HealthEquity, Inc. (HQY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da tecnologia financeira da saúde, a HealthEquity, Inc. (HQY) surge como uma força transformadora, reimaginando como indivíduos e empregadores navegam na economia de saúde e bem -estar financeiro. Ao integrar perfeitamente a tecnologia avançada, soluções abrangentes da HSA e plataformas centradas no usuário, a empresa criou um nicho único na transformação de gastos com saúde e estratégias de investimento. Seu modelo inovador de negócios transcende os serviços financeiros tradicionais de saúde, oferecendo uma abordagem holística que capacita os consumidores a assumir o controle de seus futuros médicos e financeiros com flexibilidade e insight sem precedentes.

HealthEquity, Inc. (HQY) - Modelo de negócios: Parcerias -chave

Provedores de saúde e companhias de seguros

A HealthEquity estabeleceu parcerias com vários profissionais de saúde e redes de seguros:

Tipo de parceiro	Número de parcerias	Cobertura
Redes de seguros nacionais	37	Em todo o país
Sistemas regionais de saúde	89	Cobertura de vários estados

Plataformas de tecnologia financeira (fintech)

O HealthEquity colabora com as plataformas de fintech para aprimorar os serviços financeiros de saúde digital:

• Integração com 12 principais plataformas de pagamento de fintech
• Conexões de API com 8 sistemas bancários digitais
• Recursos de processamento de transações em tempo real

Empregador beneficia administradores

Parcerias corporativas para gerenciamento de benefícios:

Categoria de parceria	Total Partners	Volume anual de transações
Grande empresa	1,247	US $ 4,3 bilhões
Empresas do mercado intermediário	3,589	US $ 2,1 bilhões

Bancos de custódia da conta de poupança de saúde (HSA)

Parcerias bancárias para gerenciamento de HSA:

• Parcerias com 22 bancos com seguro de FDIC
• Total de ativos de custódia sob gestão: US $ 16,2 bilhões
• Duração média da parceria: 7,3 anos

Parceiros de integração de tecnologia e software

Ecossistema de colaboração de tecnologia:

Tipo de integração	Número de parceiros	Complexidade de integração
Sistemas ERP	16	Alto
Plataformas de folha de pagamento	24	Médio
Provedores de serviços em nuvem	9	Alto

HealthEquity, Inc. (HQY) - Modelo de negócios: Atividades -chave

Gerenciamento de contas e administração da HSA

O HealthEquity gerencia 7,2 milhões de contas de poupança em saúde (HSAs) a partir de 2023. O total de ativos da HSA sob administração atingiu US $ 20,4 bilhões. O saldo médio da conta HSA foi de US $ 2.832 por participante.

Métrica HSA	2023 dados
Contas totais da HSA	7,2 milhões
Total de ativos HSA	US $ 20,4 bilhões
Saldo médio da conta	$2,832

Desenvolvimento da plataforma de tecnologia de benefícios em saúde

HealthEquity investido US $ 98,3 milhões em pesquisa e desenvolvimento Durante o ano fiscal de 2023. A plataforma de tecnologia suporta gerenciamento abrangente de benefícios para 130.000 empregadores.

• Recursos de integração de plataforma com os principais provedores de seguros
• Aplicativo móvel que suporta gerenciamento de contas em tempo real
• Infraestrutura baseada em nuvem que suporta soluções escaláveis

Criação de ferramentas de bem -estar financeiro do consumidor

As ferramentas digitais suportam 5,7 milhões de usuários ativos com recursos de planejamento financeiro. As plataformas de engajamento do consumidor processaram US $ 4,2 bilhões em transações de consumidores durante 2023.

Análise de dados e geração de insights

O HealthEquity processa mais de 250 milhões de transações de saúde anualmente. A plataforma de análise preditiva abrange padrões abrangentes de gastos com saúde em diversos segmentos demográficos.

Conformidade e gerenciamento regulatório

Mantém estruturas de conformidade HIPAA e Hitrust. A equipe de conformidade dedicada de 87 profissionais garante a adesão regulatória contínua nas plataformas de tecnologia da saúde.

