Waystar (WAY)


Market Price (9/20/2026): $25.87 | Market Cap: $5.0 BilSector: Health Care | Industry: Health Care Technology

Waystar (WAY)


Market Price (9/20/2026): $25.87
Market Cap: $5.0 Bil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Attractive yield
FCF Yield is 5.0%

Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Cloud Computing. Themes include Health Data Analytics, AI in Healthcare Management, Show more.

Weak multi-year price returns
2Y Excs Rtn is -40%, 3Y Excs Rtn is -47%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 37x

Key risks
WAY key risks include [1] its dependency on third parties for critical functions such as its claims management suite, Show more.

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
2 Attractive yield
FCF Yield is 5.0%
3 Megatrend and thematic drivers
Megatrends include Digital Health & Telemedicine, and Cloud Computing. Themes include Health Data Analytics, AI in Healthcare Management, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -40%, 3Y Excs Rtn is -47%
5 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 37x
6 Key risks
WAY key risks include [1] its dependency on third parties for critical functions such as its claims management suite, Show more.

WAY in ETFs

Weight = WAY's share of each fund

VTI0.00%
ITOT0.00%
IWM0.10%
IJR0.15%
VB0.03%
IHF0.41%
SLYG0.32%
IJT0.31%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/18/2026

Waystar (WAY) stock has gained about 30% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance and Upbeat Outlook.

Waystar reported robust financial results for its fiscal second quarter ended June 30, 2026, which were announced on July 29, 2026. The company's revenue reached $319.7 million, marking an 18% increase year-over-year and surpassing analyst estimates of $316.21 million. Adjusted earnings per share (EPS) of $0.43 also exceeded the consensus estimate of $0.40. Following these strong results, Waystar raised its full-year 2026 revenue guidance to a range of $1.276 billion to $1.294 billion and its adjusted EBITDA guidance to between $535 million and $545 million.

2. Speculation of a Potential Sale and Strategic Review.

The stock experienced a significant uplift following a Reuters report on September 15, 2026, indicating that Waystar was exploring strategic alternatives, including a potential sale that could take the company private. The report also stated that Waystar had hired investment bank Evercore to advise on this process. This news led to Waystar's stock price jumping over 16% in pre-market trading on the day of the announcement.

Show more
Updated on 9/18/2026

Waystar (WAY) stock has gained about 30% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance and Upbeat Outlook.

Waystar reported robust financial results for its fiscal second quarter ended June 30, 2026, which were announced on July 29, 2026. The company's revenue reached $319.7 million, marking an 18% increase year-over-year and surpassing analyst estimates of $316.21 million. Adjusted earnings per share (EPS) of $0.43 also exceeded the consensus estimate of $0.40. Following these strong results, Waystar raised its full-year 2026 revenue guidance to a range of $1.276 billion to $1.294 billion and its adjusted EBITDA guidance to between $535 million and $545 million.

2. Speculation of a Potential Sale and Strategic Review.

The stock experienced a significant uplift following a Reuters report on September 15, 2026, indicating that Waystar was exploring strategic alternatives, including a potential sale that could take the company private. The report also stated that Waystar had hired investment bank Evercore to advise on this process. This news led to Waystar's stock price jumping over 16% in pre-market trading on the day of the announcement.

3. Accelerated Adoption and Innovation in AI-Powered Solutions.

Waystar demonstrated strong progress and adoption of its artificial intelligence (AI)-powered revenue cycle management solutions. During fiscal Q2 2026, AI-enabled solutions accounted for approximately 40% of the company's new bookings. Further showcasing its commitment to innovation, Waystar launched new "Agentic Solutions" under its AltitudeAI™ platform on August 26, 2026, designed to autonomously execute tasks and drive significant outcomes for healthcare providers.

4. Share Repurchase Program.

Waystar's Board of Directors authorized a stock repurchase plan of up to $200 million on May 19, 2026. The company actively engaged in this program, repurchasing $13 million worth of its common stock during fiscal Q2 2026 (ended June 30, 2026) at an average price of $19.24 per share. This action signaled management's confidence in the company's valuation and contributed to enhancing shareholder value.

