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Provides cloud software that automates billing, claims and payment processes (revenue cycle management) for healthcare providers.
Provides cloud software that automates billing, claims and payment processes (revenue cycle management) for healthcare providers.
Paid by providers under recurring contracts that combine software subscriptions with fees tied to the volume of claims and payments it processes, so revenue grows when customers send more through. Its platform sits between hospitals and thousands of insurers. Listed in 2024 with EQT and CPP Investments as large holders.
Moat: narrow (switching costs, installed base, scale). Deep integration into hospital billing workflows and payer connections creates high switching costs.
Headquarters: Louisville, Kentucky, United States · Founded: 2017 · Employees: 1,700
Size Waystar (WAY) is a United States Information Technology company (Packaged Software) with a market value of $5.45B, the 1125th largest of 3,117 United States companies the cockpit tracks. Shares closed at $28.35 on 6 Nov 2026.
Performance Over six months the shares gained 32.6%, against +11.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 19 in its peer set.
Growth Revenue grew 21.4% over the last twelve months (peer median +13.7%); the operating margin is 24.5% (peer median 15.6%).
Valuation It trades at 15.8× forward earnings against a peer median of 22.4× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (6.2% WACC).
Short interest Short interest is 8.1% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.26B | $1.10B | $944M | $791M | $705M |
| Revenue growth | — | +17% | +19% | +12% | — |
| Gross profit | $711M | $611M | $441M | $365M | $307M |
| EBITDA | $474M | $418M | $327M | $325M | $288M |
| Net income | $135M | $112M | -$19.1M | -$51.3M | -$51.5M |
| Free cash flow | $264M | $283M | $142M | $29.9M | $85.2M |
| Capital expenditure | $50.8M | $26.5M | $27.3M | $21.5M | $17.4M |
| Total debt | $1.48B | $1.49B | $1.26B | $2.25B | $2.26B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Waystar WAY | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% |
| UnitedHealth UNH | $353B | +4% | +3% | 5% | 17.4× | 4.3% |
| Phreesia PHR | $783M | +24% | +13% | 5% | 22.2× | 13.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WAY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.1% | +3.9% | 10th highest of 21 |
| 6-month return | +32.6% | +11.7% | 6th highest of 19 |
| Distance from 52-week high | -24.4% | -33.7% | 10th highest of 21 |
| Revenue growth (TTM) | +21.4% | +13.7% | 7th highest of 21 |
| Operating margin | 24.5% | 15.6% | 6th highest of 21 |
| Forward P/E | 15.8× | 22.4× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.5% | 15.6% | 7th least demanding of 18 |
| Growth delivered (Del g) | +16.0% | +14.6% | 9th highest of 18 |
| Hurdle (Req g minus delivered) | -8.5 pp | -3.7 pp | 9th least demanding of 18 |
| ROIC minus cost of capital | -1.5 pp | +1.3 pp | 6th lowest of 19 |
| EV / EBITDA | 14.0× | 16.5× | 4th cheapest of 11 |
| Net debt / EBITDA | 2.5× | 0.2× | 2nd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Waystar WAY | United States | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% | +16.0% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
| Trend Micro 4704.T | Japan | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% | +9.7% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| 37 Interactive Entertainment Network Technology 002555.SZ | China | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% | +2.1% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| AutoStore AUTO.OL | Norway | $5.20B | +8% | +17% | 33% | 27.4× | 18.5% | +27.0% |
| BlackBerry BB.TO | Canada | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% | -8.6% |
| Mphasis MPHASIS.NS | India | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% | +10.6% |
| Lumine LMN.V | Canada | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% | +36.8% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| iSoftStone Information Technology (Group) 301236.SZ | China | $5.13B | -16% | +13% | 0% | 105.2× | n/a | n/a |
| Baige Online Digital Technology 2672.HK | Hong Kong | $5.07B | n/a | +34% | -3% | n/a | n/a | n/a |
| Sezzle SEZL | United States | $5.05B | +146% | +43% | 40% | 22.4× | 28.8% | +50.3% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Beijing HyperStrong Technology 688411.SS | China | $4.99B | -29% | +38% | 12% | 16.7× | n/a | n/a |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |