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Waystar Holding Corp. (WAY) stock

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NASDAQ: WAY Nasdaq Health Care Technology Next results ~February 16, 2027

B Fundamentals grade

Waystar Holding Corp. is a United States company whose cloud-based software helps healthcare providers handle the payments side of their work. The platform spans the full billing cycle, from eligibility checks and prior authorisations to claims submission, payer remittance, patient collections and denial appeals. Its named solutions include financial clearance, patient financial care, claims and payer payment management, denials prevention and recovery, clinical integrity and revenue capture, and analytics and reporting, all supported by Waystar AltitudeAI, its in-house AI engine.

Its customers range from physician practices, clinics, surgical centres and laboratories to large hospitals and health systems — over 30,000 clients representing more than one million providers, including 16 of the 20 on the U.S. News Best Hospitals list. Most revenue is recurring, combining subscription fees with volume-based charges that rise as clients treat more patients; contracts typically run two or three years.

The business is organised around two client groups — ambulatory providers and hospitals and health systems — each served by dedicated sales and support teams. Its more than 1,700 staff are all based in the United States, where the platform processed over 7.5 billion healthcare payment transactions in 2025.

Based on Waystar Holding Corp.'s 10-K filed February 17, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$34

Cash-flow model

Base case. Range ~$24–$47 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 17% below our base value.

Price used: $28.14, November 2, 2026

Waystar Holding Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 4 selling1 purchase and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds180 adding, 159 cuttingOf 49 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Waystar Holding files

10-Q filed November 2: Waystar

Model value +34.0%

Waystar Holding Corp. grew revenue 21.4% over the twelve months to September 2026, reaching $1.26bn and accelerating from 19.2% growth the quarter before. Profitability told a different story: free-cash-flow margin slipped to 20.9%, down from 27.4% a year earlier. Shareholders also absorbed further dilution, with the diluted share count climbing 9.7% over the same period. Despite the softer cash conversion, the fundamentals grade improved from C+ to B, reflecting the stronger top-line trend. Our model value has risen accordingly, from $25.45 to $34.10 a share, well above the current share price of $28.36. Given the gap between value and price alongside the mixed signals on margins and dilution, the rating remains Hold.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Waystar stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.21bn, up 19.2% on a year earlier, faster than 18.6% a quarter earlier. That growth ranks 5 of 21 among the software and IT services companies we cover. Free-cash-flow margin fell to 20.4% from 27.5% a year earlier. Operating margin widened to 22.9% from 20.8%. The diluted share count is up 8.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $27.70 a share, against a share price of $28.64.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 16, 2027 (estimated)

Waystar Holding Corp.'s trailing-twelve-month revenue grew 21.4% year on year, with a free-cash-flow margin of 20.9%. Where it stands out: net margin of 10.7% ranks 4 of 23 health care technology companies we cover.

Our discounted-cash-flow model values the business at ~$34 per share in the base case (~$24–$47 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 7.2% while net income grew 21.6%: a 29pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $28.14 is 21% below our value per share of $34.
  • Fast growth. Revenue grew 21.4% over the last 12 months, against a median of 8.8% for health care technology companies we cover.
  • Strong cash generation. 20.9% of revenue turned into free cash flow, against a median of 10.6% for health care technology companies we cover.

Things to watch

  • Share dilution. Diluted shares rose 9.7% in a year.
  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 53% and a beta of 0.5 against the S&P 500.

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.44 against an average estimate of $0.41: beat by 8.0%
Revenue
$326m, up 21.2% on a year earlier
Guidance given
total revenue $1.28bn to $1.29bn (full fiscal year 2026); adjusted EBITDA $535m to $545m (full fiscal year 2026)
Next report
November 2, 2026; average EPS estimate $0.42

Waystar Holding's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week-1.9%
  • 1 month+13.4%
  • This year-14.1%
  • 1 year-21.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
21.9%
Net margin
10.7%
EPS (TTM, diluted)
$0.69

Growth

Revenue growth
+21.4%
Change in growth rate
+2.2 pts
Share count change
+9.7%

Cash

Free cash flow (TTM)
$264M
FCF margin
20.9%
Stock pay % of revenue
4.9%

Earnings

Last results
November 2, 2026
Next results (est.)
February 16, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Announcement
  5. Insider trade
  6. Announcement
  7. Insider trade
  8. Insider trade
  9. Announcement
  10. Results
  11. Guidance
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Waystar Holding Corp. valuation models and calculator

What the price is pricing in

The share price implies about 13.9% a year of cash-flow growth for five years.

