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Waystar Holding (WAY) | Financial Analysis & Statements

Waystar Holding Corp | Mid-cap | Healthcare

$36.08

1.58%

Waystar Holding vs Veeva Systems Waystar Holding vs Ge Healthcare Waystar Holding vs HealthEquity Waystar Holding vs BrightSpring Health Waystar Holding vs Privia Health Waystar Holding vs S&P 500 | Market

TL;DR Income Statement Balance Sheet Cash Flow Key Ratios Peer Comparison

TL;DR: Financial Overview - Revenue, Profits & Key Metrics

Latest Quarterly: Jun 2025

Income Metrics

Revenue 270.7M

Gross Profit 183.6M 67.84%

Operating Income 64.8M 23.96%

Net Income 32.2M 11.89%

EPS (Diluted) $0.18

Balance Sheet Metrics

Total Assets 4.6B

Total Liabilities 1.5B

Shareholders Equity 3.1B

Debt to Equity 0.48

Cash Flow Metrics

Operating Cash Flow 72.6M

Free Cash Flow 58.8M

Revenue & Profitability Trend

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Available Financial Data:

Income statements (annual and quarterly)
Balance sheets with asset and liability details
Cash flow statements and free cash flow analysis
Key financial ratios and performance metrics
Peer comparison and industry benchmarking

All financial data is displayed in accessible table format below. Use the table headers and structure to analyze trends and compare metrics across different periods.

Waystar Holding Income Statement From 2021 to 2024

Metric	2024	2023	2022	2021
Revenue i	943.5M	791.0M	704.9M	578.6M
Cost of Goods Sold i	315.7M	249.8M	214.9M	151.8M
Gross Profit i	627.8M	541.2M	490.0M	426.8M
Gross Margin % i	66.5%	68.4%	69.5%	73.8%
Operating Expenses
Research & Development i	48.8M	35.3M	32.8M	28.3M
Selling, General & Administrative i	268.7M	187.4M	184.6M	162.1M
Other Operating Expenses i	-	-	-	-
Total Operating Expenses i	317.5M	222.7M	217.4M	190.4M
Operating Income i	123.7M	142.1M	89.4M	60.3M
Operating Margin % i	13.1%	18.0%	12.7%	10.4%
Non-Operating Items
Interest Income i	-	-	-	-
Interest Expense i	146.3M	205.9M	155.3M	127.0M
Other Non-Operating Income	-	-	-	-
Pre-tax Income i	-22.5M	-63.8M	-65.9M	-66.7M
Income Tax i	-3.4M	-12.5M	-14.4M	-19.6M
Effective Tax Rate % i	0.0%	0.0%	0.0%	0.0%
Net Income i	-19.1M	-51.3M	-51.5M	-47.1M
Net Margin % i	-2.0%	-6.5%	-7.3%	-8.1%
Key Metrics
EBITDA i	310.4M	318.6M	272.6M	236.4M
EPS (Basic) i	$-0.13	$-0.31	$-0.31	$-0.28
EPS (Diluted) i	$-0.13	$-0.31	$-0.31	$-0.28
Basic Shares Outstanding i	149915839	166659634	166659634	166659634
Diluted Shares Outstanding i	149915839	166659634	166659634	166659634

