At a glance
Waystar Holding Corp. is worth $5.56B, about 47 times its fiscal 2025 earnings. Revenue grew 16.5% to $1.10B in fiscal 2025, with 10.2% kept as profit; over 3 years it has grown 16.0% a year. It pays no dividend; it spent $4.0M buying back its shares over FY2022–FY2025. The stock returned −26.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Waystar Holding Corp. provides cloud-based software that helps US healthcare providers get paid accurately and quickly. Its tools handle the paperwork around a patient visit. They check insurance eligibility before care and get prior authorization (an insurer's advance approval). They also catch missing codes and charges, send claims to insurers, collect co-pays and appeal denied claims. Its own AI engine, Waystar AltitudeAI, automates parts of this work.
Clients range from physician practices, clinics, surgical centers and laboratories to large hospitals and health systems. In its annual report filed February 17, 2026, Waystar said it served over 30,000 clients representing over one million providers. It handled over 7.5 billion payment transactions in 2025, covering about 60% of US patients. Its top 10 clients made up 10.8% of 2025 revenue, so no single customer dominates.
Revenue was about $1.10 billion in fiscal 2025, up 16.5%. Subscription fees, which are recurring charges for using the software, brought in 50.8%. Volume-based fees, which rise as clients process more claims and payments, brought in 48.6%. Implementation services and other work added 0.6%. The annual report shows no separate business segments or regional split. Waystar's own estimate of its market covers US healthcare providers.
Price history
The interactive chart needs JavaScript.
WAY -26.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Subscription revenue | $558.4M | 50.8% |
| Volume-based revenue | $534.8M | 48.6% |
| Implementation services and other revenue | $6.1M | 0.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $325.6M, up 21.2% from a year earlier, and net income was $31.0M (+1.2%).
- For fiscal 2025, revenue was $1.10B (+16.5% year over year; +16.0% a year from FY2022 to FY2025) with a 10.2% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +16.0% good |
|---|---|
| Operating margin | 22.7% good |
| Free cash flow margin | 25.8% good |
| Return on equity (FY2025) | 2.9% weak |
| Return on assets (FY2025) | 1.9% weak |
| Net cash (cash minus debt) | $-1.19B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $704.9M | $-51.5M | $85.2M |
| FY2023 | $791.0M | $-51.3M | $29.9M |
| FY2024 | $943.5M | $-19.1M | $142.5M |
| FY2025 | $1.10B | $112.1M | $283.2M |
Valuation snapshot
| Market value | $5.56B |
|---|---|
| P/E ratio | 47.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Waystar Holding’s market value went from $6.32B at the end of 2024 to $5.56B on Oct 28, 2026, down 12%; since the end of 2025 it is down 11%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.56B | -11.2% |
| 2025 | $6.27B | -0.8% |
| 2024 | $6.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WAY price data to Oct 28, 2026 | -11.7% | -26.8% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.7% |
| 2025 | -10.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 6 sales ($8.0M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 6, 2026 | Matthew J. Hawkins Chief Executive Officer, Director | sell (plan) | $2.2M |
| Sep 2, 2026 | Matthew J. Hawkins Chief Executive Officer, Director | sell (plan) | $2.1M |
| Aug 13, 2026 | Matthew J. Hawkins Chief Executive Officer, Director | sell (plan) | $1.5M |
| Jul 16, 2026 | Matthew J. Hawkins Chief Executive Officer, Director | sell (plan) | $852K |
| Jul 15, 2026 | Matthew J. Hawkins Chief Executive Officer, Director | sell (plan) | $762K |
Who owns it
Large shareholders (13G filings)
| Derby LuxCo S.a r.l. | 14.2% | Sep 30, 2025 |
| FMR LLC | 10.2% | Jul 31, 2026 |
| Canada Pension Plan Investment Board | 9.9% | Sep 30, 2025 |
| BlackRock, Inc. | 9.1% | Sep 30, 2025 |
| BCPE Derby Investor, LP | 5.9% | Sep 30, 2025 |
ETFs with the most weight in WAY
| HEAL Global X HealthTech ETF | 3.28% |
| FMED Fidelity Disruptive Medicine ETF | 3.23% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.41% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 1.06% |
| FLDZ RiverNorth Patriot ETF | 0.4% |
| IHF iShares U.S. Healthcare Providers ETF | 0.37% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.34% |
| FPX First Trust US Equity Opportunities ETF | 0.33% |
What could go wrong
- Partners and tech giants could compete directly. Electronic health record and practice management vendors that Waystar connects with could build their own claims and payment tools. Well-funded large technology companies are also entering this market, which could pressure prices.