  • Priced in13.9%
  • Last 12 months21.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($26.32, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$34
Price used
$26.32close November 3, 2026
Implied change
▲ +30%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Waystar Holding Corp.'s free cash flow after stock-based pay with after-tax interest added back ($193M, FY2026 Q3 TTM), growing 12.5% and 16.6% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$24–~$47 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Waystar Holding Corp.'s free cash flow after stock-based pay ( $193M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Waystar Holding Corp. as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$34 ~$24–$47 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$23 ~$17–$40 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$5.6 ~$3.3–$9.4 Left out: out of range vs price (0.20x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$30 ~$23–$34 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Waystar Holding Corp. with Health Care Technology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −26%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $8$13$20$29$41$56
8.5% $5$9$14$20$28$39
10% $3$6$10$14$21$29

Valuation multiples over time Market data may be delayed

At fiscal year end 20242025Now
Share price$36.70$32.75$28.14
Market value$5.5bn$6.1bn$5.5bn
+ Net debt (− = net cash)$1.1bn$1.4bn$1.4bn
Enterprise value$6.6bn$7.5bn$6.9bn
Multiples
Price / sales 5.8x5.5x4.4x
Price / earnings —54.0x40.7x
Price / free cash flow 38.6x21.4x20.8x
EV / EBITDA 21.1x19.2x15.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.67 +18% $1.3bn +17%
Next $1.88 +13% $1.4bn +11%

Next year's EPS estimate has moved +1.7% in 90 days, across 22 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.7% on 90 days ago. In the last 30 days, 19 analysts raised Waystar Holding Corp.'s forecast and 3 cut it.

Consensus EPS forecast Waystar Holding Corp., last 90 days
$1.60 $1.70 $1.80 $1.90 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.64 Current fiscal year, 60 days ago: $1.67 Current fiscal year, 30 days ago: $1.67 Current fiscal year, 7 days ago: $1.67 Current fiscal year, Now: $1.67 $1.67 Next fiscal year, 90 days ago: $1.85 Next fiscal year, 60 days ago: $1.88 Next fiscal year, 30 days ago: $1.88 Next fiscal year, 7 days ago: $1.88 Next fiscal year, Now: $1.88 $1.88

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.64$1.85
60 days ago $1.67$1.88
30 days ago $1.67$1.88
7 days ago $1.67$1.88
Now $1.67$1.88

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.41 $0.44 +8.0%
Jun 2026 $0.40 $0.43 +8.3%
Mar 2026 $0.39 $0.42 +8.7%
Dec 2025 $0.40 $0.36 −9.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Total revenue full fiscal year 2026 $1.276bn to $1.294bn Raised
    “Total revenue is expected to be between $1.276 billion and $1.294 billion” source
  • Diluted non-GAAP net income per share full fiscal year 2026 $1.61 to $1.70 Non-GAAP
    “Diluted non-GAAP net income per share is expected to be between $1.61 and $1.70” source
  • Adjusted EBITDA full fiscal year 2026 $535m to $545m Non-GAAP Raised
    “Adjusted EBITDA is expected to be between $535 million and $545 million” source
  • Non-GAAP net income full fiscal year 2026 $322m to $340m Non-GAAP
    “Non-GAAP net income is expected to be between $322 million and $340 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Waystar Holding Corp.'s revenue by +12.5% next year and +16.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.1%, weight 57%) , management guidance (+10.0%, weight 19%) and the company's own record (+20.0%, weight 25%) . How the weights are set.

