Waystar Holding Corp. (WAY) financials
NASDAQ · Healthcare · Medical - Healthcare Information Services · 1,700 employees · CEO Matthew J. Hawkins
- Price
- $28.00 -0.74%
- Market cap
- $5.37B
- Enterprise value
- $6.84B
- Last report
- Q2 '26 filed 2026-07-29
- Next report
- 2026-11-02 EPS est. $0.41
Revenue (TTM)$1.21B+19.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)22.9%+2.1 pp vs a year agoOperating income $276M
Net income (TTM)$135M+56.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$246M-11.6% vs a year agoCapex $46.7M
Diluted EPS (TTM)$0.70+45.6% vs a year agoSum of the last 4 quarters
Net cash-$1.29B-41.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $5.37B EV $6.84B
- Revenue
- $1.21B Trailing 12 months
- Revenue growth
- +17% FY2026 consensus
- Profit margin
- 11.2% Net income / revenue, TTM
- P/E
- 38.9× Forward 16.8× (FY2026)
- P/S
- 4.5× Price / sales, TTM
- EV / EBITDA
- 15.8× TTM
- Free cash flow
- $246M Trailing 12 months
- Net income
- $135M Trailing 12 months
- Revenue estimate
- $1.29B FY2026 consensus
- Earnings
- 2026-11-02 Revenue est. $323M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-07-29): revenue beat by 1.1%, EPS beat by 8.0%Revenue $320M vs $316M expected (+1.1%); EPS $0.43 vs $0.40 (+8.0%).
- Revenue growth steady: 18.1% year on yearQ2 '26 revenue $320M, against an average of 18.5% over the four quarters before.
- Operating margin 22.9% (TTM), +2.1 pp on a year agoOperating income grew 31.1% while revenue grew 19.2%.
- 41.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $195M vs operating income $276M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 3.9% of revenue (a year ago 2.6%)$46.7M invested in the last 4 quarters (+79.5% on a year earlier). Free cash flow $246M = 182.7% of net income.
- Returned $12.7M to shareholders = 5.2% of free cash flowBuybacks $12.7M (a year earlier -$33K), dividends $0, stock-based pay $49M (TTM).
- Diluted share count up 7.1% in a year195M diluted shares in Q2 '26, 182M a year earlier.
- Net debt $1.29BCash + short-term investments $192M, debt incl. leases $1.48B; a year ago net debt $914M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $320M | $271M | +18.1% |
| Gross margin | 69.4% | 67.8% | +1.6 pp |
| Operating income | $76M | $64.8M | +17.3% |
| Operating margin | 23.8% | 24.0% | -0.2 pp |
| Net income | $40.9M | $32.2M | +27.0% |
| Diluted EPS | $0.21 | $0.18 | +16.7% |
| Operating cash flow | $59.4M | $96.8M | -38.6% |
| Capex | $16.1M | $5.77M | +179.4% |
| Free cash flow | $43.3M | $91M | -52.4% |
| R&D | $17.7M | $12.6M | +40.4% |
| Stock-based compensation | $13.8M | $11.5M | +19.7% |
Reported vs consensus
2026-07-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $320M | $316M | +1.1% |
| EPS (as estimated) | $0.43 | $0.40 | +8.0% |
From the report of 2026-07-29 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Subscription and Circulation | $176M | +34.5% | 100.0% | $651M | +8.1% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $293M
- Capex
- -$46.7M
- Buybacks
- -$12.7M
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $224M
- Stock-based compensation
- $49M
- Free cash flow
- $246M
- Returned to shareholders / FCF
- 5.2%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 38.9× | 52.0× 1 of 5 years | 52.0× – 52.0× |
| EV / EBITDA | 15.8× | 20.5× | 17.8× – 24.1× |
| EV / Sales | 5.7× | 7.7× | 6.6× – 9.8× |
| Price / FCF | 21.8× | 50.5× | 20.6× – 115.2× |
| Price / Book | 1.3× | 1.6× | 1.5× – 1.8× |
| FCF yield | 4.6% | 2.7% | 0.9% – 4.9% |
| Return on invested capital | 3.4% | 2.0% | 0.9% – 2.9% |
| Return on equity | 3.6% | -1.0% | -2.5% – 2.9% |
Analysts
Consensus target $33.00 (+17.9%)
range $28.00 – $39.00 · rating Buy
Strong buy1
Buy16
Hold1
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1.29B | +17.0% | $1.67 | +173.7% | 16.8× | 13 |
| FY2027 | $1.42B | +10.7% | $1.88 | +12.6% | 14.9× | 13 |
| FY2028 | $1.59B | +11.8% | $2.18 | +16.1% | 12.8× | 6 |
| FY2029 | $1.71B | +7.6% | $2.46 | +12.7% | 11.4× | 3 |
| FY2030 | $1.88B | +9.9% | $2.79 | +13.2% | 10.1× | 2 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 275 figures Waystar Holding Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $200M2026-05-19 | – | – | – | – | – | |
| Accounts Payable, Current | $56.2M | $46.7M | +20.3% | $50.9M | $47.4M | +7.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $186M | $143M | +29.5% | $177M | $145M | +21.9% |
| Accounts Receivable, Allowance for Credit Loss, Current | $5.28M | $6.1M | -13.4% | $6.17M | $5.89M | +4.8% |
| Accounts Receivable, Allowance for Credit Loss, Recovery | – | – | – | $966K | $673K | +43.5% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $4M | $2.79M | +43.3% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $782K | $617K | +26.7% | $3.32M | $2.67M | +24.4% |
