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MARKETS / NASDAQ / WAY
NASDAQ · SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN · LARGE CAP

Waystar Holding Corp. WAY

4 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.1B
▲ 16.5% YoY
$112.1M
$283.2M
▲ 98.7% YoY
In brief

What this company does

Waystar uses internally developed AI and proprietary algorithms to automate payment-related workflow tasks for healthcare providers, enhancing claim and billing accuracy, strengthening data integrity, and reducing labor costs. In 2025, it facilitated over 7.5 billion healthcare payments transactions, spanning approximately 60% of patients and one-in-three hospital discharges in the United States. It currently serves over 30,000 clients that vary significantly in size, representing over one million distinct providers in total. For the year ended December 31, 2025, its top 10 clients accounted for 10.8% of its total revenue for that period. As of December 31, 2025, it employed over 1,700 full-time team members, all located in the United States. It was originally incorporated in Delaware on August 13, 2019 and subsequently changed its name to Waystar Holding Corp. on August 11, 2023.

Written from the business description in Waystar Holding Corp.'s annual report to the U.S. Securities and Exchange Commission, filed 17 February 2026. Every sentence was checked against that document before publication.

Growth
USD 1.1B
Revenue, FY2025 · full 4-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.1 · Net income 0.1
0.4B0.8B2022202320242025
Compound annual growth
+16.0%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
10 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 22.7% · Net 10.2%
10%20%-2%-4%-6%2022202320242025
ROE
FY2025 · ROE 3.2%
1%2%3%-1%-2%2022202320242025

Each USD of equity produced 3 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 283.2
100M200M2022202320242025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 0.0
0.8M1.6M-0.4M-0.8M2022202320242025

Total assetsUSD 5.8B
EquityUSD 3.9B
CashUSD 61.4M
Gross debtUSD 1.5B
Net debtUSD 1.4B
Current ratio1.41×

Net debt stands at 36% of equity.

The 4-year record
4 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022
Revenue $B1.10.90.80.7
Operating income $B0.20.10.10.1
EBITDA $B0.40.30.30.3
Income tax $B0.1−0.0−0.0−0.0
Net income $B0.1−0.0−0.1−0.1
Free cash flow $B0.30.10.00.1
EPS, diluted $0.61−0.13−0.42−0.42
Dividend / sh $····
Payout %····
ROE %3.2−0.7−2.5−2.4
Shares out B0.190.170.12·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 14 reconciliationsAUDITED

Reconciled in 4 of 19 fiscal years. 77 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Computer Integrated Systems Design
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2022

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