Loading financials from SEC filings…
Health information services · Healthcare · Fiscal year ends Jan 31
Healthequity reported revenue of $1.3B in the fiscal year ended Jan 2026, up 9.5% from the year before. Operating income was $322M, an operating margin of 24.6%, and net income was $215M. Operating cash flow of $457M less capital expenditure of $2M left free cash flow of $455M. Net debt was $638M.
Ranks among the 4 health information services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 757 | 862 | 1,000 | 1,200 | 1,313 |
| Cost of revenue | 332 | 370 | 377 | 423 | 400 |
| Gross profit | 425 | 492 | 623 | 777 | 913 |
| Research & development | 157 | 193 | 219 | 240 | 263 |
| Selling, general & admin | 144 | 166 | 183 | 223 | 215 |
| Operating income | −24.2 | 9.1 | 118 | 162 | 322 |
| Interest expense | 36.6 | 48.4 | 55.5 | 60.6 | 57.1 |
| Pre-tax income | −66.7 | −38.1 | 75.0 | 116 | 277 |
| Income tax | −22.5 | −12.0 | 19.3 | 19.3 | 62.2 |
| Net income | −44.3 | −26.1 | 55.7 | 96.7 | 215 |
| Diluted EPS | −0.53 | −0.31 | 0.64 | 1.09 | 2.46 |
| Diluted shares | 83.1 | 84.4 | 87.0 | 88.8 | 87.5 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 225 | 254 | 404 | 296 | 319 |
| Receivables | 87.4 | 96.8 | 105 | 118 | 124 |
| Current assets | 351 | 383 | 557 | 478 | 512 |
| Net PP&E | 23.4 | 12.9 | 6.0 | 3.2 | 3.2 |
| Goodwill | 1,646 | 1,648 | 1,648 | 1,648 | 1,648 |
| Total assets | 3,107 | 3,089 | 3,164 | 3,449 | 3,380 |
| Payables | 27.5 | 13.9 | 12.0 | 14.4 | 12.2 |
| Current liabilities | 153 | 131 | 117 | 156 | 157 |
| Short-term debt | 8.8 | 17.5 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 922 | 908 | 875 | 1,056 | 957 |
| Total liabilities | 1,255 | 1,193 | 1,129 | 1,334 | 1,273 |
| Shareholders' equity | 1,853 | 1,896 | 2,035 | 2,115 | 2,107 |
| Backlog (remaining obligations) | 10.5 | 8.3 | 6.2 | 17.1 | 6.7 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 141 | 151 | 243 | 340 | 457 |
| Capital expenditure | 8.9 | 3.4 | 1.7 | 2.1 | 2.0 |
| Free cash flow | 132 | 147 | 241 | 338 | 455 |
| Depreciation & amortisation | 137 | 161 | 153 | 162 | 155 |
| Stock-based compensation | 52.8 | 62.6 | 77.2 | 96.4 | 73.1 |
| Acquisitions | 505 | 0.0 | 0.0 | – | – |
| Share buybacks | – | 0.0 | 0.0 | 121 | 299 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.9% | 16.0% | 20.0% | 9.5% |
| Operating income growth (YoY) | – | – | 1199.5% | 37.9% | 98.6% |
| EPS growth (YoY) | – | – | – | 70.3% | 125.7% |
| Gross margin | 56.1% | 57.1% | 62.3% | 64.8% | 69.5% |
| Operating margin | −3.2% | 1.1% | 11.8% | 13.5% | 24.6% |
| Net margin | −5.9% | −3.0% | 5.6% | 8.1% | 16.4% |
| Return on equityBlank when equity is negative | −2.4% | −1.4% | 2.7% | 4.6% | 10.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.8% | 0.3% | 3.9% | 4.9% | 10.0% |
| Free cash flow margin | 17.5% | 17.1% | 24.1% | 28.2% | 34.7% |
| Cash conversion (CFO ÷ net income) | −3.18x | −5.76x | 4.36x | 3.51x | 2.12x |
| Receivable days | 42 | 41 | 38 | 36 | 34 |
| Payable days | 30 | 14 | 12 | 12 | 11 |
| Interest cover | −0.66x | 0.19x | 2.12x | 2.68x | 5.64x |
| Debt ÷ equity | 0.50x | 0.49x | 0.43x | 0.50x | 0.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 705 | 671 | 471 | 760 | 638 |
| Current ratio | 2.29x | 2.92x | 4.76x | 3.06x | 3.27x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.