HealthEquity Inc: BofA Conference Takeaways: App as a chassis for growth and margin expansion

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HealthEquity Inc: BofA Conference Takeaways: App as a chassis for growth and margin expansion

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HealthEquity Inc

BofA Conference Takeaways: App as a

chassis for growth and margin expansion

Maintain Rating: BUY | PO: 115.00 USD | Price: 80.46 USD

Market growth is healthy, confident in FY27 guidance 12 May 2026

We hosted a fireside chat with HealthEquity’s CEO Scott Cutler and CFO James Lucania Equity

and discussed the FY27 outlook, HSA account growth, the Bronze plan opportunity,

Allen Lutz, CFA

AI/service automation, and the Marketplace. Management sounded constructive on FY27, Research Analyst

noting that FY26 exited with strong sales momentum and that industry growth appears BofAS +1 646 855 4380

to be running better than many expected, supported by healthcare affordability allen.lutz@bofa.com

pressures and stronger enterprise demand. While management does not guide to gross Dev Weerasuriya

or net HSA adds, the FY27 outlook assumes a generally stable macro backdrop of MSD Research Analyst BofAS

market account growth (consistent with Devenir (see April 24 report)) and continued +1 646 855 5707

share gains. On Bronze plans, management framed the opportunity as a long-duration dev.weerasuriya@bofa.com

TAM expansion rather than a material near-term driver given newly opened retail HannaResearchLeeAnalyst

accounts start with limited balances. Importantly, color around the Marketplace suggests BofAS

+1 646 855 3682

potential for meaningful revenue contributions over time and an overhauled app hanna.y.lee@bofa.com

experience should support margins as well (more on this below). We maintain our Buy

rating and $115 PO.

App/digital key for Marketplace, AI, and cost reduction Stock Data