Analyst recommendations

23 analysts, Nov 2026
Buy2191%
Hold29%
Sell00%

Monthly trend

  1. Nov 2026417223
  2. Oct 2026417223
  3. Sep 202651824

Counts of recommendations published by analysts covering Waystar Holding Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.3%
of tradable shares
Days to cover
6.87
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.5%
of shares
Employees
1,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −21.5%

$35.85 on October 31, 2025 to $28.14

ThenNowEffect
Revenue (last 12 months) $1.0bn $1.2bn +19.2%
Net margin 8.5% 11.2% +31.5%
P/E multiple 73.7x 40.0x −45.7%
Share count 177m 192m −7.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20252026 to date
Return
WAY−11%−14%
Industry peers (median)−28%−27%
S&P 500+18%+11%
Months that ended higher
WAY58%46%
S&P 50075%46%
Largest fall from a high during the year
WAY−33%−50%
S&P 500−19%−9%

Worst fall since June 7, 2024: 62% from February 14, 2025 to June 22, 2026. Getting back needed a 162% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$17.31 – $37.49
From 52-week high
−24.9%
vs 50-day average
+7.3%
vs 200-day average
+17.8%
Volatility (1 year)
53%
Beta vs S&P 500
0.46

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 4 down
typical move ±7.9%
After a week
4 up, 6 down
typical move ±8.7%
After a month
6 up, 4 down
typical move ±11.1%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 −11.6% +0.1% −1.3% +6.6%
April 29, 2026 −15.3% +1.0% −21.1% −21.1%
February 17, 2026 +13.4% +0.7% +12.6% +10.0%
October 29, 2025 −6.2% −1.1% −6.9% −6.5%
July 30, 2025 +3.6% −0.5% −4.8% +7.3%
July 23, 2025 +1.1% +0.9% −2.5% −2.2%
April 30, 2025 +6.6% +0.7% +10.8% +8.0%
February 18, 2025 −3.3% +0.5% −7.9% −17.4%
November 6, 2024 +9.2% +3.3% +6.2% +6.6%
August 7, 2024 +8.9% +1.6% +12.8% +24.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Waystar Holding Corp.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Waystar Holding Corp. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Waystar Holding Corp.
$800M $1B $1.2B $1.4B FY24 Q1 FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Revenue (TTM), FY24 Q1: $824.7M Revenue (TTM), FY24 Q2: $863.3M Revenue (TTM), FY24 Q3: $906.1M Revenue (TTM), FY24 Q4: $943.5M Revenue (TTM), FY25 Q1: $975.2M Revenue (TTM), FY25 Q2: $1B Revenue (TTM), FY25 Q3: $1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.2B Revenue (TTM), FY26 Q3: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $824.7M
