HEALTHEQUITY, Inc. (HQY) intrinsic value & 10-year financials
HEALTHEQUITY, Inc. (HQY) has a Graham intrinsic value of $81.71 per share. At $92.03 on Oct 17, 2026, the stock trades 13% above that value. Over the last 10 fiscal years revenue grew 24.8% a year to $1.3B, with an average return on invested capital of 11.7%.
- Graham intrinsic value
- $81.71
- Share price (Oct 17, 2026)
- $92.03
- Price vs Graham value
- 13% above
- Market cap
- $8.1B
- Revenue (FY2026)
- $1.3B
- Revenue growth (10-yr CAGR)
- 24.8%
- ROIC (10-yr avg)
- 11.7%
- Free cash flow (FY2026)
- $455.1M
HQY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.3B | $215.2M | $2.46 | $455.1M | 24.6% | 8.8% |
| FY2025 | $1.2B | $96.7M | $1.09 | $337.8M | 13.5% | 4.9% |
| FY2024 | $999.6M | $55.7M | $0.64 | $241.1M | 11.8% | 3.4% |
| FY2023 | $861.7M | -$26.1M | -$0.31 | $147.3M | 1.1% | 0.2% |
| FY2022 | $756.6M | -$44.3M | -$0.53 | $132.1M | -3.2% | -0.7% |
| FY2021 | $733.6M | $8.8M | $0.12 | $168.5M | 4.6% | 1.6% |
| FY2020 | $532.0M | $39.7M | $0.58 | $97.7M | 14.5% | 6.3% |
| FY2019 | $287.2M | $73.9M | $1.17 | $109.6M | 27.0% | 65.5% |
| FY2018 | $229.5M | $47.4M | $0.77 | $76.2M | 23.7% | 16.2% |
| FY2017 | $178.4M | $26.4M | $0.44 | $41.9M | 23.1% | 10.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HEALTHEQUITY, INC. is a consistent compounder, expanding top-line revenue at 24.8% annually over the past decade.
HEALTHEQUITY, INC. returns on capital have been average, hovering around 11.7% ROIC over the decade.
HEALTHEQUITY, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HEALTHEQUITY, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $81.71 per share.