Is EVH or HQY more undervalued in 2026?

CirclFi compares Evolent Health, Inc (EVH) and HealthEquity, Inc. (HQY) using 13 institutional-grade valuation models. EVH has a Quality of Company score of 4.5/10 while HQY scores 9.8/10.

Which is a better buy — EVH or HQY?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do EVH and HQY valuations compare?

EVH at $3.90 and HQY at $90.52 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

EVH vs HQY Valuation Comparison 2026 — Intrinsic Value Analysis

EVH

Health Information Services

Evolent Health, Inc

Quality

4.5

out of 10

Value Trap

SAFE

Price

$3.90

Last close

Models

10/13

Active

HQY

Health Information Services

HealthEquity, Inc.

Quality

9.8

out of 10

Value Trap

SAFE

Price

$90.52

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	EVH Fair Value	EVH Upside	HQY Fair Value	HQY Upside
Bayesian DCF	Intrinsic	—	—	$58.07	-35.8%
Earnings Power Value	Intrinsic	—	—	$43.18	-52.3%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$3.90	-0.1%	$97.82	+8.1%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$11.85	+209.8%	$111.01	+22.6%

🔒

Unlock Full 13-Model Comparison

Access all valuation models for EVH vs HQY — including EROIC Spread, First Chicago, Markov DDM, PWERM, and 7 more.

Access Full Analysis — From $27/mo →

EVH vs HQY — Which Stock Is More Undervalued?

HQY scores higher with a 9.8/10 quality rating vs EVH's 4.5/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Evolent Health, Inc (EVH) and HealthEquity, Inc. (HQY) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

EVH currently trades at $3.90 with a QOC of 4.5/10, while HQY trades at $90.52 with a QOC of 9.8/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).