What is HealthEquity's invested capital?

HealthEquity (HQY) reported invested capital of $2.77B in Q1 2026.

How has HealthEquity's invested capital changed year-over-year?

HealthEquity's invested capital decreased by 6.0% year-over-year, from $2.94B to $2.77B.

What is the long-term trend for HealthEquity's invested capital?

Over 5 years (2021 to 2026), HealthEquity's invested capital has grown at a 5.6% compound annual growth rate (CAGR), from $2.12B to $2.79B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

HealthEquity HQY Invested capital

Discontinued — last reported Q1 '27

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13.6%+4.8pp

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MSA

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Other financials

Income statement

See full

Revenue$354.6M+7.2%

Gross profit$256.3M+14.3%

Operating income$103.0M+23.9%

Net income$69.4M+28.8%

EPS (diluted)$0.82+34.4%

Balance sheet

See full

Cash & equivalents$265.4M-7.8%

Total debt$984.7M-11.0%

Total equity$2.0B-3.6%

Total assets$3.3B-3.2%

Cash flow

See full

Operating cash flow$97.5M+50.6%

CapEx$362.0K+321%

Free cash flow$97.2M+50.3%

Valuation

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Market cap$7.12B-6.7%

Enterprise value$7.84B-7.2%

P/E30.9×-31.8×

P/S5.3×-0.8×

Profitability

See full

Gross margin70.7%+5.2pp

Operating margin25.6%+9.2pp

Net margin17.3%+7.5pp

FCF margin36.5%+9.3pp

Returns & leverage

See full

Return on equity11.1%+5.3pp

Debt / equity0.5×0.0×

Current ratio3.4×-0.6×

Where this comes from

Calculated from HealthEquity’s reported figures.

$984.7Mtotal debt+$2.0Btotal stockholders equity−$265.4Mcash and equivalents=$2.77B

The official record: HealthEquity’s 10-Q, filed May 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is HealthEquity's invested capital?: HealthEquity (HQY) reported invested capital of $2.77B in Q1 2026.
How has HealthEquity's invested capital changed year-over-year?: HealthEquity's invested capital decreased by 6.0% year-over-year, from $2.94B to $2.77B.
What is the long-term trend for HealthEquity's invested capital?: Over 5 years (2021 to 2026), HealthEquity's invested capital has grown at a 5.6% compound annual growth rate (CAGR), from $2.12B to $2.79B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).