Waystar (WAY)
Market Price (5/2/2026): $20.94 | Market Cap: $4.0 BilSector: Health Care | Industry: Health Care Technology
Waystar (WAY)
Market Price (5/2/2026): $20.94Market Cap: $4.0 BilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% Attractive yieldFCF Yield is 7.3% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Cloud Computing. Themes include Health Data Analytics, AI in Healthcare Management, Show more. | Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -77% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 32x Key risksWAY key risks include [1] its dependency on third parties for critical functions such as its claims management suite, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39% |
| Attractive yieldFCF Yield is 7.3% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Cloud Computing. Themes include Health Data Analytics, AI in Healthcare Management, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -41%, 3Y Excs Rtn is -77% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 32x |
| Key risksWAY key risks include [1] its dependency on third parties for critical functions such as its claims management suite, Show more. |
Qualitative Assessment
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Waystar (WAY) stock has lost about 20% since 1/31/2026 because of the following key factors:
1. Cautious Outlook for Q2 and Full-Year 2026. Despite reporting strong first-quarter 2026 results with revenue up 22% year-over-year to $313.9 million and beating EPS estimates by $0.03 (reporting $0.42 per share), Waystar issued a conservative outlook for the near term. The company signaled that Q2 sequential revenue growth is expected to be flat to down approximately 1%, a softer cadence than anticipated by some investors. Full-year 2026 revenue guidance was set between $1.274 billion and $1.294 billion, and while adjusted EBITDA is projected between $530 million and $540 million, this cautious forward guidance was identified as a primary catalyst for the stock's decline.
2. Premium Valuation Against Peers. Waystar's shares traded at a trailing Price-to-Earnings (P/E) ratio of 32.5x, exceeding the Global Healthcare Services industry average of 28.2x and its peers' average of 26.7x. This premium valuation suggested elevated market expectations. When coupled with the cautious forward guidance, the stock's higher valuation made it more susceptible to a downward re-evaluation by investors, contributing to the selling pressure. Several analysts also adjusted their price targets for Waystar during this period, with some maintaining ratings but lowering targets, such as JPMorgan Chase & Co. cutting its price target from $40.00 to $38.00 and Deutsche Bank lowering its target from $42.00 to $37.00.
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1. Cautious Outlook for Q2 and Full-Year 2026. Despite reporting strong first-quarter 2026 results with revenue up 22% year-over-year to $313.9 million and beating EPS estimates by $0.03 (reporting $0.42 per share), Waystar issued a conservative outlook for the near term. The company signaled that Q2 sequential revenue growth is expected to be flat to down approximately 1%, a softer cadence than anticipated by some investors. Full-year 2026 revenue guidance was set between $1.274 billion and $1.294 billion, and while adjusted EBITDA is projected between $530 million and $540 million, this cautious forward guidance was identified as a primary catalyst for the stock's decline.
2. Premium Valuation Against Peers. Waystar's shares traded at a trailing Price-to-Earnings (P/E) ratio of 32.5x, exceeding the Global Healthcare Services industry average of 28.2x and its peers' average of 26.7x. This premium valuation suggested elevated market expectations. When coupled with the cautious forward guidance, the stock's higher valuation made it more susceptible to a downward re-evaluation by investors, contributing to the selling pressure. Several analysts also adjusted their price targets for Waystar during this period, with some maintaining ratings but lowering targets, such as JPMorgan Chase & Co. cutting its price target from $40.00 to $38.00 and Deutsche Bank lowering its target from $42.00 to $37.00.
