HIGHBuilt-inProduct / Revenue mix
HSAs and other CDBs
“10-K Item 1A: 'Substantially all of our revenue is earned from tax-advantaged HSAs and other CDBs'”
HQY · Concentration risk · 10-K extracted
HealthEquity (HQY) concentration risks
Updated
The most significant concentration HealthEquity discloses is HSAs and other CDBs, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: HealthEquity’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
48%
insurance company partners and Depository Partners
“10-K Item 1A: 'insurance company partners and Depository Partners which comprised approximately 48%, 45%, and 39% of our revenues during the fiscal years ended January 31, 2026, 2025, and 2024'”
LOWBuilt-inProduct / Revenue mix
15%
interchange fees
“10-K Item 1A: 'We derived 15%, 15%, and 16% of our total revenue during the fiscal years ended January 31, 2026, 2025, and 2024, respectively, from interchange fees'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile spans product, counterparty, and revenue-stream dimensions in a way that is consistent with a specialized health savings account administrator rather than a diversified financial services firm. Substantially all revenue is earned from tax-advantaged HSAs and other consumer-directed benefit accounts, a high-share structural concentration in a single product category whose economics are governed by IRS regulations, employer benefit plan decisions, and HSA contribution limits set by statute. The entire business is a function of one segment of the benefits-technology market. Within that product concentration, insurance company partners and depository partners comprised approximately 48% of revenues during the fiscal year ended January 31, 2026, a moderate share from a class of counterparties whose custodial and insurance relationships underpin the company's ability to offer investment and protection features to HSA members. These relationships are contractual and subject to renewal; a change in the terms or composition of this partner group would affect a meaningful portion of the revenue base. Interchange fees contributed 15% of total revenue during the fiscal year ended January 31, 2026, a small share from a payment mechanism that is subject to regulatory caps and network pricing decisions outside the company's control. This is a structural feature of the HSA debit card product rather than a dependency on any named counterparty. Together, the profile is that of a single-product-category business where counterparty relationships and a payment mechanism together explain a meaningful portion of the revenue structure. The regulatory framework governing HSAs is the overarching variable that shapes all three exposures.
For the engine’s reasoning on HQY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Health Information Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| HQY● | HealthEquity, Inc. | 1 | 1 | 1 | 3 |
| HNGE | Hinge Health, Inc. | 1 | 0 | 3 | 4 |
| HTFL | Heartflow, Inc. | 1 | 0 | 0 | 1 |
| BTSG | BrightSpring Health Services, I | 0 | 2 | 0 | 2 |
| DOCS | Doximity, Inc. | 0 | 1 | 1 | 2 |
| PRVA | Privia Health Group, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.