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.

27.36 0.88 −3.12%
Market cap
$5.4B
P/E
38.0×
Fwd P/E
22.4×
Dividend yield
—
F-score
6/9
Altman Z
2.16
Beneish M
−2.41
Dividend safety
n/a

Insider Decisions trades per month

Total sells 10.55
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 3 2 1 — — — — — 1 1 1 1
Insider Ownership 30.68%

Capital & Financial Ratios $m

Market Cap 5,410.00
Revenue 1,205.74
Net Income 134.79
Free Cash Flow 246.26
Net Debt 1,242.37
Current Ratio 1.85 (at or above 1.5: strong)
Debt/Equity 0.37 (at or below 0.5: strong)
P/E ratio 38.00 (above 35: high)
Fwd P/E 22.40
P/S ratio 4.35
P/B ratio 1.32
Past 5Y EPS Growth —
This Y EPS Growth 17.57% (at or above 15%: strong)
Next Y EPS Growth 12.61%
Next Y revenue growth 16.99% (at or above 10%: strong)
Next 5Y EPS Growth 15.42% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 45 205 102 224
Receivables 133 148 183 186
Inventory — — — —
Other 30 4 3 4
222 371 308 439
2023 2024 2025 Q'26
Payables 45 47 51 56
ST’ Debt 18 12 14 14
Other — — — —
123 146 218 238

Compound Annual Growth %

10y 5y 3y
Sales — — 15.97%
Cash Flow — — 44.50%
Earnings — — 0.00%
Book Value — — 22.57%

Revenue $m

Mar Jun Sep Dec Year
’26 314 320 — — —
’25 256 271 269 304 1,099
’24 225 235 240 244 944
’23 — 196 197 — 791
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 85 59 — — —
’25 64 97 82 67 310
’24 11 15 79 65 170
’23 — 50 (10) 11 51
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 70 43 — — —
’25 59 91 76 57 283
’24 5 9 70 59 143
’23 — 41 (17) 6 30
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.22 0.21 — — —
’25 0.16 0.18 0.17 0.10 0.61
’24 (0.13) (0.21) 0.03 0.11 (0.13)
’23 — (0.09) (0.13) — (0.42)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — — — — 20.26 29.40

Analyst estimates 2026–2028

Powerpack
High — — — — — — — — 38.35 48.11
People
People Employees — — — — — — — 1,400 1,500 1,700
Revenue/emp, $m — — — — — — 0.00 0.57 0.63 0.65
Income, $m
Income, $m Revenue — — — — — — 705 791 944 1,099
Gross margin, % — — — — — — 69.51 68.42 66.54 68.33
EBT — — — — — — (66) (64) (23) 172
EBT margin, % — — — — — — (9.35) (8.07) (2.39) 15.63
Net income — — — — — — (51) (51) (19) 112
Depreciation — — — — — — 193 187 191 143
Per share, $
Per share, $ Revenue — — — — — — 5.79 6.50 6.29 6.18
Earnings — — — — — — (0.42) (0.42) (0.13) 0.63
Cash flow — — — — — — 0.84 0.42 1.13 1.74
Capex — — — — — — (0.14) (0.18) (0.18) (0.15)
Free cash flow — — — — — — 0.70 0.25 0.95 1.59
Book value — — — — — — 17.31 16.85 20.54 21.80
Shares, m — — — — — — 122 122 150 178
Valuation, ×
Valuation, × P/E — — — — — — 0.00 0.00 0.00 51.17
P/S — — — — — — 0.00 0.00 5.83 5.30
P/B — — — — — — 1.23 1.23 1.79 1.50
EV/Sales — — — — — — 0.00 0.00 6.93 6.55
EV/FCF — — — — — — 133.94 133.94 45.90 25.42
Cash, $m
Cash, $m Operating cash flow — — — — — — 103 51 170 310
Capex — — — — — — (17) (22) (27) (26)
Free cash flow — — — — — — 85 30 143 283
Balance, $m
Balance, $m Working capital — — — — — — 116 99 225 90
Total debt — — — — — — 2,239 2,230 1,244 1,473
Net debt — — — — — — 2,166 2,184 1,039 1,371
Shareholders’ equity — — — — — — 2,106 2,050 3,080 3,879
Returns, %
Returns, % ROA — — — — — — 0.00 (1.11) (0.42) 2.16
ROIC — — — — — — 1.31 2.10 1.88 2.97
ROE — — — — — — 0.00 (2.47) (0.75) 3.22
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
TEM Tempus AI, Inc. $12.8B — (loss-making) — (loss-making) +21.56% (above 0%: growing) n/m −153.72% (below 0%: shrinking) 64.45% (19.85%) Compare
BTSG BrightSpring Health Services, Inc. $12.3B 34.0× 37.6× +23.05% (above 0%: growing) +192.86% (above 0%: growing) −39.62% (below 0%: shrinking) 12.72% 3.37% Compare
TXG 10x Genomics $9.4B — (loss-making) — (loss-making) −12.65% (below 0%: shrinking) n/m −4.61% (below 0%: shrinking) 74.48% (12.95%) Compare
HNGE Hinge Health Inc. $8.5B 73.5× 39.4× +53.00% (above 0%: growing) n/m +441.14% (above 0%: growing) 86.44% 19.00% Compare
HQY HealthEquity, Inc. $7.7B 33.0× 30.2× +7.64% (above 0%: growing) +14.49% (above 0%: growing) −3.44% (below 0%: shrinking) 73.55% 28.14% Compare
DOCS Doximity, Inc. $5.6B 34.8× 26.2× +7.34% (above 0%: growing) −53.57% (below 0%: shrinking) −34.14% (below 0%: shrinking) 84.87% 21.48% Compare
WAY Waystar Holding Corp. $5.4B 38.0× 22.4× +18.11% (above 0%: growing) +10.53% (above 0%: growing) −52.42% (below 0%: shrinking) 69.44% 23.79%
HTFL Heartflow, Inc. $4.4B — (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. $2.9B 102× 87.8× +21.39% (above 0%: growing) +250.00% (above 0%: growing) −86.20% (below 0%: shrinking) 9.93% 1.86% Compare
Median of peers $8.1B 34.8× 37.6× +21.48% +103.68% −19.37% 74.02% 2.62%

All 51 Health Information Services stocks →

Waystar Holding Corp. (WAY) key facts

  • Strength: Waystar Holding Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 16.5% from fiscal 2024.
  • Waystar Holding Corp. (WAY) is a Health Information Services company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, WAY traded at $27.36, a market capitalization of $5.4 billion.
  • Return on equity was 3.22% and debt-to-equity 0.37.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.16 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Waystar Holding Corp. (WAY) Latest News

7 Aug

Impact 4 · transcript

27 May

Impact 1 · transcript
stockrow.com/WAY · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com