Waystar Holding Corp. (WAY)

Several events have impacted Waystar Holding Corp.'s stock price in the past six months. Waystar reported strong Q3 2025 results, leading to raised price targets from Canaccord Genuity and Mizuho. The company introduced agentic intelligence to its Waystar AltitudeAI platform. Several investment firms initiated or maintained positive coverage, citing AI potential. Waystar's shares experienced volatility after Anthropic announced an expansion of its healthcare AI tools. Waystar acquired Iodine Software to improve its generative models and expand its target market. A July 2025 lock-up expiration and a May 2025 secondary offering were noted, with the stock showing resilience.

Waystar's business experiences some demand seasonality, particularly related to its patient payment solutions, which constitute approximately 30% of its total revenue. The overall market for healthcare revenue cycle management (RCM) technology is projected to grow significantly, driven by the need to reduce inefficiencies in the healthcare industry, digitization, and AI integration. Healthcare providers face increasing budgetary and regulatory pressures, which creates a consistent demand for Waystar's solutions.

Waystar Holding Corp. is a healthcare technology company specializing in cloud-based revenue cycle management (RCM) solutions. It operates within the Health Care sector, focusing on streamlining and automating healthcare financial processes. Its core offerings include the Waystar Platform, claims management, patient financial experience solutions, denials and appeals management, prior authorization solutions, analytics and reporting tools, eligibility verification services, and payment processing solutions. Waystar uses AI and advanced algorithms to automate payment-related tasks, enhancing accuracy and reducing costs.

Waystar Holding Corp. primarily operates within the United States, including Puerto Rico and other U.S. Territories. The company also has an international presence, serving clients in Canada and Europe. Waystar serves over 30,000 clients, representing more than one million distinct providers across various care settings.

Waystar has maintained a strong brand reputation, marked by industry recognition and high client satisfaction. Waystar received top rankings in multiple 2025 Best in KLAS categories, including Claims Management & Clearinghouse and Patient Access. The company was named Healthcare Company of the Year and a Top-Ranked AI Software Platform in the 2025 Stevie® Awards. Waystar also received a MedTech Breakthrough Award for healthcare payments innovation. Waystar consistently reports strong client satisfaction and high Net Promoter Scores, with a net revenue retention rate consistently above 108-110% in recent quarters.

Waystar Holding Corp. has significant institutional ownership, with 627 institutional owners and shareholders holding a total of 210,609,019 shares. Major institutional owners include EQT Fund Management S.a r.l., Canada Pension Plan Investment Board, BlackRock, Inc., and Bain Capital Investors Llc. Key individual/insider owners include Bain Capital Investors LLC, Luxco Sa Rl Derby, and Paul G. Moskowitz. Institutional shareholders own approximately 87.4% to 97.57% of the company, while individuals hold a smaller percentage, around 2.5% to 7.8%.