What is Waystar Holding Corp.'s net debt?

Waystar Holding Corp. (WAY) reported net debt of $1.42B in Q1 2026.

How has Waystar Holding Corp.'s net debt changed year-over-year?

Waystar Holding Corp.'s net debt increased by 41.0% year-over-year, from $1.01B to $1.42B.

What is the long-term trend for Waystar Holding Corp.'s net debt?

Over 2 years (2023 to 2025), Waystar Holding Corp.'s net debt has grown at a -19.9% compound annual growth rate (CAGR), from $2.2B to $1.41B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Waystar Holding Corp. WAY Net debt

Discontinued — last reported Q1 '26

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22.4×—

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1.5×+0.1×

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Other financials

Income statement

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Revenue$313.9M+22.4%

Gross profit$216.8M+25.3%

Operating income$80.5M+23.4%

Net income$43.3M+47.9%

EPS (diluted)$0.22+37.5%

Balance sheet

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Cash & equivalents$62.7M-74.9%

Total debt$1.5B+18.0%

Total equity$3.9B+26.0%

Total assets$5.8B+26.4%

Cash flow

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Operating cash flow$84.9M+32.2%

CapEx$15.3M+182%

Free cash flow$69.6M+18.3%

Valuation

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Market cap$3.53B-28.1%

Profitability

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Gross margin68.7%+1.9pp

Operating margin22.9%+7.1pp

Net margin10.9%—

FCF margin25.4%+5.3pp

Returns & leverage

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Return on equity3.6%—

Debt / equity0.4×0.0×

Current ratio1.8×-1.4×

Where this comes from

Calculated from Waystar Holding Corp.’s reported figures.

$1.5Btotal debt−$62.7Mcash and equivalents=$1.42B

The official record: Waystar Holding Corp.’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Waystar Holding Corp.'s net debt?: Waystar Holding Corp. (WAY) reported net debt of $1.42B in Q1 2026.
How has Waystar Holding Corp.'s net debt changed year-over-year?: Waystar Holding Corp.'s net debt increased by 41.0% year-over-year, from $1.01B to $1.42B.
What is the long-term trend for Waystar Holding Corp.'s net debt?: Over 2 years (2023 to 2025), Waystar Holding Corp.'s net debt has grown at a -19.9% compound annual growth rate (CAGR), from $2.2B to $1.41B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.