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Paymentus Holdings vs Healthequity: PAY and HQY compared
Paymentus Holdings is the larger company: $372M of revenue in its latest quarter (Q3 2026) against $351M for Healthequity (Q2 FY27). Paymentus Holdings is growing faster (+20% against +8% a year earlier). Healthequity is more profitable, with an operating margin of 28.1% against 9.0%.
Where the money goes: PAY and HQY
Paymentus Holdings (PAY) · Q3 2026
Paymentus Holdings, Q3 2026: revenue $372M (+20% year over year), operating margin 9.0%, net earnings $27.5M, operating cash flow $43.6M. The chart follows the revenue to costs, profit and cash.
Healthequity (HQY) · Q2 FY27
Healthequity, Q2 FY27: revenue $351M (+8% year over year), operating margin 28.1%, net earnings $65.6M, operating cash flow $136M. The chart follows the revenue to costs, profit and cash.
| Paymentus Holdings (PAY) | Healthequity (HQY) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $372M | $351M |
| Revenue growth, Y/Y | +20% | +8% |
| Gross margin | 25.2% | 73.5% |
| Operating margin | 9.0% | 28.1% |
| Net earnings | $27.5M | $65.6M |
| Net margin | 7.4% | 18.7% |
| Operating cash flow | $43.6M | $136M |
| Free cash flow | $34.0M | $135M |
| Market value | $4.4B | $8.7B |
| P/E | 45.8× | 36.8× |
| Analysts’ mean target | $41.17 | $120.67 |
Where the revenue comes from
Paymentus Holdings
- Payment Transaction Processing Revenue: $370M (99%)
- Other: $2.4M (1%)
Healthequity
- Custodial revenue: $176M (50%)
- Service revenue: $124M (35%)
- Interchange revenue: $50.4M (14%)
Questions
Which is bigger, Paymentus Holdings or Healthequity?
Paymentus Holdings is the larger company: $372M of revenue in its latest quarter (Q3 2026) against $351M for Healthequity (Q2 FY27).
Is Paymentus Holdings or Healthequity growing faster?
Paymentus Holdings is growing faster (+20% against +8% a year earlier).
Which is more profitable, Paymentus Holdings or Healthequity?
Healthequity is more profitable, with an operating margin of 28.1% against 9.0%.
More: Paymentus Holdings earnings · how Paymentus Holdings makes money · Healthequity earnings · how Healthequity makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Aug 27, 2026). Fiscal quarters can end on different dates. Not investment advice.