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HealthEquity HQY

HealthEquity scores good on business quality (6.1 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$92.61Oct 9, 2026
Business qualityGood
Next earningsDec 1, 2026
Insiders, 90 daysQuiet

Why it matters

  1. What HealthEquity does

    HealthEquity administers health savings accounts and consumer-directed benefits, earning fees and interest on custodial cash balances paid by employers and individuals. Management is expanding digital capabilities and recently appointed a new board member to sharpen capital allocation.

  2. What it does best

    HealthEquity turns custodial cash into high-margin revenue, posting a gross margin of 71.2%. This scale and integrated platform lock in healthcare consumers in a way standalone bank accounts cannot easily match.

  3. The main risk

    Headlines highlight market anxiety over AI cash fears, which could pressure deposit yields or valuation multiples if sentiment sours further.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Operating margin stands at 26.1% and free cash flow margin hits the 92nd sector percentile, proving the business scales efficiently as revenue expands.

MoatFair

Its moat rests on switching costs embedded in health savings accounts, supported by an operating margin ranking in the top quartile at the 76th percentile.

GrowthSteady

Revenue grew to $1.36 billion with a growth rate of 9.4%, showing steady momentum compared to past annual periods.

Financial healthFair

Total debt sits at $957.0 million against $319.0 million of cash, while free cash flow reached $436.0 million, showing a mixed balance sheet turning sharply cash-generative.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

No open market buys or unplanned sales by executives or directors.

Our sealed record on HQY

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is HQY a good business?

HealthEquity scores good on the Cluenex quality check (6.1 of 10), measured against its own industry. Profitability is strong, moat fair, growth steady and financial health fair.

Are insiders buying HQY?

In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.

When does HQY report earnings?

Dec 1, 2026.

For members

See HQY today

  • Today's verdict on HQY, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “HealthEquity (HQY)”, https://cluenex.com/stocks/hqy/, data as of Oct 10, 2026.