Cash flow HealthEquity, Inc.

Equities

HQY

US42226A1079

Software

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-12 pm EST			5-day change	1st Jan Change
96.79 ^USD	-0.62%		+2.41%	+0.88%

Dec. 09	Barclays Initiates HealthEquity With Overweight Rating, $118 Price Target	MT
Dec. 05	Deutsche Bank Adjusts Price Target on HealthEquity to $120 From $117, Maintains Buy Rating	MT

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Published financial data: HEALTHEQUITY, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: January	2021	2022	2023	2024	2025
Revenues	734M	757M	862M	1B	1.2B
Total Revenues	734M	757M	862M	1B	1.2B
Cost of Goods Sold, Total	318M	333M	372M	377M	423M
Gross Profit	415M	424M	490M	623M	777M
Selling General & Admin Expenses, Total	134M	143M	164M	183M	223M
R&D Expenses	125M	157M	193M	219M	240M
Amortization of Goodwill and Intangible Assets - (IS)	76.06M	82.79M	94.59M	92.76M	112M
Other Operating Expenses, Total	335M	383M	452M	495M	574M
Operating Income	80M	40.57M	37.65M	128M	203M
Interest Expense, Total	-34.88M	-36.57M	-48.42M	-55.46M	-60.63M
Interest And Investment Income	1.04M	1.5M	1.76M	12.14M	13.91M
Net Interest Expenses	-33.84M	-35.07M	-46.66M	-43.32M	-46.72M
Other Non Operating Income (Expenses)	-1.72M	1.71M	-439K	658K	420K
EBT, Excl. Unusual Items	44.45M	7.2M	-9.45M	85.48M	157M
Merger & Related Restructuring Charges	-47.11M	-75.64M	-28.65M	-10.44M	-40.54M
Gain (Loss) On Sale Of Investments	-	1.69M	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Legal Settlements	6.8M	-	-	-	-
EBT, Incl. Unusual Items	4.14M	-66.74M	-38.1M	75.04M	116M
Income Tax Expense	-4.69M	-22.45M	-11.95M	19.33M	19.33M
Earnings From Continuing Operations	8.83M	-44.29M	-26.14M	55.71M	96.7M
Net Income to Company	8.83M	-44.29M	-26.14M	55.71M	96.7M
Net Income - (IS)	8.83M	-44.29M	-26.14M	55.71M	96.7M
Net Income to Common Incl Extra Items	8.83M	-44.29M	-26.14M	55.71M	96.7M
Net Income to Common Excl. Extra Items	8.83M	-44.29M	-26.14M	55.71M	96.7M
Per Share Items
Net EPS - Basic	0.12	-0.53	-0.31	0.65	1.11
Basic EPS - Continuing Operations	0.12	-0.53	-0.31	0.65	1.11
Basic Weighted Average Shares Outstanding	74.24M	83.13M	84.44M	85.56M	86.87M
Net EPS - Diluted	0.12	-0.53	-0.31	0.64	1.09
Diluted EPS - Continuing Operations	0.12	-0.53	-0.31	0.64	1.09
Diluted Weighted Average Shares Outstanding	75.68M	83.13M	84.44M	86.96M	88.83M
Normalized Basic EPS	0.37	0.05	-0.07	0.62	1.13
Normalized Diluted EPS	0.37	0.05	-0.07	0.61	1.1
Supplemental Items
EBITDA	196M	178M	199M	281M	365M
EBITA	180M	163M	187M	272M	361M
EBIT	80M	40.57M	37.65M	128M	203M
EBITDAR	210M	191M	208M	288M	370M
Total Revenues (As Reported)	734M	757M	862M	1B	1.2B
Effective Tax Rate - (Ratio)	-113.38	33.64	31.38	25.76	16.66
Current Domestic Taxes	439K	867K	5.23M	33.32M	32.16M
Total Current Taxes	439K	867K	5.23M	33.32M	32.16M
Deferred Domestic Taxes	-5.13M	-23.32M	-17.18M	-14M	-12.83M
Total Deferred Taxes	-5.13M	-23.32M	-17.18M	-14M	-12.83M
Normalized Net Income	27.78M	4.5M	-5.9M	53.42M	97.86M
Interest on Long-Term Debt	34.88M	36.57M	48.42M	55.46M	60.63M
Supplemental Operating Expense Items
Selling and Marketing Expenses	49.96M	58.6M	68.85M	79.27M	90.74M
General and Administrative Expenses	84.49M	84.38M	95.63M	104M	132M
Research And Development Expense From Footnotes	125M	157M	193M	219M	240M
Net Rental Expense, Total	14.27M	12.93M	9.18M	6.76M	5.03M
Imputed Operating Lease Interest Expense	3.35M	3.63M	3.55M	3.11M	2.39M
Imputed Operating Lease Depreciation	10.92M	9.3M	5.63M	3.65M	2.64M
Stock-Based Comp., COGS (Total)	8M	11.26M	14.43M	16.46M	14.96M
Stock-Based Comp., R&D Exp. (Total)	10.77M	13.13M	13.83M	20.89M	25M
Stock-Based Comp., S&M Exp. (Total)	6.99M	7M	9.82M	13.18M	15.62M
Stock-Based Comp., G&A Exp. (Total)	17.11M	21.36M	24.54M	26.62M	40.84M
Stock-Based Comp., Other (Total)	-	342K	-	-	-
Total Stock-Based Compensation	42.86M	53.09M	62.61M	77.15M	96.42M

