8-K Announcements
6Material company update
Apr 29, 2026·SEC
Material company update
Feb 17, 2026·SEC
Material company update
Feb 6, 2026·SEC
Waystar Holding Corp.(WAY)Earnings, Financials & Key Ratios
WAY•NASDAQ
30.2× P/E·Price updated Jun 11, 2026
AboutWaystar Holding Corp. develops a cloud-based software solution for healthcare payments. Its platform offers financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics and reporting solutions. The company primarily serves healthcare industry. Waystar Holding Corp. was founded in 2017 and is based in Lehi, Utah.Show more
- Revenue$1.1B+16.5%
- EBITDA$407M+31.1%
- Net Income$112M+686.1%
- EPS (Diluted)0.61+569.2%
- Gross Margin64.65%-2.8%
- EBITDA Margin37%+12.5%
- Operating Margin24.22%+84.7%
- Net Margin10.2%+603.1%
- ROE3.22%+532.0%
- ROIC4.21%+91.2%
- Debt/Equity0.39-5.5%
- Interest Coverage3.36+296.7%
WAY Key Insights
Waystar Holding Corp. (WAY) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓FCF machine: 25.8% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
- ✓Trading at only 0.9x book value
✗Weaknesses
- ✗Weak 3Y average ROE of 0.0%
- ✗Weak momentum: RS Rating 13 (bottom 13%)
- ✗Shares diluted 31.6% in last year
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Get notified when WAY posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
WAY Price & Volume
Waystar Holding Corp. (WAY) stock price & volume — 10-year historical chart
Loading chart...
WAY Growth Metrics
Waystar Holding Corp. (WAY) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years15.97%
TTM18.61%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM383.6%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM412.62%
Return on Capital
10 Years2.88%
5 Years2.88%
3 Years3.72%
Last Year5.24%
WAY Recent Earnings
Waystar Holding Corp. (WAY) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (75%)●Beat Revenue 6/12 qtrs (75%)
Q2 2026Latest
Apr 29, 2026EPS
$0.42
Est $0.39
+7.7%
Revenue
$314M
Est $312M
+0.7%
Q1 2026
Feb 17, 2026EPS
$0.36
Est $0.39
-7.7%
Revenue
$304M
Est $295M
+3.0%
Q4 2025
Oct 29, 2025EPS
$0.37
Est $0.34
+8.8%
Revenue
$269M
Est $295M
-8.8%
Q3 2025
Jul 30, 2025EPS
$0.36
Est $0.33
+9.1%
Revenue
$271M
Est $256M
+5.7%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $0.42vs $0.39+7.7% | $314Mvs $312M+0.7% |
| Q1 2026 | Feb 17, 2026 | $0.36vs $0.39-7.7% | $304Mvs $295M+3.0% |
| Q4 2025 | Oct 29, 2025 | $0.37vs $0.34+8.8% | $269Mvs $295M-8.8% |
| Q3 2025 | Jul 30, 2025 | $0.36vs $0.33+9.1% | $271Mvs $256M+5.7% |
Based on last 12 quarters of dataView full earnings history →
WAY Peer Comparison
Waystar Holding Corp. (WAY) competitors in Payments Processing and Fintech Services — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 NVCR | 2.02B | 17.71 | -14.52 | 8.28% | -25.66% | -50.82% | 0.85 | |
