HQY
Healthequity Inc.
Is HQY Halal?
Health savings account administrator — permissible financial services.
What You Should Know
HealthEquity administers HSAs and health saving accounts. Core business of health financial administration is permissible. Its April 2026 Form 10-Q reports $3,306.186 million of assets, $942.656 million of debt, $265.369 million of cash, $122.003 million of receivables and $354.641 million of quarterly revenue. Debt/assets is 28.51%, liquidity/assets is 8.03%, receivables-plus-cash/assets is 11.72%, and disclosed interest income is 0.53%; custodial, interchange and HSA cash arrangements are not reduced to a universal prohibited-revenue numerator.
⚠️ Concerns
- •Minor interest income on deposits
- •Custodial revenue depends on partner yield arrangements
- •HSA cash, interchange and derivative structures require qualitative review
- •Debt/assets remains below the examined limits but needs periodic refresh
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-30; calculated 2026-07-14.
942.656 / 3,306.186
265.369 / 3,306.186
387.372 / 3,306.186
1.887 / 354.641
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 28.51%, liquidity/assets is 8.03%, receivables-plus-cash/assets is 11.72% and interest income/revenue is 0.53%; activity classification remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, liquidity and receivables-plus-cash ratios are below the examined MSCI total-assets limits; partner and custodial activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below the examined Malaysia limits; this is not an official SAC classification and activity remains incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A properly licensed and reproducible historical market-cap series is not stored.
Business-activity disclosure
HealthEquity administers health savings accounts and related service, custodial and interchange programs. Health-benefit administration is generally permissible, but the partner-deposit, custodial-yield and interchange structures need school- and contract-sensitive review.
Limitation: The filing disaggregates service, custodial and interchange revenue but does not provide a universal prohibited-revenue numerator for partner yield, card-network or deposit arrangements.
Purification
HealthEquity discloses $1.887 million of interest income, below the examined income threshold, but ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from HealthEquity's April 30, 2026 Form 10-Q.
- Long-term debt, net of issuance costs is $942.656 million; operating lease liabilities are excluded.
- Cash and cash equivalents are $265.369 million. The filing does not separately identify a balance-sheet pool of interest-bearing securities; partner-held HSA assets are not added to corporate assets.
- Accounts receivable, net is $122.003 million and total revenue is $354.641 million.
- Other income includes disclosed interest income of $1.887 million and $0.161 million of miscellaneous income.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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