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Stock Movement Drivers
Fundamental Drivers
The -21.1% change in WAY stock from 1/31/2026 to 5/1/2026 was primarily driven by a -23.6% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.56 | 20.95 | -21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,040 | 1,157 | 11.2% |
| Net Income Margin (%) | 10.7% | 10.9% | 2.0% |
| P/E Multiple | 41.7 | 31.8 | -23.6% |
| Shares Outstanding (Mil) | 174 | 192 | -9.0% |
| Cumulative Contribution | -21.1% |
Market Drivers
1/31/2026 to 5/1/2026| Return | Correlation | |
|---|---|---|
| WAY | -21.1% | |
| Market (SPY) | 3.6% | 32.7% |
| Sector (XLV) | -5.8% | -7.5% |
Fundamental Drivers
The -41.6% change in WAY stock from 10/31/2025 to 5/1/2026 was primarily driven by a -43.4% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.85 | 20.95 | -41.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,040 | 1,157 | 11.2% |
| Net Income Margin (%) | 10.7% | 10.9% | 2.0% |
| P/E Multiple | 56.2 | 31.8 | -43.4% |
| Shares Outstanding (Mil) | 174 | 192 | -9.0% |
| Cumulative Contribution | -41.6% |
Market Drivers
10/31/2025 to 5/1/2026| Return | Correlation | |
|---|---|---|
| WAY | -41.6% | |
| Market (SPY) | 5.5% | 29.2% |
| Sector (XLV) | 1.5% | 9.6% |
Fundamental Drivers
The -43.6% change in WAY stock from 4/30/2025 to 5/1/2026 was primarily driven by a -87.0% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5012026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.17 | 20.95 | -43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 975 | 1,157 | 18.6% |
| Net Income Margin (%) | 2.7% | 10.9% | 307.7% |
| P/E Multiple | 245.4 | 31.8 | -87.0% |
| Shares Outstanding (Mil) | 172 | 192 | -10.2% |
| Cumulative Contribution | -43.6% |
Market Drivers
4/30/2025 to 5/1/2026| Return | Correlation | |
|---|---|---|
| WAY | -43.6% | |
| Market (SPY) | 30.4% | 29.5% |
| Sector (XLV) | 5.2% | 7.0% |
Fundamental Drivers
nullnull
Market Drivers
4/30/2023 to 5/1/2026| Return | Correlation | |
|---|---|---|
| WAY | ||
| Market (SPY) | 78.7% | 37.2% |
| Sector (XLV) | 14.3% | 18.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WAY Return | - | - | - | 77% | -11% | -35% | 3% |
| Peers Return | -8% | -34% | -33% | 20% | -29% | -26% | -74% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| WAY Win Rate | - | - | - | 100% | 58% | 0% | |
| Peers Win Rate | 44% | 36% | 47% | 53% | 25% | 17% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WAY Max Drawdown | - | - | - | -0% | -17% | -35% | |
| Peers Max Drawdown | -14% | -54% | -54% | -32% | -38% | -49% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PHR, TBRG, HCAT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
In The Past
Waystar's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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In The Past
Waystar's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Waystar (WAY)
Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance. Waystar provides healthcare organizations with mission-critical cloud software that simplifies healthcare payments. Our enterprise-grade platform streamlines the complex and disparate processes our healthcare provider clients must manage to be reimbursed correctly, while improving the payments experience for providers, patients, and payers. We leverage internally developed artificial intelligence (“AI”) as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, enriches data integrity, and reduces labor costs for providers. Put simply, our software helps providers get paid faster, accurately, and more efficiently, while ensuring patients receive a modern, transparent, and consumer-friendly financial experience. The healthcare payment ecosystem is highly complex, beginning with pre-service patient onboarding and extending through post-service revenue collection, with dozens of interdependent steps in between. Within this multi-step workflow, the process for determining how much a provider should be reimbursed involves millions of permutations of variables, such as over 10,000 diagnosis codes that are constantly changing and unique payer contracts, each with individual rules, processes, and reimbursement requirements. The burden borne by providers of tracking and managing all of these variables, coupled with a constantly evolving regulatory framework, often results in incorrect payments or denials that require time-consuming appeals procedures to