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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 89.45 | 142.08 | 123.72 | 249.30 |
| EBITDA | 272.62 | 318.55 | 310.36 | 389.85 |
| EBIT | 89.45 | 142.08 | 123.72 | 249.30 |
| Pretax Income | -65.88 | -63.83 | -22.54 | 171.76 |
| Tax Provision | -14.42 | -12.50 | -3.42 | 59.67 |
| Net Income | -51.46 | -51.33 | -19.12 | 112.09 |
| Net Income Common Stockholders | -51.46 | -51.33 | -19.12 | 112.09 |
| Total Expenses | 615.42 | 648.93 | 819.82 | 849.97 |
| Interest Expense | 155.32 | 205.92 | 146.27 | 77.54 |
| Research And Development | 32.81 | 35.33 | 48.78 | 54.62 |
| Selling General And Administration | 184.56 | 187.36 | 268.69 | 306.64 |
| Normalized EBITDA | 272.62 | 318.55 | 310.36 | 389.85 |
| Normalized Income | -51.46 | -51.33 | -19.12 | 112.09 |
| Market Cap | 4,875.88 | 4,875.88 | 4,875.88 | 4,875.88 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Waystar Holding Corp.this co. | WAY | $4.5B | 43.50↑ premium | 1.26 | 2.9% | 16.17 |
| TG Therapeutics, Inc. | TGTX | $5.3B | 13.08 | 9.02 | 69.0% | 44.82 |
| Apellis Pharmaceuticals, Inc. | APLS | $5.1B | 233.78 | 14.14 | 6.0% | 74.89 |
| Corcept Therapeutics Incorporated | CORT | $4.8B | 49.62 | 7.63 | 15.4% | 103.46 |
| Indivior Pharmaceuticals, Inc. | INDV |
| $4.2B |
| 19.29 |
| -40.92 |
| -212.1% |
| 13.84 |
| Merit Medical Systems, Inc. | MMSI | $4.1B | 31.84 | 2.58 | 8.1% | 13.45 |
| Amneal Pharmaceuticals, Inc. | AMRX | $3.9B | 55.43 | -56.42 | -101.8% | 10.60 |
| TransMedics Group, Inc. | TMDX | $3.8B | 20.14 | 8.10 | 40.2% | 26.01 |
| ACADIA Pharmaceuticals Inc. | ACAD | $3.7B | 9.58 | 3.05 | 31.9% | 31.04 |
| Peer Median | - | 25.99 | 5.34 | 11.7% | 28.53 | |