Waystar Holding Corp.WAY
NasdaqGS•Healthcare•Health Information Services
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.
Waystar Holding Corp. (WAY) reported trailing twelve months revenue of $1.16B as of March 2026, a 3.6% decline year-over-year. Quarterly revenue reached $313.87M, reflecting a contraction in sales.
Waystar Holding Corp. generated $126.10M in TTM net income, with quarterly EBITDA of $121.92M. The operating margin expanded from 25.4% to 25.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (25.6%) and net margin (13.8%) indicates moderate non-operating costs. Net margin has improved from 11.4% a year ago, signaling stronger bottom-line efficiency.
WAY trades at a P/E of 27.7x (in line with broad market averages) and a P/S of 3.0x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company generated $69.59M in free cash flow over the trailing twelve months, a 18.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $5.84B in total assets with $1.46B in long-term debt against $3.94B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 8 quarters of fundamental data
Operating margins are expanding at ~18.8%, suggesting durable pricing power and cost discipline.
ROE is positive at ~2.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 8 quarters
Margins are stable or improving at ~22.9% — no sign of cost or pricing stress.
FCF covers net income by 5.4x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 43.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation