What is HealthEquity's net margin?

HealthEquity (HQY) reported net margin of 17.3% in Q1 2026.

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

HealthEquity's net margin increased by 76.1% year-over-year, from 9.8% to 17.3%.

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

Over 5 years (2021 to 2026), HealthEquity's net margin has grown at a 68.6% compound annual growth rate (CAGR), from 1.2% to 16.4%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

HealthEquity HQY Net margin

Net margin at other companies

UnitedHealth GroupUNH

2.7%-2.7pp

Webster Financial CorporationWBS

34.9%+5.2pp

Willis Towers WatsonWTW

16.8%—

CVS HealthCVS

0.7%-0.7pp

CenteneCNC

-3.3%-5.3pp

Voya FinancialVOYA

——

Other financials

Income statement

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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

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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

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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

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Gross margin70.7%+5.2pp

Operating margin25.6%+9.2pp

FCF margin36.5%+9.3pp

Returns & leverage

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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.

net income/total revenue=17.3%

Based on trailing twelve months.

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 margin?: HealthEquity (HQY) reported net margin of 17.3% in Q1 2026.
How has HealthEquity's net margin changed year-over-year?: HealthEquity's net margin increased by 76.1% year-over-year, from 9.8% to 17.3%.
What is the long-term trend for HealthEquity's net margin?: Over 5 years (2021 to 2026), HealthEquity's net margin has grown at a 68.6% compound annual growth rate (CAGR), from 1.2% to 16.4%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.