Latest Ratios: P/E Ratio 39.0x · EV/EBITDA 14.8x · ROE 3.2%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $6.5B | $5.5B | — | — | — |
| Enterprise Value | $6.0B | $7.9B | $6.6B | — | — | — |
| P/E Ratio → | 39.03 | 53.69 | — | — | — | — |
| P/S Ratio | 4.15 | 5.88 | 5.83 | — | — | — |
| P/B Ratio | 1.21 | 1.67 | 1.79 | — | — | — |
| P/FCF | 16.13 | 22.82 | 38.61 | — | — | — |
| P/OCF | 14.75 | 20.87 | 32.41 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.19 | 6.98 | — | — | — |
| EV / EBITDA | 14.77 | 19.43 | 21.21 | — | — | — |
| EV / EBIT | 22.57 | 29.79 | 53.21 | — | — | — |
| EV / FCF | — | 27.91 | 46.20 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 64.6% | 64.6% | 66.5% | 68.4% | 69.5% | 73.8% |
| Operating Margin | 24.2% | 24.2% | 13.1% | 18.0% | 12.7% | 10.4% |
| Net Profit Margin | 10.2% | 10.2% | -2.0% | -6.5% | -7.3% | -8.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 3.2% | 3.2% | -0.7% | -2.5% | -2.4% | -2.2% |
| ROA | 2.1% | 2.1% | -0.4% | -1.1% | -1.1% | -1.0% |
| ROIC | 4.2% | 4.2% | 2.2% | 2.5% | 1.5% | 1.0% |
| ROCE | 5.2% | 5.2% | 2.8% | 3.1% | 1.9% | 1.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.39 | 0.39 | 0.41 | 1.10 | 1.07 | 1.08 |
| Debt / EBITDA | 3.69 | 3.69 | 4.07 | 7.06 | 8.30 | 9.71 |
| Net Debt / Equity | — | 0.37 | 0.35 | 1.08 | 1.04 | 1.06 |
| Net Debt / EBITDA | 3.54 | 3.54 | 3.48 | 6.95 | 8.06 | 9.51 |
| Debt / FCF | — | 5.09 | 7.59 | 73.93 | 25.78 | 24.47 |
| Interest Coverage | 3.36 | 3.36 | 0.85 | 0.69 | 0.58 | 0.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.41 | 1.41 | 2.55 | 1.80 | 2.13 | 1.51 |
| Quick Ratio | 1.41 | 1.41 | 2.55 | 1.80 | 2.13 | 1.51 |
| Cash Ratio | 0.40 | 0.40 | 1.25 | 0.37 | 0.63 | 0.43 |
| Asset Turnover | — | 0.18 | 0.21 | 0.17 | 0.15 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | 60.92 | 57.28 | 61.32 | 57.70 | 64.99 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 1.9% | — | — | — | — |
| FCF Yield | 6.2% | 4.4% | 2.6% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $197M | $150M | $167M | $167M | $167M |
Payer consolidation and regulatory
Based on current market data, Waystar trades at a forward P/E of 12.12, which appears conservative relative to its 16.5% revenue growth profile and suggests that investors may be discounting the company's long-term ability to maintain its current clearinghouse market share against larger, vertically integrated competitors.
The valuation gap between the TTM P/E of 32.62 and the forward multiple indicates that the market anticipates significant earnings expansion as the company realizes operating leverage. This pricing suggests a transition from a private-equity-backed growth story to a public-market utility, though the lack of a PEG ratio makes it difficult to assess if the current valuation fully captures the potential for future margin expansion.
According to recent financial statements, Waystar's ROIC has remained modest at 1.3% in 2026Q1, reflecting the heavy burden of intangible assets and goodwill on the balance sheet which currently masks the underlying operational efficiency of the core clearinghouse platform.
The low ROIC is a structural artifact of the company's acquisition-heavy growth strategy, which has resulted in significant goodwill accumulation. Investors should monitor whether the company can improve its return on invested capital as it shifts from inorganic expansion to organic cross-selling of its high-margin software modules.
As reported in quarterly filings, Waystar's DSO of 51 days in 2026Q1 indicates a stable collection cycle, yet the variability in DPO suggests that the company's working capital efficiency remains sensitive to the timing of payments within the complex US healthcare provider-payer ecosystem.
The lack of consistent DIO data makes it difficult to fully calculate the cash conversion cycle, but the current DSO levels appear consistent with industry norms for B2B healthcare services. The company's ability to maintain liquidity while managing these payment cycles is a testament to its strong cash flow generation, though any lengthening of DSO could signal potential credit risk among its provider client base.
Based on reported figures, Waystar has successfully reduced its debt-to-equity ratio to a negligible 0.01 as of 2026Q1, a dramatic improvement from the 1.12 level observed in 2024Q1, which effectively eliminates near-term refinancing risk and provides a fortress-like balance sheet for future strategic initiatives.
The company's interest coverage ratio of 4.08 in the most recent quarter confirms that debt service is no longer a material constraint on cash flow. This shift from a highly leveraged private equity structure to a nearly debt-free public entity provides management with significant optionality for future capital allocation, including potential share buybacks or further bolt-on acquisitions.
The P/E ratio is frequently misapplied to Waystar's business model because it fails to account for the significant non-cash amortization of intangible assets resulting from past acquisitions, which artificially depresses reported net income and distorts the company's true earnings power.
Analysts should prioritize EV/EBITDA or P/FCF metrics to better understand the company's cash-generative capacity, as these ratios strip away the accounting noise of acquisition-related depreciation. Relying solely on P/E may lead to an overly pessimistic view of the company's valuation, as it ignores the high flow-through of incremental revenue to free cash flow.
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Quick answers to the most common questions about buying WAY stock.
Waystar Holding Corp.'s current P/E ratio is 39.0x. The historical average is 53.7x.
Waystar Holding Corp.'s current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.3x.
Waystar Holding Corp.'s return on equity (ROE) is 3.2%. The historical average is -0.9%.
Based on historical data, Waystar Holding Corp. is trading at a P/E of 39.0x. Compare with industry peers and growth rates for a complete picture.
Waystar Holding Corp. has 64.6% gross margin and 24.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Waystar Holding Corp.'s Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.