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Stock research / United States / WAY · Services-Computer Integrated Systems Design · Nasdaq

Waystar Holding Corp. (WAY)

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Waystar Holding Corp. (WAY) reported revenue of $320 million for Q2 FY2026, the quarter ended 30 June 2026, up 18.1% on the same quarter a year earlier. Net income was $41 million, up 27.0% on the year, and diluted earnings per share $0.21. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue$320 millionup 18.1%
Net income$41 millionup 27.0%
Diluted EPS$0.21
QuarterQ2 FY2026ended 30 June 2026

Waystar Holding (WAY) in brief

Waystar Holding (WAY) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 16.5% on the year before.
Read moreNet income was $112 million and diluted earnings per share $0.61. Revenue was $944 million in fiscal 2024, $791 million in fiscal 2023 and $705 million in fiscal 2022. Net income in the same years was a loss of $19 million, a loss of $51 million and a loss of $51 million. Over the twelve months to 30 June 2026, Waystar Holding reported revenue of $1.2 billion and net income of $135 million. Waystar Holding had 192 million shares outstanding at the latest filed count. At 30 June 2026 it carried $1.5 billion of debt and $13 million of cash. At the close of 9 October 2026 the market cap of Waystar Holding was $5.1 billion, 38.1 times its earnings over the last twelve months.

Ratios

From the filings

ROE3.4%
ROCE5.1%
Operating margin22.9%
Net margin11.2%
FCF margin20.4%
Interest covern/a
Debt to equity0.36
Cash conversion2.17
Share count, 1 year10.2%
Sales CAGR, 3 years16.0%
Profit CAGR, 3 yearsn/a
EPS, TTM$0.70

At the close of 9 October 2026

Price$26.68
Market cap$5.1 billion
Stock P/E38.11
Price to book1.28
EV / EBITDA15.17
Dividend yieldn/a
Market cap / sales4.25
52-week high$39.62
52-week low$17.31
Price, 1 year-28.7%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Waystar Holding Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
WAYgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on WAY

Filings12 in twelve months: 6 current reports (8-K), about 4 results of operations; 1 shareholder vote; 1 officer or director change
Planned insider sales13 Form 144 notices in twelve months, $31.1 million; latest 6 October 2026
Options tapeput/call 1.01 by open interest at the 9 October 2026 close; the straddle prices a 6.4% move to 16 October 2026
13F holders7 of the followed funds hold it; largest FMR LLC; 8 Schedule 13D or 13G filings in twelve months
Insider trading15 sales and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest16.0 million shares short, 8.24 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q2 FY2023Q3 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue196197225235240244256271269304314320
Cost of revenue60.562.975.280.580.579.583.387.085.192.697.097.7
Gross profit135134150154160165173184184211217222
Gross margin69%68%67%66%66%67%67%68%68%69%69%69%
R&D8.29.010.315.911.111.511.112.612.418.518.417.7
Operating income37.232.235.28.227.153.165.264.860.259.080.576.0
Operating margin19%16%16%4%11%22%25%24%22%19%26%24%
Interest expensen/an/an/a50.518.5n/a18.918.317.5n/a20.619.6
Pre-tax income-14.0-20.2-22.0-42.38.733.146.346.642.736.159.856.4
Tax raten/an/an/an/a38%42%37%31%28%45%28%28%
Net income-10.8-15.5-15.9-27.75.419.129.332.230.620.043.340.9
Net margin-6%-8%-7%-12%2%8%11%12%11%7%14%13%
Diluted EPS-$0.09-$0.13-$0.13-$0.21$0.03$0.11$0.16$0.18$0.17$0.10$0.22$0.21
Operating cash flown/a-10.410.715.478.864.864.296.882.066.684.959.4
Capital expendituren/a6.25.66.98.66.25.45.85.99.415.316.1
Free cash flown/a-16.75.28.670.258.558.891.076.257.269.643.3
Buybacksn/a0.00.20.60.00.0n/an/a0.0n/an/an/a
Shares outstanding167m172m173m167m172m172m173m174m175m192m192m192m
Filing10-Q10-Q10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 4 fiscal years and the trailing twelve months

