Stock pay outran buybacks. Stock-based pay expense $105M vs $2M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Waystar recorded $105M of stock-based pay expense and spent $2M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Waystar recorded $105M of stock-based pay expense and spent $2M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Operating margin at a 4-year high.23% in 2025, the best of the last 4 years.
Waystar kept 23% of revenue as operating profit in 2025, its highest in the 4 years of filings we have.
Profits growing faster than sales. Since 2022: revenue +56%, operating profit +179%.
Since 2022, Waystar's revenue grew 56% while operating profit grew 179%: each extra dollar of sales is adding more profit.
Profit is backed by cash. Free cash flow is 183% of reported profit.
Waystar's free cash flow is 183% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 58 → 59
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Revenue and earnings-per-share growth over one year, and revenue growth over three years.
Earnings per share growth42.5%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.09Sector median: 0.0976 · MAD: 0.2991
3-year revenue growth16.0%
Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 1.20Sector median: 0.0584 · MAD: 0.0840
Revenue growth19.2%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.35Sector median: 0.0609 · MAD: 0.0974
Why it changed since the Oct 27, 2026 close: Safety percentile 54 → 55
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Waystar
Is Waystar getting weaker?
Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 63/100 since Oct 28, 2026.
How is Waystar valued vs its peers?
Priced about in line with its peers. Valuation scores 59/100 against 1,393 healthcare peers.EBITDA yield 6.6% vs a peer median of 4.0% (stronger than 66% of peers).EBITDA yield 6.6% vs peers 4.0% (stronger than 66% of peers).
Is Waystar growing?
Yes, faster than most of its peers. Growth scores 74/100 against 1,393 healthcare peers.Earnings per share growth 42.5% vs a peer median of 9.8% (stronger than 78% of peers).Earnings per share growth 42.5% vs peers 9.8% (stronger than 78% of peers).
How profitable is Waystar?
More profitable than most of its peers. Profitability scores 65/100 against 1,393 healthcare peers.Operating margin 22.9% vs a peer median of 7.1% (stronger than 85% of peers).Operating margin 22.9% vs peers 7.1% (stronger than 85% of peers).
How risky is Waystar?
Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Beta 0.15 vs a peer median of 0.63 (stronger than 95% of peers).Beta 0.15 vs peers 0.63 (stronger than 95% of peers).Current ratio 1.85× vs a peer median of 2.59× (weaker than 64% of peers).Current ratio 1.85× vs peers 2.59× (weaker than 64% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.2B USD
1.2B USD
+4.2%
Net income (12 months)
126.1M USD
134.8M USD
+6.9%
Operating margin
22.9%
22.9%
−0.0 pts
Free cash flow (12 months)
294.0M USD
246.3M USD
−16.2%
Debt
1.5B USD
1.5B USD
−0.2%
Cash
34.3M USD
12.6M USD
−63.2%
Shares outstanding
191.8M
191.7M
−0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Health Information Services companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
12.7%
18.0%
13.1%
22.7%
▲ 9.6 pts
Net margin
-7.3%
-6.5%
-2.0%
10.2%
▲ 12 pts
Return on assets (ROA)
—
-1.1%
-0.4%
1.9%
▲ 2.4 pts
Return on equity (ROE)
-2.4%
-2.5%
-0.6%
2.9%
▲ 3.5 pts
Free cash flow margin
12.1%
3.8%
15.1%
25.8%
▲ 11 pts
Current ratio
—
1.80×
2.55×
1.41×
▼ 44%
Debt to equity
—
1.08×
0.40×
0.38×
▼ 5.4%
WAY price history
Price history is added with the daily price update and will appear after the next one.