HealthEquity (HQY)
Custodian of U.S. health savings accounts and administrator of consumer-directed benefits.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 18, 2026 | Barclays | Reiterate | Rating: —Target: $110 | Target: $115 |
| Aug 31, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $120 | Target: $142 |
| Aug 28, 2026 | Telsey Advisory | Target | Target: — | Target: $111 |
| Jul 24, 2026 | BTIG | Reiterate | Rating: —Target: — | Target: $115 |
| Jun 3, 2026 | RBC Capital | Reiterate | Rating: —Target: $109 | Target: $108 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jul 31, 2026Cash & short-term investments $256.0M · Total debt $971.0M · Total assets $3.27B · Shareholders' equity $1.99B
- Revenue
- $350.7M
- Operating income
- $98.7M
- Net income
- $65.6M
No dividends on record.
| Institutions | 109.91% | 90.91M shares | |
|---|---|---|---|
| 507 holders · as of Jun 30, 2026 | |||
| Insiders | 2.11% | 1.74M shares | |
| 18 holders · as of Sep 18, 2026 | |||
| Strategic holders | 10.96% | 9.06M shares | |
| 1 holder · as of Feb 7, 2022 | |||
| Adds to | 122.98% | ||
82.72M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 122.98%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.63% | 11.28M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 10.96% | 9.06M | filed Feb 7, 2022 |
Wasatch Advisors LPInstitution | 9.62% | 7.96M | as of Jun 30, 2026 |
Morgan StanleyInstitution | 5.50% | 4.55M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.91% | 4.06M | as of Jun 30, 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 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| HealthEquity | $90.83 | −1.00% | $7.67B | 33.1 | 18.0 | 5.6 | +7.6% |
| UnitedHealth Group | $371.52 | −0.38% | $338.69B | 24.0 | 17.4 | 0.8 | +0.4% |
| WEX | $186.28 | +2.79% | $6.18B | 18.1 | 9.1 | 2.2 | +14.2% |
| Alight | $12.87 | −0.31% | $340.1M | — | 2.8 | 0.2 | −3.2% |
| Bank of America | $55.79 | −0.73% | $398.83B | 12.9 | 11.4 | 2.0 | +19.3% |
| Paychex | $106.65 | −6.88% | $40.74B | 23.5 | 17.6 | 6.3 | +5.9% |
| ADP | $267.80 | −0.68% | $107.78B | 24.6 | 21.8 | 4.9 | +6.8% |
| Median | 23.5 | 14.4 | 2.1 | +6.3% |