Waystar Holding Corp. · IT systems design

WAY

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The short version

A profitable company with growing sales. Institutions are adding.

Going well

Sales up 18% in the latest quarter vs a year ago
Profitable
Sales up 17% last year

Watch out for

Share count growing 15% a year (dilution)

Money moves

Insiders sold $2.2M in the last 30 days, all through pre-planned sales
Institutions added 2.9% to their holdings in the quarter ending June 2026 (182 bought, 158 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$28.68-0.6% that day

Company value: $5.5B; Share price times all shares
Price vs profit (P/E): 41.0x; You pay about $41 for each $1 of yearly profit
Price vs sales: 4.6x; Company value is 4.6 times a year of sales
Cash vs value: 0%; Cash as a share of company value
Debt vs value: 27%; Debt as a share of company value

From WAY's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$319.7M+18% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $1.2B, up 19% from the 12 months before.

What the price assumes

Your guesses, our math

Move the sliders to your own view of WAY. Starting points are the company's recent numbers.

Sales growth+19% a yearRecently: +19% a yearProfit margin11%Last 12 months: 11.2%P/E at the end40xToday: 41.0x. Many steady companies trade at 12x to 25xShare count change+10% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$2.9B

Profit in 5 years$317M

Price these guesses point to$41.00+43% vs $28.68 todayAbout +7.4% a year, before dividends

What today's price needs: with a 11% margin and a 40x P/E, sales would have to grow about 11% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

3/5Mixed

MissReturn on equity 15%+Earns a lot on the money owners have in the business.3.2%
PassDebt under half of equityNot relying on borrowed money.0.38x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.10.2%
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$309.7M
MissShare count not growingNot diluting owners. Falling means buybacks.+51.9% in 3 years

Revenue: $1.1B; +16.5% vs prior year
Total debt: $1.5B; 0.38x equity
Current ratio: 1.41x; short-term assets / bills due
Free cash flow: $309.7M; 28.2% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: profitable every year, gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Jul 29

Revenue: $319.7M; +18.1% YoY
EPS: $0.21; vs $0.18
Op. margin: 23.8%; -0.2 pts
Free cash flow: $43.3M
Share count: +7.1%; vs a year ago

Insider rating

Last 90 days

44Mixed

Pre-planned sales of $2.2M (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

29/ 100

This week: 1
Normal week: 2.5
vs normal: 0.4x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+2.9%

Institutions added 2.9% to their holdings. 182 bought, 158 sold. 7 quarters of net buying in a row.

Shares held by institutions211.7M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+15.0%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.4x · $1.5B debt

Shares outstandingLatest reported

192M

Earnings reports

Last 10

Next reportIn 1 days (est.)Estimated from the same quarter last year

Results filedJul 29
Results filedApr 29
Results filedFeb 17
Results filedOct 29, 2025
Results filedJul 30, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Aug 7 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$2.2M1 insider, 1 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Matthew J. HawkinsChief Executive Officer	Sell	83K	$26.23	$2.2M	2M	Oct 6Filing ↗
-4.4% of their holdings Pre-planned sale (10b5-1) Also Director Filed 1 day after