Is the business good?
How good a business is WAY?
Waystar Holding Corp. earns 4.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.1%
Return on invested capital · cost of capital 9.0% · 4.9 points below what the capital costs: growth destroys value
- Operating margin
- 23%
Operating margin · Health Information Services median 2.3% · 12 months to Q2 2026
- Cash conversion
- 1.83×
Cash conversion · 3.24× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +7.1%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2022 | 13% |
| FY2023 | 18% |
| FY2024 | 13% |
| FY2025 | 23% |
Details›
- Gross margin12 months to Q2 2026
- 69%
- Operating margin12 months to Q2 2026
- 23%
- Net margin12 months to Q2 2026
- 11%
- Free cash flow margin
- 20%
- R&D as % of revenue
- 5.6%
- Revenue, trailing twelve months
- $1.21B
- Free cash flow, trailing twelve months
- $246M
- Net income, trailing twelve months
- $135M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Health Information Services
Ranks #7 of 14 by Smart Score