BrightSpring Health Services Inc (BTSG) is overvalued and Waystar Holding Corp (WAY) is slightly overvalued.
Both trade above our estimate of their intrinsic value. WAY is the closer of the two: -11%, against -81% for BTSG.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.7% (average of 3 methods) values the shares at $31.17; the price of $56.55 is 81% above that value, and 69% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 8.7% (average of 3 methods) values the shares at $22.99; the price of $25.63 is 11% above that value, and 78% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | BTSG | WAY |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $56.55 | $25.63 |
| Intrinsic value | $31.17 | $22.99 |
| Margin of safety | -81% | -11% |
| Leak Score | 14/100 (3/12) | 14/100 (3/12) |
| Market cap | $11.2B | $4.9B |
| Revenue growth, 5 years | 18.3% | 17.4% |
| Operating margin | 3.7% | 25.4% |
| Net margin | 2.0% | 11.2% |
| Return on equity | 13.1% | 3.8% |
| Debt to equity | 1.17 | 0.37 |
| P/E | 42.2x | 36.5x |
| Forward P/E | 24.5x | 13.7x |
| P/B | 5.5x | 1.2x |