Healthequity Inc (HQY) is slightly overvalued and Tempus AI Inc (TEM) is overvalued.
Both trade above our estimate of their intrinsic value. HQY is the closer of the two: -18%, against -621% for TEM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.1% (average of 3 methods) values the shares at $77.73; the price of $91.75 is 18% above that value, and 83% of that value comes from beyond year five.
Leak Score 43/100 on 3 of 12 signals
A 1.8x revenue multiple, discounted for its losses, values the shares at $10.71; the price of $77.19 is 621% above that value.
Leak Score 0/100 on 2 of 12 signals
| Metric | HQY | TEM |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $91.75 | $77.19 |
| Intrinsic value | $77.73 | $10.71 |
| Margin of safety | -18% | -621% |
| Leak Score | 43/100 (3/12) | 0/100 (2/12) |
| Market cap | $7.6B | $13.9B |
| Revenue growth, 5 years | 12.4% | 46.6% |
| Operating margin | 26.1% | -18.9% |
| Net margin | 17.4% | -17.8% |
| Return on equity | 11.4% | -67.4% |
| Debt to equity | 0.49 | 3.25 |
| P/E | 33.1x | — |
| Forward P/E | 16.7x | 3051.0x |
| P/B | 3.8x | 31.2x |