WallStSmart

Carlsmed, Inc. Common Stock (CARL)vsHealthEquity Inc (HQY)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

HealthEquity Inc generates 2835% more annual revenue ($1.31B vs $44.75M). HQY leads profitability with a 16.4% profit margin vs -57.5%. HQY earns a higher WallStSmart Score of 68/100 (B-).

CARL

Avoid

31

out of 100

Grade: F

Growth: 8.0Profit: 3.0Value: 5.0Quality: 5.0

HQY

Strong Buy

68

out of 100

Grade: B-

Growth: 8.0Profit: 7.0Value: 10.0Quality: 6.5
Piotroski: 4/9
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for CARL.

HQYUndervalued (+33.2%)

Margin of Safety

+33.2%

Fair Value

$115.13

Current Price

$82.47

$32.66 discount

UndervaluedFair: $115.13Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

CARL2 strengths · Avg: 9.0/10
Revenue GrowthGrowth
98.4%10/10

Revenue surging 98.4% year-over-year

Price/BookValuation
2.5x8/10

Reasonable price relative to book value

HQY3 strengths · Avg: 8.7/10
EPS GrowthGrowth
92.4%10/10

Earnings expanding 92.4% YoY

PEG RatioValuation
0.898/10

Growing faster than its price suggests

Operating MarginProfitability
21.6%8/10

Strong operational efficiency at 21.6%

Areas to Watch

CARL4 concerns · Avg: 3.0/10
EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Market CapQuality
$335.19M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
0.0%3/10

ROE of 0.0% — below average capital efficiency

Free Cash FlowQuality
$-5.81M2/10

Negative free cash flow — burning cash

HQY1 concerns · Avg: 4.0/10
P/E RatioValuation
33.4x4/10

Premium valuation, high expectations priced in

Comparative Analysis Report

WallStSmart Research

Bull Case : CARL

The strongest argument for CARL centers on Revenue Growth, Price/Book. Revenue growth of 98.4% demonstrates continued momentum.

Bull Case : HQY

The strongest argument for HQY centers on EPS Growth, PEG Ratio, Operating Margin. Profitability is solid with margins at 16.4% and operating margin at 21.6%. PEG of 0.89 suggests the stock is reasonably priced for its growth.

Bear Case : CARL

The primary concerns for CARL are EPS Growth, Market Cap, Return on Equity.

Bear Case : HQY

The primary concerns for HQY are P/E Ratio.

Key Dynamics to Monitor

CARL profiles as a hypergrowth stock while HQY is a mature play — different risk/reward profiles.

CARL is growing revenue faster at 98.4% — sustainability is the question.

HQY generates stronger free cash flow (102M), providing more financial flexibility.

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

Bottom Line

HQY scores higher overall (68/100 vs 31/100), backed by strong 16.4% margins. Both earn "Strong Buy" and "Avoid" ratings respectively — the choice depends on your investment horizon and risk tolerance.

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

Carlsmed, Inc. Common Stock

HEALTHCARE · HEALTH INFORMATION SERVICES · USA

Carlsmed, Inc. develops and operates a surgical platform for the treatment of complex adult spinal deformities that enables surgeons to harness clinical intelligence, advanced image recognition, and 3D printing technologies. The company is headquartered in Carlsbad, California.

HealthEquity Inc

HEALTHCARE · HEALTH INFORMATION SERVICES · USA

HealthEquity, Inc. provides technology-enabled service platforms to consumers and employers in the United States. The company is headquartered in Draper, Utah.

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