Waystar Holding (WAY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Waystar Holding

NasdaqGS•Healthcare•Health Information Services

$25.07-1.01(-0.04%)Pre-market

Market Cap

$5.09B

P/E

37.7x

P/S

4.2x

P/B

1.3x

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.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Cash & Earnings Quality (18/25); weakest: Growth (12/25).

Profitability16/25

Growth12/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality18/25

Strengths

Strong marginsRising earningsLow leverageCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 37.7x5y range 35.7x – 634.2x

Currently below its 6-quarter median.

P/S · 4.2x5y range 3.9x – 5.8x

Currently near its 6-quarter median.

P/B · 1.3x5y range 1.0x – 2.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Share Dilution

Red Flag

Shares outstanding increased 11.8% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $5.09B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.21B
Q. Revenue: $319.67M
TTM EBITDA: $432.42M
TTM Op. Income: $275.76M
Q. Op. Income: $76.04M
TTM Net Income: $134.79M
Q. Net Income: $40.87M
EPS: $0.21
Shares Out.: $191.87M

$1.21B in TTM revenue declined 2.5% YoY, reaching $319.67M last quarter. TTM EBITDA of $432.42M and TTM operating income of $275.76M show growth is flowing through to the bottom line. TTM net income of $134.79M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 36.8%
Op. Margin: 23.8%
Net Margin: 12.8%

Op. margin of 23.8% is down 0.2% YoY — costs are rising relative to revenue. Net margin at 12.8% Over the past year, operating margin is down 1% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 37.7x
P/S Ratio: 4.2x
P/B Ratio: 1.3x

At 37.7x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 4.2x and P/B of 1.3x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is down 63% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.87B
Cash: $12.64M
Long-Term Debt: $1.45B
Book Value: $3.99B
D/E Ratio: 0.4
Debt/EBITDA: 12.4

With $5.87B in assets and $1.45B in long-term debt, D/E is 0.4and book value is $3.99B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $59.41M
TTM Free Cash Flow: $246.26M
FCF Margin: 20.4%
FCF / Net Income: 1.8

TTM FCF of $246.26M on $59.41M in operating cash flow. The FCF / Net Income ratio of 1.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 12% — a weakening trend.