NASDAQ : WAY
Waystar Holding Corp. — Financial statements
Healthcare · Health Information Services · United States
Last price 28.21 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.41B
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Financial statements
Waystar Holding Corp. (WAY) reported revenue of 1.26B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.26B | 1.10B | 943.55M | 791.01M | 704.87M | 578.57M |
| Cost of Revenue | 386.56M | 348.16M | 315.73M | 249.77M | 214.89M | 151.77M |
| Gross Profit | 876.15M | 751.12M | 627.82M | 541.24M | 489.98M | 426.80M |
| Selling, General & Admin | 346.92M | 293.94M | 268.69M | 187.36M | 173.70M | 162.09M |
| Research & Development | 74.91M | 54.62M | 48.77M | 35.33M | 32.81M | 28.34M |
| Operating Expenses | 586.66M | 489.11M | 486.21M | 399.16M | 389.68M | 366.48M |
| Operating Income | 289.49M | 262.00M | 141.60M | 142.08M | 100.31M | 60.31M |
| Interest Expense | -82.46M | -77.54M | -146.27M | -205.92M | -155.32M | -127.01M |
| EBT Excluding Unusual Items | 207.03M | 184.46M | -4.67M | -63.83M | -55.02M | -66.70M |
| Merger & Restructuring Charges | -12.70M | -12.70M | -17.88M | |||
| Asset Writedown | -10.86M | |||||
| Pretax Income | 194.33M | 171.76M | -22.55M | -63.83M | -65.88M | -66.70M |
| Income Tax Expense | 59.17M | 59.67M | -3.42M | -12.50M | -14.42M | -19.58M |
| Net Income | 135.16M | 112.09M | -19.12M | -51.33M | -51.45M | -47.12M |
| Net Income to Common | 135.16M | 112.09M | -19.12M | -51.33M | -51.45M | -47.12M |
| Shares Outstanding (Basic) | 191.75M | 177.93M | 149.92M | 121.68M | 121.68M | 121.42M |
| Shares Outstanding (Diluted) | 195.72M | 184.78M | 149.92M | 121.68M | 121.68M | 121.42M |
| EPS (Basic) | 0.70 | 0.63 | -0.13 | -0.42 | -0.42 | -0.39 |
| EPS (Diluted) | 0.69 | 0.61 | -0.13 | -0.42 | -0.42 | -0.39 |
| Free Cash Flow | 264.05M | 283.19M | 142.50M | 29.94M | 85.20M | 91.86M |
| Free Cash Flow Per Share | 1.35 | 1.53 | 0.95 | 0.25 | 0.70 | 0.76 |
| Gross Margin | 69.39% | 68.33% | 66.54% | 68.42% | 69.51% | 73.77% |
| Operating Margin | 22.93% | 23.83% | 15.01% | 17.96% | 14.23% | 10.42% |
| Profit Margin | 10.70% | 10.20% | -2.03% | -6.49% | -7.30% | -8.14% |
| Free Cash Flow Margin | 20.91% | 25.76% | 15.10% | 3.79% | 12.09% | 15.88% |
| EBITDA | 443.72M | 391.95M | 300.16M | 311.75M | 277.87M | 233.97M |
| EBITDA Margin | 35.14% | 35.66% | 31.81% | 39.41% | 39.42% | 40.44% |
| D&A For EBITDA | 154.23M | 129.95M | 158.55M | 169.67M | 177.57M | 173.66M |
| EBIT | 289.49M | 262.00M | 141.60M | 142.08M | 100.31M | 60.31M |
| EBIT Margin | 22.93% | 23.83% | 15.01% | 17.96% | 14.23% | 10.42% |
| Effective Tax Rate | 30.45% | 34.74% | ||||
| Advertising Expenses | 14.70M | 12.50M | 10.50M | 10.90M | 10.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 30.82M | 61.35M | 182.13M | 35.58M | 64.56M | 47.25M |
