WAY
Waystar Holding Corp.
WAY's fundamentals are strong: revenue grew 21% and it turned 21% of its revenue into free cash flow, though its operating margin fell 1 points to 22%. At 41x earnings, it's trading in line with its usual 42x. Analysts expect earnings growth.
WAY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Under pressure |
WAY's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
WAY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $28.14 | — |
| Cheap | 34x | $23.39 | -17% |
| Current | 41x | $28.14 | — |
| Fair | 42x | $29.15 | +3.6% |
| Expensive | 81x | $55.94 | +99% |
Historical ranges are pointers, not guarantees.
WAY's PE is in its fair range at 41x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
WAY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for WAY, with profitability holding steady.
WAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.79 | +160% |
| Q3 2026 | $0.69 | +11% |
| Q2 2026 | $0.70 | +46% |
| Q1 2026 | $0.67 | +644% |
| Q4 2025 | $0.61 | +$0.78 |
| Q3 2025 | $0.62 | +$0.98 |
| Q2 2025 | $0.48 | +$0.96 |
| Q1 2025 | $0.09 | +$0.43 |
| Q4 2024 | -$0.17 | +$0.14 |
WAY's earnings per share have climbed steadily: $0.69 over the past year, up 11% from the year before, and higher year over year for eight quarters in a row.
WAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $325.6M | +21% |
| Q2 2026 | $319.7M | +18% |
| Q1 2026 | $313.9M | +22% |
| Q4 2025 | $303.5M | +24% |
| Q3 2025 | $268.7M | +12% |
| Q2 2025 | $270.7M | +15% |
| Q1 2025 | $256.4M | +14% |
| Q4 2024 | $244.1M | +18% |
WAY's revenue has grown year over year every quarter since early 2022: $326M last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -3.6 points |
| Q2 2026 | 24% | -0.2 points |
| Q1 2026 | 26% | +0.2 points |
| Q4 2025 | 19% | -2.3 points |
| Q3 2025 | 22% | +11 points |
| Q2 2025 | 24% | +20 points |
| Q1 2025 | 25% | +9.8 points |
| Q4 2024 | 22% | +3.5 points |
WAY's operating margin was 19% last quarter, down 3.6 points from the same quarter a year ago.
WAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93.9M | +23% |
| Q2 2026 | $43.3M | -52% |
| Q1 2026 | $69.6M | +18% |
| Q4 2025 | $57.2M | -2.3% |
| Q3 2025 | $76.2M | +8.5% |
| Q1 2025 | $58.8M | +1038% |
| Q4 2024 | $58.5M | +933% |
| Q3 2024 | $70.2M | +$86.9M |
WAY generated $264M in free cash flow over the past year, down 7.2% from the year before.
WAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +1.4M shares |
| 1 year | +8.1% | +14.7M shares |
| 3 years | +18% | +29.3M shares |
| 5 years | +18% | +29.3M shares |
WAY has 196M diluted shares, up 8.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $20.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q1 2024 | $225,000 |
| Q4 2023 | — |
| Q3 2023 | $1,000 |
WAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 2.5x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.4x | Elevated |
WAY's net debt is about 3.2 years of its operating earnings (EBITDA), up from 2.1 years a year ago.
WAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.0 | Neutral |
| Stochastic | 78.5 | Neutral |
WAY's weekly RSI is 59 (neutral) and its Stochastic is 78 (neutral).
WAY PE vs Technology Sector
| Metric | WAY | Sector median | Relative |
|---|---|---|---|
| PE | 41x | 28x | 46% above |
| PE % | 41 | 19 | 22 pts above |
WAY is trading at 41x earnings, a 46% premium to the Technology sector's median of 28x.
WAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.1 | 3.8% above |
| 20 week MA | $25.2 | 12% above |
| 50 week MA | $25.1 | 12% above |
| 100 week MA | $31.6 | 11% below |
WAY has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 11% below its 100-week average.
WAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $20.7 | $37.9 | +83% |
| 2025 | $37.9 | $33.0 | -13% |
| 2026 YTD | $33.0 | $28.1 | -15% |
WAY has finished lower in one of the last two years. It's down 15% so far in 2026.