Métrica de conformidade	2023 Detalhes
Tamanho da equipe de conformidade	87 profissionais
Certificações regulatórias	Hipaa, hitrust

HealthEquity, Inc. (HQY) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia financeira avançada em saúde

A infraestrutura tecnológica da HealthEquity, a partir de 2024, inclui:

• Processamento de plataforma baseado em nuvem 5,2 milhões de contas de poupança de saúde (HSAs)
• US $ 20,8 bilhões no total de ativos HSA sob administração
• 99,5% de confiabilidade do tempo de atividade do sistema

Componente de infraestrutura	Especificação
Data centers	3 instalações redundantes de qualidade corporativa
Investimento de tecnologia anual	US $ 45,2 milhões
Classificação de segurança de rede	SoC 2 tipo II Compatível

Plataformas de software proprietárias

As plataformas de software proprietárias da HealthEquity abrangem:

• Sistema de gerenciamento de HSA integrado
• Aplicativo móvel com 2,1 milhões de usuários ativos
• Tecnologia de rastreamento de investimentos em tempo real

Banco de dados de clientes grande

As métricas de banco de dados de clientes incluem:

Característica do banco de dados	Quantidade
Contas totais da HSA	5,2 milhões
Clientes corporativos	137 empresas da Fortune 500
Crescimento anual da nova conta	14.3%

Profissionais de Tecnologia e Saúde qualificados

Composição da força de trabalho:

• Total de funcionários: 2.850
• Profissionais de tecnologia: 42% da força de trabalho
• Posse média dos funcionários: 5,7 anos

Sistemas robustos de segurança cibernética e proteção de dados

Detalhes da infraestrutura de segurança:

Medida de segurança	Especificação
Investimento anual de segurança cibernética	US $ 12,6 milhões
Padrão de criptografia de dados	Criptografia AES de 256 bits
Certificações de conformidade	HIPAA, SOC 2, PCI DSS

HealthEquity, Inc. (HQY) - Modelo de negócios: proposições de valor

Soluções de conta de economia de saúde com vantagem de impostos

A HealthEquity gerencia US $ 20,3 bilhões em ativos da HSA em 31 de janeiro de 2023. A empresa atende 7,2 milhões de membros da HSA com um saldo médio de conta de US $ 2.832.

Métrica HSA	Valor
Total de ativos HSA	US $ 20,3 bilhões
Total de membros da HSA	7,2 milhões
Saldo médio da conta HSA	$2,832

Ferramentas de gestão financeira integrada de saúde

HealthEquity fornece plataformas digitais com Recursos de rastreamento e gerenciamento em tempo real.

• Aplicativo móvel com acesso à conta 24/7
• Recursos de rastreamento de investimentos
• Ferramentas de categorização de despesas
• Armazenamento de recibo digital

Administração simplificada de benefícios dos funcionários

A HealthEquity apoia 106.000 clientes de empregadores em vários setores em 31 de janeiro de 2023.

Benefícios Métrica de Administração	Valor
Total de clientes empregadores	106,000
Indústrias servidas	Vários setores

Opções de investimento para fundos de saúde

A HealthEquity oferece opções de investimento com US $ 4,1 bilhões em ativos investidos na HSA em 31 de janeiro de 2023.

• Seleções de fundos mútuos
• Fundos de índice de baixo custo
• Opções de investimento da data-alvo

Gastos abrangentes em saúde e orientação de economia

O HealthEquity fornece recursos educacionais e orientações financeiras personalizadas para gastos com saúde.

Métrica de orientação	Valor
Recursos educacionais online	Biblioteca digital abrangente
Aconselhamento financeiro personalizado	Disponível para membros

HealthEquity, Inc. (HQY) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

O HealthEquity fornece ao portal on-line 4,2 milhões de contas de usuário registradas em 31 de janeiro de 2023. A plataforma digital processa aproximadamente 13,5 milhões de transações anualmente por meio de canais digitais de autoatendimento.

Métricas de plataforma digital	2023 dados
Contas de usuário registradas	4,2 milhões
Transações digitais anuais	13,5 milhões
Taxa de gerenciamento de contas online	87%

Suporte personalizado ao cliente

A HealthEquity mantém uma equipe de atendimento ao cliente dedicada que lida com aproximadamente 2,3 milhões de interações com os clientes anualmente. O tempo médio de resposta é de 24 a 48 horas em vários canais de comunicação.

• Suporte telefônico disponível das 8h às 20h
• Suporte por e-mail com reviravolta de 24 horas
• Serviços de bate -papo ao vivo durante o horário comercial

Recursos educacionais online

A empresa fornece 267 recursos educacionais digitais que abrangem o gerenciamento de contas de economia de saúde, estratégias de investimento e bem -estar financeiro. Esses recursos geram aproximadamente 1,8 milhão de visualizações anuais de conteúdo.

