WallStSmart

HealthEquity Inc (HQY)vsNational Research Corp (NRC)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

HealthEquity Inc generates 865% more annual revenue ($1.34B vs $138.64M). HQY leads profitability with a 17.2% profit margin vs 6.5%. HQY appears more attractively valued with a PEG of 1.27. HQY earns a higher WallStSmart Score of 66/100 (B-).

HQY

Strong Buy

66

out of 100

Grade: B-

Growth: 8.0Profit: 7.5Value: 6.7Quality: 7.8
Piotroski: 7/9

NRC

Hold

48

out of 100

Grade: D+

Growth: 2.7Profit: 7.5Value: 6.7Quality: 3.0
Piotroski: 3/9Altman Z: 1.32
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

HQYUndervalued (+49.2%)

Margin of Safety

+49.2%

Fair Value

$151.32

Current Price

$88.67

$62.65 discount

UndervaluedFair: $151.32Overvalued
NRCUndervalued (+50.5%)

Margin of Safety

+50.5%

Fair Value

$27.80

Current Price

$19.75

$8.05 discount

UndervaluedFair: $27.80Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

HQY2 strengths · Avg: 8.0/10
Operating MarginProfitability
29.3%8/10

Strong operational efficiency at 29.3%

EPS GrowthGrowth
34.4%8/10

Earnings expanding 34.4% YoY

NRC1 strengths · Avg: 10.0/10
Return on EquityProfitability
66.9%10/10

Every $100 of equity generates 67 in profit

Areas to Watch

HQY1 concerns · Avg: 4.0/10
P/E RatioValuation
33.1x4/10

Premium valuation, high expectations priced in

NRC4 concerns · Avg: 3.3/10
Revenue GrowthGrowth
3.7%4/10

3.7% revenue growth

Market CapQuality
$431.35M3/10

Smaller company, higher risk/reward

Profit MarginProfitability
6.5%3/10

6.5% margin — thin

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Comparative Analysis Report

WallStSmart Research

Bull Case : HQY

The strongest argument for HQY centers on Operating Margin, EPS Growth. Profitability is solid with margins at 17.2% and operating margin at 29.3%. PEG of 1.27 suggests the stock is reasonably priced for its growth.

Bull Case : NRC

The strongest argument for NRC centers on Return on Equity. PEG of 1.32 suggests the stock is reasonably priced for its growth.

Bear Case : HQY

The primary concerns for HQY are P/E Ratio.

Bear Case : NRC

The primary concerns for NRC are Revenue Growth, Market Cap, Profit Margin. A P/E of 49.1x leaves little room for execution misses. Debt-to-equity of 5.78 is elevated, increasing financial risk.

Key Dynamics to Monitor

HQY profiles as a mature stock while NRC is a value play — different risk/reward profiles.

NRC carries more volatility with a beta of 0.40 — expect wider price swings.

HQY is growing revenue faster at 7.2% — sustainability is the question.

HQY generates stronger free cash flow (97M), providing more financial flexibility.

Bottom Line

HQY scores higher overall (66/100 vs 48/100), backed by strong 17.2% margins. NRC offers better value entry with a 50.5% margin of safety. Both earn "Strong Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

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

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.

National Research Corp

HEALTHCARE · HEALTH INFORMATION SERVICES · USA

National Research Corporation provides analytics and information that make it easy to measure and improve the patient and employee experience in the United States and Canada. The company is headquartered in Lincoln, Nebraska.

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