resolve. Historically, healthcare providers have relied upon a patchwork of manual processes and systems to navigate these complexities and support their payment functions. However, this legacy approach has resulted in workflow delays, lost revenue, and slower time to payment. Our purpose-built software platform addresses these challenges and optimizes healthcare payments across all stages of the patient journey. Our clients utilize our software to manage pre-encounter workflows such as eligibility checks and prior authorization approvals, as well as mid- and post-encounter workflows such as co-pay collection, claims submission and monitoring, and payer remittances. Our software is used daily by providers of all types and sizes across the continuum of care, including physician practices, clinics, surgical centers, and laboratories, as well as large hospitals and health systems. We currently serve approximately 30,000 clients of various sizes, representing approximately one million distinct providers practicing across a variety of care sites, including 18 of the top 22 U.S. News Best Hospitals. Our client base is highly diversified, and for the year ended December 31, 2023, our top 10 clients accounted for only 11.3% of our total revenue. Our business model is designed such that as our clients grow to serve more patients, their claims and transactional volumes increase, resulting in corresponding growth in our business. In addition, our clients frequently adopt a greater number of our solutions over time and introduce our solutions across new sites of care. The number of clients from whom we generate over $100,000 of revenue has grown from 920 in the twelve months ended March 31, 2022 to 1,007 in the twelve months ended March 31, 2023 to 1,080 in the twelve months ended March 31, 2024, driven by large, new client wins and successful cross-selling and up-selling efforts. In 2023, we facilitated over five billion healthcare payments transactions, including over $1.2 trillion in gross claims volume, spanning approximately 50% of patients in the United States. Our platform benefits from powerful network effects. Our cloud-based software is driven by a sophisticated, automated, and curated rules engine, employing AI to generate and incorporate real-time feedback from millions of network transactions processed through our platform each day. Every transaction we process provides additional data insights across providers, patients, and payers, which are embedded in updates that are deployed efficiently across our client base. This results in cumulative benefits to us over time — as we capture more data from each transaction we process, we leverage that data to continue to improve the Waystar platform through embedded machine learning, advanced algorithms, and other in-house AI technologies to deliver added value to our clients. In turn, the more value we create for our clients, the more likely it is that they will continue to use our products, allowing us to continue to capture more data that results in tangible improvements to our platform. As a result, our clients benefit from faster and more efficient performance from software that is evolving to meet ever-changing regulatory and payer requirements, enabling accurate and timely reimbursement. We have demonstrated an ability to drive recurring, predictable, and profitable growth. Over 99% of our revenue is either recurring subscription or based on highly predictable volumes. For the twelve months ended March 31, 2024, our Net Revenue Retention Rate was 108.8%, and for the year ended December 31, 2023, our Net Revenue Retention Rate was 108.6%. We were originally incorporated in Delaware on August 13, 2019 and subsequently changed our name to Waystar Holding Corp. on August 11, 2023. Our principal offices are located at 1550 Digital Drive, #300, Lehi, Utah 84043 and 888 W. Market Street, Louisville, Kentucky.
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Analogy 1: Stripe for healthcare payments Analogy 2: Salesforce for healthcare's financial operationsAI Analysis | Feedback
- Patient Access Solutions: Software that automates pre-service tasks such as eligibility checks and prior authorization approvals for healthcare providers.
- Revenue Cycle Management (RCM) Solutions: Software designed to streamline mid- and post-encounter payment workflows, including co-pay collection, claims submission, and payer remittances.