Fiscal Period: January	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	329M	225M	254M	404M	296M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	329M	225M	254M	404M	296M
Accounts Receivable, Total	72.77M	87.43M	96.84M	105M	118M
Total Receivables	72.77M	87.43M	96.84M	105M	118M
Inventory	-	-	-	-	-
Prepaid Expenses	-	-	20.1M	31.2M	32.5M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	58.61M	38.5M	11.69M	17.36M	31.3M
Total Current Assets	460M	351M	383M	557M	478M
Gross Property Plant And Equipment	150M	123M	111M	95.41M	83.08M
Accumulated Depreciation	-30.99M	-35.6M	-41.82M	-41.02M	-36.65M
Net Property Plant And Equipment	119M	86.98M	69.32M	54.39M	46.42M
Long-term Investments	-	-	-	-	-
Goodwill	1.33B	1.65B	1.65B	1.65B	1.65B
Other Intangibles, Total	767M	973M	936M	836M	1.2B
Deferred Tax Assets Long-Term	-	-	-	-	-
Deferred Charges Long-Term	5M	4.4M	3.4M	2.5M	7.7M
Other Long-Term Assets, Total	32.42M	45.41M	48.78M	65.37M	63.87M
Total Assets	2.71B	3.11B	3.09B	3.16B	3.45B
Liabilities
Accounts Payable, Total	1.61M	27.54M	13.9M	12.04M	14.36M
Accrued Expenses, Total	127M	105M	89.5M	95.65M	132M
Current Portion of Long-Term Debt	62.5M	8.75M	17.5M	-	-
Current Portion of Leases	14.04M	12.17M	10.16M	9.4M	10M
Total Current Liabilities	205M	153M	131M	117M	156M
Long-Term Debt	924M	922M	908M	875M	1.06B
Long-Term Leases	74.22M	65.23M	58.99M	48.77M	42.22M
Deferred Tax Liability Non Current	120M	99.85M	82.66M	68.67M	55.83M
Other Non Current Liabilities	8.81M	14.18M	12.71M	19.27M	22.96M
Total Liabilities	1.33B	1.25B	1.19B	1.13B	1.33B
Common Stock, Total	8K	8K	8K	9K	9K
Additional Paid In Capital	1.16B	1.68B	1.75B	1.83B	1.91B
Retained Earnings	220M	176M	150M	206M	209M
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	1.38B	1.85B	1.9B	2.04B	2.11B
Total Equity	1.38B	1.85B	1.9B	2.04B	2.11B
Total Liabilities And Equity	2.71B	3.11B	3.09B	3.16B	3.45B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	83.02M	83.82M	84.78M	86.16M	86.5M
ECS Total Common Shares Outstanding	77.17M	83.78M	84.76M	86.13M	86.54M
Book Value / Share	17.87	22.11	22.37	23.63	24.44
Tangible Book Value	-715M	-766M	-689M	-449M	-738M
Tangible Book Value Per Share	-9.27	-9.15	-8.13	-5.21	-8.53
Total Debt	1.07B	1.01B	994M	933M	1.11B
Net Debt	746M	783M	740M	529M	813M
Debt Equivalent Oper. Leases	114M	103M	73.47M	54.06M	40.22M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	-	3	3	3
Inventories - Others	-	-	-	-	-
Machinery, Total	37.82M	40.4M	36.41M	32.58M	25.93M
Full Time Employees	3K	3.69K	3.17K	3.13K	3.1K
Part Time Employees	38	27	38	24	15
Accumulated Allowance for Doubtful Accounts (Supple)	4.24M	6.23M	4.99M	3.95M	2.07M