FY24 Q2 $863.3M
FY24 Q3 $906.1M
FY24 Q4 $943.5M
FY25 Q1 $975.2M
FY25 Q2 $1B
FY25 Q3 $1B
FY25 Q4 $1.1B
FY26 Q1 $1.2B
FY26 Q2 $1.2B
FY26 Q3 $1.3B
Revenue growth, TTM YoY Waystar Holding Corp.
14% 16% 18% 20% 22% FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Revenue growth, TTM YoY, FY25 Q1: 18.2% Revenue growth, TTM YoY, FY25 Q2: 17.1% Revenue growth, TTM YoY, FY25 Q3: 14.8% Revenue growth, TTM YoY, FY25 Q4: 16.5% Revenue growth, TTM YoY, FY26 Q1: 18.6% Revenue growth, TTM YoY, FY26 Q2: 19.2% Revenue growth, TTM YoY, FY26 Q3: 21.4% 21.4%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY25 Q1 18.2%
FY25 Q2 17.1%
FY25 Q3 14.8%
FY25 Q4 16.5%
FY26 Q1 18.6%
FY26 Q2 19.2%
FY26 Q3 21.4%
Operating margin (TTM) Waystar Holding Corp.
10% 15% 20% 25% FY24 Q1 FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Operating margin (TTM), FY24 Q1: 17.3% Operating margin (TTM), FY24 Q2: 13.1% Operating margin (TTM), FY24 Q3: 11.9% Operating margin (TTM), FY24 Q4: 13.1% Operating margin (TTM), FY25 Q1: 15.8% Operating margin (TTM), FY25 Q2: 20.8% Operating margin (TTM), FY25 Q3: 23.4% Operating margin (TTM), FY25 Q4: 22.7% Operating margin (TTM), FY26 Q1: 22.9% Operating margin (TTM), FY26 Q2: 22.9% Operating margin (TTM), FY26 Q3: 21.9% 21.9%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 17.3%
FY24 Q2 13.1%
FY24 Q3 11.9%
FY24 Q4 13.1%
FY25 Q1 15.8%
FY25 Q2 20.8%
FY25 Q3 23.4%
FY25 Q4 22.7%
FY26 Q1 22.9%
FY26 Q2 22.9%
FY26 Q3 21.9%
FCF margin (TTM) Waystar Holding Corp.
0% 10% 20% 30% FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q3 FCF margin (TTM), FY24 Q2: 0.3% FCF margin (TTM), FY24 Q3: 9.9% FCF margin (TTM), FY24 Q4: 15.1% FCF margin (TTM), FY25 Q1: 20.1% FCF margin (TTM), FY25 Q2: 27.5% FCF margin (TTM), FY25 Q3: 27.4% FCF margin (TTM), FY25 Q4: 25.8% FCF margin (TTM), FY26 Q1: 25.4% FCF margin (TTM), FY26 Q2: 20.4% FCF margin (TTM), FY26 Q3: 20.9% 20.9%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 0.3%
FY24 Q3 9.9%
FY24 Q4 15.1%
FY25 Q1 20.1%
FY25 Q2 27.5%
FY25 Q3 27.4%
FY25 Q4 25.8%
FY26 Q1 25.4%
FY26 Q2 20.4%
FY26 Q3 20.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Waystar Holding took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Research and development $54.6M · 5.0%
  3. Selling, general and admin $307M · 27.9%
  4. Other operating costs $489M · 44.5%
  5. Operating income $249M · 22.7%
  6. Income tax $59.7M · 5.4%
  7. Interest and other $77.5M · 7.1%
  8. Net income $112M · 10.2%