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Stock Movement Drivers

Fundamental Drivers

The 28.9% change in WAY stock from 5/31/2026 to 9/19/2026 was primarily driven by a 20.7% change in the company's P/E Multiple.
(LTM values as of)53120269192026Change
Stock Price ($)19.9125.6628.9%
Change Contribution By: 
Total Revenues ($ Mil)1,1571,2064.2%
Net Income Margin (%)10.9%11.2%2.5%
P/E Multiple30.336.520.7%
Shares Outstanding (Mil)192192-0.1%
Cumulative Contribution28.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/19/2026
ReturnCorrelation
WAY28.9% 
Market (SPY)0.9%-1.0%
Sector (XLV)12.7%41.9%

Fundamental Drivers

The 0.0% change in WAY stock from 2/28/2026 to 9/19/2026 was primarily driven by a 9.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269192026Change
Stock Price ($)25.6525.660.0%
Change Contribution By: 
Total Revenues ($ Mil)1,0991,2069.7%
Net Income Margin (%)10.2%11.2%9.6%
P/E Multiple43.836.5-16.7%
Shares Outstanding (Mil)192192-0.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/19/2026
ReturnCorrelation
WAY0.0% 
Market (SPY)11.6%4.5%
Sector (XLV)5.5%21.1%

Fundamental Drivers

The -32.3% change in WAY stock from 8/31/2025 to 9/19/2026 was primarily driven by a -52.2% change in the company's P/E Multiple.
(LTM values as of)83120259192026Change
Stock Price ($)37.8825.66-32.3%
Change Contribution By: 
Total Revenues ($ Mil)1,0111,20619.2%
Net Income Margin (%)8.5%11.2%31.5%
P/E Multiple76.436.5-52.2%
Shares Outstanding (Mil)173192-9.6%
Cumulative Contribution-32.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/19/2026
ReturnCorrelation
WAY-32.3% 
Market (SPY)19.4%13.2%
Sector (XLV)24.1%19.6%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/19/2026
ReturnCorrelation
WAY  
Market (SPY)75.6%26.8%
Sector (XLV)32.3%21.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WAY Return---77%-11%-19%28%
Peers Return-16%-48%-21%-7%-49%-32%-89%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
WAY Win Rate---100%58%44% 
Peers Win Rate42%33%46%46%17%50% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
WAY Max Drawdown-----33%-50% 
Peers Max Drawdown-44%-76%-62%-44%-63%-57% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: PHR, 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 9/18/2026 (YTD)

About Waystar (WAY)

Waystar (NYSE: WAY) is a leading provider of cloud-based software designed to simplify the complex landscape of healthcare payments. The company's mission is to help healthcare organizations optimize their financial performance and prioritize patient care by ensuring providers are reimbursed accurately, faster, and more efficiently. Through its enterprise-grade platform, Waystar automates critical payment-related workflow tasks using internally developed artificial intelligence and proprietary algorithms, significantly enhancing claim accuracy, data integrity, and reducing administrative labor costs for its clients.

The company's comprehensive software platform addresses the entire patient financial journey, from pre-service to post-service revenue collection. Key solutions include managing pre-encounter workflows such as eligibility checks and prior authorization approvals, as well as mid- and post-encounter processes like co-pay collection, claims submission and monitoring, and payer remittances. Waystar's platform benefits from powerful network effects; its AI-driven rules engine continuously learns from billions of transactions, deploying real-time feedback and data insights across its client base to ensure the software evolves with ever-changing regulatory and payer requirements.

