Waystar Holding
WAY on Nasdaq. Waystar sells healthcare payment software to healthcare providers. Market value $5.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.86 of spare cash in the past 12 months. A savings account pays about $4.
You pay 23.6 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 53 of 100. Our list needs 70 on quality and 60 on price.
$26.40 a share, 53% above its 1-year low
Over the past year the price has ranged from $17.26 to $40.35.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $944m | $1.1bn |
| Operating margin | ||
| Operating margin | 13.1% | 22.7% |
| Debt to equity | ||
| Debt to equity | 0.41 | 0.38 |
| Shares outstanding | ||
| Shares outstanding | 0.19bn | 0.19bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.38× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $320 million last quarter, up 18% on a year ago.
- Profit: $41 million, up 27% on a year ago.
- It keeps 23 cents of each $1 of sales as operating profit, up from 21 cents a year earlier.
- Spare cash over the past 12 months: $246 million, down from $279 million.
- 7% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.5 billion more than cash, up from $949 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $240m |
| December 2024 | $244m |
| March 2025 | $256m |
| June 2025 | $271m |
| September 2025 | $269m |
| December 2025 | $304m |
| March 2026 | $314m |
| June 2026 | $320m |
| Quarter to | Amount |
|---|---|
| September 2024 | $5m |
| December 2024 | $19m |
| March 2025 | $29m |
| June 2025 | $32m |
| September 2025 | $31m |
| December 2025 | $20m |
| March 2026 | $43m |
| June 2026 | $41m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
5 long-term investors we follow own it, unchanged from 5 last quarter. 302 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Diamond Hill Capital ManagementRic Dillon (founder) | $43m | 0.3% | Added |
| Clarkston Capital PartnersJeff Hakala | $32m | 2.7% | Added |
| Select Equity GroupGeorge Loening | $21m | 0.1% | Added |
| Mawer Investment ManagementMawer team | $10m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $3m | <0.1% | Cut |
Largest holders overall
- EQT Fund Management S.a r.l.$511m
- Canada Pension Plan Investment Board$391m
- BlackRock$358mAdded
- FMR$309m
- Bain Capital Investors$272m
- Advent International, L.P.$227m
- Vanguard Portfolio Management$136mAdded
- Goldentree Asset Management LP$126mAdded
- Vanguard Capital Management$107m
- Bank of Montreal /can$107mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Derby LuxCo S.a r.l.Passive investorat least 14.2%−4.5 pts(filed with 1 related holder)Since 30 September 2025
- FMR LLCPassive investorat least 10.2%+2.9 pts(filed with 1 related holder)Since 31 July 2026
- Canada Pension Plan Investment BoardPassive investorat least 9.9%−4.4 pts(filed with 1 related holder)Since 30 September 2025
- BlackRock, Inc.Passive investor9.1%Since 30 September 2025
- BCPE Derby (DE) SPV, LPPassive investorat least 5.9%−3.0 pts(filed with 1 related holder)Since 30 September 2025
- at least 5.8%(filed with 2 related holders)Since 1 October 2025
What they said
The Reporting Persons hold the reported securities for investment purposes, but intend to review their investment in the Issuer on an ongoing basis and may seek to increase or decrease their position in the Issuer by purchasing additional Common Stock and/or other equity, debt,…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Derby LuxCo S.a r.l. Passive investor | at least 14.2%−4.5 pts (filed with 1 related holder) | 30 September 2025 | |
FMR LLC Passive investor | at least 10.2%+2.9 pts (filed with 1 related holder) | 31 July 2026 | |
Canada Pension Plan Investment Board Passive investor | at least 9.9%−4.4 pts (filed with 1 related holder) | 30 September 2025 | |
BlackRock, Inc. Passive investor | 9.1% | 30 September 2025 | |
BCPE Derby (DE) SPV, LP Passive investor | at least 5.9%−3.0 pts (filed with 1 related holder) | 30 September 2025 | |
at least 5.8% (filed with 2 related holders) | 1 October 2025 | What they saidThe Reporting Persons hold the reported securities for investment purposes, but intend to review their investment in the Issuer on an ongoing basis and may seek to increase or decrease their position in the Issuer by purchasing additional Common Stock and/or other equity, debt,… Read the filing | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $189,000 of shares on the open market. 4 sold $9m, $8m of it under preset trading plans.
- Hawkins Matthew J.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 82,500
- Price
- $25.97
- Value
- $2m
- Hawkins Matthew J.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 13 August 2026
- Shares
- 60,038
- Price
- $25.01
- Value
- $2m
- Hawkins Matthew J.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 22,462
- Price
- $25.04
- Value
- $562,354
- Hawkins Matthew J.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 16 July 2026
- Shares
- 36,901
- Price
- $23.09
- Value
- $851,944
- Hawkins Matthew J.Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 33,099
- Price
- $23.02
- Value
- $762,032
- MILLER HEIDIDirectorBought
- Date
- 2 March 2026
- Shares
- 7,200
- Price
- $26.25
- Value
- $189,000
- Sinclair III Eric L. (Ric)Chief Business OfficerSoldunder a preset trading plan
- Date
- 20 January 2026
- Shares
- 40,225
- Price
- $30.08
- Value
- $1m
- Sinclair III Eric L. (Ric)Chief Business OfficerSoldunder a preset trading plan
- Date
- 22 December 2025
- Shares
- 9,701
- Price
- $32.82
- Value
- $318,387
- Schremser Christopher L.Chief Technology OfficerSold
- Date
- 10 December 2025
- Shares
- 8,623
- Price
- $30.41
- Value
- $262,225
- Miller Melissa F. (Missy)Chief Marketing OfficerSoldunder a preset trading plan
- Date
- 25 November 2025
- Shares
- 3,400
- Price
- $37.00
- Value
- $125,800
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Hawkins Matthew J. Chief Executive Officer, Director | Sold under a preset trading plan | 82,500 | $25.97 | $2m |
| 13 August 2026 | Hawkins Matthew J. Chief Executive Officer, Director | Sold under a preset trading plan | 60,038 | $25.01 | $2m |
| 11 August 2026 | Hawkins Matthew J. Chief Executive Officer, Director | Sold under a preset trading plan | 22,462 | $25.04 | $562,354 |
| 16 July 2026 | Hawkins Matthew J. Chief Executive Officer, Director | Sold under a preset trading plan | 36,901 | $23.09 | $851,944 |
| 15 July 2026 | Hawkins Matthew J. Chief Executive Officer, Director | Sold under a preset trading plan | 33,099 | $23.02 | $762,032 |
| 2 March 2026 | MILLER HEIDI Director | Bought | 7,200 | $26.25 | $189,000 |
| 20 January 2026 | Sinclair III Eric L. (Ric) Chief Business Officer | Sold under a preset trading plan | 40,225 | $30.08 | $1m |
| 22 December 2025 | Sinclair III Eric L. (Ric) Chief Business Officer | Sold under a preset trading plan | 9,701 | $32.82 | $318,387 |
| 10 December 2025 | Schremser Christopher L. Chief Technology Officer | Sold | 8,623 | $30.41 | $262,225 |
| 25 November 2025 | Miller Melissa F. (Missy) Chief Marketing Officer | Sold under a preset trading plan | 3,400 | $37.00 | $125,800 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.