HealthEquity Inc (HQY) Fair Value & Analysis
Healthcare · US · Market cap $8.2B · ISIN US42226A1079
What is HealthEquity Inc really worth?
HealthEquity Inc
HQY · US
A strong business, but trading 74% above our fair value of $56.63.
Strengths
Risks
Fair value as of: Aug 22, 2026
From 24 valuation models · updated 14 days ago
Share price −5.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case ($70.79). The favourable scenario is already priced in.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.
How to read this chart
60‑month range $39.52 – $114.51 · fair‑value band $41.01 – $70.79 · the $98.78 price screens above the $56.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.
Analysis
HealthEquity Inc (HQY) currently trades at $98.78, while our model-based Fair Value estimate is $56.63, implying the stock looks roughly 74.4% overvalued today. The Quality Score stands at 79/100 (high quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of $110.95 per share, and 9 of the 24 models we run sit above the $98.78 price. Bear case: the Asset-Based group reads lowest at $16.89, and 15 of the 24 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, HealthEquity Inc generated revenue of $1.3B at a net margin of 17.3%. Revenue grew 7.2% year over year. It earns a return on equity of 11.1%. Net debt stands at $683M. Fundamentals as of Aug 22, 2026
Our scenario range runs from $41.01 (bear case) to $70.79 (bull case); at $98.78, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 12% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −68% fair-value upside, at −43%, HQY screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 7 months have passed since. In that time the company retained roughly $1.57 per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models ($110.95) versus Asset-Based ($16.89). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 76 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. It offers health savings accounts (HAS); investment platform; online-only automated investment advisory services through Advisor, a Web-based tool.
Full company description
HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. It offers health savings accounts (HAS); investment platform; online-only automated investment advisory services through Advisor, a Web-based tool. The company also provides flexible spending accounts (FSA) for health and dependent care; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. In addition, the company offers HSA and FSA members with access to certain healthcare products, programs, and services through its marketplace. It serves clients through a direct sales force; and brokers and advisors, a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. HealthEquity, Inc. was incorporated in 2002 and is based in Draper, Utah.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
HealthEquity Inc reported revenue of $1.3B in FY2026 versus $757M in FY2022, a compound +14.8%/yr. Reported net income was $215M in FY2026.
of which total revenue +27.6 % · buybacks/dilution −4.7 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
HQY screens 74% overvalued. Compare with Veeva Systems Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- HealthEquity (HQY) Could Be 19% Undervalued On Raised Full Year Guidance
- HealthEquity (HQY) Stock May Be 48% Undervalued On Cash Flow
- HealthEquity Inc (HQY) (Q2 2027) Earnings Call Highlights: Record Revenue and Margin Expansion ...
- HealthEquity, Inc. Q2 2027 Earnings Call Summary
Peer Group
Health Information Services · 128 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Health Information Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Health Information Services stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Veeva Systems Inc VEEV | $282.13 | $91.49 | −68% |
| Pro Medicus Limited PME | A$183.71 | A$23.74 | −87% |
| BrightSpring Health Services, Inc BTSG | $59.68 | $21.31 | −64% |
| Hinge Health, Inc HNGE | $86.32 | $24.03 | −72% |
| 10x Genomics, Inc TXG | $55.63 | $17.18 | −69% |
| Waystar Holding WAY | $25.76 | $12.86 | −50% |
| XtalPi Holdings 2228 | HK$8.19 | HK$1.04 | −87% |
| Doximity, Inc DOCS | $24.74 | $25.91 | +5% |
| Privia Health Group PRVA | $21.07 | $5.26 | −75% |
| IKS IKS | ₹1,785 | ₹830.74 | −53% |
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