WAYWaystar Holding Corp.
Is it safe?
Solid, nothing alarming: comfortable debt (AA), but big price swings.
Mixed, watch the balance sheet Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Insiders were net sellers (-$8.0M, 90 days to Oct 8, 2026), selling is often routine.
Rock-solid balance sheet, low leverage. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -62% · now 33% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
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. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can WAY take a bad year?
Waystar Holding Corp. carries $1.28B of net debt at 2.95× EBITDA: a load its earnings can carry.
Net debt · as at Q2 2026 · between two and four years of EBITDA, normal for a stable business
- Net debt / EBITDA
- 2.95×
Net debt / EBITDA · 2.36× a year ago · the load is going up
- Altman Z-score
- 1.47
Altman Z-score · distress zone, below 1.8
- Debt / equity
- 0.37×
Debt / equity
Details›
- Total debtQ2 2026
- $1.47B
- Cash and short-term investments
- $192M
- Net debt
- $1.28B
- EBITDA, trailing twelve months
- $432M
- Operating profit, trailing twelve months
- $276M
- Debt / equity
- 0.37×
- Total debt / EBITDA
- 3.39×
- Annualised volatilitytwo years of daily moves
- 45%
- Worst drawdown on file
- −62%
- Below its 52-week high
- 33%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Health Information Services
Ranks #2 of 20 by RyuScore