Waystar serves a highly diversified client base of approximately 30,000 healthcare organizations, encompassing physician practices, clinics, surgical centers, laboratories, and large hospital systems, including 18 of the top 22 U.S. News Best Hospitals. These clients represent roughly one million distinct providers across the continuum of care. The company's business model is characterized by high recurring revenue and predictable volumes, evidenced by a Net Revenue Retention Rate of over 108% for the past year, reflecting its ability to grow as clients expand and adopt more of its mission-critical solutions. In 2023, Waystar facilitated over $1.2 trillion in gross claims volume and five billion payment transactions, covering approximately 50% of U.S. patients.

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Analogy 1: Stripe for healthcare payments Analogy 2: Salesforce for healthcare's financial operations

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  • 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:

  1. 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.
  2. 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.
  3. 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.

Peer Outperformance in Health Care Technology

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Share of Health Care Technology constituents that WAY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
44%
of 34 industry peers · -32.1% return
3Y
insufficient peer history
5Y
insufficient peer history
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Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Technology is WAY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 16.2%43.6%89.3% CAH 387% · MCK 344% · COR 167%
Health Care Services 20 21.1%38.6%1.2% HIMS 248% · RDNT 176% · DGX 76%
Managed Health Care 8 40.4%-3.7%0.8% OSCR 87% · HQY 54% · ELV 17%
Health Care Facilities 24 6.0%4.6%-9.2% NHC 272% · THC 265% · ENSG 129%
Health Care Equipment 50 -2.7%-3.3%-20.5% POCI 11050% · UFPT 344% · GKOS 216%
Pharmaceuticals 62 -10.5%14.7%-38.8% LQDA 2512% · INDV 1092% · ETON 1040%
Health Care Supplies 12 14.1%-11.1%-40.0% LNTH 290% · HAE 57% · MMSI 19%
Life Sciences Tools & Services 109 4.3%-12.6%-67.5% SNWV 1757% · MEDP 235% · NTRA 209%
Health Care Technology ← 21 -25.8%-52.4%-79.1% SPOK 69% · HSTM 3% · VEEV -12%
Biotechnology 364 0.6%-21.4%-79.3% CELZ 1280% · DNTH 1217% · ELVN 1080%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

WAYPHRHCATMedian
NameWaystar Phreesia Health C. 
Mkt Price25.6610.041.7910.04
Mkt Cap4.90.60.10.6
Rev LTM1,206508292508
Op Inc LTM27613-3113
FCF LTM24668768
FCF 3Y Avg17623-1223
CFO LTM293912891
CFO 3Y Avg20848648

Growth & Margins

WAYPHRHCATMedian
NameWaystar Phreesia Health C. 
Rev Chg LTM19.2%12.9%-7.5%12.9%
Rev Chg 3Y Avg-16.8%1.1%8.9%
Rev Chg Q18.1%10.4%-12.7%10.4%
QoQ Delta Rev Chg LTM4.2%2.5%-3.4%2.5%
Op Inc Chg LTM31.1%147.8%30.4%31.1%
Op Inc Chg 3Y Avg-85.8%40.3%63.0%
Op Mgn LTM22.9%2.5%-10.6%2.5%
Op Mgn 3Y Avg18.9%-9.5%-15.9%-9.5%
QoQ Delta Op Mgn LTM-0.0%1.8%-0.7%-0.0%
CFO/Rev LTM24.3%18.0%9.7%18.0%
CFO/Rev 3Y Avg19.2%9.9%2.1%9.9%
FCF/Rev LTM20.4%13.3%2.2%13.3%
FCF/Rev 3Y Avg16.1%4.4%-3.9%4.4%

Valuation

WAYPHRHCATMedian
NameWaystar Phreesia Health C. 
Mkt Cap4.90.60.10.6
P/S4.11.20.51.2
P/Op Inc17.949.5-4.317.9
P/EBIT17.948.1-0.517.9
P/E36.559.5-0.536.5
P/CFO16.86.84.76.8
Total Yield2.7%1.7%-200.0%1.7%
Dividend Yield0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg3.4%3.4%-3.4%3.4%
D/E0.30.11.30.3
Net D/E0.3-0.00.50.3