 COLL | 1.11B | 34.34 | 19.85 | 23.62% | 9.41% | 26.74% | 3.12 | |
 MTEX | 10.52M | 5.45 | -0.68 | -8.34% | -11.97% | -23.83% | ||
 VEEV | 26.24B | 161.55 | 29.70 | 16.34% | 28.37% | 13.36% | 0.01 | |
 HIMS | 6.34B | 28.87 | 56.61 | 59% | -0.56% | -2.48% | 2.34 | |
 AMSF | 597.68M | 31.80 | 12.87 | 2.63% | 14.27% | 9.68% | 0.00 | |
 CXDO | 238.25M | 7.35 | 45.94 | 12.05% | 6.15% | 6.99% | 0.02 | |
 UNH | 368.11B | 405.55 | 30.65 | 11.81% | 2.68% | 11.54% | 0.77 |
Compare WAY vs Peers
Waystar Holding Corp. (WAY) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WAY Income Statement
Waystar Holding Corp. (WAY) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
Sales/Revenue | 578.57M | 704.87M | 791.01M | 943.55M | 1.1B | 1.16B |
Revenue Growth % | - | 21.83% | 12.22% | 19.28% | 16.5% | 18.61% |
Cost of Goods Sold | 151.77M | 214.89M | 249.77M | 315.73M | 388.6M | 402.29M |
COGS % of Revenue | 26.23% | 30.49% | 31.58% | 33.46% | 35.35% | - |
Gross Profit | 426.8M▲ 0% | 489.98M▲ 14.8% | 541.24M▲ 10.5% | 627.82M▲ 16.0% | 710.67M▲ 13.2% | 754.42M▲ 0% |
Gross Margin % | 73.77% | 69.51% | 68.42% | 66.54% | 64.65% | 65.22% |
Gross Profit Growth % | - | 14.8% | 10.46% | 16% | 13.2% | - |
Operating Expenses | 366.48M | 400.53M | 399.16M | 504.09M | 444.48M | 472.97M |
OpEx % of Revenue | 63.34% | 56.82% | 50.46% | 53.43% | 40.43% | - |
Selling, General & Admin | 162.09M | 184.56M | 187.36M | 268.69M | 306.64M | 319.77M |
SG&A % of Revenue | 28.02% | 26.18% | 23.69% | 28.48% | 27.89% | - |
Research & Development | 28.34M | 32.81M | 35.33M | 48.77M | 54.62M | 61.91M |
R&D % of Revenue | 4.9% | 4.65% | 4.47% | 5.17% | 4.97% | - |
Other Operating Expenses | 176.06M | 183.17M | 176.47M | 186.63M | 83.21M | 2M |
Operating Income | 60.31M▲ 0% | 89.45M▲ 48.3% | 142.08M▲ 58.8% | 123.72M▼ 12.9% | 266.2M▲ 115.2% | 281.45M▲ 0% |
Operating Margin % | 10.42% | 12.69% | 17.96% | 13.11% | 24.22% | 24.33% |
Operating Income Growth % | - | 48.3% | 58.84% | -12.92% | 115.15% | - |
EBITDA | 236.37M | 272.62M | 318.55M | 310.36M | 406.75M | 430.07M |
EBITDA Margin % | 40.86% | 38.68% | 40.27% | 32.89% | 37% | 37.18% |
EBITDA Growth % | - | 15.33% | 16.85% | -2.57% | 31.06% | 30.48% |
D&A (Non-Cash Add-back) | 176.06M | 183.17M | 176.47M | 186.63M | 140.55M | 148.62M |
EBIT | 60.31M | 89.45M | 142.08M | 123.72M | 265.3M | 280.55M |
Net Interest Income | -127.01M | -155.32M | -205.92M | -146.27M | -79.07M | -79.88M |
Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense | 127.01M | 155.32M | 205.92M | 146.27M | 79.07M | 79.88M |
Other Income/Expense | -127.01M | -155.32M | -205.92M | -146.27M | -94.44M | -96.18M |
Pretax Income | -66.7M▲ 0% | -65.88M▲ 1.2% | -63.83M▲ 3.1% | -22.55M▲ 64.7% | 171.76M▲ 861.9% | 185.27M▲ 0% |
Pretax Margin % | -11.53% | -9.35% | -8.07% | -2.39% | 15.63% | 16.02% |