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Waystar (WAY)
Waystar sells its cloud-based software primarily to other companies, specifically healthcare organizations and providers. Due to the highly diversified nature of its client base, with the top 10 clients accounting for only 11.3% of total revenue, there are no individually named "major customers" that can be identified. Waystar's customers fall into the following categories of healthcare providers:- Physician practices
- Clinics
- Surgical centers
- Laboratories
- Large hospitals and health systems (including 18 of the top 22 U.S. News Best Hospitals)
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Matt Hawkins, Chief Executive Officer + Board Member
Mr. Hawkins has served as Waystar's CEO since 2017. He founded Waystar and spearheaded the company's $2.7 billion sale to Swedish investment firm EQT and Canada Pension Plan Investment Board in 2019, with Bain Capital retaining a minority stake. He also led Waystar's initial public offering (IPO) on NASDAQ in 2024. Before joining Waystar, Mr. Hawkins was president of Sunquest Information Systems, where he led several key growth acquisitions and guided its transformation into a global leader in laboratory diagnostic informatics. He previously worked with Vista Equity Partners, serving as president and board member of Greenway Health, CEO and board member of Vitera Healthcare Solutions, and CEO and board member of SirsiDynix, indicating a pattern of managing companies backed by private equity firms. Earlier in his career, he was a management consultant for McKinsey & Company.
Steve Oreskovich, Chief Financial Officer
Mr. Oreskovich joined Waystar as CFO in June 2018 and is responsible for the company's finance, accounting, and treasury functions. Prior to Waystar, he served as CFO and treasurer of Merge Healthcare, a public healthcare IT company that IBM acquired in October 2015. During his time at Merge Healthcare, he partnered with the CEO to increase revenue by over 300% through numerous acquisitions and organic product expansion. Before Merge, he held various financial roles at companies including Truis, Inc. and PricewaterhouseCoopers LLP.
Ric Sinclair, Chief Business Officer
Mr. Sinclair leads Waystar's enterprise strategy, mergers and acquisitions, business development, alliances, sales, and commercialization teams. He was a member of the executive team that formed Waystar and previously served as the company's chief commercial officer, chief strategy officer, and chief product officer.
Craig Bridge, Chief Transformation Officer
Mr. Bridge is responsible for managing Waystar's payer network, business operations, and planning. He played a key role in integrating Navicure with ZirMed, which merged in 2017 to form Waystar.
Chris Schremser, Chief Technology Officer
Mr. Schremser oversees all engineering functions related to Waystar's product, including its artificial intelligence and machine learning initiatives. He is also responsible for the company's product vision, strategy, and execution. Prior to Waystar, he was the chief technology officer of ZirMed.
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Key Risks to Waystar (WAY) Business:
- Regulatory and Legislative Changes: Waystar operates within a "highly complex" and "constantly evolving regulatory framework" within the healthcare payment ecosystem. Changes to these regulations could significantly impact the processes their software aims to simplify, potentially requiring substantial modifications to their platform or rendering certain functionalities less effective or obsolete, thereby affecting their ability to serve clients and maintain compliance.
- Data Security and Privacy Breaches: Waystar processes an immense volume of sensitive healthcare payment transactions, facilitating "over five billion healthcare payments transactions" and spanning "approximately 50% of patients in the United States". A data security breach, cyber-attack, or failure to comply with stringent healthcare data privacy regulations (such as HIPAA) could lead to significant financial penalties, legal liabilities, reputational damage, loss of client trust, and disruption to operations.
- Reliance on Artificial Intelligence and Proprietary Algorithms: Waystar's core value proposition and operational efficiency are heavily dependent on "internally developed artificial intelligence ("AI") as well as proprietary, advanced algorithms" to automate payment-related workflows and drive continuous improvement. Any failure, inaccuracy, bias, or other unforeseen issues with these AI and algorithmic technologies could compromise the accuracy, efficiency, and reliability of their platform, undermining their service offering and competitive advantage.
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Waystar operates within several significant addressable markets related to healthcare payments and revenue cycle management, primarily in the U.S. and globally.
Healthcare Revenue Cycle Management (RCM) Market
- The U.S. healthcare revenue cycle management market was estimated at approximately USD 56.94 billion in 2023 and is projected to reach around USD 187.47 billion by 2033, growing at a compound annual growth rate (CAGR) of 12.65% from 2024 to 2033. Other estimates place the U.S. market at USD 172.24 billion in 2024, expected to grow at a CAGR of 10.1% from 2025 to 2030.
