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Waystar Holding Corp.

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Key Metrics

Previous Close: $25.35
52-Week Range: $17.26 – $40.35
Market Cap: $4.76B
P/E (TTM): 35.44
EPS (TTM): 0.70
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 1.21
PEG Ratio: —
Return on Equity: 3.77%
Return on Assets: 3.44%
Gross Margin: 69.11%
Operating Margin: 24.41%
Profit Margin: 11.18%
Current Ratio: 1.85
Debt/Equity: 0.37
Total Debt: $1.48B
Free Cash Flow: $313.75M
Revenue Growth: 18.10%
Earnings Growth: 16.70%
Enterprise Value: $6.05B

WAY Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$704.87M	$791.01M	$943.55M	$1.10B
Cost of Revenue	$214.89M	$249.77M	$315.73M	$348.16M
Gross Profit	$489.98M	$541.24M	$627.82M	$751.12M
Research & Development	$32.81M	$35.33M	$48.77M	$54.62M
Selling, General & Admin	$184.56M	$187.36M	$268.69M	$306.64M
Operating Expenses	$400.53M	$399.16M	$504.09M	$501.81M
Operating Income	$89.45M	$142.08M	$123.72M	$249.31M
EBITDA	$272.62M	$318.55M	$310.36M	$389.85M
Pretax Income	-$65.88M	-$63.83M	-$22.55M	$171.76M
Income Tax	-$14.42M	-$12.50M	-$3.42M	$59.67M
Net Income	-$51.45M	-$51.33M	-$19.13M	$112.09M
Diluted EPS	-0.31	-0.31	-0.13	0.61
Diluted Shares	166.66M	166.66M	149.92M	184.78M

WAY Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$64.56M	$35.58M	$182.13M	$61.35M
Receivables	$111.43M	$132.90M	$148.07M	$183.47M
Current Assets	$217.90M	$222.05M	$371.04M	$308.41M
Total Assets	$4.69B	$4.58B	$4.58B	$5.79B
Current Liabilities	$102.21M	$123.49M	$145.63M	$218.06M
Long-Term Debt	$2.21B	$2.20B	$1.22B	$1.46B
Total Debt	$2.26B	$2.25B	$1.26B	$1.49B
Total Liabilities	$2.59B	$2.53B	$1.50B	$1.91B
Retained Earnings	-$150.44M	-$201.78M	-$220.90M	-$108.81M
Shareholders' Equity	$2.11B	$2.05B	$3.08B	$3.88B
Working Capital	$115.69M	$98.56M	$225.41M	$90.35M
Net Debt	$2.16B	$2.18B	$1.05B	$1.41B

WAY Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$102.63M	$51.46M	$169.77M	$309.67M
Capital Expenditure	-$17.43M	-$21.52M	-$27.27M	-$26.48M
Free Cash Flow	$85.20M	$29.94M	$142.50M	$283.19M
Depreciation & Amortisation	$183.17M	$176.47M	$186.63M	$140.55M
Stock-Based Compensation	$8.00M	$8.85M	$54.44M	$42.07M
Investing Cash Flow	-$17.43M	-$61.52M	-$27.27M	-$680.90M
Financing Cash Flow	-$67.06M	-$17.15M	$16.65M	$243.45M
Share Repurchases	-$2.45M	-$688.00K	-$844.00K	—
Net Change in Cash	$18.14M	-$27.21M	$159.15M	-$127.77M

WAY Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$270.65M	$268.65M	$303.54M	$313.87M	$319.67M
Cost of Revenue	$87.04M	$85.14M	$92.64M	$97.03M	$97.69M
Gross Profit	$183.61M	$183.51M	$210.90M	$216.84M	$221.99M
Research & Development	$12.62M	$12.40M	$18.52M	$18.37M	$17.72M
Selling, General & Admin	$72.72M	$77.58M	$92.92M	$76.55M	$86.76M
Operating Expenses	$118.76M	$123.28M	$151.88M	$136.37M	$145.95M
Operating Income	$64.85M	$60.23M	$59.02M	$80.47M	$76.04M
EBITDA	$98.27M	$93.53M	$99.46M	$121.92M	$117.51M
Pretax Income	$46.59M	$42.72M	$36.15M	$59.82M	$56.40M
Income Tax	$14.41M	$12.07M	$16.16M	$16.54M	$15.53M
Net Income	$32.18M	$30.65M	$19.99M	$43.28M	$40.87M
Diluted EPS	0.18	0.17	0.10	0.22	0.21
Diluted Shares	181.60M	181.24M	197.34M	195.16M	194.51M

WAY Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$290.30M	$421.06M	$61.35M	$34.34M	$12.64M
Receivables	$143.50M	$145.68M	$183.47M	$172.53M	$185.88M
Current Assets	$524.48M	$613.58M	$308.41M	$386.61M	$438.97M
Total Assets	$4.68B	$4.75B	$5.79B	$5.84B	$5.87B
Current Liabilities	$152.84M	$157.65M	$218.06M	$219.96M	$237.72M
Long-Term Debt	$1.22B	$1.21B	$1.46B	$1.46B	$1.45B
Total Debt	$1.26B	$1.25B	$1.49B	$1.49B	$1.48B
Total Liabilities	$1.50B	$1.52B	$1.91B	$1.90B	$1.88B
Retained Earnings	-$159.45M	-$128.80M	-$108.81M	-$65.53M	-$24.66M
Shareholders' Equity	$3.17B	$3.22B	$3.88B	$3.94B	$3.99B
Working Capital	$371.64M	$455.93M	$90.35M	$166.65M	$201.25M
Net Debt	$937.23M	$804.81M	—	$1.44B	$1.45B

WAY Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$96.76M	$82.03M	$66.63M	$84.91M	$59.41M
Capital Expenditure	-$5.77M	-$5.88M	-$9.41M	-$15.33M	-$16.11M
Free Cash Flow	$90.99M	$76.15M	—	$69.59M	$43.30M
Depreciation & Amortisation	$33.43M	$33.30M	$40.44M	$41.45M	$41.47M
Stock-Based Compensation	$11.53M	$11.60M	$12.20M	$11.45M	$13.80M
Investing Cash Flow	-$31.86M	$44.65M	-$663.83M	-$112.48M	-$69.60M
Financing Cash Flow	-$3.15M	$7.21M	$228.65M	$13.46M	-$7.10M
Share Repurchases	$0.00	$0.00	$0.00	—	—
Net Change in Cash	$61.75M	$133.89M	-$368.55M	-$14.11M	-$17.29M

Market Snapshot

About

Waystar Holding Corp. provides cloud-based healthcare payment software solutions for hospitals, health systems, and physician groups. The company streamlines the revenue cycle management process by automating billing, claims processing, and payment collection. Waystar serves thousands of healthcare providers across the United States, helping them optimize financial performance and improve patient payment experiences.