HEALTHEQUITY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HEALTHEQUITY, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	178	230	287	532	734	757	862	1,000	1,200	1,313
Cost of revenue	72	94.6	106	206	318	332	370	377	423	400
Gross profit	106	135	181	326	415	425	492	623	777	913
Research and development	22.4	27.4	35.1	77.6	125	157	193	219	240	263
Selling and marketing	18.3	23.1	29.5	44	50	58.6	68.8	79.3	90.7	95.2
General and administrative	20.2	25.1	33	60.6	84.5	85.4	97.5	104	132	120
Operating expenses	65.1	80.5	104	249	381	449	483	505	615	591
Operating income	41.2	54.4	77.7	77	34	-24.2	9.06	118	162	322
Interest expense		0.27	0.27	24.8	34.9	36.6	48.4	55.5	60.6	57.1
Other non-operating income	-1.09	-2.23	-1.85	-33.9	-29.9	-42.5	-47.2	-42.7	-46.3	-45
Pre-tax income	40.1	52.2	75.8	43.2	4.14	-66.7	-38.1	75	116	277
Income tax	13.7	4.83	1.92	3.49	-4.69	-22.5	-12	19.3	19.3	62.2
Net income	26.4	47.4	73.9	39.7	8.83	-44.3	-26.1	55.7	96.7	215
EBITDA	54.4	70.4	95.9	132	150	113	170	271	325	477
EPS, basic	0.45	0.79	1.20	0.59	0.12	-0.53	-0.31	0.65	1.11	2.50
EPS, diluted	0.44	0.77	1.17	0.58	0.12	-0.53	-0.31	0.64	1.09	2.46
Shares, basic (weighted)	58.6	60.3	61.8	67	74.2	83.1	84.4	85.6	86.9	86.1
Shares, diluted (weighted)	59.9	61.9	63.4	68.5	75.7	83.1	84.4	87	88.8	87.5

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	140	199	361	192	329	225	254	404	296	319
Receivables	17	21.6	25.7	70.9	72.8	87.4	96.8	105	118	124
Inventory	0.59	0.22
Other current assets	2.87	3.53	7.53	34.7	58.6	38.5	31.8	48.6	63.8	69.7
Total current assets	201	265	395	297	460	351	383	557	478	512
Property, plant and equipment	5.17	7.84	8.22	33.5	29.1	23.4	12.9	6.01	3.24	3.18
Lease right-of-use assets				83.2	89.5	63.6	56.5	48.4	43.2	36.3
Goodwill	4.65	4.65	4.65	1,333	1,327	1,646	1,648	1,648	1,648	1,648
Intangible assets	65	83.6	79.7	783	767	973	936	836	1,205	1,097
Long-term investments			0.71
Other non-current assets	1.86	2.18	21.1	35.1	37.4	49.8	52.2	67.9	71.6	83.2
Total assets	279	369	510	2,565	2,710	3,107	3,089	3,164	3,449	3,380
Accounts payable	3.22	2.42	3.52	3.98	1.61	27.5	13.9	12	14.4	12.2
Accrued liabilities	3.76	5.52	8.55	46.4	75.9	57.6	43.7	46	62.6	74.4
Short-term debt			0	39.1	62.5	8.75	17.5	0	0	0
Total current liabilities	15.7	20.5	29.1	152	205	153	131	117	156	157
Long-term debt			0	1,182	924	922	908	875	1,056	957
Lease liabilities				68	74.2	65.2	59	48.8	42.2	34.2
Other non-current liabilities		2.4	2.97	2.63	8.81	14.2	12.7	19.3	23	31
Total liabilities	17.2	22.9	32.9	1,535	1,332	1,255	1,193	1,129	1,334	1,273
Total debt			0	1,221	987	931	925	875	1,056	957
Paid-in capital	232	261	305	819	1,158	1,677	1,746	1,829	1,906	1,917
Retained earnings	30	85.3	172	212	220	176	150	206	209	196
Other comprehensive income	-0.17	-0.27	0						0	-5.71
Shareholders' equity	262	346	477	1,030	1,379	1,853	1,896	2,035	2,115	2,107
Total equity	262	346	477	1,030	1,379	1,853	1,896	2,035	2,115	2,107
Total liabilities and equity	279	369	510	2,565	2,710	3,107	3,089	3,164	3,449	3,380
Shares outstanding	59.5	60.8	62.4	71.1	77.2	83.8	84.8	86.1	86.5	85

