Waystar Holding Corp. (WAY) 10-Year Financial Performance & Capital Metrics

WAY • • Industrial / General

TechnologyIT ServicesEnterprise Software & AI PlatformsFinancial Services Software

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 $944M +19.3%
EBITDA $310M -2.6%
Net Income -$19M +62.7%
EPS (Diluted) -0.13 +58.1%
Gross Margin 66.54% -2.8%
EBITDA Margin 32.89% -18.3%
Operating Margin 13.11% -27.0%
Net Margin -2.03% +68.8%
ROE -0.75% +69.8%
ROIC 2.2% -11.5%
Debt/Equity 0.41 -62.6%
Interest Coverage 0.85 +22.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓FCF machine: 15.1% free cash flow margin
✓Share count reduced 10.0% through buybacks
✓Trading at only 1.5x book value

✗Weaknesses

✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y17.71%

TTM14.75%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM311.29%

EPS CAGR

10Y-

5Y-

3Y-

TTM292.91%

ROCE

10Y Avg2.29%

5Y Avg2.29%

3Y Avg2.62%

Latest2.78%

Peer Comparison

Financial Services Software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FORTYFormula Systems (1985) Ltd.	2.61B	170.01	33.40	5.21%	2.49%	4.55%	11.34%	0.50
JKHYJack Henry & Associates, Inc.	13.84B	191.25	30.65	7.21%	19.86%	22.11%	4.25%
VYXNCR Voyix Corporation	1.5B	10.82	-2.67	-11.08%	-1.77%	-4.18%		1.12
CLPSCLPS Incorporation	25.85M	0.87	-9.40	-5.02%	-1.27%	-6.06%	26.34%	0.41
WAYWaystar Holding Corp.	5.79B	30.27	-232.85	19.28%	10.69%	3.45%	2.46%	0.41

