Waystar Holding Corp.

WAY

HealthcareMid CapUS Equities · NYSE / NASDAQ

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Company Profile

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

Valuation

Market Cap$3.9B

Current Price$18.59as of Jun 23, 2026

P/E Ratio34.60

P/B Ratio1.00

EV / EBITDA13.55

EV / Sales4.81

Profitability

Operating Margin22.7%

Net Profit Margin10.2%

EBITDA Margin35.5%

Returns

ROE2.9%

ROCE4.7%

ROIC %-

ROA1.9%

Solvency

Current Ratio1.41

Debt / Equity0.38

Debt / Assets0.26

CFO / Net Profit2.76

Price History▼ 50.74% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$1.1B▲ 16.5%

EBITDA$390M▲ 25.6%

Net Profit$112M▼ 686.1%

Cash from Ops (CFO)$310M▲ 82.4%

Free Cash Flow (FCF)$283M▲ 98.7%

Revenue CAGR 3Y16.0%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$1.1B	$390M	$112M	$283M	2.9%	16.5%	-686.1%
2024	$944M	$310M	$-19M	$143M	-0.6%	19.3%	-62.7%
2023	$791M	$319M	$-51M	$30M	-2.5%	12.2%	-0.2%
2022	$705M	$273M	$-51M	$85M	-2.4%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	704.87	791.01	943.55	1,099.28
Operating Revenue	-	704.87	791.01	943.55	1,099.28
Cost Of Revenue	-	214.89	249.77	315.73	348.16
Gross Profit	-	489.98	541.24	627.82	751.12
Operating Expense	-	400.53	399.16	504.09	501.81
Research And Development	-	32.81	35.33	48.78	54.62
Selling General And Administration	-	184.56	187.36	268.69	306.64
Total Expenses	-	615.42	648.93	819.82	849.97
Operating Income	-	89.45	142.08	123.72	249.30
Total Operating Income As Reported	-	89.45	142.08	123.72	249.30
EBITDA	-	272.62	318.55	310.36	389.85
Normalized EBITDA	-	272.62	318.55	310.36	389.85
EBIT	-	89.45	142.08	123.72	249.30
Interest Expense	-	155.32	205.92	146.27	77.54
Net Interest Income	-	-155.32	-205.92	-146.27	-77.54
Interest Expense Non Operating	-	155.32	205.92	146.27	77.54
Net Non Operating Interest Income Expense	-	-155.32	-205.92	-146.27	-77.54
Pretax Income	-	-65.88	-63.83	-22.54	171.76
Tax Provision	-	-14.42	-12.50	-3.42	59.67
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	0
Net Income Continuous Operations	-	-51.46	-51.33	-19.12	112.09
Net Income From Continuing And Discontinued Operation	-	-51.46	-51.33	-19.12	112.09
Net Income From Continuing Operation Net Minority Interest	-	-51.46	-51.33	-19.12	112.09
Net Income	-	-51.46	-51.33	-19.12	112.09
Net Income Common Stockholders	-	-51.46	-51.33	-19.12	112.09
Net Income Including Noncontrolling Interests	-	-51.46	-51.33	-19.12	112.09
Normalized Income	-	-51.46	-51.33	-19.12	112.09
Diluted NI Availto Com Stockholders	-	-51.46	-51.33	-19.12	112.09
Basic Average Shares	-	166.66	166.66	149.92	177.93
Diluted Average Shares	-	166.66	166.66	149.92	184.78
Reconciled Depreciation	-	183.17	176.47	186.63	140.55
Reconciled Cost Of Revenue	-	214.89	249.77	315.73	348.16
Depreciation Amortization Depletion Income Statement	-	183.17	176.47	186.63	140.55
Depreciation And Amortization In Income Statement	-	183.17	176.47	186.63	140.55
General And Administrative Expense	-	73.09	62.92	111.75	128.62
Other Gand A	-	73.09	62.92	111.75	128.62
Selling And Marketing Expense	-	111.47	124.44	156.94	178.02