Income Statement Trend

Waystar Holding Balance Sheet From 2021 to 2024

Metric	2024	2023	2022	2021
Assets
Current Assets
Cash & Equivalents i	182.1M	35.6M	64.6M	47.2M
Short-term Investments i	-	-	-	-
Accounts Receivable i	145.2M	126.1M	107.1M	92.2M
Inventory i	-	-	-	-
Other Current Assets	4.0M	30.4M	25.3M	846.0K
Total Current Assets i	371.0M	222.0M	217.9M	166.9M
Non-Current Assets
Property, Plant & Equipment i	10.8M	13.3M	14.7M	3.0M
Goodwill i	7.1B	7.2B	7.3B	7.5B
Intangible Assets i	1.0B	1.2B	1.3B	1.5B
Long-term Investments	-	-	-	-
Other Non-Current Assets	89.4M	72.4M	72.8M	47.4M
Total Non-Current Assets i	4.2B	4.4B	4.5B	4.6B
Total Assets i	4.6B	4.6B	4.7B	4.8B
Liabilities
Current Liabilities
Accounts Payable i	47.4M	45.5M	28.1M	34.8M
Short-term Debt i	18.2M	23.2M	22.8M	18.7M
Current Portion of Long-term Debt	-	-	-	-
Other Current Liabilities	-	-	-	7.3M
Total Current Liabilities i	145.6M	123.5M	102.2M	110.3M
Non-Current Liabilities
Long-term Debt i	1.2B	2.2B	2.2B	2.3B
Deferred Tax Liabilities i	100.5M	174.5M	240.8M	258.1M
Other Non-Current Liabilities	278.0K	2.8M	7.0K	4.8M
Total Non-Current Liabilities i	1.4B	2.4B	2.5B	2.5B
Total Liabilities i	1.5B	2.5B	2.6B	2.7B
Equity
Common Stock i	1.7M	1.2M	1.2M	2.0M
Retained Earnings i	-220.9M	-201.8M	-150.4M	-99.0M
Treasury Stock i	-	-	-	-
Other Equity	-	-	-	-
Total Shareholders Equity i	3.1B	2.0B	2.1B	2.1B
Key Metrics
Total Debt i	1.3B	2.2B	2.3B	2.3B
Working Capital i	225.4M	98.6M	115.7M	56.6M

Balance Sheet Composition

Waystar Holding Cash Flow Statement From 2021 to 2024

Metric	2024	2023	2022	2021
Operating Activities
Net Income i	-19.1M	-51.3M	-51.5M	-47.1M
Depreciation & Amortization i	186.6M	176.5M	183.2M	176.1M
Stock-Based Compensation i	54.4M	8.8M	8.0M	6.8M
Working Capital Changes i	-36.1M	-36.8M	-30.9M	-32.0M
Operating Cash Flow i	130.6M	46.4M	92.1M	89.6M
Investing Activities
Capital Expenditures i	-27.3M	-21.5M	-17.4M	-14.5M
Acquisitions i	0	-40.0M	0	-429.8M
Investment Purchases i	-	-	-	-
Investment Sales i	-	-	-	-
Investing Cash Flow i	-27.3M	-61.5M	-17.4M	-444.3M
Financing Activities
Share Repurchases i	-844.0K	-688.0K	-2.5M	-1.9M
Dividends Paid i	-	-	-	-
Debt Issuance i	576.1M	20.0M	0	367.0M
Debt Repayment i	-1.6B	-38.8M	-65.8M	-17.7M
Financing Cash Flow i	16.7M	-17.2M	-67.0M	331.5M
Free Cash Flow i	142.5M	29.9M	85.2M	91.9M
Net Change in Cash i	120.0M	-32.2M	7.6M	-23.2M

Cash Flow Trend

Waystar Holding Key Financial Ratios

Valuation Ratios

P/E Ratio (TTM) 64.55

Forward P/E 42.77

Price to Book 1.95

Price to Sales 6.12

PEG Ratio -0.34

Profitability Ratios

Profit Margin 8.50%

Operating Margin 23.96%

Return on Equity 2.81%

Return on Assets 3.09%

Financial Health

Current Ratio 3.43

Debt to Equity 39.60

Per Share Data

EPS (TTM) $0.55

Book Value per Share $18.22

Revenue per Share $5.87

Peer Financial Comparison

Company	Market Cap	P/E Ratio	P/B Ratio	ROE	Profit Margin	Debt/Equity
way	6.2B	64.55	1.95	2.81%	8.50%	39.60
Veeva Systems	45.6B	59.15	7.33	14.06%	27.34%	1.24
Ge Healthcare	33.5B	15.04	3.45	25.80%	11.22%	107.67
HealthEquity	7.8B	65.61	3.67	5.77%	9.80%	52.11
BrightSpring Health	4.0B	89.76	2.62	2.67%	0.52%	155.46
Privia Health	2.6B	192.00	3.79	2.71%	0.78%	0.91

Financial data is updated regularly. All figures are in the company's reporting currency.