- Globally, the healthcare revenue cycle management market was valued at USD 158.17 billion in 2023 and is expected to reach approximately USD 517.31 billion by 2033, with a CAGR of 12.58% from 2024 to 2033. Another report estimates the global market at USD 169.7 billion in 2025, growing to USD 505.8 billion by 2035 at an 11.54% CAGR.
Prior Authorization and Eligibility Check Software Market
- The global Prior Authorizations and Eligibility Check Software market was valued at USD 2.5 billion in 2025 and is projected to experience significant expansion, reaching an estimated USD 8.2 billion by 2033, at a CAGR of 15% from 2025 to 2033. For FHIR prior authorization solutions specifically, the global market was valued at USD 745 million in 2025 and is expected to grow to USD 3,200 million by 2036, at a CAGR of 14.2%.
Claims Processing Software Market
- The global claims processing software market was estimated at USD 40.84 billion in 2024. It grew from USD 47.80 billion in 2025 to USD 51.47 billion in 2026 and is expected to continue expanding at a CAGR of 8.64%, reaching USD 85.43 billion by 2032. North America is estimated to contribute 43% to the growth of the global market.
Healthcare Digital Payment Market
- The global healthcare digital payment market was valued at USD 14.21 billion in 2024 and is projected to reach USD 94.15 billion by 2034, with a CAGR of 20.82% from 2025 to 2034.
- The U.S. healthcare digital payment market was approximately USD 3.98 billion in 2024 and is projected to be worth around USD 26.83 billion by 2034, growing at a CAGR of 21.02% from 2025 to 2034.
Medical Billing Software Market
- The global medical billing software market size was estimated at USD 16.34 billion in 2023 and is projected to reach USD 32.18 billion by 2030, growing at a CAGR of 10.2% from 2024 to 2030. North America held the largest revenue share, accounting for 39.4% of the market in 2023.
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Expected Drivers of Future Revenue Growth for Waystar (WAY)
Waystar (WAY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of Client Base: Waystar anticipates continued growth through the acquisition of new clients, including large enterprise wins. The company has demonstrated a consistent increase in clients generating over $100,000 in revenue, indicating success in attracting and retaining larger organizations.
- Cross-selling and Up-selling to Existing Clients: A significant driver of revenue growth will be the increased adoption of additional solutions by current clients. Waystar's strategy involves encouraging existing clients to utilize more of its product offerings and implement these solutions across new sites of care.
- Increased Transaction Volumes from Existing Clients: Waystar's business model is designed to grow proportionally with its clients' expansion. As existing healthcare provider clients serve more patients, their claims and transactional volumes increase, directly leading to higher revenue for Waystar.
- Continuous Platform Enhancement via AI and Network Effects: The ongoing improvement of Waystar's cloud-based software, powered by internally developed AI and proprietary algorithms, will drive sustained growth. The platform's powerful network effects, where each processed transaction enriches data insights, enable continuous advancements that deliver added value to clients, thus fostering retention and encouraging further solution adoption.
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Share Repurchases
- Waystar executed approximately 7.394 million in stock buybacks for the quarter ending September 30, 2025.
Share Issuance
- Waystar completed its Initial Public Offering (IPO) on June 6, 2024, offering 45,000,000 shares at $21.50 per share, which raised nearly $1 billion.
- As part of the IPO, underwriters were granted a 30-day option to purchase up to an additional 6,750,000 shares.
- In 2025, selling stockholders, including investment funds of EQT AB, Canada Pension Plan Investment Board, and Bain Capital, LP, conducted multiple secondary offerings of Waystar's common stock, from which Waystar itself did not receive any proceeds.
Inbound Investments
- During its IPO in June 2024, cornerstone investors, including funds managed by Neuberger Berman Investment Advisers LLC and a subsidiary of Qatar Investment Authority (QIA), demonstrated interest in purchasing up to $225.0 million in shares at the IPO price.