FY2022FY2023FY2024FY2025TTM
Revenue7057919441,0991,206
Cost of revenue215250316348372
Gross profit490541628751833
Gross margin69.5%68.4%66.5%68.3%69.1%
Research and development32.835.348.854.667.0
Operating income89.5142124249276
Operating margin12.7%18.0%13.1%22.7%22.9%
Pre-tax income-65.9-63.8-22.5172195
Income tax-14.4-12.5-3.459.760.3
Effective tax raten/an/an/a34.7%30.9%
Net income-51.5-51.3-19.1112135
Net margin-7.3%-6.5%-2.0%10.2%11.2%
Diluted EPS-$0.42-$0.42-$0.13$0.61$0.70
Filing10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Subscription revenue40145855850.8%
Volume-based revenue38648053548.6%
Implementation services and other revenue3.75.76.10.6%
Subscription revenueVolume-based revenueImplementation services and other revenue
791FY2023944FY20241,099FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2022FY2023FY2024FY2025TTM
Operating cash flow10351.5170310293
Capital expenditure17.421.527.326.546.7
Free cash flow85.229.9142283246
Free cash flow margin12.1%3.8%15.1%25.8%20.4%
Cash from investing-17.4-61.5-27.3-681-801
Cash from financing-67.1-17.216.7243242
Depreciation and amortisation183176187141157
Share-based compensation8.08.854.442.149.0
Buybacks2.50.70.80.0n/a
Diluted shares, weighted122m122m150m185m195m
Shares outstanding at period endn/a122m172m192m192m
Filing10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity2,1062,0503,0803,8793,986
Debtn/a2,2001,2441,4811,453
Operating lease liabilitiesn/a14.313.112.09.9
Finance lease liabilitiesn/a12.211.30.0n/a
Other liabilitiesn/a307229413420
Total liabilities and equityn/a4,5834,5775,7855,869
Owned
Goodwill3,0103,0303,0204,0174,015
Intangible assetsn/a1,1871,0391,2931,224
Investmentsn/an/a0.024.9179
Cash and equivalents64.635.618261.412.6
Receivablesn/a126145177186
Other assetsn/a204191212253
Total assetsn/a4,5834,5775,7855,869
Filing10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/an/a16.0%19.2%
Profit growth, compoundedn/an/an/a56.8%
Return on equity, averagen/a-0.7%-0.1%2.9%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Waystar Holding's revenue in fiscal 2025?

Waystar Holding (WAY) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 16.5% on the year before.

How much did Waystar Holding earn in fiscal 2025?

Net income was $112 million for fiscal 2025, and diluted earnings per share $0.61.

What is Waystar Holding's P/E ratio?

At the close of 9 October 2026, Waystar Holding traded at 38.1 times its earnings over the twelve months to 30 June 2026.

What is Waystar Holding's market cap?

The market cap of Waystar Holding was $5.1 billion at the close of 9 October 2026.

How much debt does Waystar Holding have?

At 30 June 2026 Waystar Holding carried $1.5 billion of debt and $13 million of cash.

