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HealthEquity Valuation Multiples
Discover revenue and EBITDA valuation multiples for HealthEquity and similar public comparables like Molina Healthcare, WEX, Benefit Systems, Pluxee and more.
HealthEquity Overview
About HealthEquity
HealthEquity Inc provides solutions that allow consumers to make healthcare saving and spending decisions. It provides payment processing services, personalized benefit information, the ability to earn wellness incentives, and investment advice to grow their tax-advantaged healthcare savings. It manages consumers' tax-advantaged health savings accounts (HSAs) and other consumer-directed benefits (CDBs) offered by employers, including flexible spending accounts and health reimbursement arrangements (FSAs and HRAs), and administers Consolidated Omnibus Budget Reconciliation Act (COBRA), commuter and other benefits. It also provides investment advisory services to customers whose account balances exceed a certain threshold. HealthEquity generates its revenue in the United States.
Founded
2002
HQ
Employees
3.1K
Website
Financials (LTM)
EV
$8B
HealthEquity Financials
HealthEquity reported last 12-month revenue of $1B and EBITDA of $579M.
In the same LTM period, HealthEquity generated $930M in gross profit, $579M in EBITDA, and $221M in net income.
Revenue (LTM)
HealthEquity P&L
In the most recent fiscal year, HealthEquity reported revenue of $1B and EBITDA of $566M.
HealthEquity expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $1B | XXX | $1B | XXX | XXX | XXX |
| Gross Profit | $930M | XXX | $913M | XXX | XXX | XXX |
| Gross Margin | 70% | XXX | 70% | XXX | XXX | XXX |
| EBITDA | $579M | XXX | $566M | XXX | XXX | XXX |
| EBITDA Margin | 43% | XXX | 43% | XXX | XXX | XXX |
| EBIT Margin | 25% | XXX | 25% | XXX | XXX | XXX |
| Net Profit | $221M | XXX | $215M | XXX | XXX | XXX |
| Net Margin | 17% | XXX | 16% | XXX | XXX | XXX |
| Net Debt | — | — | $638M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
HealthEquity Stock Performance
HealthEquity has current market cap of $7B, and enterprise value of $8B.
Market Cap Evolution
HealthEquity's stock price is $86.11.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $8B | $7B | 0.0% | XXX | XXX | XXX | $2.55 |
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Start Free TrialHealthEquity Valuation Multiples
HealthEquity trades at 6.0x EV/Revenue multiple, and 13.8x EV/EBITDA.
EV / Revenue (LTM)
HealthEquity Financial Valuation Multiples
As of April 19, 2026, HealthEquity has market cap of $7B and EV of $8B.
Equity research analysts estimate HealthEquity's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
HealthEquity has a P/E ratio of 32.8x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $8B | XXX | $8B | XXX | XXX | XXX |
| EV/Revenue | 6.0x | XXX | 6.1x | XXX | XXX | XXX |
| EV/EBITDA | 13.8x | XXX | 14.1x | XXX | XXX | XXX |
| EV/EBIT | 24.0x | XXX | 24.3x | XXX | XXX | XXX |
| EV/Gross Profit | 8.6x | XXX | 8.7x | XXX | XXX | XXX |
| P/E | 32.8x | XXX | 33.8x | XXX | XXX | XXX |
| EV/FCF | 19.2x | XXX | 19.5x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified HealthEquity Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
HealthEquity Margins & Growth Rates
HealthEquity's revenue in the last 12 month grew by 8%.
HealthEquity's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.
HealthEquity's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
HealthEquity's rule of X is 63% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
HealthEquity Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 7% | XXX | XXX | XXX |
| EBITDA Margin | 43% | XXX | 43% | XXX | XXX | XXX |
| EBITDA Growth | 11% | XXX | 10% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 51% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 63% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 7% | XXX | 7% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 9% | XXX | 9% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 20% | XXX | 20% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 45% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
HealthEquity Public Comps
See public comps and valuation multiples for other Health Benefits & Financial Solutions comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| HealthEquity | XXX | XXX | XXX | XXX | XXX | XXX |
| Molina Healthcare | XXX | XXX | XXX | XXX | XXX | XXX |
| WEX | XXX | XXX | XXX | XXX | XXX | XXX |
| Benefit Systems | XXX | XXX | XXX | XXX | XXX | XXX |
| Pluxee | XXX | XXX | XXX | XXX | XXX | XXX |
| Progyny | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
HealthEquity M&A Activity
HealthEquity acquired XXX companies to date.
Last acquisition by HealthEquity was on XXXXXXXX, XXXXX. HealthEquity acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by HealthEquity
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialHealthEquity Investment Activity
HealthEquity invested in XXX companies to date.
HealthEquity made its latest investment on XXXXXXXX, XXXXX. HealthEquity invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by HealthEquity
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout HealthEquity
| When was HealthEquity founded? | HealthEquity was founded in 2002. |
| Where is HealthEquity headquartered? | HealthEquity is headquartered in United States. |
| How many employees does HealthEquity have? | As of today, HealthEquity has over 3K employees. |
| Who is the CEO of HealthEquity? | HealthEquity's CEO is Scott R. Cutler. |
| Is HealthEquity publicly listed? | Yes, HealthEquity is a public company listed on Nasdaq. |
| What is the stock symbol of HealthEquity? | HealthEquity trades under HQY ticker. |
| When did HealthEquity go public? | HealthEquity went public in 2014. |
| Who are competitors of HealthEquity? | HealthEquity main competitors are Molina Healthcare, WEX, Benefit Systems, Pluxee. |
| What is the current market cap of HealthEquity? | HealthEquity's current market cap is $7B. |
| What is the current revenue of HealthEquity? | HealthEquity's last 12 months revenue is $1B. |
| What is the current revenue growth of HealthEquity? | HealthEquity revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of HealthEquity? | Current revenue multiple of HealthEquity is 6.0x. |
| Is HealthEquity profitable? | Yes, HealthEquity is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of HealthEquity? | HealthEquity's last 12 months EBITDA is $579M. |
| What is HealthEquity's EBITDA margin? | HealthEquity's last 12 months EBITDA margin is 43%. |
| What is the current EV/EBITDA multiple of HealthEquity? | Current EBITDA multiple of HealthEquity is 13.8x. |
| What is the current FCF of HealthEquity? | HealthEquity's last 12 months FCF is $415M. |
| What is HealthEquity's FCF margin? | HealthEquity's last 12 months FCF margin is 31%. |
| What is the current EV/FCF multiple of HealthEquity? | Current FCF multiple of HealthEquity is 19.2x. |
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