Healthequity Inc (HQY) is slightly overvalued and Veeva Systems Inc (VEEV) is overvalued.
Both trade above our estimate of their intrinsic value. HQY is the closer of the two: -18%, against -74% for VEEV.
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
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $149.85; the price of $260.91 is 74% above that value, and 74% of that value comes from beyond year five.
Leak Score 50/100 on 8 of 12 signals
| Metric | HQY | VEEV |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $91.75 | $260.91 |
| Intrinsic value | $77.73 | $149.85 |
| Margin of safety | -18% | -74% |
| Leak Score | 43/100 (3/12) | 50/100 (8/12) |
| Market cap | $7.6B | $42.2B |
| Revenue growth, 5 years | 12.4% | 16.9% |
| Operating margin | 26.1% | 29.9% |
| Net margin | 17.4% | 29.3% |
| Return on equity | 11.4% | 14.4% |
| Debt to equity | 0.49 | 0.02 |
| P/E | 33.1x | 42.9x |
| Forward P/E | 16.7x | 25.4x |
| P/B | 3.8x | 5.7x |