Waystar Holding Corp. (WAY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Waystar Holding Corp. stock $29.10, price $28.35, upside +2.6%, quality 57 out of 100. Rating: fairly valued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
29‑month range $17.31 – $45.35 · fair‑value band $20.36 – $37.82 · the $28.35 price screens below the $29.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Waystar Holding Corp. develops a cloud-based software solution for healthcare payments. Its platform offers financial clearance, patient financial care, claim and payer payment management, denials prevention and recovery, clinical integrity and revenue capture, and analytics and reporting solutions.
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It primarily serves healthcare industry. The company was founded in 2017 and is headquartered in Lehi, Utah.
Stock analysis
Waystar Holding Corp. (WAY) currently trades at $28.35, while our model-based Fair Value estimate is $29.10, so the stock looks roughly fairly valued today (gap 2.6%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of $36.21 per share, and 5 of the 22 models we run sit above the $28.35 price.
Bear case: the Earnings-Based group reads lowest at $9.84, and 17 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $20.36 (bear) to $37.82 (bull), the price of $28.35 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Waystar Holding Corp. Common Stock reported revenue of $1.1B in FY2025 versus $579M in FY2021, a compound +17.4%/yr. Reported net income was $112M in FY2025.
Key figures
Market cap $5.5B Mid · P/E ratio 41.7 · P/S ratio 4.57 · EPS (TTM) $0.6800 · Net margin 11.2% · Return on equity 3.8% · Return on assets (EBIT) 2.7% (5-year average) · Operating margin 24.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 23% below its 52-week high and 64% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −51% fair-value upside, at 3%, WAY screens cheaper than that median.
Fair Value models
Bear$20.36Fair Value $29.10Bull$37.82
Price $28.35 · Upside +2.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.5831 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $8.0M and none bought.
SaleMatthew J. HawkinsChief Executive Officer, Director4× since Jul 15, 2026: 317,500 shares, avg. $25.15$8.0MOct 6, 202610b5-1 plan
BuyHeidi MillerDirector7,200 shares at $26.25$189,000Mar 2, 2026
SaleIII Eric L. (Ric) SinclairChief Business Officer3× since Nov 20, 2025: 59,627 shares, avg. $31.37$1.9MJan 20, 202610b5-1 plan
SaleChristopher L. SchremserChief Technology Officer2× since Nov 10, 2025: 17,246 shares, avg. $33.27$573,688Dec 10, 202510b5-1 plan
SaleMelissa F. (Missy) MillerChief Marketing Officer3,400 shares at $37.00$125,800Nov 25, 202510b5-1 plan
Plus 30 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+16.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.0%
’21
’22
’23
’24
’25
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
10.4% (2021) → 24.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +7.3% a year for the price and +7.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Waystar draws strength from recurring subscription and volume-based revenue via cloud software that automates revenue cycle processes, yet its main weakness remains low returns on equity and assets with no confirmed durable moat.
Main risk: A return to private ownership could saddle the business with added leverage and execution risk, hitting its platform expansion and operational stability.
Waystar supplies cloud software that automates revenue cycle and payment processes for hospitals and physician groups, generating mostly recurring subscription and volume-based revenue. The company is weighing strategic options that could return it to private ownership two years after going public, potentially freeing it to pursue AI-driven expansions more aggressively. Will private ownership accelerate its platform advantages or saddle the business with added leverage and execution risk?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Health Information Services · 117 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+2.6% · Above median
Profitability
Return on equity (12 months)3.8% · Above median
Return on assets1.9% · Above median
Net margin (12 months)11.2% · Top 25%
Operating margin (12 months)24.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)18.1% · Above median
Balance sheet
Debt / equity0.38× · Highest 25%
Valuation Multiplesvs Health Information Services median · lower = cheaper
P/E (12 months)41.7× · Pricier than median
P/B1.42× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)4.57× · Pricier than median
Price / free cash flow (fiscal year)19.5× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Waystar Holding Corp. Common Stock Fair Value". https://www.fairvalue-calculator.com/stock/WAY
Frequently asked questions
Is Waystar Holding Corp. (WAY) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $29.10 versus a price of $28.35, about +3% upside (fairly valued).
What is the fair value of WAY?
Our model-based fair value for Waystar Holding Corp. is $29.10 (as of Nov 4, 2026), built from audited fundamentals. The current price: $28.35.
What is the quality score of WAY?
Waystar Holding Corp. has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Waystar Holding Corp. (WAY)?
Our model-based price target is the fair value of $29.10 (as of Nov 4, 2026) from 22 valuation models. Cautious scenario $20.36, optimistic scenario $37.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Waystar Holding Corp. Common Stock stock forecast for 2026?
