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HealthEquity HQY Operating margin

Operating margin at other companies

UnitedHealth Group logo
UnitedHealth GroupUNH
4.2%-4.0pp
Willis Towers Watson logo
Willis Towers WatsonWTW
22.7%+14.8pp
CVS Health logo
CVS HealthCVS
1.5%-1.1pp
Centene logo
CenteneCNC
-3.7%-5.8pp
Oscar Health logo
Oscar HealthOSCR
0.1%

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
Net margin17.3%+7.5pp
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.

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 operating margin?
HealthEquity (HQY) reported operating margin of 25.6% in Q1 2026.
How has HealthEquity's operating margin changed year-over-year?
HealthEquity's operating margin increased by 56.2% year-over-year, from 16.4% to 25.6%.
What is the long-term trend for HealthEquity's operating margin?
Over 5 years (2021 to 2026), HealthEquity's operating margin has grown at a 38.3% compound annual growth rate (CAGR), from 4.9% to 24.6%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.