Waystar Holding Corp. WAY Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 68.7%+1.9pp | 68.3%+1.8pp | 67.8%+1.3pp | 67.3%+0.4pp | 66.8%-1.0pp | |
| Operating margin | 22.9%+7.1pp | 22.7%+9.6pp | 23.4%+11.5pp | 20.8%+7.7pp | 15.8%-1.5pp | |
| Net margin | 10.9%— | 10.2%— | —— | —— | —— | |
| EBITDA margin | 35.7%+1.9pp | 35.5%+2.6pp | 36.7%+3.4pp | 37.1%+3.5pp | 33.8%-4.9pp | |
| Free cash flow margin | 25.4%+5.3pp | 25.8%+10.7pp | 27.4%+17.5pp | 27.5%— | 20.1%— | |
| Returns | ||||||
| Return on equity | 3.6%— | 3.2%— | —— | —— | —— | |
| Return on assets | 2.4%— | 2.2%— | —— | —— | —— | |
| Return on invested capital | 3.8%— | 3.5%+0.5pp | 5.9%— | 5%— | —— | |
| Efficiency | ||||||
| Asset turnover | 0.2×— | 0.2×0.0× | 0.2×— | 0.2×— | —— | |
| Liquidity | ||||||
| Current ratio | 1.8×-1.4× | 1.4×-1.1× | 3.9×+1.6× | 3.4×+1.3× | 3.1×— | |
| Quick ratio | 1.8×-1.4× | 1.4×-1.1× | 3.9×+1.6× | 3.4×+1.3× | 3.1×— | |
| Cash ratio | 0.3×-1.5× | 0.4×-1.1× | 2.8×+1.7× | 2×+1.4× | 1.8×— | |
| Leverage | ||||||
| Debt-to-equity | 0.4×0.0× | 0.4×0.0× | 0.4×0.0× | 0.4×-0.1× | 0.4×— | |
| Debt-to-assets | 0.3×0.0× | 0.3×0.0× | 0.3×0.0× | 0.3×0.0× | 0.3×— | |
| Net debt / EBITDA | 3.4×+0.4× | 3.6×+0.2× | 2.1×-1.6× | 2.5×-2.0× | 3.1×— | |
| Per Share | ||||||
| Book value per share | $20.18+16.6% | $20.99+2.2% | $17.78+2.6% | $17.47-20.8% | $17.30+3.4% | |
| Valuation | ||||||
| Market capitalization | $4.62B-28.1% | $6.27B-0.8% | $6.61B+42.1% | $6.7B+86.9% | $6.43B— | |
| Enterprise value | $6.04B-18.8% | $7.68B+4.1% | $7.42B+28.6% | $7.64B+56.6% | $7.44B— | |
| Price / earnings | 36.6×— | 55.9×— | —— | —— | —— | |
| Price / sales | 4×-2.6× | 5.7×-1.0× | 6.4×+1.2× | 6.6×+2.5× | 6.6×— | |
| Price / book | 1.2×-0.9× | 1.6×-0.4× | 2.1×+0.5× | 2.1×+0.9× | 2.1×— | |
| EV / EBITDA | 14.6×-7.9× | 19.7×-4.1× | 19.4×+0.3× | 20.4×+3.5× | 22.6×— | |
| EV / sales | 5.2×-2.4× | 7×-0.8× | 7.1×+0.8× | 7.6×+1.9× | 7.6×— | |
| Free cash flow yield | 6.4%+3.3pp | 4.5%+2.3pp | 4.3%+2.4pp | 4.2%— | 3%— | |
| Earnings yield | 2.7%— | 1.8%— | —— | —— | —— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Waystar Holding Corp.'s profit margins?
- Waystar Holding Corp. (WAY) runs a 68.7% gross margin and a 22.9% operating margin, with a 10.9% net margin.
- Where do Waystar Holding Corp.'s ratios come from?
- Every ratio is computed from Waystar Holding Corp.'s SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.