WAY WAY

Name: WAY Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored April 7, 2026

Price at analysis: $23.34

Crucible Score

60.5

C+

Quality × Value Composite

KQI — Quality

62.7

C+

Fundamental Quality Index

KVI — Value

57.9

Valuation Attractiveness Index

Crucible Verdict — WAY

WAY earns a middling C+ score despite strong growth metrics (78) and solid market position (75), weighed down by catastrophically poor diversification (14) and weak management effectiveness (51). The stock trades at a 9% discount to fair value with insiders actively buying and a solid 71% earnings beat rate. Risk concentration remains the primary concern for any sustained outperformance.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

64.8

Growth Profile⚠

78.3

Moat Durability

68.8

Management Effectiveness⚠

51.2

Diversification & Resilience

13.8

Market Position

75.0

Weakest dimension: Diversification & Resilience (13.8)

◆ KVI Value Dimensions

DCF Margin of Safety

56.1

FCF Yield & Cash Returns

61.4

Relative Valuation

53.3

Growth-Adjusted Value

41.8

Historical Valuation

90.5

Macro Context

54.6

◆ DCF Valuation Scenarios

Bear Case

$15.82

Base Case

$25.47

Bull Case

$38.91

Price at Analysis

$23.34

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$15.82	8.0%	22.0%	9.2%
🟢 Base	$25.47	12.0%	25.0%	8.7%
🟢 Bull	$38.91	15.0%	28.0%	8.2%

Key Assumptions: Revenue grew from $579M to $1099M over 5 years (~14% CAGR) with operating margins expanding from 10.4% to 24.2%, reflecting strong organic growth and operating leverage in IT services. Base case assumes moderation to 12% revenue CAGR as the business scales, with operating margins stabilizing around 25%. Net debt of ~$1.44B is significant relative to equity and weighs on per-share fair value; D&A is expected to decline as a percentage of revenue as legacy amortization rolls off, improving FCF conversion.

◆ Financial Snapshot

Profitability

Gross Margin64.6%

Operating Margin24.2%

Net Margin10.2%

ROIC2.9%

ROE-100.0%

Balance Sheet

Balance SheetCR: 1.41

Cash ConversionFCF/EPS: 2.51x

Capital IntensityCapex/Rev: 2.4%

Altman Z-Score1.64 (Distress)

Piotroski F-Score5/9 (Mixed)

Growth

Revenue CAGR17.4% CAGR

Earnings CAGR47.8% CAGR

Growth ConsistencyCV: 0.20

Segment BreadthInsufficient segments

Quarterly TrendRev∆, Margin↘, WC↓, Exp↓

Earnings CredibilityTends to Beat

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership4.1%

Compensation96% performance-based

Insider ActivityBuying

Capital AllocationROIC 2.9% vs WACC 4.2%

Earnings Beat Rate71% (10/14)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 7, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.