Fiscal Period: January	2021	2022	2023	2024	2025
Net Income	8.83M	-44.29M	-26.14M	55.71M	96.7M
Depreciation & Amortization - CF	16M	14.69M	12.3M	8.78M	4.65M
Amortization of Goodwill and Intangible Assets - (CF)	99.9M	122M	149M	144M	158M
Depreciation & Amortization, Total	116M	137M	161M	153M	162M
Amortization of Deferred Charges, Total - (CF)	5.1M	4.45M	3.26M	2.85M	2.07M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-1.68M	-	-	-
Asset Writedown & Restructuring Costs	-	11.25M	-	-	-
Stock-Based Compensation (CF)	42.86M	52.75M	62.61M	77.15M	96.42M
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-3.38M	-20.3M	-16.91M	-12.84M	-11.26M
Change In Accounts Receivable	-413K	-11.2M	-9.57M	-8.06M	-13.11M
Change In Inventories	-	-	-	-	-
Change In Accounts Payable	30.42M	-2.18M	-26.67M	-204K	8.89M
Change in Other Net Operating Assets	-17.71M	15.01M	2.87M	-24.87M	-2.3M
Cash from Operations	182M	141M	151M	243M	340M
Capital Expenditure	-13.09M	-8.91M	-3.37M	-1.69M	-2.08M
Cash Acquisitions	-	-505M	-	-	-
Sale (Purchase) of Intangible assets	-83.87M	-128M	-116M	-44.38M	-503M
Investment in Marketable and Equity Securities, Total	-	2.37M	-	-	-
Cash from Investing	-96.96M	-639M	-119M	-46.07M	-505M
Long-Term Debt Issued, Total	-	950M	-	-	737M
Total Debt Issued	-	950M	-	-	737M
Long-Term Debt Repaid, Total	-239M	-1B	-8.75M	-54.38M	-562M
Total Debt Repaid	-239M	-1B	-8.75M	-54.38M	-562M
Issuance of Common Stock	295M	466M	6.68M	6.47M	9.43M
Repurchase of Common Stock	-	-	-	-	-121M
Other Financing Activities, Total	-3.86M	-18.41M	-603K	865K	-5.37M
Cash from Financing	52.42M	395M	-2.67M	-47.04M	57.57M
Net Change in Cash	137M	-103M	28.85M	150M	-108M
Supplemental Items
Cash Interest Paid	27.69M	16.11M	43.57M	49.56M	58.59M
Cash Income Tax Paid (Refund)	-6.02M	-5.63M	1.53M	35.35M	26.07M
Levered Free Cash Flow	97M	69.7M	69.65M	212M	-145M
Unlevered Free Cash Flow	114M	88.11M	96.65M	244M	-109M
Change In Net Working Capital	-1.89M	-9.55M	31.57M	20.54M	-10.29M
Net Debt Issued / Repaid	-239M	-53.12M	-8.75M	-54.38M	175M

