Waystar Holding Corp. (WAY)

Waystar completed its IPO in June 2024, raising nearly $1 billion. In August 2025, Waystar repriced its first lien term loan and added $250 million in incremental term loans to help fund the acquisition of Iodine Software, which was finalized in late July 2025. Waystar was added to the S&P 1000 Index in September 2025 and announced new AI-powered healthcare payment solutions. On October 29, 2025, Waystar reported a 12% year-over-year revenue growth and a net income of $30.6 million. Insider selling has been noted over the past three months. Analysts generally hold a "Strong Buy" consensus rating for Waystar, with an average 12-month stock price target of $47.33 as of November 2025.

Waystar's business model is characterized by strong recurring revenue, derived from a 50/50 split between subscription-based revenue and volume-based transactions. Given the continuous nature of healthcare services and payments, there is no explicit indication of significant demand seasonality for Waystar's products and services. The consistent need for efficient revenue cycle management in the healthcare industry suggests a relatively stable demand throughout the year.

Waystar Holding Corp. provides cloud-based software solutions to simplify healthcare payments for healthcare organizations. Its platform offers a suite of solutions, including financial clearance, patient financial care, claim and payment management, denial prevention and recovery, revenue capture, and analytics and reporting. Waystar uses AI and algorithms to automate payment-related tasks, enhance accuracy, improve data integrity, and reduce labor costs.

Waystar Holding Corp. has a significant presence across the United States, including Puerto Rico and other U.S. Territories. The company serves approximately 30,000 clients, representing over 1 million distinct providers, and processes annually over 6 billion healthcare payment transactions, spanning approximately 50% of the U.S. patient population.

Waystar has cultivated a strong brand reputation, marked by industry recognition and high client satisfaction. The company was named to Forbes' 2025 Most Trusted Companies in America list and has received a MedTech Breakthrough Award, Stevie Awards, and Best in KLAS awards. Waystar ranked #1 in satisfaction with the rate of product innovation and vision compared to competitors, with 94% of clients satisfied with its automation capabilities. An independent market study in 2025 also ranked Waystar as the most trusted vendor in healthcare payments. Waystar launched an accelerated implementation program to help over 30,000 affected providers restore cash flow within days after a major cyber event at a competitor in 2024.

Waystar Holding Corp. has a diverse ownership structure, with institutional shareholders holding a significant portion. Major institutional owners include EQT Fund Management S.a r.l., Canada Pension Plan Investment Board, BlackRock, Inc., Bain Capital Investors Llc, Vanguard Group Inc, William Blair Investment Management, Llc, Neuberger Berman Group LLC, Fmr Llc, State Street Corp, and UBS Group AG. Bain Capital Investors LLC is also identified as a major individual shareholder, owning 41.22 million shares, representing 21.55% of the company. Insiders collectively own 4.10% of the company's stock.