Waystar Holding Corp. (WAY)
Waystar Holding Corp. is dedicated to developing a cloud-based software platform designed to streamline financial transactions within the healthcare industry. Their comprehensive system offers a suite of functionalities, including pre-approving finances, supporting patients with billing, overseeing claims and payments, actively preventing and recovering denied claims, enhancing revenue capture, and providing insightful analytics and reporting. The company's main clientele operates within the healthcare sector. Established in 2017, Waystar Holding Corp. is headquartered in Lehi, Utah.
Sector: Services-Computer Integrated Systems Design
Industry: Medical - Healthcare Information Services
Waystar Holding Corp.
NASDAQ:WAYHealthcare · Medical - Healthcare Information Services
-1.72%$27.66
CLOSED · Nov 3Prev close$28.14-1.72%Close$27.660.00%AH close$27.66
AH$27.66+0.00%vs close
Mkt Cap$5.32B
Float116.53M
O/S192.39M
VOL3.92M sh
$ Vol$107.5M
RVOL1.81×
Inst Own-
SI13.3%
Dilution
Financials Summary
Revenue$1.1B
Net Income$112.09M
Total Assets$5.79B
Free Cash Flow$283.19M
Debt & Equity
Debt 28%
Equity 72%
Total Debt$1.49B
Total Equity$3.88B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in WAY's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$5.79B
Liabilities$1.91B
Accounts Receivable$183.47M
Accounts Payable$50.95M
Inventory$0
PP&E (Net)$64.62M
Goodwill$4.02B
Intangible Assets$1.29B
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Revenue | $1.1B | $943.55M | $791.01M | $704.87M | $578.57M |
| YoY Growth | 16.5% | 19.3% | 12.2% | 21.8% | - |
| Cost of Revenue | $348.16M | $315.73M | $249.77M | $214.89M | $151.77M |
| Gross Profit | $751.12M | $627.82M | $541.24M | $489.98M | $426.8M |
| Gross Margin | 68.3% | 66.5% | 68.4% | 69.5% | 73.8% |
| Research and Development | $54.62M | $48.77M | $35.33M | $32.81M | $28.34M |
| Selling, General, and Administrative | $306.64M | $268.69M | $187.36M | $184.56M | $162.09M |
| Other | $140.55M | $186.63M | $176.47M | $183.17M | $176.06M |
| Total Operating Expenses | $501.81M | $504.09M | $399.16M | $400.53M | $366.48M |
| Operating Income (EBIT) | $249.31M | $123.72M | $142.08M | $89.45M | $60.31M |
| Operating Margin | 22.7% | 13.1% | 18.0% | 12.7% | 10.4% |
| Interest Expense | $77.54M | $146.27M | $205.92M | $155.32M | $127.01M |
| Interest Income | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$77.54M | -$146.27M | -$205.92M | -$155.32M | -$127.01M |
| Income Before Tax (EBT) | $171.76M | -$22.55M | -$63.83M | -$65.88M | -$66.7M |
| Income Tax Expense | $59.67M | -$3.42M | -$12.5M | -$14.42M | -$19.58M |
| Net Income | $112.09M | -$19.13M | -$51.33M | -$51.45M | -$47.12M |
| Net Income Margin | 10.2% | -2.0% | -6.5% | -7.3% | -8.1% |
| Supplementary Data | |||||
| EPS | 0.63 | -0.13 | -0.31 | -0.31 | -0.28 |
| Diluted EPS | 0.61 | -0.13 | -0.31 | -0.31 | -0.28 |
| Weighted Average OS | 177.93M | 149.92M | 166.66M | 166.66M | 166.66M |
| EBITDA | $389.85M | $310.36M | $318.55M | $272.62M | $236.37M |
| EBITDA Margin | 35.5% | 32.9% | 40.3% | 38.7% | 40.9% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Assets | |||||
| Current Assets | |||||
| Cash and Cash Equivalents | $61.35M | $182.13M | $35.58M | $64.56M | $47.25M |
| Short-Term Investments | $24.88M | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $86.23M | $182.13M | $35.58M | $64.56M | $47.25M |
| Accounts Receivable | $183.47M | $148.07M | $132.9M | $111.43M | $103.01M |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $18.63M | $26.42M | $40.27M | $33.4M | $8.1M |
| Total Current Assets | $308.41M | $371.04M | $222.05M | $217.9M | $166.89M |
| Long-Term Assets | |||||
| Property, Plant & Equipment Net | $64.62M | $57.55M | $71.61M | $67.57M | $58.63M |
| Goodwill | $4.02B | $3.02B | $3.03B | $3.01B | $3.01B |
| Intangible Assets | $1.29B | $1.04B | $1.19B | $1.33B | $1.49B |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $102.41M | $89.36M | $72.36M | $72.82M | $47.38M |
