Waystar Holding Corp (WAY)
NASDAQHealth CareMedical - Healthcare Information ServicesSnapshot 2026-09-04
$25.07-3.87%
Close 2026-09-04 · 1-day change
NASDAQHealth CareMedical - Healthcare Information ServicesSnapshot 2026-09-04
Intact: The reason to own it still holds.
Waystar grows revenue about 15% a year, reaching $1.28B in 2026. Profit per share is guided near $1.64. Cash from operations rose to $84.9M, supporting buybacks. The stock trades cheap with a PE of 15.8 versus peers at 28.
Growth may slow below 15% as competition rises. Profit margins and cash flow gains could stall. The recent officer departure and equity dilution raise risks.
The price is about 27% below our fair value near $33. Analysts expect 15% revenue growth, which is reflected in the price. Our view aligns with consensus but sees risk in execution.
Breaks if: Cash from operations falls below $70 million in next 4 quarters
Breaks if: EPS falls below $1.50 in FY26
Breaks if: Operating income falls below $70 million in next 4 quarters
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a durable compounder with a focus on growth and profitability. The current thesis state is intact, supported by recent earnings beats and a strong revenue trajectory.
The market seems to have priced in a neutral valuation, with expectations slightly below peers. The company's performance is currently justified, indicating that investors are not overly optimistic or pessimistic.
Management is on track to increase revenue growth and enhance operating income. However, there is a near-term risk of missing earnings expectations, as recent industry performance has been mixed.
The long-term thesis hinges on continued revenue growth and profitability improvements. Key factors include the performance of sector bellwethers and the overall health of the job market.
The most important moves since the prior daily snapshot.
Confidence changed from 'high' to 'medium'.
Yes, our read has strengthened. The latest earnings beat supports this improved outlook. There are no current threats to the thesis.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Improve operating income through cost management and efficiency improvements.
Breaks if: Revenue falls below $1.1 billion in FY26
Drive revenue growth through expanding client base, subscription revenue, and AI-powered platform innovations.
Stated as a priority in 4 of last 4 quarters. Revenue grew from $256.4M in 2025-Q1 to $313.9M in 2026-Q1 (+22%), and from $271M in 2025-Q2 to $319.7M in 2026-Q2 (+18%). Fiscal year 2025 revenue was $1.099B, up 17% YoY. Management consistently emphasizes revenue growth driven by demand, platform expansion, and AI innovation, and the financials show delivering growth.
“Waystar delivered another solid quarter, driven by healthy demand, disciplined execution, and growing provider adoption.”
“Waystar delivered a solid first quarter, driven by strong execution and continued expansion across our platform.”
“Waystar is delivering strong growth and momentum—driving record bookings, integrating the Iodine acquisition ahead of plan, and accelerating AI-powered innovation.”
“Waystar expects second quarter 2025 revenue to be approximately $271 million, representing approximately 15% year-over-year growth.”
In the next 1 to 3 years, WAY's performance will depend on its ability to maintain growth in a challenging environment. Not investment advice.