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Held by 459 of 5,944 reporting institutions (96th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $95.14 today, the market must believe free cash flow compounds 10.9%/yr for a decade (off $345M normalized FCF).
The market's 10.9% is more conservative than its 9-yr track record.
2-stage DCF · 0.09B shares · net debt $638M
mean 35.1% · volatility σ 36% · implied rate exceeded in 7/9 yrs
Central path = implied 10.9%/yr growth; shaded band = ±1σ (36%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $299M buybacks = $299M returned on $455M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $319M covers the $63M due within a year 5.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2021-01-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~6.0% on $957M of debt.
Cash of $319M fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-18
How a revenue dollar becomes profit — FY2026
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B 100.0% | $1.20B 100.0% | $999.6M 100.0% | $861.7M 100.0% | $756.6M 100.0% | $733.6M 100.0% | $532.0M 100.0% | $287.2M 100.0% | $229.5M 100.0% | $178.4M 100.0% |
| Cost of Revenue | $400.3M 30.5% | $422.5M 35.2% | $376.9M 37.7% | $369.8M 42.9% | $331.8M 43.9% | $318.2M 43.4% | $206.1M 38.7% | $106.0M 36.9% | $94.6M 41.2% | $72.0M 40.4% |
| Cost of Services | — | — | — | — | — | — | — | — | $94.6M 41.2% | $72.0M 40.4% |
| Gross Profit | $913.1M 69.5% | $777.3M 64.8% | $622.6M 62.3% | $491.9M 57.1% | $424.8M 56.1% | $415.3M 56.6% | $325.9M 61.3% | $181.2M 63.1% | $134.9M 58.8% | $106.4M 59.6% |
| Research & Development | $262.5M 20.0% | $239.5M 20.0% | $218.8M 21.9% | $193.4M 22.4% | $157.4M 20.8% | $124.8M 17.0% | $77.6M 14.6% | $35.1M 12.2% | $27.4M 11.9% | $22.4M 12.5% |
| Selling, General & Admin | $119.9M 9.1% | $132.3M 11.0% | $103.7M 10.4% | $97.5M 11.3% | $85.4M 11.3% | $84.5M 11.5% | $60.6M 11.4% | $33.0M 11.5% | $25.1M 10.9% | $20.2M 11.3% |
| Total Operating Expenses | $590.7M 45.0% | $614.9M 51.3% | $504.9M 50.5% | $482.9M 56.0% | $449.0M 59.3% | $381.3M 52.0% | $248.9M 46.8% | $103.5M 36.0% | $80.5M 35.1% | $65.1M 36.5% |
| Operating Income | $322.5M 24.6% | $162.3M 13.5% | $117.7M 11.8% | $9.1M 1.1% | -$24.2M -3.2% | $34.0M 4.6% | $77.0M 14.5% | $77.7M 27.0% | $54.4M 23.7% | $41.2M 23.1% |
| Interest Expense | $57.1M 4.3% | $60.6M 5.1% | $55.5M 5.5% | $48.4M 5.6% | $36.6M 4.8% | $34.9M 4.8% | $24.8M 4.7% | $270K 0.1% | $274K 0.1% | — |
| Other Income (Expense), net | -$45.0M -3.4% | -$46.3M -3.9% | -$42.7M -4.3% | -$47.2M -5.5% | -$42.5M -5.6% | -$29.9M -4.1% | -$33.9M -6.4% | -$1.9M -0.6% | -$2.2M -1.0% | -$1.1M -0.6% |
| Pretax Income | $277.4M 21.1% | $116.0M 9.7% | $75.0M 7.5% | -$38.1M -4.4% | -$66.7M -8.8% | $4.1M 0.6% | $43.2M 8.1% | $75.8M 26.4% | $52.2M 22.7% | $40.1M 22.5% |
| Income Tax Expense | $62.2M 4.7% | $19.3M 1.6% | $19.3M 1.9% | -$12.0M -1.4% | -$22.5M -3.0% | -$4.7M -0.6% | $3.5M 0.7% | $1.9M 0.7% | $4.8M 2.1% | $13.7M 7.7% |
| Net Income | $215.2M 16.4% | $96.7M 8.1% | $55.7M 5.6% | -$26.1M -3.0% | -$44.3M -5.9% | $8.8M 1.2% | $39.7M 7.5% | $73.9M 25.7% | $47.4M 20.6% | $26.4M 14.8% |
| Per Share | ||||||||||
| EPS (Basic) | $2.50 | $1.11 | $0.65 | $-0.31 | $-0.53 | $0.12 | $0.59 | $1.20 | $0.79 | $0.45 |
| EPS (Diluted) | $2.46 | $1.09 | $0.64 | $-0.31 | $-0.53 | $0.12 | $0.58 | $1.17 | $0.77 | $0.44 |
| Weighted Avg Shares (Basic) | 86.1M | 86.9M | 85.6M | 84.4M | 83.1M | 74.2M | 67.0M | 61.8M | 60.3M | 58.6M |
| Weighted Avg Shares (Diluted) | 87.5M | 88.8M | 87.0M | 84.4M | 83.1M | 75.7M | 68.5M | 63.4M | 61.9M | 59.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-09-18
No material risks flagged.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 10.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 36.9 | 38.7 | 43.4 | 43.9 | 42.9 | 37.7 | 35.2 | 30.5 |
| Gross Profit | 63.1 | 61.3 | 56.6 | 56.1 | 57.1 | 62.3 | 64.8 | 69.5 |
| R&D | 12.2 | 14.6 | 17.0 | 20.8 | 22.4 | 21.9 | 20.0 | 20.0 |
| SG&A | 11.5 | 11.4 | 11.5 | 11.3 | 11.3 | 10.4 | 11.0 | 9.1 |
| Operating Income | 27.0 | 14.5 | 4.6 | -3.2 | 1.1 | 11.8 | 13.5 | 24.6 |
| Income Tax | 0.7 | 0.7 | -0.6 | -3.0 | -1.4 | 1.9 | 1.6 | 4.7 |
| Net Income | 25.7 | 7.5 | 1.2 | -5.9 | -3.0 | 5.6 | 8.1 | 16.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HQY: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $829.3B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.0B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $466.9B | 111.8× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $367.5B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $341.5B | 28.5× | 19.8× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $245.6B | 36.7× | 31.7× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $207.8B | 27.1× | 17.8× | 5.7× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $186.3B | 22.1× | 20.3× | 6.3× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.6B | 27.6× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.2B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $149.7B | 41.9× | 30.9× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $139.7B | 50.0× | 38.4× | 13.9× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $129.1B | 33.2× | 28.3× | 10.8× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $128.3B | 18.2× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $117.9B | 24.7× | 12.5× | 3.2× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $112.9B | 63.9× | 11.3× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $105.2B | 32.8× | 18.1× | 4.2× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.0B | 22.8× | 16.1× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.1B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $90.7B | 16.3× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.1B | 18.9× | 19.6× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.5B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| HQY | $8.1B | 38.7× | 18.3× | 6.2× | 9.5% | 69.5% | 16.4% | 10.2% | 7.0% | 2.0× | 459 |
Peers = companies sharing HQY's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.