The company has significantly improved its financial health by reducing its debt-to-equity ratio from 1.12 in 2024Q1 to a negligible 0.01 as of 2026Q1.
| Total Current Assets | 386.61M | 308.41M | 371.04M | 222.05M | 217.9M | 166.89M |
| Cash & Short-Term Investments | 158.93M | 86.23M | 182.13M | 45.43M | 64.56M | 47.25M |
| Cash Only | 34.34M | 61.35M | 182.13M | 35.58M | 64.56M | 47.25M |
| Short-Term Investments | 124.59M | 24.88M | 0 | 9.85M | 0 | 0 |
| Accounts Receivable | 172.53M | 183.47M | 148.07M | 132.9M | 111.43M | 103.01M |
| Days Sales Outstanding | 50.9 | 60.92 | 57.28 | 61.32 | 57.7 | 64.99 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 55.15M | 38.71M | 26.42M | 30.43M | 33.4M | 8.1M |
| Total Non-Current Assets | 5.45B | 5.65B | 4.21B | 4.36B | 4.48B | 4.61B |
| Property, Plant & Equipment | 72.73M | 64.62M | 57.55M | 71.61M | 67.57M | 58.63M |
| Fixed Asset Turnover | 18.30x | 17.01x | 16.40x | 11.05x | 10.43x | 9.87x |
| Goodwill | 4.01B | 4.02B | 3.02B | 3.03B | 3.01B | 3.01B |
| Intangible Assets | 1.26B | 1.29B | 1.04B | 1.19B | 1.33B | 1.49B |
| Long-Term Investments | 0 | 0 | 22K | 0 | 0 | 0 |
| Other Non-Current Assets | 106.5M | 102.41M | 89.34M | 72.36M | 72.82M | 47.38M |
| Total Assets | 5.84B | 5.95B | 4.58B | 4.58B | 4.69B | 4.78B |
| Asset Turnover | 0.22x | 0.18x | 0.21x | 0.17x | 0.15x | 0.12x |
| Asset Growth % | 63.46% | 30.09% | -0.13% | -2.37% | -1.72% | - |
| Total Current Liabilities | 219.96M | 218.06M | 145.63M | 123.49M | 102.21M | 110.26M |
| Accounts Payable | 88.71M | 50.95M | 47.37M | 45.48M | 28.09M | 34.83M |
| Days Payables Outstanding | 53.94 | 47.85 | 54.76 | 66.47 | 47.72 | 83.75 |
| Short-Term Debt | 19.8M | 20.22M | 11.67M | 17.98M | 17.98M | 17.98M |
| Deferred Revenue (Current) | 151.09M | 0 | 10.53M | 10.94M | 9.9M | 11.7M |
| Other Current Liabilities | 46.77M | 141.93M | 31.59M | 20.57M | 26.32M | 29.41M |
| Current Ratio | 1.76x | 1.41x | 2.55x | 1.80x | 2.13x | 1.51x |
| Quick Ratio | 1.76x | 1.41x | 2.55x | 1.80x | 2.13x | 1.51x |
| Cash Conversion Cycle | -3.04 | - | - | - | - | - |
| Total Non-Current Liabilities | 1.68B | 1.86B | 1.35B | 2.41B | 2.49B | 2.55B |
| Long-Term Debt | 10.85M | 1.47B | 1.22B | 2.2B | 2.21B | 2.26B |
| Capital Lease Obligations | 55.77M | 11.99M | 24.42M | 26.47M | 30.72M | 13.77M |
| Deferred Tax Liabilities | 820.61M | 380.29M | 100.52M | 174.48M | 240.76M | 258.05M |
| Other Non-Current Liabilities | 1.46B | -11.3M | 278K | 2.75M | 7K | 4.82M |
| Total Liabilities | 1.9B | 2.08B | 1.5B | 2.53B | 2.59B | 2.66B |
| Total Debt | 30.65M | 1.5B | 1.26B | 2.25B | 2.26B | 2.3B |
| Net Debt | -3.69M | 1.44B | 1.08B | 2.21B | 2.2B | 2.25B |
| Debt / Equity | 0.01x | 0.39x | 0.41x | 1.10x | 1.07x | 1.08x |
| Debt / EBITDA | 0.07x | 3.69x | 4.07x | 7.06x | 8.30x | 9.71x |
| Net Debt / EBITDA | -0.01x | 3.54x | 3.48x | 6.95x | 8.06x | 9.51x |
| Interest Coverage | 3.51x | 3.36x | 0.85x | 0.69x | 0.58x | 0.47x |
| Total Equity | 3.94B | 3.88B | 3.08B | 2.05B | 2.11B | 2.12B |
| Equity Growth % | 65.18% | 25.94% | 50.24% | -2.67% | -0.7% | - |
| Book Value per Share | 20.18 | 19.66 | 20.54 | 12.30 | 12.64 | 12.73 |
| Total Shareholders' Equity | 3.94B | 3.88B | 3.08B | 2.05B | 2.11B | 2.12B |
| Common Stock | 1.92M | 1.92M | 1.72M | 2.01M | 1.22M | 2.01M |
| Retained Earnings | -65.53M | -108.81M | -220.9M | -201.78M | -150.44M | -98.99M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 846K | -632K | 881K | 15.8M | 29.84M | -489K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill impairment and leverage