| Short-Term Investments | 246.07M | 24.88M | ||||
| Trading Asset Securities | 274.00K | 1.13M | 23.35M | 23.88M | ||
| Cash & Short-Term Investments | 276.89M | 86.51M | 183.26M | 58.93M | 88.44M | 47.25M |
| Accounts Receivable | 187.01M | 177.04M | 145.24M | 126.09M | 107.08M | 92.23M |
| Other Receivables | 6.44M | 2.84M | 6.81M | 4.35M | 10.78M | |
| Receivables | 187.01M | 183.47M | 148.07M | 132.90M | 111.43M | 103.01M |
| Prepaid Expenses | 22.83M | 20.08M | 14.41M | 13.30M | 8.50M | 8.53M |
| Restricted Cash | 24.16M | 15.45M | 22.45M | 9.85M | 8.08M | 7.25M |
| Other Current Assets | 4.55M | 2.90M | 2.85M | 7.08M | 1.45M | 846.00K |
| Total Current Assets | 515.45M | 308.41M | 371.04M | 222.05M | 217.90M | 166.89M |
| Property, Plant & Equipment | 85.09M | 45.51M | 42.19M | 57.99M | 59.05M | 52.75M |
| Long-Term Investments | 22.00K | 15.65M | 6.65M | |||
| Goodwill | 4.01B | 4.02B | 3.02B | 3.03B | 3.01B | 3.01B |
| Other Intangible Assets | 1.19B | 1.31B | 1.05B | 1.20B | 1.34B | 1.50B |
| Long-Term Deferred Charges | 110.72M | 94.75M | 82.92M | 66.11M | 51.92M | 34.24M |
| Other Long-Term Assets | 7.29M | 7.66M | 6.43M | 6.25M | 5.25M | 6.48M |
| Total Assets | 5.92B | 5.79B | 4.58B | 4.58B | 4.69B | 4.78B |
| Accounts Payable | 68.08M | 50.95M | 47.37M | 45.48M | 28.09M | 34.83M |
| Accrued Expenses | 69.05M | 58.98M | 43.41M | 30.70M | 31.57M | 27.52M |
| Current Portion of Long-Term Debt | 14.19M | 14.19M | 11.67M | 17.98M | 17.98M | 25.31M |
| Current Portion of Leases | 5.71M | 6.03M | 6.50M | 5.22M | 4.77M | 706.00K |
| Current Income Taxes Payable | 4.96M | 4.11M | 3.51M | 2.34M | 3.27M | |
| Current Unearned Revenue | 64.77M | 67.86M | 10.53M | 10.94M | 9.90M | 11.70M |
| Other Current Liabilities | 23.37M | 15.10M | 22.06M | 9.66M | 7.55M | 6.93M |
| Total Current Liabilities | 245.17M | 218.06M | 145.63M | 123.49M | 102.21M | 110.26M |
| Long-Term Debt | 1.45B | 1.46B | 1.22B | 2.20B | 2.21B | 2.26B |
| Long-Term Leases | 11.16M | 11.99M | 24.42M | 26.47M | 30.72M | 13.77M |
| Long-Term Unearned Revenue | 5.57M | 5.50M | 5.74M | 6.17M | 6.55M | 6.07M |
| Long-Term Deferred Tax Liabilities | 174.54M | 211.32M | 100.52M | 174.48M | 240.76M | 258.05M |
| Other Long-Term Liabilities | 278.00K | 278.00K | 278.00K | 278.00K | 7.00K | 4.82M |
| Total Liabilities | 1.89B | 1.91B | 1.50B | 2.53B | 2.59B | 2.66B |
| Common Stock | 1.94M | 1.92M | 1.72M | 1.22M | 2.01M | 2.01M |
| Additional Paid-In Capital | 4.06B | 3.99B | 3.30B | 2.23B | 2.22B | 2.22B |
| Retained Earnings | 6.36M | -108.81M | -220.90M | -201.78M | -150.44M | -98.99M |
| Comprehensive Income & Other | 959.00K | -632.00K | 881.00K | 15.80M | 29.84M | -489.00K |