Shares of revenue. Source: Waystar Holding's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 705 791 944 1,099 1,263
EBITDA 273 319 310 390 442
Operating income 89 142 124 249 277
Net income −51 −51 −19 112 135
Diluted EPS −$0.42 −$0.42 −$0.13 $0.61 $0.69
Growth (year on year)
Revenue — +12.2% +19.3% +16.5% +21.4%
EBITDA — +16.8% −2.6% +25.6% +15.7%
Operating income — +58.8% −12.9% +101.5% +13.7%
Net income — — — — +21.6%
Diluted EPS — — — — +10.8%
Margins
EBITDA margin 38.7% 40.3% 32.9% 35.5% 35.0%
Operating margin 12.7% 18.0% 13.1% 22.7% 21.9%
Net margin −7.3% −6.5% −2.0% 10.2% 10.7%
Free-cash-flow margin 12.1% 3.8% 15.1% 25.8% 20.9%
Cash flow
Cash from operations 103 51 170 310 315
Capital spending 17 22 27 26 51
Free cash flow 85 30 143 283 264
Stock-based pay 8 9 54 42 62
Free cash flow after stock pay 77 21 88 241 202
Balance sheet
Cash 65 36 182 61 31
Total debt 0 2,249 1,244 1,481 1,471
Net debt (negative = net cash) −65 2,213 1,061 1,420 1,440
Diluted shares 122m 122m 150m 185m 195m
Returned to shareholders
Buybacks 2 1 1 0 —
Total returned 2 1 1 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · September 30, 2026
What it owns · $5.9bn
Short-term assets $515mLonger-term assets $5.4bn
What it owes, and who funded it · $5.9bn
Short-term liabilities $245mLonger-term liabilities $1.6bnShareholders' equity $4.0bn
  • Short-term assets cover short-term liabilities $515m of assets due within a year against $245m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $515m short-term assets against $1.6bn of longer-dated liabilities.
  • More cash than debt $31m of cash against $1.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 36% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $315m of operating cash flow against $1.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Waystar Holding Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$1.5M
Diluted share count
+9.7%
year over year
R&D spending
5.9%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care technology
Last 12 months unless stated WAY OMCL TEM GDRX DOCS TDOC Median
Revenue, last 12 months $1.3bn $1.2bn $1.5bn $785m $656m $2.5bn $292m
Revenue growth, last 12 months 21.4% 8.5% 36.6% −1.8% 11.2% −2.4% 8.8%
Revenue growth, 3-year average — 0.3% — 1.8% 14.5% −1.5% 0.8%
Revenue growth, latest quarter 21.2% 7.4% 23.1% −1.3% 7.3% −3.4% 7.4%
Gross margin — 44.8% — — 88.1% 70.2% 58.6%
Operating margin 21.9% 4.6% −18.5% 9.5% 29.6% −6.6% −12.5%
Operating margin, 3-year average 19.1% 0.8% −49.5% 5.6% 35.4% −18.8% −18.8%
Net margin 10.7% 3.1% −12.5% 2.1% 25.5% −6.3% −12.5%
Cash from operations / revenue 24.9% 14.6% −7.2% 25.7% 46.7% 10.9% 9.7%
Free-cash-flow margin 20.9% 11.4% −9.1% 25.1% 46.7% 10.6% 9.2%
Free-cash-flow margin, 3-year average 19.4% 12.0% −21.2% 21.7% 43.6% 11.5% 8.2%
Stock pay / revenue 4.9% 3.6% 13.3% 9.7% 20.8% 2.1% 9.5%
Change in share count 9.7% −1.5% — −9.8% −2.5% 2.9% 2.9%

