Waystar Holding Corp. (WAY)

In the past six months, Waystar reported its first-quarter 2026 results on April 29, 2026, exceeding analyst estimates with an EPS of $0.42 and revenue of $313.9 million, up 22% year-over-year, but the stock closed modestly lower due to management's guidance of flat-to-1% sequential Q2 growth and reaffirmed full-year 2026 revenue guidance. Earlier, on February 17, 2026, Waystar reported strong fourth-quarter and full-year 2025 results, with Q4 revenue of $303.5 million and full-year 2025 revenue of $1,099.3 million, and provided 2026 guidance. In October 2025, Waystar completed a $1.3 billion acquisition of Iodine Software, expanding its capabilities and market opportunity.

Waystar's business model, which includes subscription-based services, provides some insulation from volume fluctuations. The company's offerings are considered essential to healthcare providers, suggesting a relatively stable demand driven by ongoing regulatory complexities, claims processing challenges, and profitability pressures in the healthcare industry. The consistent double-digit revenue growth and strong net revenue retention rates indicate a steady demand for its solutions throughout the year.

Waystar Holding Corp. provides cloud-based software solutions for healthcare payments, simplifying and optimizing payment processes for providers, patients, and payers. Its platform offers a suite of solutions, including financial clearance, patient financial care, claim and payer payment management, denials prevention and recovery, clinical integrity and revenue capture, and analytics and reporting. Waystar AltitudeAI, an AI-based service, automates payment-related tasks and enhances data integrity. The company serves the healthcare industry, including physician practices, clinics, hospitals, and health systems.

Waystar Holding Corp. primarily serves the healthcare industry throughout the United States, including Puerto Rico and other U.S. Territories. The company's corporate headquarters are co-located in Lehi, Utah, and Louisville, Kentucky. Waystar serves over 30,000 clients, representing more than 1 million distinct providers, and its platform processes billions of healthcare payment transactions annually, spanning approximately 60% of U.S. patients and one in three U.S. hospital discharges.

Waystar has maintained a strong brand reputation, being named to the TIME100 Most Influential Companies list and receiving the TIME Impact in AI Award in May 2026. In February 2026, Inc. recognized Waystar as a "Best in Business" honoree in the Best AI Implementation category. The company was also named to Forbes' Most Trusted Companies in America list in 2025. Waystar's reputation has also benefited from its strong cybersecurity capabilities and the acquisition of Iodine Software in October 2025.

Waystar Holding Corp.'s ownership includes institutional, insider, and public/individual investors. Major institutional owners include EQT Fund Management S.a r.l., Canada Pension Plan Investment Board, BlackRock, Inc., Fmr Llc, Bain Capital Investors Llc, Vanguard Group Inc, Advent International Corp/ma, Neuberger Berman Group LLC, William Blair Investment Management, Llc, and State Street Corp. Insiders hold approximately 39.63% of the company's stock, including CEO Matthew J. Hawkins, Chief Product & AI Officer William Chan, and other top executives.