WAY - Waystar Holding Corp.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$35.62
DETAILS
HIGH:
$43.00
LOW:
$27.00
MEDIAN:
$36.00
CONSENSUS:
$35.62
UPSIDE:
82.01%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | |||||
| Revenue | 1,099.3 | 943.5 | 791.0 | 704.9 | 578.6 |
| Cost of Revenue | 388.6 | 315.7 | 249.8 | 214.9 | 151.8 |
| Gross Profit | 710.7 | 627.8 | 541.2 | 490.0 | 426.8 |
| Operating Expenses | |||||
| R&D Expenses | 54.6 | 48.8 | 35.3 | 32.8 | 28.3 |
| SG&A Expenses | 306.6 | 268.7 | 187.4 | 184.6 | 162.1 |
| Other Expenses | 83.2 | 186.6 | 176.5 | 183.2 | 176.1 |
| Operating Expenses | 444.5 | 504.1 | 399.2 | 400.5 | 366.5 |
| Operating Income | |||||
| Operating Income | 266.2 | 123.7 | 142.1 | 89.5 | 60.3 |
| Interest Expense | 79.1 | 146.3 | 205.9 | 155.3 | 127.0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||
| EBITDA | 405.8 | 310.4 | 318.6 | 272.6 | 236.4 |
| EBIT | 265.3 | 123.7 | 142.1 | 89.5 | 60.3 |
| Income Before Tax | 171.8 | (22.5) | (63.8) | (65.9) | (66.7) |
| Income Tax Expense | 59.7 | (3.4) | (12.5) | (14.4) | (19.6) |
| Net Income | 112.1 | (19.1) | (51.3) | (51.5) | (47.1) |
| Per Share Data | |||||
| EPS (Basic) | 0.63 | -0.13 | -0.31 | -0.31 | -0.28 |
| EPS (Diluted) | 0.61 | -0.13 | -0.31 | -0.31 | -0.28 |
| Shares Outstanding | 191.4 | 149.9 | 166.7 | 166.7 | 166.7 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Current Assets | |||||
| Cash & Cash Equivalents | 61.4 | 182.1 | 35.6 | 64.6 | 47.2 |
| Short-Term Investments | 24.9 | 0 | 9.8 | 0 | 0 |
| Net Receivables | 183.5 | 148.1 | 132.9 | 111.4 | 103.0 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 38.7 | 26.4 | 30.4 | 33.4 | 8.1 |
| Total Current Assets | 308.4 | 371.0 | 222.1 | 217.9 | 166.9 |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 64.6 | 57.6 | 71.6 | 67.6 | 58.6 |
| Goodwill | 4,016.8 | 3,020.0 | 3,030.0 | 3,009.6 | 3,009.8 |
| Intangible Assets | 1,292.8 | 1,039.0 | 1,186.9 | 1,326.5 | 1,494.0 |
| Long-Term Investments | 0 | 0.0 | 0 | 0 | 0 |
| Other Non-Current Assets | 102.4 | 89.3 | 72.4 | 72.8 | 47.4 |
| Total Non-Current Assets | 5,645.7 | 4,206.0 | 4,360.9 | 4,476.5 | 4,609.8 |
| Total Assets | 5,954.1 | 4,577.0 | 4,583.0 | 4,694.4 | 4,776.7 |
| Current Liabilities | |||||
| Account Payables | 50.9 | 47.4 | 45.5 | 28.1 | 34.8 |
| Short-Term Debt | 20.2 | 11.7 | 18.0 | 18.0 | 18.0 |
| Deferred Revenue | 0 | 10.5 | 10.9 | 9.9 | 11.7 |
| Other Current Liabilities | 141.9 | 31.6 | 20.6 | 26.3 | 29.4 |
| Total Current Liabilities | 218.1 | 145.6 | 123.5 | 102.2 | 110.3 |
| Non-Current Liabilities | |||||
| Long-Term Debt | 1,470.7 | 1,220.6 | 2,199.7 | 2,207.9 | 2,262.6 |
| Deferred Tax Liabilities | 380.3 | 100.5 | 174.5 | 240.8 | 258.1 |
| Other Non-Current Liabilities | (11.3) | 0.3 | 2.8 | 0.0 | 4.8 |
