Healthequity, Inc.
$8.58B- Market cap
- $7.95B
- Debt
- +$957.38M
- Cash
- −$318.93M
Capital structure 89% equity / 11% debt · EV / Revenue 6.54x · EV / EBITDA 17.72x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 ·
Decision snapshot: HQY stock price at premium vs TSCO $96.07 current versus $41.78 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at TSCO's multiple
Implied fair value · at HQY's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Pricing power
Operating leverage
Multiple premium
Premium justified
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: HQY FY 2026 (ended Jan 31, 2026) · TSCO FY 2025 (ended Dec 27, 2025). Fiscal years are not aligned.
Trendline
Six fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 89% equity / 11% debt · EV / Revenue 6.54x · EV / EBITDA 17.72x
Capital structure 99% equity / 1% debt · EV / Revenue 1.17x · EV / EBITDA 11.83x
TSCO carries the larger enterprise value at $18.19B against $8.58B; TSCO trades on the lower EV / Revenue multiple (1.17x vs 6.54x); TSCO on the lower EV / EBITDA (11.83x vs 17.72x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
HEALTHEQUITY, INC. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
TRACTOR SUPPLY CO /DE/ · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.45x
0.06x
Net debt / EBITDA
Leverage against operating earnings
1.32x
-0.03x
Cash and equivalents
Liquid reserves on the balance sheet
$318.93M
$194.11M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
$957.38M
$150.00M
LLM-powered synthesis
An on-demand narrative read of the same deterministic data.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe HQY can sustain 9.5% revenue growth and its high-margin profile without multiple compression, then hold or selectively accumulate on weakness because the business quality is strong even though the current valuation already embeds a premium.
HQY trades at a much richer valuation than TSCO across earnings and sales, which helps explain the large implied downside to $37.93 from the P/E-based approach. The market is paying for HQY's higher growth and margin profile, but the current price still sits above both the historical band midpoint and the DCF range.
Supporting Metrics