Waystar Holding Corp. key statistics and ratios

In fiscal 2025, Waystar Holding Corp. had return on equity of 3.2%, an operating margin of 22.7%, debt equal to 38.2% of equity and a current ratio of 1.41. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Waystar Holding Corp.: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	−2.4%	−2.5%	−0.7%	3.2%	3.4%
Return on assets	—	−1.1%	−0.4%	2.2%	2.3%
Asset turnover	—	0.17	0.21	0.21	0.22
Current ratio	—	1.80	2.55	1.41	2.10
Debt to equity	0.0%	109.7%	40.4%	38.2%	36.4%
Effective tax rate	—	—	—	34.7%	30.4%
R&D as % of revenue	4.7%	4.5%	5.2%	5.0%	5.9%
Capital spending as % of revenue	2.5%	2.7%	2.9%	2.4%	4.0%
Free cash flow ÷ net income	—	—	—	252.6%	195.4%
Dividends and buybacks ÷ free cash flow	2.9%	2.3%	0.6%	0.0%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Waystar Holding Corp.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	21.8%	25.4%	24.0%	22.4%	19.4%	25.6%	23.8%	18.8%
Net margin	7.8%	11.4%	11.9%	11.4%	6.6%	13.8%	12.8%	9.5%
Free-cash-flow margin	24.0%	22.9%	33.6%	28.3%	18.9%	22.2%	13.5%	28.9%
Current ratio	2.55	3.12	3.43	3.89	1.41	1.76	1.85	2.10
Debt to equity	40.0%	39.3%	38.7%	38.0%	38.0%	37.3%	36.8%	36.3%
R&D as % of revenue	4.7%	4.3%	4.7%	4.6%	6.1%	5.9%	5.5%	6.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: OMCL vs WAY TEM vs WAY GDRX vs WAY TDOC vs WAY

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Figures from Waystar Holding Corp.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Waystar Holding Corp.