| Total Non-Current Liabilities | 1,857.2 | 1,351.6 | 2,409.6 | 2,485.9 | 2,545.3 |
| Total Liabilities | 2,075.2 | 1,497.2 | 2,533.0 | 2,588.2 | 2,655.5 |
| Stockholders' Equity | |||||
| Common Stock | 1.9 | 1.7 | 2.0 | 1.2 | 2.0 |
| Retained Earnings | (108.8) | (220.9) | (201.8) | (150.4) | (99.0) |
| Accumulated Other Comprehensive Income | (0.6) | 0.9 | 15.8 | 29.8 | (0.5) |
| Total Stockholders' Equity | 3,878.8 | 3,079.8 | 2,049.9 | 2,106.2 | 2,121.2 |
| Total Liabilities & Equity | 5,954.1 | 4,577.0 | 4,583.0 | 4,694.4 | 4,776.7 |
| Debt Metrics | |||||
| Total Debt | 1,502.9 | 1,263.2 | 2,249.4 | 2,261.4 | 2,295.0 |
| Net Debt | 1,441.6 | 1,081.1 | 2,213.8 | 2,196.8 | 2,247.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 112.1 | (19.1) | (51.3) | (51.5) | (47.1) |
| Depreciation & Amortization | 140.5 | 186.6 | 176.5 | 183.2 | 176.1 |
| Stock-Based Compensation | 42.1 | 54.4 | 8.8 | 8.0 | 6.8 |
| Change in Working Capital | (38.1) | (20.2) | (34.6) | (34.8) | (18.8) |
| Other Non-Cash Items | 7.8 | 27.1 | 13.7 | 24.8 | 12.8 |
| Operating Cash Flow | 309.7 | 169.8 | 51.5 | 102.6 | 106.4 |
| Investing Activities | |||||
| Capital Expenditure | (26.5) | (27.3) | (21.5) | (17.4) | (14.5) |
| Acquisitions | (629.5) | 0 | (40) | 0 | (429.8) |
| Purchases of Investments | (231.3) | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 206.4 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (680.9) | (27.3) | (61.5) | (17.4) | (444.3) |
| Financing Activities | |||||
| Net Debt Issuance | 224.6 | (1,008.8) | (18.8) | (65.8) | 349.3 |
| Stock Repurchased | 0 | (0.8) | (0.7) | (2.5) | (1.9) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (7.0) | 7.6 | 1.9 | 0.6 | (17.1) |
| Financing Cash Flow | 243.4 | 16.7 | (17.2) | (67.1) | 331.5 |
| Cash Position | |||||
| Net Change in Cash | (127.8) | 159.2 | (27.2) | 18.1 | (6.4) |
| Cash at Beginning | 204.6 | 45.4 | 72.6 | 54.5 | 60.9 |
| Cash at End | 76.8 | 204.6 | 45.4 | 72.6 | 54.5 |
| Free Cash Flow | 283.2 | 142.5 | 29.9 | 85.2 | 91.9 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 1,099.3 | 943.5 | 791.0 | 704.9 | 578.6 |
| Gross Profit | 710.7 | 627.8 | 541.2 | 490.0 | 426.8 |
| Operating Income | 266.2 | 123.7 | 142.1 | 89.5 | 60.3 |
| Net Income | 112.1 | (19.1) | (51.3) | (51.5) | (47.1) |
| EPS (Diluted) | 0.61 | -0.13 | -0.31 | -0.31 | -0.28 |
| Balance Sheet | |||||
| Cash & Equivalents | 61.4 | 182.1 | 35.6 | 64.6 | 47.2 |
| Total Assets | 5,954.1 | 4,577.0 | 4,583.0 | 4,694.4 | 4,776.7 |
| Total Debt | 1,502.9 | 1,263.2 | 2,249.4 | 2,261.4 | 2,295.0 |
| Stockholders' Equity | 3,878.8 | 3,079.8 | 2,049.9 | 2,106.2 | 2,121.2 |
| Cash Flow | |||||
| Operating Cash Flow | 309.7 | 169.8 | 51.5 | 102.6 | 106.4 |
| Capital Expenditure | (26.5) | (27.3) | (21.5) | (17.4) | (14.5) |
| Free Cash Flow | 283.2 | 142.5 | 29.9 | 85.2 | 91.9 |