Waystar Holding Corp. Financials
This page shows Waystar Holding Corp. (WAY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Waystar Holding Corp. has an operating margin of 22.7%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is up from 13.1% the prior year.
Waystar Holding Corp.'s revenue surged 16.5% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 61/100.
Waystar Holding Corp. carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Waystar Holding Corp.'s current ratio of 1.41 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.
Waystar Holding Corp. converts 25.8% of revenue into free cash flow ($283.2M). This strong cash generation earns a score of 89/100.
Waystar Holding Corp. generates a 2.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is up from -0.6% the prior year.
Waystar Holding Corp. scores 1.78, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.6B) relative to total liabilities ($1.9B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Waystar Holding Corp. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Waystar Holding Corp. generates $2.76 in operating cash flow ($309.7M OCF vs $112.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Waystar Holding Corp. generated $1.1B in revenue in fiscal year 2025. This represents an increase of 16.5% from the prior year.
Waystar Holding Corp.'s EBITDA was $389.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 25.6% from the prior year.
Waystar Holding Corp. reported $112.1M in net income in fiscal year 2025. This represents an increase of 686.1% from the prior year.
Waystar Holding Corp. earned $0.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 569.2% from the prior year.
Cash & Balance Sheet
Waystar Holding Corp. generated $283.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 98.7% from the prior year.
Waystar Holding Corp. held $61.4M in cash against $1.5B in long-term debt as of fiscal year 2025.
Waystar Holding Corp. had 192M shares outstanding in fiscal year 2025. This represents an increase of 11.3% from the prior year.
Margins & Returns
Waystar Holding Corp.'s gross margin was 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the prior year.
Waystar Holding Corp.'s operating margin was 22.7% in fiscal year 2025, reflecting core business profitability. This is up 9.6 percentage points from the prior year.
Waystar Holding Corp.'s net profit margin was 10.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.2 percentage points from the prior year.
Waystar Holding Corp.'s ROE was 2.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.5 percentage points from the prior year.
Capital Allocation
Waystar Holding Corp. invested $54.6M in research and development in fiscal year 2025. This represents an increase of 12.0% from the prior year.
Waystar Holding Corp. spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Waystar Holding Corp. invested $26.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.9% from the prior year.
WAY Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $303.5M+13.0% | $268.7M-0.7% | $270.7M+5.5% | $256.4M+5.1% | $244.1M+1.7% | $240.1M+2.4% | $234.5M+4.3% | $224.8M |
| Cost of Revenue | $92.6M+8.8% | $85.1M-2.2% | $87.0M+4.4% | $83.3M+4.8% | $79.5M-1.2% | $80.5M+0.1% | $80.5M+7.0% | $75.2M |
| Gross Profit | $210.9M+14.9% | $183.5M-0.1% | $183.6M+6.1% | $173.1M+5.2% | $164.6M+3.1% | $159.6M+3.6% | $154.1M+3.0% | $149.6M |
| R&D Expenses | $18.5M+49.3% | $12.4M-1.7% | $12.6M+13.9% | $11.1M-3.4% | $11.5M+3.5% | $11.1M-30.3% | $15.9M+54.1% | $10.3M |
