Doximity Inc (DOCS) is fairly valued and Waystar Holding Corp (WAY) is slightly overvalued.
Against our estimates of intrinsic value, DOCS trades at the wider discount: a margin of safety of +0%, against -11% for WAY.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.8% (average of 3 methods) values the shares at $26.62; the price of $26.51 sits right on that value, and 72% of that value comes from beyond year five.
Leak Score 59/100 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 | DOCS | WAY |
|---|---|---|
| Verdict | Fairly valued | Slightly overvalued |
| Price | $26.51 | $25.63 |
| Intrinsic value | $26.62 | $22.99 |
| Margin of safety | +0% | -11% |
| Leak Score | 59/100 (3/12) | 14/100 (3/12) |
| Market cap | $4.7B | $4.9B |
| Revenue growth, 5 years | 25.5% | 17.4% |
| Operating margin | 30.6% | 25.4% |
| Net margin | 25.5% | 11.2% |
| Return on equity | 17.2% | 3.8% |
| Debt to equity | 0.01 | 0.37 |
| P/E | 31.4x | 36.5x |
| Forward P/E | 17.1x | 13.7x |
| P/B | 5.2x | 1.2x |