PerpEquities

Equity

Waystar Holding Corp. (WAY) perpetual futures

WAY perpetual futures on 1 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade WAYUSDT.

Waystar Holding Corp. develops a cloud-based software platform that streamlines financial transactions for healthcare organizations, covering billing, claims, payments, denial prevention and revenue analytics.

$26.03-2.4%NASDAQ open
Open in terminal

Price chart

Interactive TradingView chart

TradingView symbol NASDAQ:WAY

Loads TradingView's third-party widget (about 1 MB) on demand.

Auto: underlying reference priceOpen in TradingView

Trading data

Perpetual market activity

1/1 live markets
Venues
1
Live markets
1/1
24h volume
$14.6K
Open interest
-Coverage: 0/1 markets
Best liquidity
-
Tightest spread
+23.1 bps
BingX
Highest volume
$14.6K
BingX
Settlement mix
USDT · 1/1
Perp/spot vol.
0.00x
Spot volume $46.2M
OI / float
-
Float $3.6B
Spot performance
1D-2.39%
5D+1.98%
1M+6.31%
6M+13.77%
YTD-21.31%
1Y-33.17%

Venue matrix

1 markets

Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.

Trade
BingXTradeWAY-USDTTrading$26.03+4.4% APR
+0.00400% every 8h
+23.1 bps-$14.6K-USDT-

Tradability

Execution quality

Entry cost and depth per venue at $1k–$100k

No sufficient depth · 0 of 1 venues absorb $10k

No fresh book data: BingX

Taker execution estimate incl. approx. fees - maker fills are not guaranteed.

Best venues for this underlying

Best liquidity

-
No live data-

Tightest spread

WAY

Highest volume

WAY

Funding history

Stored venue snapshots by market

Company data

Company fundamentals

Updated 2h ago
Market cap
$4.9B
Updated 2h ago
Revenue
$1.2B
Trailing 12 months
Revenue growth
+17%
Next fiscal year
Profit margin
+11.2%
P/E
35.8
Peer P/E 29.5
Free cash flow
$246.3M
Trailing 12 months
More metrics
Net income
$134.8M
Trailing 12 months
P/S
4.1
Peer P/E
29.5
Similar listed perps
Revenue estimate
$1.3B
Next fiscal year
Earnings
2026-11-04
Revenue est. $323.4M · Updated 2h ago
Dividend
-

Fundamental detail

Annual + quarterly
Latest revenue$1.1B
Net margin+10.2%
Free cash flow$283.2M
Net debt$1.4B
2021$578.6M
2022$704.9M
2023$791M
2024$943.5M
2025$1.1B
PeriodRevenueGrowthNet incomeFCF
2021$578.6M--$47.1M$91.9M
2022$704.9M+22%-$51.5M$85.2M
2023$791M+12%-$51.3M$29.9M
2024$943.5M+19%-$19.1M$142.5M
2025$1.1B+17%$112.1M$283.2M
PeriodGross marginOperating marginNet marginROEROA
2021+73.8%+10.4%-8.1%-2.2%-1.0%
2022+69.5%+12.7%-7.3%-2.4%-1.1%
2023+68.4%+18.0%-6.5%-2.5%-1.1%
2024+66.5%+13.1%-2.0%-0.6%-0.4%
2025+68.3%+22.7%+10.2%+2.9%+1.9%
PeriodCashDebtNet debtCurrent ratio
2021$47.2M$2.3B$2.2B1.51
2022$64.6M$2.3B$2.2B2.13
2023$35.6M$2.2B$2.2B1.80
2024$182.1M$1.3B$1.1B2.55
2025$61.4M$1.5B$1.4B1.41
PeriodMarket capEnterprise valueP/SP/E
2021$3.4B$5.7B6.0-73.9
2022$3.4B$5.6B4.9-66.8
2023$3.4B$5.7B4.4-66.8
2024$5.5B$6.6B5.8-282.3
2025$5.8B$7.3B5.352.0
Q3 2024$240.1M
Q4 2024$244.1M
Q1 2025$256.4M
Q2 2025$270.7M
Q3 2025$268.7M
Q4 2025$303.5M
Q1 2026$313.9M
Q2 2026$319.7M
PeriodRevenueGrowthNet incomeFCF
Q3 2024$240.1M+22%$5.4M$70.2M
Q4 2024$244.1M+18%$19.1M$58.5M
Q1 2025$256.4M+14%$29.3M$58.8M
Q2 2025$270.7M+15%$32.2M$91M
Q3 2025$268.7M+12%$30.6M$76.2M
Q4 2025$303.5M+24%$20M$57.2M
Q1 2026$313.9M+22%$43.3M$69.6M
Q2 2026$319.7M+18%$40.9M$43.3M
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+66.5%+11.3%+2.3%+0.2%+0.1%
Q4 2024+67.4%+21.8%+7.8%+0.6%+0.4%
Q1 2025+67.5%+25.4%+11.4%+0.9%+0.6%
Q2 2025+67.8%+24.0%+11.9%+1.0%+0.7%
Q3 2025+68.3%+22.4%+11.4%+1.0%+0.6%
Q4 2025+69.5%+19.4%+6.6%+0.5%+0.3%
Q1 2026+69.1%+25.6%+13.8%+1.1%+0.7%
Q2 2026+69.4%+23.8%+12.8%+1.0%+0.7%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$127.1M$1.3B$1.1B2.29
Q4 2024$182.1M$1.3B$1.1B2.55
Q1 2025$224M$1.3B$1B3.12
Q2 2025$290.3M$1.3B$964.9M3.43
Q3 2025$421.1M$1.3B$833.9M3.89
Q4 2025$61.4M$1.5B$1.4B1.41
Q1 2026$34.3M$1.5B$1.5B1.76
Q2 2026$12.6M$1.5B$1.5B1.85
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$4.8B$5.9B19.9221.3
Q4 2024$6.3B$7.4B25.983.4
Q1 2025$6.4B$7.5B25.154.9
Q2 2025$7.1B$8.1B26.253.8
Q3 2025$6.6B$7.4B24.652.7
Q4 2025$6.3B$7.7B20.781.9
Q1 2026$4.6B$6.1B14.726.2
Q2 2026$3.9B$5.4B12.324.4

