days Sales Outstanding (DSO)	33.91	32.19	33.38	35.81	36.83	34.56	35.61	37.37	39.02	37.72	37.79
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)	11.40	10.88	10.94	15.08	12.56	14.22	13.82	13.28	20.45	10.43	10.52
Cash Conversion Cycle (CCC)	22.50	21.31	22.44	20.73	24.27	20.35	21.79	24.09	18.57	27.29	27.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,917	2,928	2,978	2,820	2,555	2,528	2,533	2,566	2,626	2,600	2,616
Invested Capital Turnover	0.44	0.42	0.40	0.39	0.39	0.38	0.36	0.34	0.33	0.34	0.33
Increase / (Decrease) in Invested Capital	363	400	445	255	-71	-71	-83	-122	68	379	464
Enterprise Value (EV)	10,372	8,247	7,649	7,521	7,005	6,678	6,390	5,179	5,880	7,302	5,659
Market Capitalization	9,569	7,444	6,829	6,799	6,485	6,138	5,807	4,532	5,150	6,586	4,908
Book Value per Share	$24.40	$24.33	$24.79	$24.35	$23.72	$23.22	$22.81	$22.63	$22.40	$22.28	$22.10
Tangible Book Value per Share	($8.51)	($8.61)	($8.57)	($7.22)	($5.23)	($6.08)	($6.79)	($7.52)	($8.14)	($8.60)	($9.16)
Total Capital	3,213	3,250	3,305	3,072	2,959	2,862	2,823	2,791	2,880	2,810	2,793
Total Debt	1,099	1,125	1,148	974	924	874	874	873	984	927	928
Total Long-Term Debt	1,099	1,125	1,148	974	924	874	874	873	967	911	915
Net Debt	803	803	821	723	520	540	583	647	730	717	751
Capital Expenditures (CapEx)	14	13	13	14	11	12	10	9.14	10	12	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	25	19	48	61	36	44	29	43	15	27	19
Debt-free Net Working Capital (DFNWC)	321	341	375	313	440	378	319	269	269	237	196
Net Working Capital (NWC)	321	341	375	313	440	378	319	269	252	222	183
Net Nonoperating Expense (NNE)	11	12	9.46	7.27	8.14	6.82	7.82	5.38	-345	5.52	8.97
Net Nonoperating Obligations (NNO)	803	803	821	723	520	540	583	647	730	717	751
Total Depreciation and Amortization (D&A)	39	41	44	40	39	38	39	40	41	41	42
Debt-free, Cash-free Net Working Capital to Revenue	2.12%	1.61%	4.35%	5.89%	3.64%	4.54%	3.09%	4.79%	1.75%	3.24%	2.43%
Debt-free Net Working Capital to Revenue	26.79%	29.62%	34.09%	29.99%	44.05%	38.95%	34.04%	29.84%	31.25%	28.52%	24.68%
Net Working Capital to Revenue	26.79%	29.62%	34.09%	29.99%	44.05%	38.95%	34.04%	29.84%	29.22%	26.68%	23.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.07	$0.41	$0.33	$0.31	$0.17	$0.12	$0.05	$0.00	($0.02)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	86.87M	87.19M	87.13M	86.47M	85.56M	85.70M	85.53M	85.03M	84.44M	84.57M	84.44M
Adjusted Diluted Earnings per Share	$0.30	$0.06	$0.40	$0.33	$0.30	$0.17	$0.12	$0.05	$0.00	($0.02)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	88.83M	88.63M	88.65M	88.32M	86.96M	87.12M	86.34M	86.10M	84.44M	84.57M	84.44M
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	86.50M	86.66M	87.32M	87.01M	86.16M	85.80M	85.63M	85.47M	84.78M	84.64M	84.53M
Normalized Net Operating Profit after Tax (NOPAT)	39	50	47	38	37	23	20	19	13	8.44	3.69
Normalized NOPAT Margin	12.51%	16.50%	15.55%	13.19%	13.92%	9.37%	8.18%	7.63%	5.49%	3.90%	1.79%
Pre Tax Income Margin	9.61%	2.07%	15.54%	11.56%	11.33%	8.46%	5.84%	4.10%	0.00%	-2.86%	-6.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.96	1.34	4.02	3.82	3.18	2.56	2.07	1.67	1.00	0.49	-0.21
NOPAT to Interest Expense	2.43	0.99	2.94	3.06	2.53	1.59	1.39	0.63	-24.14	0.32	-0.15
EBIT Less CapEx to Interest Expense	2.08	0.63	3.18	2.65	2.35	1.66	1.30	1.06	0.28	-0.47	-1.23
NOPAT Less CapEx to Interest Expense	1.54	0.28	2.10	1.89	1.70	0.69	0.61	0.02	-24.85	-0.64	-1.17
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	125.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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. View HealthEquity's forecast to see where analysts expect HealthEquity to go next.

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 5/30/2025 by MarketBeat.com Staff

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HealthEquity (HQY) Financials

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HealthEquity (HQY) Financials

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