COMPARE · Data as of August 21, 2026
HQY vs WAY
Verdict: Side-by-side breakdown using the Bull Rankings model. HQY scored 66.5, WAY scored 52.9 — HQY leads.
Compare another set
HQY
HealthEquity, Inc.
66.5
$105.41 · $8.8B
fundamentals as of
Score gap
13.6
HQY leads
WAY
Waystar Holding Corp.
52.9
$25.01 · $4.8B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
- CheapestWAY35.7x
- Fastest growthWAY+19.2%
- Strongest balance sheetWAY0.37
- Highest qualityHQY71 / 100
- Largest discount to fair valueHQY-6%
Side by side · every name on one set of axes
Growth against the P/E multiple. Up and to the right is cheaper and faster — the quality-growth idea in one picture. Points beyond the axis are pinned to the edge and marked off-scale rather than allowed to compress everything else.
The model, pillar by pillar (0–100 each)
HQY
stronger →← stronger
WAY
71
Qualityreturns · margins · balance sheet
47
62
Growthrevenue & earnings expansion
88
67
Valuevaluation vs sector peers
35
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
39.5xC+
P/E
35.7xC+
1.35B
PEG
2.85C
Winner per row is the stronger grade; where grades tie, the better figure breaks it. A true tie or a missing value shows no highlight.
Valuation · DCF cross-check
HQY
WAY
6% below
Price vs fair valuelower is cheaper
7% above
~8%/yr
Growth the price implies10-yr FCF · lower = less priced in
~10%/yr
-9%
1-yr DCF upside
-17%
+7%
5-yr DCF upside
-7%
+34%
10-yr DCF upside
+11%
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 $8.8b. Trading near 52-week high of $107.62 — 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 +12% 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 2% 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 $4.8b. Down 40% 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 $33.17 (implying +33% 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 40% 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 36x 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.
Where HQY and WAY diverge
On the headline score the gap is 13.6 points in favor of HQY. They get there differently, though — each leads on a different pillar, so the better pick depends on which you weight.
- ValueHQY 66.9 · WAY 35.5HQY +31.4
- GrowthHQY 62.3 · WAY 87.7WAY +25.4
- QualityHQY 70.6 · WAY 47.4HQY +23.2
Pillars run 0–100 against sector peers, so a score is a statement about a company relative to its own industry rather than to the other name here. A wide Value gap usually means the market already prices the difference in quality or growth — which is the trade-off this comparison comes down to.