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→Stable
- Confirmed Downtrend Death Cross→Stable
- +1 more pillar — see the Why tab for full reasoning
Waystar Holding Corp. (WAY) Stock Analysis
Recovery setup · Catalyst-Driven edge
Healthcare · Health Information Services
Wait for pullback to $21.84. BUY gates pass at $23.31, but overbought (RSI 80) and below 200-MA, MA slope -8.3%/30d (confirmed downtrend) argue for a more patient entry. Engine's entry $21.84 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum.
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
Wait for pullback to $21.84. BUY gates pass at $23.31, but overbought (RSI 80) and below 200-MA, MA slope -8.3%/30d (confirmed downtrend) argue for a more patient entry. Engine's entry $21.84 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Chart setup: Death cross but MACD improving, RSI 80. Maintain position. Not compelling to add more. | News modifier +2 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Score 6.7/10, moderate confidence.
Passes 8/9 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news boost analyst cluster(5), earnings proximity 26d clear, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
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 2026-07-06Recent Developments — Waystar Holding Corp.
Latest news
- NEWS Waystar Holding (WAY) Q1 Earnings and Revenues Surpass Estimates - Yahoo Finance — Yahoo Finance positive
- NEWS WAYSTAR HOLDING ($WAY) Releases Q1 2026 Earnings - Quiver Quantitative — Quiver Quantitative neutral
- NEWS Waystar: Q1 Earnings Snapshot - KVUE — KVUE neutral
- NEWS Waystar Holding Corp. stock surges ahead of key earnings - TipRanks — TipRanks positive
- NEWS Earnings Flash (WAY) Waystar Holding Corp. Posts Q1 Adjusted EPS $0.42 per Share, vs. FactSet Est of $0.39 - marketscree — marketscreener.com positive
Generated 2026-07-06T04:20:34Z.
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.
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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
Wait for pullback to $21.84. BUY gates pass at $23.31, but overbought (RSI 80) and below 200-MA, MA slope -8.3%/30d (confirmed downtrend) argue for a more patient entry. Engine's entry $21.84 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Chart setup: Death cross but MACD improving, RSI 80. Maintain position. Not compelling to add more. | News modifier +2 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Target $30.31 (+30.0%), stop $19.81 (−17.7%), A.R:R 1.9:1. Score 6.7/10, moderate confidence.
Take-profit target: $30.31 (+35.0% upside). Target $30.31 (+30.0%), stop $19.81 (−17.7%), A.R:R 1.9:1. Stop-loss: $19.81.
Overbought (RSI 80); Below 200-MA, MA slope -8.3%/30d (confirmed downtrend).
Waystar Holding Corp. trades at a P/E of 35.0 (forward 12.7). TrendMatrix value score: 7.5/10. Verdict: Buy (Wait for Entry).
28 analysts cover WAY with a consensus score of 4.2/5. Average price target: $34.
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.