Fiscal Period: January	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.9	0.87	0.76	2.56	3.84
Return on Total Capital	2.09	0.95	0.82	2.73	4.1
Return On Equity %	0.73	-2.74	-1.39	2.83	4.66
Return on Common Equity	0.73	-2.74	-1.39	2.83	4.66
Margin Analysis
Gross Profit Margin %	56.62	56	56.87	62.29	64.78
SG&A Margin	18.33	18.9	19.09	18.3	18.59
EBITDA Margin %	26.71	23.5	23.08	28.13	30.45
EBITA Margin %	24.52	21.55	21.65	27.25	30.06
EBIT Margin %	10.91	5.36	4.37	12.82	16.91
Income From Continuing Operations Margin %	1.2	-5.85	-3.03	5.57	8.06
Net Income Margin %	1.2	-5.85	-3.03	5.57	8.06
Net Avail. For Common Margin %	1.2	-5.85	-3.03	5.57	8.06
Normalized Net Income Margin	3.79	0.6	-0.69	5.34	8.16
Levered Free Cash Flow Margin	13.22	9.21	8.08	21.2	-12.11
Unlevered Free Cash Flow Margin	15.5	11.65	11.22	24.38	-9.13
Asset Turnover
Asset Turnover	0.28	0.26	0.28	0.32	0.36
Fixed Assets Turnover	6.24	7.36	11.03	16.16	23.8
Receivables Turnover (Average Receivables)	10.21	9.45	9.35	9.91	10.77
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	2.25	2.29	2.92	4.76	3.06
Quick Ratio	1.96	2.04	2.68	4.35	2.65
Operating Cash Flow to Current Liabilities	0.89	0.92	1.15	2.07	2.17
Days Sales Outstanding (Average Receivables)	35.83	38.64	39.02	36.83	34
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	3.22	15.99	20.35	12.56	11.43
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	77.97	54.42	52.46	45.85	52.41
Total Debt / Total Capital	43.81	35.24	34.41	31.44	34.39
LT Debt/Equity	72.42	53.29	51	45.39	51.94
Long-Term Debt / Total Capital	40.69	34.51	33.45	31.12	34.08
Total Liabilities / Total Assets	49.13	40.38	38.63	35.68	38.67
EBIT / Interest Expense	2.29	1.11	0.78	2.31	3.35
EBITDA / Interest Expense	6.03	5.21	4.3	5.19	6.11
(EBITDA - Capex) / Interest Expense	5.65	4.97	4.23	5.16	6.07
Total Debt / EBITDA	5.11	5.29	4.78	3.24	2.99
Net Debt / EBITDA	3.55	4.11	3.56	1.84	2.19
Total Debt / (EBITDA - Capex)	5.45	5.55	4.86	3.26	3.01
Net Debt / (EBITDA - Capex)	3.79	4.31	3.62	1.85	2.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	37.89	3.13	13.9	16	20.03
Gross Profit, 1 Yr. Growth %	27.44	2.02	15.67	26.57	24.83
EBITDA, 1 Yr. Growth %	19.12	-9.27	11.87	41.42	29.91
EBITA, 1 Yr. Growth %	15.61	-9.36	14.4	46.04	32.39
EBIT, 1 Yr. Growth %	-26.68	-49.29	-7.18	240.3	58.33
Earnings From Cont. Operations, 1 Yr. Growth %	-77.73	-601.35	-40.97	-313.1	73.58
Net Income, 1 Yr. Growth %	-77.73	-601.35	-40.97	-313.1	73.58
Normalized Net Income, 1 Yr. Growth %	-49.67	-85.94	-231.14	-1K	83.18
Diluted EPS Before Extra, 1 Yr. Growth %	-79.48	-547.69	-41.81	-306.45	70.31
Accounts Receivable, 1 Yr. Growth %	2.69	20.15	10.76	8.32	12.5
Inventory, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	1.67	-26.67	-20.3	-21.54	-14.65
Total Assets, 1 Yr. Growth %	5.67	14.64	-0.59	2.42	9
Tangible Book Value, 1 Yr. Growth %	-34.1	7.12	-10.12	-34.81	64.31
Common Equity, 1 Yr. Growth %	33.82	34.37	2.32	7.35	3.93
Cash From Operations, 1 Yr. Growth %	72.95	-22.37	6.85	61.19	39.96
Capital Expenditures, 1 Yr. Growth %	79.7	-31.96	-62.16	-49.75	23.02
Levered Free Cash Flow, 1 Yr. Growth %	-14.3	-28.15	-0.07	204.22	-168.59
Unlevered Free Cash Flow, 1 Yr. Growth %	-9.73	-22.51	9.7	152.13	-144.93
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	59.81	19.25	8.38	14.94	17.99
Gross Profit, 2 Yr. CAGR %	51.4	14.02	8.63	21.07	25.7
