Waystar Holding Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Waystar Holding Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	705	791	944	1,099
Cost of revenue	215	250	316	348
Gross profit	490	541	628	751
Research and development	32.8	35.3	48.8	54.6
Selling and marketing	111	124	157	178
General and administrative	73.1	62.9	112	129
Operating income	89.5	142	124	249
Pre-tax income	-65.9	-63.8	-22.5	172
Income tax	-14.4	-12.5	-3.42	59.7
Net income	-51.5	-51.3	-19.1	112
EBITDA	273	319	310	390
EPS, basic	-0.42	-0.42	-0.13	0.63
EPS, diluted	-0.42	-0.42	-0.13	0.61
Shares, basic (weighted)	122	122	150	178
Shares, diluted (weighted)	122	122	150	185

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	64.6	35.6	182	61.4
Short-term investments			0	24.9
Receivables		126	145	177
Other current assets		30.4	3.97	3.17
Total current assets		222	371	308
Property, plant and equipment		61.3	46.7	51.6
Lease right-of-use assets		10.4	10.8	13
Goodwill	3,010	3,030	3,020	4,017
Intangible assets		1,187	1,039	1,293
Other non-current assets		6.55	6.55	8.46
Total assets		4,583	4,577	5,785
Accounts payable		45.5	47.4	50.9
Accrued liabilities		23.3	31.6	40.9
Deferred revenue		10.9	10.5	67.9
Short-term debt		18	11.7	14.2
Total current liabilities		123	146	218
Long-term debt		2,200	1,221	1,459
Lease liabilities		14.3	13.1	12
Other non-current liabilities		2.75	0.28	0.69
Total liabilities		2,533	1,497	1,906
Total debt		2,218	1,244	1,481
Paid-in capital		2,235	3,298	3,986
Retained earnings		-202	-221	-109
Treasury stock				0
Other comprehensive income		15.8	0.88	-0.63
Shareholders' equity	2,106	2,050	3,080	3,879
Total equity	2,106	2,050	3,080	3,879
Total liabilities and equity		4,583	4,577	5,785
Shares outstanding		122	172	192

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	-51.5	-51.3	-19.1	112
Depreciation and amortization	183	176	187	141
Stock-based compensation	8	8.85	54.4	42.1
Deferred income tax	-27.1	-61.7	-59.1	45.2
Change in receivables	-17.4	-16.7	-21.8	-7.32
Change in payables	-3.34	11.9	18.2	8.93
Cash from operations	103	51.5	170	310
Capital expenditures	-17.4	-21.5	-27.3	-26.5
Acquisitions		-40	0	-630
Purchases of investments		0	0	-231
Sales and maturities of investments		0	0	206
Cash from investing	-17.4	-61.5	-27.3	-681
Debt issued		20	576	390
Debt repaid	-65	-38	-1,584	-152
Stock issued	0.65	0.43	1.68
Share buybacks	-2.45	-0.69	-0.84	0
Cash from financing	-67.1	-17.2	16.7	243
Net change in cash	18.1	-27.2	159	-128
Free cash flow	85.2	29.9	143	283
Interest paid	144	193	123	81.7
Income taxes paid	5.57	50.1	50.5	31.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $24.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.1%	Gross profit / revenue.
Operating margin	22.9%	Operating income / revenue.
EBITDA margin	35.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.2%	Pre-tax income / revenue.
Net margin	11.2%	Net income / revenue.
FCF margin	20.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.3%	Cash from operations / revenue.
Effective tax rate	30.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.3%	Net income / average total assets.
Return on invested capital (ROIC)	3.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.6%	Research and development expense / revenue.
Stock-based pay / revenue	4.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	13.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	19.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	101.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	40.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	25.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	82.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	44.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	98.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	49.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	25.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	26.4%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	23.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.85x	Current assets / current liabilities.
Quick ratio	1.59x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.81x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.37x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.0%	Total debt / total assets.
Liabilities / assets	32.1%	Total liabilities / total assets.
Net debt	$1.28B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.95x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$201.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	89.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.25B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.21x	Revenue / average total assets.
Fixed asset turnover	17.6x	Revenue / average property, plant and equipment.
Receivables turnover	6.49x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	55 days	365 x average accounts payable / cost of revenue.
FCF conversion	182.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	15.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.20	Revenue / diluted weighted shares.
FCF per share	$1.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.51	Cash from operations / diluted weighted shares.
Book value per share	$20.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$6.53	Tangible book value / shares outstanding.
Cash per share	$1.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.74B	Share price x shares outstanding.
Enterprise value	$6.01B	Market cap + total debt - cash - short-term investments.
P/E	35.1x	Market cap / net income. Only when net income is positive.
P/S	3.93x	Market cap / revenue.
P/B	1.19x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.2x	Market cap / cash from operations, when positive.
EV/Sales	4.99x	Enterprise value / revenue.
EV/EBIT	21.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).

What was Waystar Holding Corp.'s revenue in fiscal 2025?

Waystar Holding Corp. reported revenue of $1.10B for fiscal 2025, 16.5% higher than the year before.

Was Waystar Holding Corp. profitable in fiscal 2025?

Yes. Net income was $112.1M, a net margin of 10.2%.

How much free cash flow did Waystar Holding Corp. generate in fiscal 2025?

Cash from operations of $309.7M minus capital expenditures of $26.5M left free cash flow of $283.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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