Waystar Holding Corp.

Technology
EDP Services
www.waystar.com

Moat Score
Safety Score

Market Cap $6.73B
PE 258
Debt $1.25B
Cash $249.72M
EV $7.74B
FCF $196.15M

Earnings

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Sales & Net Margins

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Earnings	$26.08M
EBIT	$153.74M
ROE	1%
ROA	3%
FCF	$196.15M
Equity	$3.13B
Growth Stability	1
PE	258.19
PB	2.15
P/FCF	34.32
P/S	6.9
Price/Cash	0.04
Debt/Equity	0.4
Debt/FCF	6.38
Net Margins	11%
Gross Margins	67%
Op. Margins	16%
Sales Growth YoY	14%
Sales Growth QoQ	5%
Sales CAGR	88%
FCF CAGR	305%
Equity CAGR	30%
Earnings Growth YoY	-284%
Earnings Growth QoQ	53%

Sales CAGR 5Y	88%
FCF CAGR 5Y	305%
Equity CAGR 5Y	30%
Earnings CAGR 3Y	88%
Sales CAGR 3Y	88%
FCF CAGR 3Y	305%
Equity CAGR 3Y	30%
Market Cap	$6.73B
Revenue	$975.19M
Assets	$4.62B
Total Debt	$1.25B
Cash	$249.72M
Shares Outstanding	172.19M
EV	7.74B
Moat Score	46%
Safety Score	83%
Working Capital	299.25M
Current Ratio	3.12
Gross Profit	$651.31M
Shares Growth 3y	17%
Equity Growth QoQ	1%
Equity Growth YoY	54%

Assets & ROA

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Stockholders Equity & ROE

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Waystar Holding Corp. develops a cloud-based software solution for healthcare payments. Its platform offers financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics and reporting solutions. The company primarily serves healthcare industry. Waystar Holding Corp. was founded in 2017 and is based in Lehi, Utah.

SEC Filings

Direct access to Waystar Holding Corp. (WAY) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30

Sector Comparison

How does Waystar Holding Corp. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Waystar Holding Corp. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Waystar Holding Corp. Discounted Cash Flow

Fully customizable DCF calculator online for Waystar Holding Corp..

Years

Calculation mode

= $1026T

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$196M	$795M	$3.2B	$13B	$53B	$214B	$868B	$3.5T	$14T	$58T	$234T	$2339T
DCF		$723M	$2.7B	$9.8B	$36B	$133B	$490B	$1.8T	$6.6T	$24T	$90T	$902T
Value	$1026T

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2022	12/2023	12/2024	TTM
Net Margins	-7%	-6%	-2%	11%
ROA	-	-	3%	3%
ROE	-	-	-1%	1%

Good Net Margins (11.41%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	8.81	6.38
Debt over Equity	-	1.11	0.41	0.4
Growth Stability	-	-	-	1

Bad Debt/FCF ratio (6.38)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.4)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	12%	19%	88%
Earnings YoY growth	-	-0%	-63%	-
Equity YoY growth	-	-3%	50%	30%
FCF YoY growth	-	-65%	376%	305%