WAY

MKT CAP:$5B

Waystar Holding Corp.

Market Cap

$5B

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$25.36-$6.01 (-19.16%)

Apr 22, 2026

Company Details

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 anal...

CEO

Matthew J. Hawkins

IPO Date

Jun 7, 2024

Website

waystar.com

Key Metrics TTM

Revenue

$1.1B

+16.5% YoY

Net Income

$112M

EPS (Diluted)

$0.61

Free Cash Flow

$283M

Revenue / Share

$5.57

Gross Margin

64.6%

Operating Margin

24.2%

Net Margin

10.2%

FCF Margin

25.8%

P/S

4.5x

P/E

43.7x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 17, 2026

$1.1B+16.5%EPS $0.61

Q4 2025

Feb 17, 2026

$304M+24.3%EPS $0.10

Q3 2025

Oct 29, 2025

$269M+11.9%EPS $0.17

Q2 2025

Jul 30, 2025

$271M+15.4%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$163M	$68M	$12M
Q1 22	$172M	$119M	$18M
Q2 22	$173M	$74M	$21M
Q3 22	$178M	$77M	$24M
Q1 23	$191M	$132M	$35M
Q2 23	$196M	$135M	$37M
Q3 23	$197M	$134M	$32M
Q4 23	$207M	$140M	$38M
Q1 24	$225M	$150M	$35M
Q2 24	$235M	$154M	$8M
Q3 24	$240M	$160M	$27M
Q4 24	$244M	$165M	$53M
Q1 25	$256M	$173M	$65M
Q2 25	$271M	$184M	$65M
Q3 25	$269M	$184M	$60M
Q4 25	$304M	$170M	$76M

Valuation

Quarter	P/S	P/E
Q4 21	6.4x	—
Q1 22	6.0x	—
Q2 22	5.6x	—
Q3 22	5.4x	—
Q1 23	5.2x	—
Q2 23	5.0x	—
Q3 23	4.8x	—
Q4 23	4.7x	—
Q1 24	4.5x	—
Q2 24	4.2x	—
Q3 24	5.1x	—
Q4 24	6.7x	—
Q1 25	6.6x	247.2x
Q2 25	7.0x	81.9x
Q3 25	6.3x	58.5x
Q4 25	5.2x	51.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$23M	$18M
Q2 22	$23M	$18M
Q3 22	$35M	$29M
Q1 23	$17M	$12M
Q2 23	$34M	$29M
Q3 23	-$10M	-$17M
Q4 23	$11M	$6M
Q1 24	$11M	$5M
Q2 24	$15M	$9M
Q3 24	$79M	$70M
Q4 24	$65M	$59M
Q1 25	$64M	$59M
Q2 25	$97M	$91M
Q3 25	$82M	$76M
Q4 25	$67M	$57M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$5M
Q3 22	$5M
Q1 23	$5M
Q2 23	$5M
Q3 23	$6M
Q4 23	$6M
Q1 24	$6M
Q2 24	$7M
Q3 24	$9M
Q4 24	$6M
Q1 25	$5M
Q2 25	$6M
Q3 25	$6M
Q4 25	$9M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+30.4%	+32.6%
Q2 22	+27.6%	+28.4%
Q3 22	+20.7%	+16.4%
Q1 23	+17.1%	+3.1%
Q2 23	+13.7%	+3.0%
Q3 23	+13.8%	+8.4%
Q4 23	+16.1%	+10.1%
Q1 24	+17.6%	+21.5%
Q2 24	+19.7%	+42.5%
Q3 24	+21.7%	+29.0%
Q4 24	+18.1%	+13.0%
Q1 25	+14.1%	+0.9%
Q2 25	+15.4%	-9.1%
Q3 25	+11.9%	-2.1%
Q4 25	+24.3%	+19.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	1.1%
Q2 22	$2M	1.1%
Q3 22	$2M	1.1%
Q1 23	$2M	1.1%
Q2 23	$2M	1.1%
Q3 23	$2M	1.1%
Q4 23	$2M	1.1%
Q1 24	$3M	1.1%
Q2 24	$37M	15.8%
Q3 24	$8M	3.3%
Q4 24	$7M	2.9%
Q1 25	$7M	2.6%
Q2 25	$12M	4.3%
Q3 25	$12M	4.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$10M	—	—	$46M
Q1 22	$8M	$21M	$26M	—
Q2 22	$8M	$18M	$27M	—
Q3 22	$9M	$16M	$29M	—
Q1 23	$8M	$15M	$30M	—
Q2 23	$8M	$14M	$31M	—
Q3 23	$9M	$17M	$32M	—
Q4 23	$10M	$16M	$31M	—
Q1 24	$10M	$26M	$34M	—
Q2 24	$16M	$40M	$46M	—
Q3 24	$11M	$23M	$38M	—
Q4 24	$11M	$23M	$39M	—
Q1 25	$11M	$23M	$40M	—
Q2 25	$13M	$29M	$44M	—
Q3 25	$12M	$32M	$45M	—
Q4 25	$19M	$44M	$49M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 23	$96M	$0	$96M
Q3 23	$53M	$0	$53M
Q4 23	$36M	$10M	$45M
Q1 24	$57M	$0	$57M
Q2 24	$68M	$0	$68M
Q3 24	$127M	$0	$127M
Q4 24	$182M	$0	$182M
Q1 25	$224M	$24M	$248M
Q2 25	$290M	$50M	$341M
Q3 25	$445M	$0	$445M
Q4 25	$77M	$25M	$102M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	167M	0.0%	—
Q1 22	167M	0.0%	0.0%
Q2 22	167M	0.0%	0.0%
Q3 22	167M	0.0%	0.0%
Q1 23	167M	0.0%	0.0%
Q2 23	167M	0.0%	0.0%
Q3 23	167M	0.0%	0.0%
Q4 23	167M	0.0%	0.0%
Q1 24	167M	0.0%	0.0%
Q2 24	167M	0.0%	0.0%
Q3 24	176M	+5.7%	+5.7%
Q4 24	179M	+1.7%	+7.5%
Q1 25	181M	+0.9%	+8.4%
Q2 25	182M	+0.5%	+9.0%
Q3 25	181M	-0.2%	+2.9%
Q4 25	197M	+8.9%	+10.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$871.8K	280
Q1 25	$915.8K	280
Q2 25	$966.6K	280
Q3 25	$959.5K	280
Q4 25	$892.8K	340

Revenue / Employee