Engajamento de aplicativos móveis

O aplicativo móvel da HealthEquity possui 2,1 milhões de usuários mensais ativos. O aplicativo suporta 97% das funções de gerenciamento de contas com uma classificação de usuário de 4,5/5 nas plataformas iOS e Android.

Métricas de aplicativos móveis	2023 Estatísticas
Usuários ativos mensais	2,1 milhões
Funções de gerenciamento de contas	97%
Classificação do usuário	4.5/5

Comunicações regulares de saúde financeira

O HealthEquity distribui 18,6 milhões de comunicações financeiras personalizadas anualmente, incluindo declarações trimestrais, atualizações de investimento e notificações de saúde da conta.

• Extratos trimestrais de conta
• Atualizações mensais de desempenho do investimento
• Documentação tributária personalizada
• Comunicações de planejamento de aposentadoria

HealthEquity, Inc. (HQY) - Modelo de Negócios: Canais

Plataforma online direta

A plataforma on -line direta da HealthEquity atende 7,2 milhões de membros em 31 de janeiro de 2023. A plataforma processa aproximadamente US $ 21,5 bilhões em ativos totais da conta de poupança de saúde (HSA).

Métrica da plataforma	Dados quantitativos
Total de membros online	7,2 milhões
Total de ativos HSA	US $ 21,5 bilhões
Transações online anuais	42,3 milhões

Aplicativo móvel

Suporta o aplicativo móvel da HealthEquity Gerenciamento de contas digitais com 3,9 milhões de usuários móveis ativos.

• Taxa de download de aplicativos móveis: 1,2 milhão de downloads anuais
• Porcentagem de transações móveis: 64% do total de interações de contas
• Duração média da sessão móvel: 7,3 minutos

Portais de benefícios do empregador

O HealthEquity se integra a 71.000 grupos de empregadores, cobrindo 6,4 milhões de funcionários.

Métricas de canal do empregador	Dados quantitativos
Total de grupos de empregadores	71,000
Funcionários cobertos	6,4 milhões
Tamanho médio do grupo	90 funcionários

Redes de consultores financeiros de terceiros

O HealthEquity colabora com 35.000 consultores financeiros em todo o país.

• Cobertura de rede: 48 estados
• Volume médio de referência do consultor: 287 clientes por ano
• Contas referidas pelo consultor total: 1,2 milhão

Centros de atendimento ao cliente

A HealthEquity opera 4 centros de atendimento ao cliente que lidam com 2,6 milhões de interações anuais de clientes.

Desempenho de call center	Dados quantitativos
Tota de call centers	4
Interações anuais do cliente	2,6 milhões
Tempo médio de resposta	2,7 minutos

HealthEquity, Inc. (HQY) - Modelo de negócios: segmentos de clientes

Empregadores que oferecem benefícios de saúde

A HealthEquity atende aos empregadores em vários setores do setor com soluções de gerenciamento de benefícios em saúde.

Segmento do empregador	Penetração de mercado	Tamanho médio da conta HSA
Pequenas empresas (50-500 funcionários)	38.2%	$2,450
Empresas de tamanho médio (501-5.000 funcionários)	42.7%	$3,785
Grandes empresas (5.001 mais de funcionários)	19.1%	$5,210

Consumidores individuais de saúde

O HealthEquity alveja os consumidores individuais através do gerenciamento direto de contas da HSA.

• Contas individuais totais de HSA: 7,2 milhões
• Saldo médio de conta individual: US $ 3.180
• Demografia de idade: 35-54 anos segmento primário

Pequenas e médias empresas

Concentre -se em fornecer plataformas abrangentes de administração de benefícios à saúde.

Tamanho comercial	Total de clientes	Receita média anual por cliente
Pequenas empresas	48,300	$1,250
Empresas médias	22,750	$3,500

Grandes administradores de assistência médica corporativa

Soluções de gerenciamento de benefícios para a saúde no nível da empresa.

• Total de clientes corporativos: 1.450
• Valor médio do contrato: US $ 185.000 anualmente
• Indústrias servidas: saúde, tecnologia, fabricação, finanças

Profissionais de saúde e consultores

Serviços especializados para profissionais do ecossistema de saúde.