Our models put fair value at $29.10, about +3% upside versus a price of $28.35 (fairly valued). Cautious scenario $20.36, optimistic scenario $37.82. The calculation is refreshed regularly with new filings.
What is the revenue of Waystar Holding Corp. (WAY)?
Waystar Holding Corp. reported trailing-twelve-month revenue of about $1.2B (latest available figure, as of Nov 4, 2026).
What growth is priced into Waystar Holding Corp. (WAY)?
For today's price to be fair in a discounted-cash-flow model, Waystar Holding Corp. would have to grow free cash flow by +9.9 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +17.4 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of WAY use?
Our models discount Waystar Holding Corp. at 8.5 %: a base by market capitalisation (mid), damped by beta 0.11, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Waystar Holding Corp. that is +9.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Waystar Holding Corp. (WAY) delivered so far?
Over the past 4 years revenue at Waystar Holding Corp. grew +17.4 % a year. The price currently implies free-cash-flow growth of +9.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Waystar Holding Corp. (WAY) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Waystar Holding Corp. (+9.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Waystar Holding Corp. (WAY)?
The free-cash-flow yield on the price is 5.14 %: that much free cash flow Waystar Holding Corp. produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Waystar Holding Corp. (WAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Waystar Holding Corp. it is $29.10 per share (as of Nov 4, 2026), against a price of $28.35. It is the blended result of 22 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Waystar Holding Corp. Common Stock stock overvalued or undervalued in 2026?
As of Nov 4, 2026, WAY trades below its calculated fair value: price $28.35, fair value $29.10, a gap of about +3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WAY?
No. The price is what the market pays today ($28.35); the fair value is what the company's own numbers justify ($29.10). For Waystar Holding Corp. the two are $0.7500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Waystar Holding Corp. Common Stock worth?
The market values Waystar Holding Corp. at about $5.5B (market capitalisation, as of Nov 4, 2026). Per share that is $28.35; our models calculate a fair value of $29.10 per share.
What do the bullish and bearish scenarios say about WAY?
Our models span a range for Waystar Holding Corp.: cautious scenario $20.36, base $29.10, optimistic $37.82 per share (as of Nov 4, 2026, price $28.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WAY?
Waystar Holding Corp. trades at a price-to-earnings ratio of 41.7 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $29.10 is built from several models across several years. Other multiples: P/B 1.4, P/S 4.6, EV/EBITDA 15.9.
How solid is the balance sheet of Waystar Holding Corp. (WAY)?
Balance-sheet figures for Waystar Holding Corp. (as of Nov 4, 2026): return on equity 3.8%, debt of 0.38 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is WAY from its 52-week high?
Waystar Holding Corp. trades at $28.35, about 23% below its 52-week high of $37.04 and 64% above the low of $17.31 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $29.10 is for.
Which stocks are comparable to Waystar Holding Corp. Common Stock?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Waystar Holding Corp. Common Stock stock attractive at the current price?
The data as of Nov 4, 2026: price $28.35, calculated fair value $29.10 (+3%), Quality Score 57/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WAY calculated?
We run Waystar Holding Corp. through 22 models from 6 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $29.10 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Waystar Holding Corp. currently trades 3% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Waystar Holding Corp. (WAY)?
The closing price on Nov 6, 2026 was $28.35. Our model-based fair value is $29.10, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Waystar Holding Corp. Common Stock right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($20.36 to $37.82) leaves room in how you read the outcome.
Key figures of Waystar Holding Corp.
How large is the market capitalisation of Waystar Holding Corp. (WAY)?
The market capitalisation of Waystar Holding Corp. is $5.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Waystar Holding Corp. (WAY)?
The price-to-sales ratio of Waystar Holding Corp. is 4.57 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Waystar Holding Corp. (WAY)?
Earnings per share at Waystar Holding Corp. are $0.6800 (price ÷ EPS = P/E 41.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Waystar Holding Corp. (WAY)?
The net margin of Waystar Holding Corp. is 11.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Waystar Holding Corp. (WAY)?
The return on equity (ROE) of Waystar Holding Corp. is 3.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Waystar Holding Corp. (WAY)?
On an EBIT basis the return on assets of Waystar Holding Corp. is 2.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Waystar Holding Corp. (WAY)?
The operating margin of Waystar Holding Corp. is 24.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Waystar Holding Corp. (WAY)?
Revenue at Waystar Holding Corp. is growing +18.1% versus a year earlier (3y avg +16.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Waystar Holding Corp. (WAY)?
Earnings per share at Waystar Holding Corp. are growing +16.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Waystar Holding Corp. (WAY) carry?
The net debt of Waystar Holding Corp. is $1.4B (fiscal year 2025, ≈ 5.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 4, 2026