HealthEquity, Inc. provides technology-enabled services platforms to consumers and employers in the United States. It provides health savings accounts; investment platform; and online-only automated investment advisory services through Advisor, a Web-based tool. The company also offers flexible spending accounts for health and dependent care; health reimbursement arrangements; and Consolidated Omnibus Budget Reconciliation Act continuation services, as well as administers pre-tax …
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Competitive advantage assessment
Key strengths
Margins Consistently Above PeersGross margin at 69.5% (top 16%) and operating margin at 24.6% (top 5%) indicate strong pricing power.
Margins Stable Across CyclesOperating margin volatility is low (stability score 0.72), demonstrating pricing resilience across cycles.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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HealthEquity, Inc. ranks #3 of 68
scored companies in Health Information Services by moat score — the top 4%.
The widest moat in the group is Veeva Systems Inc. (VEEV)
at 88/100.
Moat scores for companies ranked near HQY in Health Information Services
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 95
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 90
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 78
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 74
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 84
· 15% of the moat score
Scale matters only when it converts into economics.
HealthEquity, Inc. (HQY) scores 83 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #3 of 68 scored companies in Health Information Services, the top 4%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Health Information Services. Its strongest defense is Cost Advantage (95/100) and its weakest is Resilience (74/100).
How does HealthEquity, Inc. compare with other Health Information Services companies?
HealthEquity, Inc. ranks #3 of 68 scored companies in Health Information Services by moat score. The widest moat in Health Information Services is Veeva Systems Inc. (VEEV) at 88/100. The companies ranked closest are Doximity, Inc. (DOCS) at 86 just above it and Spok Holdings, Inc. (SPOK) at 79 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Health Information Services. The defenses are then weighted to produce the overall score out of 100.
Why is HealthEquity, Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for HealthEquity, Inc.?
The Corporate Default template measures 6 defenses, and HQY scores: Pricing Power (83), Cost Advantage (95), Customer Stickiness (90), Capital Efficiency (78), Resilience (74), Scale & Market Position (84). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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