HEALTHEQUITY, INC. (HQY) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does HEALTHEQUITY, INC. Do?
HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. The company offers cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, compare treatment options and prices, receive personalized benefit and clinical information, earn wellness incentives, grow their savings, and make investment choices; and health savings accounts. It also provides mutual fund investment platform; and online-only automated investment advisory services through Advisor, a Web-based tool. In addition, the company offers flexible spending accounts; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax commuter benefit programs. It serves clients through a direct sales force; benefits brokers and advisors; and a network of health plans, benefits administrators, benefits brokers and consultants, and retirement plan record-keepers. The company was incorporated in 2002 and is headquartered in Draper, Utah. HEALTHEQUITY, INC. (HQY) is classified as a mid-cap stock in the Industrials sector, specifically within the Business Services industry. The company is led by CEO Jon Kessler and employs approximately 3,720 people, headquartered in DRAPER, Utah. With a market capitalization of $7.0B, HQY is one of the notable companies in the Industrials sector.
HEALTHEQUITY, INC. (HQY) Stock Rating — Hold (April 2026)
As of April 2026, HEALTHEQUITY, INC. receives a Hold rating with a composite score of 37.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.HQY ranks #1,753 out of 4,446 stocks in our coverage universe. Within the Industrials sector, HEALTHEQUITY, INC. ranks #274 of 752 stocks, placing it in the upper half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
HQY Stock Price and 52-Week Range
HEALTHEQUITY, INC. (HQY) currently trades at $84.20. The 52-week high for HQY is $116.65, which means the stock is currently trading -27.8% from its annual peak. The 52-week low is $72.76, putting the stock 15.7% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is HQY Overvalued or Undervalued? — Valuation Analysis
HEALTHEQUITY, INC. (HQY) carries a value factor score of 42/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 40.02x, compared to the Industrials sector average of 28.33x — a premium of 41%. The price-to-book ratio stands at 3.21x, versus the sector average of 2.23x. The price-to-sales ratio is 5.35x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, HQY trades at 28.90x EV/EBITDA, versus 5.70x for the sector.
Overall, HQY's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
HEALTHEQUITY, INC. Profitability — ROE, Margins, and Quality Score
HEALTHEQUITY, INC. (HQY) earns a quality factor score of 40/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 8.0%, compared to the Industrials sector average of 8.9%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 5.0% versus the sector average of 3.3%.
On a margin basis, HEALTHEQUITY, INC. reports gross margins of 68.9%, compared to 35.8% for the sector. The operating margin is 20.9% (sector: 6.2%). Net profit margin stands at 13.2%, versus 3.9% for the average Industrials stock. Revenue growth is running at 7.4% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
HQY Debt, Balance Sheet, and Financial Health
HEALTHEQUITY, INC. has a debt-to-equity ratio of 46.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 4.13x, indicating strong short-term liquidity. Total debt on the balance sheet is $982M.
HQY has a beta of 0.92, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for HEALTHEQUITY, INC. is 64/100, reflecting average volatility within the normal range for its sector.
HEALTHEQUITY, INC. Revenue and Earnings History — Quarterly Trend
In TTM 2026, HEALTHEQUITY, INC. reported revenue of $1.28B and earnings per share (EPS) of $0.60. Net income for the quarter was $171M. Gross margin was 68.9%. Operating income came in at $271M.
In Q3 2026, HEALTHEQUITY, INC. reported revenue of $322M and earnings per share (EPS) of $0.60. Net income for the quarter was $52M. Gross margin was 70.8%. Revenue grew 7.2% year-over-year compared to Q3 2025. Operating income came in at $79M.
In Q2 2026, HEALTHEQUITY, INC. reported revenue of $326M and earnings per share (EPS) of $0.69. Net income for the quarter was $60M. Gross margin was 71.4%. Revenue grew 8.6% year-over-year compared to Q2 2025. Operating income came in at $90M.
In Q1 2026, HEALTHEQUITY, INC. reported revenue of $331M and earnings per share (EPS) of $0.62. Net income for the quarter was $54M. Gross margin was 67.8%. Revenue grew 15.0% year-over-year compared to Q1 2025. Operating income came in at $83M.
Over the past 8 quarters, HEALTHEQUITY, INC. has demonstrated a growth trajectory, with revenue expanding from $288M to $1.28B. Investors analyzing HQY stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
HQY Dividend Yield and Income Analysis
HEALTHEQUITY, INC. (HQY) does not currently pay a dividend. This is common among smaller companies in the Business Services industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
HQY Momentum and Technical Analysis Profile
HEALTHEQUITY, INC. (HQY) has a momentum factor score of 34/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 18/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
HQY vs Competitors — Industrials Sector Ranking and Peer Comparison
Within the Industrials sector, HEALTHEQUITY, INC. (HQY) ranks #274 out of 752 stocks based on the Blank Capital composite score. This places HQY in the upper half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.
Comparing HQY against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full HQY vs S&P 500 (SPY) comparison to assess how HEALTHEQUITY, INC. stacks up against the broader market across all factor dimensions.
HQY Next Earnings Date
No upcoming earnings date has been announced for HEALTHEQUITY, INC. (HQY) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy HQY? — Investment Thesis Summary
HEALTHEQUITY, INC. presents a balanced picture with arguments on both sides. Momentum is weak at 34/100, a headwind for near-term performance. Low volatility (stability score 64/100) reduces downside risk.
In summary, HEALTHEQUITY, INC. (HQY) earns a Hold rating with a composite score of 37.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on HQY stock.
Related Resources for HQY Investors
Explore more research and tools: HQY vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare HQY head-to-head with peers: HQY vs SOBO, HQY vs TEN, HQY vs GLDD.