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Friday 6 November 2026
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Waystar Holding Corp.
WAY Healthcare Health Information Services
Waystar Holding Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 16.5% from fiscal 2024.
- Revenue
- +21.2%
- EPS
- −10.2%
- Free cash flow
- +23.4%
- Total debt
- +18.4%
Quarter to September 2026, against a year earlier
28.00
0.88
−3.05%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 705 | 791 | 944 | 1,099 | 1,263 | +16.0% | 1,286 | 1,424 | 1,601 | +13.4% | |
| Gross margin, % | — | — | — | — | — | — | 69.51 | 68.42 | 66.54 | 68.33 | 69.39 | (1.2) pt | ||||||
| EBT | — | — | — | — | — | — | (66) | (64) | (23) | 172 | 194 | n/m | ||||||
| EBT margin, % | — | — | — | — | — | — | (9.35) | (8.07) | (2.39) | 15.63 | 15.39 | +25.0 pt | ||||||
| Net income | — | — | — | — | — | — | (51) | (51) | (19) | 112 | 135 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 5.79 | 6.50 | 6.29 | 6.18 | 6.58 | +2.2% | |||||
| Earnings | — | — | — | — | — | — | (0.42) | (0.42) | (0.13) | 0.63 | 0.70 | n/m | ||||||
| Cash flow | — | — | — | — | — | — | 0.84 | 0.42 | 1.13 | 1.74 | 1.64 | +27.3% | ||||||
| Capex | — | — | — | — | — | — | (0.14) | (0.18) | (0.18) | (0.15) | (0.26) | +1.3% | ||||||
| Free cash flow | — | — | — | — | — | — | 0.70 | 0.25 | 0.95 | 1.59 | 1.38 | +31.5% | ||||||
| Book value | — | — | — | — | — | — | 17.31 | 16.85 | 20.54 | 21.80 | 21.03 | +8.0% | ||||||
| Shares, m | — | — | — | — | — | — | 122 | 122 | 150 | 178 | 188 | +13.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 51.17 | 40.91 | 12.8 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 0.00 | 5.83 | 5.30 | 4.36 | 2.8 | ||||||
| P/B | — | — | — | — | — | — | 1.23 | 1.23 | 1.79 | 1.50 | 1.36 | 1.4 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 0.00 | 6.93 | 6.55 | 5.28 | 3.4 | ||||||
| EV/FCF | — | — | — | — | — | — | 133.94 | 133.94 | 45.90 | 25.42 | 25.27 | 84.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 103 | 51 | 170 | 310 | 315 | +44.5% | |||||
| Capex | — | — | — | — | — | — | (17) | (22) | (27) | (26) | (51) | +15.0% | ||||||
| Free cash flow | — | — | — | — | — | — | 85 | 30 | 143 | 283 | 264 | +49.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | 116 | 99 | 225 | 90 | 270 | (7.9%) | |||||
| Net debt | — | — | — | — | — | — | 2,166 | 2,184 | 1,039 | 1,371 | 1,163 | (14.1%) | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 2,106 | 2,050 | 3,080 | 3,879 | 4,037 | +22.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (1.11) | (0.42) | 2.16 | 2.53 | +2.2 pt | |||||
| ROIC | — | — | — | — | — | — | 1.31 | 2.10 | 1.88 | 2.97 | 3.33 | +1.7 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | (2.47) | (0.75) | 3.22 | 3.72 | +3.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 1,400 | 1,500 | 1,700 | — | +10.2% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.57 | 0.63 | 0.65 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Waystar Holding Corp. vs peers in Health Information Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| BTSG BrightSpring Health Services, Inc. | $13.1B | 33.0× | 41.2× | +26.37% (above 0%: growing) | +77.78% (above 0%: growing) | +97.70% (above 0%: growing) | 12.31% | 3.81% | Compare |
| TEM Tempus AI, Inc. | $12.9B | — (loss-making) | — (loss-making) | +23.14% (above 0%: growing) | n/m | +95.67% (above 0%: growing) | 64.81% | (13.82%) | Compare |
| HNGE Hinge Health Inc. | $9.4B | 86.1× | 56.0× | +53.00% (above 0%: growing) | n/m | +441.14% (above 0%: growing) | 86.44% | 19.00% | Compare |
| HQY HealthEquity, Inc. | $8.6B | 36.9× | 34.8× | +7.64% (above 0%: growing) | +14.49% (above 0%: growing) | −3.44% (below 0%: shrinking) | 73.55% | 28.14% | Compare |
| DOCS Doximity, Inc. | $5.9B | 44.4× | 49.7× | +3.57% (above 0%: growing) | −42.42% (below 0%: shrinking) | +1.87% (above 0%: growing) | 85.48% | 25.16% | Compare |
| WAY Waystar Holding Corp. | $5.6B | 40.9× | 31.9× | +21.21% (above 0%: growing) | −10.22% (below 0%: shrinking) | +23.36% (above 0%: growing) | 69.53% | 18.81% | |
| HTFL Heartflow, Inc. | $4.5B | — (loss-making) | — (loss-making) | +47.57% (above 0%: growing) | n/m | +62.62% (above 0%: growing) | 83.00% | (27.93%) | Compare |
| PRVA Privia Health Group, Inc. | $3.1B | 88.3× | 83.4× | +13.19% (above 0%: growing) | +83.33% (above 0%: growing) | −44.35% (below 0%: shrinking) | 0.00% | 3.13% | Compare |
| SDGR Schrodinger, Inc. | $2.2B | — (loss-making) | — (loss-making) | +18.72% (above 0%: growing) | n/m | +21.64% (above 0%: growing) | 59.32% | (40.52%) | Compare |
| Median of peers | $7.2B | 44.4× | 49.7× | +20.93% | +46.14% | +42.13% | 69.18% | 3.47% |
Pay and ownership Proxy statement filed 17 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 37.12m | 18.68m | 158.21 |
| 2024 | 29.94m | 55.36m | 177.29 |
Ownership
Directors and executive officers, together
3.50%
EQT
13.00%
CPPIB
9.90%
BlackRock, Inc.
8.30%
FMR LLC
7.30%
Bain
6.90%
Advent
5.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Waystar Holding Corp. (WAY) Latest News
3 Nov
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15 Sep
25 Aug
30 Jul
29 Jul
WAY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Beneish M-score