Refreshed 2h ago

Charts: revenue, profit, cash flow & valuation
Revenue$319.7MQ2 2026
$79.9M$159.8M$239.8M$319.7MQ3 2023: $197.3MQ4 2023: $206.7MQ1 2024: $224.8MQ2 2024: $234.5MQ3 2024: $240.1MQ4 2024: $244.1MQ1 2025: $256.4MQ2 2025: $270.7MQ3 2025: $268.7MQ4 2025: $303.5MQ1 2026: $313.9MQ2 2026: $319.7MQ3 2023Q2 2026
Net income$40.9MQ2 2026
-$9.9M$7.8M$25.5M$43.3MQ3 2023: -$15.5MQ4 2023: -$14.4MQ1 2024: -$15.9MQ2 2024: -$27.7MQ3 2024: $5.4MQ4 2024: $19.1MQ1 2025: $29.3MQ2 2025: $32.2MQ3 2025: $30.6MQ4 2025: $20MQ1 2026: $43.3MQ2 2026: $40.9MQ3 2023Q2 2026
EBITDA$117.5MQ2 2026
$30.5M$61M$91.4M$121.9MQ3 2023: $75.9MQ4 2023: $82.4MQ1 2024: $79.4MQ2 2024: $52.5MQ3 2024: $87.3MQ4 2024: $91.2MQ1 2025: $98.6MQ2 2025: $98.3MQ3 2025: $93.5MQ4 2025: $99.5MQ1 2026: $121.9MQ2 2026: $117.5MQ3 2023Q2 2026
Free cash flow$43.3MQ2 2026
$10.2M$37.2M$64.1M$91MQ3 2023: -$16.7MQ4 2023: $5.7MQ1 2024: $5.2MQ2 2024: $8.6MQ3 2024: $70.2MQ4 2024: $58.5MQ1 2025: $58.8MQ2 2025: $91MQ3 2025: $76.2MQ4 2025: $57.2MQ1 2026: $69.6MQ2 2026: $43.3MQ3 2023Q2 2026
EPS$0.21Q2 2026
-$0.07$0.02$0.12$0.22Q3 2023: -$0.09Q4 2023: -$0.09Q1 2024: -$0.1Q2 2024: -$0.17Q3 2024: $0.03Q4 2024: $0.11Q1 2025: $0.16Q2 2025: $0.18Q3 2025: $0.17Q4 2025: $0.1Q1 2026: $0.22Q2 2026: $0.21Q3 2023Q2 2026
Cash / Debt$12.6MQ2 2026
$568.9M$1.1B$1.7B$2.3BQ3 2023 · Cash: $52.9MQ3 2023 · Debt: $2.3BQ4 2023 · Cash: $35.6MQ4 2023 · Debt: $2.2BQ1 2024 · Cash: $57.3MQ1 2024 · Debt: $2.3BQ2 2024 · Cash: $68.4MQ2 2024 · Debt: $1.4BQ3 2024 · Cash: $127.1MQ3 2024 · Debt: $1.3BQ4 2024 · Cash: $182.1MQ4 2024 · Debt: $1.3BQ1 2025 · Cash: $224MQ1 2025 · Debt: $1.3BQ2 2025 · Cash: $290.3MQ2 2025 · Debt: $1.3BQ3 2025 · Cash: $421.1MQ3 2025 · Debt: $1.3BQ4 2025 · Cash: $61.4MQ4 2025 · Debt: $1.5BQ1 2026 · Cash: $34.3MQ1 2026 · Debt: $1.5BQ2 2026 · Cash: $12.6MQ2 2026 · Debt: $1.5BQ3 2023Q2 2026
CashDebt
Profitability+69.4%Q2 2026
+8.5%+28.8%+49.2%+69.5%Q3 2023 · Gross margin: +68.1%Q4 2023 · Gross margin: +67.5%Q1 2024 · Gross margin: +66.6%Q2 2024 · Gross margin: +65.7%Q3 2024 · Gross margin: +66.5%Q4 2024 · Gross margin: +67.4%Q1 2025 · Gross margin: +67.5%Q2 2025 · Gross margin: +67.8%Q3 2025 · Gross margin: +68.3%Q4 2025 · Gross margin: +69.5%Q1 2026 · Gross margin: +69.1%Q2 2026 · Gross margin: +69.4%Q3 2023 · Operating margin: +16.3%Q4 2023 · Operating margin: +18.2%Q1 2024 · Operating margin: +15.7%Q2 2024 · Operating margin: +3.5%Q3 2024 · Operating margin: +11.3%Q4 2024 · Operating margin: +21.8%Q1 2025 · Operating margin: +25.4%Q2 2025 · Operating margin: +24.0%Q3 2025 · Operating margin: +22.4%Q4 2025 · Operating margin: +19.4%Q1 2026 · Operating margin: +25.6%Q2 2026 · Operating margin: +23.8%Q3 2023 · Net margin: -7.9%Q4 2023 · Net margin: -7.0%Q1 2024 · Net margin: -7.1%Q2 2024 · Net margin: -11.8%Q3 2024 · Net margin: +2.3%Q4 2024 · Net margin: +7.8%Q1 2025 · Net margin: +11.4%Q2 2025 · Net margin: +11.9%Q3 2025 · Net margin: +11.4%Q4 2025 · Net margin: +6.6%Q1 2026 · Net margin: +13.8%Q2 2026 · Net margin: +12.8%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+18.1%Q2 2026
