Veeva Systems Inc (VEEV) 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 -74% for VEEV.
Values as of the 22 Sept 2026 close.
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
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 | VEEV | WAY |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $260.91 | $25.63 |
| Intrinsic value | $149.85 | $22.99 |
| Margin of safety | -74% | -11% |
| Leak Score | 50/100 (8/12) | 14/100 (3/12) |
| Market cap | $42.2B | $4.9B |
| Revenue growth, 5 years | 16.9% | 17.4% |
| Operating margin | 29.9% | 25.4% |
| Net margin | 29.3% | 11.2% |
| Return on equity | 14.4% | 3.8% |
| Debt to equity | 0.02 | 0.37 |
| P/E | 42.9x | 36.5x |
| Forward P/E | 25.4x | 13.7x |
| P/B | 5.7x | 1.2x |