| Total Long-Term Assets | $5.48B | $4.21B | $4.36B | $4.48B | $4.61B |
| Other Assets | $0 | $0 | -$1K | $0 | $0 |
| Total Assets | $5.79B | $4.58B | $4.58B | $4.69B | $4.78B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | $50.95M | $47.37M | $45.48M | $28.09M | $34.83M |
| Short-Term Debt | $14.19M | $11.67M | $17.98M | $17.98M | $17.98M |
| Current Income Tax Payable | $0 | $8.03M | $3.51M | $2.34M | $3.27M |
| Current Unearned Revenue | $67.86M | $10.53M | $10.94M | $9.9M | $11.7M |
| Other Current Liabilities | $41.86M | $31.59M | $23.29M | $26.32M | $29.41M |
| Total Current Liabilities | $218.06M | $145.63M | $123.49M | $102.21M | $110.26M |
| Long-Term Liabilities | |||||
| Long-Term Debt | $1.46B | $1.22B | $2.2B | $2.21B | $2.26B |
| Long-Term Unearned Revenue | $5.5M | $5.74M | $6.17M | $6.55M | $6.07M |
| Long-Term Deferred Tax Liabilities | $211.32M | $100.52M | $174.48M | $240.76M | $258.05M |
| Other Long-Term Liabilities | $692K | $278K | $2.75M | $7K | $4.82M |
| Total Long-Term Liabilities | $1.69B | $1.35B | $2.41B | $2.49B | $2.55B |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.91B | $1.5B | $2.53B | $2.59B | $2.66B |
| Stockholders' Equity | |||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $1.92M | $1.72M | $1.22M | $1.22M | $2.01M |
| Retained Earnings | -$108.81M | -$220.9M | -$201.78M | -$150.44M | -$98.99M |
| Comprehensive Income & Other | -$632K | $881K | $15.8M | $29.84M | -$489K |
| Other Stockholders' Equity | $3.99B | $3.3B | $2.25B | $2.26B | $2.22B |
| Total Equity | $3.88B | $3.08B | $2.05B | $2.11B | $2.12B |
| Minority Interest | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $5.79B | $4.58B | $4.58B | $4.69B | $4.78B |
| Supplementary Data | |||||
| Total Debt | $1.49B | $1.26B | $2.25B | $2.26B | $2.3B |
| Net Debt | $1.43B | $1.08B | $2.21B | $2.2B | $2.25B |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Operating Activities | |||||
| Net Income | $112.09M | -$19.13M | -$51.33M | -$51.45M | -$47.12M |
| Depreciation & Amortization | $140.55M | $186.63M | $176.47M | $183.17M | $176.06M |
| Deferred Income Tax | $45.22M | -$59.13M | -$61.66M | -$27.11M | -$23.35M |
| Stock-Based Compensation | $42.07M | $54.44M | $8.85M | $8M | $6.83M |
| Changes in Working Capital: | |||||
| Accounts Receivable | -$24.32M | -$17.84M | -$19.17M | -$10.94M | -$12.66M |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $8.93M | $18.23M | $11.92M | $0 | $0 |
| Other Working Capital | -$22.7M | -$20.55M | -$27.37M | -$23.84M | -$6.15M |
| Total Working Capital Change | -$38.09M | -$20.17M | -$34.62M | -$34.78M | -$18.81M |
| Other Non-Cash Items | $7.83M | $27.13M | $13.77M | $24.81M | $12.79M |
| Net Cash from Operating | $309.67M | $169.77M | $51.46M | $102.63M | $106.41M |
| Investing Activities | |||||
| Capital Expenditures | -$26.48M | -$27.27M | -$21.52M | -$17.43M | -$14.54M |
| Acquisitions | -$629.53M | $0 | -$40M | $0 | -$429.79M |
| Purchases of Investments | -$231.32M | $0 | $0 | $0 | $0 |
| Sales of Investments | $206.44M | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$680.9M | -$27.27M | -$61.52M | -$17.43M | -$444.33M |
| Financing Activities | |||||
| Debt Repaid | -$224.63M | $1.01B | $18.77M | $65.81M | -$349.29M |
| Common Stock Issuance | $25.78M | $1.02B | $425K | $649K | $1.19M |
| Common Stock Repurchases | $0 | -$844K | -$688K | -$2.45M | -$1.91M |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$6.96M | $7.58M | $1.89M | $554K | -$17.07M |
| Net Cash from Financing | $243.45M | $16.65M | -$17.15M | -$67.06M | $331.5M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$127.77M | $159.15M | -$27.21M | $18.14M | -$6.43M |
| Supplementary Data | |||||
| Operating Cash Flow | $309.67M | $169.77M | $51.46M | $102.63M | $106.41M |
| Capital Expenditure | -$26.48M | -$27.27M | -$21.52M | -$17.43M | -$14.54M |
| Free Cash Flow | $283.19M | $142.5M | $29.94M | $85.2M | $91.86M |
| Cash at Beginning | $204.58M | $45.43M | $72.64M | $54.5M | $60.93M |
| Cash at End | $76.81M | $204.58M | $45.43M | $72.64M | $54.5M |