Waystar is a high-quality healthcare payments software company with a Piotroski F-Score of 9 out of 9, exceptional free cash flow conversion at 260% of net income, and 82% analyst upside, but is currently experiencing a confirmed price downtrend with negative momentum that blocks entry.
Thesis pillars
- Exceptional Free Cash Flow Quality→Stable
- Massive Analyst Upside Potential↑Improving
- Confirmed Downtrend Death Cross↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 17, 2026· older than 90 days
Waystar Holding Corp. (WAY) Stock Analysis
Healthcare · Health Information Services
Hold if already holding. Not a fresh buy at $29.69, but acceptable to hold if already in. Reason: Thin upside margin: 4.6%.
Waystar provides AI-powered cloud software for healthcare payment workflow management, serving over 30,000 clients including 16 of 20 U.S. News Best Hospitals. Revenue is subscription/transaction-based, processing 7.5 billion healthcare transactions annually representing $2.4... Read more
Hold if already holding. Not a fresh buy at $29.69, but acceptable to hold if already in. Reason: Thin upside margin: 4.6%. Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Score 6.3/10, moderate confidence.
Passes 8/9 gates (positive momentum, clean insider activity, no SEC red flags, news boost analyst 0.60, news boost analyst cluster(3), earnings proximity 104d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.
About Waystar Holding Corp.
About Waystar Holding Corp.
Waystar processed more than 7.5 billion healthcare payment transactions in 2025—representing over $2.4 trillion in gross claims and spanning approximately 60% of U.S. patients and one in three hospital discharges—serving more than 30,000 clients, including 16 of the 20 U.S. News Best Hospitals. The company's cloud platform addresses the full payment workflow from pre-encounter eligibility verification through post-service revenue collection.
Waystar earns revenue through subscription fees and transaction-based pricing tied to the volume of healthcare payment processing, with clients paying as they scale their practices and serve more patients. The top 10 clients accounted for only 10.8% of total revenue in fiscal year 2025, with the client base spanning physician practices, clinics, surgical centers, laboratories, hospitals, and health systems. The platform integrates with more than 500 channel partners—including major EHR and practice management providers—which accelerates client adoption while raising switching costs once embedded. A Net Revenue Retention Rate of 112.0% in 2025 confirms that existing clients expand their Waystar usage over time, layering on solutions such as prior authorization, denial recovery, and clinical integrity modules. In 2024, following a cybersecurity incident at a competitor, more than 30,000 additional providers adopted Waystar solutions, with most signing contracts with initial two-to-three-year terms and one-year automatic renewals.
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The network effect embedded in Waystar's AltitudeAI engine may compound the company's competitive position over time. Each of the 7.5 billion annual transactions feeds real-time data into AI models deployed simultaneously across the entire client base—a structure the 10-K describes as a 'closed-loop' architecture where models continuously learn from every transaction. The filing disclosed an 85% win rate against competitors in situations where clients elected to switch vendors, measured across fiscal years 2023 through 2025. Approximately 50% of Waystar's solutions incorporate AI.
See also: Healthcare · Health Information Services
From Waystar Holding Corp.'s most recent 10-K filing, extracted June 16, 2026.
Recent developments
updated Nov 2, 2026Recent Developments — Waystar Holding Corp.
Latest news
- NEWS Waystar shares tumble 7% on weak fiscal 2026 guidance - Investing.com — Investing.com Nov 2, 2026 negative
- NEWS Waystar Holding (WAY) Flags Payer Recoupment Strain, Is The Discount Enough? - Simply Wall St — Simply Wall St Oct 29, 2026 negative
- NEWS How to Buy Waystar Holding Corp. Stock (WAY) - The Motley Fool — The Motley Fool Oct 28, 2026 positive
- NEWS Enphase Stock Sinks. It Will Have to Grow Its Way Out of a Bleak Residential Solar Market. - Barron's — Barron's Oct 28, 2026 negative
- NEWS Mapping the Market: Shares in US utilities could open way to bigger rally - Reuters — Reuters Oct 28, 2026 positive
Latest item Nov 2, 2026 · Generated 2026-11-05T11:34:09Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- LOWCustomertop 10 clients11%10-K Item 1: 'our top 10 clients accounted for only 10.8% of our total revenue for such period'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $29.69, but acceptable to hold if already in. Reason: Thin upside margin: 4.6%. Chart setup: No clear chart pattern; technical signals are mixed. Maintain position. Not compelling to add more. Analyst target $31.05 (+4.6%), stop $27.61 (−7.5%), A.R:R 0.3:1. Score 6.3/10, moderate confidence.
Analyst target: $31.05 (+4.6% upside). Analyst target $31.05 (+4.6%), stop $27.61 (−7.5%), A.R:R 0.3:1. Stop-loss: $27.61.
Thin upside margin: 4.6%.
Waystar Holding Corp. trades at a P/E of 43.0 (forward 15.7). TrendMatrix value score: 5.8/10. Verdict: Hold.
28 analysts rate WAY, with a consensus score of 4.2/5. 22 analysts publish price targets averaging $35.
What does Waystar Holding Corp. do?Waystar provides AI-powered cloud software for healthcare payment workflow management, serving over 30,000 clients...
Waystar provides AI-powered cloud software for healthcare payment workflow management, serving over 30,000 clients including 16 of 20 U.S. News Best Hospitals. Revenue is subscription/transaction-based, processing 7.5 billion healthcare transactions annually representing $2.4 trillion in gross claims. The platform's network effects compound as transactions improve AI accuracy, creating switching costs through deep EHR integrations.