What is the 13F Pro Quality Score for WAY?

13F Pro ranks Waystar Holding Corp. (WAY) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View WAY's current score at https://13fpro.ai/company/WAY (free sign-up required for the full ranking).

Where does 13F Pro source WAY data?

All Waystar Holding Corp. fundamentals and ownership data come directly from SEC EDGAR. Waystar Holding Corp. files with the SEC under CIK 1990354. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is WAY in?

Waystar Holding Corp. (WAY) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

What drives WAY's revenue?

Per Waystar Holding Corp.'s latest 10-Q filed with the SEC on 2026-07-29, the biggest revenue drivers are: Subscription revenue ($176.3M, +34.5% YoY); Volume-based revenue ($142.1M, +2.8% YoY); Patient payments solutions ($84.1M, +$5.9M YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/WAY.

What are WAY's largest expenses?

Waystar Holding Corp.'s latest 10-Q reports these as the largest expense items: Cost of revenue (exclusive of D&A) ($97.7M, +12.2% YoY); Sales and marketing ($50.4M, +15.7% YoY); Depreciation and amortization ($41.5M, +24.1% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is WAY research updated on 13F Pro?

WAY's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Waystar Holding Corp.(WAY)Stock Analysis

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SEC EDGAR: CIK 1990354 WAY stock profile & AI dashboard →

13F Pro Quality Score

65.5/100

Rank #478 of 2,961 stocksTOP 25%

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

78.6/100

Profitability

71.2/100

Balance Sheet

56.6/100

Earnings Quality

72.1/100

Free Cash Flow

73.6/100

Institutional Flow

64.9/100

Revenue Scale

53.5/100

Dilution Risk

28.4/100

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Why WAY Scores 66/100

exact factor attribution · 2026-09-11

WAY's composite is driven by revenue growth and free cash flow, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Revenue growth

+5.7 pts

79th pct

Free cash flow

+3.5 pts

74th pct

Profitability

+3.2 pts

71th pct

Earnings quality

+2.2 pts

72th pct

Institutional flow

+0.8 pts

65th pct

Capital efficiency

+0.7 pts

57th pct

Scale

+0.5 pts

54th pct

Earnings growth

-0.0 pts

50th pct

Shareholder dilution

-1.1 pts

28th pct

Latest change (2026-07-30): 71 → 63 · ↓ Revenue growth 90→64

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

Unusual Activity in WAY

Events flagged as statistical outliers against WAY's own multi-year baseline — not fixed dollar thresholds.

Score shock2026-07-30
WAY quality score dropped 8 points (71→63) on a new filing
View source filing →

WAY Stock Analysis & AI Quality Score

Data updated 2026-09-11

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 65.5/100 on a 32-signal composite quality model, placing it at rank #478 of 2,961 stocks — the top 25% of the AI-ranked universe. WAY scores in the top quartile across revenue growth (78.6). Shareholder dilution risk is elevated at 28.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Waystar Holding Corp. reports quarterly revenue of $319.7M, net income of $40.9M, an operating margin of 23.8%. 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 69 since 2025, currently 65.5 — an improving long-term trajectory across 52 quarterly and live scoring snapshots.

What's Driving WAY's Business? Latest 10-Q Breakdown

✓ 34/34 datapoints verified

AI-extracted from Waystar Holding Corp.'s 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Revenue rose 18.1% YoY to $319.7M and net income rose 27.0% to $40.9M, led by 34.5% subscription growth, even as Net Revenue Retention slowed to 108.3% from 114.6% and the company disclosed a June 2026 cybersecurity incident.

Biggest Revenue Drivers

Subscription revenue$176.3M+34.5% YoY

Increase attributed to subscription revenue from existing and acquired clients, almost all generated by provider solutions

Volume-based revenue$142.1M+2.8% YoY

Primarily related to the expansion of existing client usage

Biggest Revenue Drivers

Total revenue: $319.7M+18.1% YoY

Subscription revenue$176.3M+34.5% YoY

Increase attributed to subscription revenue from existing and acquired clients, almost all generated by provider solutions

Volume-based revenue$142.1M+2.8% YoY

Primarily related to the expansion of existing client usage

Within Volume-based revenue

Patient payments solutions$84.1M+$5.9M YoY

Growth from expansion of existing client usage in patient payments solutions

Provider solutions$58.1M-$2.1M YoY

Decrease in provider solutions volume-based revenue

Implementation services and other revenue$1.2M-1.4% YoY

Implementation fees and hardware sales, less than 1% of total revenue

Largest Expense Items

Cost of revenue (exclusive of D&A)$97.7M+12.2% YoY

Higher transaction volumes and associated third-party costs, plus increased personnel costs net of capitalized expense

Sales and marketing$50.4M+15.7% YoY

Increase in channel partner fees, amortization of commission asset, and personnel costs

Depreciation and amortization$41.5M+24.1% YoY

Additional amortization from new Iodine intangible assets acquired October 1, 2025

General and administrative$36.4M+24.6% YoY

Higher stock-based compensation and personnel costs plus a $2.0M impairment on an office being exited

Margins: GAAP operating margin dipped slightly to 23.8% from 24.0% on higher D&A and personnel costs, but Adjusted EBITDA margin expanded to 42.8% from 41.6% YoY.

