HealthEquity
Custodian of U.S. health savings accounts and administrator of consumer-directed benefits.
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Profile
Administers U.S. health savings accounts, flexible spending accounts, health reimbursement arrangements, COBRA coverage, and commuter benefits. Revenue comes from administration and investment fees, yields on custodial cash and client funds, and payment interchange, within a single domestic operating segment governed by tax and benefits rules.
Administers health savings accounts and employer-sponsored consumer-directed benefits across the United States, including flexible spending accounts, health reimbursement arrangements, COBRA continuation coverage, commuter programs, and a healthcare marketplace. Its cloud platform connects employers and members through benefits brokers, health plans, benefits administrators, and retirement recordkeepers, combining account custody, claims and payment processing, investing tools, and member support.
Revenue comes from administrative and investment-related service fees, yields on HSA cash and client-held funds placed with insurance and depository partners, and interchange on card and virtual payments. A configurable platform integrates disparate partner systems and serves them through a shared technology stack. The model depends on HSA eligibility and tax rules, prevailing interest rates, IRS non-bank-custodian requirements, and compliance with financial and health-data privacy laws.
Company facts
Categories
Key statistics
Year to date +5.8% · Average volume (30d) 805.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Telsey Advisory | Target | $111 | |||
| Jul 24, 2026 | BTIG | Reiterate | Buy | $115 | ||
| Jun 3, 2026 | RBC Capital | Reiterate | Outperform | $109 | $108 | |
| Jun 1, 2026 | Wells Fargo | Target | $110 | $111 | ||
| Apr 9, 2026 | BMO Capital | Upgrade | Market Perform | Outperform | $85 | $105 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 27, 2026Q2 FY27 | $1.19 | $1.24 | +4.2% | $349.2M | $350.7M | +0.4% | −10.56% |
| May 28, 2026Q1 FY27 | $1.11 | $1.24 | +11.7% | $352.0M | $354.6M | +0.7% | −2.79% |
| Mar 17, 2026Q4 FY26 | $0.89 | $0.95 | +6.7% | $332.3M | $334.6M | +0.7% | +0.21% |
| Dec 3, 2025Q3 FY26 | $0.91 | $1.01 | +10.7% | $320.6M | $322.2M | +0.5% | −3.01% |
Financial highlights
| 12 quarters | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $330.8M | $325.8M | $322.2M | $334.6M | $354.6M | $350.7M | |
| Gross profit | $197.3M | $205.6M | $201.1M | $309.2M | $256.3M | $258.0M | |
| Operating income | $84.4M | $90.9M | $79.9M | $67.4M | $103.0M | $98.7M | |
| Net income | $53.9M | $59.9M | $51.7M | $49.7M | $69.4M | $65.6M | |
| Diluted EPS | $0.61 | $0.68 | $0.59 | $0.58 | $0.82 | $0.78 | |
| Gross margin | 59.6% | 63.1% | 62.4% | 92.4% | 72.3% | 73.5% | |
| Operating margin | 25.5% | 27.9% | 24.8% | 20.1% | 29.0% | 28.1% |
Fiscal years (4-quarter sums)FY22 $756.6M · FY23 $861.7M · FY24 $999.6M · FY25 $1.20B · FY26 $1.31B
Revenue by product · Q2 FY27
Balance sheet, Jul 31, 2026Cash & short-term investments $256.0M · Total debt $40.0M · Total assets $3.27B · Shareholders' equity $1.99B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 83.60M · Float 81.93M · 98.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.28M | 13.49% | 13F | Aug 7, 2026 |
| Wasatch Advisors LP | 7.96M | 9.50% | 13G | Jul 15, 2026 |
| Morgan Stanley | 4.55M | 5.44% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 4.06M | 4.85% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 3.64M | 4.35% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Adrian T. Dillon | director | −7,632 | $104.61 |
| Jul 10, 2026 | Michael Henry Fiore | officer: EVP, CHIEF COMMERCIAL OFFICER | −2,354 | $95.00 |
| Jul 2, 2026 | Michael Henry Fiore | officer: EVP, CHIEF COMMERCIAL OFFICER | −2,470 | $95.00 |
| May 29, 2026 | Michael Henry Fiore | officer: EVP, CHIEF COMMERCIAL OFFICER | −3,142 | $95.00 |
| May 28, 2026 | Delano Ladd | officer: EVP, General Counsel | −7,500 | $90.00 |
Peers
- UnitedHealth Group
Largest HSA custodian by assets; integrated insurance-to-benefits pipeline.
- WEX
IRS-designated non-bank HSA custodian; ~21.6M benefit SaaS accounts.
- Webster Financial
Second-largest bank HSA custodian; ~4.1M employer-sponsored HSA relationships.
- Alight
Fortune 500 benefits administrator; 30M+ users across health, wealth, leave.
- Bank of America
Major bank HSA custodian and CDB administrator for large employers.
- Paychex
Payroll-bundled HSA/FSA/HRA for SMBs; ~740K sticky payroll client base.
- ADP
Largest global payroll processor; HSA/FSA/HRA embedded in HR platform.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| HealthEquity | $96.98 | +0.64% | $8.06B | 34.8 | 19.1 | 5.9 | +7.6% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| WEX | $197.32 | −0.03% | $6.72B | 19.7 | 9.7 | 2.4 | +14.2% |
| Webster Financial | $77.57 | −0.51% | $12.57B | 12.6 | 11.6 | 2.9 | +3.4% |
| Alight | $14.02 | −0.28% | $369.3M | — | 3.1 | 0.2 | −3.2% |
| Bank of America | $62.30 | −0.04% | $442.26B | 14.4 | 12.7 | 2.3 | +19.3% |
| Paychex | $127.04 | +0.02% | $45.19B | 26.0 | 21.3 | 6.9 | +12.5% |
| ADP | $286.34 | −0.36% | $114.92B | 26.3 | 23.4 | 5.2 | +6.8% |
| Median | 22.5 | 12.7 | 2.4 | +6.8% |