Income Tax | -19.58M | -14.42M | -12.5M | -3.42M | 59.67M | 59.17M |
Effective Tax Rate % | 29.36% | 21.89% | 19.58% | 15.17% | 34.74% | 31.94% |
Net Income | -47.12M▲ 0% | -51.45M▼ 9.2% | -51.33M▲ 0.2% | -19.13M▲ 62.7% | 112.09M▲ 686.1% | 126.1M▲ 0% |
Net Margin % | -8.14% | -7.3% | -6.49% | -2.03% | 10.2% | 10.9% |
Net Income Growth % | - | -9.21% | 0.24% | 62.74% | 686.09% | 383.6% |
Net Income (Continuing) | -47.12M | -51.45M | -51.33M | -19.13M | 112.09M | 126.1M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | -0.28▲ 0% | -0.31▼ 10.7% | -0.31▲ 0.0% | -0.13▲ 58.1% | 0.61▲ 569.2% | 0.65▲ 0% |
EPS Growth % | - | -10.71% | 0% | 58.06% | 569.23% | 412.62% |
EPS (Basic) | -0.28 | -0.31 | -0.31 | -0.13 | 0.63 | - |
Diluted Shares Outstanding | 166.66M | 166.66M | 166.66M | 149.92M | 197.34M | 195.16M |
Basic Shares Outstanding | 166.66M | 166.66M | 166.66M | 149.92M | 191.39M | 191.67M |
Dividend Payout Ratio | - | - | - | - | - | - |
WAY Balance Sheet
Waystar Holding Corp. (WAY) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
Total Current Assets | 166.89M | 217.9M | 222.05M | 371.04M | 308.41M | 386.61M |
Cash & Short-Term Investments | 47.25M | 64.56M | 45.43M | 182.13M | 86.23M | 158.93M |
Cash Only | 47.25M | 64.56M | 35.58M | 182.13M | 61.35M | 34.34M |
Short-Term Investments | 0 | 0 | 9.85M | 0 | 24.88M | 124.59M |
Accounts Receivable | 103.01M | 111.43M | 132.9M | 148.07M | 183.47M | 172.53M |
Days Sales Outstanding | 64.99 | 57.7 | 61.32 | 57.28 | 60.92 | 50.9 |
Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - | - |
Other Current Assets | 8.1M | 33.4M | 30.43M | 26.42M | 38.71M | 55.15M |
Total Non-Current Assets | 4.61B | 4.48B | 4.36B | 4.21B | 5.65B | 5.45B |
Property, Plant & Equipment | 58.63M | 67.57M | 71.61M | 57.55M | 64.62M | 72.73M |
Fixed Asset Turnover | 9.87x | 10.43x | 11.05x | 16.40x | 17.01x | 18.30x |
Goodwill | 3.01B | 3.01B | 3.03B | 3.02B | 4.02B | 4.01B |
Intangible Assets | 1.49B | 1.33B | 1.19B | 1.04B | 1.29B | 1.26B |
Long-Term Investments | 0 | 0 | 0 | 22K | 0 | 0 |
Other Non-Current Assets | 47.38M | 72.82M | 72.36M | 89.34M | 102.41M | 106.5M |
Total Assets | 4.78B▲ 0% | 4.69B▼ 1.7% | 4.58B▼ 2.4% | 4.58B▼ 0.1% | 5.95B▲ 30.1% | 5.84B▲ 0% |
Asset Turnover | 0.12x | 0.15x | 0.17x | 0.21x | 0.18x | 0.22x |
Asset Growth % | - | -1.72% | -2.37% | -0.13% | 30.09% | 63.46% |
Total Current Liabilities | 110.26M | 102.21M | 123.49M | 145.63M | 218.06M | 219.96M |
Accounts Payable | 34.83M | 28.09M | 45.48M | 47.37M | 50.95M | 88.71M |
Days Payables Outstanding | 83.75 | 47.72 | 66.47 | 54.76 | 47.85 | 53.94 |
Short-Term Debt | 17.98M | 17.98M | 17.98M | 11.67M | 20.22M | 19.8M |
Deferred Revenue (Current) | 11.7M | 9.9M | 10.94M | 10.53M | 0 | 151.09M |
Other Current Liabilities | 29.41M | 26.32M | 20.57M | 31.59M | 141.93M | 46.77M |
