Waystar Holding Corp.
WAYUSWaystar Holding Corp. is dedicated to developing a cloud-based software platform designed to streamline financial transactions within the healthcare industry. Their comprehensive system offers a suite of functionalities, including pre-approving finances, supporting patients with billing, overseeing claims and payments, actively preventing and recovering denied claims, enhancing revenue capture, and providing insightful analytics and reporting. The company's main clientele operates within the healthcare sector. Established in 2017, Waystar Holding Corp. is headquartered in Lehi, Utah.
Founded2017IPO year2024As of2026-08-04
Market Cap
$4.48B
Enterprise Value
$5.77B
EV / LTM Revenue
5.2x
EV / NTM Revenue
4.2x
Trading multiples
Enterprise value over trailing (LTM) vs. forward (NTM) fundamentals. Click an LTM cell to chart it.
LTM
trailing
NTM
forward
Revenue
4.2x
Gross Profit
6.1x
EBITDA
11.2x
Classification
- Sector
- Healthcare Services
- Sub-sector
- Healthcare IT & Revenue Cycle
- Listing
- WAY
- Country
- US
Annual financials & analyst forecasts
| $M | CY2021 | CY2022 | CY2023 | CY2024 | CY2025 | CY2026E | CY2027E |
|---|---|---|---|---|---|---|---|
| Revenue YoY | — | 22% | 12% | 19% | 17% | 17% | 11% |
| Revenue | $579M | $706M | $791M | $944M | $1.10B | $1.29B | $1.42B |
| Gross Profit | $251M | $399M | $541M | $628M | $751M | — | — |
| Gross Profit Margin | 43.3% | 56.5% | 68.4% | 66.5% | 68.3% | — | — |
| EBITDA | $236M | $275M | $319M | $310M | $390M | $484M | $535M |
| EBITDA Margin | 40.9% | 38.9% | 40.3% | 32.9% | 35.5% | 37.6% | 37.6% |
| EBIT | $60M | $92M | $142M | $124M | $249M | $429M | $475M |
| Net Income | ($47M) | ($42M) | ($51M) | ($19M) | $112M | $306M | $345M |
| Free Cash Flow | — | — | $30M | $143M | $283M | — | — |
| FCF Margin | — | — | 3.8% | 15.1% | 25.8% | — | — |
| Short-Term Debt | — | — | $18M | $12M | $14M | — | — |
| Long-Term Debt | — | — | $2.20B | $1.22B | $1.46B | — | — |
| Cash & Cash Equivalents | — | — | $36M | $182M | $61M | — | — |
| Net Debt | — | — | $2.18B | $1.05B | $1.41B | — | — |
| Net Debt / EBITDA | — | — | 6.8x | 3.4x | 3.6x | — | — |
| Rule of 40 | — | — | 15.8% | 34.4% | 42.3% | — | — |
Figures in $M. True calendar years (Jan–Dec) built from quarterly data — income & cash-flow lines summed across the four quarters, balance sheet as of year-end. E columns are calendarized analyst consensus — gross profit, cash flow and balance-sheet lines are not estimated. Net debt = short-term debt + long-term debt − cash & cash equivalents; Rule of 40 = YoY revenue growth + FCF margin.