Waystar Holding Corp. (WAY)

From the record

Waystar Holding Corp.'s filings since 2023 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

From the record

Waystar Holding Corp.'s 4 filed years say what it did: revenue went from $705 million in fiscal 2022 to $1.1 billion in fiscal 2025, up 16% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 1 of 4 of those years (its annual reports).

From the record

Over the 3 fiscal years to 2025-12-31, Waystar Holding Corp.'s diluted share count grew about 14.9% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 12 sales (11 under scheduled 10b5-1 plans) and 1 purchase of their own stock on the open market in the year to 2026-11-10, buying about $189 thousand (their Form 4 filings).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Waystar Holding Corp. earned about 3 cents of profit for every dollar of shareholders' money. Leverage: it owed about 33 cents per dollar of assets, and net share issuance: its share count grew 23.3% over the year (the filed statements).

From the record

Waystar Holding Corp.'s standing among 40 graded names in its industry family: revenue of $1.1 billion in fiscal 2025 ranks in the top 29% by size; a net margin of 10.2% ranks in the top 19%; revenue growth of 16% a year over the last 3 filed years ranks in the top 24% (its annual reports).

From the record

Waystar Holding Corp.'s room to grow, from the newest filed statements (fiscal 2025): cash of $77 million against debt of $1.5 billion leaves -23.9% of its assets as net cash, bottom 16% of its family; cash from operations less capital spending is 25.8% of revenue (top 9%); research spending of 5% of revenue (bottom 21%) (its annual report).

From the record

Waystar Holding Corp.'s growth drivers, from the filed years to fiscal 2025: revenue grew 16% a year over the last three filed years against 16% over all 4, speeding up (top 42% of its family); the newest year grew 16.5% (top 34%); research spending grew 18.5% a year (top 20%); capital spending grew 14.9% a year (top 35%) (its annual reports). Waystar Holding Corp. reported 3 product lines in fiscal 2025: Subscription and Circulation at $558 million (51%), Volume Based Revenue at $535 million (49%), Implementation Services and Other Revenue at $6 million (1%); 3 of 3 grew against the year before (its annual report).

From the record

Waystar Holding Corp.'s newest year against its own record: revenue of $1.1 billion in fiscal 2025 came in 0.7% above the $1.1 billion its prior three years' pace pointed to (top 45% of its family); net income of $112 million against a prior three-year average of $41 million (top 5%); a net margin of 10.2% against -5.3% before (top 30%) (its annual reports).