Current Ratio | 1.51x | 2.13x | 1.80x | 2.55x | 1.41x | 1.76x |
Quick Ratio | 1.51x | 2.13x | 1.80x | 2.55x | 1.41x | 1.76x |
Cash Conversion Cycle | - | - | - | - | - | -3.04 |
Total Non-Current Liabilities | 2.55B | 2.49B | 2.41B | 1.35B | 1.86B | 1.68B |
Long-Term Debt | 2.26B | 2.21B | 2.2B | 1.22B | 1.47B | 10.85M |
Capital Lease Obligations | 13.77M | 30.72M | 26.47M | 24.42M | 11.99M | 55.77M |
Deferred Tax Liabilities | 258.05M | 240.76M | 174.48M | 100.52M | 380.29M | 820.61M |
Other Non-Current Liabilities | 4.82M | 7K | 2.75M | 278K | -11.3M | 1.46B |
Total Liabilities | 2.66B | 2.59B | 2.53B | 1.5B | 2.08B | 1.9B |
Total Debt | 2.3B | 2.26B | 2.25B | 1.26B | 1.5B | 30.65M |
Net Debt | 2.25B | 2.2B | 2.21B | 1.08B | 1.44B | -3.69M |
Debt / Equity | 1.08x | 1.07x | 1.10x | 0.41x | 0.39x | 0.01x |
Debt / EBITDA | 9.71x | 8.30x | 7.06x | 4.07x | 3.69x | 0.07x |
Net Debt / EBITDA | 9.51x | 8.06x | 6.95x | 3.48x | 3.54x | -0.01x |
Interest Coverage | 0.47x | 0.58x | 0.69x | 0.85x | 3.36x | 3.51x |
Total Equity | 2.12B▲ 0% | 2.11B▼ 0.7% | 2.05B▼ 2.7% | 3.08B▲ 50.2% | 3.88B▲ 25.9% | 3.94B▲ 0% |
Equity Growth % | - | -0.7% | -2.67% | 50.24% | 25.94% | 65.18% |
Book Value per Share | 12.73 | 12.64 | 12.30 | 20.54 | 19.66 | 20.18 |
Total Shareholders' Equity | 2.12B | 2.11B | 2.05B | 3.08B | 3.88B | 3.94B |
Common Stock | 2.01M | 1.22M | 2.01M | 1.72M | 1.92M | 1.92M |
Retained Earnings | -98.99M | -150.44M | -201.78M | -220.9M | -108.81M | -65.53M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -489K | 29.84M | 15.8M | 881K | -632K | 846K |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
WAY Cash Flow Statement
Waystar Holding Corp. (WAY) cash flow — operating, investing & free cash flow history
| Metric | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
Cash from Operations | 106.41M | 102.63M | 51.46M | 169.77M | 309.67M | 330.34M |
Operating CF Margin % | 18.39% | 14.56% | 6.51% | 17.99% | 28.17% | - |
Operating CF Growth % | - | -3.54% | -49.86% | 229.9% | 82.41% | 565.39% |
Net Income | -47.12M | -51.45M | -51.33M | -19.13M | 112.09M | 126.1M |
Depreciation & Amortization | 176.06M | 183.17M | 176.5M | 186.63M | 140.55M | 148.62M |
Stock-Based Compensation | 6.83M | 8M | 8.85M | 54.44M | 42.07M | 34.57M |
Deferred Taxes | -23.35M | -27.11M | -61.66M | -59.13M | 45.22M | 38.55M |
Other Non-Cash Items | 12.79M | 24.81M | 13.73M | 27.13M | 7.83M | 20.15M |
Working Capital Changes | -18.81M | -34.78M | -34.62M | -20.17M | -38.09M | -37.66M |
Change in Receivables | -12.66M | -10.94M | -19.17M | -17.84M | -24.32M | -14.2M |
Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 0 | 0 | 11.92M | 18.23M | 8.93M | 7.39M |
Cash from Investing | -444.33M | -17.43M | -61.52M | -27.27M | -680.9M | -763.52M |
Capital Expenditures | -14.54M | -17.43M | -21.52M | -27.27M | -26.48M | -36.38M |
