Waystar Holding Corp. (WAY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+372.3%

$132.92

vs $28.14 price

Levered DCF

$106.13

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.14

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	51.98×	-282.31×	-66.77×	-66.77×	-73.93×
P/B	1.5×	1.79×	1.68×	1.64×	1.63×
P/S	5.3×	5.83×	4.36×	4.89×	5.96×
EV / EBITDA	18.61×	21.21×	17.78×	20.71×	24.1×
Gross margin	68.3%	66.5%	68.4%	69.5%	73.8%
Operating margin	22.7%	13.1%	18.0%	12.7%	10.4%
Net margin	10.2%	-2.0%	-6.5%	-7.3%	-8.1%
Current ratio	1.41×	2.55×	1.8×	2.13×	1.51×
Debt / equity	0.38×	0.41×	1.1×	1.07×	1.08×
Interest coverage	3.22×	0.85×	0.69×	0.58×	0.47×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	2.9%	-0.6%	-2.5%	-2.4%	-2.2%
Return on invested capital	2.9%	2.4%	2.5%	1.5%	0.9%
Return on assets	1.9%	-0.4%	-1.1%	-1.1%	-1.0%
Free cash flow yield	4.9%	2.6%	0.9%	2.5%	2.7%
Earnings yield	1.9%	-0.3%	-1.5%	-1.5%	-1.4%
Enterprise value	$7.3B	$6.6B	$5.7B	$5.6B	$5.7B
Net debt / EBITDA	3.67×	3.48×	6.95×	8.06×	9.51×
Cash conversion cycle (days)	8	3	-5	10	-19