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	26.4	47.4	73.9	39.7	8.83	-44.3	-26.1	55.7	96.7	215
Depreciation and amortization	13.2	16	18.2	55.4	116	137	161	153	162	155
Stock-based compensation	8.4	14.3	21.1	39.8	42.9	52.8	62.6	77.2	96.4	73.1
Deferred income tax	-2.93	4.31	0.41	3.67	-5.13	-23.3	-17.2	-14	-12.8	39.8
Change in receivables	-2.73	-4.73	-4.07	-4.03	-0.41	-11.2	-9.57	-8.06	-13.1	-5.69
Change in inventory	0.03	0.38
Change in payables	0.57	-0.58	0.86	-3.84
Cash from operations	45.6	81.7	113	105	182	141	151	243	340	457
Capital expenditures	-3.65	-5.46	-3.87	-7.29	-13.1	-8.91	-3.37	-1.69	-2.08	-1.97
Acquisitions	0	-2.88	0	-1,645	0	-505	0	0
Purchases of investments	-0.38	-0.48	-0.73	-53.8	0	0
Sales and maturities of investments	0	0	41.4	0	0
Cash from investing	-13.1	-36.7	25.7	-1,740	-97	-639	-119	-46.1	-505	-47.1
Debt issued		0	0	1,250	0	950	0	0	737	0
Debt repaid		0	0	-7.81	-239	-1,003	-8.75	-54.4	-562	-100
Stock issued	7.14	0	0	458	287	457	0	0	9.43	11.4
Share buybacks							0	0	-121	-299
Dividends paid	0
Cash from financing	23.8	14.6	22.9	1,466	52.4	395	-2.67	-47	57.6	-387
Net change in cash	56.3	59.5	162	-170	137	-103	28.9	150	-108	23
Free cash flow	41.9	76.2	110	97.7	169	132	147	241	338	455
Interest paid	0.21	0.2	0.2	21.8	27.7	16.1	43.6	49.6	58.6	52.2
Income taxes paid	0.86	0.03	0.59	9.28	-6.02	-5.63	1.53	35.4	26.1	8.04

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $88.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.2%	Gross profit / revenue.
Operating margin	25.8%	Operating income / revenue.
EBITDA margin	31.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.7%	Pre-tax income / revenue.
Net margin	17.4%	Net income / revenue.
FCF margin	35.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.0%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.2%	Net income / average total assets.
Return on invested capital (ROIC)	10.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	20.4%	Research and development expense / revenue.
Stock-based pay / revenue	6.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	5.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	98.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	229.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	56.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	46.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	41.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	26.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	122.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	89.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	125.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	83.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	44.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	34.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	45.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	22.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.99x	Current assets / current liabilities.
Quick ratio	2.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.66x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.5%	Total debt / total assets.
Liabilities / assets	39.2%	Total liabilities / total assets.
Net debt	$675.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.69x	Operating income / interest expense.
Working capital	$306.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	82.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$705.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	282x	Revenue / average property, plant and equipment.
Receivables turnover	11.1x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	8 days	365 x average accounts payable / cost of revenue.
FCF conversion	206.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.81	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.21	Revenue / diluted weighted shares.
FCF per share	$5.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.83	Cash from operations / diluted weighted shares.
Book value per share	$24.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.51	Tangible book value / shares outstanding.
Cash per share	$3.09	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	82.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.38B	Share price x shares outstanding.
Enterprise value	$8.05B	Market cap + total debt - cash - short-term investments.
P/E	31.2x	Market cap / net income. Only when net income is positive.
P/S	5.42x	Market cap / revenue.
P/B	3.71x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.1x	Market cap / cash from operations, when positive.
EV/Sales	5.91x	Enterprise value / revenue.
EV/EBIT	22.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.6%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.

What was HEALTHEQUITY, INC.'s revenue in fiscal 2026?

HEALTHEQUITY, INC. reported revenue of $1.31B for fiscal 2026, 9.5% higher than the year before.

Was HEALTHEQUITY, INC. profitable in fiscal 2026?

Yes. Net income was $215.2M, a net margin of 16.4%.

How much free cash flow did HEALTHEQUITY, INC. generate in fiscal 2026?

Cash from operations of $457.1M minus capital expenditures of $2.0M left free cash flow of $455.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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