Peers: Computers

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Leidos Holdings, Inc. LDOS$15.3 billion11.3526.0%11.5%3.4%1.141.3%
Caci International Inc. CACI$13.5 billion25.2912.0%9.6%10.9%1.10n/a
GoDaddy Inc. GDDY$13.2 billion15.4813,586.6%24.8%7.4%561.10n/a
Jack Henry & Associates Inc. JKHY$10.5 billion21.4324.5%25.0%7.1%0.021.6%
Science Applications International Corp. SAIC$5.7 billion15.7526.5%8.0%-0.8%1.730.3%
Waystar Holding Corp. WAY$5.1 billion38.113.4%22.9%19.2%0.36n/a
NCR Atleos Corp. NATL$3.4 billion17.7442.2%11.5%3.6%5.84n/a
Extreme Networks Inc. EXTR$3.2 billion75.6247.5%4.9%12.6%1.85n/a
Agilysys Inc. AGYS$3.0 billion69.4912.7%14.6%14.4%0.00n/a
Netscout Systems Inc. NTCT$3.0 billion24.797.3%14.8%5.8%0.00n/a
Parsons Corp. PSN$2.6 billion31.096.0%4.9%-5.8%0.560.0%
Kyndryl Holdings, Inc. KD$2.6 billion31.738.1%n/a-0.6%3.640.0%
All 36 in Computers
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Apple Inc. AAPL$4.92 trillion38.61119.9%33.2%14.2%0.770.3%
Cisco Systems, Inc. CSCO$467.1 billion35.4426.4%24.3%11.8%0.451.4%
Dell Technologies Inc. DELL$375.3 billion34.03n/a9.4%49.0%n/a0.4%
Palo Alto Networks Inc. PANW$341.3 billion821.221.1%6.1%24.5%0.06n/a
Arista Networks, Inc. ANET$273.3 billion68.3527.3%43.1%32.6%0.00n/a
Sandisk Corp. SNDK$231.0 billion21.7072.7%61.2%175.3%0.00n/a
International Business Machines Corp. IBM$214.0 billion20.1531.1%n/a7.9%1.633.0%
Seagate Technology Holdings plc STX$177.5 billion56.39146.9%33.6%34.1%1.660.4%
Western Digital Corp. WDC$143.4 billion16.36106.3%34.5%35.7%0.120.1%
Fortinet, Inc. FTNT$142.9 billion68.57136.7%32.4%18.8%0.32n/a
Hewlett Packard Enterprise Co. HPE$97.6 billion37.8610.5%6.2%26.6%0.760.7%
Everpure, Inc. P$51.5 billion211.7816.4%5.3%27.2%0.00n/a
NetApp, Inc. NTAP$46.5 billion33.4594.8%25.0%12.2%1.660.9%
Super Micro Computer, Inc. SMCI$27.5 billion13.0815.4%7.1%77.8%0.60n/a
HP Inc. HPQ$27.3 billion11.53n/a5.4%8.1%n/a3.8%
F5, Inc. FFIV$27.3 billion38.2218.8%24.5%9.4%0.00n/a
Leidos Holdings, Inc. LDOS$15.3 billion11.3526.0%11.5%3.4%1.141.3%
Logitech International S.A. LOGI$14.1 billion18.0334.1%17.7%6.6%0.001.6%
Caci International Inc. CACI$13.5 billion25.2912.0%9.6%10.9%1.10n/a
GoDaddy Inc. GDDY$13.2 billion15.4813,586.6%24.8%7.4%561.10n/a
Jack Henry & Associates Inc. JKHY$10.5 billion21.4324.5%25.0%7.1%0.021.6%
Science Applications International Corp. SAIC$5.7 billion15.7526.5%8.0%-0.8%1.730.3%
Waystar Holding Corp. WAY$5.1 billion38.113.4%22.9%19.2%0.36n/a
NCR Atleos Corp. NATL$3.4 billion17.7442.2%11.5%3.6%5.84n/a
Extreme Networks Inc. EXTR$3.2 billion75.6247.5%4.9%12.6%1.85n/a
Agilysys Inc. AGYS$3.0 billion69.4912.7%14.6%14.4%0.00n/a
Netscout Systems Inc. NTCT$3.0 billion24.797.3%14.8%5.8%0.00n/a
Digi International Inc. DGII$2.9 billion60.027.1%13.9%20.3%0.16n/a
Parsons Corp. PSN$2.6 billion31.096.0%4.9%-5.8%0.560.0%
Kyndryl Holdings, Inc. KD$2.6 billion31.738.1%n/a-0.6%3.640.0%
Pitney Bowes Inc. PBI$2.3 billion13.77n/a13.5%-5.3%n/a1.8%
Diebold Nixdorf, Inc. DBD$2.2 billion20.8111.5%6.4%5.4%0.970.0%
A10 Networks, Inc. ATEN$2.1 billion49.3718.1%16.1%12.2%0.920.8%
Omnicell, Inc. OMCL$1.6 billion42.633.0%4.6%8.5%0.13n/a
Corsair Gaming, Inc. CRSR$1.5 billion43.955.5%2.9%3.1%0.18n/a
NCR Voyix Corp. VYX$984 million17.448.2%1.1%-4.8%1.19n/a
9 companies share its SEC industry code (Services-Computer Integrated Systems Design); the rest are the names nearest in size in its wider industry, Computers, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202629 July 2026EDGAR
10-Q31 March 202629 April 2026EDGAR
10-K31 December 202517 February 2026EDGAR
10-Q30 September 202529 October 2025EDGAR
10-Q30 June 202530 July 2025EDGAR
10-Q31 March 202530 April 2025EDGAR
10-K31 December 202418 February 2025EDGAR
10-Q30 September 20246 November 2024EDGAR
10-Q30 June 20247 August 2024EDGAR

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