Watch Items from the Filing

In early June 2026 the company disclosed unauthorized acquisition of test source code copies and inactive data files, affecting PHI/PII for fewer than 1% of clients.
Net Revenue Retention Rate declined to 108.3% for the twelve months ended June 30, 2026 from 114.6% a year earlier.
New CFO Alpana Wegner takes over as Principal Financial Officer effective August 1, 2026, replacing Steven Oreskovich, who departed without cause and moves into a paid advisory role through June 2027.
Board authorized a $200 million stock repurchase plan on May 19, 2026; $187.3 million remained available as of June 30, 2026, with 659,061 shares already repurchased.
Related-party institutional investors (Bain, Advent) hold both client and vendor relationships with the company, generating $0.8M-$1.3M combined quarterly revenue/expense exposure.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$319.7M

Net Income

Q2 2026

$40.9M

Free Cash Flow

Q2 2026

$43.3M

Operating Margin

Q2 2026

23.8%

ROIC

Q2 2026

5.6%

D/E Ratio

Q2 2026

0.37

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+16.5% YoY

$1.10BFY 2025

FY22 $704.9MFY23 $791.0MFY24 $943.5MFY25 $1.10B

Net Income

+686.1% YoY

$112.1MFY 2025

FY22 $-51.5MFY23 $-51.3MFY24 $-19.1MFY25 $112.1M

Operating Income

+101.5% YoY

$249.3MFY 2025

FY22 $89.5MFY23 $142.1MFY24 $123.7MFY25 $249.3M

EPS (Diluted)

+569.2% YoY

$0.61FY 2025

FY22 $-0.42FY23 $-0.42FY24 $-0.13FY25 $0.61

Total Assets

+26.4% YoY

$5.79BFY 2025

FY22 —FY23 $4.58BFY24 $4.58BFY25 $5.79B

Total Debt

+19.1% YoY

$1.50BFY 2025

FY22 —FY23 $2.22BFY24 $1.26BFY25 $1.50B

Op. Cash Flow

+82.4% YoY

$309.7MFY 2025

FY22 $102.6MFY23 $51.5MFY24 $169.8MFY25 $309.7M

Free Cash Flow

+98.7% YoY

$283.2MFY 2025

FY22 $85.2MFY23 $29.9MFY24 $142.5MFY25 $283.2M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Revenue	$1.10B +16.5%	$943.5M +19.3%	$791.0M +12.2%	$704.9M	—
Net Income	$112.1M +686.1%	$-19.1M +62.7%	$-51.3M +0.2%	$-51.5M	—
Operating Income	$249.3M +101.5%	$123.7M -12.9%	$142.1M +58.8%	$89.5M	—
EPS (Diluted)	$0.61 +569.2%	$-0.13 +69.0%	$-0.42 +0.0%	$-0.42	—
Total Assets	$5.79B +26.4%	$4.58B -0.1%	$4.58B	—	—
Total Debt	$1.50B +19.1%	$1.26B -43.4%	$2.22B	—	—
Operating Cash Flow	$309.7M +82.4%	$169.8M +229.9%	$51.5M -49.9%	$102.6M	—
Free Cash Flow	$283.2M +98.7%	$142.5M +375.9%	$29.9M -64.9%	$85.2M	—

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Available Research

13F Pro tracks comprehensive data for Waystar Holding Corp. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of WAY

EQT Fund Management S.a r.l.
$510.8M24,879,437 sh
CANADA PENSION PLAN INVESTMENT BOARD
$390.6M19,025,452 sh
BlackRock, Inc.
$358.0M17,435,466 sh
FMR LLC
$308.9M15,045,567 sh
BAIN CAPITAL INVESTORS LLC
$271.9M13,243,539 sh
ADVENT INTERNATIONAL, L.P.
$227.1M11,059,899 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$136.0M6,626,263 sh
GOLDENTREE ASSET MANAGEMENT LP
$126.3M6,160,110 sh
VANGUARD CAPITAL MANAGEMENT LLC
$106.8M5,200,460 sh
BANK OF MONTREAL /CAN/
$106.5M5,189,386 sh

Fund	Value	Shares
EQT Fund Management S.a r.l.	$510.8M	24,879,437
CANADA PENSION PLAN INVESTMENT BOARD	$390.6M	19,025,452
BlackRock, Inc.	$358.0M	17,435,466
FMR LLC	$308.9M	15,045,567
BAIN CAPITAL INVESTORS LLC	$271.9M	13,243,539
ADVENT INTERNATIONAL, L.P.	$227.1M	11,059,899
VANGUARD PORTFOLIO MANAGEMENT LLC	$136.0M	6,626,263
GOLDENTREE ASSET MANAGEMENT LP	$126.3M	6,160,110
VANGUARD CAPITAL MANAGEMENT LLC	$106.8M	5,200,460
BANK OF MONTREAL /CAN/	$106.5M	5,189,386

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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. WAY is classified as a mid company.

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.