Returns

WAYPHRHCATMedian
NameWaystar Phreesia Health C. 
1M Rtn3.3%-16.3%9.8%3.3%
3M Rtn38.9%7.0%2.9%7.0%
6M Rtn6.6%-15.3%45.5%6.6%
12M Rtn-32.1%-57.9%-38.1%-38.1%
3Y Rtn24.0%-46.7%-83.1%-46.7%
1M Excs Rtn4.0%-15.3%6.7%4.0%
3M Excs Rtn36.9%5.0%0.9%5.0%
6M Excs Rtn-12.3%-30.5%31.5%-12.3%
12M Excs Rtn-49.4%-72.8%-52.2%-52.2%
3Y Excs Rtn-47.3%-121.5%-155.3%-121.5%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Single Segment1,099944791705
Total1,099944791705


Net Income by Segment
$ Mil202520242023
Single Segment112-19-51
Total112-19-51


Price Behavior

Price Behavior
Market Price$25.66 
Market Cap ($ Bil)4.9 
First Trading Date06/07/2024 
Distance from 52W High-35.2% 
   50 Days200 Days
DMA Price$24.02$24.84
DMA Trenddownup
Distance from DMA6.8%3.3%
 3M1YR
Volatility59.4%53.1%
Downside Capture-91.80104.77
Upside Capture92.6541.24
Correlation (SPY)-6.1%13.7%
WAY Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.81-0.34-0.100.160.550.25
Up Beta4.08-1.29-1.03-0.32-0.24-0.15
Down Beta2.12-1.00-0.050.340.800.14
Up Capture356%92%81%21%31%21%
Bmk +ve Days10213268138427
Stock +ve Days11233464125282
Down Capture-13%-89%-59%31%105%78%
Bmk -ve Days11213259113324
Stock -ve Days9182962124266

[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-33.6%52.9%-0.59-
Sector ETF (XLV)24.4%16.1%1.1621.4%
Equity (SPY)16.9%12.9%0.9413.9%
Gold (GLD)19.1%29.3%0.60-10.4%
Commodities (DBC)46.3%20.6%1.73-8.4%
Real Estate (VNQ)4.9%13.6%0.1016.9%
Bitcoin (BTCUSD)-30.6%44.3%-0.700.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WAY
WAY4.4%44.1%0.34-
Sector ETF (XLV)6.4%15.2%0.2421.9%
Equity (SPY)12.9%17.2%0.5726.8%
Gold (GLD)19.1%18.8%0.83-3.5%
Commodities (DBC)11.2%19.5%0.45-2.3%
Real Estate (VNQ)1.1%18.8%-0.0519.1%
Bitcoin (BTCUSD)12.5%52.5%0.4210.7%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WAY
WAY2.2%44.1%0.34-
Sector ETF (XLV)10.6%16.7%0.5121.9%
Equity (SPY)15.1%18.0%0.7226.8%
Gold (GLD)12.1%16.4%0.61-3.5%
Commodities (DBC)8.3%18.1%0.37-2.3%
Real Estate (VNQ)4.4%20.7%0.1819.1%
Bitcoin (BTCUSD)62.6%66.2%1.0210.7%

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Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity14.1 Mil
Short Interest: % Change Since 81520263.5%
Average Daily Volume2.3 Mil
Days-to-Cover Short Interest6.0 days
Basic Shares Quantity191.9 Mil
Short % of Basic Shares7.4%

