Waystar (WAY)
Market Price (7/30/2026): $24.52 | Market Cap: $4.7 BilSector: Health Care | Industry: Health Care Technology
Waystar (WAY)
Market Price (7/30/2026): $24.52Market Cap: $4.7 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% Attractive yieldFCF Yield is 6.3% Low stock price volatilityVol 12M is 50% 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 -29%, 3Y Excs Rtn is -42% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 37x 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% |
| Attractive yieldFCF Yield is 6.3% |
| Low stock price volatilityVol 12M is 50% |
| 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 -29%, 3Y Excs Rtn is -42% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 37x |
| 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 remained largely at the same level since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Guidance Met with Valuation Concerns.
Waystar reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), with revenue of $319.7 million, an 18% increase year-over-year, and adjusted EBITDA of $136.7 million, up 21.5% year-over-year. The company surpassed analyst estimates for both revenue ($319.7 million reported versus $316.13 million estimated) and earnings per share ($0.43 reported versus $0.40 estimated), marking its ninth consecutive quarter of beating expectations. Furthermore, Waystar raised its full-year fiscal 2026 revenue guidance to a midpoint of $1.285 billion and adjusted EBITDA guidance to a midpoint of $540 million, both indicating 17% year-over-year growth. Despite these strong operational positives, the stock experienced a 5.38% decline in after-hours trading following the Q2 earnings release, suggesting investor caution regarding the pace of future growth and the company's premium valuation, with a trailing twelve-month Price-to-Earnings (P/E) ratio of 36.6x.
2. Robust Subscription Revenue Growth and AI-driven Platform Adoption.
A core driver of Waystar's performance was the significant growth in its subscription revenue, which increased by 34% year-over-year to $176.3 million in fiscal Q2 2026, constituting 55% of the total revenue. This strong recurring revenue highlights the stickiness and expansion of its client base. The company also reported strong demand for its AI-powered revenue cycle management tools, with AI-enabled solutions contributing approximately 40% of new bookings and driving multi-million-dollar engagements with large healthcare providers.
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Waystar (WAY) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Guidance Met with Valuation Concerns.
Waystar reported robust financial results for its fiscal Q2 2026 (ended June 30, 2026), with revenue of $319.7 million, an 18% increase year-over-year, and adjusted EBITDA of $136.7 million, up 21.5% year-over-year. The company surpassed analyst estimates for both revenue ($319.7 million reported versus $316.13 million estimated) and earnings per share ($0.43 reported versus $0.40 estimated), marking its ninth consecutive quarter of beating expectations. Furthermore, Waystar raised its full-year fiscal 2026 revenue guidance to a midpoint of $1.285 billion and adjusted EBITDA guidance to a midpoint of $540 million, both indicating 17% year-over-year growth. Despite these strong operational positives, the stock experienced a 5.38% decline in after-hours trading following the Q2 earnings release, suggesting investor caution regarding the pace of future growth and the company's premium valuation, with a trailing twelve-month Price-to-Earnings (P/E) ratio of 36.6x.
2. Robust Subscription Revenue Growth and AI-driven Platform Adoption.
A core driver of Waystar's performance was the significant growth in its subscription revenue, which increased by 34% year-over-year to $176.3 million in fiscal Q2 2026, constituting 55% of the total revenue. This strong recurring revenue highlights the stickiness and expansion of its client base. The company also reported strong demand for its AI-powered revenue cycle management tools, with AI-enabled solutions contributing approximately 40% of new bookings and driving multi-million-dollar engagements with large healthcare providers.
3. Strategic Financial Management Including Share Repurchases and Debt Reduction.
Waystar actively managed its capital structure during the period, repurchasing $13 million of its common stock at an average price of $19.24 per share in fiscal Q2 2026 under a board-authorized $200 million share repurchase program. This share repurchase activity likely provided a level of support to the stock price. Concurrently, the company demonstrated improved financial health by reducing its net leverage from 2.7 times at the end of fiscal Q1 2026 to 2.5 times by the end of fiscal Q2 2026.