Median of all 23 companies we cover in health care technology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 health care technology companies
Measure Company Peer median Rank
Revenue growth Growth 21.4% 8.8% 6 of 23
Change in growth rate Growth +2.2pp -0.3pp 7 of 23
Operating margin Profitability 21.9% -6.6% 4 of 22
Net margin Profitability 10.7% -12.5% 4 of 23
Free-cash-flow margin Cash generation 20.9% 10.6% 5 of 22
Stock pay as % of revenue Cash generation 4.9% 9.7% 7 of 22
Long-term debt as % of assets Balance sheet 24.5% 20.1% 10 of 15
Change in share count Balance sheet 9.7% 2.6% 14 of 19
Days sales outstanding Balance sheet 54 days 58 days 10 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscriptions $558M 50.8% ▲ 21.9%
Volume Based Revenue $535M 48.6% ▲ 11.4%
Implementation Services and Other Revenue $6.1M 0.6% ▲ 8.0%

From Waystar Holding Corp.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.3B
Institutions reporting
302
Shares held vs prior quarter
▲ 3.4%
Positions opened / closed
63 / 72

Top buyers and sellers, Q2 2026: 180 institutions bought and 159 sold ; the biggest buyer was Bank Of Montreal (+1.7M shares) and the biggest seller Pointstate Capital LP (−2.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Eqt Fund Management S.A R.L. $511M 24.9M 11.8% 0.0%
Canada Pension Plan Investment Board $391M 19.0M 9.0% 0.0%
Blackrock, Inc. $358M 17.4M 8.2% ▲ 4.6%
FMR LLC $309M 15.0M 7.1% ▲ 0.6%
Bain Capital Investors LLC $272M 13.2M 6.3% 0.0%
Advent International, L.P. $227M 11.1M 5.2% 0.0%
Vanguard Portfolio Management LLC $136M 6.6M 3.1% ▲ 3.4%
Goldentree Asset Management LP $126M 6.2M 2.9% ▲ 38.6%
Vanguard Capital Management LLC $107M 5.2M 2.5% ▲ 1.1%
Bank Of Montreal $107M 5.2M 2.5% ▲ 50.3%
State Street Corp $93.9M 4.6M 2.2% ▲ 6.6%
Artisan Partners Limited Partnership $75.5M 3.7M 1.7% ▼ 16.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Waystar Holding Corp.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $188,986 1 trade by 1 insider, last 12 months Insider sales History → $10.6M 12 trades by 4 insiders · 100% under pre-set plans
Net ▼ $10.4M net selling
Insider Date Trade Shares Price Value
Hawkins Matthew J. Chief Executive Officer October 6, 2026 Sell pre-set plan 82,500 $26.23 $2.2M
Hawkins Matthew J. Chief Executive Officer September 2, 2026 Sell pre-set plan 82,500 $25.97 $2.1M
Hawkins Matthew J. Chief Executive Officer August 13, 2026 Sell pre-set plan 60,038 $25.01 $1.5M
Hawkins Matthew J. Chief Executive Officer August 11, 2026 Sell pre-set plan 22,462 $25.04 $562,354
Hawkins Matthew J. Chief Executive Officer July 16, 2026 Sell pre-set plan 36,901 $23.09 $851,944
Hawkins Matthew J. Chief Executive Officer July 15, 2026 Sell pre-set plan 33,099 $23.02 $762,032
Miller Heidi Director March 2, 2026 Buy 7,200 $26.25 $188,986
Sinclair Iii Eric L. (Ric) Chief Business Officer January 20, 2026 Sell pre-set plan 40,225 $30.08 $1.2M
Sinclair Iii Eric L. (Ric) Chief Business Officer December 22, 2025 Sell pre-set plan 9,701 $32.82 $318,396
Schremser Christopher L. Chief Technology Officer December 10, 2025 Sell pre-set plan 8,623 $30.41 $262,225
Miller Melissa F. (Missy) Chief Marketing Officer November 25, 2025 Sell pre-set plan 3,400 $37.00 $125,800
Sinclair Iii Eric L. (Ric) Chief Business Officer November 20, 2025 Sell pre-set plan 9,701 $35.27 $342,181

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • July 29, 2026
  • April 29, 2026
  • February 17, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Waystar Holding Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Waystar Holding Corp. in brief

What does Waystar Holding Corp. do?
Waystar Holding Corp. is a US-listed company in the health care technology industry. Its financial year ends in December.
What is Waystar Holding Corp.'s stock ticker?
Waystar Holding Corp. trades under the ticker WAY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Waystar Holding Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Waystar Holding Corp. reported revenue of $1.3B, 21.4% higher than a year earlier, according to its SEC filings.
What is Waystar Holding Corp.'s free cash flow?
Waystar Holding Corp.'s free-cash-flow margin is 20.9% of revenue over the trailing twelve months, ranking 5 of the 22 health care technology companies we cover.
What is Waystar Holding Corp.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Waystar Holding Corp.'s free cash flow after stock-based pay gives ~$34 per share in the base case, and ~$24–$47 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Waystar Holding Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Eqt Fund Management S.A R.L., Canada Pension Plan Investment Board and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Waystar Holding Corp.'s market cap?
On November 2, 2026, Waystar Holding Corp.'s market capitalisation was about $5.5B, with a price-to-earnings ratio of 40.7 and net debt of $1.4B. Market figures come from third-party market data and may be delayed.
How much debt does Waystar Holding Corp. have?
Waystar Holding Corp.'s debt-to-equity ratio is 36.3%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Waystar Holding Corp.'s competitors?
In our Health Care Technology peer group, the companies closest to Waystar Holding Corp. are Omnicell, Inc., Tempus AI, Inc., Goodrx Holdings, Inc., Doximity, Inc. and Teladoc Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against Waystar Holding Corp.'s.
Are insiders buying or selling Waystar Holding Corp. stock?
Over the last 12 months, Waystar Holding Corp.'s directors and officers reported 1 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Waystar Holding Corp.'s next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Waystar Holding Corp. announces its own schedule.