Waystar Holding Corp.(WAY)Stock Analysis
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Rank #264 of 2,879 stocksTOP 10%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
WAY Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Waystar Holding Corp. (WAY), a Technology sector company. 13F Pro's AI-powered ranking engine scores WAY at 71.4/100 on a 32-signal composite quality model, placing it at rank #264 of 2,879 stocks — the top 10% of the AI-ranked universe. WAY scores in the top quartile across earnings quality (99.2), revenue growth (89.5), institutional flow (85.7). Shareholder dilution risk is elevated at 29.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Waystar Holding Corp. reports quarterly revenue of $313.9M, net income of $43.3M, an operating margin of 25.6%. Top institutional holders of WAY by reported 13-F value include EQT Fund Management S.a r.l., CANADA PENSION PLAN INVESTMENT BOARD, BlackRock,, based on the most recent SEC filings. WAY trades on the Nasdaq exchange and files with the SEC under CIK 1990354. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate WAY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Waystar Holding Corp. directly from SEC EDGAR. Waystar Holding Corp.'s 13F Pro composite quality score has ranged between 37 and 71 since 2025, currently 71.4 — an improving long-term trajectory across 14 quarterly and live scoring snapshots.
What's Driving WAY's Business? Latest 10-Q Breakdown
AI-extracted from Waystar Holding Corp.'s 10-Q filed 2026-04-29 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Waystar revenue grew 22.4% YoY to $313.9M with net income up 47.9% to $43.3M, driven by subscription revenue expansion and the Iodine acquisition completed in October 2025.
Biggest Revenue Drivers
Total revenue: $313.9M+22.4% YoY
Recurring monthly provider count fees and minimum amounts owed, primarily from provider solutions.
Recurring fees associated with transaction count or dollar volumes in excess of minimums from provider and patient payment solutions.
Implementation services and hardware sales to facilitate patient payments.
Largest Expense Items
Increased transaction volume, third-party costs, and personnel costs; third-party costs for patient payments are ~60% of revenue, provider solutions ~6-7%.
Additional amortization from Iodine intangible assets acquired October 1, 2025.
Increased channel partner fees, commission amortization, and personnel costs driven by revenue growth.
Increased personnel costs and stock-based compensation to support product development.
Watch Items from the Filing
- Net Revenue Retention Rate declined to 110.5% for the 12 months ended March 31, 2026 from 113.5% prior year, though still strong; includes impact from competitor cybersecurity incident in Feb 2024.
- Iodine acquisition completed October 1, 2025 for $1.26B ($638.9M cash + 16.6M shares) significantly increased debt; First Lien Credit Facility balance $1.38B as of March 31, 2026.
- Operating cash flow increased 32.2% to $84.9M, improving liquidity position and supporting debt service and capex needs.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$313.9M
Net Income
Q1 2026
$43.3M
Free Cash Flow
Q1 2026
$69.6M
Operating Margin
Q1 2026
25.6%
ROIC
Q1 2026
1.5%
D/E Ratio
Q1 2026
0.37
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+16.5% YoYNet Income
+686.1% YoYOperating Income
+101.5% YoYEPS (Diluted)
+569.2% YoYTotal Assets
+26.4% YoYTotal Debt
+19.1% YoYOp. Cash Flow
+82.4% YoY| Metric | FY 2025 | FY 2024 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue | $1.10B +16.5% | $943.5M +33.9% | $704.9M | — |
| Net Income | $112.1M +686.1% | $-19.1M +62.8% | $-51.5M | — |
| Operating Income | $249.3M +101.5% | $123.7M +38.3% | $89.5M | — |
| EPS (Diluted) | $0.61 +569.2% | $-0.13 +69.0% | $-0.42 | — |
| Total Assets | $5.79B +26.4% | $4.58B | — | — |
| Total Debt | $1.50B +19.1% | $1.26B | — | — |
| Operating Cash Flow | $309.7M +82.4% | $169.8M +65.4% | $102.6M | — |
AI Insight: WAY Ratio Trends
Q1 2026 operating margin hit 25.6% — the highest single-quarter reading in the dataset — while D/E fell to 0.37, its lowest level.
• Operating margin rebounded sharply from 19.4% in Q4 2025 to 25.6% in Q1 2026, the strongest quarterly reading observed.
• Net profit margin expanded from 6.6% in Q4 2025 to 13.8% in Q1 2026, more than doubling quarter-over-quarter.
• D/E ratio has declined steadily from 0.46 in Q2 2024 to 0.37 in Q1 2026, indicating gradual deleveraging.
• ROIC recovered to 5.9% in Q1 2026 after dipping to 4.4% in Q4 2025, consistent with seasonal Q4 softness.
⚠ Q4 2025 showed a recurring soft patch — OpMargin 19.4%, NPM 6.6%, ROIC 4.4% — suggesting meaningful seasonal earnings drag each Q4.
⚠ ROE and ROA remain low in absolute terms (4.4% and 3.0% in Q1 2026), reflecting the asset-heavy capital structure post-IPO.
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Available Research
13F Pro tracks comprehensive data for Waystar Holding Corp. including:
Top Institutional Holders of WAY
EQT Fund Management S.a r.l.
$599.8M24,879,437 shCANADA PENSION PLAN INVESTMENT BOARD
$458.7M19,025,452 shBlackRock, Inc.
$401.8M16,665,732 shFMR LLC
$360.7M14,962,419 shBAIN CAPITAL INVESTORS LLC
$319.3M13,243,539 shADVENT INTERNATIONAL, L.P.
$266.7M11,059,899 shVANGUARD PORTFOLIO MANAGEMENT LLC
$154.5M6,406,778 shVANGUARD CAPITAL MANAGEMENT LLC
$124.1M5,145,224 shNeuberger Berman Group LLC
$112.6M4,671,179 shGOLDENTREE ASSET MANAGEMENT LP
$107.0M4,443,671 sh
| Fund | Value | Shares |
|---|---|---|
| EQT Fund Management S.a r.l. | $599.8M | 24,879,437 |
| CANADA PENSION PLAN INVESTMENT BOARD | $458.7M | 19,025,452 |
| BlackRock, Inc. | $401.8M | 16,665,732 |
| FMR LLC | $360.7M | 14,962,419 |
| BAIN CAPITAL INVESTORS LLC | $319.3M | 13,243,539 |
| ADVENT INTERNATIONAL, L.P. | $266.7M | 11,059,899 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $154.5M | 6,406,778 |
| VANGUARD CAPITAL MANAGEMENT LLC | $124.1M | 5,145,224 |
| Neuberger Berman Group LLC | $112.6M | 4,671,179 |
| GOLDENTREE ASSET MANAGEMENT LP | $107.0M | 4,443,671 |
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Popular Research
Is WAY a good stock to buy?
13F Pro's AI-powered analysis of Waystar Holding Corp. (WAY) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for WAY are available on the WAY stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own WAY?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling WAY. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Waystar Holding Corp.'s investment landscape.