A Business at a Glance
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Waystar Holding Corp.
WAY
$4.1B
Mkt Cap
$22.51
+4.31%
Waystar Holding Corp. (WAY) has a current P/E ratio of 36.9, compared to its historical median P/E of 54.1. The stock is currently considered Cheap based on its historical valuation range.
Waystar Holding Corp. (WAY) has a 5-year average return on invested capital (ROIC) of 16.1%. This indicates strong capital allocation and a potential competitive advantage.
Waystar Holding Corp. (WAY) has a market capitalization of $4.3B. It is classified as a mid-cap stock.
Waystar Holding Corp. (WAY) does not currently pay a regular dividend.
Based on historical P/E analysis, Waystar Holding Corp. (WAY) appears cheap. The current P/E of 36.9 is 32% below its historical median of 54.1.
Waystar Holding Corp. (WAY) operates in the Services-Computer Integrated Systems Design industry, within the Technology sector.
Waystar Holding Corp. (WAY) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance. Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care. Our enterprise-grade platform streamlines the complex and disparate processes providers must manage to ensure accurate reimbursement and improves the payments experience for providers, patients, and payers. We leverage internally developed AI as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, strengthens data integrity, and reduces labor costs for providers.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 1.2B | 1.1B | 944M | 791M | 705M |
| Net Income | 126M | 112M | -19M | -51M | -51M |
| EPS | $0.69 | $0.61 | $-0.13 | $-0.42 | $-0.42 |
| Free Cash Flow | 294M | 283M | 143M | 30M | 85M |
| ROIC | 3.4% | 3.5% | 3.0% | 4.5% | 53.4% |
| Gross Margin | - | 68.3% | 66.5% | 68.4% | 69.5% |
| Debt/Equity | 0.37 | 0.38 | 0.41 | 1.09 | - |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | 265M | 249M | 124M | 142M | 89M |
| Operating Margin | 22.9% | 22.7% | 13.1% | 18.0% | 12.7% |
| ROE | 3.2% | 3.2% | -0.7% | -2.5% | - |
| Shares Outstanding | 192M | 184M | 147M | 122M | 123M |
| Metric | 2022 | ||||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 705M | 791M | 944M | 1.1B | 1.2B |
| Gross Margin | 69.5% | 68.4% | 66.5% | 68.3% | N/A |
| R&D | 33M | 35M | 49M | 55M | 62M |
| SG&A | 73M | 63M | 112M | 129M | 136M |
| EBIT | 89M | 142M | 124M | 249M | 265M |
| Op. Margin | 12.7% | 18.0% | 13.1% | 22.7% | 22.9% |
| Net Income | -51M | -51M | -19M | 112M | 126M |
| Net Margin | -7.3% | -6.5% | -2.0% | 10.2% | 10.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | 53.4% | 4.5% | 3.0% | 3.5% | 3.4% |
| ROE | N/A | -2.5% | -0.7% | 3.2% | 3.2% |
| ROA | -30.7% | -2.2% | -0.4% | 2.2% | 2.2% |
| Cash Flow | |||||
| Op. Cash Flow | 103M | 51M | 170M | 310M | 330M |
| Free Cash Flow | 85M | 30M | 143M | 283M | 294M |
| Owner Earnings | -89M | -134M | -71M | 127M | 135M |
| CapEx | 17M | 22M | 27M | 26M | 36M |
| Maint. CapEx | 183M | 176M | 187M | 141M | 149M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 |
| D&A | 183M | 176M | 187M | 141M | 149M |
| CapEx/OCF | N/A | N/A | 16.1% | 8.6% | 11.0% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 2.5M | 688K | 844K | 0 | 0 |
| Buyback Yield | 0.0% | N/A | 0.0% | N/A | 0.0% |
| Stock-Based Comp | 8.0M | 8.8M | 54M | 42M | 47M |
| Debt Repayment | 65M | 38M | 1.6B | 152M | 152M |
| Balance Sheet | |||||
| Net Debt | 424K | 2.2B | 1.1B | 1.4B | 1.3B |
| Cash & Equiv. | 65M | 36M | 182M | 61M | 159M |
| Long-Term Debt | 65M | 2.2B | 1.2B | 1.5B | 1.5B |
| Debt/Equity | N/A | 1.09 | 0.41 | 0.38 | 0.37 |
| Interest Coverage | 106.1 | 178.3 | 164.7 | 469.5 | 753.7 |
| Equity | N/A | 2.0B | 3.1B | 3.9B | 3.9B |
| Total Assets | 168M | 4.6B | 4.6B | 5.8B | 5.8B |
| Total Liabilities | N/A | 2.5B | 1.5B | 1.9B | 1.9B |
| Intangibles | N/A | 1.2B | 1.0B | 1.3B | 1.3B |
| Retained Earnings | N/A | -202M | -221M | -109M | -66M |
| Working Capital | N/A | 99M | 225M | 90M | 167M |
| Current Assets | N/A | 222M | 371M | 308M | 387M |
| Current Liabilities | -30K | 123M | 146M | 218M | 220M |
| Per Share Data | |||||
| EPS | -0.42 | -0.42 | -0.13 | 0.61 | 0.69 |
| Owner EPS | -0.72 | -1.10 | -0.48 | 0.69 | 0.70 |
| Book Value | N/A | 16.77 | 20.93 | 21.11 | 20.54 |
| Cash Flow/Share | 0.84 | 0.42 | 1.15 | 1.69 | 1.43 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 122.5M | 122.2M | 147.1M | 183.8M | 191.7M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | N/A | 54.1 | 32.6 |
| P/FCF | N/A | N/A | 39.1 | 21.4 | 14.7 |
| EV/EBIT | N/A | N/A | 53.7 | 29.9 | 21.3 |
| Price/Book | N/A | N/A | 1.8 | 1.6 | 1.1 |
| Price/Sales | N/A | N/A | 4.2 | 6.3 | 3.7 |
| FCF Yield | N/A | N/A | 2.6% | 4.7% | 6.8% |
| Market Cap | 0 | N/A | 5.6B | 6.1B | 4.3B |
| Avg. Price | 0.00 | N/A | 26.93 | 37.71 | 22.51 |
| Year-End Price | 0.00 | N/A | 37.92 | 32.98 | 22.51 |
Waystar Holding Corp. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Waystar Holding Corp. trades at 36.9x trailing earnings, compared to its 15-year median P/E of 54.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 15.2x vs a median of 30.3x. The company's 5-year average ROIC is 16.1% with a gross margin of 68.2%. At current prices, the estimated annualized return to fair value is +29.3%.
Waystar Holding Corp. (WAY) has a net profit margin of 10.2%. This is a healthy margin.
Waystar Holding Corp. (WAY) generated $283 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Waystar Holding Corp. (WAY) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
Waystar Holding Corp. (WAY) reported earnings per share (EPS) of $0.61 in its most recent fiscal year.
Waystar Holding Corp. (WAY) has a return on equity (ROE) of 3.2%. This indicates moderate shareholder returns.
Waystar Holding Corp. (WAY) has a 5-year average gross margin of 68.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 4 years of financial data for Waystar Holding Corp. (WAY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Waystar Holding Corp. (WAY) has a book value per share of $21.11, based on its most recent annual SEC filing.