Categoria profissional	Total de usuários registrados	Uso médio anual da plataforma
Consultores de benefícios	8,750	US $ 4.200 por consultor
Profissionais de RH	15,300	US $ 2.850 por profissional

HealthEquity, Inc. (HQY) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Para o ano fiscal de 2023, a HealthEquity relatou despesas de tecnologia e desenvolvimento de US $ 149,9 milhões, representando 21,5% da receita total. A infraestrutura em nuvem e os custos de manutenção de data center da empresa foram estimados em US $ 37,5 milhões.

Categoria de custo de tecnologia	Despesa anual
Infraestrutura em nuvem	US $ 37,5 milhões
Manutenção do data center	US $ 22,3 milhões
Segurança de rede	US $ 15,7 milhões

Despesas de desenvolvimento de software

A HealthEquity investiu US $ 89,6 milhões em pesquisa e desenvolvimento durante o ano fiscal de 2023, com foco em aprimoramentos de plataformas digitais e soluções de tecnologia HSA.

• Força de trabalho de engenharia de software: 312 funcionários
• Salário médio do desenvolvedor de software: US $ 135.000 anualmente
• Custos anuais de licenciamento de software: US $ 6,2 milhões

Suporte ao cliente e operações de serviço

As despesas operacionais de atendimento ao cliente totalizaram US $ 42,7 milhões em 2023, com uma equipe de suporte dedicada de 487 profissionais.

Canal de suporte	Custo anual
Operações de call center	US $ 24,3 milhões
Plataformas de suporte digital	US $ 11,5 milhões
Treinamento e desenvolvimento	US $ 6,9 milhões

Custos de conformidade regulatória

As despesas relacionadas à conformidade atingiram US $ 27,4 milhões no ano fiscal de 2023, garantindo a adesão à HIPAA, ERISA e outros regulamentos de saúde.

• Taxas de consultoria legal: US $ 8,6 milhões
• Software e ferramentas de conformidade: US $ 5,2 milhões
• Programas de treinamento regulatório: US $ 3,1 milhões

Despesas de marketing e aquisição de clientes

As despesas de marketing para 2023 foram de US $ 63,2 milhões, direcionando os administradores de benefícios do empregador e consumidores individuais de assistência médica.

Canal de marketing	Gasto anual
Publicidade digital	US $ 22,7 milhões
Marketing de conferência e evento	US $ 15,4 milhões
Vendas diretas e marketing	US $ 25,1 milhões

HealthEquity, Inc. (HQY) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de contas da HSA

A HealthEquity registrou US $ 331,4 milhões em taxas de administração de contas para o ano fiscal de 2023. Essas taxas são geradas a partir do gerenciamento de contas de poupança de saúde (HSAs) por aproximadamente 7,2 milhões de membros.

Categoria de taxa	Receita anual	Média por conta
Taxas de gerenciamento de contas da HSA	US $ 331,4 milhões	$ 46,03 por conta

Receitas de transação da plataforma de investimento

As receitas da plataforma de investimento para o HealthEquity totalizaram US $ 87,6 milhões no ano fiscal de 2023, com aproximadamente US $ 12,18 gerados por conta de investimento.

Fonte de receita de investimento	Receita anual total	Média por conta de investimento
Transações da plataforma de investimento	US $ 87,6 milhões	$12.18

Taxas de contrato de serviço do empregador

Os contratos de serviço corporativo geraram US $ 142,5 milhões em receita para a saúde no ano fiscal de 2023, atendendo a mais de 55.000 clientes empregadores.

Categoria de serviço do empregador	Receita anual	Número de clientes do empregador
Contratos de Serviço de Empregador	US $ 142,5 milhões	55,000+

Insights de dados e monetização de análise

A HealthEquity gerou aproximadamente US $ 24,3 milhões da Data Insights e dos Serviços de Analítica no ano fiscal de 2023.

Assinaturas de serviço premium

As assinaturas de serviço premium contribuíram com US $ 53,2 milhões para o fluxo de receita da HealthEquity no ano fiscal de 2023.

Fluxo de receita	Receita anual	Taxa de crescimento
Assinaturas de serviço premium	US $ 53,2 milhões	8.7%

Total de fluxos de receita combinados: US $ 638,9 milhões

HealthEquity, Inc. (HQY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why employers and consumers choose HealthEquity, Inc. (HQY) for their healthcare savings. It's about making tax-advantaged money work harder and be easier to access.