| Accrual for Taxes Other than Income Taxes, Current | $1.95M | $4.18M | -53.4% | $2.88M | $3.92M | -26.4% |
| Accrued Income Taxes, Current | $27.1M | $17.6M | +54.2% | $4.96M | $4.11M | +20.6% |
| Accrued Insurance, Current | $2.66M | $2.45M | +8.2% | $1.16M | $1.06M | +9.0% |
| Accrued Rent, Current | $1.61M2025-09-30 | – | – | – | – | – |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $1.22M | -$431K | +382.8% | -$632K | $881K | -171.7% |
| Additional Paid in Capital | $4.02B | $3.33B | +20.7% | $3.99B | $3.3B | +20.9% |
| Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | – | – | – | $99K2024-12-31 | – | – |
| Advertising Expense | – | – | – | $14.7M | $12.5M | +17.6% |
| Amortization of Debt Issuance Costs and Discounts | $668K | $679K | -1.6% | $2.7M | $3.95M | -31.7% |
| Amortization of Intangible Assets | $34.5M | $28.1M | +22.8% | $119M | $148M | -19.8% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9.68M | 1.38M | +600.5% | 1.39M | 5.76M | -76.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $13.8M | $11.4M | +21.1% | $41.9M | $54.9M | -23.8% |
| Asset Impairment Charges | $02026-03-31 | $0 | – | $0 | $0 | – |
| Assets | $5.87B | $4.68B | +25.5% | $5.79B | $4.58B | +26.4% |
| Assets, Current | $439M | $524M | -16.3% | $308M | $371M | -16.9% |
| Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | – | – | – | $621M | $0 | – |
| Capital Expenditures Incurred but Not yet Paid | -$962K | $139K | -792.1% | $280K | $283K | -1.1% |
| Capitalized Computer Software, Additions | $7.9M2026-03-31 | $4.5M | +75.6% | $16.8M | $16.4M | +2.4% |
| Capitalized Computer Software, Amortization | $4.7M2026-03-31 | $3.4M | +38.2% | $10.6M | $10.2M | +3.9% |
| Capitalized Computer Software, Impairments | – | – | – | $0 | $0 | – |
| Capitalized Computer Software, Net | $39M2026-03-31 | $30.7M | +27.0% | $35.9M | $29.6M | +21.3% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Cash and Cash Equivalents, at Carrying Value | $12.6M | $290M | -95.6% | $61.4M | $182M | -66.3% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $500K | – | – | $300K | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $45.4M | $311M | -85.4% | $76.8M | $205M | -62.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$17.3M | $61.8M | -128.0% | -$128M | $159M | -180.3% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 2.5B | 2.5B | 0.0% | 2.5B | 2.5B | 0.0% |
| Common Stock, Shares, Issued | 193M | 174M | +10.6% | 192M | 172M | +11.3% |
| Common Stock, Shares, Outstanding | 192M | 174M | +10.2% | 192M | 172M | +11.3% |
| Common Stock, Value, Issued | $1.93M | $1.74M | +10.6% | $1.92M | $1.72M | +11.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $41.2M | $31.4M | +31.2% | $111M | -$34M | +424.8% |
| Contract with Customer, Liability | $73.4M2025-12-31 | $16.3M | +350.9% | $73.4M | $16.3M | +350.9% |
| Contract with Customer, Liability, Current | $60.9M | $9.54M | +538.1% | $67.9M | $10.5M | +544.6% |
| Contract with Customer, Liability, Noncurrent | $6.75M | $5.55M | +21.8% | $5.5M | $5.74M | -4.2% |
| Contract with Customer, Liability, Revenue Recognized | $36.5M | $900K | +3,955.6% | $10.9M2024-12-31 | $9.9M | +10.3% |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $97.7M | $87M | +12.2% | $348M | $316M | +10.3% |
| Costs and Expenses | $244M | $206M | +18.4% | $850M | $820M | +3.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3.7M | $44.1M | -91.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $14.5M | $55.7M | -74.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $10.8M | $11.6M | -7.5% |
| Debt Issuance Costs, Net | $7.41M | $10.2M | -27.2% | $8.34M | $11.3M | -25.9% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $1K | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $294K | $32K | +818.8% | $4K | – | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Current | $0 | – | – | $0 | – | – |
| Debt Securities, Available-for-sale, Amortized Cost, Current | $179M | $50.5M | +254.8% | $24.9M | – | – |
| Debt Securities, Available-for-sale, Current | $179M | $50.5M | +254.4% | $24.9M | $0 | – |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $1.4M | $500K | +180.0% | $2.1M | $0 | – |
| Deferred Costs, Noncurrent | $105M | $88.1M | +19.3% | $94M | $82.8M | +13.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $42.1M | -$53M | +179.3% |
| Deferred Income Tax Expense (Benefit) | -$34.6M | $2.87M | -1,305.6% | $45.2M | -$59.1M | +176.5% |
| Deferred Income Tax Liabilities, Net | $175M | $108M | +63.0% | $211M | $101M | +110.2% |
| Deferred Offering Costs | $02025-12-31 | $0 | – | $0 | $0 | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02