Tempus AI Inc (TEM) 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 -621% for TEM.
Values as of the 22 Sept 2026 close.
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
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 | TEM | WAY |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $77.19 | $25.63 |
| Intrinsic value | $10.71 | $22.99 |
| Margin of safety | -621% | -11% |
| Leak Score | 0/100 (2/12) | 14/100 (3/12) |
| Market cap | $13.9B | $4.9B |
| Revenue growth, 5 years | 46.6% | 17.4% |
| Operating margin | -18.9% | 25.4% |
| Net margin | -17.8% | 11.2% |
| Return on equity | -67.4% | 3.8% |
| Debt to equity | 3.25 | 0.37 |
| P/E | — | 36.5x |
| Forward P/E | 3051.0x | 13.7x |
| P/B | 31.2x | 1.2x |