- Most assets are goodwill and intangibles. Goodwill (the premium paid for acquired businesses) and other intangibles were about 92% of total assets as of December 31, 2025. If their value falls, write-downs would reduce reported earnings.
- A large debt load. As of June 30, 2026, Waystar had about $1.47 billion of debt and $192 million of cash and investments. Lender rules limit its options, and higher interest rates can raise its costs.
- Revenue tied to healthcare claim volumes. Volume-based fees were 48.6% of fiscal 2025 revenue, so fewer patient visits or claims would hurt sales. Mergers among hospitals and health systems could also shrink the client base or strengthen clients' pricing power.
- Handling sensitive patient and payment data. Waystar processes protected health information and payment card data. A cyberattack or breach, or a failure to meet changing privacy, healthcare and payment-network rules, could bring fines, lawsuits and lost clients.
- A few big holders own large stakes. As of September 30, 2025, Derby LuxCo held 14.2% of shares and BCPE Derby Investor 5.9%. Their interests may differ from other owners', and large future share sales could push the price down.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Waystar paid no dividends from fiscal 2022 through 2025, and its annual report filed February 17, 2026 says it has no plans to pay cash dividends. Share repurchases were small: about $4 million over those four years, and none in fiscal 2025. The share count rose 15.1%, from 166.7 million on June 30, 2024 to 191.7 million on July 23, 2026, which spreads ownership more thinly. For an income investor, any return depends on the share price rising, and drawing income would mean cashing in shares.
Waystar's price history covers about 2.4 years as of October 28, 2026, so it offers no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In that span the stock has fallen as much as 61.8% from a peak, and it lost 26.8% over the year to October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Waystar make money?
Waystar makes money by charging healthcare providers for cloud software that helps them get paid by insurers and patients. In fiscal 2025, revenue of about $1.10 billion came almost evenly from subscription fees (50.8%) and from volume-based fees tied to the claims and transactions clients process (48.6%). Implementation services and other revenue added 0.6%. About half of revenue rises with transaction volume, so sales tend to grow as clients see more patients.
Does Waystar pay a dividend?
No. Waystar paid no dividends from fiscal 2022 through 2025, and its annual report filed February 17, 2026 says it has no plans to pay cash dividends on its common stock. That means shareholders earn a return only if the share price rises. Share repurchases have also been small, about $4 million over those four years. An investor who needs regular income would have to cash in shares to get money from this holding.
Is Waystar profitable?
Yes, based on its latest results. Waystar earned net income of $112.1 million in fiscal 2025, or $0.61 per diluted share, after net losses in each of 2022, 2023 and 2024. Free cash flow, the cash left after running and investing in the business, was $283.2 million, or 25.8% of revenue. In the quarter ended June 30, 2026, net income rose 27% from a year earlier to $40.9 million. The annual report still lists a history of losses as a risk.
How much debt does Waystar have?
About $1.47 billion as of June 30, 2026, against $191.6 million of cash and investments. That leaves net debt of roughly $1.28 billion. Shareholders' equity was about $3.99 billion, but much of it rests on intangibles: goodwill and other intangible assets were about 92% of total assets at December 31, 2025. The company calls its debt substantial. It warns that loan covenants, which are rules set by lenders, could limit its strategy, and that changes in interest rates could affect results.
Who owns the most Waystar stock?
Derby LuxCo S.a r.l. was the largest reported holder, with 14.2% of shares as of September 30, 2025. FMR LLC reported 10.2% as of July 31, 2026. As of September 30, 2025, Canada Pension Plan Investment Board held 9.9%, BlackRock 9.1% and BCPE Derby Investor 5.9%. Chief Executive Matthew J. Hawkins sold shares several times from July to October 2026 under prearranged trading plans. The largest single sale was about $2.2 million.