| Shareholders' Equity | 4.04B | 3.88B | 3.08B | 2.05B | 2.11B | 2.12B |
| Total Liabilities & Equity | 5.92B | 5.79B | 4.58B | 4.58B | 4.69B | 4.78B |
| Total Debt | 1.48B | 1.49B | 1.26B | 2.25B | 2.26B | 2.30B |
| Net Cash (Debt) | -1.20B | -1.40B | -1.08B | -2.19B | -2.17B | -2.26B |
| Net Cash Per Share | -6.15 | -7.60 | -7.20 | -18.02 | -17.86 | -18.57 |
| Filing Date Shares Outstanding | 192.39M | 191.68M | 172.15M | 121.68M | 122.11M | 121.42M |
| Total Common Shares Outstanding | 191.59M | 191.59M | 172.11M | 121.68M | 122.11M | 121.42M |
| Working Capital | 270.28M | 90.35M | 225.41M | 98.56M | 115.69M | 56.62M |
| Book Value Per Share | 21.07 | 20.25 | 17.89 | 16.85 | 17.25 | 17.47 |
| Tangible Book Value | -1.17B | -1.45B | -994.62M | -2.18B | -2.24B | -2.39B |
| Tangible Book Value Per Share | -6.09 | -7.57 | -5.78 | -17.92 | -18.33 | -19.67 |
| Buildings | 19.65M | 19.65M | 19.65M | |||
| Machinery | 48.50M | 43.72M | 38.20M | 33.08M | 30.57M | |
| Construction In Progress | 15.00K | 15.00K | 15.00K | |||
| Leasehold Improvements | 4.99M | 3.78M | 8.26M | 7.83M | 13.29M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 135.16M | 112.09M | -19.12M | -51.33M | -51.45M | -47.12M |
| Depreciation & Amortization | 154.23M | 129.95M | 158.55M | 169.67M | 177.57M | 173.66M |
| Other Amortization | 13.29M | 13.30M | 14.15M | 17.27M | 15.86M | 11.29M |
| Loss (Gain) From Sale of Assets | 27.00K | |||||
| Asset Writedown & Restructuring Costs | 1.99M | 17.88M | 10.86M | |||
| Stock-Based Compensation | 61.89M | 42.07M | 54.44M | 8.85M | 8.00M | 6.83M |
| Provision & Write-off of Bad Debts | 3.60M | 3.32M | 2.67M | 2.42M | 2.52M | 2.56M |
| Other Operating Activities | -13.93M | 47.03M | -38.62M | -60.79M | -25.96M | -22.01M |
| Change in Accounts Receivable | -17.13M | -7.32M | -21.82M | -16.71M | -17.37M | -15.23M |
| Change in Accounts Payable | 19.18M | 8.93M | 18.23M | 11.92M | -3.34M | 12.27M |
| Change in Unearned Revenue | -5.80M | -4.66M | -842.00K | -167.00K | -1.32M | 3.43M |
| Change in Income Taxes | -13.39M | -16.99M | 3.97M | -2.46M | 6.43M | 2.56M |
| Change in Other Net Operating Assets | -24.25M | -18.04M | -19.71M | -27.20M | -19.18M | -21.84M |
| Operating Cash Flow | 314.82M | 309.67M | 169.77M | 51.46M | 102.63M | 106.41M |
| Capital Expenditures | -50.77M | -26.48M | -27.27M | -21.52M | -17.43M | -14.54M |
| Cash Acquisitions | -629.53M | -629.53M | -40.00M | -429.79M | ||
| Investment in Securities | -244.13M | -24.88M | ||||
| Investing Cash Flow | -922.40M | -680.90M | -27.27M | -61.52M | -17.43M | -444.33M |
| Long-Term Debt Issued | 390.14M | 576.06M | 20.00M | 367.00M | ||
| Long-Term Debt Repaid | -165.47M | -1.58B | -38.77M | -65.81M | -17.71M | |
| Net Debt Issued (Repaid) | 223.25M | 224.67M | -1.01B | -18.77M | -65.81M | 349.29M |
