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Forensic Analysis · Professional & Commercial Services · as of Nov 9, 2026

Healthequity, Inc. (HQY)

A forensic read on Healthequity, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
3.3
Distress distance
Clean
Earnings quality
1
Forensic signals
10.2%
ROE
9.5%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Healthequity, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

8.5%
FY2026
Return on invested capital. Return on invested capital is 8.5% in the latest fiscal year and rising across FY2024–FY2026 from 3.3%. After-tax operating profit was $87M in FY2024 and $250M in FY2026, with operating income at 11.8% of revenue in FY2024, 13.5% in FY2025 and 24.6% in FY2026. The capital base behind it grew +12% across FY2024–FY2026, from $2.6B to $3.0B, and the return did not fall doing it, so the dollars added over that window earned at least the 3.3% the older base was already earning.

Key fundamentals

Latest Revenue$1.31B
Revenue Growth YoY+9.5%
Revenue CAGR (2yr)+14.6%
Net Margin16.4%
Free Cash Flow$408.6M
Return on Equity10.2%
Debt / Equity0.45x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.