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Waystar Holding Corp

Waystar Holding Corp

WAY
$22.27USD↓-3.88%-0.90 today

MARKET CAP

4.3B

P/E (TTM)

14.7x

FWD P/E

12.7x

DAY RANGE

$22 – $23

52W RANGE

$17
$41

AI Summary

Stalk
Buy NowMedium

Following a corrective reset, WAY has resumed a clear higher-highs/higher-lows sequence above rising EMAs and the 50 DMA. Stage 2 classification and the primary HH/HL pattern confirm persistent intermediate-term bullish structure. Currently, price is pulling back into the rising 9 EMA and 21 EMA support zone without signs of exhaustion, fitting the Growth at Reasonable Price strategy’s emphasis on patient entries on shallow pullbacks.

  • ↑Q1 revenue $314M (+22% YoY) with net retention at 111%.
  • ↑Adjusted EBITDA $135M (43% margin, +26% YoY) underscores leverage.
  • ↓EBITDA margin pressured by patient volume shifts and higher costs.
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Waystar Holding Corp. (NASDAQ: WAY) is a leading provider in healthcare revenue cycle management solutions, focusing on optimizing payment processes with AI-driven technologies. The company operates in a complex and evolving healthcare landscape, positioning itself as a crucial technology partner for healthcare providers. Waystar's strategic emphasis on integrating clinical and financial data enables a streamlined approach to revenue management, catering to over one million providers across the United States. As the healthcare sector increasingly moves toward digitization and automation, Waystar is poised to capitalize on the trend by offering comprehensive solutions that enhance operational efficiency.

Bull says

  • ↑Q1 revenue $314M (+22% YoY) with net retention at 111%.
  • ↑Adjusted EBITDA $135M (43% margin, +26% YoY) underscores leverage.
  • ↑AI solutions power 40% of bookings, accelerating adoption.
  • ↑Iodine acquisition expands TAM by 15%, integration ahead of plan.
  • ↑PEG ratio 0.88 and robust earnings yield signal undervaluation.
  • ↑42 new clients added in Q1, fueling client base expansion.

Bear says

  • ↓EBITDA margin pressured by patient volume shifts and higher costs.
  • ↓Profitability conversion remains weak despite revenue growth.
  • ↓Short interest rose to 2.23%, indicating bearish sentiment.
  • ↓Competition from Cerner, Allscripts, Optum may erode market share.
  • ↓Regulatory and patient payment changes could disrupt revenue streams.
  • ↓Weak balance sheet quality and negative dividend yield raise stability risks.

Investment themes with WAY

Health Care Providers↓ -0.61%

UNH · CVS · HCA

Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-01-2026neutral

Transcript signals

Bull points

  • Revenue increased 22% year-over-year in the first quarter to $314 million, reflecting strong execution across the business and expansion within the customer base.
  • Bookings exceeded internal expectations and include a double-digit count of $1 million plus annual value contracts, which is above our historical quarterly performance.
  • Clients generating more than $100,000 of revenue in the last 12 months increased by 42 in the first quarter to 1,433 at quarter end, an increase of 15% year over year.

Bear points

  • As we moved through the quarter, we saw some modest offsets within our volume trends that were most evident in patient interactions with healthcare providers, which affected volume-based revenues.
  • which we expect adjust the typical first half, second half of the year seasonality curve associated with patient payments to have much less variability in 2026 relative to the past couple of years.
  • with Q3 at the low end, we now anticipate Q2 sequential growth to be flat to 1 percent and Q3 to be 1 to 3 percent.
Read full transcript analysis ›