HQYHEALTHEQUITY, INC.
Services-Business Services, NEC
- Revenue
- $1.3B
- 9.5% YoY
- Operating margin
- 24.6%
- 81% YoY
- EBITDA
- $477M
- 47% YoY
- Market cap
- $8.5B
- Employees
- 2,814
- $467K revenue each
- Net debt / EBITDA
- 1.4×
- $675M net debt
- AI in 10-K
- 7.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$13M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo212% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowNo65% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes50% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$467K · 54th pctBottom quartile of its SIC industry
- Quiet on AINo7.3 per 10K words · 89th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$8.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$4M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $757M | $862M | $1000M | $1.2B | $1.3B | 9.5% |
| Operating income | −$24M | $9M | $118M | $162M | $322M | 99% |
| Net income | −$44M | −$26M | $56M | $97M | $215M | 123% |
| Operating cash flow | $141M | $151M | $243M | $340M | $457M | 34% |
| Capex | $9M | $3M | $2M | $2M | $2M | 5.5% |
| Stock-based comp | $53M | $63M | $77M | $96M | $73M | 24% |
| Buybacks | — | $0 | $0 | $121M | $299M | 146% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $12K · 2
- Open-market sells, 12 mo
- $4M · 13
- Net
- −$4M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $14M | $10M | 103 | 81 |
| FY2025 | — | — | 132 | 102 |
| FY2024 | $13M | $23M | 90 | 76 |
| FY2023 | $13M | $14M | 73 | 73 |
| FY2022 | $10M | −$5M | 64 | 93 |