What is HealthEquity's net debt?

HealthEquity (HQY) reported net debt of $719.31M in Q1 2026.

How has HealthEquity's net debt changed year-over-year?

HealthEquity's net debt decreased by 12.2% year-over-year, from $818.86M to $719.31M.

What is the long-term trend for HealthEquity's net debt?

Over 5 years (2021 to 2026), HealthEquity's net debt has grown at a -1.8% compound annual growth rate (CAGR), from $746.18M to $682.55M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

HealthEquity HQY Net debt

Discontinued — last reported Q1 '27

Net debt at other companies

SeaboardSEB

2×-0.4×

Sabra HealthcareSBRA

-0.2×-0.3×

TDS

Telephone and Data SystemsTDS

-0.2×-25.0×

Liberty GlobalLBTYB

8.1×-1.0×

Mirion TechnologiesMIR

0.4×-2.5×

CleanSparkCLSK

-21.7×—

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−$265.4Mcash and equivalents=$719.31M

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 net debt?: HealthEquity (HQY) reported net debt of $719.31M in Q1 2026.
How has HealthEquity's net debt changed year-over-year?: HealthEquity's net debt decreased by 12.2% year-over-year, from $818.86M to $719.31M.
What is the long-term trend for HealthEquity's net debt?: Over 5 years (2021 to 2026), HealthEquity's net debt has grown at a -1.8% compound annual growth rate (CAGR), from $746.18M to $682.55M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.