+6.1%+12.2%+18.3%+24.3%Q3 2024: +21.7%Q4 2024: +18.1%Q1 2025: +14.1%Q2 2025: +15.4%Q3 2025: +11.9%Q4 2025: +24.3%Q1 2026: +22.4%Q2 2026: +18.1%Q3 2023Q2 2026
Shares outstanding194.5MQ2 2026
49.3M98.7M148M197.3MQ3 2023: 166.7MQ4 2023: 166.7MQ1 2024: 166.7MQ2 2024: 166.7MQ3 2024: 176.2MQ4 2024: 179.1MQ1 2025: 180.7MQ2 2025: 181.6MQ3 2025: 181.2MQ4 2025: 197.3MQ1 2026: 195.2MQ2 2026: 194.5MQ3 2023Q2 2026
Valuation24.4Q2 2026
10.580.8151.1221.3Q3 2023 · P/E: -55.7Q4 2023 · P/E: -59.8Q1 2024 · P/E: -54.1Q2 2024 · P/E: -31.6Q3 2024 · P/E: 221.3Q4 2024 · P/E: 83.4Q1 2025 · P/E: 54.9Q2 2025 · P/E: 53.8Q3 2025 · P/E: 52.7Q4 2025 · P/E: 81.9Q1 2026 · P/E: 26.2Q2 2026 · P/E: 24.4Q3 2023 · P/S: 17.5Q4 2023 · P/S: 16.7Q1 2024 · P/S: 15.3Q2 2024 · P/S: 15.3Q3 2024 · P/S: 19.9Q4 2024 · P/S: 25.9Q1 2025 · P/S: 25.1Q2 2025 · P/S: 26.2Q3 2025 · P/S: 24.6Q4 2025 · P/S: 20.7Q1 2026 · P/S: 14.7Q2 2026 · P/S: 12.3Q3 2023Q2 2026
P/EP/S
Revenue$1.1B2025
$274.8M$549.6M$824.5M$1.1B2021: $578.6M2022: $704.9M2023: $791M2024: $943.5M2025: $1.1B20212025
Net income$112.1M2025
-$10.6M$30.3M$71.2M$112.1M2021: -$47.1M2022: -$51.5M2023: -$51.3M2024: -$19.1M2025: $112.1M20212025
EBITDA$389.9M2025
$97.5M$194.9M$292.4M$389.9M2021: $236.4M2022: $272.6M2023: $318.6M2024: $310.4M2025: $389.9M20212025
Free cash flow$283.2M2025
$70.8M$141.6M$212.4M$283.2M2021: $91.9M2022: $85.2M2023: $29.9M2024: $142.5M2025: $283.2M20212025
EPS$0.612025
-$0.08$0.15$0.38$0.612021: -$0.282022: -$0.312023: -$0.312024: -$0.132025: $0.6120212025
Cash / Debt$61.4M2025
$573.8M$1.1B$1.7B$2.3B2021 · Cash: $47.2M2021 · Debt: $2.3B2022 · Cash: $64.6M2022 · Debt: $2.3B2023 · Cash: $35.6M2023 · Debt: $2.2B2024 · Cash: $182.1M2024 · Debt: $1.3B2025 · Cash: $61.4M2025 · Debt: $1.5B20212025
CashDebt
Profitability+68.3%2025
+12.3%+32.8%+53.3%+73.8%2021 · Gross margin: +73.8%2022 · Gross margin: +69.5%2023 · Gross margin: +68.4%2024 · Gross margin: +66.5%2025 · Gross margin: +68.3%2021 · Operating margin: +10.4%2022 · Operating margin: +12.7%2023 · Operating margin: +18.0%2024 · Operating margin: +13.1%2025 · Operating margin: +22.7%2021 · Net margin: -8.1%2022 · Net margin: -7.3%2023 · Net margin: -6.5%2024 · Net margin: -2.0%2025 · Net margin: +10.2%20212025
Gross marginOperating marginNet margin
Revenue growth+16.5%2025
+5.5%+10.9%+16.4%+21.8%2022: +21.8%2023: +12.2%2024: +19.3%2025: +16.5%20212025
Shares outstanding184.8M2025
46.2M92.4M138.6M184.8M2021: 166.7M2022: 166.7M2023: 166.7M2024: 149.9M2025: 184.8M20212025
Valuation52.02025
-198.7-115.2-31.652.02021 · P/E: -73.92022 · P/E: -66.82023 · P/E: -66.82024 · P/E: -282.32025 · P/E: 52.02021 · P/S: 6.02022 · P/S: 4.92023 · P/S: 4.42024 · P/S: 5.82025 · P/S: 5.320212025
P/EP/S