Outbound Investments
- Waystar has made nine strategic acquisitions since 2018 to enhance its platform capabilities, including HealthPay24 and certain assets of Olive AI in 2023.
- The acquisition of Iodine Software in 2025 significantly expanded Waystar's clinical intelligence offerings and client base by adding over 1,000 hospitals and health systems.
Capital Expenditures
- Waystar invested $9.4 million in capital expenditures during Q4 2025, primarily focused on funding long-term assets and infrastructure.
- The company plans to continue investing in AI innovation and strategic acquisitions to maintain its competitive advantage and drive long-term growth.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Waystar Earnings Notes | 12/26/2025 | |
| Can Waystar Stock Recover If Markets Fall? | 10/17/2025 | |
| Why Waystar Stock Moved: WAY Stock Has Lost 10% Since 2024 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| Day 9 of Loss Streak for Waystar Stock with -8.4% Return (vs. 2.7% YTD) [6/20/2025] | 06/21/2025 | |
| Waystar (WAY) Valuation Ratios Comparison | 05/15/2025 | |
| Waystar (WAY) Operating Cash Flow Comparison | 02/17/2025 | |
| Waystar (WAY) Net Income Comparison | 02/16/2025 | |
| Waystar (WAY) Operating Income Comparison | 02/15/2025 | |
| Waystar (WAY) Revenue Comparison | 02/14/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 05/02/2026 |
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02132026 | WAY | Waystar | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -4.6% | -4.6% | -4.6% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.31 |
| Mkt Cap | 0.5 |
| Rev LTM | 414 |
| Op Inc LTM | 7 |
| FCF LTM | 37 |
| FCF 3Y Avg | 3 |
| CFO LTM | 58 |
| CFO 3Y Avg | 24 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.0% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 7.9% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 80.3% |
| Op Inc Chg 3Y Avg | 56.2% |
| Op Mgn LTM | 2.3% |
| Op Mgn 3Y Avg | -8.0% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 13.5% |
| CFO/Rev 3Y Avg | 5.8% |
| FCF/Rev LTM | 8.5% |
| FCF/Rev 3Y Avg | 0.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.5 |
| P/S | 1.1 |
| P/Op Inc | 6.4 |
| P/EBIT | 7.3 |
| P/E | 59.0 |
| P/CFO | 11.1 |
| Total Yield | 0.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -1.5% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 20.1% |
| 3M Rtn | -24.6% |
| 6M Rtn | -48.3% |
| 12M Rtn | -54.3% |
| 3Y Rtn | -35.4% |
| 1M Excs Rtn | 10.1% |
| 3M Excs Rtn | -28.8% |
| 6M Excs Rtn | -56.8% |
| 12M Excs Rtn | -82.3% |
| 3Y Excs Rtn | -113.7% |
Price Behavior
Price Behavior
| Market Price | $20.95 | |
| Market Cap ($ Bil) | 4.0 | |
| First Trading Date | 06/07/2024 | |
| Distance from 52W High | -49.1% | |
| 50 Days | 200 Days | |
| DMA Price | $24.51 | $31.89 |
| DMA Trend | down | down |
| Distance from DMA | -14.5% | -34.3% |
| 3M | 1YR | |
| Volatility | 59.3% | 42.3% |
| Downside Capture | 1.70 | 1.05 |
| Upside Capture | 129.07 | 63.61 |
| Correlation (SPY) | 27.9% | 27.4% |
WAY Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.49 | 1.01 | 1.12 | 1.08 | 0.95 | 0.24 |
| Up Beta | 0.56 | 0.46 | -0.06 | 0.54 | 0.37 | 0.20 |
| Down Beta | 6.30 | 0.16 | 1.24 | 0.69 | 1.13 | 0.09 |
| Up Capture | 89% | 122% | 134% | 72% | 61% | 24% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 10 | 21 | 31 | 56 | 123 | 239 |
| Down Capture | 241% | 151% | 168% | 169% | 138% | 82% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 12 | 22 | 33 | 68 | 127 | 226 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAY | |
|---|---|---|---|---|
| WAY | -43.7% | 42.8% | -1.23 | - |
| Sector ETF (XLV) | 5.2% | 16.0% | 0.13 | 7.0% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 29.5% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | -13.4% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -11.1% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 8.4% |
| Bitcoin (BTCUSD) | -18.2% | 42.1% | -0.36 | 4.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAY | |
|---|---|---|---|---|
| WAY | 0.3% | 40.2% | 0.11 | - |
| Sector ETF (XLV) | 5.0% | 14.6% | 0.17 | 18.2% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 37.3% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | -2.7% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | -0.7% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 19.2% |
| Bitcoin (BTCUSD) | 7.4% | 56.1% | 0.35 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAY | |
|---|---|---|---|---|
| WAY | 0.1% | 40.2% | 0.11 | - |
| Sector ETF (XLV) | 9.1% | 16.5% | 0.45 | 18.2% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 37.3% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | -2.7% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | -0.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 19.2% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.07 | 15.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -15.4% | ||
| 2/17/2026 | 8.5% | 8.7% | 10.4% |
| 10/29/2025 | -6.5% | -7.2% | -8.3% |
| 7/23/2025 | 0.1% | -3.6% | -3.3% |
| 4/30/2025 | 6.2% | 10.4% | 7.6% |
| 2/18/2025 | -0.5% | -7.2% | -18.6% |
| 11/6/2024 | 7.7% | 4.7% | 5.0% |
| 8/7/2024 | 10.5% | 14.4% | 26.7% |
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 4 |
| # Negative | 3 | 3 | 3 |
| Median Positive | 7.7% | 9.5% | 9.0% |
| Median Negative | -6.5% | -7.2% | -8.3% |
| Max Positive | 10.5% | 14.4% | 26.7% |
| Max Negative | -15.4% | -7.2% | -18.6% |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 1.27 Bil | 1.28 Bil | 1.29 Bil | 0 | Affirmed | Guidance: 1.28 Bil for 2026 | |
| 2026 Adjusted EBITDA | 530.00 Mil | 535.00 Mil | 540.00 Mil | 0 | Affirmed | Guidance: 535.00 Mil for 2026 | |
| 2026 Non-GAAP Net Income | 317.00 Mil | 326.00 Mil | 335.00 Mil | 0 | Affirmed | Guidance: 326.00 Mil for 2026 | |
| 2026 Diluted non-GAAP net income per share | 1.59 | 1.64 | 1.68 | 0 | Affirmed | Guidance: 1.64 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.27 Bil | 1.28 Bil | 1.29 Bil | 17.9% | Higher New | Actual: 1.09 Bil for 2025 | |
| 2026 Adjusted EBITDA | 530.00 Mil | 535.00 Mil | 540.00 Mil | 18.1% | Higher New | Actual: 453.00 Mil for 2025 | |
| 2026 Non-GAAP Net Income | 317.00 Mil | 326.00 Mil | 335.00 Mil | 19.6% | Higher New | Actual: 272.50 Mil for 2025 | |
| 2026 Diluted Non-GAAP EPS | 1.59 | 1.64 | 1.68 | 11.6% | Higher New | Actual: 1.47 for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Miller, Heidi | Family Trusts | Buy | 3032026 | 26.25 | 7,200 | 188,986 | 188,986 | Form | |
| 2 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 1222026 | 30.08 | 40,225 | 1,210,077 | 14,284,048 | Form |
| 3 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 12232025 | 32.82 | 9,701 | 318,396 | 15,584,217 | Form |
| 4 | Schremser, Christopher L | Chief Technology Officer | Direct | Sell | 12112025 | 30.41 | 8,623 | 262,225 | 12,844,302 | Form |
| 5 | Miller, Melissa F (missy) | Chief Marketing Officer | Direct | Sell | 11262025 | 37.00 | 3,400 | 125,800 | 7,150,657 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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