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Stock Movement Drivers
Fundamental Drivers
The 1.7% change in WAY stock from 3/31/2026 to 7/29/2026 was primarily driven by a 6.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.11 | 24.52 | 1.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,099 | 1,157 | 5.2% |
| Net Income Margin (%) | 10.2% | 10.9% | 6.9% |
| P/E Multiple | 41.2 | 37.3 | -9.5% |
| Shares Outstanding (Mil) | 192 | 192 | -0.1% |
| Cumulative Contribution | 1.7% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| WAY | 1.7% | |
| Market (SPY) | 12.2% | -6.2% |
| Sector (XLV) | 13.4% | 12.5% |
Fundamental Drivers
The -25.1% change in WAY stock from 12/31/2025 to 7/29/2026 was primarily driven by a -27.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.75 | 24.52 | -25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,040 | 1,157 | 11.2% |
| Net Income Margin (%) | 10.7% | 10.9% | 2.0% |
| P/E Multiple | 51.4 | 37.3 | -27.4% |
| Shares Outstanding (Mil) | 174 | 192 | -9.0% |
| Cumulative Contribution | -25.1% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| WAY | -25.1% | |
| Market (SPY) | 7.3% | 8.8% |
| Sector (XLV) | 7.8% | 15.7% |
Fundamental Drivers
The -40.0% change in WAY stock from 6/30/2025 to 7/29/2026 was primarily driven by a -86.2% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.87 | 24.52 | -40.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 975 | 1,157 | 18.6% |
| Net Income Margin (%) | 2.7% | 10.9% | 307.7% |
| P/E Multiple | 269.9 | 37.3 | -86.2% |
| Shares Outstanding (Mil) | 172 | 192 | -10.2% |
| Cumulative Contribution | -40.0% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| WAY | -40.0% | |
| Market (SPY) | 19.1% | 14.6% |
| Sector (XLV) | 24.9% | 14.4% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| WAY | ||
| Market (SPY) | 70.4% | 28.6% |
| Sector (XLV) | 31.1% | 21.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WAY Return | - | - | - | 77% | -11% | -28% | 14% |
| Peers Return | -16% | -48% | -21% | -7% | -49% | -23% | -88% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| WAY Win Rate | - | - | - | 100% | 58% | 29% | |
| Peers Win Rate | 42% | 33% | 46% | 46% | 17% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
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 7/29/2026 (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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- 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.14 |
| Mkt Cap | 0.7 |
| Rev LTM | 496 |
| Op Inc LTM | 3 |
| FCF LTM | 63 |
| FCF 3Y Avg | 14 |
| CFO LTM | 88 |
| CFO 3Y Avg | 39 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.1% |
| Rev Chg 3Y Avg | 10.3% |
| Rev Chg Q | 12.9% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 72.1% |
| Op Inc Chg 3Y Avg | 54.3% |
| Op Mgn LTM | 0.7% |
| Op Mgn 3Y Avg | -13.5% |
| QoQ Delta Op Mgn LTM | 2.1% |
| CFO/Rev LTM | 17.7% |
| CFO/Rev 3Y Avg | 7.9% |
| FCF/Rev LTM | 12.8% |
| FCF/Rev 3Y Avg | 2.0% |
Price Behavior
| Market Price | $24.52 | |
| Market Cap ($ Bil) | 4.7 | |
| First Trading Date | 06/07/2024 | |
| Distance from 52W High | -40.0% | |
| 50 Days | 200 Days | |
| DMA Price | $20.93 | $27.01 |
| DMA Trend | down | down |
| Distance from DMA | 17.2% | -9.2% |
| 3M | 1YR | |
| Volatility | 66.9% | 50.0% |
| Downside Capture | -67.47 | 107.40 |
| Upside Capture | -73.02 | 43.98 |
| Correlation (SPY) | -10.8% | 15.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.10 | -0.12 | 0.07 | 0.51 | 0.68 | -0.05 |
| Up Beta | -0.73 | -0.47 | 0.09 | 0.04 | -0.12 | 0.26 |
| Down Beta | -0.22 | 0.32 | 0.28 | 0.68 | 0.89 | 0.35 |
| Up Capture | 65% | -26% | -24% | 1% | 25% | 18% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 19 | 29 | 57 | 120 | 258 |
| Down Capture | 26% | -6% | 31% | 120% | 128% | 82% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 34 | 67 | 130 | 248 |
[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 | -32.2% | 49.9% | -0.61 | - |
