Waystar
Automates healthcare reimbursement, patient payments, denial recovery, and clinical revenue workflows.
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Profile
Provides cloud software for financial clearance, patient collections, claims, denials, clinical integrity, revenue capture, and analytics across U.S. healthcare providers. Revenue comes primarily from recurring subscription and volume-based fees, while the unified platform depends on integrations with provider, payer, and payment networks.
Provides cloud software that manages healthcare payments for U.S. hospitals, health systems, physician practices, clinics, laboratories, and other care providers. The platform spans financial clearance and prior authorization, patient financial care, claims and payer payment management, denial prevention and recovery, clinical integrity and revenue capture, and analytics and reporting. AltitudeAI applies automation across these workflows, including claim checking, appeal preparation, documentation review, and missing-charge detection.
Earns primarily recurring subscription and volume-based fees, with transaction activity rising as clients serve more patients or add solutions and care sites. A unified, multi-tenant platform connects with EHR, practice-management, and payer systems and processes regulated clinical, claims, and payment data. Execution depends on reliable integrations, secure data handling, card-network and ACH rules, payer requirements, and changing healthcare and privacy regulation.
Company facts
Key statistics
Year to date −16.3% · Average volume (30d) 2.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Wolfe Research | Upgrade | Outperform | ||
| Aug 13, 2026 | Truist Financial | Target | $38 | $33 | |
| Aug 7, 2026 | Barclays | Reiterate | Overweight | $36 | $27 |
| Jul 31, 2026 | Deutsche Bank | Reiterate | Buy | $27 | $39 |
| Jul 30, 2026 | UBS | Reiterate | Buy | $34 | $33 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.40 | $0.43 | +8.0% | $316.2M | $319.7M | +1.1% | −14.60% |
| Apr 29, 2026Q1 FY26 | $0.39 | $0.42 | +7.7% | $311.7M | $313.9M | +0.7% | −15.39% |
| Feb 17, 2026Q4 FY25 | $0.39 | $0.36 | −7.7% | $294.8M | $303.5M | +3.0% | +4.52% |
| Oct 29, 2025Q3 FY25 | $0.34 | $0.37 | +8.8% | $294.7M | $268.7M | −8.8% | −6.46% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $256.4M | $270.7M | $268.7M | $303.5M | $313.9M | $319.7M | |
| Gross profit | $173.1M | $183.6M | $183.5M | $210.9M | $216.8M | $222.0M | |
| Operating income | $65.2M | $64.8M | $60.2M | $59.0M | $80.5M | $76.0M | |
| Net income | $29.3M | $32.2M | $30.6M | $20.0M | $43.3M | $40.9M | |
| Diluted EPS | $0.16 | $0.18 | $0.17 | $0.10 | $0.22 | $0.21 | |
| Gross margin | 67.5% | 67.8% | 68.3% | 69.5% | 69.1% | 69.4% | |
| Operating margin | 25.4% | 24.0% | 22.4% | 19.4% | 25.6% | 23.8% |
Fiscal years (4-quarter sums)FY21 $578.6M · FY22 $705.9M · FY23 $791.0M · FY24 $943.5M · FY25 $1.10B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $191.6M · Total debt $1.48B · Total assets $5.87B · Shareholders' equity $3.99B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 191.75M · Float 139.64M · 72.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Derby LuxCo S.a r.l. | 24.88M | 14.20% | 13G | Nov 7, 2025 |
| Eqt Fund Management S.A R.L. | 24.88M | 12.98% | 13F | Aug 13, 2026 |
| Canada Pension Plan Investment Board | 19.03M | 9.92% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 17.44M | 9.09% | 13F | Aug 7, 2026 |
| FMR LLC | 15.05M | 7.85% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Matthew J. Hawkins | director, officer: Chief Executive Officer | −60,038 | $25.01 |
| Aug 11, 2026 | Matthew J. Hawkins | director, officer: Chief Executive Officer | −22,462 | $25.04 |
| Jul 15, 2026 | Matthew J. Hawkins | director, officer: Chief Executive Officer | −33,099 | $23.02 |
| Jul 16, 2026 | Matthew J. Hawkins | director, officer: Chief Executive Officer | −36,901 | $23.09 |
| Mar 2, 2026 | Heidi Miller | director | +7,200 | $26.25 |
Peers
- UnitedHealth Group
Broad RCM and claims network through Optum / Change Healthcare
- Oracle
EHR-native patient accounting and RCM automation
- Flywire
Patient financial engagement and healthcare payments
- HealthEquity
Consumer healthcare payment accounts and processing
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Waystar | $26.26 | 0.00% | $5.03B | 37.5 | 15.1 | 4.2 | +18.1% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| Oracle | $150.95 | +0.17% | $434.14B | 25.9 | 18.7 | 6.4 | +20.6% |
| Flywire | $18.80 | +0.16% | $2.28B | 72.8 | 25.5 | 3.2 | +24.2% |
| HealthEquity | $96.98 | +0.64% | $8.06B | 34.8 | 19.1 | 5.9 | +7.6% |
| Median | 30.3 | 18.9 | 4.6 | +14.1% |







