NASDAQ: HQY · Healthcare Information Services
HealthEquity (HQY) fair value and price range
As of 29 Sep 2026, Faircurve's model values HealthEquity (HQY) at $90.09 a share. The stock last closed at $90.04, which puts the model's fair value 0.1% above the price. The model grades the evidence behind this valuation as low, so no verdict is shown. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It does not say how likely the fair value is to be right.
Revalued . Price is the close of 2 Oct 2026. HealthEquity, Inc.
Faircurve Insights · 29 Sep 2026
HealthEquity, Inc., established in 2002, is headquartered in Draper, Utah, and furnishes technology-powered service platforms to both individual consumers and employers across the United States.
On 29 Sep 2026, Faircurve's model gave a fair value of $90.09 a share. This was the midpoint of 2,000 simulations and represented a +0.1% move from the previous run on 26 Sep 2026, which gave $89.96. The calibrated range over 63 trading days was $75.58 to $109.85, built from the fair value because there is no live options data for the stock. This range, calibrated weekly against realised prices, held the price 60% of the time at this horizon, based on 4,327 past valuations refreshed on 26 Sep 2026. The model graded the evidence behind this valuation as low.
The overall quality score for HealthEquity, Inc. was 62 out of 100, a score against comparable companies. The model compares HealthEquity, Inc. with Doximity, Inc., BrightSpring Health Services, Inc. Common Stock, Waystar Holding Corp., Omnicell, Inc., Certara, Inc., and HealthStream, Inc. The stock's moves around its last 8 earnings reports ranged from -16.3% to +21.9%, with a median size of 5.9%.
Written from the figures on this page for the 29 Sep 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give HQY?
The calibrated range for HQY over 63 trading days is $75.58 to $109.85. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 4,327 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $53.10 to $145.69. In 51% of the simulations the fair value came out above the price the model ran on.
How does HQY score on business quality?
HealthEquity's overall quality score is 62 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 55 | 9.9%ROIC | 8.6% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 90 | 1.99xFCF / net income | 1.44x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 57 | 9.5%Revenue growth, trailing | 13.5% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 81 | 5.5%Net buybacks / market value | 3.5% |
| Balance sheetNet debt to EBITDA and interest coverage. | 49 | 1.52xNet debt / EBITDA | -0.56x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 29 | 5.8 ptsEBITDA margin downside volatility, 5y | 2.1 pts |
How does HQY compare with similar companies?
The companies in healthcare information services closest to HealthEquity in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| DOCS Doximity, Inc. | $27.93 | $25.91 | -7.2% | Fairly valued |
| BTSG BrightSpring Health Services, Inc. Common Stock | $60.25 | $66.74 | +10.8% | Fairly valued |
| WAY Waystar Holding Corp. | $24.81 | $27.53 | +11.0% | Fairly valued |
| OMCL Omnicell, Inc. | $33.60 | $37.83 | +12.6% | Fairly valued |
| CERT Certara, Inc. | $9.36 | $8.92 | -4.7% | Fairly valued |
| HSTM HealthStream, Inc. | $30.82 | $28.05 | -9.0% | Fairly valued |
All healthcare information services stocks ranked by gap to fair value
When does HQY report earnings, and how has the stock reacted?
HealthEquity's next earnings report is scheduled for 2 Dec 2026. Companies can move their dates.
How HQY moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 5.9%.
| Report date | Two session move |
|---|---|
| 27 Aug 2026 | -7.7% |
| 28 May 2026 | +1.7% |
| 17 Mar 2026 | +1.1% |
| 3 Dec 2025 | -3.2% |
| 2 Sep 2025 | +7.0% |
| 3 Jun 2025 | +21.9% |
| 18 Mar 2025 | -16.3% |
| 9 Dec 2024 | -4.8% |
HealthEquity at a glance
Headquartered in Draper, Utah, and established in 2002, HealthEquity, Inc. furnishes technology-powered service platforms to both individual consumers and employers across the United States.
- Market value
- $7.4B
- Sector
- Healthcare
- Industry
- Healthcare Information Services
- Revenue expected, next twelve months
- $1.5B
- Consensus revenue growth, next fiscal year
- +7.9%
- Analysts with estimates
- 10
- Beta to the US market
- 0.55
- First valued by Faircurve
- 11 Jul 2026
How the fair value is worked out: the model prices HealthEquity on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 26 Sep 2026 the model's fair value for HQY was $89.96. As of 29 Sep 2026 it is $90.09, a change of +0.1%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about HealthEquity's valuation
Is HealthEquity stock undervalued or overvalued?
Faircurve's model puts HQY's fair value at $90.09 a share against a last close of $90.04, as of 29 Sep 2026. The model grades the evidence behind this valuation as low, so no verdict is shown. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It does not say how likely the fair value is to be right.
What is HQY's fair value?
$90.09 a share as of 29 Sep 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $53.10 to $145.69.
What price range does the model give HQY?
$75.58 to $109.85 over 63 trading days. Ranges built this way held the price 60% of the time across 4,327 past valuations, refreshed 26 Sep 2026.
When does HealthEquity report earnings next?
The next report is scheduled for 2 Dec 2026. Companies can move their dates.
How much has HQY moved on past earnings reports?
Across its last 8 reports the median two session move was 5.9%, ignoring direction. The largest was +21.9% around the report of 3 Jun 2025.
How confident is the model in this valuation?
The model's evidence grade for HQY is low. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.