HQY
HealthEquity, Inc.
HQY has the edge over OSCR overall, supported by lower modeled downside and stronger valuation.
OSCR
Oscar Health, Inc.
OSCR offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
HQY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
HQY's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
OSCR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Strong |
OSCR's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
OSCR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $31.94 | — |
| Current | 13x | $31.94 | — |
| Cheap | 21x | $52.73 | +65% |
| Fair | 35x | $87.23 | +173% |
| Expensive | 130x | $322 | +907% |
Historical ranges are pointers, not guarantees.
OSCR 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 |
Analysts expect earnings and revenue growth for HQY, with profitability improving.
OSCR Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for OSCR, with profitability improving.
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 OSCR on earnings, with more consistent year-over-year improvement.
OSCR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.61 | +5.6% |
| Q3 2026 | $2.47 | +$3.47 |
| Q2 2026 | $1.45 | +$2.14 |
| Q1 2026 | -$0.54 | -235% |
| Q4 2025 | -$1.69 | -1790% |
| Q3 2025 | -$1.00 | -$0.92 |
| Q2 2025 | -$0.69 | -$0.54 |
| Q1 2025 | $0.40 | +$0.82 |
| Q4 2024 | $0.10 | +$1.32 |
OSCR has returned to profit: it earned $2.47 per share over the past year, after losing money the year before.
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 has the edge over OSCR on profitability, with a higher operating margin.
OSCR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.1B | +72% |
| Q2 2026 | $4.9B | +70% |
| Q1 2026 | $4.6B | +53% |
| Q4 2025 | $2.8B | +17% |
| Q3 2025 | $3B | +23% |
| Q2 2025 | $2.9B | +29% |
| Q1 2025 | $3B | +42% |
| Q4 2024 | $2.4B | +67% |
OSCR has the edge over HQY on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.5% | +7.8 points |
| Q2 2026 | 8% | +16 points |
| Q1 2026 | 15% | +5.4 points |
| Q4 2025 | -12% | -5.7 points |
| Q3 2025 | -4.3% | -2.3 points |
| Q2 2025 | -8.1% | -11 points |
| Q1 2025 | 9.8% | +1.1 points |
| Q4 2024 | -6.2% | +4 points |
OSCR's operating margin was 3.5% last quarter, up 7.8 points from the same quarter a year ago.
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's free cash flow has been positive every quarter for seven years: $488M over the past year, up 33% from the year before.
OSCR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.2B | -$238.2M |
| Q2 2026 | $2.1B | +316% |
| Q1 2026 | $2.6B | +200% |
| Q4 2025 | $662.8M | +95% |
| Q3 2025 | -$973.7M | -$466M |
| Q2 2025 | $499.8M | +2.1% |
| Q1 2025 | $869.5M | +38% |
| Q4 2024 | $340M | +17% |
OSCR usually generates cash, though not every quarter: the latest was −$1.2B, but it generated $4.1B 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 OSCR 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.
OSCR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.9% | +13M shares |
| 1 year | +34% | +87.2M shares |
| 3 years | +55% | +123M shares |
| 5 years | +66% | +138M shares |
| Available history | +71% | +143M shares |
OSCR has 346M diluted shares, up 34% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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.
OSCR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.2x | Net Cash |
| Q2 2026 | -5.5x | Net Cash |
| Q1 2026 | -110.0x | Net Cash |
| Q1 2025 | -9.7x | Net Cash |
| Q4 2024 | -13.7x | Net Cash |
| Q3 2024 | -10.1x | Net Cash |
| Q2 2024 | -24.0x | Net Cash |
| Q1 2024 | -217.7x | Net Cash |
OSCR 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).
OSCR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.7 | Neutral |
| Stochastic | 44.9 | Neutral |
OSCR's weekly RSI is 59 (neutral) and its Stochastic is 45 (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.
OSCR PE vs Healthcare Sector
| Metric | OSCR | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 50% below |
| PE % | 3 | 35 | 32 pts below |
OSCR 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 is in an uptrend: it's above all five of its weekly moving averages, and 24% above its 200-week average.
OSCR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $31.2 | 2.3% above |
| 20 week MA | $31.1 | 2.8% above |
| 50 week MA | $22.9 | 39% above |
| 100 week MA | $19.3 | 65% above |
| 200 week MA | $15.5 | 106% above |
OSCR is in an uptrend: it's above all five of its weekly moving averages, and 106% above 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 finished lower in three of the last six years. It's up 10% so far in 2026.
OSCR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $31.0 | $8.02 | -74% |
| 2022 | $8.02 | $2.21 | -72% |
| 2023 | $2.21 | $9.15 | +314% |
| 2024 | $9.15 | $13.8 | +51% |
| 2025 | $13.8 | $14.9 | +8% |
| 2026 YTD | $14.9 | $31.9 | +114% |
OSCR has the edge over HQY on returns for 2026, with the stronger performance.