Eqvista's job is an audit-ready 409(a) from NACVA-certified analysts (from $990) plus cap-table management. If that's the job you have, compare them on price, turnaround, and cap-table fit. If your actual job is 'roughly what is my company worth,' you don't need this product category at all — don't spend compliance money on curiosity.
- Cheapest named 409(a)
- 409.AI — drafts from $899, ~24-hour turnaround.
- Already paying for a cap-table platform
- Your platform's bundled 409(a) service — check your plan before buying standalone.
- Bigger, contested situations
- Traditional valuation firms — pricier, heavier documentation.
- You don't actually need a 409(a)
- EvalyMe — free directional estimate, $14.99/mo Pro. Not a substitute; a different tool.
The picks at a glance
| Alternative | What it is | Price | Trade-off vs Eqvista |
|---|---|---|---|
| 409.AI | 409(a) provider, tech-led process | From $899, ~24h draft | Cheaper and faster; smaller shop than Eqvista's analyst bench |
| Cap-table platform 409(a)s | Bundled with cap-table management (e.g. Carta and similar) | Varies by plan; sometimes already included | Convenient if you're on the platform; compare documentation quality |
| Traditional valuation firms | Full-service appraisal shops | Typically $1,500–$5,000+ | More defensible in contested cases; slower and pricier |
| Not yet — delay | Nothing to buy if no grants are imminent | $0 | Confirm with counsel; material events will force the purchase later |
| EvalyMe | Directional estimate + improvement plan | $0 calculator · Pro $14.99/mo | Not a 409(a) in any sense — listed only for the non-compliance scenario |
1.409.AI
- Best for
- Fast, lower-cost 409(a)s
- Price
- From $899, draft in ~24 hours
- Also covers
- ASC 718/820, purchase price allocations, UK schemes
The most direct swap: independent 409(a) provider, cheaper headline price than Eqvista, much faster draft turnaround. If your only friction with Eqvista is price or speed, start here.
The catch: less around it — Eqvista pairs valuations with cap-table management, which startups often need anyway.
2.Your cap-table platform's 409(a) service
- Best for
- Startups already managing equity in software
- Price
- Varies; sometimes bundled into existing plans
- Examples
- Carta and similar equity platforms
If you already pay for a cap-table platform, check whether a 409(a) is included or discounted before buying standalone. Having the valuation, the cap table, and option grants in one system reduces the reconciliation work your future auditors and acquirers will do.
The catch: bundled doesn't always mean best-documented. For complicated cap tables, compare the report quality against a standalone specialist.
3.Traditional valuation firms
- Best for
- Audited startups, contested situations, complex cap tables
- Price
- Typically $1,500–$5,000+
- Backing
- ASA/NACVA-credentialed professionals
When the 409(a) will face an auditor, an acquirer's counsel, or the IRS, the traditional shops earn their fees: deeper documentation, defensible methodology, people who will answer questions years later.
The catch: the price and a process measured in weeks, not hours.
4.Waiting (yes, really)
- Best for
- Companies not yet granting options
- Price
- $0
An honest entry: if no option grants are imminent, a 409(a) may be a purchase you can defer until it's triggered. Talk to counsel about your specifics — but "not yet" is a legitimate answer more often than founders assume.
The catch: material events (a priced round, an acquisition approach) can force the purchase on someone else's timeline.
5.EvalyMe ours
- Best for
- Only the scenario where you don't need a 409(a)
- Price
- Calculator free · Pro $14.99/mo
- Platform
- Web + native iOS and Android apps
If what you actually wanted was "a rough sense of what my company is worth" — for planning, for motivation, for a sanity check on a fundraise — that question costs $0 to answer here, in about a minute, with the formula published. Many Eqvista searchers wanted exactly this and were about to spend $990 on the wrong product.
The catch, repeated: it is not a 409(a), cannot be used for option pricing, and we'd rather you buy 409.AI than misuse us.
How to choose between them
- Grants imminent, budget-conscious: quote 409.AI and Eqvista the same cap table; compare price, turnaround, and what the report contains.
- Already on a cap-table platform: check the bundle first.
- Audited or contested: a traditional firm.
- No grants, just curiosity: free calculator, revisit the 409(a) question when your first grant is real.
Questions
What's the cheapest 409(a) alternative? +
Among named providers we've seen, 409.AI advertises drafts from $899 and Eqvista starts at $990. Cap-table platforms sometimes bundle 409(a)s into plans you may already pay for — check before buying standalone. Prices checked October 2026.
Do I even need a 409(a) yet? +
If you're not granting options or other equity instruments priced off common stock, generally no. Pre-revenue companies sometimes defer until the first grant is imminent. Confirm with your counsel — this is not legal advice.
Can EvalyMe do my 409(a)? +
No. EvalyMe is a directional self-estimate with no independent analyst and no safe-harbor standing. Using it for option pricing would be a compliance error. It's on this list only for the scenario where you don't actually need a 409(a).
How often does a 409(a) need refreshing? +
Commonly every 12 months, or after material events (a funding round, an acquisition offer, a big shift in the business). Providers will tell you their default; your auditor and counsel have the final word.
Competitor details from public sources, checked October 2026. Nothing here is legal, tax, or compliance advice. EvalyMe outputs are estimates, not appraisals.