Tax-advantaged savings and spending via HSAs and CDBs

HealthEquity, Inc. administers a massive pool of consumer-directed healthcare funds. As of October 31, 2025, the company served 10.1 million Health Savings Accounts (HSAs), representing a 6% year-over-year increase. Total HSA Assets under administration reached $34.4 billion as of that date, a 15% jump from the prior year. This total includes $16.9 billion in HSA cash and $17.5 billion in HSA investments. Beyond HSAs, the platform manages 7.2 million complementary Consumer-Directed Benefits (CDBs), bringing the total number of accounts to 17.3 million as of October 31, 2025.

Integrated platform for saving, spending, and investing healthcare funds

The value is amplified by how the revenue streams reflect the integrated functionality. For the third quarter ended October 31, 2025, the revenue breakdown shows the asset-heavy nature of the platform:

Revenue Source	Q3 FY2026 Amount (Ended Oct 31, 2025)	FY2025 Percentage Contribution
Custodial Revenue	$159.1 million	45.5%
Service Revenue	$120.3 million	39.9%
Interchange Revenue	$42.8 million	14.7%

The investment component is growing faster than the cash component; HSA investments increased 29% year over year in Q3 FY2026. Management also flagged a continued expected yield of ~3.5% on HSA cash for fiscal year 2026.

Consumer empowerment through personalized benefit information

Empowerment comes from scale and technological efficiency. HealthEquity, Inc. captured 21% of the U.S. HSA market share by assets as of the end of 2024. The platform supports this scale with technology upgrades, having finished the V5 cloud migration, which delivered 92% faster response times and 5x stability.

High-touch service model with human and agentic AI support

The service model is evolving to manage high volume while controlling costs. HealthEquity, Inc. expanded its use of artificial intelligence by incorporating the Parloa platform. This integration is cited as improving member engagement, reducing service costs, and increasing member retention. Furthermore, the company is targeting fraud costs to normalize, aiming for approximately 1 basis point (bp) of HSA assets per annum in the second half of fiscal year 2026.

Portability of HSA accounts, a defintely key differentiator

The inherent portability of the HSA is a structural advantage, further bolstered by market tailwinds. Recent regulatory expansions have boosted the HSA addressable market, marking the largest growth in two decades. This environment supports the company's market-leading position, which grew from 4% market share in 2010 to 21% in 2024.

• Total Accounts as of October 31, 2025: 17.3 million.
• HSAs with investments as of October 31, 2025: 802,000.
• Non-GAAP Net Income Per Diluted Share for Q3 FY2026: $1.01.
• Adjusted EBITDA Margin for Q3 FY2026: 44%.

Finance: draft 13-week cash view by Friday.

HealthEquity, Inc. (HQY) - Canvas Business Model: Customer Relationships

You're managing relationships across a massive ecosystem of healthcare savers, so HealthEquity, Inc. (HQY) leans heavily on digital scalability to manage the sheer volume. The foundation of this is automated self-service, meaning members primarily interact with their accounts through digital channels. As of October 31, 2025, HealthEquity, Inc. (HQY) served 10.1 million Health Savings Accounts (HSAs) and a total of 17.3 million Total Accounts, which includes Consumer Direct Benefits (CDBs). This scale demands that routine tasks are handled without human intervention.

The push for efficiency and personalization is clearly routed through AI integration. HealthEquity, Inc. (HQY) expanded its use of agentic AI, powered by the Parloa platform, to manage conversational support across voice and digital channels, aiming to replace friction from traditional phone menus. This technology is designed to lower servicing costs while deepening engagement. For instance, the Expedited Claims AI feature has helped members save roughly 70% of the time typically required for receipt processing, with more than half of claims processed in under two minutes. Also, the HSAnswers tool has supported hundreds of thousands of personalized conversations on complex topics like Medicare coordination.

For your largest clients-the large employer groups and benefits partners-the model shifts from pure automation to a high-touch approach. While the search results don't give a specific number of dedicated relationship managers, the need for dedicated support is implied by the complexity of managing relationships with the entities that bring in millions of accounts. These relationships are critical for continued growth, especially given the recent regulatory expansion that marked the largest increase in the HSA addressable market in two decades.