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	578.57M	704.87M	791.01M	943.55M
Revenue Growth %	-	0.22%	0.12%	0.19%
Cost of Goods Sold+	151.77M	214.89M	249.77M	315.73M
COGS % of Revenue	0.26%	0.3%	0.32%	0.33%
Gross Profit+	426.8M	489.98M	541.24M	627.82M
Gross Margin %	0.74%	0.7%	0.68%	0.67%
Gross Profit Growth %	-	0.15%	0.1%	0.16%
Operating Expenses+	366.48M	400.53M	399.16M	504.09M
OpEx % of Revenue	0.63%	0.57%	0.5%	0.53%
Selling, General & Admin	162.09M	184.56M	187.36M	268.69M
SG&A % of Revenue	0.28%	0.26%	0.24%	0.28%
Research & Development	28.34M	32.81M	35.33M	48.77M
R&D % of Revenue	0.05%	0.05%	0.04%	0.05%
Other Operating Expenses	176.06M	183.17M	176.47M	186.63M
Operating Income+	60.31M	89.45M	142.08M	123.72M
Operating Margin %	0.1%	0.13%	0.18%	0.13%
Operating Income Growth %	-	0.48%	0.59%	-0.13%
EBITDA+	236.37M	272.62M	318.55M	310.36M
EBITDA Margin %	0.41%	0.39%	0.4%	0.33%
EBITDA Growth %	-	0.15%	0.17%	-0.03%
D&A (Non-Cash Add-back)	176.06M	183.17M	176.47M	186.63M
EBIT	60.31M	89.45M	142.08M	123.72M
Net Interest Income+	-127.01M	-155.32M	-205.92M	-146.27M
Interest Income	0	0	0	0
Interest Expense	127.01M	155.32M	205.92M	146.27M
Other Income/Expense	-127.01M	-155.32M	-205.92M	-146.27M
Pretax Income+	-66.7M	-65.88M	-63.83M	-22.55M
Pretax Margin %	-0.12%	-0.09%	-0.08%	-0.02%
Income Tax+	-19.58M	-14.42M	-12.5M	-3.42M
Effective Tax Rate %	0.71%	0.78%	0.8%	0.85%
Net Income+	-47.12M	-51.45M	-51.33M	-19.13M
Net Margin %	-0.08%	-0.07%	-0.06%	-0.02%
Net Income Growth %	-	-0.09%	0%	0.63%
Net Income (Continuing)	-47.12M	-51.45M	-51.33M	-19.13M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	-0.28	-0.31	-0.31	-0.13
EPS Growth %	-	-0.11%	0%	0.58%
EPS (Basic)	-0.28	-0.31	-0.31	-0.13
Diluted Shares Outstanding	166.66M	166.66M	166.66M	149.92M
Basic Shares Outstanding	166.66M	166.66M	166.66M	149.92M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	166.89M	217.9M	222.05M	371.04M
Cash & Short-Term Investments	47.25M	64.56M	45.43M	182.13M
Cash Only	47.25M	64.56M	35.58M	182.13M
Short-Term Investments	0	0	9.85M	0
Accounts Receivable	103.01M	111.43M	132.9M	148.07M
Days Sales Outstanding	64.99	57.7	61.32	57.28
Inventory	0	0	0	0
Days Inventory Outstanding	-	-	-	-
Other Current Assets	8.1M	33.4M	30.43M	26.42M
Total Non-Current Assets+	4.61B	4.48B	4.36B	4.21B
Property, Plant & Equipment	58.63M	67.57M	71.61M	57.55M
Fixed Asset Turnover	9.87x	10.43x	11.05x	16.40x
Goodwill	3.01B	3.01B	3.03B	3.02B
Intangible Assets	1.49B	1.33B	1.19B	1.04B
Long-Term Investments	0	0	0	22K
Other Non-Current Assets	47.38M	72.82M	72.36M	89.34M
Total Assets+	4.78B	4.69B	4.58B	4.58B
Asset Turnover	0.12x	0.15x	0.17x	0.21x
Asset Growth %	-	-0.02%	-0.02%	-0%
Total Current Liabilities+	110.26M	102.21M	123.49M	145.63M
Accounts Payable	34.83M	28.09M	45.48M	47.37M
Days Payables Outstanding	83.75	47.72	66.47	54.76
Short-Term Debt	17.98M	17.98M	17.98M	11.67M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K
Other Current Liabilities	29.41M	26.32M	20.57M	31.59M
Current Ratio	1.51x	2.13x	1.80x	2.55x
Quick Ratio	1.51x	2.13x	1.80x	2.55x
Cash Conversion Cycle	-	-	-	-
Total Non-Current Liabilities+	2.55B	2.49B	2.41B	1.35B
Long-Term Debt	2.26B	2.21B	2.2B	1.22B
Capital Lease Obligations	13.77M	30.72M	26.47M	24.42M
Deferred Tax Liabilities	258.05M	240.76M	174.48M	100.52M
Other Non-Current Liabilities	4.82M	7K	2.75M	278K
Total Liabilities	2.66B	2.59B	2.53B	1.5B
Total Debt+	2.3B	2.26B	2.25B	1.26B
Net Debt	2.25B	2.2B	2.21B	1.08B
Debt / Equity	1.08x	1.07x	1.10x	0.41x
Debt / EBITDA	9.71x	8.30x	7.06x	4.07x
Net Debt / EBITDA	9.51x	8.06x	6.95x	3.48x
Interest Coverage	0.47x	0.58x	0.69x	0.85x
Total Equity+	2.12B	2.11B	2.05B	3.08B
Equity Growth %	-	-0.01%	-0.03%	0.5%
Book Value per Share	12.73	12.64	12.30	20.54
Total Shareholders' Equity	2.12B	2.11B	2.05B	3.08B
Common Stock	2.01M	1.22M	2.01M	1.72M
Retained Earnings	-98.99M	-150.44M	-201.78M	-220.9M
Treasury Stock	0	0	0	0
Accumulated OCI	-489K	29.84M	15.8M	881K
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	106.41M	102.63M	51.46M	169.77M
Operating CF Margin %	0.18%	0.15%	0.07%	0.18%
Operating CF Growth %	-	-0.04%	-0.5%	2.3%
Net Income	-47.12M	-51.45M	-51.33M	-19.13M
Depreciation & Amortization	176.06M	183.17M	176.5M	186.63M
Stock-Based Compensation	6.83M	8M	8.85M	54.44M
Deferred Taxes	-23.35M	-27.11M	-61.66M	-59.13M
Other Non-Cash Items	12.79M	24.81M	13.73M	27.13M
Working Capital Changes	-18.81M	-34.78M	-34.62M	-20.17M
Change in Receivables	-12.66M	-10.94M	-19.17M	-17.84M
Change in Inventory	0	0	0	0
Change in Payables	0	0	11.92M	18.23M
Cash from Investing+	-444.33M	-17.43M	-61.52M	-27.27M
Capital Expenditures	-14.54M	-17.43M	-21.52M	-27.27M
CapEx % of Revenue	0.03%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	0	0	0
Cash from Financing+	331.5M	-67.06M	-17.15M	16.65M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-17.07M	554K	1.89M	7.58M
Net Change in Cash	-	-	-	-
Free Cash Flow+	91.86M	85.2M	29.94M	142.5M
FCF Margin %	0.16%	0.12%	0.04%	0.15%
FCF Growth %	-	-0.07%	-0.65%	3.76%
FCF per Share	0.55	0.51	0.18	0.95
FCF Conversion (FCF/Net Income)	-2.26x	-1.99x	-1.00x	-8.88x
Interest Paid	117.11M	144.32M	193M	122.77M
Taxes Paid	2.1M	5.57M	51.45M	51.1M

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	-2.22%	-2.43%	-2.47%	-0.75%
Return on Invested Capital (ROIC)	1.04%	1.55%	2.49%	2.2%
Gross Margin	73.77%	69.51%	68.42%	66.54%
Net Margin	-8.14%	-7.3%	-6.49%	-2.03%
Debt / Equity	1.08x	1.07x	1.10x	0.41x
Interest Coverage	0.47x	0.58x	0.69x	0.85x
FCF Conversion	-2.26x	-1.99x	-1.00x	-8.88x
Revenue Growth	-	21.83%	12.22%	19.28%

Revenue by Segment

	2024
Subscription and Circulation	457.98M
Subscription and Circulation Growth	-

Frequently Asked Questions

Growth & Financials

Waystar Holding Corp. (WAY) reported $1.04B in revenue for fiscal year 2024. This represents a 80% increase from $578.6M in 2021.

Waystar Holding Corp. (WAY) grew revenue by 19.3% over the past year. This is strong growth.

Yes, Waystar Holding Corp. (WAY) is profitable, generating $111.2M in net income for fiscal year 2024 (-2.0% net margin).

Dividend & Returns

Waystar Holding Corp. (WAY) has a return on equity (ROE) of -0.7%. Negative ROE indicates the company is unprofitable.

Waystar Holding Corp. (WAY) generated $284.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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