Peer Comparison

Healthcare sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Waystar Holding Corp.this co.	WAY	$3.9B	34.60↑ premium	1.00	2.9%	13.55
Amneal Pharmaceuticals, Inc.	AMRX	$4.3B	59.86	-60.93	-101.8%	11.13
RadNet, Inc.	RDNT	$4.2B	-222.64	3.81	-1.7%	16.71
Veracyte, Inc.	VCYT	$4.0B	60.06	3.04	5.1%	40.86
Catalyst Pharmaceuticals, Inc.	CPRX	$3.8B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Waystar Holding Corp. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$1.1B

$390M

$112M

$283M

2.9%

16.5%

-686.1%

2024

$944M

$310M

$-19M

$143M

-0.6%

19.3%

-62.7%

2023

$791M

$319M

$-51M

$30M

-2.5%

12.2%

-0.2%

2022

$705M

$273M

$-51M

$85M

-2.4%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

704.87

791.01

943.55

1,099.28

Operating Revenue

704.87

791.01

943.55

1,099.28

Cost Of Revenue

214.89

249.77

315.73

348.16

Gross Profit

489.98

541.24

627.82

751.12

Operating Expense

400.53

399.16

504.09

501.81

Research And Development

32.81

35.33

48.78

54.62

Selling General And Administration

184.56

187.36

268.69

306.64

Total Expenses

615.42

648.93

819.82

849.97

Operating Income

89.45

142.08

123.72

249.30

Total Operating Income As Reported

89.45

142.08

123.72

249.30

EBITDA

272.62

318.55

310.36

389.85

Normalized EBITDA

272.62

318.55

310.36

389.85

EBIT

89.45

142.08

123.72

249.30

Interest Expense

155.32

205.92

146.27

77.54

Net Interest Income

-155.32

-205.92

-146.27

-77.54

Interest Expense Non Operating

155.32

205.92

146.27

77.54

Net Non Operating Interest Income Expense

-155.32

-205.92

-146.27

-77.54

Pretax Income

-65.88

-63.83

-22.54

171.76

Tax Provision

-14.42

-12.50

-3.42

59.67

Tax Rate For Calcs

Tax Effect Of Unusual Items

Net Income Continuous Operations

-51.46

-51.33

-19.12

112.09

Net Income From Continuing And Discontinued Operation

-51.46

-51.33

-19.12

112.09

Net Income From Continuing Operation Net Minority Interest

-51.46

-51.33

-19.12

112.09

Net Income

-51.46

-51.33

-19.12

112.09

Net Income Common Stockholders

-51.46

-51.33

-19.12

112.09

Net Income Including Noncontrolling Interests

-51.46

-51.33

-19.12

112.09

Normalized Income

-51.46

-51.33

-19.12

112.09

Diluted NI Availto Com Stockholders

-51.46

-51.33

-19.12

112.09

Basic Average Shares

166.66

149.92

177.93

Diluted Average Shares

166.66

149.92

184.78

Reconciled Depreciation

183.17

176.47

186.63

140.55

Reconciled Cost Of Revenue

214.89

249.77

315.73

348.16

Depreciation Amortization Depletion Income Statement

183.17

176.47

186.63

140.55

Depreciation And Amortization In Income Statement

183.17

176.47

186.63

140.55

General And Administrative Expense

73.09

62.92

111.75

128.62

Other Gand A

73.09

62.92

111.75

128.62

Selling And Marketing Expense

111.47

124.44

156.94

178.02

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Waystar Holding Corp.this co.

WAY

$3.9B

34.60↑ premium

1.00

2.9%

13.55

Amneal Pharmaceuticals, Inc.

AMRX

$4.3B

59.86

-60.93

-101.8%

11.13

RadNet, Inc.

RDNT

$4.2B

-222.64

3.81

-1.7%

16.71

Veracyte, Inc.

VCYT

$4.0B

60.06

3.04

5.1%

40.86

Catalyst Pharmaceuticals, Inc.

CPRX

$3.8B

Waystar Holding Corp.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Waystar Holding Corp.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on