COMPARE · Reviewed August 3, 2026
HQY vs WAY
Verdict: Side-by-side breakdown using the Bull Rankings model. HQY scored 67.6, WAY scored 58.9 — HQY leads.
Compare another set
HQY
HealthEquity, Inc.
67.6
$104.45 · $8.7B
fundamentals as of
Score gap
8.7
HQY leads
WAY
Waystar Holding Corp.
58.9
$23.40 · $4.5B
fundamentals as of
The model, pillar by pillar (0–100 each)
HQY
stronger →← stronger
WAY
70
Qualityreturns · margins · balance sheet
47
69
Growthrevenue & earnings expansion
95
64
Valuevaluation vs sector peers
45
HQY is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
HQY
WAY
$488mC
FCF
$246mC
+7.6%B
Rev
+19.2%B+
0.48B
D/E
0.37B
39.1xC+
P/E
33.4xC+
1.44B
PEG
1.96C+
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
HQY
WAY
7% below
Price vs fair valuelower is cheaper
0% above
~8%/yr
Growth the price implies10-yr FCF · lower = less priced in
~8%/yr
-8%
1-yr DCF upside
-12%
+8%
5-yr DCF upside
0%
+35%
10-yr DCF upside
+19%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
HQY
Why this score
- Buying back stock
WAY
Why this score
- Diluting shareholders
- Short track record
The companies
HQYHealthEquity, Inc.
Why now
Health Information Services · market cap $8.7b. Trading near 52-week high of $105.96 — momentum setup, limited technical margin of safety. 15 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $118.53 (implying +13% upside).
Moat
Net margin 17% beats the market median by a meaningful margin — the company is keeping more of every revenue dollar than the average S&P constituent. ROE 11% meets the long-run market sustainable threshold — solid but not differentiated; the durability comes from elsewhere. Free cash flow runs well ahead of reported net income — non-cash charges (depreciation, intangible amortization) are holding down GAAP earnings while cash generation stays strong.
Risk
Trading within 1% of the 52-week high — limited technical margin of safety; a momentum reversal would test conviction. Trailing P/E 39x sits well above the S&P median (~20x) — multiple compression is a real risk if revenue growth decelerates.
WAYWaystar Holding Corp.
Why now
Health Information Services · market cap $4.5b. Down 44% from 52-week high of $41.47 — deep drawdown territory. Revenue growing +19%, comfortably above the S&P median. 23 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $33.22 (implying +42% upside).
Moat
FCF converts 183% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Down 44% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Trailing P/E 33x sits well above the S&P median (~20x) — multiple compression is a real risk if revenue growth decelerates. ROE 3% is below the long-run sustainable threshold of ~10% — capital efficiency would need to improve for the equity base to compound at the market rate.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.