CapEx % of Revenue | 2.51% | 2.47% | 2.72% | 2.89% | 2.41% | 3.15% |
Acquisitions | -429.79M | 0 | -40M | 0 | -629.53M | -629.53M |
Investments | - | - | - | - | - | - |
Other Investing | 0 | 0 | 0 | 0 | 0 | 2.04M |
Cash from Financing | 331.5M | -67.06M | -17.15M | 16.65M | 243.45M | 246.17M |
Debt Issued (Net) | 349.29M | -65.81M | -18.77M | -1.01B | 224.63M | 224.01M |
Equity Issued (Net) | -715K | -1.8M | -263K | 1.02B | 25.78M | 17.5M |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | -1.91M | -2.45M | -688K | -844K | 0 | 0 |
Other Financing | -17.07M | 554K | 1.89M | 7.58M | -6.96M | 4.66M |
Net Change in Cash | -6.43M▲ 0% | 18.14M▲ 382.1% | -27.21M▼ 250.0% | 159.15M▲ 685.0% | -127.77M▼ 180.3% | -187.02M▲ 0% |
Free Cash Flow | 91.86M▲ 0% | 85.2M▼ 7.3% | 29.94M▼ 64.9% | 142.5M▲ 375.9% | 283.19M▲ 98.7% | 293.95M▲ 0% |
FCF Margin % | 15.88% | 12.09% | 3.79% | 15.1% | 25.76% | 25.41% |
FCF Growth % | - | -7.25% | -64.86% | 375.9% | 98.73% | 49.86% |
FCF per Share | 0.55 | 0.51 | 0.18 | 0.95 | 1.44 | 1.51 |
FCF Conversion (FCF/Net Income) | -2.26x | -1.99x | -1.00x | -8.88x | 2.76x | 2.33x |
Interest Paid | 117.11M | 144.32M | 193M | 122.77M | 0 | 39.34M |
Taxes Paid | 2.1M | 5.57M | 51.45M | 51.1M | 0 | 8.91M |
WAY Key Ratios
Waystar Holding Corp. (WAY) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Return on Equity (ROE) | -2.43% | -2.47% | -0.75% | 3.22% | 3.55% |
| Return on Invested Capital (ROIC) | 1.55% | 2.49% | 2.2% | 4.21% | 4.85% |
| Gross Margin | 69.51% | 68.42% | 66.54% | 64.65% | 65.22% |
| Net Margin | -7.3% | -6.49% | -2.03% | 10.2% | 10.9% |
| Debt / Equity | 1.07x | 1.10x | 0.41x | 0.39x | 0.01x |
| Interest Coverage | 0.58x | 0.69x | 0.85x | 3.36x | 3.51x |
| FCF Conversion | -1.99x | -1.00x | -8.88x | 2.76x | 2.33x |
| Revenue Growth | 21.83% | 12.22% | 19.28% | 16.5% | 18.61% |
Related:WAY Dividend History·WAY Revenue History·WAY Price History·WAY P/E History·WAY Financial Ratios·WAY Institutional Holders
WAY SEC Filings & Documents
Waystar Holding Corp. (WAY) SEC filings — annual & quarterly reports (10-K, 10-Q)
WAY Frequently Asked Questions
Waystar Holding Corp. (WAY) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Waystar Holding Corp. (WAY) reported $1.16B in revenue for fiscal year 2025. This represents a 100% increase from $578.6M in 2021.
Waystar Holding Corp. (WAY) grew revenue by 16.5% over the past year. This is strong growth.
Yes, Waystar Holding Corp. (WAY) is profitable, generating $126.1M in net income for fiscal year 2025 (10.2% net margin).
Dividend & Returns
Waystar Holding Corp. (WAY) has a return on equity (ROE) of 3.2%. This is below average, suggesting room for improvement.
Waystar Holding Corp. (WAY) generated $294.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.