Screened 2026-09-10 · the tape above runs as of 22:12 UTC · 11 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its distribution label.
HealthEquity, Inc. holds its Distribution at $94.55. The statistical read favours the buyers, held for 6 days.
As held on the ledger · 2026-09-10
Phase
Distribution · caution
Quantitative state
The statistical read favours the buyers, held for 6 days
Price at the screen
$94.55
Valuation
34.13 trailing · 17.19 forward price to earnings
Values screen
PASS
Beta
0.23
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
13.80%
Below 33%
Interest-bearing debt is just 13.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
4.40%
Below 33%
Cash held in interest-bearing accounts and securities is 4.4% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-10 screen. The gold marker is the market price at the same screen. A 27.4% margin of safety to the base estimate.
Third-party analyst targets: 15 covering, consensus Strong Buy. The average target sits +27% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-10 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Health savings accounts still need steady hands
Every time an employee sets aside part of their salary for future medical costs, the money has to sit somewhere safe and grow without fuss. HealthEquity handles that custody for millions of accounts, acting as the quiet back office for health savings plans that banks and insurers often overlook. The business shows steady 7% revenue growth, a 17% profit margin and an 11% return on equity, all wrapped in a moderate moat that keeps competitors at bay.
At a forward multiple of 17.9 times earnings the shares sit roughly 20% below our fair value of 117, a gap that lines up with the analyst median target of 115 and their strong buy rating. Ethical screens clear it without issue, so the case rests on reliable cash flows rather than any dramatic story.
Risk sits mainly in slower adoption of health accounts if wages stall or employers cut benefits, which could cap that modest growth rate for longer than expected. Currency and regulatory shifts in US healthcare add further uncertainty that keeps any margin of safety from feeling permanent. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
HQY trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-27Accumulation$105.40+0.0%Entry 9
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 17%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (16 analysts) rates it buy, with a mean price target of $114. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-26Accumulation$105.40+0.0%Entry 8
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 17%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (16 analysts) rates it buy, with a mean price target of $114. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-25Accumulation$105.40+1.9%Entry 7
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.9% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 17%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (16 analysts) rates it buy, with a mean price target of $114. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-24Accumulation$103.44+0.0%Entry 6
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 17%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (16 analysts) rates it buy, with a mean price target of $114. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.4% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 17%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (16 analysts) rates it buy, with a mean price target of $114. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-01Markup · changed$100.99+13.9%Entry 4
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 13.9% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 17%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (16 analysts) rates it buy, with a mean price target of $114.
2026-07-18Accumulation$88.67+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 17%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (16 analysts) rates it buy, with a mean price target of $114.
2026-07-03Accumulation$88.67+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Accumulation$88.67Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