Client retention is a core focus because switching costs are naturally high for these accounts. HealthEquity, Inc. (HQY) believes its retention rates are high due to the platform's integration with the broader healthcare system and the inherent effort required by the account holder to switch. As of January 31, 2025, the company had 9.9 million HSAs, showing a 14% increase year-over-year, which suggests successful retention of the base while adding new users.

Here are the key statistical snapshots of the customer base as of the third quarter of fiscal 2026:

Metric	Value (as of Oct 31, 2025)	Year-over-Year Change
Total HSA Accounts	10.1 million	6% increase
Total Accounts (HSA + CDBs)	17.3 million	Implied growth from 17.0 million at FYE 2025
Total HSA Assets	$34.4 billion	15% increase
HSA Assets with Investments	$17.5 billion	Implied growth from $13.5 billion projection for Q3 FY25
Client-held Funds	$0.8 billion	Consistent figure across recent reports

The AI-powered support layer is central to managing the service experience at scale. You can see the specific capabilities deployed to enhance member interaction:

• Agentic AI deployed via Parloa platform for natural, conversational interactions across voice and digital channels.
• HSAnswers tool supporting hundreds of thousands of personalized conversations on topics like Medicare coordination.
• Expedited Claims AI automating receipt processing, reducing entry time by roughly 70%.
• 64% of healthcare consumers are open to using AI tools for healthcare needs, supporting this strategy.

Finance: draft 13-week cash view by Friday.

HealthEquity, Inc. (HQY) - Canvas Business Model: Channels

You're looking at how HealthEquity, Inc. gets its services-primarily Health Savings Accounts (HSAs) and Consumer-Directed Benefits (CDBs)-into the hands of consumers as of late 2025. The distribution strategy relies on a mix of established institutional relationships and newer direct digital outreach.

Network Partners: Primary, efficient distribution channel for new accounts

The core of HealthEquity, Inc.'s distribution remains its deep integration with other entities. This channel leverages established trust and existing employee benefit structures. HealthEquity, Inc. works in partnership with employers, benefits advisors, and health and retirement plan providers. The company's integrated network includes over 200 Network Partners that span health and retirement plan partners, brokers, and benefit advisors. This network is key to driving new logo growth and overall account acquisition.

Direct-to-Consumer: Retail channel and new direct HSA enrollment platform

A significant near-term focus is on direct enrollment, especially given regulatory shifts. HealthEquity, Inc. launched a new direct HSA enrollment platform, a streamlined digital experience allowing individuals to open and fund HSAs directly via the company's mobile and web platforms. This targets a new segment created by recent ACA regulatory changes that make Bronze plans HSA-qualified starting in 2026, potentially making over 7 million Americans newly eligible for HSAs. Management estimates this opportunity could translate to 2-3 million households.

The success of the sales engine, which includes this direct retail effort, is evident in recent account additions. HealthEquity, Inc. opened approximately 175,000 new HSAs from sales during the third quarter ending October 31, 2025. For the full fiscal year ended January 31, 2025, the company reported adding a record one million new HSAs from sales.

Digital Platforms: Mobile app and cloud-based member portal

Technology underpins engagement across all channels. Enhancements to the mobile app, improved analytics, and a smoother onboarding experience are cited as drivers for better member engagement. The company is actively reinvesting in the app experience and data/API infrastructure. The HealthEquity Marketplace platform is now integrated into the HealthEquity App and web portal, offering members access to solutions like GLP-1 weight management programs, with early adoption from subscribing members being encouraging.

The overall scale of the digital ecosystem reflects channel effectiveness:

Metric	Amount	Context/Date
Total Accounts	17.3 million	As of October 31, 2025
Total HSAs	10.1 million	As of October 31, 2025
HSAs with Investments	802,000	As of October 31, 2025
Total HSA Assets	$34.4 billion	As of October 31, 2025
New HSAs from Sales (Q3 FY26)	175,000	Opened in the quarter ending October 31, 2025

Employer Sales: Direct sales teams targeting enterprise clients

Direct sales teams continue to secure new enterprise clients. This activity is supported by continued adoption of HSA-qualified plans across employers and strong new-client activity. HealthEquity, Inc. is focused on working with employers and partners on plan design to support HSA adoption, including securing new employer clients who are offering HSAs for the first time. The total number of HSAs as of October 31, 2025, stood at 10.1 million, representing a 6% increase year over year. This growth is a direct result of the combined efforts across all channels, including the employer-focused sales teams.

Key account growth metrics driven by these channels include:

• Total Accounts grew to 17.3 million as of October 31, 2025.
• Net CDB (Consumer Direct Benefits) accounts grew by over 200,000 year-over-year as of Q3 FY2026.
• The average HSA balances grew 8% year-over-year, contributing to the 15% increase in total HSA assets.
• Custodial revenue grew 13% to $159.1 million in the third quarter ending October 31, 2025.

HealthEquity, Inc. (HQY) - Canvas Business Model: Customer Segments

You're looking at the core groups HealthEquity, Inc. (HQY) serves to drive its business. These aren't just users; they are the foundation for their asset growth and revenue streams. Honestly, the numbers here tell you exactly where the value is captured.

The customer base is segmented across individuals managing their health savings, the employers providing the plans, and the partners who help distribute the offerings. As of the third quarter ended October 31, 2025, the scale is quite clear.

HSA Members are the primary individual users. HealthEquity, Inc. served as a non-bank custodian for 10.1 million Health Savings Accounts (HSAs) as of October 31, 2025. That represents a year-over-year increase of 6%. Not only are they saving, but they are also investing; 802,000 of those HSAs held investments as of that date, which was up 10% year over year.

The total population under management is captured by looking at all accounts:

• Total Accounts administered by HealthEquity, Inc. reached 17.3 million as of October 31, 2025.
• Total HSA Assets under custody grew to $34.4 billion by October 31, 2025.
• HSA cash holdings were $16.9 billion, while HSA investments totaled $17.5 billion at that time.

The CDB Users represent the other major individual segment. These are individuals utilizing consumer-directed benefits (CDBs) like Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs). As of October 31, 2025, HealthEquity, Inc. administered 7.2 million of these complementary CDBs.

The relationship with Employer Clients is crucial, as they are the ones offering the high-deductible health plans (HDHPs) that drive HSA adoption. While a direct count of employer clients isn't always published in the same metric as accounts, the scale is evidenced by the total accounts administered in partnership with employers.

The distribution channel relies heavily on Network Partners. HealthEquity, Inc. works with an integrated network that includes health and retirement plan partners, brokers, and benefit advisors. For fiscal year 2025, this network was described as comprising over 200 Network Partners.

Here's a quick view mapping the key account metrics for these segments as of the end of Q3 Fiscal 2026:

Customer Segment Group	Specific Metric	Amount as of October 31, 2025
HSA Members	Total HSAs Administered	10.1 million
CDB Users	Total CDBs Administered (FSAs/HRAs)	7.2 million
Total Managed Accounts	Total Accounts (HSAs + CDBs)	17.3 million
HSA Members	HSAs with Investments	802,000
Network Partners	Number of Integrated Partners	Over 200

Client-held funds, which are deposits held for administering CDBs and generate custodial revenue, stood at $0.8 billion as of October 31, 2025. Finance: draft 13-week cash view by Friday.

HealthEquity, Inc. (HQY) - Canvas Business Model: Cost Structure

When you look at HealthEquity, Inc.'s cost structure, you see the necessary investments to run a massive, regulated platform. It's not just about processing transactions; it's about securing data and constantly improving the member experience. For the fiscal year ended January 31, 2025, total stock-based compensation expense across the company hit $96,425 thousand, which is a key component of their non-cash operating costs.

Technology and Development Costs: Investment in AI, data, and app enhancement

You have to spend to stay ahead in this space, especially with the push toward AI and better mobile tools. HealthEquity, Inc. is clearly putting money into its proprietary platforms, which they call Team Purple. Looking at the stock-based compensation portion of Technology and Development costs, it was $25,002 thousand for the full fiscal year ending January 31, 2025. For the first half of the following fiscal year, ending July 31, 2025, that specific cost component was $11,652 thousand.

Service and Operations Costs: Running member support centers and transaction processing

Service and Operations costs are tied directly to supporting the millions of accounts they manage. Remember, service revenue for the third quarter ending October 31, 2025, was $120.3 million. The company noted a steep 11% sequential quarter-over-quarter reduction in service costs during that same period, signaling strong operating leverage as they scale. The stock-based compensation embedded in Cost of Revenue for the six months ended July 31, 2025, was $6,501 thousand.

