WAYWaystar Holding Corp.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.5×).
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 3% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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 2.8% · 12 months to Q2 2026
- Cash conversion
- 1.54×
Cash conversion · 2.27× a year ago · operating cash flow covers the operating profit after tax
- 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 is operating cash flow over operating profit after tax.
Health Information Services
Ranks #2 of 20 by RyuScore