| SG&A Expenses | $43.7M+34.8% | $32.4M+11.1% | $29.2M+25.3% | $23.3M+1.5% | $23.0M+1.1% | $22.7M-43.2% | $40.0M+52.9% | $26.1M |
| Operating Income | $59.0M-2.0% | $60.2M-7.1% | $64.8M-0.6% | $65.2M+22.7% | $53.1M+95.8% | $27.1M+229.2% | $8.2M-76.6% | $35.2M |
| Interest Expense | N/A | $17.5M-4.1% | $18.3M | N/A | N/A | $18.5M-63.5% | $50.5M | N/A |
| Income Tax | $16.2M+33.9% | $12.1M-16.2% | $14.4M-15.5% | $17.0M+21.9% | $14.0M+326.9% | $3.3M+122.4% | -$14.6M-141.1% | -$6.1M |
| Net Income | $20.0M-34.8% | $30.6M-4.8% | $32.2M+10.0% | $29.3M+53.4% | $19.1M+252.5% | $5.4M+119.6% | -$27.7M-73.8% | -$15.9M |
| EPS (Diluted) | N/A | $0.17-5.6% | $0.18+12.5% | $0.16 | N/A | $0.03+114.3% | $-0.21-61.5% | $-0.13 |
WAY Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.8B+21.9% | $4.7B+1.5% | $4.7B+1.3% | $4.6B+0.9% | $4.6B+0.8% | $4.5B-0.6% | $4.6B | N/A |
| Current Assets | $308.4M-49.7% | $613.6M+17.0% | $524.5M+19.1% | $440.6M+18.7% | $371.0M+21.5% | $305.4M+12.8% | $270.8M | N/A |
| Cash & Equivalents | $61.4M-85.4% | $421.1M+45.0% | $290.3M+29.6% | $224.0M+23.0% | $182.1M+43.3% | $127.1M+85.9% | $68.4M+19.3% | $57.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $177.0M+21.5% | $145.7M+1.5% | $143.5M-2.6% | $147.3M+1.4% | $145.2M+5.3% | $137.9M-6.8% | $148.0M | N/A |
| Goodwill | $4.0B+33.0% | $3.0B0.0% | $3.0B0.0% | $3.0B0.0% | $3.0B0.0% | $3.0B-0.3% | $3.0B | N/A |
| Total Liabilities | $1.9B+25.1% | $1.5B+1.3% | $1.5B+0.8% | $1.5B-0.3% | $1.5B+0.6% | $1.5B-8.2% | $1.6B | N/A |
| Current Liabilities | $218.1M+38.3% | $157.7M+3.1% | $152.8M+8.2% | $141.3M-3.0% | $145.6M+9.4% | $133.1M+5.8% | $125.9M | N/A |
| Long-Term Debt | $1.5B+20.1% | $1.2B-0.1% | $1.2B-0.2% | $1.2B-0.2% | $1.2B-0.1% | $1.2B-8.4% | $1.3B | N/A |
| Total Equity | $3.9B+20.4% | $3.2B+1.6% | $3.2B+1.5% | $3.1B+1.5% | $3.1B+0.9% | $3.1B+3.6% | $2.9B+44.7% | $2.0B |
| Retained Earnings | -$108.8M+15.5% | -$128.8M+19.2% | -$159.4M+16.8% | -$191.6M+13.2% | -$220.9M+8.0% | -$240.0M+2.2% | -$245.4M | N/A |
WAY Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $66.6M-18.8% | $82.0M-15.2% | $96.8M+50.6% | $64.2M-0.8% | $64.8M-17.8% | $78.8M+410.1% | $15.4M+44.0% | $10.7M |
| Capital Expenditures | $9.4M+60.2% | $5.9M+1.9% | $5.8M+6.3% | $5.4M-12.8% | $6.2M-27.8% | $8.6M+25.5% | $6.9M+23.5% | $5.6M |
| Free Cash Flow | $57.2M-24.9% | $76.2M-16.3% | $91.0M+54.7% | $58.8M+0.5% | $58.5M-16.6% | $70.2M+718.0% | $8.6M+66.0% | $5.2M |
| Investing Cash Flow | -$663.8M-1586.8% | $44.6M+240.1% | -$31.9M-6.7% | -$29.9M-379.7% | -$6.2M+27.8% | -$8.6M-25.5% | -$6.9M-23.5% | -$5.6M |
| Financing Cash Flow | $228.6M+3071.7% | $7.2M+329.0% | -$3.1M-129.3% | $10.7M+536.1% | $1.7M+126.8% | -$6.3M-691.1% | $1.1M-94.7% | $20.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | N/A | N/A | $0 | $0-100.0% | $619K+175.1% | $225K |
WAY Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.5%+1.2pp | 68.3%+0.5pp | 67.8%+0.3pp | 67.5%+0.1pp | 67.4%+1.0pp | 66.5%+0.8pp | 65.7%-0.8pp | 66.5% |
| Operating Margin | 19.4%-3.0pp | 22.4%-1.5pp | 24.0%-1.5pp | 25.4%+3.7pp | 21.8%+10.5pp | 11.3%+7.8pp | 3.5%-12.1pp | 15.7% |
| Net Margin | 6.6%-4.8pp | 11.4%-0.5pp | 11.9%+0.5pp | 11.4%+3.6pp | 7.8%+5.6pp | 2.3%+14.0pp | -11.8%-4.7pp | -7.1% |
| Return on Equity | 0.5%-0.4pp | 0.9%-0.1pp | 1.0%+0.1pp | 0.9%+0.3pp | 0.6%+0.4pp | 0.2%+1.1pp | -0.9%-0.2pp | -0.8% |
| Return on Assets | 0.4%-0.3pp | 0.7%-0.0pp | 0.7%+0.1pp | 0.6%+0.2pp | 0.4%+0.3pp | 0.1%+0.7pp | -0.6% | N/A |