| Sector ETF (XLV) | 24.6% | 15.8% | 1.20 | 15.5% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 14.9% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | -10.5% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | -7.7% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 10.9% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 0.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAY | |
|---|---|---|---|---|
| WAY | 3.5% | 42.8% | 0.30 | - |
| Sector ETF (XLV) | 6.8% | 15.0% | 0.27 | 21.0% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 28.6% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | -3.4% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | -1.9% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 18.9% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 11.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WAY | |
|---|---|---|---|---|
| WAY | 1.7% | 42.8% | 0.30 | - |
| Sector ETF (XLV) | 10.3% | 16.6% | 0.50 | 21.0% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 28.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | -3.4% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | -1.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 18.9% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 11.6% |
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Returns Analyses
Earnings Returns History
Updated 7/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -15.4% | -21.3% | -21.2% |
| 2/17/2026 | 8.5% | 8.7% | 10.4% |
| 10/29/2025 | -6.5% | -7.2% | -8.3% |
| 7/30/2025 | 3.8% | -4.6% | 7.4% |
| 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 | 5 |
| # Negative | 3 | 4 | 3 |
| Median Positive | 7.7% | 9.5% | 7.6% |
| Median Negative | -6.5% | -7.2% | -18.6% |
| Max Positive | 10.5% | 14.4% | 26.7% |
| Max Negative | -15.4% | -21.3% | -21.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -15.4% | -21.3% | -21.2% |
| 2/17/2026 | 8.5% | 8.7% | 10.4% |
| 10/29/2025 | -6.5% | -7.2% | -8.3% |
| 7/30/2025 | 3.8% | -4.6% | 7.4% |
| 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 | 5 |
| # Negative | 3 | 4 | 3 |
| Median Positive | 7.7% | 9.5% | 7.6% |
| Median Negative | -6.5% | -7.2% | -18.6% |
| Max Positive | 10.5% | 14.4% | 26.7% |
| Max Negative | -15.4% | -21.3% | -21.2% |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 1.28 Bil | 1.28 Bil | 1.29 Bil | 0.1% | Raised | Guidance: 1.28 Bil for 2026 | |
| 2026 Adjusted EBITDA | 535.00 Mil | 540.00 Mil | 545.00 Mil | 0.9% | Raised | Guidance: 535.00 Mil for 2026 | |
| 2026 Non-GAAP Net Income | 322.00 Mil | 331.00 Mil | 340.00 Mil | 1.5% | Raised | Guidance: 326.00 Mil for 2026 | |
| 2026 Diluted Non-GAAP Net Income Per Share | 1.61 | 1.66 | 1.7 | 1.2% | Raised | Guidance: 1.64 for 2026 | |
Prior: 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 | |
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 | Guidance: 1.09 Bil for 2025 | |
| 2026 Adjusted EBITDA | 530.00 Mil | 535.00 Mil | 540.00 Mil | 18.1% | Higher New | Guidance: 453.00 Mil for 2025 | |
| 2026 Non-GAAP Net Income | 317.00 Mil | 326.00 Mil | 335.00 Mil | 19.6% | Higher New | Guidance: 272.50 Mil for 2025 | |
| 2026 Diluted Non-GAAP EPS | 1.59 | 1.64 | 1.68 | 11.6% | Higher New | Guidance: 1.47 for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 1.08 Bil | 1.09 Bil | 1.09 Bil | 5.1% | Raised | Guidance: 1.04 Bil for 2025 | |
| 2025 Adjusted EBITDA | 451.00 Mil | 453.00 Mil | 455.00 Mil | 7.3% | Raised | Guidance: 422.00 Mil for 2025 | |
| 2025 Non-GAAP Net Income | 271.00 Mil | 272.50 Mil | 274.00 Mil | 7.3% | Raised | Guidance: 254.00 Mil for 2025 | |
| 2025 Diluted Non-GAAP Net Income Per Share | 1.46 | 1.47 | 1.47 | 6.2% | Raised | Guidance: 1.38 for 2025 | |
Insider Activity
Updated 7/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 7172026 | 23.09 | 36,901 | 851,944 | 21,397,679 | Form |
| 2 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 7172026 | 23.02 | 33,099 | 762,032 | 21,337,899 | Form |
| 3 | Miller, Heidi | Family Trusts | Buy | 3032026 | 26.25 | 7,200 | 188,986 | 188,986 | Form | |
| 4 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 1222026 | 30.08 | 40,225 | 1,210,077 | 14,284,048 | Form |
| 5 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 12232025 | 32.82 | 9,701 | 318,396 | 15,584,217 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 7172026 | 23.09 | 36,901 | 851,944 | 21,397,679 | Form |
