HQY vs WAY: HealthEquity and Waystar Holding compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- HealthEquity is the larger company, worth $8.3B, about 1.6 times Waystar Holding.
- Waystar Holding grew revenue faster over the last year (+18.1% vs +7.6%).
- HealthEquity keeps more of each dollar of revenue as operating profit (25.8% vs 22.9%).
- On earnings, Waystar Holding is the cheaper stock (39.5x vs 40.1x).
- HealthEquity's price assumes faster free cash flow growth: about 5% a year, against 4% for Waystar Holding (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HQY | WAY |
|---|---|---|
| Market cap | $8.3B | $5.1B |
| Share price | $92.61 | $26.68 |
| Revenue (last fiscal year) | $1.3B | $1.1B |
| Free cash flow (last fiscal year) | $409M | $283M |
| Revenue growth, last year | +7.6% | +18.1% |
| Revenue growth per year, last 5 fiscal years | +14.8% | +16.0% |
| Operating margin | 25.8% | 22.9% |
| Net margin | 17.4% | 11.2% |
| Return on equity | 11.9% | 3.4% |
| P/E (trailing) | 40.1x | 39.5x |
| Price / free cash flow | 18.2x | 17.9x |
| EV / EBITDA | 17.3x | 15.6x |
| FCF growth the price implies | 5.2% | 3.6% |
| Dividend yield | — | — |
| Debt / equity | 0.64x | 0.47x |
| Fundamental grade | B | B |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
HealthEquity
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $757M | $69M | -3.2% |
| 2023 | $862M | $102M | 1.1% |
| 2024 | $1000M | $200M | 11.8% |
| 2025 | $1.2B | $287M | 13.5% |
| 2026 | $1.3B | $409M | 24.6% |
Waystar Holding
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $705M | $85M | 12.7% |
| 2023 | $791M | $30M | 18.0% |
| 2024 | $944M | $142M | 13.1% |
| 2025 | $1.1B | $283M | 22.7% |
Where the revenue comes from
HealthEquity · by products, 2026
Custodial$637M48%
Service$485M37%
Interchange$192M15%
Waystar Holding · by products, 2025
Subscription revenue$558M51%
Volume-based revenue$535M49%
Implementation services and other revenue$6M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HQY in InvestinglyQuestions
Which is bigger, HealthEquity or Waystar Holding?
HealthEquity (HQY), at $8.3B against $5.1B.
Is HQY or WAY cheaper?
By trailing P/E, Waystar Holding (39.5x) is cheaper than HealthEquity (40.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, HQY or WAY?
Waystar Holding: revenue grew +18.1% over the last year, against +7.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.