HQY EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
HQY's ev/ebitda is lower than 95% of the last 10 years.
EV/EBITDA History
HQY EV/EBITDA by year
Yearly range of HQY’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 16.3 to 72.2, averaging 39.4.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 16.3 | 20.2 | 25.7 | 16.7 |
| 2025 | 18.9 | 24.4 | 32.3 | 18.9 |
| 2024 | 20.9 | 26.8 | 30.3 | 27.7 |
| 2023 | 24.9 | 31.2 | 48.6 | 26.3 |
| 2022 | 31.2 | 55.2 | 67.2 | 49.0 |
| 2021 | 27.5 | 42.4 | 49.7 | 30.5 |
| 2020 | 30.7 | 44.2 | 61.0 | 39.0 |
| 2019 | 20.6 | 38.7 | 62.8 | 61.1 |
| 2018 | 36.9 | 56.5 | 72.2 | 40.8 |
| 2017 | 37.6 | 46.2 | 56.0 | 40.4 |
| 2016 | 34.4 | 45.9 | 51.2 | 46.3 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is HQY EV/EBITDA High or Low Right Now?
HealthEquity, Inc.'s EV/EBITDA is currently 16.7, which is near historic low relative to its 10-year historical range. The 10-year median EV/EBITDA for HQY is approximately 40.1. See all HQY valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.