Next catalyst

Catalysts

Earnings
2026-11-04
Revenue est. $323.4M · Updated 2h ago

No unusual perp activity right now.

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20261.67$1.3B+17%13
FY 20271.88$1.4B+30%13
FY 20282.18$1.6B+45%6
FY 20292.46$1.7B+56%3
FY 20302.79$1.9B+71%2
Q1 20280.55$380M+21%6

Company events

6
2026-11-04EarningsActual - / Estimate 0.41-
2026-07-29EarningsActual 0.43 / Estimate 0.4Beat
2026-04-29EarningsActual 0.42 / Estimate 0.39Beat
2026-02-17EarningsActual 0.36 / Estimate 0.39Miss
2025-10-29EarningsActual 0.37 / Estimate 0.34Beat
2025-07-30EarningsActual 0.36 / Estimate 0.33Beat

Peer comparison

Similar listed perps

Analyst track record

How the analysts covering WAY have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings132224
Analysts2933
Buy / hold / sell123 / 9 / 0215 / 9 / 0
Upgrades / downgrades / initiations0 / 1 / 81 / 1 / 28
Price targets hit / missed2 / 114 (2%)5 / 189 (3%)
Avg. return after a rating (TipRanks)-30.0%-31.2%
Best / worst call+3.1% / -52.3%+7.4% / -52.3%

After buy calls on this stock: median 21-day move +1.4% vs S&P 500 -1.5% (n = 206)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Allen LutzBank of America Securities58% hit rate on this stock · 12 targets measuredBuytarget $38.00Sep 15, 2026
  2. Elizabeth Anderson CFAEvercore ISI56% hit rate on this stock · 9 targets measuredBuytarget $28.00Sep 15, 2026

Latest ratings

DateAnalystCallTarget
Oct 6, 2026Ryan HalstedRBC CapitalBuyMaintained$44.00
Sep 16, 2026Unknown AnalystLeerink PartnersBuyReiterated$35.00
Sep 16, 2026Jailendra SinghTruist FinancialBuyMaintained–
Sep 16, 2026Richard CloseCanaccord GenuityBuyReiterated$33.00
Sep 16, 2026Craig HettenbachMorgan StanleyHoldMaintained$28.00

TipRanks data via FMP · computed Oct 8, 2026 · 132 ratings

Frequently asked questions

Where can I trade WAY perpetual futures?

Waystar Holding Corp. (WAY) perpetual futures trade on 1 crypto venues, including BingX. PerpEquities compares them by live price, funding rate, open interest and liquidity.

Can I trade WAY around the clock?

Yes. Unlike the underlying stock, WAY perpetuals trade 24/7 — including weekends and outside regular market hours.

What is the funding rate on WAY perpetuals?

Right now the WAY perp funding rate is +4.4% annualized (venue median), ranging from +4.4% to +4.4% across 1 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.

How does the WAY perp price compare to the Waystar Holding Corp. stock?

The venue-median WAY perp mark is $26 versus a reference stock price of $26, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.

What is a WAY perpetual future?

A WAY perpetual is a derivative that tracks the price of Waystar Holding Corp. with no expiry date. It lets you take long or short exposure to Waystar Holding Corp. on crypto venues, around the clock.

What is WAYUSDT perpetual?

WAYUSDT is the symbol most crypto exchanges use for the Waystar Holding Corp. perpetual settled in USDT (Tether). It tracks the WAY share price through an index, trades 24/7 with leverage and never expires.

Embed this asset

WAY perpetuals · perpequities.comWAY perpetuals · perpequities.com
<a href="https://perpequities.com/stocks/way-perp"><img src="https://perpequities.com/badge/way-perp.svg" width="240" height="64" alt="WAY perpetuals · perpequities.com" loading="lazy"></a>

Next step

Stay on top of WAY perps

Signals with a track record

Analysts who hit 70%+ of their targets on the perps we track, congress buys over $500k, 13F positions over $5M, funding spreads that have paid for days. Every post shows the evidence. Free, no sign-up.

Join on Telegram

Weekly digest by email

The listings, funding and moves that matter for WAY — one email every Sunday.

Watchlist and alerts

Price and funding alerts for WAY, via push or Telegram.

Set an alert

Follow the live feed

Daily movers, new listings and funding extremes as they happen.

Follow on X