HealthEquity Inc (HQY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of HealthEquity Inc stock $114, price $104, upside +10.0%, quality 80 out of 100. Rating: fairly valued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $39.52 – $114.51 · fair‑value band $79.80 – $148.20 · the $103.63 price screens below the $113.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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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.
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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.
Stock analysis
HealthEquity Inc (HQY) currently trades at $103.63, while our model-based Fair Value estimate is $113.99, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of $141.72 per share, and 9 of the 22 models we run sit above the $103.63 price.
Bear case: the Economic Profit group reads lowest at $30.40, and 13 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $79.80 (bear) to $148.20 (bull), the price of $103.63 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 80/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $9.1B Mid · P/E ratio 37.4 · P/S ratio 6.66 · EPS (TTM) $2.77 · Net margin 17.4% · Return on equity 11.4% · Return on assets (EBIT) 4.5% (5-year average) · Operating margin 28.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (medium confidence).
What moves the price
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 5% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −51% fair-value upside, at 10%, HQY screens cheaper than that median.
Fair Value models
Bear$79.80Fair Value $113.99Bull$148.20
Price $103.63 · Upside +10.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 9 months old). Earnings retained since then ($2.13 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
SaleMichael Henry FioreEVP, CHIEF COMMERCIAL OFFICER3× since May 29, 2026: 7,966 shares, avg. $95.00$756,770Jul 10, 202610b5-1 plan
SaleDelano LaddEVP, General Counsel3× since Nov 20, 2025: 10,500 shares, avg. $92.75$973,920May 28, 202610b5-1 plan
SaleGayle Furgurson WellbornDirector2× since Dec 12, 2025: 6,778 shares, avg. $95.14$644,862May 28, 2026
SaleElimelech RosnerEVP, CHIEF TECHNOLOGY OFFICER10,959 shares at $95.45$1.0MDec 18, 2025
Plus 23 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.4%
Start year 2021 (pandemic). Over 10 years: +26.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+35.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.47.9% vs 24.2%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 25%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.0% a year for the price and +4.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (91 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Moderate moat potential arises from recurring custodial revenue on health savings accounts, yet limited public evidence on capabilities and the absence of a dedicated commercial leader leave execution uncertain.
Main risk: Providers such as Fidelity Investments offering fee-free HSAs with extensive investment options could attract customers away from HealthEquity or force lower fees and reduced custodial revenue margins.
Bull case: HealthEquity could leverage its agentic AI tools and scale to deliver superior personalized support and education that differentiates it from fee-free rivals and strengthens retention through network partners.
Bear case: If fee-free competitors capture significant share and key partnerships weaken, HealthEquity could see slower account growth, pressure on custodial fees and reduced ability to acquire or retain HSA assets.
HealthEquity terminated its Chief Commercial Officer without cause in early October and will spread those responsibilities across the management team. The business keeps adding health savings accounts and client-directed benefits while generating custodial revenue from the assets. Will this redistribution keep commercial execution sharp or risk losing dedicated drive on new accounts?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Health Information Services · 118 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside+10.0% · Above median
Profitability
Return on equity (12 months)11.4% · Above median
Return on assets6.3% · Above median
Net margin (12 months)17.4% · Top 25%
Operating margin (12 months)28.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)7.6% · Below median
Balance sheet
Debt / equity0.45× · Highest 25%
Valuation Multiplesvs Health Information Services median · lower = cheaper
P/E (12 months)37.4× · Pricier than median
P/B4.30× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)6.66× · Priciest 25%
Price / free cash flow (fiscal year)19.9× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "HealthEquity Inc Fair Value". https://www.fairvalue-calculator.com/stock/HQY
Frequently asked questions
Is HealthEquity Inc (HQY) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $113.99 versus a price of $103.63, about +10% upside (fairly valued).
What is the fair value of HQY?
Our model-based fair value for HealthEquity Inc is $113.99 (as of Nov 8, 2026), built from audited fundamentals. The current price: $103.63.
What is the quality score of HQY?
HealthEquity Inc has a Quality Score of 80/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for HealthEquity Inc (HQY)?
Our model-based price target is the fair value of $113.99 (as of Nov 8, 2026) from 22 valuation models. Cautious scenario $79.80, optimistic scenario $148.20. It is a calculation from audited fundamentals, not an analyst target.
What is the HealthEquity Inc stock forecast for 2026?
Our models put fair value at $113.99, about +10% upside versus a price of $103.63 (fairly valued). Cautious scenario $79.80, optimistic scenario $148.20. The calculation is refreshed regularly with new filings.
