Waystar Holding Corp. WAY
Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance.
Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care. Our enterprise-grade platform streamlines the complex and disparate processes providers must manage to ensure accurate reimbursement and improves the payments experience for providers, patients, and payers. We leverage internally developed AI as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, strengthens data integrity, and reduces labor costs for providers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $1.10B | $943.5M | $791.0M | $704.9M | — |
| R&D | $54.6M | $48.8M | $35.3M | $32.8M | — |
| SG&A | $128.6M | $111.8M | $62.9M | $73.1M | — |
| Total operating expenses | $850.0M | $819.8M | $648.9M | $615.4M | — |
| Operating income | $249.3M | $123.7M | $142.1M | $89.5M | — |
| Pre-tax income | $171.8M | -$22.5M | -$63.8M | -$65.9M | — |
| Income tax | $59.7M | $3.4M | $12.5M | $14.4M | — |
| Net income | $112.1M | -$19.1M | -$51.3M | -$51.5M | — |
| EPS, basic | 0.63 | -0.13 | -0.42 | -0.42 | — |
| EPS, diluted | 0.61 | -0.13 | -0.42 | -0.42 | — |
| Shares, diluted (wtd. avg.) | $184.8M | $149.9M | $121.7M | $121.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $61.4M | $182.1M | $35.6M | $72.6M | $54.5M |
| Short-term investments | $24.9M | $0 | — | — | — |
| Receivables | $177.0M | $145.2M | $126.1M | — | — |
| Total current assets | $308.4M | $371.0M | $222.1M | — | — |
| Goodwill | $4.02B | $3.02B | $3.03B | $3.01B | $3.01B |
| Other intangibles | $1.29B | $1.04B | $1.19B | — | — |
| Total assets | $5.79B | $4.58B | $4.58B | — | — |
| Accounts payable | $50.9M | $47.4M | $45.5M | — | — |
| Short-term debt | $14.2M | $11.7M | $18.0M | — | — |
| Total current liabilities | $218.1M | $145.6M | $123.5M | — | — |
| Long-term debt | $1.46B | $1.22B | $2.20B | — | — |
| Total liabilities | $1.91B | $1.50B | $2.53B | — | — |
| Retained earnings | -$108.8M | -$220.9M | -$201.8M | — | — |
| Total equity | $3.88B | $3.08B | $2.05B | $2.11B | $2.12B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | $309.7M | $169.8M | $51.5M | $102.6M | — |
| Depreciation and amortisation | $140.5M | $186.6M | $176.5M | $183.2M | — |
| Stock-based compensation | $42.1M | $54.4M | $8.8M | $8.0M | — |
| Capital expenditure | $26.5M | $27.3M | $21.5M | $17.4M | — |
| Investing cash flow | -$680.9M | -$27.3M | -$61.5M | -$17.4M | — |
| Financing cash flow | $243.4M | $16.7M | -$17.2M | -$67.1M | — |
| Buybacks | $0 | $844.0K | $688.0K | $2.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001990354-26-000013.
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