Waystar Holding Corp. (WAY) Key Metrics
WAY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.25B
- Enterprise value
- $6.04B
- P/E (TTM)
- 39.1
- Forward P/E
- 12.8
- PEG ratio
- —
- Price / sales
- 4.4
- Price / book
- 1.2
- EV / EBITDA
- 14.0
- Dividend yield
- —
- Beta
- 0.18
WAY key metrics, 2021–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWAY valuation Price multiples at each fiscal year-end price.
WAY returns How much profit the business earns on the capital it uses.
WAY per-share figures Results divided by the shares outstanding at year-end.
WAY financial health Debt, liquidity and how easily interest is covered.
WAY efficiency & capital use Working capital cycle and where the cash goes.
WAY valuation history
WAY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WAY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WAY cash returned to shareholders
WAY price vs earnings per share
WAY key metrics
2021–2025| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Valuation | |||||
| Market capitalization | $6.05B | $5.50B | — | — | — |
| Enterprise value | $7.46B | $6.58B | — | — | — |
| P/E ratio | 54.0 | — | — | — | — |
| Price / sales | 5.5 | 5.8 | — | — | — |
| Price / book | 1.6 | 1.8 | — | — | — |
| Price / free cash flow | 21.4 | 38.6 | — | — | — |
| Price / operating cash flow | 19.5 | 32.4 | — | — | — |
| EV / sales | 6.8 | 7.0 | — | — | — |
| EV / EBITDA | 19.1 | 21.2 | — | — | — |
| EV / free cash flow | 26.3 | 46.2 | — | — | — |
| Earnings yield | 1.9% | −0.3% | — | — | — |
| Free cash flow yield | 4.7% | 2.6% | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | — | — | — |
| Share price at fiscal year-end | $32.75 | $36.70 | — | — | — |
| Per share | |||||
| Revenue per share | $5.95 | $6.29 | $4.75 | $4.23 | $3.47 |
| Earnings per share | $0.61 | −$0.13 | −$0.31 | −$0.31 | −$0.28 |
| Operating cash flow per share | $1.68 | $1.13 | $0.31 | $0.62 | $0.64 |
| Free cash flow per share | $1.53 | $0.95 | $0.18 | $0.51 | $0.55 |
| Cash per share | $0.47 | $1.21 | $0.21 | $0.39 | $0.28 |
| Book value per share | $20.99 | $20.54 | $12.30 | $12.64 | $12.73 |
| Tangible book value per share | −$7.74 | −$6.53 | −$13.00 | −$13.38 | −$14.30 |
| Capex per share | $0.14 | $0.18 | $0.13 | $0.10 | $0.09 |
| Debt per share | $8.07 | $8.43 | $13.50 | $13.57 | $13.77 |
| Shares outstanding | 184.8M | 149.9M | 166.7M | 166.7M | 166.7M |
| Change in shares outstanding | +23.3% | −10.0% | 0.0% | 0.0% | — |
| Returns & profitability | |||||
| Return on equity (ROE) | 3.2% | −0.7% | −2.5% | −2.4% | −2.2% |
| Return on invested capital (ROIC) | 3.4% | 2.3% | 2.6% | 1.6% | 1.1% |
| Return on assets (ROA) | 2.2% | −0.4% | −1.1% | −1.1% | −1.0% |
| Return on tangible assets | 23.6% | −3.7% | −14.0% | −14.4% | −17.3% |
| Free cash flow margin | 25.8% | 15.1% | 3.8% | 12.1% | 15.9% |
| Income quality (OCF / net income) | 2.76 | — | — | — | — |
| Financial health | |||||
| Total debt | $1.49B | $1.26B | $2.25B | $2.26B | $2.30B |
| Cash & short-term investments | $86.2M | $182.1M | $35.6M | $64.6M | $47.2M |
| Net debt | $1.40B | $1.08B | $2.21B | $2.20B | $2.25B |
| Debt / equity | 0.38 | 0.41 | 1.10 | 1.07 | 1.08 |
| Debt / assets | 0.26 | 0.28 | 0.49 | 0.48 | 0.48 |
| Net debt / EBITDA | 3.60 | 3.48 | 6.95 | 8.06 | 9.51 |
| Current ratio | 1.41 | 2.55 | 1.80 | 2.13 | 1.51 |
| Quick ratio | 1.41 | 2.55 | 1.91 | 2.13 | 1.51 |
| Interest coverage | 3.2 | 0.8 | 0.7 | 0.6 | 0.5 |
| Working capital | $90.3M | $225.4M | $98.6M | $115.7M | $56.6M |