| Issuance of Common Stock | 27.97M | 25.78M | 1.02B | 425.00K | 649.00K | 1.19M |
| Repurchase of Common Stock | -33.49M | -844.00K | -688.00K | -2.45M | -1.91M | |
| Other Financing Activities | -521.00K | -7.00M | 7.58M | 1.89M | 554.00K | -17.07M |
| Financing Cash Flow | 217.21M | 243.45M | 16.65M | -17.15M | -67.06M | 331.50M |
| Net Cash Flow | -390.38M | -127.77M | 159.15M | -27.21M | 18.14M | -6.43M |
| Free Cash Flow | 264.05M | 283.19M | 142.50M | 29.94M | 85.20M | 91.86M |
| Free Cash Flow Margin | 20.91% | 25.76% | 15.10% | 3.79% | 12.09% | 15.88% |
| Free Cash Flow Per Share | 1.35 | 1.53 | 0.95 | 0.25 | 0.70 | 0.76 |
| Levered Free Cash Flow | 327.80M | 310.37M | 199.47M | 121.54M | 135.00M | |
| Unlevered Free Cash Flow | 376.65M | 356.13M | 286.95M | 239.77M | 221.82M | |
| Cash Interest Paid | 81.67M | 81.67M | 122.77M | 193.00M | 144.32M | 117.11M |
| Cash Income Tax Paid | 32.42M | 32.42M | 51.10M | 51.45M | 5.57M | 2.10M |
| Change in Working Capital | -41.41M | -38.09M | -20.17M | -34.62M | -34.78M | -18.81M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.40B | 6.27B | 6.32B | |||
| Enterprise Value | 6.60B | 7.10B | 7.45B | |||
| Last Close Price | 28.14 | 32.75 | 36.70 | |||
| PE Ratio | 40.55 | 55.90 | ||||
| Forward PE | 15.68 | 20.42 | 48.28 | |||
| PS Ratio | 4.27 | 5.70 | 6.69 | |||
| PB Ratio | 1.35 | 1.61 | 2.05 | |||
| P/FCF Ratio | 20.43 | 22.12 | 44.33 | |||
| P/OCF Ratio | 17.14 | 20.23 | 37.21 | |||
| PEG Ratio | 0.90 | 0.40 | 0.70 | |||
| EV/Sales Ratio | 5.23 | 6.46 | 7.90 | |||
| EV/EBITDA Ratio | 14.87 | 18.11 | 24.84 | |||
| EV/EBIT Ratio | 22.80 | 27.10 | 52.64 | |||
| EV/FCF Ratio | 24.99 | 25.07 | 52.31 | |||
| Debt / Equity Ratio | 0.37 | 0.38 | 0.41 | 1.10 | 1.07 | 1.08 |
| Debt / EBITDA Ratio | 3.29 | 3.75 | 4.13 | 7.11 | 7.96 | 9.84 |
| Debt / FCF Ratio | 5.61 | 5.27 | 8.87 | 75.20 | 26.54 | 25.06 |
| Net Debt / Equity Ratio | 0.30 | 0.36 | 0.35 | 1.07 | 1.03 | 1.06 |
| Net Debt / EBITDA Ratio | 2.71 | 3.58 | 3.60 | 7.03 | 7.82 | 9.64 |
| Net Debt / FCF Ratio | 4.56 | 4.96 | 7.58 | 73.24 | 25.50 | 24.55 |
| Asset Turnover | 0.24 | 0.21 | 0.21 | 0.17 | 0.15 | |
| Quick Ratio | 1.89 | 1.24 | 2.27 | 1.55 | 1.96 | 1.36 |
| Current Ratio | 2.10 | 1.41 | 2.55 | 1.80 | 2.13 | 1.51 |
| Return on Equity (ROE) | 3.72% | 3.22% | -0.75% | -2.47% | -2.43% | |
| Return on Assets (ROA) | 3.39% | 3.16% | 1.93% | 1.91% | 1.32% | |
| Return on Invested Capital (ROIC) | 3.83% | 3.62% | 3.37% | 3.33% | 2.32% | 1.38% |
| Return on Capital Employed (ROCE) | 5.10% | 4.70% | 3.20% | 3.20% | 2.20% | 1.30% |
| Earnings Yield | 2.47% | 1.79% | -0.30% | |||
| FCF Yield | 4.89% | 4.52% | 2.26% | |||
| Buyback Yield / Dilution | -9.33% | -23.26% | -23.21% | 0.01% | -0.22% |