HealthEquity, Inc. (HQY) — ESG & Values Scores

Environment story

HealthEquity disclosed minimal environmental data in its 10-K filing. No Scope 1, 2, or 3 emissions metrics, net-zero targets, or decarbonization initiatives were disclosed. The company operates primarily as a financial services/technology platform for health savings accounts with remote workforce; direct operational emissions are likely low but unquantified. No material environmental controversies identified. The company's environmental footprint is indirect through its cloud infrastructure and member transaction processing, but no sustainability commitments or targets were disclosed. Absence of disclosure results in a cautious mid-range environmental score pending more comprehensive ESG reporting.

Criticisms on file

No material criticisms on file for this pillar.

Disclosed initiatives

Cloud-based technology delivery

HealthEquity operates proprietary cloud-based platforms hosted in third-party data centers with redundancy across multiple facilities. Infrastructure utilizes regional cloud failover and purpose-built facilities for mission-critical systems.

Potential for energy efficiency relative to on-premises alternatives, but no renewable energy commitments disclosed.
Remote workforce operations

Substantially all workforce works remotely, reducing facility-based operational emissions.

Reduces office footprint and associated facility emissions, but no quantified environmental benefit.

Social story

HealthEquity reported a 2,814-person workforce as of January 31, 2026 with a 25% total turnover rate and 10% voluntary turnover, indicating moderate retention challenges. The company explicitly addressed pay equity as a priority and described a structured Total Rewards package including base salary, incentive pay, stock-based compensation, and benefits. No CEO-to-median-worker pay ratio was disclosed, preventing direct assessment against the 200:1 threshold. Team member engagement score was 78% favorable (86% participation rate) as of October 2025. No documented union-suppression activities, strikes, or major labor controversies were identified in the filing. Leadership diversity metrics were not disclosed, making assessment against the 30% threshold impossible. The company reported early career internship programs, career development resources, and a Temporary On-Project Specialist program demonstrating talent development commitment. Supply-chain labor audits or human-rights certifications were not discussed. Overall score reflects positive pay equity focus and engagement initiatives offset by lack of diversity disclosure and moderate turnover.

Criticisms on file

No material criticisms on file for this pillar.

Disclosed initiatives

Pay equity program

Company explicitly prioritizes pay equity with annual market data review, performance-based compensation, transparent Total Rewards communication, and compliance with federal/state/local pay equity laws.

Demonstrates commitment to fair compensation, though no gender or racial pay gap percentages disclosed.
Team member engagement survey

Quarterly engagement surveys measuring whether team members recommend HealthEquity as great place to work, sense of accomplishment, and motivation to exceed expectations.

78% favorable, 15% neutral, 7% unfavorable engagement as of October 2025 (86% participation).
Career development programs

Early career internship program, 'Grow Your Career' resource library, Temporary On-Project Specialist (TOPS) program, broad leadership development program, annual company-wide learning series, and leadership summit.

Structured approach to talent development and internal mobility.
Talent acquisition framework

Hiring framework designed to improve candidate experience, ensure quality of hire, and meet/exceed industry and legal standards with focus on diversity of viewpoints and experiences.

Proactive hiring practices, though outcomes/diversity metrics not disclosed.

Governance story

HealthEquity disclosed limited governance detail in its 10-K. No explicit disclosure of board independence percentage, dual-class share structure, or annual lobbying expenditures was provided in the filing, preventing direct quantitative assessment against governance scoring thresholds. The company mentioned the Talent, Compensation and Culture Committee provides oversight on human capital matters and referenced SEC registration of its investment adviser subsidiary (HealthEquity Advisors, LLC) subject to Investment Advisers Act inspection. The company noted internal control evaluation and management review of control systems. No active antitrust proceedings, material SEC consent decrees, or significant regulatory fines were disclosed in the 10-K. The filing documented a 2024 data privacy incident involving a business partner's compromised user account, resulting in consolidated putative class-action lawsuits and regulatory inquiries; this incident does not constitute a formal enforcement action but represents a material cybersecurity governance issue. No shareholder proposals, activism, or governance controversies were described. The company's governance score reflects absence of disclosed major violations balanced against incomplete transparency on board structure and lobbying activity.

Criticisms on file

2024 data privacy incident and consolidated putative class-action litigation. Business partner user account containing personally identifiable information was breached, resulting in member exposure. Company subject to consolidated class-action lawsuits seeking unspecified damages and regulatory inquiries that may lead to fines or enforcement.
Source: HQY 10-K Filing (Item 1A Risk Factors, Data security and privacy sections) and Item 7 MD&A.
Ongoing cybersecurity threats including ransomware, credential stuffing, denial of service, and social engineering attacks. Significant increase in outside fraudulent member account activity in FY2025 and Q1 FY2026 resulted in material losses and reputational damage.
Source: HQY 10-K Filing (Item 1A Risk Factors, Cyber attacks and Fraudulent activity sections).

Disclosed initiatives

Internal control framework

Management reviews and updates systems of internal controls and procedures as appropriate; company acknowledges internal controls provide reasonable (not absolute) assurance of system objectives.

Standard governance practice; no material weaknesses or significant deficiencies disclosed for FY2026.
SEC investment adviser registration and oversight

HealthEquity Advisors, LLC is SEC-registered investment adviser subject to Investment Advisers Act compliance, periodic SEC inspections, fiduciary duties, disclosure obligations, recordkeeping, and anti-fraud prohibitions.

Demonstrates regulatory compliance in advisory services segment.
Privacy and data security governance

Company subject to GLBA, HIPAA, state privacy laws (including CCPA), and Investment Advisers Act. Maintains confidentiality agreements with team members and consultants.

Multi-layered regulatory compliance framework; however, 2024 data privacy breach indicates governance execution challenges.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of HealthEquity, Inc.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open HealthEquity, Inc. in the app for interactive charts and portfolio building.

More in Healthcare

Eli Lilly and Company (LLY) Johnson & Johnson (JNJ) AbbVie Inc. (ABBV) UnitedHealth Group Incorporated (UNH) Merck & Co., Inc. (MRK) Thermo Fisher Scientific Inc. (TMO)