EBITDA, 2 Yr. CAGR %	42.96	3.96	0.75	25.78	35.54
EBITA, 2 Yr. CAGR %	39.56	2.37	1.83	29.26	39.04
EBIT, 2 Yr. CAGR %	1.49	-39.03	-31.4	77.72	132.12
Earnings From Cont. Operations, 2 Yr. CAGR %	-65.43	5.67	72.03	12.16	92.33
Net Income, 2 Yr. CAGR %	-65.43	5.67	72.03	12.16	92.33
Normalized Net Income, 2 Yr. CAGR %	-24.53	-71.44	-57.07	244.46	307.1
Diluted EPS Before Extra, 2 Yr. CAGR %	-68.11	-4.16	61.4	9.6	87.51
Accounts Receivable, 2 Yr. CAGR %	68.37	11.07	15.36	9.53	10.39
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	279.8	-13.65	-23.55	-20.92	-18.17
Total Assets, 2 Yr. CAGR %	130.53	10.06	6.75	0.91	5.66
Tangible Book Value, 2 Yr. CAGR %	34.97	-15.98	-1.88	-23.45	3.5
Common Equity, 2 Yr. CAGR %	70	34.09	17.26	4.81	5.63
Cash From Operations, 2 Yr. CAGR %	26.54	15.87	-8.92	31.23	50.2
Capital Expenditures, 2 Yr. CAGR %	83.96	10.57	-49.26	-56.39	-21.37
Levered Free Cash Flow, 2 Yr. CAGR %	15.17	-21.53	-15.26	74.36	44.45
Unlevered Free Cash Flow, 2 Yr. CAGR %	24.6	-16.36	-7.8	66.31	6.44
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	47.3	38.1	17.44	10.86	16.61
Gross Profit, 3 Yr. CAGR %	45.47	32.73	14.57	14.45	22.31
EBITDA, 3 Yr. CAGR %	40.68	22.86	6.53	12.8	27.14
EBITA, 3 Yr. CAGR %	38.57	20.86	6.23	14.83	30.29
EBIT, 3 Yr. CAGR %	13.71	-19.47	-29.86	17	71.01
Earnings From Cont. Operations, 3 Yr. CAGR %	-42.86	-15.69	-12.97	84.76	29.73
Net Income, 3 Yr. CAGR %	-42.86	-15.69	-12.97	84.76	29.73
Normalized Net Income, 3 Yr. CAGR %	-6.51	-54.81	-52.53	18.59	179.07
Diluted EPS Before Extra, 3 Yr. CAGR %	-46.34	-23.07	-18.85	75.2	26.95
Accounts Receivable, 3 Yr. CAGR %	49.9	50.46	10.97	12.96	10.51
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	147.37	119.52	-15.93	-22.89	-18.89
Total Assets, 3 Yr. CAGR %	94.36	82.64	6.39	5.29	3.54
Tangible Book Value, 3 Yr. CAGR %	40.5	24.96	-14.07	-14.38	-1.26
Common Equity, 3 Yr. CAGR %	58.5	57.18	22.54	13.86	4.51
Cash From Operations, 3 Yr. CAGR %	30.51	7.52	12.78	10.17	34.08
Capital Expenditures, 3 Yr. CAGR %	33.87	32.05	-22.66	-49.42	-38.38
Levered Free Cash Flow, 3 Yr. CAGR %	46.52	-1.59	-14.94	29.75	27.75
Unlevered Free Cash Flow, 3 Yr. CAGR %	54.2	6.36	-8.45	28.93	7.51
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	42.06	33.51	30.29	28.33	17.66
Gross Profit, 5 Yr. CAGR %	41.74	31.84	29.43	28	18.99
EBITDA, 5 Yr. CAGR %	41.33	26.72	23.09	24.02	17.31
EBITA, 5 Yr. CAGR %	40.17	25.48	22.5	24.15	18.31
EBIT, 5 Yr. CAGR %	25.07	-0.32	-7.1	10.53	13.2
Earnings From Cont. Operations, 5 Yr. CAGR %	-11.87	10.92	-11.21	-5.49	19.51
Net Income, 5 Yr. CAGR %	-11.87	10.92	-11.21	-5.49	19.51
Normalized Net Income, 5 Yr. CAGR %	11.3	-29.29	-29.54	1.84	12.13
Diluted EPS Before Extra, 5 Yr. CAGR %	-15.73	3.9	-16.64	-11.37	13.45
Accounts Receivable, 5 Yr. CAGR %	38.44	38.75	34.99	32.52	10.74
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	102.24	75.87	54.65	45.92	-16.83
Total Assets, 5 Yr. CAGR %	65.27	61.92	52.94	44.05	6.1
Tangible Book Value, 5 Yr. CAGR %	40.23	31.86	21.7	2.72	-7.43
Common Equity, 5 Yr. CAGR %	46.62	47.88	40.5	33.66	15.47
Cash From Operations, 5 Yr. CAGR %	46.91	25.33	13.02	16.44	26.48
Capital Expenditures, 5 Yr. CAGR %	40.68	19.57	-9.19	-15.23	-22.15
Levered Free Cash Flow, 5 Yr. CAGR %	35.47	13.56	17.7	23.71	5.13
Unlevered Free Cash Flow, 5 Yr. CAGR %	39.89	18.9	25.53	27.18	-2.76