According to recent financial disclosures, Waystar has successfully reduced its total debt from $2.3 billion in 2024Q1 to just $30.6 million by 2026Q1, signaling a significant transformation in the company's financial profile as it transitions from private equity ownership to a public entity.
The aggressive paydown of debt suggests a strategic pivot toward balance sheet flexibility, likely intended to lower interest expenses and improve net income margins. This trajectory indicates that the company is prioritizing financial stability over aggressive debt-funded expansion, which may provide a buffer against future macroeconomic volatility.
As reported in the latest quarterly balance sheet, Waystar's debt-to-equity ratio has plummeted from a peak of 1.12 in 2024Q1 to a negligible 0.01 in 2026Q1, reflecting a rapid shift toward a nearly debt-free capital structure that significantly reduces refinancing risk.
This minimal leverage profile suggests that the company is no longer reliant on external credit markets to fund its operations or growth initiatives. Investors should monitor whether this low-debt posture is maintained, as it provides the firm with substantial dry powder for potential future strategic acquisitions or capital returns.
Based on the provided balance sheet data, goodwill accounts for approximately $4.0 billion of the company's $5.8 billion in total assets as of 2026Q1, indicating that the firm's valuation is heavily anchored in past acquisitions rather than tangible physical infrastructure.
The high concentration of goodwill warrants careful investigation, as it implies that the company's future performance is intrinsically linked to the successful integration and long-term value of acquired entities. If these acquired assets fail to meet performance expectations, the company may face significant impairment risks that could impact book value.
Data from recent filings shows that Waystar's equity has expanded to $3.9 billion in 2026Q1 from $2.0 billion in 2023Q4, a trend driven by the successful conversion of debt to equity and the ongoing reduction of accumulated deficits in retained earnings.
The narrowing of the negative retained earnings balance suggests that the company is moving toward a more sustainable capital base as it achieves consistent profitability. This improvement in equity quality appears to be a positive signal for long-term investors, indicating that the business is maturing beyond its initial startup and acquisition-heavy phases.
As indicated by the latest quarterly reports, Waystar maintains a current ratio of 1.76 as of 2026Q1, which provides a comfortable margin of safety for meeting short-term obligations despite the recent fluctuations in cash balances observed over the previous ten quarters.
The current ratio suggests that the company possesses adequate liquid assets to cover its immediate liabilities without needing to tap into external financing. While cash levels have been volatile, the overall liquidity position appears sufficient to support ongoing operations and routine working capital requirements.
Quick answers to the most common questions about buying WAY stock.
As of 2025, Waystar Holding Corp. (WAY) had total assets of $5.95B including $308.4M in current assets.
Waystar Holding Corp. (WAY) carries total debt of $1.50B, offset by $86.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Waystar Holding Corp. (WAY) has total shareholders' equity (book value) of $3.88B ($19.66 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Waystar Holding Corp. (WAY) reported a current ratio of 1.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.