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HealthEquity, Inc. (HQY) is a leading provider of technology-enabled services that help consumers manage their healthcare savings and spending. The company specializes in administering tax-advantaged health savings accounts (HSAs) and other consumer-directed benefits (CDBs) such as flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). HQY also offers services related to COBRA benefits, commuter benefits, and other healthcare-related financial tools.
- Custodial Revenue - Earns interest on HSA cash held by federally insured bank and credit union partners, insurance company partners, and Client-held funds deposited with Depository Partners.
- Service Revenue - Provides administration services for HSAs and other CDBs, including fees for recordkeeping, advisory services, and other administrative tasks.
- Interchange Revenue - Generates fees from merchants when members use HQY's payment cards or virtual payment platforms for transactions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Scott Cutler ExecutiveBoard | President and Chief Executive Officer | Brookfield Asset Management Ltd.; Vibrant Emotional Health | CEO of HealthEquity, Inc. since January 2025, previously served as CEO of StockX (2019–January 2025) and held executive roles at eBay and StubHub. | View Report → |
Stephen Neeleman ExecutiveBoard | Vice Chairman | Stephen Neeleman, M.D. is the Founder and Vice Chairman of HealthEquity, Inc. He founded the company in 2002 and served as CEO from November 2002 to January 2014 before taking on his current role in February 2014. | ||
Delano Ladd Executive | Executive Vice President and General Counsel | Delano Ladd is the Executive Vice President and General Counsel at HealthEquity, Inc. since September 2016. He previously served as Deputy General Counsel from April to September 2016 and gained extensive corporate law experience at Willkie Farr & Gallagher LLP. | ||
Elimelech Rosner Executive | Executive Vice President and Chief Technology Officer (CTO) | Elimelech Rosner is the Executive Vice President and CTO at HealthEquity, Inc. since March 2022. He previously served as Chief Product and Technology Officer at Finastra Limited (2018 to 2022) and held various technology leadership roles at NCR Payment Solutions (2011 to 2018). | ||
James Lucania Executive | Executive Vice President and Chief Financial Officer | James Lucania is the Executive Vice President and Chief Financial Officer at HealthEquity, Inc. since September 2023. Previously, he served as CFO at Ascensus Holdings from August 2016 to July 2023 and held CFO and VP of Finance roles at Checkpoint Systems from March 2015 to June 2016 and October 2012 to March 2015 respectively. | ||
Michael Fiore Executive | Executive Vice President and Chief Commercial Officer | Michael Fiore serves as the Executive Vice President and Chief Commercial Officer at HealthEquity since March 25, 2024. He previously held various senior roles at Mastercard Inc. from 2005 to 2024. | ||
Adrian Dillon Board | Independent Director | Adrian Dillon has served as an Independent Director at HQY since 2016 and chairs the Audit and Risk Committee, demonstrating extensive expertise in finance and corporate governance. Previously, he held key roles at notable companies including positions as CFO and executive leader, further solidifying his industry experience. | ||
Debra McCowan Board | Independent Director | Executive Vice President and Chief Human Resources Officer at IFS | Debra McCowan has served as an Independent Director at HealthEquity, Inc. since 2018, chairing the Talent, Compensation and Culture Committee and participating on the Nominating, Governance and Corporate Sustainability Committee, backed by extensive experience in human resources and governance. | |
Evelyn Dilsaver Board | Independent Director | Chair of Audit Committee and Member of Board of Directors at Tempur Sealy International, Inc.; Member of Board of Directors at QuidelOrtho Corporation | Evelyn Dilsaver has served as an Independent Director at HealthEquity, Inc. since 2014 and is Chair of the Nominating, Governance and Corporate Sustainability Committee at HQY. She has extensive experience in corporate governance and held senior management roles at The Charles Schwab Corporation. | |
Gayle Wellborn Board | Independent Director | Independent Digital and Customer Experience Consultant | Gayle Wellborn has served as an Independent Director at HealthEquity, Inc. since 2017, chairing the Cybersecurity and Technology Committee and serving on the Nominating, Governance and Corporate Sustainability Committee, with extensive previous leadership roles at Ally Financial Inc. and Bank of America Corp. | |
Rajesh Natarajan Board | Independent Director | Chief Product and Strategy Officer at Globalization Partners; Independent Director at Bread Financial Holdings, Inc. | Rajesh Natarajan has been serving as an Independent Director at HealthEquity, Inc. since 2022 and is a member of the Audit and Risk and Cybersecurity and Technology Committees. He has also held executive roles at Globalization Partners, RingCentral, Ancestry.com, Intuit, and PayPal. | |
Robert Selander Board | Independent Chairman of the Board of Directors | Robert Selander has served as the Independent Chairman at HQY since September 2015, bringing extensive leadership experience from his previous roles at Citibank and MasterCard International. | ||
Stuart Parker Board | Independent Director | Board member at Kemper Corporation; Board member at Discount Tire | Stuart Parker has been serving as an Independent Director at HealthEquity, Inc. since 2020 and serves on the Audit and Risk, Cybersecurity and Technology, and Talent, Compensation and Culture Committees. Previously, he held key executive roles at USAA, including serving as President and CEO from 2015 until 2020. |
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Given the recent slowdown in HSA selling conditions despite a strong enterprise pipeline, can you clarify whether this reflects tough comps or broader macroeconomic headwinds, and how it could impact near-term revenue growth?
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With fraud reimbursements down from $11M to $3M this quarter, what specific measures will ensure that this improvement is sustainable, particularly if macroeconomic pressures affect member behavior later in the year?
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You mentioned locking in forward treasury rates for five-year maturities on a portion of maturing contracts; can you explain how rate movements beyond these contracts might impact your overall HSA yield and reinvestment strategy?
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As you drive increased mobile app adoption for secure member access, what challenges do you anticipate in converting passive account holders to active users required for enhanced authentication, and how will this affect service costs?
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With significant proposed legislative expansions targeting Medicare Part A and HSA contribution limits, what contingency plans do you have if these regulatory changes are delayed or scaled back, and how would that affect your long-term addressable market growth?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Fidelity Investments | Well-known retail mutual fund companies have entered the HSA and CDB business and gained significant market share. These investment companies have significant advantages in terms of brand name recognition, years of experience managing tax-advantaged retirement accounts, highly developed recordkeeping, trust functions, and fund advisory and customer relations management, among others. |
Healthcare service companies are in a position to devote more resources to the development, sale, and support of their products and services than the company has at its disposal. | |
State or federally chartered banks and other financial institutions for which benefits administration services are not a core business are direct competitors. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
BenefitWallet HSA portfolio | 2025 | **The deal was valued at $425.0 million with a mix of borrowings ($225.0 million) and cash, and involved acquiring approximately 616,000 HSAs and $2.7 billion in HSA assets. The acquisition also included the assumption of a contract with a depository partner leading to deferred revenue and capitalized transaction costs. ** |
Health Savings Administrators (HealthSavings) HSA portfolio | 2022 | **The acquisition was completed on March 2, 2022 for $60 million in cash and included approximately 87,000 HSAs and $1.3 billion in HSA assets, aligning with strategic portfolio expansion. ** |
No recent press releases or 8-K filings found for HQY.