WAY Waystar Holding Corp.

Overview and Growth

In fiscal 2025, Waystar Holding Corp. recorded $1.10B of revenue, net income of $112.09M, and an operating cash inflow of $309.67M. Revenue of $1.10B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 16.5% above fiscal 2024 revenue of $943.55M, marking a year-over-year increase. The company reported diluted EPS of $0.61, adding a shareholder-level measure to the absolute income figures considered below. Revenue equaled 0.19x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $751.12M as gross profit before recognizing operating expenses and other items. Gross profit represented 68.3% of revenue, showing how much of the top line remained after direct costs. Operations produced $249.31M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 22.7% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $112.09M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 10.2% margin after operating costs and the remaining recognized items. The earnings statement records $171.76M of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 15.6% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $59.67M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 34.7%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $5.79B, supported by $1.91B of liabilities and $3.88B of shareholder equity. At period end, current assets of $308.41M compared with current liabilities of $218.06M, defining the company’s short-term resource position. The current ratio was 1.41x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $61.35M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 28.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $1.47B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.38x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 25.5%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 33.0%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 1.1%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $4.58B in fiscal 2024, the current asset base moved 26.4% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $309.67M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 2.76x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $26.48M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 8.6% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $283.19M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 25.8%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 4.9%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.