HealthEquity Inc

HealthEquity runs health savings accounts (HSAs). These are tax-advantaged accounts that people with a high-deductible health plan use to save, spend and invest money for medical costs. It also runs other workplace benefits. Flexible spending accounts and health reimbursement arrangements help pay out-of-pocket health costs with pre-tax or employer money. It also handles COBRA continuation coverage for people who leave a job, plus commuter benefits. As of January 31, 2026, it managed 10.6 million HSAs holding $36.5 billion, plus 7.2 million other benefit accounts.

Most members come to HealthEquity through their employers. The company reaches employers through benefits brokers, its own sales force and more than 200 partners, such as health plans, benefits administrators and retirement plan recordkeepers. As of June 2025, it was the largest HSA provider by number of accounts and the second largest by assets. It held 20% of HSA assets, up from 4% in December 2010.

Revenue was $1.31 billion in the fiscal year ended January 31, 2026. Custodial revenue (48.5%) comes mainly from HSA cash placed with insurance companies, banks and credit unions, so it is tied to interest rates. Service revenue (36.9%) is fees from employers, partners and members for running the accounts, plus fees on invested HSA money. Interchange (14.6%) is the fee merchants pay when members use HealthEquity payment cards.

• In Q2 FY2027 (ended Jul 31, 2026), revenue was $350.7M, up 7.6% from a year earlier, and net income was $65.6M (+9.7%).
• For fiscal 2026, revenue was $1.31B (+9.5% year over year; +12.4% a year from FY2021 to FY2026) with a 16.4% net margin.

• Over FY2022–FY2026: $420.7M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -1.0% from Aug 31, 2021 to Aug 20, 2026.

Rank among 1514 US companies

Market value at each year end

HealthEquity’s market value went from $2.41B at the end of 2016 to $8.38B on Oct 28, 2026, about 3.5 times as much; since the end of 2025 it is up 7%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($12K) and 6 sales ($1.3M), 4 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in HQY

1. Lower interest rates would cut revenue. Fees earned on HSA cash held by insurance and bank partners were about 48% of revenue in the year ended January 31, 2026. Lower interest rates would cut that income.
2. HSA tax breaks could be reduced. Substantially all revenue comes from tax-advantaged accounts. If federal or state lawmakers limited or removed the tax breaks on HSAs and similar accounts, the company says its business would be seriously harmed.
3. Uninsured cash at insurance partners. A growing share of members' HSA cash is held by insurance company partners and is not federally insured. If a partner failed, members might not recover all their cash, hurting HealthEquity's reputation and finances.
4. Competition from larger, better-funded rivals. Rivals include Fidelity Investments, UnitedHealth Group's Optum and Webster Bank, some with far more resources. Health plans and other partners can also offer competing services themselves or steer business to other providers.
5. Fraud, data breaches and outages. HealthEquity holds sensitive personal and financial data. Fraud involving member accounts has already caused financial and reputational damage. The company or its vendors have also had privacy breaches and service outages before.
6. Sizable debt with strict loan rules. HealthEquity had about $931 million of debt against $256 million in cash and investments as of July 31, 2026. Rules in its loan agreements limit what it can do, and breaking them would mean default.

• Oct 9, 2026 Executive or board change
• Sep 30, 2026 Executive or board change; Investor presentation or announcement
• Aug 27, 2026 Quarterly results released
• Jun 26, 2026 Shareholder vote results
• May 28, 2026 Quarterly results released
• May 8, 2026 Executive or board change
• Apr 6, 2026 Executive or board change
• Mar 30, 2026 Executive or board change; Investor presentation or announcement
• Mar 17, 2026 Quarterly results released
• Feb 17, 2026 Quarterly results released

HealthEquity pays no dividend, so an income investor would get no regular cash from owning it. Any return depends on the share price. Instead, the company returns cash through buybacks (buying back its own shares): $121.5 million in fiscal 2025 and $299.3 million in fiscal 2026, the year ended January 31, 2026. Even so, the share count fell only about 1% between August 2021 and August 2026.

The shares have swung sharply. In the 2020 COVID crash they fell about 54% between February 21 and March 18, 2020, and took about 10 months to recover. In the 2022 bear market the broad market fell, but the shares rose about 47%. They still dropped about 24% between April and May and recovered by mid-September. Their deepest decline in about 12 years of price history was about 61%. Single stocks carry more risk than diversified funds.