What is Waystar Holding Corp. worth?
With the base-case assumptions below, a discounted cash flow model on Waystar Holding Corp.'s reported free cash flow gives $42.77 per share. The share price was $24.70 on September 25, 2026, 42% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $22.90 | -7% |
| Base | 15.0% | 9.0% | $42.77 | +73% |
| Bull | 20.0% | 8.0% | $79.76 | +223% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $57.81 | $62.50 | $68.23 | $75.40 | $84.61 |
| 8.0% | $46.51 | $49.55 | $53.14 | $57.46 | $62.73 |
| 9.0% | $38.29 | $40.37 | $42.77 | $45.57 | $48.87 |
| 10.0% | $32.05 | $33.53 | $35.21 | $37.12 | $39.33 |
| 11.0% | $27.17 | $28.26 | $29.47 | $30.83 | $32.38 |
Where the presets come from
Base: years 1 to 5 grow at Waystar Holding Corp.'s revenue growth rate over the last 3 fiscal years (16.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions