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WAY

Waystar Holding Corp.

WAY

Waystar Holding Corp. • NASDAQ
$35.04 ▼ -5.40% (-2.00)
Market Cap $6.07 B
52w High $48.11
52w Low $29.50
Dividend Yield 0%
P/E 53.91
Volume 24.38K
Outstanding Shares 173.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $268.651M ▼ $123.283M ▲ $30.648M ▼ 11.408% ▼ $0.18 ▼ $92.63M ▼
Q2-2025 $270.654M ▲ $118.764M ▲ $32.184M ▲ 11.891% ▲ $0.19 ▲ $98.272M ▼
Q1-2025 $256.435M ▲ $107.881M ▼ $29.269M ▲ 11.414% ▲ $0.17 ▲ $98.589M ▲
Q4-2024 $244.102M ▲ $111.417M ▼ $19.079M ▲ 7.816% ▲ $0.11 ▲ $91.174M ▲
Q3-2024 $240.112M $132.421M $5.413M 2.254% $0.032 $87.331M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $421.056M ▲ $4.746B ▲ $1.524B ▲ $3.223B ▲
Q2-2025 $340.793M ▲ $4.678B ▲ $1.505B ▲ $3.173B ▲
Q1-2025 $248.414M ▲ $4.619B ▲ $1.493B ▼ $3.126B ▲
Q4-2024 $182.133M ▲ $4.577B ▲ $1.497B ▲ $3.08B ▲
Q3-2024 $127.125M $4.541B $1.488B $3.053B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.648M ▼ $82.03M ▼ $44.649M ▲ $7.209M ▲ $133.888M ▲ $76.154M ▼
Q2-2025 $32.184M ▲ $96.76M ▲ $-31.861M ▼ $-3.148M ▼ $61.751M ▲ $90.993M ▲
Q1-2025 $29.269M ▲ $64.249M ▼ $-29.857M ▼ $10.744M ▲ $45.136M ▼ $58.823M ▲
Q4-2024 $19.079M ▲ $64.77M ▼ $-6.224M ▲ $1.689M ▲ $60.235M ▼ $58.546M ▼
Q3-2024 $5.413M $78.818M $-8.616M $-6.313M $63.889M $70.202M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Subscription and Circulation
Subscription and Circulation
 $230.00M ▲$130.00M ▼$130.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Waystar shows a clear pattern of steady revenue growth with strong gross margins, which means its core business is scaling well and adding value. Operating profit and EBITDA are both positive, suggesting the underlying operations are healthy. However, the company still reports small net losses, likely reflecting interest costs, amortization, and ongoing investment rather than weakness in demand. Losses are narrowing, but the business is not yet consistently profitable at the bottom line, so the path to full earnings profitability remains an important watchpoint.

Balance Sheet

Balance Sheet The balance sheet has improved meaningfully in the most recent year. Debt levels have come down significantly while shareholders’ equity has risen, likely helped by the public listing and related transactions. Cash has increased from prior years, but the cash cushion is still modest relative to the overall asset base, and the company continues to carry a noticeable amount of debt. Overall, leverage risk looks lower than before, yet refinancing and interest costs are still relevant factors to monitor over time.

Cash Flow

Cash Flow Waystar generates positive cash from its operations and has done so consistently, which supports the quality of its business model despite accounting losses. Free cash flow is positive as well, helped by relatively light capital spending needs for a cloud-based software platform. This gives the company room to keep investing in product development and integrations without constantly relying on external financing. The key question is whether this healthy cash generation can be sustained as the company scales, integrates acquisitions, and continues to invest heavily in AI capabilities.

Competitive Edge

Competitive Edge Waystar occupies a strong niche at the intersection of healthcare and payments, focusing on revenue cycle management for providers. Its platform processes a very large volume of transactions and connects a broad network of providers and payers, which deepens its data advantage and creates network effects. High switching costs and deep workflow integration make it hard for existing customers to leave, supporting high retention and expansion within the base. At the same time, the company operates in a competitive field with other large technology and RCM players, and it must navigate complex healthcare regulations and data security requirements, which are both barriers to entry and ongoing risks.

Innovation and R&D

Innovation and R&D Innovation is a central part of Waystar’s story. The company’s AltitudeAI engine and broader AI toolkit aim to automate denial prevention, claims management, and patient billing, turning traditionally manual processes into faster, more accurate workflows. Its scale of data gives it a meaningful edge in training these models. The acquisition of Iodine Software should deepen its capabilities by combining clinical and financial data, potentially enabling more powerful analytics and new products, but it also introduces execution and integration risk. Continued progress in generative AI, patient-facing tools like PatientWallet, and seamless integration of new features will be crucial for maintaining its technology lead.

Summary

Waystar is a growing healthcare technology company with a solid operating engine: revenue is rising steadily, margins are strong at the operating level, and cash flows are positive, even though the company still reports modest net losses. The balance sheet has strengthened with lower debt and higher equity, giving it more financial flexibility than in prior years, though leverage and interest costs remain important to watch. Competitively, it benefits from a large network, rich data, and high switching costs, all reinforced by advanced AI capabilities and a unified platform approach. Its strategy relies heavily on innovation, data, and acquisitions such as Iodine Software, which present both major opportunities and meaningful integration and execution risks. Overall, the key factors to track are the transition to consistent bottom-line profitability, the success of AI-driven product enhancements, the smooth integration of acquisitions, and the company’s ability to stay ahead in a highly regulated and competitive healthcare technology landscape.

NEWS

November 18, 2025 · 9:00 AM UTC

Waystar to Participate in Upcoming Investor Conferences

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October 29, 2025 · 4:05 PM UTC

Waystar Reports Third Quarter 2025 Results

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October 14, 2025 · 4:30 PM UTC

Waystar to Announce Third Quarter 2025 Financial Results on October 29, 2025

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October 6, 2025 · 6:00 AM UTC

A NEW WAY TO ROLL: KICKING OFF A CELEBRATION OF THE KIA SOUL

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October 1, 2025 · 8:45 AM UTC

Waystar Closes Acquisition of Iodine Software, Extending AI Leadership in Healthcare Software

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