WAY · NASDAQ · Medical - Healthcare Information Services

Waystar

Automates healthcare reimbursement, patient payments, denial recovery, and clinical revenue workflows.

$26.26
After-hours close0.00 (0.00%)
At close$26.26(+4.00%)
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Profile

Waystar Holding Corp.WAYHealth Care

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

CEOMatthew J. Hawkins
ListedJun 7, 2024
ExchangeNASDAQ
HeadquartersLehi, UT
CountryUnited States
Employees1,700
CIK0001990354
ISINUS9467841055

Key statistics

Market cap$5.03B
EPS (ttm)$0.7000
P/E (ttm)37.49
ROE3.6%
P/B1.26
P/S4.17
Dividend yield
Beta0.57vs XLV 0.52

Year to date −16.3% · Average volume (30d) 2.9M

Analysts

Price target, next 12 months$33.00+25.8%Median of 17 analysts · vs the Aug 28 close
ConsensusBuy17 of 17 analysts rate it buy or better

Ratings

Target range

Latest analyst notes

DateFirmActionRatingPrior targetTarget
Aug 13, 2026Wolfe ResearchUpgradeOutperform
Aug 13, 2026Truist FinancialTarget$38$33
Aug 7, 2026BarclaysReiterateOverweight$36$27
Jul 31, 2026Deutsche BankReiterateBuy$27$39
Jul 30, 2026UBSReiterateBuy$34$33

Earnings

EPS

Estimate$0.41
ReportedDue Nov 4, 2026

Revenue

Estimate$323.3M
ReportedDue Nov 4, 2026

History

Report dateEPS estEPSSurpriseRevenue estRevenueSurpriseNext 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%
View details

Financial highlights

12 quartersQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 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 margin67.5%67.8%68.3%69.5%69.1%69.4%
Operating margin25.4%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

Subscription And Circulation$176.3M · 100%

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

Institutions 112.46%Insiders 3.79%

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

HolderShares% outstandingFormFiled
Derby LuxCo S.a r.l.24.88M14.20%13GNov 7, 2025
Eqt Fund Management S.A R.L.24.88M12.98%13FAug 13, 2026
Canada Pension Plan Investment Board19.03M9.92%13FAug 14, 2026
BlackRock, Inc.17.44M9.09%13FAug 7, 2026
FMR LLC15.05M7.85%13FAug 13, 2026

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Aug 13, 2026Matthew J. Hawkinsdirector, officer: Chief Executive Officer−60,038$25.01
Aug 11, 2026Matthew J. Hawkinsdirector, officer: Chief Executive Officer−22,462$25.04
Jul 15, 2026Matthew J. Hawkinsdirector, officer: Chief Executive Officer−33,099$23.02
Jul 16, 2026Matthew J. Hawkinsdirector, officer: Chief Executive Officer−36,901$23.09
Mar 2, 2026Heidi Millerdirector+7,200$26.25
View details

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

CompanyPriceChange
Waystar$26.260.00%$5.03B37.515.14.2+18.1%
UnitedHealth Group$392.50−0.12%$356.86B25.318.40.8+0.4%
Oracle$150.95+0.17%$434.14B25.918.76.4+20.6%
Flywire$18.80+0.16%$2.28B72.825.53.2+24.2%
HealthEquity$96.98+0.64%$8.06B34.819.15.9+7.6%
Median30.318.94.6+14.1%