Earnings Returns History

Updated 8/31/2026
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-14.6%-4.6%3.0%
4/29/2026-15.4%-21.3%-21.2%
2/17/20268.5%8.7%10.4%
10/29/2025-6.5%-7.2%-8.3%
7/30/20253.8%-4.6%7.4%
4/30/20256.2%10.4%7.6%
2/18/2025-0.5%-7.2%-18.6%
11/6/20247.7%4.7%5.0%
...
SUMMARY STATS   
# Positive546
# Negative453
Median Positive7.7%9.5%7.5%
Median Negative-10.5%-7.2%-18.6%
Max Positive10.5%14.4%26.7%
Max Negative-15.4%-21.3%-21.2%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-14.6%-4.6%3.0%
4/29/2026-15.4%-21.3%-21.2%
2/17/20268.5%8.7%10.4%
10/29/2025-6.5%-7.2%-8.3%
7/30/20253.8%-4.6%7.4%
4/30/20256.2%10.4%7.6%
2/18/2025-0.5%-7.2%-18.6%
11/6/20247.7%4.7%5.0%
8/7/202410.5%14.4%26.7%
SUMMARY STATS   
# Positive546
# Negative453
Median Positive7.7%9.5%7.5%
Median Negative-10.5%-7.2%-18.6%
Max Positive10.5%14.4%26.7%
Max Negative-15.4%-21.3%-21.2%

SEC Filings

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Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/17/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/18/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202406/07/2024424B4
06/30/202310/16/2023S-1
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Report DateFiling DateFiling
06/30/202607/29/202610-Q
03/31/202604/29/202610-Q
12/31/202502/17/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/18/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202406/07/2024424B4
06/30/202310/16/2023S-1

Recent Forward Guidance

Updated 9/15/2026

Latest: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported1.28 Bil1.28 Bil1.29 Bil0.1% RaisedGuidance: 1.28 Bil for 2026
2026 Adjusted EBITDAReported535.00 Mil540.00 Mil545.00 Mil0.9% RaisedGuidance: 535.00 Mil for 2026
2026 Non-GAAP Net IncomeReported322.00 Mil331.00 Mil340.00 Mil1.5% RaisedGuidance: 326.00 Mil for 2026
2026 Diluted Non-GAAP Net Income Per ShareReported1.611.661.71.2% RaisedGuidance: 1.64 for 2026


Prior: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Total RevenueReported1.27 Bil1.28 Bil1.29 Bil0 AffirmedGuidance: 1.28 Bil for 2026
2026 Adjusted EBITDAReported530.00 Mil535.00 Mil540.00 Mil0 AffirmedGuidance: 535.00 Mil for 2026
2026 Non-GAAP Net IncomeReported317.00 Mil326.00 Mil335.00 Mil0 AffirmedGuidance: 326.00 Mil for 2026
2026 Diluted non-GAAP net income per shareReported1.591.641.680 AffirmedGuidance: 1.64 for 2026

Q4 2025 Earnings Reported 2/17/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported1.27 Bil1.28 Bil1.29 Bil17.9% Higher NewGuidance: 1.09 Bil for 2025
2026 Adjusted EBITDAReported530.00 Mil535.00 Mil540.00 Mil18.1% Higher NewGuidance: 453.00 Mil for 2025
2026 Non-GAAP Net IncomeReported317.00 Mil326.00 Mil335.00 Mil19.6% Higher NewGuidance: 272.50 Mil for 2025
2026 Diluted Non-GAAP EPSReported1.591.641.6811.6% Higher NewGuidance: 1.47 for 2025

Q3 2025 Earnings Reported 10/29/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 RevenueReported1.08 Bil1.09 Bil1.09 Bil5.1% RaisedGuidance: 1.04 Bil for 2025
2025 Adjusted EBITDAReported451.00 Mil453.00 Mil455.00 Mil7.3% RaisedGuidance: 422.00 Mil for 2025
2025 Non-GAAP Net IncomeReported271.00 Mil272.50 Mil274.00 Mil7.3% RaisedGuidance: 254.00 Mil for 2025
2025 Diluted Non-GAAP Net Income Per ShareReported1.461.471.476.2% RaisedGuidance: 1.38 for 2025

