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. In the quarter to June 2026, revenue grew 18.1%, EPS grew 10.5%, free cash flow fell 52.4% and total debt rose 18.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
Follow WAY
Waystar Holding Corp. (WAY) Piotroski F-score
Waystar Holding Corp.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 0.00 |
| FY2024 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 2.16% | (0.42%) | Pass | 1 |
| Positive operating cash flow | 309.67m | 169.77m | Pass | 1 |
| Rising return on assets | 2.16% | (0.42%) | Pass | 1 |
| Cash flow above net income | 197.58m | 188.89m | Pass | 1 |
| Falling long-term leverage | 0.28 | 0.27 | Fail | 0 |
| Rising current ratio | 1.41 | 2.55 | Fail | 0 |
| No new shares issued | 177,926,700 | 149,915,800 | Fail | 0 |
| Rising gross margin | 68.33% | 66.54% | Pass | 1 |
| Rising asset turnover | 0.21 | 0.21 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| HQY HealthEquity, Inc. compare | 9 |
| BTSG BrightSpring Health Services, Inc. compare | 7 |
| TXG 10x Genomics compare | 6 |
| WAY Waystar Holding Corp. | 6 |
| PRVA Privia Health Group, Inc. compare | 6 |
| HTFL Heartflow, Inc. compare | 5 |
| DOCS Doximity, Inc. compare | 5 |
| HNGE Hinge Health Inc. compare | 5 |
| TEM Tempus AI, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover