Waystar Holding Corp. (WAY) Financial Ratios
5 years of historical data (2021–2025) · Technology · Information Technology Services
EV/EBITDA
↓
12.39
↓-39% vs avg
5yr avg: 20.32
30Y Low19.4·High21.2
P/FCF
↓
12.70
↓-59% vs avg
5yr avg: 30.72
30Y Low22.8·High38.6
P/B Ratio
↓
0.95
↓-45% vs avg
5yr avg: 1.73
30Y Low1.7·High1.8
ROE
↑
3.2%
↓+446% vs avg
5yr avg: -0.9%
30Y Low-2%·High3%
Debt/EBITDA
↓
3.69
↓-44% vs avg
5yr avg: 6.57
30Y Low3.7·High9.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WAY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Waystar Holding Corp. trades at 30.7x earnings, 43% below its 5-year average of 53.7x, sitting at the 0th percentile of its historical range. This is roughly in line with the Technology sector median P/E of 29.5x. On a free-cash-flow basis, the stock trades at 12.7x P/FCF, 59% below the 5-year average of 30.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $6.5B | $5.5B | — | — | — |
| Enterprise Value | $5.0B | $7.9B | $6.6B | — | — | — |
| P/E Ratio → | 30.74 | 53.69 | — | — | — | — |
| P/S Ratio | 3.27 | 5.88 | 5.83 | — | — | — |
| P/B Ratio | 0.95 | 1.67 | 1.79 | — | — | — |
| P/FCF | 12.70 | 22.82 | 38.61 | — | — | — |
| P/OCF | 11.61 | 20.87 | 32.41 | — | — | — |
P/E links to full P/E history page with 30-year chart
WAY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Waystar Holding Corp.'s enterprise value stands at 12.4x EBITDA, 39% below its 5-year average of 20.3x. The Technology sector median is 16.8x, placing the stock at a 26% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.19 | 6.98 | — | — | — |
| EV / EBITDA | 12.39 | 19.43 | 21.21 | — | — | — |
| EV / EBIT | 18.93 | 29.79 | 53.21 | — | — | — |
| EV / FCF | — | 27.91 | 46.20 | — | — | — |
WAY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Waystar Holding Corp. earns an operating margin of 24.2%. Operating margins have expanded from 18.0% to 24.2% over the past 3 years, signaling improving operational efficiency. ROE of 3.2% is modest. ROIC of 4.2% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 64.6% | 64.6% | 66.5% | 68.4% | 69.5% | 73.8% |
| Operating Margin | 24.2% | 24.2% | 13.1% | 18.0% | 12.7% | 10.4% |
| Net Profit Margin | 10.2% | 10.2% | -2.0% | -6.5% | -7.3% | -8.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 3.2% | 3.2% | -0.7% | -2.5% | -2.4% | -2.2% |
| ROA | 2.1% | 2.1% | -0.4% | -1.1% | -1.1% | -1.0% |
| ROIC | 4.2% | 4.2% | 2.2% | 2.5% | 1.5% | 1.0% |
| ROCE | 5.2% | 5.2% | 2.8% | 3.1% | 1.9% | 1.3% |
WAY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Waystar Holding Corp. carries a Debt/EBITDA ratio of 3.7x, which is moderately leveraged (24% above the sector average of 3.0x). Net debt stands at $1.4B ($1.5B total debt minus $61M cash). Interest coverage of 3.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.41 | 1.10 | 1.07 | 1.08 |
| Debt / EBITDA | 3.69 | 3.69 | 4.07 | 7.06 | 8.30 | 9.71 |
| Net Debt / Equity | — | 0.37 | 0.35 | 1.08 | 1.04 | 1.06 |
| Net Debt / EBITDA | 3.54 | 3.54 | 3.48 | 6.95 | 8.06 | 9.51 |
| Debt / FCF | — | 5.09 | 7.59 | 73.93 | 25.78 | 24.47 |
| Interest Coverage | 3.36 | 3.36 | 0.85 | 0.69 | 0.58 | 0.47 |
WAY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.41x means Waystar Holding Corp. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.80x to 1.41x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.41 | 1.41 | 2.55 | 1.80 | 2.13 | 1.51 |
| Quick Ratio | 1.41 | 1.41 | 2.55 | 1.80 | 2.13 | 1.51 |
| Cash Ratio | 0.40 | 0.40 | 1.25 | 0.37 | 0.63 | 0.43 |
| Asset Turnover | — | 0.18 | 0.21 | 0.17 | 0.15 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | 60.92 | 57.28 | 61.32 | 57.70 | 64.99 |
WAY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Waystar Holding Corp. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 3.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 1.9% | — | — | — | — |
| FCF Yield | 7.9% | 4.4% | 2.6% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $197M | $150M | $167M | $167M | $167M |
Peer Comparison
Compare WAY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WAYYou | $4B | 30.7 | 12.4 | 12.7 | 64.6% | 24.2% | 3.2% | 4.2% | 3.7 |
 NVCR | $2B | -14.6 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
 COLL | $1B | 20.0 | 4.4 | 3.4 | 59.3% | 24.0% | 23.7% | 14.0% | 2.3 |
 MTEX | $11M | -0.7 | 7.2 | — | 74.9% | -0.4% | -897.3% | — | 4.5 |
 VEEV | $26B | 29.3 | 20.6 | 18.7 | 75.5% | 28.7% | 13.9% | 12.9% | 0.1 |
 HIMS | $6B | 52.6 | 43.2 | 79.6 | 73.8% | 4.5% | 25.2% | 8.6% | 7.9 |
 AMSF | $593M | 12.8 | 8.9 | 66.4 | 46.4% | 18.6% | 18.5% | 21.9% | 0.0 |
 CXDO | $235M | 45.3 | 25.6 | 25.3 | 62.9% | 6.9% | 8.8% | 10.2% | 0.1 |
 UNH | $371B | 30.9 | 18.2 | 23.1 | 18.5% | 4.2% | 11.8% | 9.2% | 3.4 |
 CVS | $130B | 73.4 | 14.4 | 16.7 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
 CI | $79B | 13.4 | 8.7 | 9.4 | 9.5% | 3.3% | 14.3% | 10.4% | 2.7 |
| Technology Median | — | 29.5 | 16.8 | 19.4 | 48.8% | 0.2% | 1.6% | 2.8% | 3.0 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 5 years · Updated daily
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Run the NumbersIs WAY Undervalued Right Now?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationWAY vs NVCR — which is the better buy?
Side-by-side revenue, margins, P/E and 10-year returns vs NovoCure Limited.
Compare NowWAY — Frequently Asked Questions
Quick answers to the most common questions about buying WAY stock.
What is Waystar Holding Corp.'s P/E ratio?
Waystar Holding Corp.'s current P/E ratio is 30.7x. The historical average is 53.7x.
What is Waystar Holding Corp.'s EV/EBITDA?
Waystar Holding Corp.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.3x.
What is Waystar Holding Corp.'s ROE?
Waystar Holding Corp.'s return on equity (ROE) is 3.2%. The historical average is -0.9%.
Is WAY stock overvalued?
Based on historical data, Waystar Holding Corp. is trading at a P/E of 30.7x. Compare with industry peers and growth rates for a complete picture.
What are Waystar Holding Corp.'s profit margins?
Waystar Holding Corp. has 64.6% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Waystar Holding Corp. have?
Waystar Holding Corp.'s Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.