HQY
HealthEquity, Inc.
HQY has the edge over NVO overall, supported by stronger fundamentals and stronger valuation.
NVO
Novo Nordisk A/S
NVO trails on the overall score without a compensating advantage in the available component scores.
HQY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
HQY's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
HQY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $103 | — |
| Current | 37x | $103 | — |
| Cheap | 41x | $112 | +9% |
| Fair | 87x | $242 | +135% |
| Expensive | 1,293x | $3,580 | +3374% |
Historical ranges are pointers, not guarantees.
HQY's PE is in its cheap range at 37x. If earnings grow as analysts expect, today's price would be 20x next year's earnings.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over HQY in the historical PE scenario, which offers more potential upside but is not a forecast.
HQY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
HQY has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
HQY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.23 | +89% |
| Q3 2026 | $2.77 | +68% |
| Q2 2026 | $2.67 | +95% |
| Q1 2026 | $2.46 | +126% |
| Q4 2025 | $2.18 | +100% |
| Q3 2025 | $1.65 | +38% |
| Q2 2025 | $1.37 | +49% |
| Q1 2025 | $1.09 | +70% |
| Q4 2024 | $1.09 | +221% |
HQY has the edge over NVO on earnings, with stronger typical year-over-year growth.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
HQY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $350.7M | +7.6% |
| Q2 2026 | $354.6M | +7.2% |
| Q1 2026 | $334.6M | +7.3% |
| Q4 2025 | $322.2M | +7.2% |
| Q3 2025 | $325.8M | +8.6% |
| Q2 2025 | $330.8M | +15% |
| Q1 2025 | $311.8M | +19% |
| Q4 2024 | $300.4M | +21% |
HQY's revenue has grown year over year for 21 quarters in a row: $351M last quarter, up 7.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 28% | +0.6 points |
| Q2 2026 | 29% | +3.9 points |
| Q1 2026 | 21% | +7.7 points |
| Q4 2025 | 24% | +18 points |
| Q3 2025 | 28% | +7.9 points |
| Q2 2025 | 25% | +11 points |
| Q1 2025 | 14% | -1.3 points |
| Q4 2024 | 6.5% | -5.9 points |
HQY's operating margin was 28% last quarter, up 0.6 points from the same quarter a year ago, near the top of its range since 2019.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over HQY on profitability, with a higher operating margin.
HQY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $135.2M | +0.1% |
| Q2 2026 | $97.2M | +50% |
| Q1 2026 | $117.6M | +56% |
| Q4 2025 | $137.8M | +53% |
| Q3 2025 | $135.1M | +26% |
| Q2 2025 | $64.7M | -0.1% |
| Q1 2025 | $75.4M | -1.4% |
| Q4 2024 | $90.3M | +60% |
HQY has the edge over NVO on cash flow, with more consistent year-over-year improvement.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
HQY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -992K shares |
| 1 year | -4.3% | -3.7M shares |
| 3 years | -2.7% | -2.3M shares |
| 5 years | +0.6% | +533K shares |
| Available history | +19% | +13.5M shares |
HQY has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $107.7M |
| Q2 2026 | $123.3M |
| Q1 2026 | $81M |
| Q4 2025 | $92.4M |
| Q3 2025 | $66.7M |
| Q2 2025 | $59.1M |
| Q1 2025 | $63M |
HQY spent $404M buying back its own shares over the past year.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
HQY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 1.4x | Healthy |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.8x | Healthy |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.4x | Moderate |
HQY's net debt is about 1.3 years of its operating earnings (EBITDA), down from 1.8 years a year ago.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over HQY on leverage, with a lower net debt burden relative to earnings.
HQY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.9 | Neutral |
| Stochastic | 73.0 | Neutral |
HQY's weekly RSI is 60 (neutral) and its Stochastic is 73 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
HQY PE vs Healthcare Sector
| Metric | HQY | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 26x | 44% above |
| PE % | 13 | 29 | 16 pts below |
HQY is trading at 37x earnings, a 44% premium to the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over HQY on valuation relative to its sector.
HQY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $97.0 | 6.2% above |
| 20 week MA | $97.9 | 5.3% above |
| 50 week MA | $90.3 | 14% above |
| 100 week MA | $93.5 | 10% above |
| 200 week MA | $83.2 | 24% above |
HQY has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
HQY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.0 | $68.3 | -7.7% |
| 2021 | $68.3 | $44.9 | -34% |
| 2022 | $44.9 | $61.6 | +37% |
| 2023 | $61.6 | $66.3 | +7.6% |
| 2024 | $66.3 | $96.3 | +45% |
| 2025 | $96.3 | $93.5 | -2.9% |
| 2026 YTD | $93.5 | $103.1 | +10% |
HQY has the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.