WAYWaystar Holding Corp.
Services-Computer Integrated Systems Design
- Revenue
- $1.1B
- 17% YoY
- Operating margin
- 22.7%
- 73% YoY
- EBITDA
- $390M
- 26% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 3.8×
- $1.5B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear276% of net incomeCash flow under 80% of net income
- Dilutive SBCClear4% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyFired68% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $705M | $791M | $944M | $1.1B | 17% |
| Operating income | $89M | $142M | $124M | $249M | 101% |
| Net income | −$51M | −$51M | −$19M | $112M | 687% |
| Operating cash flow | $103M | $51M | $170M | $310M | 82% |
| Capex | $17M | $22M | $27M | $26M | 2.9% |
| Stock-based comp | $8M | $9M | $54M | $42M | 23% |
| Buybacks | $2M | $688K | $844K | $0 | 100% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 1
- Net
- −$2M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $37M | $19M | 158 | 124 |
| FY2024 | $30M | $55M | 177 | 104 |