What is the revenue of HealthEquity Inc (HQY)?
HealthEquity Inc reported trailing-twelve-month revenue of about $1.4B (latest available figure, as of Nov 8, 2026).
What growth is priced into HealthEquity Inc (HQY)?
For today's price to be fair in a discounted-cash-flow model, HealthEquity Inc would have to grow free cash flow by +7.5 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.4 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of HQY use?
Our models discount HealthEquity Inc at 8.5 %: a base by market capitalisation (mid), damped by beta 0.24, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HealthEquity Inc that is +7.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has HealthEquity Inc (HQY) delivered so far?
Over the past 5 years revenue at HealthEquity Inc grew +12.4 % a year. The price currently implies free-cash-flow growth of +7.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HealthEquity Inc (HQY) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into HealthEquity Inc (+7.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HealthEquity Inc (HQY)?
The free-cash-flow yield on the price is 5.02 %: that much free cash flow HealthEquity Inc produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HealthEquity Inc (HQY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HealthEquity Inc it is $113.99 per share (as of Nov 8, 2026), against a price of $103.63. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is HealthEquity Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HQY trades below its calculated fair value: price $103.63, fair value $113.99, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HQY?
No. The price is what the market pays today ($103.63); the fair value is what the company's own numbers justify ($113.99). For HealthEquity Inc the two are $10.36 per share apart. That gap is exactly why we show both numbers side by side.
How much is HealthEquity Inc worth?
The market values HealthEquity Inc at about $9.1B (market capitalisation, as of Nov 8, 2026). Per share that is $103.63; our models calculate a fair value of $113.99 per share.
What do the bullish and bearish scenarios say about HQY?
Our models span a range for HealthEquity Inc: cautious scenario $79.80, base $113.99, optimistic $148.20 per share (as of Nov 8, 2026, price $103.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HQY?
HealthEquity Inc trades at a price-to-earnings ratio of 37.4 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $113.99 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2026), reported earnings, FY2019, FY2020, FY2021 ex one-offs: 83.8. Other multiples: PEG 1.3, P/B 4.3, P/S 6.7, EV/EBITDA 18.9.
What is the PEG ratio of HQY?
The PEG ratio of HealthEquity Inc is 1.32 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of HealthEquity Inc (HQY)?
Balance-sheet figures for HealthEquity Inc (as of Nov 8, 2026): return on equity 11.4%, debt of 0.45 per unit of equity. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is HQY from its 52-week high?
HealthEquity Inc trades at $103.63, about 5% below its 52-week high of $108.84 and 42% above the low of $73.21 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $113.99 is for.
Which stocks are comparable to HealthEquity Inc?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is HealthEquity Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $103.63, calculated fair value $113.99 (+10%), Quality Score 80/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HQY calculated?
We run HealthEquity Inc through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $113.99 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. HealthEquity Inc currently trades 9% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of HealthEquity Inc (HQY)?
The closing price on Nov 6, 2026 was $103.63. Our model-based fair value is $113.99, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HealthEquity Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($79.80 to $148.20) leaves room in how you read the outcome.
Where does the earnings growth of HealthEquity Inc (HQY) come from?
Earnings per share at HealthEquity Inc grew +18.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +21.6 %, EBIT margin −1.1 %, tax rate +2.1 %, residual (interest, one-offs) −3.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of HealthEquity Inc
How large is the market capitalisation of HealthEquity Inc (HQY)?
The market capitalisation of HealthEquity Inc is $9.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of HealthEquity Inc (HQY)?
The price-to-sales ratio of HealthEquity Inc is 6.66 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HealthEquity Inc (HQY)?
Earnings per share at HealthEquity Inc are $2.77 (price ÷ EPS = P/E 37.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of HealthEquity Inc (HQY)?
The net margin of HealthEquity Inc is 17.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of HealthEquity Inc (HQY)?
The return on equity (ROE) of HealthEquity Inc is 11.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of HealthEquity Inc (HQY)?
On an EBIT basis the return on assets of HealthEquity Inc is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of HealthEquity Inc (HQY)?
The operating margin of HealthEquity Inc is 28.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HealthEquity Inc (HQY)?
Revenue at HealthEquity Inc is growing +7.6% versus a year earlier (3y avg +15.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at HealthEquity Inc (HQY)?
Earnings per share at HealthEquity Inc are growing +14.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HealthEquity Inc (HQY) carry?
The net debt of HealthEquity Inc is $683M (fiscal year 2026, ≈ 1.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 8, 2026