Waystar Holding Corp. (WAY) Stock

Waystar Holding Corp. (WAY) is a Technology stock trading at $22.50 (as of 2026-07-24), with a market capitalization of $4.32B and a trailing P/E of 34.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Waystar Holding Corp. provides a cloud-based software platform for healthcare payments. The solution supports activities such as financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics and reporting for healthcare organizations.

Understand Waystar Holding Corp.: how it makes money

Waystar Holding Corp. provides cloud software for healthcare payments, helping with financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics, and it earns revenue from subscription and volume-based services.

Profit is driven by recurring subscription value plus transaction volume, where improving authorization and payment performance (for example, touchless authorizations and first-pass acceptance) supports retention and monetization across the same healthcare client base.

Revenue by segment (latest quarter)
Subscription$0.2B
Volume-based$0.1B

Business quality (Solid): For the latest quarter, Waystar reports operating margin of 25.6% and strong net revenue retention (111%), but gross margin is not provided and the discussion below relies on operating KPIs rather than a wider set of financial detail.

Valuation: At 31× earnings, WAY trades in line with the Tech Hardware average (32×). Note: one-time items can distort reported P/E.

Bull case

  • Retention looks strong: Net revenue retention is 111%.
  • Operational performance is high in key workflow metrics: Touchless authorizations are 90% and first-pass acceptance rate is 99%.
  • Scale and monetization indicators: Clients at period end are 1268, and operating margin for the quarter is 25.6%.

Bear case

  • Some gross margin detail is missing: Gross margin percentage is not provided, limiting how much we can assess underlying unit economics from the facts given.
  • Volume-based revenue can be sensitive: Because volume-based revenue is a meaningful part of the mix, changes in transaction activity could affect results.
  • Automation metrics need to hold up: If touchless authorizations or first-pass acceptance rates decline, it could indicate less favorable payment and authorization outcomes, which may affect retention and the economics tied to transaction processing.
Valuation — source: SEC EDGAR (first-party)
Price$22.50
Market Cap$4.32B
P/E Ratio34.2
EV / EBITDA13.9
Price / Book1.10
Price / Sales3.73
FCF Yield6.8%
DCF Value (model)$39.78
DCF Upside vs Price76.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.10B
Net Margin10.2%
Revenue Growth (YoY)22.4%
EPS Growth (YoY)35.3%
FCF Growth (YoY)18.3%
Financial Health — source: SEC EDGAR
Altman Z-Score1.68 (distress)
Valuation vs Sector & Industry
Stock P/E34.2
Sector P/E (Technology)34.6
Industry P/E (Computers)33.7
vs Sector-1.0%
vs Industry1.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderEQT Fund Management S.a r.l. ($599.84M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryComputers
CEOSteven Oreskovich
Employees1,500
CountryUS
IPO Date2024-06-07

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WAY earnings history · WAY institutional & insider holders · WAY KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.