Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.02, read 2026-10-28
Ethical passes the values gate
Price101.34 USD
Fair value120.50
Our investment reviews on this name
2026-10-28Read Accumulation93.07+8.9% to today ✓Markdown gives way to Accumulation after a 7% rise in 4 weeks
2026-10-02Read Markdown87.25+16.1% to today Accumulation gives way to Markdown after a 16% slide in 6 weeks
2026-08-23Read Accumulation103.44-2.0% to today Markup gives way to Accumulation first Accumulation read since July
2026-08-01Read Markup100.99+0.3% to today ✓Accumulation gives way to Markup after a 14% rise in 4 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
HealthEquity, Inc. holds its Accumulation at $101.34. The statistical read favours the buyers, held for 40 days.
As held on the ledger · 2026-10-28
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 40 days
Price at the screen
$101.34
Valuation
33.72 trailing · 16.92 forward price to earnings
Values screen
PASS
Beta
0.24
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
0.89%
Below 5%
Only 0.9% 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.
The Ethical Read
Why It Clears, in Plain English
HealthEquity, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 14%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
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Get an email when HQY's ethical verdict changes
Today HQY passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-28 screen. The gold marker is the market price at the same screen. A 18.9% margin of safety to the base estimate.
Third-party analyst targets: 15 covering, consensus Strong Buy. The average target sits +18% 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 2026-10-28 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 framework has shifted from markdown to accumulation since the last review. 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 holding around 17% above its long-term trend line with momentum reading overbought. 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.
2026-10-21Markdown$93.07+0.5%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.5% 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 holding around 4% above 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.
2026-10-14Markdown$92.61+6.1%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 6.1% 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.
2026-10-02Markdown · changed$87.25-17.2%Entry 10
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 17.2% 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. Since the last review it its composite score rose.
2026-08-27Accumulation$105.40+0.0%Entry 9
Our analysis 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
Our analysis 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
Our analysis 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
Our analysis 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.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
