WallStSmart

BrightSpring Health Services, Inc. Common Stock (BTSG)vsWaystar Holding Corp. Common Stock (WAY)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

BrightSpring Health Services, Inc. Common Stock generates 1080% more annual revenue ($13.65B vs $1.16B). WAY leads profitability with a 10.9% profit margin vs 2.3%. WAY trades at a lower P/E of 31.3x. WAY earns a higher WallStSmart Score of 63/100 (C+).

BTSG

Buy

53

out of 100

Grade: C-

Growth: 8.7Profit: 5.0Value: 5.7Quality: 6.0
Piotroski: 5/9Altman Z: 2.68

WAY

Buy

63

out of 100

Grade: C+

Growth: 8.7Profit: 6.5Value: 5.0Quality: 6.0
Piotroski: 2/9Altman Z: 1.55
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BTSGUndervalued (+86.8%)

Margin of Safety

+86.8%

Fair Value

$303.06

Current Price

$52.74

$250.32 discount

UndervaluedFair: $303.06Overvalued
WAYUndervalued (+8.3%)

Margin of Safety

+8.3%

Fair Value

$25.87

Current Price

$19.90

$5.97 discount

UndervaluedFair: $25.87Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BTSG2 strengths · Avg: 9.0/10
EPS GrowthGrowth
359.8%10/10

Earnings expanding 359.8% YoY

Revenue GrowthGrowth
25.6%8/10

Revenue surging 25.6% year-over-year

WAY5 strengths · Avg: 8.8/10
Price/BookValuation
1.0x10/10

Reasonable price relative to book value

Debt/EquityHealth
0.0110/10

Conservative balance sheet, low leverage

Operating MarginProfitability
25.6%8/10

Strong operational efficiency at 25.6%

Revenue GrowthGrowth
22.4%8/10

Revenue surging 22.4% year-over-year

EPS GrowthGrowth
37.5%8/10

Earnings expanding 37.5% YoY

Areas to Watch

BTSG4 concerns · Avg: 2.8/10
Profit MarginProfitability
2.3%3/10

2.3% margin — thin

Operating MarginProfitability
3.4%3/10

Operating margin of 3.4%

Debt/EquityHealth
1.483/10

Elevated debt levels

P/E RatioValuation
109.5x2/10

Premium valuation, high expectations priced in

WAY4 concerns · Avg: 3.5/10
P/E RatioValuation
31.3x4/10

Premium valuation, high expectations priced in

Altman Z-ScoreHealth
1.554/10

Distress zone — elevated risk

Return on EquityProfitability
3.6%3/10

ROE of 3.6% — below average capital efficiency

Piotroski F-ScoreQuality
2/93/10

Weak financial health signals

Comparative Analysis Report

WallStSmart Research

Bull Case : BTSG

The strongest argument for BTSG centers on EPS Growth, Revenue Growth. Revenue growth of 25.6% demonstrates continued momentum.

Bull Case : WAY

The strongest argument for WAY centers on Price/Book, Debt/Equity, Operating Margin. Revenue growth of 22.4% demonstrates continued momentum.

Bear Case : BTSG

The primary concerns for BTSG are Profit Margin, Operating Margin, Debt/Equity. A P/E of 109.5x leaves little room for execution misses. Thin 2.3% margins leave little buffer for downturns.

Bear Case : WAY

The primary concerns for WAY are P/E Ratio, Altman Z-Score, Return on Equity.

Key Dynamics to Monitor

BTSG is growing revenue faster at 25.6% — sustainability is the question.

BTSG generates stronger free cash flow (101M), providing more financial flexibility.

Monitor HEALTH INFORMATION SERVICES industry trends, competitive dynamics, and regulatory changes.

Bottom Line

WAY scores higher overall (63/100 vs 53/100) and 22.4% revenue growth. BTSG offers better value entry with a 86.8% margin of safety. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

BrightSpring Health Services, Inc. Common Stock

HEALTHCARE · HEALTH INFORMATION SERVICES · USA

BrightSpring Health Services, Inc. (BTSG) is a prominent provider of home and community-based health services, dedicated to addressing the complex needs of a varied patient population, including those with intellectual and developmental disabilities and individuals requiring rehabilitation. The company focuses on delivering personalized care solutions facilitated by a skilled workforce, which enhances patient outcomes and quality of life. With its strategic investments in innovative technology and a firm commitment to quality, BrightSpring is well-equipped to excel in the expanding value-based care market and to effectively navigate the evolving healthcare landscape.

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Waystar Holding Corp. Common Stock

HEALTHCARE · HEALTH INFORMATION SERVICES · USA

Waystar Holding Corp. The company is headquartered in Lehi, Utah.

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