Healthequity, INC.: management transactions · United States · SEC (Form 4)

About Healthequity, INC.

HealthEquity, Inc. (ticker: HQY) is a U.S.-listed company on the NASDAQ, focused on administering Health Savings Accounts (HSAs) and complementary consumer-directed benefits (CDBs). For French-speaking investors, it sits at the intersection of healthcare, fintech, and payment/infrastructure services tied to medical spending, making it a specialist platform rather than a broad diversified healthcare company. Founded in 2002 by Steve Neeleman, HealthEquity was built around a clear mission: to help Americans save, spend, and invest more efficiently for healthcare expenses. The company is headquartered in Draper, Utah, United States. Over time, it has become one of the leading independent HSA administrators in the country, with significant scale, a recognizable brand, and long-standing relationships with employers, health plans, and benefits partners. Its business model is centered on several revenue streams. First, HealthEquity administers HSA accounts, which allow eligible U.S. workers to save on a tax-advantaged basis for qualified healthcare costs. Second, it generates revenue from HSA custodial services and investment management, along with service fees, cash-related custodial income, and card interchange income. In addition, the company offers complementary CDB solutions designed to simplify employer benefit administration and improve member engagement across healthcare spending categories. HealthEquity’s competitive position is supported by scale, technology, integrated distribution, and a focused historical expertise in the HSA category. Management routinely emphasizes the company’s status as the nation’s largest HSA custodian by number of accounts, which is important because scale supports operating leverage, client retention, and stronger product economics. The company also continues to broaden its digital toolkit, including HealthEquity Assist, direct HSA enrollment capabilities, and consumer-facing features intended to make healthcare financing more transparent and easier to use. Geographically, the company’s activity is overwhelmingly concentrated in the United States, which is logical because HSAs are embedded in the U.S. tax and healthcare framework. Commercially, it serves employers, health plans, brokers, and individuals across the country rather than relying on a single regional market. Recent highlights reinforce the investment case. In 2025 and early 2026, HealthEquity reported solid quarterly and annual operating momentum, including revenue growth, improving adjusted EBITDA, and continued expansion in HSA assets and account volumes. The company also introduced new offerings in 2025, including HealthEquity Assist, a GLP-1 telehealth initiative, and a direct HSA enrollment platform aimed at broadening access. Earlier, the 2024 acquisition of the BenefitWallet HSA portfolio increased scale and deepened the company’s account base. Overall, HQY combines structural growth, recurring platform economics, and exposure to the long-term trend of consumer-directed healthcare spending in the United States.