Insider Activity

Updated 9/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hawkins, Matthew JChief Executive OfficerDirectSell903202625.9782,5002,142,58346,871,764Form
2Hawkins, Matthew JChief Executive OfficerDirectSell813202625.0160,0381,501,67645,899,229Form
3Hawkins, Matthew JChief Executive OfficerDirectSell813202625.0422,462562,35445,942,721Form
4Hawkins, Matthew JChief Executive OfficerDirectSell717202623.0936,901851,94421,397,679Form
5Hawkins, Matthew JChief Executive OfficerDirectSell717202623.0233,099762,03221,337,899Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Hawkins, Matthew JChief Executive OfficerDirectSell903202625.9782,5002,142,58346,871,764Form
2Hawkins, Matthew JChief Executive OfficerDirectSell813202625.0160,0381,501,67645,899,229Form
3Hawkins, Matthew JChief Executive OfficerDirectSell813202625.0422,462562,35445,942,721Form
4Hawkins, Matthew JChief Executive OfficerDirectSell717202623.0936,901851,94421,397,679Form
5Hawkins, Matthew JChief Executive OfficerDirectSell717202623.0233,099762,03221,337,899Form
6Miller, Heidi Family TrustsBuy303202626.257,200188,986188,986Form
7Sinclair, Iii Eric L (ric)Chief Business OfficerDirectSell122202630.0840,2251,210,07714,284,048Form
8Sinclair, Iii Eric L (ric)Chief Business OfficerDirectSell1223202532.829,701318,39615,584,217Form
9Schremser, Christopher LChief Technology OfficerDirectSell1211202530.418,623262,22512,844,302Form
10Miller, Melissa F (missy)Chief Marketing OfficerDirectSell1126202537.003,400125,8007,150,657Form
11Sinclair, Iii Eric L (ric)Chief Business OfficerDirectSell1121202535.279,701342,18116,748,443Form
12Schremser, Christopher LChief Technology OfficerDirectSell1112202536.128,623311,42915,254,393Form
13Sinclair, Iii Eric L (ric)Chief Business OfficerDirectSell1021202536.949,701358,33417,539,028Form
14Hawkins, Matthew JChief Executive OfficerDirectSell1020202538.002007,60027,264,012Form
15Schremser, Christopher LChief Technology OfficerDirectSell1014202536.218,623312,21515,292,871Form
16Hawkins, Matthew JChief Executive OfficerDirectSell924202538.0812,800487,41027,320,621Form
17Hawkins, Matthew JChief Executive OfficerDirectSell924202538.0812,200464,56627,320,836Form
18Sinclair, Iii Eric L (ric)Chief Business OfficerDirectSell924202537.639,701365,09017,869,744Form
19Moskowitz, Paul G See FootnoteSell916202539.214,295,139168,412,400539,526,071Form
20Bain, Capital Investors Llc See FootnoteSell916202539.214,295,139168,412,400539,526,071Form
21Derby, Luxco SA RL Held directly by Derby LuxCoSell916202539.217,766,088304,508,310975,522,725Form
22Canada, Pension Plan Investment BoardSee footnoteSell916202539.215,938,773232,859,289745,987,973Form
23Schremser, Christopher LChief Technology OfficerDirectSell911202540.498,623349,15717,102,393Form
24Oreskovich, Steven MChief Financial OfficerDirectSell911202540.4916,666674,84814,355,077Form
25Bridge, T. CraigChief Transformation OfficerDirectSell910202540.0685,0003,405,25323,370,251Form
26Sinclair, Iii Eric L (ric)Chief Business OfficerDirectSell910202540.0319,404776,71319,006,573Form

Investor Activity (13F)

Updated Sep 20, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
EQT Fund Management S.a r.l.$599.8 Mil58.8%5Hold13F
Goldentree Asset Management LP$107.0 Mil6.3%29New13F
PointState Capital LP$90.8 Mil2.1%44ADD +35.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Goldentree Asset Management LP$107.0 Mil6.3%29New13F
PointState Capital LP$90.8 Mil2.1%44ADD +35.9%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
EQT Fund Management S.a r.l.$599.8 Mil58.8%5Hold13F
Goldentree Asset Management LP$107.0 Mil6.3%29New13F
PointState Capital LP$90.8 Mil2.1%44ADD +35.9%13F
Core Cache Last Updated: 9/19/2026