| Invested capital | $5.28B | $4.16B | $4.26B | $4.30B | $4.37B |
| Tangible asset value | −$1.43B | −$979.3M | −$2.17B | −$2.23B | −$2.38B |
| Net current asset value | −$1.60B | −$1.13B | −$2.31B | −$2.37B | −$2.49B |
| Graham number | $16.93 | — | — | — | — |
| Graham net-net per share | −$9.10 | −$8.03 | −$14.43 | −$14.64 | −$15.19 |
| Capital allocation | |||||
| Share buybacks (net) | $0 | $844,000 | $688,000 | $2.5M | $1.9M |
| Dividends + buybacks / free cash flow | 0.0% | 0.6% | 2.3% | 2.9% | 2.1% |
| Capex / revenue | 2.4% | 2.9% | 2.7% | 2.5% | 2.5% |
| Capex / operating cash flow | 8.6% | 16.1% | 41.8% | 17.0% | 13.7% |
| Capex / depreciation | 0.19 | 0.15 | 0.12 | 0.10 | 0.08 |
| Stock-based compensation / revenue | 3.8% | 5.8% | 1.1% | 1.1% | 1.2% |
| R&D / revenue | 5.0% | 5.2% | 4.5% | 4.7% | 4.9% |
| SG&A / revenue | 27.9% | 28.5% | 23.7% | 26.2% | 28.0% |
| Efficiency | |||||
| Days sales outstanding | 55.0 | 54.3 | 56.4 | 55.5 | 65.0 |
| Days of inventory on hand | — | — | -19.4 | — | — |
| Days payables outstanding | 51.5 | 53.7 | 53.8 | 53.4 | 83.8 |
| Cash conversion cycle (days) | 3.5 | 0.7 | -16.8 | 2.1 | -18.8 |
| Receivables turnover | 6.63 | 6.72 | 6.47 | 6.57 | 5.62 |
| Payables turnover | 7.08 | 6.80 | 6.79 | 6.83 | 4.36 |
| Asset turnover | 0.21 | 0.21 | 0.17 | 0.15 | 0.12 |
| Average receivables | $165.8M | $140.5M | $122.2M | $107.2M | $103.0M |
| Average payables | $49.2M | $46.4M | $36.8M | $31.5M | $34.8M |
| Average inventory | — | — | −$13.3M | — | — |
| Intangibles / total assets | 91.8% | 88.7% | 92.0% | 92.4% | 94.3% |
Computed from WAY's annual financial statements (latest annual report filed February 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WAY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Waystar traded at 54.0 times earnings. Based on the latest twelve months, the trailing P/E is 39.1 and the forward P/E is 12.8. Waystar earned a return on equity of 3.2% and a return on invested capital of 3.4% in fiscal 2025. It ended the year with $1.5 billion of debt and $86.2 million in cash and short-term investments, net debt of $1.4 billion. The share count rose 10.9% from 166.7M to 184.8M over 4 years.
See the WAY income statement, the WAY chart for price history, or the WAY stock overview for the latest quote and news.
WAY key metrics FAQ
What is Waystar's P/E ratio?
Waystar's trailing P/E ratio is 39.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.8. At the end of fiscal 2025 it was 54.0.
What is Waystar's EV/EBITDA?
Waystar's enterprise value was 19.1 times EBITDA at the end of fiscal 2025 (enterprise value $7.5 billion, EBITDA $389.9 million); the current EV/EBITDA is 14.0.
What is Waystar's return on equity?
Waystar's return on equity (ROE) was 3.2% in fiscal 2025: net income of $112.1 million on average shareholders' equity of $3.5 billion.
What is Waystar's ROIC?
Waystar's return on invested capital was 3.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Waystar have?
Waystar had total debt of $1.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.38 and $1.4 billion of net debt (3.60 times EBITDA).
What is Waystar's free cash flow yield?
Waystar generated $283.2 million of free cash flow in fiscal 2025, a free cash flow yield of 4.7% on its market value at year-end ($6.1 billion).
What is Waystar's current ratio?
Waystar's current ratio was 1.41 at the end of fiscal 2025: current assets were 1.41 times current liabilities.