Amortization Expense: Significant non-cash cost from past acquisitions

This is where those big acquisitions, like BenefitWallet, show up as a non-cash charge. Amortization of acquired intangible assets is a major line item. For the six months ended July 31, 2025, this specific charge totaled $54,003 thousand. For just the three months ended July 31, 2025, that figure was $27,001 thousand.

Sales and Marketing: Costs associated with partner and direct channel growth

Winning new business means paying for the sales engine, whether through employer partnerships or direct-to-consumer efforts. The stock-based compensation allocated to Sales and Marketing for the fiscal year ended January 31, 2025, was $15,623 thousand. In the six months leading up to July 31, 2025, this stock-based component was $6,399 thousand.

Compliance and Legal Costs: High regulatory burden in healthcare finance

Regulated finance means you have to spend on compliance, security, and legal overhead, which typically falls under General and Administrative (G&A). While direct legal spend isn't itemized here, security costs give us a concrete example of risk management spending. For the third quarter ending October 31, 2025, fraud costs were only approximately $0.3 million, which management noted was well below their run rate target of 1 basis point of total HSA assets per year. The stock-based compensation for General and Administrative expenses for the six months ended July 31, 2025, was $8,852 thousand.

Here's a quick look at how some of these key stock-based compensation costs compare:

Cost Category Component	FY Ended Jan 31, 2025 (in thousands)	6 Months Ended July 31, 2025 (in thousands)
Technology and Development (SBC)	$25,002	$11,652
Sales and Marketing (SBC)	$15,623	$6,399
Cost of Revenue (SBC)	$14,955	$6,501
General and Administrative (SBC)	$40,845	$8,852

You can see the shift in focus, with Technology and Development costs being a significant, consistent outlay. Also, keep in mind the amortization of acquired intangible assets is a separate, large non-cash hit that doesn't reflect current operational spending but rather past strategic moves.

• Amortization of Acquired Intangible Assets (6 Months Ended July 31, 2025): $54,003 thousand.
• Total Stock-Based Compensation Expense (6 Months Ended July 31, 2025): $33,404 thousand.
• Interest Expense Paid in Cash (6 Months Ended July 31, 2025): $28,362 thousand.

Finance: draft 13-week cash view by Friday.

HealthEquity, Inc. (HQY) - Canvas Business Model: Revenue Streams

You're looking at how HealthEquity, Inc. actually brings in the money to run its operations, which is pretty straightforward given its role as a major custodian for tax-advantaged health accounts. Honestly, the revenue streams are heavily tied to the interest rate environment and the sheer volume of assets under administration.

The core of HealthEquity, Inc.'s revenue generation for the fiscal year ended January 31, 2025, totaled $1.20 billion. This total is built from three primary, distinct sources, with one clearly dominating the mix.

Here's a look at the breakdown of those key revenue streams for fiscal year 2025:

Revenue Stream	FY25 Amount	Source Description
Custodial Revenue	$545.4 million	Interest earned on Health Savings Account (HSA) cash held with depository and insurance partners.
Service Revenue	$478.3 million	Fees paid by employers, network partners, and members for account administration.
Interchange Revenue	$176.0 million	Fees collected from merchants on member debit card transactions.

To give you a sense of how this is tracking more recently, in the third quarter of fiscal 2026, which ended October 31, 2025, the revenue mix looked different due to market conditions, but the streams remained the same:

• Custodial Revenue for Q3 FY26 was $159.1 million.
• Service Revenue for Q3 FY26 was $120.3 million.
• Interchange Revenue for Q3 FY26 was $42.8 million.

The interest earned on the cash portion of the accounts is the largest component, but the fees on invested assets are also a significant, though often bundled, part of the picture. You see, HealthEquity, Inc. earns fees on the assets members choose to invest, which directly ties to market performance and asset growth.

Regarding the assets that generate these investment-related fees, as of the third quarter of fiscal 2026 (October 31, 2025), the total HSA Assets under administration were $34.4 billion. Of that total, the amount held in investments was $17.5 billion.

The revenue streams can be summarized by their primary drivers:

• Custodial Revenue is driven by yields on HSA cash balances and the total amount of uninvested cash.
• Service Revenue is driven by the total number of accounts administered.
• Interchange Revenue is driven by member spending activity using payment cards.
• Investment Fees are directly tied to the total value of $17.5 billion in invested HSA assets as of Q3 FY26.

Finance: draft 13-week cash view by Friday.