Healthequity Inc (HQY) is slightly 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 -18% for HQY.
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 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 | HQY | WAY |
|---|---|---|
| Verdict | Slightly overvalued | Slightly overvalued |
| Price | $91.75 | $25.63 |
| Intrinsic value | $77.73 | $22.99 |
| Margin of safety | -18% | -11% |
| Leak Score | 43/100 (3/12) | 14/100 (3/12) |
| Market cap | $7.6B | $4.9B |
| Revenue growth, 5 years | 12.4% | 17.4% |
| Operating margin | 26.1% | 25.4% |
| Net margin | 17.4% | 11.2% |
| Return on equity | 11.4% | 3.8% |
| Debt to equity | 0.49 | 0.37 |
| P/E | 33.1x | 36.5x |
| Forward P/E | 16.7x | 13.7x |
| P/B | 3.8x | 1.2x |