HQY: F1Q Post-View: Surfacing Momentum Through 5 Charts

Research evidence excerpt

HQY: F1Q Post-View: Surfacing Momentum Through 5 Charts

Equity Research

Company Update — June 5, 2026

Healthcare Technology

HealthEquity, Inc.

F1Q Post-View: Surfacing Momentum Through 5 Charts Overweight

Price Target: $125.00

Our Call Ticker HQY

Upside/(Downside) to Target 45.3%

HQY still screens as one of the cleanest and most efficient growth stories in our universe,

with multiple tailwinds, including an attractive rate backdrop, AI-driven margin accretion, Price (06/04/2026) $86.03

new monetization channel (marketplace), and HSA share expansion. 52 Week Range $72.76 - 116.65

Market Cap (MM) $7,313

HQY's sales efficiency screens among the best in our coverage ($1 of S&M spend Enterprise Value (MM) $7,990

driving over $1 of incremental revenue growth), with HSA membership growth Average Daily Value (MM) $85

consistently outpacing the broader market. HQY is also uniquely positioned to grow Dividend Yield 0.0%

Marketplace without incremental S&M investment, have analytics drive strong client-side

HSA adoption (75% of HSA growth), and see RFP win rate improve following HQY's fraud $ (Jan) Q1 Q2 Q3 Q4 FY

prevention activities outpacing the broader market by a factor of 10-to-1, per mgmt. EBITDA (MM)

Exhibit 1 - Sales Efficiency by Year 2027E 164.5 A 154.5 E 151.1 E 160.4 E 630.5 E

2028E 190.7 E 183.2 E 177.6 E 186.6 E 738.2 E

2.5

Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

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Stan Berenshteyn, CFA

1.5

1.2 Equity Analyst | Wells Fargo Securities, LLC

1.1 1.0 Stan.Berenshteyn@wellsfargo.com | 732-266-3756

1.0 0.9

0.7 Corey DeVito

0.5 0.4 Associate Equity Analyst | Wells Fargo Securities, LLC

0.2 Corey.DeVito@wellsfargo.com | 212-214-5444

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