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ValueScreener company report

Waystar Holding Corp. (WAY)

NASDAQ / Technology / Information Technology Services

Share price

28.24 USD Market dataClose of Oct 15, 2026

Market capitalisation

5.42B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 17, 2026
Ratios computed
Oct 15, 2026
Filed years
4, FY2022 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

3.1% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

44.83x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

5.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2021 Revenue: 578.6M USDFY2021 Net income: -47.1M USDFY2022 Revenue: 704.9M USDFY2022 Net income: -51.5M USDFY2023 Revenue: 791.0M USDFY2023 Net income: -51.3M USDFY2024 Revenue: 943.5M USDFY2024 Net income: -19.1M USDFY2025 Revenue: 1.10B USDFY2025 Net income: 112.1M USD
Revenue Net income5 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 44.83x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Information Technology Services industry (41 companies), 44.83x sits at the 83rd percentile; the middle half of that group runs from 13.31x to 25.20x.

Is it good

Return on invested capital was 3.1% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Technology sector (220 companies), 3.1% sits at the 30th percentile; the middle half of that group runs from 1.2% to 17.5%.

Is it safe

Net debt to EBITDA was 3.67x in FY2025, in the band labelled "Elevated" (2.50x to 4.00x), on lines set by credit-analyst convention.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Waystar Holding Corp.'s return on invested capital stayed above the median of the Technology sector, year by year. (FY2023 to FY2025, 3 fiscal years of Waystar Holding Corp. with a comparable figure)
The direction
Which way Waystar Holding Corp.'s operating margin has moved, and how steadily. (FY2021 to FY2025, 5 filed years of Waystar Holding Corp.)
What could explain it
What in Waystar Holding Corp.'s filed statements could explain the movements. (8 readings drawn from the statement lines Waystar Holding Corp. filed)
What to check next
What to check next on Waystar Holding Corp., and where in its filings. (4 questions for Waystar Holding Corp.)
In one paragraph
One paragraph on Waystar Holding Corp.'s returns, cash, balance sheet and price. (12 of sixteen figures read for Waystar Holding Corp.)

These are WAY’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research WAYPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 17, 2026, accession 0001990354-26-000011.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Waystar Holding Corp: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax3.1% ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Return on equity2.9% ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Return on capital employed, pre-tax4.5% ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Return on assets1.9% ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Operating margin22.7% ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Net margin10.2% ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
WAY 10.2%
SAIC 4.9%GDS 8.3%EXLS 12.0%FLYW 2.2%DLB 18.9%
2.2%18.9%
Net margin: WAY against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Waystar Holding Corp: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.38 ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Current ratio1.41 ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Quick ratio1.41 ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Altman Z-score1.97 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Net debt1.40B ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Total assets 5.79BTotal liabilities 1.91BShareholders' equity 3.88BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Waystar Holding Corp owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 17, 2026, 0001990354-26-000011).

Waystar Holding Corp: balance sheet position
Total assets5.79B FiledFY2025 10-K, filed Feb 17, 2026
Total liabilities1.91B FiledFY2025 10-K, filed Feb 17, 2026
Shareholders' equity3.88B FiledFY2025 10-K, filed Feb 17, 2026
Cash86.2M FiledFY2025 10-K, filed Feb 17, 2026
Total debt1.49B FiledFY2025 10-K, filed Feb 17, 2026
Net debt1.40B
Current ratio1.41
Debt to equity0.38
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Waystar Holding Corp: what the market charges, each with its source
FigureValue, source and document
Price to earnings44.83x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
P/E on trailing twelve months38.07x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.35x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Price to sales4.75x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Enterprise value to EBIT26.67x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Enterprise value to EBITDA17.05x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Diluted earnings per share0.61 USD FiledFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Graham number17.25 USD ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011

We publish no fair value or price target of our own. Value WAY on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Waystar Holding Corp today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Waystar Holding Corp: valuation
Share price28.24 USD
Market capitalisation5.42B USD
Enterprise value to EBITDA17.05x
Graham number17.25 USD
Diluted earnings per share, FY20250.61 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 6, 2024: low 25.84x, median 78.26x, high 171.50x, latest 38.07x. 365 trading days with a meaningful ratio, 118 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Waystar Holding Corp

  1. Science Applications International Corporation (SAIC)Market cap 5.58B USD
  2. GDS Holdings Limited (GDS)Market cap 4.94B USD
  3. ExlService Holdings, Inc. (EXLS)Market cap 5.93B USD
  4. Flywire Corporation (FLYW)Market cap 2.35B USD
  5. Dolby Laboratories, Inc. (DLB)Market cap 5.70B USD

Same industry (Information Technology Services) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Waystar Holding Corp: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield5.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Free cash flow283.2M USD ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Free cash flow margin25.8% ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
FY2021 Free cash flow: 91.9M USDFY2021 Net income: -47.1M USDFY2022 Free cash flow: 85.2M USDFY2022 Net income: -51.5M USDFY2023 Free cash flow: 29.9M USDFY2023 Net income: -51.3M USDFY2024 Free cash flow: 142.5M USDFY2024 Net income: -19.1M USDFY2025 Free cash flow: 283.2M USDFY2025 Net income: 112.1M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Waystar Holding Corp.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
44.83xFY2025Oct 15, 2026
1.35xFY2025Oct 15, 2026
26.67xFY2025Oct 15, 2026
5.4%FY2025Oct 15, 2026
3.1%FY2025Feb 17, 2026
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.38FY2025Feb 17, 2026
1.41FY2025Feb 17, 2026
4.75xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
1.97FY2025Oct 15, 2026
-2.38FY2025Feb 17, 2026
5/9FY2025Feb 17, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 4 filed fiscal years on record, FY2022 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

5 fiscal years, FY2021 to FY2025. 4 read from the annual reports Waystar Holding Corp filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Waystar Holding Corp: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.10B249.3M112.1M0.61283.2M22.7%2.9%10-K, Feb 17, 20260001990354-26-000011
FY2024943.5M123.7M-19.1M-0.13142.5M13.1%-0.6%10-K, Feb 18, 20250001410578-25-000148
FY2023791.0M142.1M-51.3M-0.4229.9M18.0%-2.5%10-K, Feb 18, 20250001410578-25-000148
FY2022704.9M89.5M-51.5M-0.4285.2M12.7%n/a10-K, Feb 18, 20250001410578-25-000148
FY2021578.6M60.3M-47.1M-0.2891.9M10.4%-2.2%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2021 to FY2025: 17.4%
  • Earnings: Earnings was not positive in both 2021 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2021 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2021 to FY2025: 32.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Waystar Holding Corp: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.38 ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Piotroski F-score5/9 ComputedFY2025 10-K, filed Feb 17, 2026, 0001990354-26-000011
Named tests met1 of 30 Computed
Beta1.09 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 27 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
High return on tangibles
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
High yield, low payout; Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(10)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 10 figures could not be read on this company, among them PEG Ratio, Eps Growth 5Y, Rev Growth 5Y. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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