| 2 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 7172026 | 23.02 | 33,099 | 762,032 | 21,337,899 | Form |
| 3 | Miller, Heidi | Family Trusts | Buy | 3032026 | 26.25 | 7,200 | 188,986 | 188,986 | Form | |
| 4 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 1222026 | 30.08 | 40,225 | 1,210,077 | 14,284,048 | Form |
| 5 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 12232025 | 32.82 | 9,701 | 318,396 | 15,584,217 | Form |
| 6 | Schremser, Christopher L | Chief Technology Officer | Direct | Sell | 12112025 | 30.41 | 8,623 | 262,225 | 12,844,302 | Form |
| 7 | Miller, Melissa F (missy) | Chief Marketing Officer | Direct | Sell | 11262025 | 37.00 | 3,400 | 125,800 | 7,150,657 | Form |
| 8 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 11212025 | 35.27 | 9,701 | 342,181 | 16,748,443 | Form |
| 9 | Schremser, Christopher L | Chief Technology Officer | Direct | Sell | 11122025 | 36.12 | 8,623 | 311,429 | 15,254,393 | Form |
| 10 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 10212025 | 36.94 | 9,701 | 358,334 | 17,539,028 | Form |
| 11 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 10202025 | 38.00 | 200 | 7,600 | 27,264,012 | Form |
| 12 | Schremser, Christopher L | Chief Technology Officer | Direct | Sell | 10142025 | 36.21 | 8,623 | 312,215 | 15,292,871 | Form |
| 13 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 9242025 | 38.08 | 12,800 | 487,410 | 27,320,621 | Form |
| 14 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 9242025 | 38.08 | 12,200 | 464,566 | 27,320,836 | Form |
| 15 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 9242025 | 37.63 | 9,701 | 365,090 | 17,869,744 | Form |
| 16 | Moskowitz, Paul G | See Footnote | Sell | 9162025 | 39.21 | 4,295,139 | 168,412,400 | 539,526,071 | Form | |
| 17 | Bain, Capital Investors Llc | See Footnote | Sell | 9162025 | 39.21 | 4,295,139 | 168,412,400 | 539,526,071 | Form | |
| 18 | Derby, Luxco SA RL | Held directly by Derby LuxCo | Sell | 9162025 | 39.21 | 7,766,088 | 304,508,310 | 975,522,725 | Form | |
| 19 | Canada, Pension Plan Investment Board | See footnote | Sell | 9162025 | 39.21 | 5,938,773 | 232,859,289 | 745,987,973 | Form | |
| 20 | Schremser, Christopher L | Chief Technology Officer | Direct | Sell | 9112025 | 40.49 | 8,623 | 349,157 | 17,102,393 | Form |
| 21 | Oreskovich, Steven M | Chief Financial Officer | Direct | Sell | 9112025 | 40.49 | 16,666 | 674,848 | 14,355,077 | Form |
| 22 | Bridge, T. Craig | Chief Transformation Officer | Direct | Sell | 9102025 | 40.06 | 85,000 | 3,405,253 | 23,370,251 | Form |
| 23 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 9102025 | 40.03 | 19,404 | 776,713 | 19,006,573 | Form |
| 24 | Miller, Melissa F (missy) | Chief Marketing Officer | Direct | Sell | 8272025 | 37.01 | 3,400 | 125,832 | 7,152,493 | Form |
| 25 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 8202025 | 35.11 | 9,702 | 340,647 | 17,234,937 | Form |
| 26 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 8122025 | 34.66 | 46,667 | 1,617,581 | 26,486,462 | Form |
| 27 | Schremser, Christopher L | Chief Technology Officer | Direct | Sell | 8122025 | 34.49 | 8,623 | 297,392 | 15,107,349 | Form |
| 28 | Sinclair, Iii Eric L (ric) | Chief Business Officer | Direct | Sell | 7222025 | 37.10 | 9,702 | 359,938 | 18,210,982 | Form |
| 29 | Bridge, T. Craig | Chief Transformation Officer | Direct | Sell | 7222025 | 37.09 | 85,000 | 3,152,837 | 25,328,149 | Form |
| 30 | Hawkins, Matthew J | Chief Executive Officer | Direct | Sell | 7162025 | 38.26 | 46,667 | 1,785,540 | 29,236,645 | Form |
| 31 | Schremser, Christopher L | Chief Technology Officer | Direct | Sell | 7112025 | 37.63 | 8,623 | 324,462 | 16,482,501 | Form |
Investor Activity (13F)
Updated Jul 30, 2026Active 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 Manager |
|---|
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Technology Resources |
| Healthcare IT News |
| MobiHealthNews |
| HealthTech Magazine |
External Quote Links
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| FinViz |
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