Waystar Holding Corp. Common Stock (WAY)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Mr. Market is asking $26.30 for Waystar at the 2026-10-13 close, a $5.0B company. I see a healthcare payments software business that has crossed an important line. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $319.7M and net income $40.9M, or $0.21 diluted EPS; a year earlier, fiscal Q2 2025 revenue was $270.7M, net income $32.2M, and EPS $0.18. Fiscal Q1 2026 showed revenue $313.9M and net income $43.3M. For FY2025, revenue was about $1.1B and net income $112.1M, after FY2024 net loss of $19.1M and FY2023 net loss of $51.3M. That pattern is why FairStock's Lynch category is TURNAROUND: returned to profit after a loss within the last three years. FairStock calculations show Piotroski F-score 7/9, FCF $246.3M, FCF yield 4.9%, D/E 0.37, but ROE 3.77%, ROCE 3.44%, and Altman Z 1.74. Valuation is the rub. At the 2026-10-13 close, FairStock calculations put P/E at 37.57, P/B at 1.28, EV/EBITDA at 15.06, and PEG at 1.39. Its Graham Number is $18.09 versus the $26.30 price, leaving -45.38% margin of safety, and FairStock Score is 41/100. Growth is real, but the price already assumes much. I prefer buying a good business at a fair price; here the price looks full and the competitive moat is not proven by the numbers alone. Watch whether profits and returns keep compounding.

In plain English: Waystar makes cloud software that helps healthcare organizations manage payments, billing, and claims. The business is growing and made a profit in its latest quarters after earlier losses, but the returns it earns on its money are still modest. At $26.30, the shares look expensive compared with the company's current profits and net assets, so this does not look like a bargain price.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer