Waystar Holding

WAY

Medical - Healthcare Information Services · Healthcare

Price

$25.01

+0.17 (+0.68%)

Market Cap

$4.80B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Share count rising — dilution

+10.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 166.7M (2021) → 184.8M (2025)

Winston Score History

The full picture

Waystar Holding Corp. develops a cloud-based software solution for healthcare payments. Its platform offers financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics and reporting solutions. The company primarily serves healthcare industry. Waystar Holding Corp. was founded in 2017 and is based in Lehi, Utah.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+10.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$55M/ year

↑ Rising (+12% vs prior year)

5.0% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

27.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$192M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Waystar Holding is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

69.4%

Premium pricing power — 69.4% gross margin

Profit after running costs

Operating Margin

23.8%

Excellent — 23.8% operating margin

Return on the money invested

ROCE

5.1%

Weak — 5.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+19.2%

Fast-growing sales (+19.2% YoY)

Profit growth

EPS YoY

+43.6%

Earnings growing fast (+43.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

217%

Turns 217% of profit into real cash

Spare cash per sale

FCF Margin

20.4%

Converts sales into free cash efficiently (20.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.37

Conservative — low debt load (0.37)

Covers its interest

Interest Cover

3.42x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

34.7x

Pricey — P/E 34.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+23.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (34.7 → 11.2)

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Dividends

Not applicable for this business.

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