| Current Ratio | 1.41-2.5 | 3.89+0.5 | 3.43+0.3 | 3.12+0.6 | 2.55+0.3 | 2.29+0.1 | 2.15 | N/A |
| Debt-to-Equity | 0.380.0 | 0.380.0 | 0.380.0 | 0.390.0 | 0.400.0 | 0.40-0.1 | 0.45 | N/A |
| FCF Margin | 18.9%-9.5pp | 28.3%-5.3pp | 33.6%+10.7pp | 22.9%-1.0pp | 24.0%-5.3pp | 29.2%+25.6pp | 3.7%+1.4pp | 2.3% |
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Frequently Asked Questions
What is Waystar Holding Corp.'s annual revenue?
Waystar Holding Corp. (WAY) reported $1.1B in total revenue for fiscal year 2025. This represents a 16.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Waystar Holding Corp.'s revenue growing?
Waystar Holding Corp. (WAY) revenue grew by 16.5% year-over-year, from $943.5M to $1.1B in fiscal year 2025.
Is Waystar Holding Corp. profitable?
Yes, Waystar Holding Corp. (WAY) reported a net income of $112.1M in fiscal year 2025, with a net profit margin of 10.2%.
What is Waystar Holding Corp.'s EBITDA?
Waystar Holding Corp. (WAY) had EBITDA of $389.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Waystar Holding Corp. have?
As of fiscal year 2025, Waystar Holding Corp. (WAY) had $61.4M in cash and equivalents against $1.5B in long-term debt.
What is Waystar Holding Corp.'s gross margin?
Waystar Holding Corp. (WAY) had a gross margin of 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Waystar Holding Corp.'s operating margin?
Waystar Holding Corp. (WAY) had an operating margin of 22.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Waystar Holding Corp.'s net profit margin?
Waystar Holding Corp. (WAY) had a net profit margin of 10.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Waystar Holding Corp.'s return on equity (ROE)?
Waystar Holding Corp. (WAY) has a return on equity of 2.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Waystar Holding Corp.'s free cash flow?
Waystar Holding Corp. (WAY) generated $283.2M in free cash flow during fiscal year 2025. This represents a 98.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Waystar Holding Corp.'s operating cash flow?
Waystar Holding Corp. (WAY) generated $309.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Waystar Holding Corp.'s total assets?
Waystar Holding Corp. (WAY) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Waystar Holding Corp.'s capital expenditures?
Waystar Holding Corp. (WAY) invested $26.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Waystar Holding Corp. spend on research and development?
Waystar Holding Corp. (WAY) invested $54.6M in research and development during fiscal year 2025.
What is Waystar Holding Corp.'s current ratio?
Waystar Holding Corp. (WAY) had a current ratio of 1.41 as of fiscal year 2025, which is considered adequate.
What is Waystar Holding Corp.'s debt-to-equity ratio?
Waystar Holding Corp. (WAY) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Waystar Holding Corp.'s return on assets (ROA)?
Waystar Holding Corp. (WAY) had a return on assets of 1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Waystar Holding Corp.'s Altman Z-Score?
Waystar Holding Corp. (WAY) has an Altman Z-Score of 1.78, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Waystar Holding Corp.'s Piotroski F-Score?
Waystar Holding Corp. (WAY) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Waystar Holding Corp.'s earnings high quality?
Waystar Holding Corp. (WAY) has an earnings quality ratio of 2.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Waystar Holding Corp.?
Waystar Holding Corp. (WAY) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.