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Waystar Holding Corp.

WAY NASDAQ Categories PDF
Technology · Information Technology Services · United States · Updated May 10, 9:09pm
$21.38
Price
$4.1B
Market Cap
1,500
Employees
0.20
Beta
Matthew J. Hawkins
CEO
Business Description

Waystar Holding Corp. develops a cloud-based software solution for healthcare payments. Its platform offers financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics and reporting solutions. The company primarily serves healthcare industry. Waystar Holding Corp. was founded in 2017 and is based in Lehi, Utah.

Business History
Price Overview
Last updated: May 11, 2026 1:53pm (just now)
$19.79
-1.59 (-7.43%)
Day Range
$19.77 – $21.24
52-Week Range
$19.77 – $42.55
50-Day MA
$24.08
200-Day MA
$31.48
Volume
788,513.93
Analyst Price Targets
Low $27.00
Consensus $35.62
High $43.00
(34 analysts)
Share Structure
Outstanding 191,812,891.00
Float 140,002,311.00
Free Float 73.0%
Normal free float — 73.0% of shares trade freely, ~27% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
API
Stock Price / EPS (Diluted)
30.08
Stock Price: $21.38
EPS (Diluted): 0.63
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
1.62
Stock Price: $21.38
Total Equity: $3.88B
Shares: 197,336,164
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
8.84
Market Cap: $4.10B
Total Debt: $1.49B
Cash: $61.36M
EBITDA: $405.85M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$7.7B
Market Cap: $4.10B
Total Debt: $1.49B
Cash: $61.36M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
64.6%
Gross Profit: $710.67M
Revenue: $1.10B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
24.2%
Operating Income: $266.20M
Revenue: $1.10B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
10.2%
Net Income: $112.09M
Revenue: $1.10B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
3.5%
Net Income: $112.09M
Total Equity: $3.88B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
3.4%
Operating Income: $266.20M
Tax Rate: 34.7%
Equity: $3.88B
Total Debt: $1.49B
Cash: $61.36M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.41
Current Assets: $308.41M
Current Liabilities: $218.06M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.38
Short-Term Debt: $20.22M
Long-Term Debt: $1.47B
Total Debt: $1.49B
Total Equity: $3.88B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$5.57
Revenue: $1.10B
Shares: 197,336,164
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$19.66
Total Equity: $3.88B
Shares: 197,336,164
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.44
Operating CF: $309.67M
CapEx: -$26.48M
Shares: 197,336,164
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $21.38
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $112.09M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares WAY against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $578.6M $704.9M $791.0M $943.5M $1.1B
Cost of Revenue $151.8M $214.9M $249.8M $315.7M $388.6M
Gross Profit $426.8M $490.0M $541.2M $627.8M $710.7M
Operating Expenses $366.5M $400.5M $399.2M $504.1M $444.5M
Operating Income $60.3M $89.5M $142.1M $123.7M $266.2M
Net Income -$47.1M -$51.5M -$51.3M -$19.1M $112.1M
EBITDA $236.4M $272.6M $318.6M $310.4M $405.8M
EPS $-0.28 $-0.31 $-0.31 $-0.13 $0.63
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $47.2M $64.6M $35.6M $182.1M $61.4M
Total Current Assets $166.9M $217.9M $222.1M $371.0M $308.4M
Total Assets $4.8B $4.7B $4.6B $4.6B $6.0B
Current Liabilities $110.3M $102.2M $123.5M $145.6M $218.1M
Long-Term Debt $2.3B $2.2B $2.2B $1.2B $1.5B
Total Liabilities $2.7B $2.6B $2.5B $1.5B $2.1B
Total Equity $2.1B $2.1B $2.0B $3.1B $3.9B
Retained Earnings -$99.0M -$150.4M -$201.8M -$220.9M -$108.8M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $106.4M $102.6M $51.5M $169.8M $309.7M
Capital Expenditure -$14.5M -$17.4M -$21.5M -$27.3M -$26.5M
Free Cash Flow $91.9M $85.2M $29.9M $142.5M $283.2M
Acquisitions (net) -$429.8M $0 -$40.0M $0 -$629.5M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$1.9M -$2.5M $-688,000 $-844,000 $0
Net Change in Cash -$6.4M $18.1M -$27.2M $159.2M -$127.8M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $1.4B
$1.4B – $1.5B
 $1.6B
$1.6B – $1.6B
 $1.7B
$1.7B – $1.8B
 $1.8B
$1.8B – $1.9B
EBITDA $539.3M
$527.9M – $569.7M
 $602.6M
$602.0M – $603.2M
 $642.6M
$634.9M – $663.9M
 $701.4M
$693.0M – $724.6M
Net Income $365.9M
$346.2M – $385.6M
 $452.8M
$378.5M – $527.2M
 $467.7M
$460.4M – $487.8M
 $520.0M
$511.9M – $542.3M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +21.8% +12.2% +19.3% +16.5%
Gross Profit Growth +14.8% +10.5% +16.0% +13.2%
Operating Income Growth +48.3% +58.8% -12.9% +115.2%
Net Income Growth -9.2% +0.2% +62.7% +686.1%
EBITDA Growth +15.3% +16.8% -2.6% +30.8%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-03-09 Miller Melissa F. (Missy) A-Award 61,703.00 $0.00 $0
2026-03-09 Wittman Kimberly S. A-Award 61,703.00 $0.00 $0
2026-03-09 PACKER GREGORY R A-Award 65,817.00 $0.00 $0
2026-03-09 Chan William A-Award 82,271.00 $0.00 $0
2026-03-09 Bridge T. Craig A-Award 87,413.00 $0.00 $0
2026-03-09 Schremser Christopher L. A-Award 87,413.00 $0.00 $0
2026-03-09 Oreskovich Steven M A-Award 82,271.00 $0.00 $0
2026-03-09 Hawkins Matthew J. A-Award 257,096.00 $0.00 $0
2026-03-02 MILLER HEIDI P-Purchase 7,200.00 $26.25 $188,986
2026-01-20 Sinclair III Eric L. (Ric) M-Exempt 32,663.00 $4.14 $135,225
2026-01-20 Sinclair III Eric L. (Ric) M-Exempt 7,562.00 $18.19 $137,553
2026-01-20 Sinclair III Eric L. (Ric) S-Sale 40,225.00 $30.08 $1.2M
2026-01-20 Sinclair III Eric L. (Ric) M-Exempt 7,562.00 $18.19 $137,553
2026-01-20 Sinclair III Eric L. (Ric) M-Exempt 32,663.00 $4.14 $135,225
2025-12-22 Sinclair III Eric L. (Ric) M-Exempt 9,701.00 $4.14 $40,162
2025-12-22 Sinclair III Eric L. (Ric) S-Sale 9,701.00 $32.82 $318,396
2025-12-22 Sinclair III Eric L. (Ric) M-Exempt 9,701.00 $4.14 $40,162
2025-12-10 Schremser Christopher L. M-Exempt 8,623.00 $4.14 $35,699
2025-12-10 Schremser Christopher L. S-Sale 8,623.00 $30.41 $262,225
2025-12-10 Schremser Christopher L. M-Exempt 8,623.00 $4.14 $35,699
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27