Discounted Cash Flow

Healthequity, Inc.

HQY · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $178.4m $26.4m $41.9m 14.8% $0.45
2018 $229.5m (28.7%) $47.4m (79.6%) $76.2m (81.8%) 20.6% (39.5%) $0.79 (75.6%)
2019 $287.2m (25.1%) $73.9m (56.0%) $109.6m (43.7%) 25.7% (24.7%) $1.20 (51.9%)
2020 $532.0m (85.2%) $39.7m (-46.3%) $97.7m (-10.8%) 7.5% (-71.0%) $0.59 (-50.8%)
2021 $733.6m (37.9%) $8.8m (-77.7%) $8.8m (-91.0%) 1.2% (-83.8%) $0.12 (-79.7%)
2022 $756.6m (3.1%) $-44.3m (-601.3%) $132.1m (1395.2%) -5.9% (-586.1%) $-0.53 (-541.7%)
2023 $861.7m (13.9%) $-26.1m (41.0%) $147.3m (11.5%) -3.0% (48.2%) $-0.31 (41.5%)
2024 $999.6m (16.0%) $55.7m (313.1%) $241.1m (63.7%) 5.6% (283.7%) $0.65 (309.7%)
2025 $1.2b (20.0%) $96.7m (73.6%) $337.8m (40.1%) 8.1% (44.6%) $1.11 (70.8%)
2026 $1.3b (9.5%) $215.2m (122.5%) $455.1m (34.7%) 16.4% (103.3%) $2.50 (125.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model