# Waystar Holding Corp. (WAY)

> Source: Nexqual · https://nexqual.com/WAY · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Waystar Holding Corp. (WAY), nexqual.com/WAY" · informational, not investment advice.

**Price:** USD 28.92 (+3.21% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 28.02 · day 27.58–28.93 · 52w 17.26–40.35 · market cap $5.55B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.21B, net income $135M (11.2% margin), free cash flow $246M (SEC filings).
- Valuation: P/E 41.1x (avg 54.0x at the last 1 fiscal year-ends), EV/EBITDA 15.8x, net debt $1.28B.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $8.0M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (23 analysts), mean target USD 34.09 (range 28–44).
- Total return with dividends: 1Y -27.0% vs S&P 500 +13.6%; 5Y +39.7% vs S&P 500 +79.8%.
- Next earnings: 2026-11-02, EPS estimate USD 0.41, revenue estimate $323M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $705M | $791M | $944M | $1.10B | $1.21B |
| Operating income | $89.5M | $142M | $124M | $249M | $276M |
| Net income | -$51.5M | -$51.3M | -$19.1M | $112M | $135M |
| EPS (diluted) | -$0.42 | -$0.42 | -$0.13 | $0.61 | — |
| Free cash flow | $85.2M | $29.9M | $143M | $283M | $246M |
| Operating margin | 12.7% | 18.0% | 13.1% | 22.7% | 22.9% |
| Net margin | -7.3% | -6.5% | -2.0% | 10.2% | 11.2% |
| Revenue growth | — | +12.2% | +19.3% | +16.5% | — |
| Cash + short-term investments | $64.6M | $35.6M | $182M | $86.2M | — |
| Total debt | — | $2.22B | $1.24B | $1.48B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 41.1x · P/S 4.6x · EV/EBITDA 15.8x · EV/Sales 5.7x · P/FCF 22.5x · P/B 1.4x · FCF yield 4.44% · Earnings yield 2.43% · Net debt $1.28B · EV $6.82B
P/E at fiscal year-ends: Dec 2025 54.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Hawkins Matthew J. | Chief Executive Officer | 82,500 | $2.2M | 4.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Hawkins Matthew J. | Chief Executive Officer | 82,500 | $2.1M | 4.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11…2026-08-13 | Hawkins Matthew J. | Chief Executive Officer | 82,500 | $2.1M | 4.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-15…2026-07-16 | Hawkins Matthew J. | Chief Executive Officer | 70,000 | $1.6M | 7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 23 analysts; mean target USD 34.09 (low 28, high 44).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Keybanc | Target raised | Overweight | $30 → $35 |
| 2026-09-16 | Freedom Capital Markets | Maintained | Buy | $32 |
| 2026-09-15 | Barclays | Downgrade | Overweight → Equal-Weight | $27 → $30 |
| 2026-08-31 | Canaccord Genuity | Target raised | Buy | $30 → $33 |
| 2026-08-27 | RBC Capital | Reiterated | Outperform | $44 |
| 2026-08-26 | Needham | Reiterated | Buy | $33 |
| 2026-08-13 | Truist Securities | Target lowered | Buy | $38 → $33 |
| 2026-08-07 | Barclays | Target raised | Overweight | $25 → $27 |
| 2026-07-30 | UBS | Target lowered | Buy | $37 → $33 |
| 2026-07-30 | Wells Fargo | Target lowered | Overweight | $36 → $33 |
| 2026-07-30 | Needham | Reiterated | Buy | $33 |
| 2026-07-02 | Keybanc | Initiated | Overweight | $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2024-06-03) |
|---|---|---|
| Total return | -27.0% | +39.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -27.1% | +14.9% |
| Volatility (annualized) | 54.6% | 43.3% |
| Max drawdown | -56.3% (Oct 2025→Jun 2026) | -60.5% (Feb 2025→May 2026) |

## Peers (Health Information Services)
HTFL (Heartflow, Inc.) USD 59.1 +2.21% · DOCS (Doximity, Inc.) USD 34.25 +3.04% · HQY (HealthEquity, Inc.) USD 101.34 +0.46% · HNGE (Hinge Health, Inc.) USD 115.28 +1.21% · PRVA (Privia Health Group, Inc.) USD 21.84 +0.05% · BTSG (BrightSpring Health Services, I) USD 59.46 +1.88%

## More
Full page: https://nexqual.com/WAY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WAY's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1990354/000199035426000011/way-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Iodine Software Holdings | "Our customer count as of December 31, 2025 includes 44 clients from the Iodine acquisition." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription revenue | $176.3M | 55.1% | +34.5% |
| Volume-based revenue | $142.1M | 44.5% | +2.8% |
| Implementation services and other revenue | $1.2M | 0.4% | -1.4% |
| Total revenue | $319.7M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.41 | $0.41 | +0.0% | $323.4M | 20 |
| Next quarter (ends 2026-12-31) | $0.42 | $0.42 | -1.4% | $329.1M | 20 |
| Current fiscal year (ends 2026-12-31) | $1.67 | $1.64 | +1.7% | $1.29B | 22 |
| Next fiscal year (ends 2027-12-31) | $1.88 | $1.85 | +1.7% | $1.42B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±13.1%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 69.2% | ±13.1% |
| 2026-12-18 | 51 | 49.1% | ±21.3% |
| 2027-01-15 | 79 | 35.6% | ±16.4% |
| 2027-03-19 | 142 | 37.3% | ±18.9% |
| 2027-06-17 | 232 | 36.1% | ±22.7% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | $0.43 | $0.40 | Beat +7.5% | -11.6% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | $0.42 | $0.39 | Beat +7.7% | -15.3% |
| Feb 17, 2026 | Quarter ended Dec 31, 2025 | $0.36 | $0.40 | Miss −10.0% | +13.4% |
| Oct 29, 2025 | Quarter ended Sep 30, 2025 | $0.37 | $0.35 | Beat +5.7% | -6.2% |
| Jul 30, 2025 | — | — | — | — | +3.6% |
| Jul 23, 2025 | — | — | — | — | +1.1% |
| Apr 30, 2025 | — | — | — | — | +6.6% |
| Feb 18, 2025 | — | — | — | — | -3.3% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-07 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 10.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1990354/000031506626002243/0000315066-26-002243-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1990354/000199035426000035/0001990354-26-000035-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1990354/000199035426000034/0001990354-26-000034-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.